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Asian equities were mixed overnight as South Korea and Japan underperformed following Minneapolis Fed President Neel Kashkari stating that there might not be interest rate cuts in 2024 if inflation remains “sideways”. The sideways comments led investors to ease their pain with some red wine, but not Merlot!
Setting up shop in Mexico helps avoid US tariffs, but Chinese companies still must confront major concerns about labour costs, profitability and cultural differences.
Tesla faced a sharp decline in quarterly sales, sparking concerns about Elon Musk's leadership as competitors like BYD, Kia, and Hyundai saw increases in electric vehicle sales. The market is shifting, with mainstream buyers possibly put off by Tesla's unconventional design and service issues. The company must address challenges to regain momentum.
BYD, China's biggest electric vehicle maker, reported first quarter 2024 sales fell 43% compared to the fourth quarter of 2023, handing back the title of world's biggest EV seller to Tesla after winning it last year.
Xiaomi's newly launched SU7 EV sold out its 2024 inventory in just 24 hours, signifying a strong demand for the vehicle.