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EBET, Inc. operates platforms to provide a real money online gambling experience focused on i-gaming including casino, sportsbook and esports events. The Company operates under a Curacao gaming sublicense and under a strategic partnership with Aspire Global plc (Aspire) allowing the Company to provide online betting services to various countries around the world. The Company operates online casino and sportsbook brands consisting of Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP. It operates seven online wagering brands, through Websites and mobile applications, where it accepts deposits and funds from its customers and offer its customers the ability to use those funds to wager on slot and table games, live casino games as well as virtual sport computer simulated games and sports betting. It has market access for its esports products in various regulated markets, including the United Kingdom, Germany, Ireland, Malta, and Denmark, among others.

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Tesla may be the winner of the Big Three labor woes

1:28 pm ET September 17, 2023 (MarketWatch)

By Claudia Assis

The Detroit 3 are paying their workers about 38% more than Tesla

A United Auto Workers strike comes at a time when the Big Three U.S. automakers are struggling with the transition to electric vehicles, with Tesla Inc. emerging as a potential beneficiary of the labor strife.

The UAW and Ford Motor Co. (F), General Motors Co. (GM), and Stellantis NV (STLAM.MI) remained far apart as the contract expired at 11:59 p.m. Eastern time today.

The union launched "stand up" strikes, as nearly 13,000 workers walked off the job early Friday as negotiations failed

Telsa's stock (TSLA) rose 0.9% in premarket trading Friday, while Ford shares lost 1.9%, GM's stock fell 1.1% and Chrysler-parent Stellantis' shares ticked up 0.5%.

UAW leadership announced strikes at GM's Wentzville, Mo., assembly plant, a portion of Ford's Wayne, Mich., assembly plant, and a Stellantis plant in Toledo, Ohio as talks broke down.

Tesla has for years fended off unionizing efforts at its U.S. factories, which has helped it widen the first-mover advantage that it has enjoyed on EVs.

The EV maker is likely to emerge as "the winner from the labor talks," Gene Munster, a managing partner at Deepwater Asset Management, said in a note Thursday.

"Big auto is in a tight place when it comes to transitioning its business to electric, and the current UAW discussions will eventually result in a steep increase in costs that will further push them into the red," Munster said.

Ford has put forward a 20% increase over the life of the four-year contract, up from its previous offer of 9%, while GM's latest offer is 18% and Stellantis's offer is 17.5%. The union is seeking wage increases of around 36% over the life of the contract after initially seeking 46% when compounded annually.

But even before any wage increases resulting from the potential strike, the Big Three were paying their workers 38% more than comparable Tesla workers, and that gap is likely to increase, Munster said.

Ford, GM and Stellantis also have struggled to make their EVs profitable. Part of the reason GM decided to end the production of its Chevy Bolt was the thin profit margins on the compact EV. GM then decided to bring back the Bolt at a later date using a shared EV architecture in hopes that will improve margins

Moody's Investors Service also pointed out that EV dilemma. While all three automakers have ample liquidity to weather a strike, a prolonged labor action could slow down their EV ambitions, the debt-rating agency said in a recent note.

While workers are unlikely to get as big of a raise as they are demanding, the new UAW contract could result in pay increases of as much as 20%, Moody's said.

A strike could also affect automakers' plans to ramp up EV production, Moody's said. GM, for instance, plans to make about 100,000 EVs in the second half of the year, double the number it made in the first half.

See also:UAW strike could affect auto-parts companies Lear, Magna the most: CFRA

"Critically, the strike could affect production of electric models that General Motors launched in the last 18 months, very few of which were actually built so far," Moody's said.

Ford, for its part, is targeting an annualized production run rate by the end of the fourth quarter of 100,000 F-150 Lightnings, the electric version of its popular F-150 pickup truck, compared with 24,000 in the first quarter, it said.

A strike lasting longer than four weeks would be "a body blow to the EV ambitions of GM and Ford" in the near term, delaying "many aspects of this initial important EV push," Wedbush analyst Dan Levy said in a note Thursday.

Both face mounting costs and complexities in the years ahead, he said.

"Lets be clear: this is a potential nightmare situation for GM and Ford as both [Detroit] stalwarts are in the early stages of a massive EV transformation path for the next decade that will define future success," Ives said.

Don't miss:UAW strike: These Ford, GM plants are the most likely targets

-Claudia Assis

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

September 17, 2023 13:28 ET (17:28 GMT)

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