Tag: Company Reports

Tesla’s Price Cuts Lowered Its Profit

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Tesla’s profit slumped in the third quarter after the carmaker cut prices to maintain its dominance of the market for electric vehicles. The company reported a net profit of $1.9 billion from July through September. That compared with $2.7 billion in the second quarter and $3.3 billion a year earlier. The company has slashed prices by around 25 percent in the United States during the last year, putting the priority on sales rather than profit. The least expensive version of Tesla’s best selling car, the Model Y sport utility vehicle,…

Tesla Sales Slip as It Readies Factories for New Models

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Sales of Tesla electric cars slipped from July through September after the company paused production at some factories to upgrade assembly lines. The company delivered 435,000 vehicles worldwide in the third quarter, down from 466,000 in the second quarter. Wall Street analysts had expected the decline, which they attributed to production slowdowns as Tesla refitted factories in the United States and China. Still, the dip in sales may renew concerns that demand for Tesla cars is slackening even after the company cut prices. In China, Tesla is trying to fend…

China’s Biggest Homebuilder Fights to Survive as Economic Crisis Deepens

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When Country Garden, the biggest developer in China’s increasingly troubled real estate sector, published its annual report in April, the cover design exuded hope: a phoenix spreading its wings. The company said the image showed that China’s economy was “back on track” and that this year would see “growth soaring to new heights.” That was wishful thinking. Shortly after the report’s release, China’s nascent economic recovery lost steam and an already sluggish real estate market started to collapse. At Country Garden, presales of unfinished apartments, a crucial indicator of future…

Volkswagen Seeks to Regain Edge in China as It Cuts Delivery Forecast

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The Numbers Volkswagen said its after-tax earnings fell by 20 percent in the first half of the year, to 8.5 billion euros, or $9.45 billion, compared with the same period last year. But overall revenue increased 18.2 percent as the company stemmed some of its losses in China, where deliveries were down 1.2 percent. Western Europe provided the company with its strongest business, with 1.65 million vehicles ordered in the first half of the year, and 200,000 of them — or 12 percent — were electric vehicles, the company said.…

Tesla’s Profit Rose in the Second Quarter as Price Cuts Spurred Demand

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Tesla reported a rise in profit for the second quarter after the company led by Elon Musk cut prices in response to increased competition and higher borrowing costs for car buyers. The company said on Wednesday that it earned $2.7 billion from April through June, compared with $2.5 billion in the first quarter of this year and $2.3 billion in the second quarter of 2022. Sales rose 7 percent, to $25 billion, from last quarter. Lower average sales prices, as well as the cost to produce a new pickup truck,…

Tesla’s Second Quarter Sales and Deliveries Rise as Tax Credits Fuel Demand

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Tesla sales rose a better-than-expected 10 percent in the second quarter as the company led by Elon Musk benefited from government incentives and price cuts that made its electric cars less expensive than comparable gasoline models. Tesla delivered 466,000 vehicles from April through June, up from 423,000 vehicles in the previous quarter, the company said on Sunday. Compared with a year earlier, sales in the second quarter rose 83 percent as the company expanded production at new factories in Austin, Texas, and near Berlin. The sales figures exceeded estimates by…

Tesla Sales Surge as Tax Credits Fuel Demand

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Tesla sales rose 10 percent in the second quarter as the company led by Elon Musk benefited from government incentives and price cuts that made its electric cars less expensive than comparable gasoline models. Tesla delivered 466,000 vehicles from April through June, up from 423,000 vehicles in the previous quarter, the company said on Sunday. Compared with a year earlier, sales in the second quarter rose 83 percent as the company expanded production at new factories in Austin, Texas, and near Berlin. Rules that took effect this year allowed buyers…

Alibaba, Baidu and Tencent Signal First Steps in Bumpy Recovery

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Eight months ago, the future of China’s largest internet companies looked grim. Covid-era lockdowns crushed sales and Beijing’s harsh tech regulations had spooked even audacious China investors. Shares of Alibaba, Baidu and Tencent dropped to some of their lowest levels in several years. With China’s economy now reopen, the tech giants this week released earnings reports that showed initial signs of recovery. But the financial results, the first issued since the end of “zero Covid” restrictions, also reflected the uneven pace of China’s economic rebound and signaled that the companies’ makeovers, while underway, are likely…

HSBC Shareholders Defeat Ping An-Backed Measures

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Shareholders in HSBC, the European financial giant, voted on Friday to reject an investor proposal meant to pressure the bank into breaking off its lucrative Asian operations. That initiative — backed by HSBC’s largest investor, the sprawling Chinese insurer Ping An — received only about 20 percent of the votes, the company said. A companion proposal backed Ping An, to restore the bank’s dividend to prepandemic levels, was also defeated. The vote was a show of support for HSBC’s management, which had urged shareholders to vote no. It was announced…

Born in Asia but Based in Britain, HSBC Fights to Stay in One Piece

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For many investors, HSBC, Europe’s largest lender with a venerable place in Britain’s banking industry, offers little to critique: It is performing well and has focused on its most profitable and fastest-growing operations, those in Asia. But for the firm’s largest investor, the sprawling Chinese insurance giant Ping An, that isn’t enough. Over the past year, Ping An has waged a campaign to convince HSBC to spin off its Hong Kong-based operations in some way, cracking open the bank’s global empire to improve its financial performance. It’s a move that…