Tag: Tesla Motors Inc

China Is Full of Risk For U.S. Companies

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For decades, America’s corporate chieftains saw China as a money spinner. They gushed about its hundreds of millions of consumers, called it “one of the biggest opportunities” and made predictions that this would be “China’s century.” Now, those executives have come away from recent visits to the country with a more sober view. Western companies doing business in China are facing pressures that were unimaginable several years ago. The country’s economy is floundering and its relationship with the United States is strained. Three years of border restrictions and an effective…

Toyota’s Dominance Threatened by Rise of Electric Vehicles

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Rachel Culin considered herself a Toyota loyalist, one of millions of people who appreciated the company’s reliable and fuel-efficient hybrids. But she recently bought an electric Chevrolet Bolt to replace her Toyota Prius because the Japanese automaker had been too slow when it came to selling electric vehicles. “Where are the options for those people who love Toyota?” Ms. Culin, a resident of Mesa, Ariz., said. “It’s really sad.” Once the leading brand for environmentally conscious car owners, Toyota has failed to keep up with changing consumer preferences and a…

Interest Rate Jitters Sink the Giants of Tech

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Market whiplash In the span of a month, the bottom has dropped out of the bull-market rally as investors have come to grips with the prospect of “higher for longer” interest rates worldwide. The sell-off in global stocks and bonds picked up steam on Thursday. And weary market watchers will be looking for more hints on the Fed’s view at next week’s Jackson Hole summit of central bankers and policymakers. Technology stocks have been hit particularly hard. The high-flying FANG+ Index — which comprises the largest tech stocks by market…

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…

China Wants to Set the Terms of Any ‘Thaw’ With the U.S.

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For a few weeks, a flurry of meetings between American and Chinese officials seemed to signal that the two countries were trying to reduce tensions, after months of rancor and frozen high-level contacts raised concerns about the risk of a conflict, accidental or otherwise. First the U.S. national security adviser, Jake Sullivan, met with China’s top diplomat, Wang Yi, in Vienna, in May. Then the two countries’ top commerce officials held talks, the first bilateral cabinet-level meeting in Washington in months. China’s ambassador also arrived in Washington last week, finally…

China Orders Tesla to Recall 1.1 Million Vehicles Over Braking Risks

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China has ordered Tesla, the world’s dominant maker of electric vehicles, to recall 1.1 million vehicles, citing an issue with the acceleration and braking systems of certain models manufactured in China and abroad. China’s market regulator announced the decision after carrying out an investigation into a reported defect, according to a statement issued on Friday. The recalled vehicles include some imported Model S, Model X, Model 3 cars, as well as Chinese-made Model 3 and Model Y vehicles that were manufactured between Jan. 12, 2019 and April 24, 2023. The…

Tesla’s Profit Dropped Sharply in First Quarter as It Cut Prices

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Tesla’s profit fell sharply in the first three months of the year after it cut the prices of its electric vehicles, the company said on Wednesday. The carmaker, led by Elon Musk, said it had made $2.5 billion in the first quarter, a drop from $3.7 billion in the last three months of last year and $3.3 billion in the first quarter of 2022. Tesla sold more electric cars in the United States last year than all its competitors combined. But its market share slipped as traditional carmakers like General…

U.S. Car Brands Will Benefit Most From Electric Vehicle Tax Breaks

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American brands like Tesla and General Motors will benefit most from rules that determine which electric vehicles qualify for tax credits starting on Tuesday. Foreign carmakers like Hyundai will be at a significant disadvantage because of restrictions aimed at cutting China out of the supply chain. Only 10 vehicles will initially qualify for tax credits of $7,500, less than a quarter of the battery-powered cars on sale in the United States. But those 10 include many of the most popular models and accounted for two-thirds of electric vehicle sales before…