China Fund News Taylor
Brothers and sisters, tonight is a brief look at the overseas news.
Biden signs TikTok stripping bill
U.S. President Joe Biden said he had signed a $95 billion foreign aid bill that day. According to a statement released by the White House on April 23, after Biden signed the bill, the United States could start sending weapons and equipment to Ukraine this week.
It is reported that the bill includes more than $60 billion in aid for Ukraine and $26 billion in aid to Israel. In addition, the bill includes a provision for the liquidation of seized Russian assets and their transfer to Ukraine.
In addition, Biden also signed a TikTok-related bill that requires Chinese tech company ByteDance to divest TikTok within the next nine months to a year or the app will be banned from the United States.
Subsequently, TikTok issued a statement saying that it would challenge the ban in court. TikTok says that believing in the facts and the law is clearly on our side and that we will win in the end.
Tesla skyrocketed
In tonight's U.S. stocks, the three major indexes opened high and low, the Dow fell nearly 200 points, and the Nasdaq turned from rising to falling.
The most beautiful boy in the audience is Tesla, which once soared by more than 15%. You know, before the earnings report, Tesla was one of the worst performers in the S&P 500 so far this year.
In the first quarter of 2024, the company achieved revenue of $21.3 billion, down 9% year-on-year, and net profit of $1.129 billion, down 55% year-on-year.
According to the data, the company's global deliveries of electric vehicles in the first quarter of this year fell by nearly 9% compared with the same period last year, the first quarterly year-on-year delivery decline in nearly four years. Tesla CEO Elon Musk recently said in an internal email to employees that the company will lay off more than 10% of its workforce in order to cut costs and increase productivity.
So what happened behind the scenes that caused Tesla's stock price to suddenly soar?
Analysts said the company's first-quarter results were not as bad as feared. The electric vehicle maker said it would accelerate the rollout of lower-priced models to boost sluggish demand. Tesla has brought forward the launch of a more affordable model by a year.
In addition, Musk said on Tuesday's earnings call that Tesla is accelerating the launch of new models, including models that are more affordable to the people.
According to Musk, the new model is expected to go into production in the second half of 2025, and the production platform will combine some of the features of the next-generation platform and the platform currently used to produce the Model 3 and Model Y. He said that the new model will not need to build a new plant or a large-scale new production line, and will be produced more efficiently on the existing production line.
Musk unveiled new details of Tesla's plans to launch a dedicated robo-taxi model and ride-hailing network to attendees, saying that Tesla will operate its own fleet and allow customers to use their own vehicles to provide ride-hailing services, which Musk compared to Airbnb. Musk also came up with a possible name for the robo-taxi, which is scheduled to be unveiled in August. In his casual remarks, Musk called the model the Cybercab.
"If someone doesn't believe that Tesla will tackle the problem of self-driving, then I don't think they are a good fit to be an investor in Tesla," Musk said. ”
In addition, on April 23, many netizens posted on social platforms that as a fresh graduate who got an offer, he was broken by Tesla, and the compensation standard was a month's salary.