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The Eurozones seasonally adjusted trade balance for June, the final reading of seasonally adjusted employment for the second quarter, and the revised annual GDP growth rate will be released in ten minutes.On August 14th, the Hong Kong government announced on Friday that it has revised its 2026 GDP growth forecast upward to 3.5-4.5%, from the previous forecast of 2.5-3.5%. Hong Kong government economic advisor, Fan Wan-er, stated that Hong Kongs economy should see robust growth in the second half of this year. Strong global demand for AI-related electronic products is expected to continue supporting Hong Kongs merchandise trade performance, and related logistics services should also benefit from this positive momentum. The revised figures released today show that Hong Kongs second-quarter GDP grew by 4.3% year-on-year, but fell by 0.6% quarter-on-quarter, consistent with previous estimates.On August 14th, the Shanghai Futures Exchange (SHFE) reported the following warehouse receipts and changes: 1. Natural rubber futures warehouse receipts: 147,480 tons, a decrease of 260 tons from the previous trading day; 2. International copper futures warehouse receipts: 6,375 tons, an increase of 549 tons from the previous trading day; 3. Silver futures warehouse receipts: 1,334,644 kg, an increase of 21,380 kg from the previous trading day; 4. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 5. Alumina futures warehouse receipts: 271,490 tons, a decrease of 1,794 tons from the previous trading day; 6. Stainless steel warehouse futures warehouse receipts: 85,199 tons, a decrease of 726 tons from the previous trading day; 7. Rebar warehouse futures warehouse receipts: 34,417 tons, unchanged from the previous trading day; 8. Lead futures warehouse receipts: 65,864 tons, an increase of 173 tons from the previous trading day; 9. Nickel futures warehouse receipts totaled 101,387 tons, an increase of 588 tons from the previous trading day; 10. Pulp warehouse futures warehouse receipts totaled 370,235 tons, an increase of 1,004 tons from the previous trading day; 11. Pulp mill warehouse futures warehouse receipts totaled 20,000 tons, unchanged from the previous trading day; 12. Tin futures warehouse receipts totaled 5,452 tons, an increase of 324 tons from the previous trading day; 13. Petroleum asphalt mill warehouse futures warehouse receipts totaled 26,500 tons, an increase of 7,510 tons from the previous trading day; 14. Petroleum asphalt warehouse futures warehouse receipts totaled 15,550 tons, an increase of 2,290 tons from the previous trading day; 15. Hot-rolled coil futures warehouse receipts totaled 240,397 tons, a decrease of 11,182 tons from the previous trading day; 16. Butadiene rubber futures warehouse receipts totaled 23,610 tons, a decrease of 230 tons from the previous trading day; 17. Gold futures warehouse receipts were 113,676 kg, unchanged from the previous trading day; copper futures warehouse receipts were 33,676 tons, an increase of 6,468 tons from the previous trading day; zinc futures warehouse receipts were 113,466 tons, an increase of 506 tons from the previous trading day; fuel oil futures warehouse receipts were 35,420 tons, unchanged from the previous trading day; aluminum futures warehouse receipts were 297,843 tons, a decrease of 2,227 tons from the previous trading day; low-sulfur fuel oil warehouse futures warehouse receipts were 330 tons, unchanged from the previous trading day; and TSR20 rubber futures warehouse receipts were 15,624 tons, a decrease of 1,008 tons from the previous trading day.August 14th - In July, the amount of cross-border RMB settlement under current account items was 1.75 trillion yuan, of which goods trade, services trade and other current account items were 1.32 trillion yuan and 0.43 trillion yuan respectively; the amount of cross-border RMB settlement for direct investment was 0.63 trillion yuan, of which outward direct investment and foreign direct investment were 0.22 trillion yuan and 0.41 trillion yuan respectively.August 14th - At the end of July, the balance of domestic and foreign currency deposits reached 354.49 trillion yuan, a year-on-year increase of 8.1%. The balance of RMB deposits at the end of July was 346.47 trillion yuan, a year-on-year increase of 8.1%. In the first seven months, RMB deposits increased by 17.79 trillion yuan. Among them, household deposits increased by 6.95 trillion yuan, non-financial enterprise deposits increased by 1.57 trillion yuan, fiscal deposits increased by 1.95 trillion yuan, and deposits of non-bank financial institutions increased by 5.76 trillion yuan. At the end of July, the balance of foreign currency deposits reached 1.18 trillion US dollars, a year-on-year increase of 17.9%. In the first seven months, foreign currency deposits increased by 121.2 billion US dollars.

Tesla Is Increasing Prices in Response to Growing Expenses

Charlie Brooks

Apr 21, 2022 09:48

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Tesla has been an exception in the aftermath of the epidemic, producing record deliveries and profitability for many quarters as competitors grappled with global supply chain bottlenecks and carried out production halts.


Tesla's stock increased 5% after the closing of regular trading.


Musk said on an investor conference call that Tesla has a fair chance of exceeding 60% car delivery growth this year and is confident of maintaining 50% yearly delivery growth for many years.


Tesla increased its pricing in China, the United States, and other countries after Musk's March statement that the United States' electric automaker was suffering considerable inflationary pressure in raw materials and logistics as a result of the Ukraine conflict.


"Our own plants have been operating at less than capacity for many quarters as supply chain constraints became the primary constraint, which is expected to persist for the remainder of 2022," Tesla said in a statement.


The price hikes are intended to cover increased expenditures over the next six to twelve months, protecting Tesla against demand for vehicles it may not deliver for up to a year.


"Price rises are comfortably outpacing cost inflation," Roth Capital's Craig Irwin observed.


"Chinese production concerns seem to be under control, and we anticipate Austin and Berlin to pick up the slack after Shanghai's 19-day outage," he added, referring to Tesla's two new facilities in Texas and Germany that began deliveries recently.


Musk was able to fulfill a hat trick of performance targets worth a total $23 billion in extra remuneration as a consequence of the outcomes. He is not compensated, and his compensation is contingent upon Tesla's market capitalization and financial growth meeting a series of rising benchmarks.


The world's most valuable carmaker reported first-quarter sales of $18.8 billion, compared to analyst projections of $17.8 billion, according to IBES data from Refinitiv. This represents an increase of 81% over the previous year.


Revenue from the selling of regulatory credits to other automakers increased 31% year over year to $679 million in the first quarter, contributing to the company's revenue and profit growth.


It earned $3.22 per share, above analysts' expectations of $2.26.


Tesla's pre-tax profit (EBITDA) per car delivered increased by more than 60% year over year to $16,203 in the current quarter.


Tesla said that it had lost about one month of production capacity at its Shanghai manufacturing due to COVID-related shutdowns. It said that manufacturing has resumed at a reduced rate, which will have an effect on second-quarter total build and delivery volume.


Musk anticipated that Tesla's overall output will be comparable to that of the first quarter.

LITHIUM IS A SOFTWARE PRODUCT.

Musk said that lithium is to blame for pricing hikes and is "a limiting issue" in the adoption of electric vehicles.


He urged businesses to enter the lithium market, which he said would yield significant profits due to the commodity's high price.


"Lithium margins are now comparable to software margins....


Are you fond of minting money? The lithium industry, on the other hand, is for you."


Additionally, he said that Tesla would make "some interesting announcements in the coming months" about the acquisition of raw materials for batteries.


Musk said that if Tesla does not address volume manufacturing by early 2023, its own 4680 battery cells would pose a danger to production next year. "However, we are really optimistic that we will succeed." Additionally, he said that as a risk mitigation measure, it would continue to utilize its current 2170 batteries for cars manufactured in Texas.


Tesla CEO Elon Musk said that the company plans to mass manufacture a robotaxi without a steering wheel or pedal by 2024.


Musk made no mention of Twitter (NYSE:TWTR) on the call, which he bid to acquire last week for $43 billion. Investors fear he may sell some Tesla stock or borrow against further Tesla stock to pay his offer.


Investors are also concerned about Musk's Twitter bid distracting him at a time when Tesla is ramping up production at new plants in Berlin and Texas.


Tesla noted in a statement that "factory ramps take time, and Gigafactory Austin and Gigafactory Berlin-Brandenburg will be no exception."


The additional plants will be critical in satisfying demand and decreasing the company's dependence on its largest facility in China, which is currently recuperating from a plant stoppage.

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