Electric car updates: from Tesla to the Chinese
Financial markets/economy
Posted by MoneyController on 10.07.2024
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Electric car market dynamics: from the latest news on Tesla to the prospects of tariffs on Chinese electric car imports.
During the first half of this year, in contrast to the rise of US stock market indices (including the Nasdaq), Tesla's shares have, on average, declined in value. In the last few days, however, shares of the electric car manufacturer founded by Elon Musk have risen sharply again. This recent stock appreciation was made possible by the arrival of delivery results: although down from last year, these figures were above analysts' expectations.
As Lora Kolodny ('CNBC') writes, one of the next important dates for Tesla is 23 July, when the results of the second financial quarter of 2024 will be announced: in particular, the results of the automotive sector will be decisive (in April, the automotive results were disappointing). Since then, Tesla has made numerous redundancies and implemented, among others, this strategy: lowering the prices of certain models. Another new development was the appearance of the Cybertruck on the market: on a Tesla Cybertruck X-account, Kolodny reports, it was written that it is the best-selling all-electric pick-up truck model in the US in the second quarter of 2024.
Among the difficulties that lie ahead for the group founded by Elon Musk is the issue of import duties on Chinese electric cars. As Alberto Annicchiarico writes in 'Il Sole 24 Ore', it would be Tesla and Germany's BMW that would suffer the most from these duties: Chinese retaliation is feared to hit their business in the Asian country hard. In the case of Chinese manufacturers of electric cars, on the other hand, Annicchiarico writes, it seems that only a few companies will be affected by the duties to the point of giving up their business in Europe: according to a calculation by the Rhodium Group, only a few of the Chinese groups would begin to have to reckon with a loss-making business in Europe; for the others it would only be a reduction in profitability.
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