Tag Archives: China

Tesla (TSLA) shares are climbing higher today despite a mixed slew of news out of one of its most important markets, China. Reports over the weekend detail a number of protests at Tesla showrooms, as recent Tesla buyers complained about the automaker’s decision to cut prices on Friday. The price cut was the second decrease in the past three months, as Tesla tries to boost demand in the competitive Chinese market. Reuters reports Tesla also cut prices in Australia, Japan, and South… Source link

Tesla (TSLA) stock fell early Friday after the company cut the price on two of its models in China, the automaker’s second cut in three months as it battles waning demand in the country. Tesla cut prices on its China Model 3 by 13.5%, which now starts at $33,515, and its Model Y by 10%, which now starts at $37,899, according to calculations from Reuters. Shares of the company fell more than 7% at the market open on Friday following the news, setting a new 52-week low for the automaker. Tesla… Source link

Chinese stocks listed in the U.S. were mostly higher on Tuesday amid optimism around Beijing’s decision to drop COVID-19 quarantine rules for inbound visitors, as the world’s second-largest economy abandons its long-held “COVID Zero” policy. But the slide in shares of EV makers like Tesla (TSLA) and a drop in Apple (AAPL) stock shows the all-clear hasn’t yet been given on negative impacts from the Chinese economy. And this divided reaction on Chinese stocks shows investors both holding out… Source link

President Biden wants Americans to know gas prices are falling fast—and he deserves the credit. The average pump price has plunged from $5 per gallon in June to around $3.25 now. Biden says it’s because he released oil from the national reserve, persuaded petrostates to produce more, and convinced oil and gas companies to lower prices. Nope. The single-biggest reason for falling oil and gas prices is China’s baffling COVID lockdowns. China is the world’s largest energy consumer and… Source link

U.S. stocks descended Monday morning as unrest in China over the nation’s restrictive COVID controls weighed on global sentiment and Wall Street returned from a holiday weekend. The S&P 500 (^GSPC) sank 0.6%, while the Dow Jones Industrial Average (^DJI) fell 100 points, or 0.3%. The tchnology-heavy Nasdaq Composite (^IXIC) was off by 0.6%. The moves come after an up week of modest gains for stocks. The S&P 500 rose 1.5%, the Dow 1.8%, and the Nasdaq Composite 0.7% over the three and a… Source link

Illustration: Quartz Anti-government protests flared in several Chinese cities and on college campuses over the weekend. But the country’s most widespread show of public dissent in decades will have to manage without a crucial communication tool, because Apple restricted its use in China earlier this month. AirDrop, the file-sharing feature on iPhones and other Apple devices, has helped protestors in many authoritarian countries evade censorship. That’s because AirDrop relies on direct… Source link

Investors curious about the next move in the broader market would be wise to pay extra attention to shares of multinational tech giant Apple (AAPL). “One of the reasons that has been helping sentiment, particularly in industrial stocks and things like that, is the idea that China is going to be reopening,” Interactive Brokers chief strategist Steve Sosnick said on Yahoo Finance Live (video above). “If there is another wave of lockdowns in China, that really upends that story. It upends global… Source link

Despite fresh price cuts in the region, Tesla sales in China tapered off in October. The China Passenger Car Association (CPCA) reported Tesla delivered 71,704 China-made Model 3 and Model Y vehicles in October, which was a 14% drop from September. Tesla’s September sales of 83,135 were an all-time high for Tesla in China, after the automaker upgraded its Shanghai Gigafactory this summer in order to boost production to over 750K vehicles a year. Despite the drop in Tesla deliveries, total… Source link

(Bloomberg) — Stocks in Europe pared gains and US futures turned lower as a rout in Chinese shares weighed on global equities. Treasury yields fell and the dollar gained. Most Read from Bloomberg The Stoxx Europe 600 Index held an advance of about 0.6% after rising as much as 1.4% at the open. Prosus NV slumped more than 11%, while basic resources and energy stocks weighed on the benchmark amid a fall in crude oil and gas prices. Contracts on the S&P 500 and Nasdaq 100 fluctuated before… Source link

When the US first banned sales of certain tech products to Chinese tech firm Huawei three years ago, it crippled a once-proud national champion and sent ripples across the US semiconductor industry. In the quarters following that export ban in May 2019, top American chipmakers reported a median revenue decline of 4% to 9%. The Biden administration’s latest tech controls threaten to accelerate those losses, throwing the global semiconductor sector into disarray. And Chinese companies… Source link