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Tesla profits rise to a new record

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Tesla’s profit has more than quadrupled this quarter to a new high of 1.6 billion dollars, amid chip shortages and supply chain troubles

Unlike other car makers, Tesla’s sales rose during the third quarter.

This has set a new company record, despite chip shortages and supply chain challenges weighing on the entire industry.

The record results were driven by improved gross margins on its automotive business.

This is the second time in Tesla’s history that revenue earnings have surpassed $1 billion.

Just In the year-ago quarter, net income was at $331 million.

Tesla also generated $806 million from its energy business, including its solar and energy storage products for homes and utilities.

Gross margins were improved by 30.5 per cent on its automotive business and 26.6 per cent overall, both of which are records for at least the last five quarters.

Reported under “restructuring and other” expenses, Tesla also reported a $51 million impairment related to its investment in bitcoin.

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There’s a 50/50 chance of a 2024 recession

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The economy has been remarkably resilient despite massive pressures – but is that about to change in 2024?

 
The US economy is in for a sharp slowdown in 2024 as a closely watched survey of top economists foresees stubbornly high inflation, a rise in unemployment and a 50% chance of recession.

#ticker today #money

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Tesla insurance sued for ‘inflated’ premiums, judge rules

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A judge has ruled that Tesla’s insurance unit must face a lawsuit alleging “inflated” premiums.

The decision comes after policyholders claimed the electric car company’s insurance division overcharged them for coverage.

The lawsuit, which was filed by a group of Tesla policyholders, alleges that the premiums charged by Tesla’s insurance unit were significantly higher than market rates for similar coverage.

The plaintiffs argue that Tesla’s insurance division engaged in unfair pricing practices, leading to overpayment by policyholders.

Tesla has not yet commented on the judge’s decision, but the lawsuit raises questions about the transparency and fairness of the company’s insurance pricing.

It also highlights the growing scrutiny on how tech companies enter and compete in traditional industries like insurance.

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Elon Musk mocks Paris Hilton’s cookware ad

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Tech mogul Elon Musk couldn’t resist poking fun at Paris Hilton’s recent cookware ad campaign after her company suspended a mysterious “X” deal.

In a tweet that quickly went viral, Musk quipped that the ad “wasn’t super convincing.”

The tweet came shortly after Paris Hilton’s company, Hilton Home Collection, announced the suspension of an undisclosed partnership, leaving fans and followers speculating about the nature of the collaboration. While the reasons for the suspension remain unknown, Musk’s tweet added a humorous twist to the situation.

Musk’s lighthearted remark sparked a flurry of reactions on social media, with some users joining in on the jest and others expressing curiosity about the nature of the suspended deal. Meanwhile, Paris Hilton herself has yet to respond to Musk’s comment, leaving many wondering if there’s more to the story than meets the eye.

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