Tag: Electric and Hybrid Vehicles

Tesla’s Profit Jumped 12% in Fourth Quarter

Chin@Strategy

Tesla said Wednesday that profit in the fourth quarter of 2022 rose 12 percent from the previous quarter, above Wall Street expectations, capping a tumultuous year that included intensifying competition, supply chain disruptions and concerns about the behavior of its chief executive, Elon Musk. Net profit for the quarter was $3.7 billion, up from $3.3 billion in the third quarter, Tesla said. For the full year, Tesla’s profit more than doubled to $12.6 billion from $5.5 billion in 2021. Sales for the year, including revenue from solar panels and other…

Tesla Sales in China Slump as Competition Intensifies

Chin@Strategy

Tesla sales in China, the world’s largest car market, rose in 2022 but slumped in December as domestic manufacturers gained ground, according to data published Thursday. The company sold around 56,000 cars in China last month, a decline of more than 20 percent from a year earlier, and nearly 45 percent from the previous month. For the full year, Tesla’s Chinese sales rose 50 percent, according to data published by the China Passenger Car Association. China accounts for roughly 40 percent of Tesla’s sales. Concern about the carmaker’s performance there…

Tesla Car Sales Rose 18% in Last Quarter

Chin@Strategy

Tesla said Monday that it delivered 405,000 electric cars during the last three months of the year, an 18 percent increase from the previous quarter that fell short of analyst estimates and may reinforce investor fears that the electric car company is losing momentum. Wall Street analysts had predicted that Tesla would sell around 420,000 vehicles from October through December, up from 343,000 vehicles in the third quarter. The company sold a total of 1.3 million cars in 2022, a 40 percent increase from the year before. That was short…

Tesla Had a Bad Year. Some Investors Are Blaming Elon Musk.

Chin@Strategy

In a down year for stocks, the 70 percent drop in Tesla’s share price stands out for the scale of wealth vaporized and the unorthodox behavior of its chief executive, Elon Musk. The collapse of Tesla’s stock price destroyed about $680 billion in market value. And Mr. Musk, once hailed as a genius who remade the car industry, appears increasingly distracted by his acquisition of Twitter and is using the social network to vent his frustrations. He insulted one of his critics this week by describing him as having “tiny…

Tesla Cuts Prices in China in Sign of Slowing Demand

Chin@Strategy

Tesla on Monday cut prices for its cars in China, a sign of intensifying competition in the world’s largest car market that provoked a slump in the company’s shares. Tesla’s Chinese website was offering the Model 3 sedan on Monday for a starting price of 265,900 renminbi, or $36,600, including government subsidies, a 5 percent reduction. The Model Y sport utility vehicle was advertised at 288,900 renminbi, a 9 percent cut. Tesla shares fell more than 6 percent before recovering a little as the price cuts reinforced fears among investors…

For China’s Auto Market, Electric Isn’t the Future. It’s the Present.

Chin@Strategy

Zhang Youping, a Chinese retiree, purchased an all-electric, small sport-utility vehicle from BYD — China’s largest electric vehicle maker — at an auto show for around $20,000 last month. Her family has bought three gas-powered cars in the last decade, but she recently grew concerned about gas prices and decided to go electric “to save money.” A few months earlier, her son had also bought an E.V. It was a $10,000 hatchback from Leapmotor, another Chinese manufacturer. This year, a quarter of all new cars purchased in China will be…

India’s Electric Vehicle Push Is Riding on Mopeds and Rickshaws

Chin@Strategy

In the United States, luxury-car buyers are snapping up Teslas and other electric cars that cost more than $60,000, and even relatively cheap models cost more than $25,000. Here in India, those are all out of reach of the vast majority of families, whose median income is just $2,400. But an electric vehicle movement is taking place nonetheless, not on four wheels, but on two and three. Electric mopeds and three-wheeled rickshaw taxis that sell for as little as $1,000 are zipping along India’s congested urban thoroughfares, cheered on by…

Tesla’s Aura Dims as Its Plunging Stock Highlights the Risks It Faces

Chin@Strategy

Chinese consumers “are edgy, they’re worried about the future,” Mr. Dunne said. “It’s a double whammy that Tesla confronts in China.” Tesla shares are reacting in part to the same forces that are roiling stock markets around the world: war in Ukraine, rising interest rates, the threat of recession, supply chain chaos and surging inflation. But Tesla shares have fallen much more than other Silicon Valley giants like Apple or Alphabet, the company that owns Google. Tesla accounted for three-quarters of the electric cars sold in the United States last…

Biden Administration Begins $3 Billion Plan for Electric Car Batteries

Chin@Strategy

The Biden administration plans to begin a $3.1 billion effort on Monday to spur the domestic production of advanced batteries, which are essential to its plan to speed the adoption of electric vehicles and renewable energy. President Biden has prodded automakers to churn out electric vehicles and utilities to switch to solar, wind and other clean energy, saying the transitions are critical to eliminating the pollution that is dangerously heating the planet. In the wake of surging energy prices caused largely by Russia’s invasion of Ukraine, administration officials also have…

Ukraine’s Russia Crisis Reveals the West’s False Sense of Energy Security

Chin@Strategy

Russia’s belligerence against Ukraine is underscoring once again the inextricable link between national security and energy security. Today, Russia is flexing its energy dominance over a dependent Europe. But tomorrow, the danger may come from China and its control over the raw materials that are key to a clean energy future. The United States and its allies must ensure that doesn’t happen. In recent years America has been lulled into a false sense of energy independence. The shale revolution of the past decade has generated incredible supplies of vital natural…