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Tesla Inc showed signs of divergent strategies in the world’s two biggest automotive markets, raising prices to boost profit margins in the United States while keeping prices steady in China and hoping to grow sales there.

Tesla raised prices for the most affordable versions of Model 3 and Model Y about a dozen times this year in the United States, according to data tracked by Reuters. At the same time, Tesla recently introduced an affordable Model Y version in China, where it refrained from price hikes.

Tesla posted record vehicle deliveries in the second quarter, and the price increases in North America boosted quarterly profits to a record.

But in China, the world’s biggest electric vehicle (EV) market, Tesla faces competition from local rivals and problems that include product recalls, high-profile protests by consumers and pressure from regulators.

Bernstein analyst Toni Sacconaghi said the introduction of the lower-priced Model Y in China ”may make sustained margin improvement difficult” for Tesla and raises questions about ”the health of Chinese demand.”

A study by Bernstein analysts found Tesla owners in China were less enthusiastic and had lower repurchase intentions than owners in the United States and Europe.

Tesla raised prices for Model Y Long Range at least six times in the United States this year, bumping by $5,500 to $53,990. In China, the world’s most valuable carmaker raised prices of the Model Y SUV and Model 3 sedan only once this year.

The Model Y version has a price tag of 276,000 yuan ($42,394). The company also has launched promotional campaigns in China such as loan offers.

”I think Tesla is looking to be as competitive as it can be in China. Lower prices will be a part of that aggressive market positioning,” Roth Capital Partners analyst Craig Irwin said. ”There is a very large difference in battery prices in the U.S. and China, as well as local vehicle manufacturing costs.”

Tesla started production at its Shanghai factory in late 2019. It has boosted the sourcing of cheaper local components, including batteries from China’s CATL and LG’s Chinese factory.

”It wasn’t so long ago that the group was trimming prices in the U.S. to gain scale and maximize profitability, and it feels like we’re now seeing that in China too,” Hargreaves Lansdown analyst Nicholas Hyett said.

The low cost of producing local EVs in China would have a lasting effect on Tesla, said Gene Munster at Loup Ventures.

”Teslas are on average 3x the cost of a typical EV made in China so they have to be priced less than the U.S. to compete,” Munster said. ”Prices of Teslas in China will be below (the) rest of the world for the next decade.”

Tesla also cut costs and boosted margins in the U.S. market by getting rid of some parts like a radar sensor and lumbar support.

Tesla shares rebounded 0.5% in morning trade on Wednesday after falling the previous session.

CHINA MARKET SHARE SLIPS

In China, Tesla’s share slipped to 11% in the battery electric vehicle market, which excludes plug-in hybrid cars, in the second quarter from 18% a year earlier, according to GLJ research. But data from Morgan Stanley showed Tesla still held a U.S. battery-electric market share of nearly 70% as of February, although that was down from 81% a year earlier.

China accounts for 44% of the global EV market, a much bigger share than the 17% held by the United States.

In China, Tesla faces competition from electric vehicle makers like Nio Inc and Xpeng Inc. In the United States, Tesla’s brand is stronger and its main rivals are legacy automakers like Ford and General Motors, which generate only a fraction of their sales from EVs.

GLOBAL CHIP SHORTAGE

Tesla CEO Elon Musk has reiterated that the company’s mission is to make electric cars affordable and has blamed vehicle price increases on a shortage of chips and raw materials.

Tesla is coping with the chip shortage by using alternative chips and rewriting software, Musk said.

He provided a cautious outlook for chip shortage. ”It does seem like it’s getting better,” he said on the second-quarter earnings call, but added: ”it’s hard to predict.”

Tesla Inc showed signs of divergent strategies in the world’s two biggest automotive markets, raising prices to boost profit margins in the United States while keeping prices steady in China and hoping to grow sales there.

Tesla Inc showed signs of divergent strategies in the world’s two biggest automotive markets, raising prices to boost profit margins in the United States while keeping prices steady in China and hoping to grow sales there. Tesla raised prices for the most affordable versions of Model 3 and Model Y about a dozen times this year in the United States, according to data tracked by Reuters. At the same time, Tesla recently introduced an affordable Model Y version in China, where it refrained from price hikes. Tesla posted record vehicle deliveries in the second quarter, and the price increases in North America boosted quarterly profits to a record. But in China, the world’s biggest electric vehicle (EV) market, Tesla faces competition from local rivals and problems that include product recalls, high-profile protests by consumers and pressure from regulators. Bernstein analyst Toni Sacconaghi said the introduction of the lower-priced Model Y in China ”may make sustained margin improvement difficult” for Tesla and raises questions about ”the health of Chinese demand.” A study by Bernstein analysts found Tesla owners in China were less enthusiastic and had lower repurchase intentions than owners in the United States and Europe. Tesla raised prices for Model Y Long Range at least six times in the United States this year, bumping by $5,500 to $53,990. In China, the world’s most valuable carmaker raised prices of the Model Y SUV and Model 3 sedan only once this year. The Model Y version has a price tag of 276,000 yuan ($42,394). The company also has launched promotional campaigns in China such as loan offers. ”I think Tesla is looking to be as competitive as it can be in China. Lower prices will be a part of that aggressive market positioning,” Roth Capital Partners analyst Craig Irwin said. ”There is a very large difference in battery prices in the U.S. and China, as well as local vehicle manufacturing costs.” Tesla started production at its Shanghai factory in late 2019. It has boosted the sourcing of cheaper local components, including batteries from China’s CATL and LG’s Chinese factory. ”It wasn’t so long ago that the group was trimming prices in the U.S. to gain scale and maximize profitability, and it feels like we’re now seeing that in China too,” Hargreaves Lansdown analyst Nicholas Hyett said. The low cost of producing local EVs in China would have a lasting effect on Tesla, said Gene Munster at Loup Ventures. ”Teslas are on average 3x the cost of a typical EV made in China so they have to be priced less than the U.S. to compete,” Munster said. ”Prices of Teslas in China will be below (the) rest of the world for the next decade.” Tesla also cut costs and boosted margins in the U.S. market by getting rid of some parts like a radar sensor and lumbar support. Tesla shares rebounded 0.5% in morning trade on Wednesday after falling the previous session. CHINA MARKET SHARE SLIPS In China, Tesla’s share slipped to 11% in the battery electric vehicle market, which excludes plug-in hybrid cars, in the second quarter from 18% a year earlier, according to GLJ research. But data from Morgan Stanley showed Tesla still held a U.S. battery-electric market share of nearly 70% as of February, although that was down from 81% a year earlier. China accounts for 44% of the global EV market, a much bigger share than the 17% held by the United States. In China, Tesla faces competition from electric vehicle makers like Nio Inc and Xpeng Inc. In the United States, Tesla’s brand is stronger and its main rivals are legacy automakers like Ford and General Motors, which generate only a fraction of their sales from EVs. GLOBAL CHIP SHORTAGE Tesla CEO Elon Musk has reiterated that the company’s mission is to make electric cars affordable and has blamed vehicle price increases on a shortage of chips and raw materials. Tesla is coping with the chip shortage by using alternative chips and rewriting software, Musk said. He provided a cautious outlook for chip shortage. ”It does seem like it’s getting better,” he said on the second-quarter earnings call, but added: ”it’s hard to predict.”

Tesla hikes electric car prices in the US; holds a line in China

The Sensex and Nifty closed the day higher on Thursday, boosted by advances in metals and IT companies amid favourable global cues.

The surge was supported by broader indexes, midcap and smallcap indices, which each gained over half a per cent.&nbsp;

Nifty Metal led all sector indexes with a gain of over 5%, followed by IT, PSU Bank, and realty indices.

The Nifty FMCG, Nifty Auto, and Nifty Pharma sectors all finished with losses.&nbsp;

The S&amp;P BSE Sensex gained 209 points, or 0.4 per cent, to end at 52,653 levels, led by Tata Steel (up 6.8 per cent), Bajaj twins, SBI, HCL Tech, and Sun Pharma.&nbsp;

It's NSE counterpart, Nifty50, meanwhile, ended tad below 15,800-mark at 15,779, up 69 points. The BSE Mid- and SmallCap indices, too, added 0.39 per cent and 0.90 per cent, respectively.

(With inputs from agencies)

The Sensex and Nifty closed the day higher on Thursday, boosted by advances in metals and IT companies amid favourable global cues. The surge was supported by broader indexes, midcap and smallcap indices, which each gained over half a per cent.

The Sensex and Nifty closed the day higher on Thursday, boosted by advances in metals and IT companies amid favourable global cues. The surge was supported by broader indexes, midcap and smallcap indices, which each gained over half a per cent. Nifty Metal led all sector indexes with a gain of over 5%, followed by IT, PSU Bank, and realty indices. The Nifty FMCG, Nifty Auto, and Nifty Pharma sectors all finished with losses. The S&P BSE Sensex gained 209 points, or 0.4 per cent, to end at 52,653 levels, led by Tata Steel (up 6.8 per cent), Bajaj twins, SBI, HCL Tech, and Sun Pharma. It's NSE counterpart, Nifty50, meanwhile, ended tad below 15,800-mark at 15,779, up 69 points. The BSE Mid- and SmallCap indices, too, added 0.39 per cent and 0.90 per cent, respectively. (With inputs from agencies)

Sensex, Nifty end with decent gains led by metals, IT stocks

Apple said a global chip shortage that has bit into its ability to sell Macs and iPads will start to affect iPhone production too.

Apple's production likely to be impacted as chip shortage worsens

The tie-up could be announced as soon as Wednesday if talks about an agreement in principal are successful, although no deal has been reached yet,

Volkswagen in advanced talks to buy Europcar

For the next fiscal, however, the IMF has forecast an 8.5% growth for India, 160 basis points higher than its April forecast.

IMF cuts India's GDP growth forecast to 9.5 per cent

Pfizer sharply increased its 2021 projection for revenues tied to its Covid-19 vaccine on Wednesday, forecasting the delivery of 500 million more doses compared with earlier expectations.

The US drugmaker, which has partnered with Germany's BioNTech on the vaccine, estimates delivering 2.1 billion doses, generating $33.5 billion in sales. The company's May forecast was for $26 billion in sales.

Pfizer also lifted its full-year profit outlook as well as the expected range for 2021 revenues.

Pfizer Chief Executive Albert Bourla said more than a billion doses of the vaccine have been delivered, saying "the speed and efficiency of our efforts with BioNTech to help vaccinate the world against Covid-19 have been unprecedented."

Pfizer said the pre-tax profit margin on the Covid-19 vaccine sales was in the "high-20s" in terms of per cent, the same as the earlier forecast.

Pfizer reported second-quarter profits of $5.6 billion, up 59 per cent from the year-ago period on 92 per cent increase in revenues to $19 billion.&nbsp;

Pfizer has launched clinical studies on a possible third dose of the Covid-19 vaccine as a booster shot. Bourla has said such boosters could amount to a "durable" revenue stream for the company.

US health officials have thus far not far backed a third shot for the broad population, but officials are studying the need for a third shot in immunocompromised people.

Shares of Pfizer declined 0.5 percent to $41.88 in pre-market trading.&nbsp;

Pfizer sharply increased its 2021 projection for revenues tied to its Covid-19 vaccine on Wednesday, forecasting the delivery of 500 million more doses compared with earlier expectations.

Pfizer sharply increased its 2021 projection for revenues tied to its Covid-19 vaccine on Wednesday, forecasting the delivery of 500 million more doses compared with earlier expectations. The US drugmaker, which has partnered with Germany's BioNTech on the vaccine, estimates delivering 2.1 billion doses, generating $33.5 billion in sales. The company's May forecast was for $26 billion in sales. Pfizer also lifted its full-year profit outlook as well as the expected range for 2021 revenues. Pfizer Chief Executive Albert Bourla said more than a billion doses of the vaccine have been delivered, saying "the speed and efficiency of our efforts with BioNTech to help vaccinate the world against Covid-19 have been unprecedented." Pfizer said the pre-tax profit margin on the Covid-19 vaccine sales was in the "high-20s" in terms of per cent, the same as the earlier forecast. Pfizer reported second-quarter profits of $5.6 billion, up 59 per cent from the year-ago period on 92 per cent increase in revenues to $19 billion. Pfizer has launched clinical studies on a possible third dose of the Covid-19 vaccine as a booster shot. Bourla has said such boosters could amount to a "durable" revenue stream for the company. US health officials have thus far not far backed a third shot for the broad population, but officials are studying the need for a third shot in immunocompromised people. Shares of Pfizer declined 0.5 percent to $41.88 in pre-market trading.

Pfizer eyes $33.5 billion revenue in 2021 amid vaccine sales

E-commerce giant Amazon on Tuesday denied reports of accepting Cryptocurrency Bitcoin as payment. Amazon spokesperson said information in the story was "fabricated," but that the company does have its eyes on the cryptocurrency sector.

Amazon denies report of accepting cryptocurrency Bitcoin as payment

India completely relies on imports for its semiconductor needs. Most of the world’s chip production is concentrated in Taiwan and countries across the world.

Impact of semiconductor chip shortage on economy

Tesla announced $1.14 billion in net profits in the second quarter, well-exceeding analyst estimates and marking the first time the company's quarterly profit (on a GAAP basis) surpassed the three-comma barrier.

In after-hours trading, the findings pushed shares up more than 2.2 per cent.

Despite supply chain issues and losses, Tesla was able to outperform forecasts and post its eighth consecutive quarter of profitability. 
 
Watch | World Business Watch: Tesla plans to open its charging network to other EVs

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-business-watch-tesla-plans-to-open-its-charging-network-to-other-evs-399369/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

According to the corporation, operating income was $1.3 billion, up from $327 million the previous year due to volume growth and expense reduction.&nbsp;

An increase in operating expenses, supply chain issues, lower regulatory credit revenue, and the $23 million impairment were largely offset by the positive outcomes.&nbsp;

The financial milestone announced Monday extended Tesla's two-year run of success, putting to rest concerns about the company's long-term viability that arose during the company's early years of losses and production issues.

Tesla has firmly established itself as a leader in the transition away from fossil fuels, which is likely to boost its profits even further than in the most recent quarter.&nbsp;

(With inputs from agencies)

Tesla announced $1.14 billion in net profits in the second quarter, well-exceeding analyst estimates and marking the first time the company's quarterly profit (on a GAAP basis) surpassed the three-comma barrier.

Tesla announced $1.14 billion in net profits in the second quarter, well-exceeding analyst estimates and marking the first time the company's quarterly profit (on a GAAP basis) surpassed the three-comma barrier. In after-hours trading, the findings pushed shares up more than 2.2 per cent. Despite supply chain issues and losses, Tesla was able to outperform forecasts and post its eighth consecutive quarter of profitability. Watch | World Business Watch: Tesla plans to open its charging network to other EVs According to the corporation, operating income was $1.3 billion, up from $327 million the previous year due to volume growth and expense reduction. An increase in operating expenses, supply chain issues, lower regulatory credit revenue, and the $23 million impairment were largely offset by the positive outcomes. The financial milestone announced Monday extended Tesla's two-year run of success, putting to rest concerns about the company's long-term viability that arose during the company's early years of losses and production issues. Tesla has firmly established itself as a leader in the transition away from fossil fuels, which is likely to boost its profits even further than in the most recent quarter. (With inputs from agencies)

Tesla surpasses $1 billion quarterly profit for the first time despite chip shortage

Jobless rates were broadly expected to remain above pre-COVID-19 levels in coming years.

Global Economy to expand by 6% this year

GM's Super Cruise technology was announced in 2012 and has been used commercially since 2017, the automaker noted in a statement.

GM, Cruise sue Ford over use of BlueCruise name

Domestic equity markets started the day’s trade in the red amid mixed global cues but soon rebounded to turn green.

Nifty nears 15,900; Sensex sits in green, crosses 53,000

The luxury group said consolidated net sales had fallen 25 percent last year to 1.6 billion euros ($1.9 billion), with most of the decline occurring in the first half of 2020.

Armani sees return to Pre-Pandemic level sales

Benchmark indices ended lower in the volatile trade on July 26 with Nifty below 15,850.

The 30-share BSE barometer closed at 52,852 levels, down 123.5 points or 0.23 per cent, while its NSE counterpart shut shop 32 points or 0.2 per cent lower at 15,824-mark. The broader markets, however, outperformed the frontline indices with the BSE MidCap and SmallCap indices adding 0.06 per cent and 0.34 per cent, respectively.

The Nifty energy index fell 1%, while the bank, auto, and PSU Bank indices also finished lower.

However, there was modest buying in the metal, pharmaceutical, and information technology sectors.&nbsp;

Indian rupee ended flat at 74.40 per dollar, amid volatile trade saw in the domestic equity market.

It opened marginally lower at 74.46 per dollar against Friday's close of 74.40 and traded in the range of 74.40-74.52.

(With inputs from agencies)

Benchmark indices ended lower in the volatile trade on July 26 with Nifty below 15,850. The 30-share BSE barometer closed at 52,852 levels, down 123.5 points or 0.

Benchmark indices ended lower in the volatile trade on July 26 with Nifty below 15,850. The 30-share BSE barometer closed at 52,852 levels, down 123.5 points or 0.23 per cent, while its NSE counterpart shut shop 32 points or 0.2 per cent lower at 15,824-mark. The broader markets, however, outperformed the frontline indices with the BSE MidCap and SmallCap indices adding 0.06 per cent and 0.34 per cent, respectively. The Nifty energy index fell 1%, while the bank, auto, and PSU Bank indices also finished lower. However, there was modest buying in the metal, pharmaceutical, and information technology sectors. Indian rupee ended flat at 74.40 per dollar, amid volatile trade saw in the domestic equity market. It opened marginally lower at 74.46 per dollar against Friday's close of 74.40 and traded in the range of 74.40-74.52. (With inputs from agencies)

Sensex, Nifty end lower amid volatility

Larry Chen, a former schoolteacher from a remote Chinese hamlet who rose to become one of the world's wealthiest people, has lost his billionaire title as his online-education business suffers.

A number of concerns have buffeted the Chinese corporation, including the country's crackdown on online education, a weaker-than-expected results projection, and the implosion of an investor.

According to the Bloomberg Billionaires Index, Chen, the founder, chairman, and chief executive officer of Gaotu Techedu Inc., is now worth $336 million after shares in his online-tutoring firm dropped by nearly two-thirds in New York trading on Friday on reports of the regulatory revision.

China issued new regulations on Saturday prohibiting enterprises that teach school curriculums from profiting, acquiring capital, or going public.

It's the latest setback for Chen, who has lost more than $15 billion in value since Gaotu's stock plummeted in late January.

In recent years, China's for-profit tutoring business has been under increased scrutiny, with excessive workloads and prohibitive expenses of a "excellent" education being highlighted.

Many young Chinese have cited the cost of education as a factor for their unwillingness to have more children, even after China officially authorised all couples to have three children this year in an effort to combat population decline.

(With inputs from agencies)

Larry Chen, a former schoolteacher from a remote Chinese hamlet who rose to become one of the world's wealthiest people, has lost his billionaire title as his online-education business suffers.

Larry Chen, a former schoolteacher from a remote Chinese hamlet who rose to become one of the world's wealthiest people, has lost his billionaire title as his online-education business suffers. A number of concerns have buffeted the Chinese corporation, including the country's crackdown on online education, a weaker-than-expected results projection, and the implosion of an investor. According to the Bloomberg Billionaires Index, Chen, the founder, chairman, and chief executive officer of Gaotu Techedu Inc., is now worth $336 million after shares in his online-tutoring firm dropped by nearly two-thirds in New York trading on Friday on reports of the regulatory revision. China issued new regulations on Saturday prohibiting enterprises that teach school curriculums from profiting, acquiring capital, or going public. It's the latest setback for Chen, who has lost more than $15 billion in value since Gaotu's stock plummeted in late January. In recent years, China's for-profit tutoring business has been under increased scrutiny, with excessive workloads and prohibitive expenses of a "excellent" education being highlighted. Many young Chinese have cited the cost of education as a factor for their unwillingness to have more children, even after China officially authorised all couples to have three children this year in an effort to combat population decline. (With inputs from agencies)

Ex-teacher who became one of the world's richest is not even a billionaire now

As the world slowly opens to international travel interest, private aviation is also increasing. How has the premium private jet market handled the COVID-19 pandemic and how does the future look like? WION talks to Mr. Rob Dicastri, CEO of Royal Jet from Abu Dhabi on these issues.

World Business Watch: Record demand for private jet flights set to continue

US carriers American Airlines and Southwest Airlines posted quarterly profits helped by a bookings rebound and federal aid and vowed to resolve hiccups across their operations as passengers return in droves.

World Business Watch: American and Southwest airlines lifted by travel rebound

The US housing market appears to be straining under the weight of its own pandemic-driven success. Recent data shows the sector is returning from the stratosphere and coming back to pre-COVID levels.

World Business Watch: US housing market straining under pandemic-drives success

Mercedes-Benz maker Daimler plans to invest more than or $47 billion, between 2022 and 2030 to develop battery-electric vehicles and be ready for an all-electric car market by 2030.

World Business Watch: Mercedes-Benz aims to go all-electric in 2030

Elon Musk said that electric-car maker Tesla will most likely restart accepting Bitcoin as payment once it conducts due diligence on the amount of renewable energy used to mine the currency.

World Business Watch: Elon Musk says Tesla 'most likely' to restart accepting Bitcoin

IMF Managing Director Kristalina Georgieva said that the International Monetary Fund is estimating this month that global growth for 2021 will be about 6%, the same as forecast in April, but with some countries growing faster and others more slowly.

World Business Watch: IMF to keep 2021 global growth forecast at 6% says Kristalina Georgieva

Asian stocks rallied on Thursday, bonds nursed losses and oil held onto sharp gains as investors seemed to set aside virus jitters for now and looked ahead to the European Central Bank for reassurance that policy support will continue for some time.

Global Markets: Stocks shrug off virus worries, investors looking ahead to ECB

Volvo Cars have struck a deal to takeover parent company Zhejiang Geely Holding from their joint ventures in China. Volvo now aims to take full ownership of its facilities in China, manufacturing of its vehicles, and sales in the Chinese market.

World Business Watch: Volvo cars to buy Geely Holding's stake from joint ventures in China

The European Commission proposed to update the European Union's anti-money laundering regulations and strengthen control over the movement of crypto assets.

World Business Watch: Cryptoasset transfers to be difficult in European Union

CEO Elon Musk said that Tesla Inc plans to open its network of superchargers to other electric vehicles later this year. The electric-car maker's fast charging network, with over 25,000 superchargers globally, has given it a competitive edge.

World Business Watch: Tesla plans to open its charging network to other EVs

Japan's exports jumped in June led by United States demand for cars and China-bound shipments of chip-making equipment, supporting hopes for an export-led recovery in the world's third-largest economy.

World Business Watch: Japan's exports jump on solid United States and China demand