A run of pricing increases for its electric cars (EVs) helped offset production issues brought on by COVID-19 lockdowns in China; according to a report released on Wednesday by Tesla Inc., Tesla stock increased by nearly 1% in after-hours trading. The shares have decreased by roughly 40% since their November peak.
Elon Musk predicted that most commodity prices will stabilise and that inflation would start to decline by the end of 2022. With a monthly production level that set a new record, Tesla’s China factory finished the second quarter.
The bitcoin losses draw attention to a crucial aspect of the Tesla investment case: its oddball owner. While the corporation has benefited from Musk’s amazing invention, his personal style is beginning to generate governance concerns.
According to Musk, Tesla has a manufacturing issue rather than a demand issue. Despite the fact that car prices had increased to what he called shameful levels, he rejected the notion that the world’s economic issues were affecting interest in Tesla.
The sale, according to Musk, was done to raise liquidity since Tesla wasn’t sure how long the COVID shutdown in China would last. Tesla has not disposed of its cryptocurrency assets in Dogecoin.
Tesla executives recognised that older-generation microprocessor supplies were still somewhat limited but claimed that—aside from unplanned COVID-related shutdowns—there were no significant issues with chip and battery supplies.
Sweden’s Electrolux said on Thursday that severe supply chain issues had contributed to its second quarter profitability falling short of expectations.
Western sanctions on Russia had a significant impact on sales and logistics, resulting in a 36 per cent year-over-year decline in revenue for Russian gold and silver manufacturer Polymetal’s second quarter.
Get link, the operator of the Channel Tunnel, reported that thanks to increased cross-Channel traffic and its new Eleclink project, its half-year core income more than tripled from a year earlier and above analyst forecasts.
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