Latest news with #CaliforniaDepartmentofMotorVehicles
CBS News
24-07-2025
- CBS News
Classic Mercedes-Benz recovered, 2 arrested in San Francisco burglary case
Police in San Francisco said Thursday that they recovered a classic Mercedes-Benz coupe that was bound for Europe after it was stolen during a home burglary last year. On the morning of Nov. 23, 2024, officers were called to a home on the 100 block of Turquoise Way in the city's Diamond Heights neighborhood. The victims told police that their 1970 Mercedes-Benz 280 SL coupe was stolen during the burglary. Officers with the Auto Theft Unit and the plainclothes team were able to identify two suspects in the case. The first suspect, identified as Michael Demetrescu, was arrested on March 6. He was booked into the San Francisco County Jail on suspicion of burglary and vehicle theft. On June 23, the California Department of Motor Vehicles notified police about the vehicle. The DMV told police that the Mercedes was listed for sale and was being prepared for export to the Netherlands. Three days later, officers recovered the car at a shipping facility in Richmond. Police shared photos of the Mercedes being placed on a tow truck and brought back to San Francisco over the Bay Bridge. The coupe, which police said was a family heirloom, has since been returned to its owners. On July 17, officers were able to arrest the second suspect in the case, identified as Anthony Norman Fretty. Police said Fretty was booked on suspicion of vehicle theft, possession of stolen property and delaying an investigation. Anyone with additional information about the case is asked to contact SFPD at 415-575-4444 or to text TIP411, beginning the message with SFPD.
Yahoo
24-07-2025
- Automotive
- Yahoo
As Tesla Gambles With Its Right to Sell EVs in California, How Should You Play TSLA Stock?
Tesla (TSLA) is no stranger to controversy, but the stakes may be higher than ever as the electric vehicle giant becomes entangled in a high-stakes legal showdown with the California Department of Motor Vehicles (DMV). At the center of the dispute are allegations that Tesla misled consumers by overstating the capabilities of its Autopilot and Full Self-Driving (FSD) technologies — claims that, if upheld, could result in the temporary suspension of the company's dealer license in California. This legal battle comes at a particularly vulnerable time for Tesla. Just a day ago, the company reported its steepest revenue decline in over a decade, and CEO Elon Musk warned of 'a few rough quarters' ahead. For investors already concerned about Tesla's weakening fundamentals, the prospect of regulatory penalties in a key market only adds to the uncertainty. More News from Barchart NVDA Broken Wing Butterfly Trade Targets A Profit Zone Between 150 and 160 Is Opendoor Stock a Buy at New 52-Week Highs? Can Lucid Motors Stock Hit $7 in 2025? Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! In light of all this, investors are left with a tough question: Should you hold, buy the dip, or head for the exits? Let's take a closer look. About Tesla Stock Tesla (TSLA) is a prominent innovator dedicated to accelerating the global transition to sustainable energy. The Elon Musk-led powerhouse designs, develops, manufactures, leases, and sells high-performance fully electric vehicles, solar energy generation systems, and energy storage products. It also offers maintenance, installation, operation, charging, insurance, financial, and various other services related to its products. In addition, the company is increasingly focusing on products and services centered around AI, robotics, and automation. Its market cap currently stands at $1.07 trillion. Shares of the EV maker have fallen 24.6% on a year-to-date basis. Tesla Sales Could Be Temporarily Suspended in California This week, Tesla faces off with the California Department of Motor Vehicles (DMV) over allegations that it overstated the capabilities of its Autopilot and Full Self-Driving technology, thereby misleading consumers. The stakes are high as the regulator aims to suspend Tesla's dealer license, which allows the company to sell vehicles in its biggest market in the U.S. The California DMV has been engaged in a years-long legal dispute with Tesla over how the automaker markets its 'Autopilot' and 'Full Self-Driving Capability' advanced driver assistance (ADAS) systems. The agency alleges that Tesla is misrepresenting the capabilities of its ADAS through both the naming of the systems and the way the company and its CEO promote them. More precisely, the California regulator asserts that Tesla violated state law by making 'untrue or misleading' statements in 2021 and 2022 while promoting its vehicles with advanced driver-assistance systems, including claims that the features were 'able to conduct short and long-distance trips with no action required in the driver's seat.' Meanwhile, Tesla has contended in legal filings that the statements in question are protected under the First Amendment of the U.S. Constitution as free speech. The company's lawyers also argue that the marketing statements cited by the DMV have been taken out of context and that the regulator is overlooking Tesla's warnings and disclosures regarding the systems. 'Tesla repeatedly and explicitly makes clear that its vehicles are not autonomous and require active driver supervision,' the company said in a February 2024 filing. Now, tensions are rising as the court holds a five-day hearing in Oakland on the case, which began on Monday and will run throughout the week. Notably, the hearing before an administrative agency judge coincides with an ongoing jury trial in Miami, where Tesla faces allegations that Autopilot was partially responsible for a 2019 crash involving a distracted Model S driver that resulted in a pedestrian's death. The DMV is now seeking a 30-day suspension of Tesla's dealer license in California. 'Tesla has been misleading consumers for years,' said Christopher Beatty, supervising deputy attorney general for California, who is representing the state's DMV, during his opening statement at an administrative court hearing in Oakland on Monday. Also, Melanie Rosario, a commander-sergeant with the DMV, testified in court Monday that Tesla's branding of its Autopilot and Full Self-Driving features was 'misleading' and 'contradictory,' stating that the terms suggest the vehicle is capable of driving itself. In Tesla's opening statement, the company's lawyers contended that it is 'impossible for a reasonable consumer to be misled' by the branding of its products, while also claiming that the company is 'getting closer every day' to delivering fully autonomous vehicles. If the DMV succeeds in temporarily suspending Tesla's right to sell vehicles in California, it could severely impact the company's performance this quarter. As noted earlier, California is Tesla's largest market in the U.S., accounting for roughly a third of the country's EV sales. What makes the situation even more ironic is that the looming end of the federal tax credit in Q4 is driving a surge in demand into the current quarter. And much of that demand was expected to come from California. Tesla Warns of Rough Patch Ahead Tesla released its Q2 earnings results yesterday after the market closed, and the stock is currently down 8% after the EV maker reported its biggest revenue decline in at least a decade. CEO Elon Musk also warned of tough times ahead for the company as incentives such as the EV tax credit phase out in the U.S. 'We probably could have a few rough quarters,' Musk said. Musk's remarks were his most direct yet regarding the impact of the tax bill signed by President Donald Trump this month on Tesla. Besides phasing out $7,500 tax credits for EV purchases, the law also dismantled federal fuel-economy standards that have been a significant source of revenue for Tesla over the years. Let's take a closer look at Tesla's Q2 figures. The company's total revenue slumped 11.8% year-over-year to $22.5 billion. Although the top-line figure was better than some feared, it still represented the company's worst revenue drop in more than a decade. The decline in total revenue was once again mainly driven by a downturn in Tesla's core automotive segment, which saw a 16% year-over-year revenue drop to $16.7 billion. Tesla attributed the decline to a 14% drop in vehicle deliveries during the second quarter and lower revenue from regulatory credit sales. Notably, revenue from regulatory compliance credits that Tesla sells to competing automakers dropped to $439 million in Q2, down 26% from the previous quarter and 51% year-over-year. As mentioned earlier, this revenue stream is at risk following the tax law signed by Trump this month, which removed the penalties automakers faced for not complying with federal fuel-economy standards. Another interesting thing I noticed is that automotive revenue fell at a faster pace than vehicle deliveries, indicating that average selling prices continued to drop amid intense competition. While the weakness in the automotive business was expected, the biggest surprise for me was the energy segment. The energy segment had always been a bright spot in the past, helping to partially offset the challenges faced by the automotive segment. However, this time Tesla's energy business posted a 7% year-over-year revenue decline to $2.8 billion in Q2, mainly due to a decrease in the average selling price of Megapack. I view this as a major negative for the company, as it seriously undermines my earlier bullish outlook on the energy business. Meanwhile, services revenue continued to perform well, rising 17% year-over-year to $3.05 billion. On the profitability front, the operating margin collapsed in Q2, dropping 219 basis points year-over-year to 4.1%, highlighting a clear erosion of competitive advantage. Tesla's adjusted EPS plunged 23% year-over-year to $0.40, but was in line with expectations. On the positive side, Musk said during the earnings call that production of a more affordable EV had started, with sales potentially beginning in the fourth quarter. The model, which Musk described as similar to the Model Y, is considered vital for boosting sales. As for the robotaxi, Tesla stated that it plans to improve and expand the service, which was launched this summer in Austin. The company is pursuing regulatory approval to launch in the San Francisco Bay Area, as well as in Nevada, Arizona, Florida, and several other places, according to Musk. 'We'll probably have autonomous ride-hailing in about half the population of the U.S. by the end of the year,' Musk said. 'That's at least our goal, subject to regulatory approvals.' What Do Analysts Expect For TSLA Stock? Wall Street analysts remain split on Tesla, with the stock currently carrying a consensus 'Hold' rating. While 12 analysts rate the stock as a 'Strong Buy' and two as a 'Moderate Buy,' 16 recommend holding, and 10 have issued a 'Strong Sell' rating. Notably, the stock currently trades above its average price target of $297.86. Analysts tracking the company foresee a 28.3% year-over-year drop in its adjusted EPS to $1.74 for fiscal 2025, while revenue is projected to fall 5.76% year-over-year to $92.07 billion. The Bottom Line on TSLA Stock I am deeply disappointed with Tesla's Q2 results, and more importantly, Musk indicated that the company would face even more challenges in the coming quarters. The revenue decline in the energy business nearly pushed me to issue a 'Sell' rating, but for now, I'm sticking with a 'Hold' to see how the launch of the new affordable model and the robotaxi expansion unfold. And let's not forget about the ongoing lawsuit with the California DMV. If Tesla's license is suspended this quarter, it would affect the company's sales during a very critical period and could also prompt additional regulations on how automakers market advanced driver-assistance systems. Therefore, I recommend keeping a close eye on the outcome here. On the date of publication, Oleksandr Pylypenko did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Yahoo
16-06-2025
- Business
- Yahoo
Is the market closed on Juneteenth? See what's open in California on the federal holiday
People nationwide will celebrate an important moment in American history on the recently established federal holiday Juneteenth on Thursday, June 19. The day commemorates the end of slavery in the United States, calling attention to a particular moment in the nation's history: When Union troops arrived in Galveston, Texas, in 1865, announcing that enslaved people were free. It came more than two years after the Emancipation Proclamation declared the very same, though President Abraham Lincoln's proclamation did come with limitations. While Juneteenth has long been recognized and celebrated, it wasn't until 2021 that it became a federal holiday. And like any federal holiday comes questions over what's open and closed. Here are some closures to be aware of in California. The California Department of Motor Vehicles offices 'will follow normal operating schedules' on Juneteenth, according to spokesperson Chris Orrock in an email to the Desert Sun. There will be no regular delivery service on Juneteenth, according to the U.S. Postal Service. Postal Service facilities will be closed for retail transactions on the holiday, USPS said. UPS locations will be open, and pickup and delivery services will be available on holidays, according to the company. Branches of Chase, Wells Fargo and Bank of America will be closed on Juneteenth, according to their holiday schedules. Last year, branches of Capital One, PNC, Citibank and more were closed for the holiday, according to USA TODAY. Last year, most restaurants, grocery, and retail stores were open on the holiday, USA TODAY reported. Target, Walmart and Costco are all open on Juneteenth, though it's recommended to check your local store for specific hours, the Cincinnati Enquirer reported. The New York Stock Exchange is closed on federal holidays and will be closed on Juneteenth, according to its website. Here are the rest of the remaining federal holidays for the year, according to the U.S. Office of Personnel Management: July 4: Independence Day Sept. 1: Labor Day Oct. 13: Columbus Day Nov. 11: Veterans Day Nov. 27: Thanksgiving Dec. 25: Christmas USA TODAY Network reporter Alex Perry contributed to this story. Paris Barraza is a trending reporter covering California news at The Desert Sun. Reach her at pbarraza@ This article originally appeared on Palm Springs Desert Sun: Is the post office open on Juneteenth? See what's open in California
Yahoo
06-06-2025
- Automotive
- Yahoo
DMV warns of discounted registration renewal scams on social media. How to avoid the con
Social media users are being warned not to fall for a fake online advertisement that is posing as the California Department of Motor Vehicles and offering registration renewal services at a discounted price. Residents have reported seeing deceptive social media advertisements claiming to renew a vehicle registration at a 50% discount, the DMV said on Wednesday. Fact check: State law prohibits the DMV from offering discounted vehicle registration renewals. The deceptive advertisement asks for personal information, including your full name, license plate number, and the last five digits of the vehicle registration number. To take advantage of the supposed service, you're asked to pay through the peer-to-peer transaction service Cash App. Read more: Real ID brings confusion and surprise but relatively few problems at SoCal airports Fact check: The DMV will never ask for personal information or payment through unofficial channels such as social media sites and transaction applications. To make a payment to the state department for your vehicle registration renewal, you can: Make an online payment through your personal account on the DMV website. Visit a DMV kiosk. Make an appointment at a DMV office. 'The safest way to renew your vehicle registration is directly through the official DMV website,' said DMV Director Steve Gordon in a statement. The DMV advises that you take these steps to avoid this recent online scam: Avoid engaging with any offers of discounted DMV services. The DMV does not offer special deals through unauthorized third parties or on social media. Never respond to unsolicited or suspicious messages. If you receive a direct message asking for personal or financial information, do not reply. Verify the source of the post, message or advertisement. If you are unsure of the legitimacy of an online post, you can contact the DMV by calling (800) 777-0133. Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times.
CBS News
04-05-2025
- Automotive
- CBS News
Bay Area DMV locations use expanded hours to help people quickly get Real IDs
With the federal REAL ID deadline fast approaching on May 7, the California Department of Motor Vehicles (DMV) is ramping up efforts to help residents obtain the required identification. Starting Wednesday, travelers will need a REAL ID or a valid passport to board domestic flights. In response, the DMV has extended weekday hours and opened select Bay Area offices on Saturdays to accommodate the expected surge in applications. Many residents who visited the DMV on Saturday reported a surprisingly smooth experience. Gone were the long lines, lengthy waits, and usual frustrations. "I showed up today at 12:10, walked straight in, and 20 minutes [later], walked out," said Kelly Kouyate, an Oakland resident who scheduled her appointment less than 24 hours earlier. "Usually, when I come into the DMV, I'm sitting in one of these blue chairs for about an hour or so. I have yet to sit," she added, pointing to rows of empty seats. "So that was shocking." The DMV's Saturday services are appointment-only and are dedicated exclusively to REAL ID applications, not for vehicle registration or other transactions. That limited focus may explain why the offices were unusually quiet. "It was ready before I was ready. As soon as I walked in and gave them my ID for the appointment, they were already calling me," said Beverly Williams, a resident of South San Francisco. Williams, who is preparing for her granddaughter's graduation at the end of this month in San Diego, did have one hiccup — She forgot to bring all the required documents and will need to return. According to the latest DMV data, more than 19 million Californians have received their REAL IDs so far, which accounts for approximately 55% of all issued identification cards. However, that leaves over 15 million residents still without one. "Especially in the younger generation, a lot of people aren't aware of the Real ID and definitely not the deadline either," said Sasha Murphy, a resident of Moraga. Kouyate, on the other hand, is now prepared for a potential trip to Chicago next month. "I'm happy, I'm happy. Now I can go enjoy my day," she said. The DMV will once again open three Bay Area locations on Saturday for REAL ID appointments: Claremont DMV in Oakland Concord DMV on Diamond Boulevard West Alma Avenue DMV in San Jose Appointments must be made online in advance. To lighten the mood around the looming deadline, Krispy Kreme is offering a sweet incentive. On May 7, anyone can walk into or drive through a participating location for a free donut — no purchase or ID required.
