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Uber stock plunges over $5B Q2 loss; Mahindra eyes GM's shuttered Flint plant

TOP NEWS

* Uber Technologies Inc. stock sank as much as 12.4% in after-market trading Aug. 8 after it posted a wider-than-expected quarterly net loss in its second earnings report as a public company. Net loss for the quarter ended June 30 rose to $5.24 billion from a net loss of $878 million in the prior-year quarter. The mean consensus estimate from four analysts compiled by S&P Global Market Intelligence was for a quarterly net loss excluding exceptions of $5.11 billion.

* Mahindra & Mahindra Ltd.'s North America CEO Rick Hass said the Indian carmaker plans to revitalize the shuttered General Motors Co. plant in Flint, Mich., in a deal that could lead to the creation of 2,000 jobs if the former wins a U.S. Postal Service contract for its mail delivery trucks, Crain's Detroit Business reported. The company signed a letter of intent to build its second plant in Michigan in what is expected to be a $1 billion investment at the Buick City site, where GM built Buick before operations ceased in 2010.

CARMAKERS

* Honda Motor Co. Ltd. plans to spend 5.82 billion Thai baht to move the production of its Accord hybrid sedan to Thailand from Japan, the Nikkei Asian Review reported, citing unnamed sources. Honda plans to close operations of its site in Sayama, Japan, by the end of March 2022, the report said.

ELECTRIC VEHICLES

* A Tesla Inc. car owner filed a proposed class-action lawsuit against the electric-vehicle maker, alleging that the company deliberately reduced battery capacity of vehicles to avoid a costly recall. The U.S. District Court for Northern California issued summons to Tesla, giving it 60 days to respond to the lawsuit filed by a certain David Rasmussen in behalf of other owners of certain Model S and Model X cars worldwide.

* The subpoenas issued by the U.S. National Highway Traffic Safety Administration to Tesla requesting data from its vehicle crashes could lead to a formal investigation into the carmaker's Autopilot software, The Detroit News reported, citing former director of the office of defects Frank Borris. The U.S. road safety watchdog issued Tesla at least five subpoenas since April 2018 regarding vehicle crashes that occurred with Tesla's Autopilot engaged.

* Tesla China's social media website said its gigafactory in Shanghai is expected to begin production by 2019-end, Gasgoo reported. The electric-car maker broke ground on Gigafactory 3 seven months ago and agreed to invest about $2.04 billion in the site over the next five years.

* Chinese electric-vehicle maker BYD Co. Ltd. said it will spin off its automotive battery arm into a separate listed entity around 2020, two years ahead of the previously scheduled 2022 listing, Gasgoo reported.

AUTO PARTS AND EQUIPMENT

* Bridgestone Corp. now expects full-year attributable profit to fall 0.6% year over year to ¥290 billion, versus its prior guidance of ¥300.0 billion, or an increase of 2.9% on "external market situation[s]." For the three months to June 30, attributable profit came in at ¥58.4 billion, down 18% from ¥71.2 billion in the second quarter of 2018.

* German auto lighting company Hella GmbH & Co. KGaA said net income for the fiscal full year ended June 30 surged 61.6% to €630.4 million on strong sales growth, which increased 5.3% year over year to €7 billion. Hella expects sales for the fiscal year 2020 to come in between €6.5 billion and €7 billion as it expects the industry to decline amid heightened volatility and uncertainty.

AUTOMOTIVE RETAIL

* Wholesale sales of passenger vehicles in China fell 2.7% year over year in July to 1,557,566 automobiles, Gasgoo reported, citing data from the China Passenger Car Association.

* Great Wall Motor Co. Ltd. said sales in July surged 11.09% year over year to 60,357 vehicles, Gasgoo reported, citing a statement.

* Volkswagen AG's Audi brand sold 155,350 vehicles worldwide in July, down 6.1% year over year, as its sales in Europe fell 13.3% year over year to 68,750 vehicles sold. The carmaker expects to deliver positive performance in the second half of 2019, Hildegard Wortmann, head of sales and marketing, said in a statement.

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The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng was down 0.69% to 25,939.30, and the Nikkei 225 gained 0.44% to 20,684.82.

In Europe, around midday, the FTSE 100 was down 0.20% to 7,272.47, and the Euronext 100 slipped 0.74% to 1,042.14.

On the macro front

The producer price index for final demand and the Baker-Hughes Rig Count are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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