Tesla results could be an indication of troubling times ahead
Tesla results are are out, with the EV maker releasing its vehicle production and delivery numbers for quarter three.
The EV company announced lower-than-expected electric vehicle deliveries, with the company placing the blame on logistical challenges.
Tesla said “it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost.” But analysts also have concerns about the demand for high-ticket items at a time when the global economy is weakening.
In quarter three, Tesla managed to deliver 343,830 electric vehicles. This is a record for the automaker, but falls short of the 359,162 estimate.
Meanwhile, total production reached 365,923 vehicles. A number greater than vehicles actually delivered to customers.
On Sunday, Tesla CEO Elon Musk said “smoothing out crazy end of quarter delivery wave to reduce expedite costs & relieve stress on Tesla team.”
It comes as Musk unveiled a prototype of the humanoid robot ‘Optimus.’ Musk predicts his company will be able to produce millions and sell them for under $20,000 USD.
Reviews of the new prototype were largely positive, but many agree with Musk who said “there’s still a lot of work to be done to refine Optimus and prove it.”
BlockFI the latest crypto collapse
The contagion from the FTX crypto collapse has claimed another major scalp.
Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy.
BlockFi claimed more than 100,000 creditors with liabilities up to $10 billion.
BlockFi was founded in 2017 and is now hoping bankruptcy protection will allow it to stabilize the company and restructure.
In a statement, the company says:
“With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company,”
“From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector.”
Days after FTX declared bankruptcy, BlockFi said it had significant exposure to FTX and its other corporate entities.
BlockFi is now the fourth crypto-focused company to seek bankruptcy protection this year, following FTX, Voyager Digital, and Celsius Network.
It’s Musk v Twitter in tech war
A war has broken out between Elon Musk in his battle against Apple.
In a tweet, owner Musk says Apple may ban Twitter from the App store, which would be devastating for his company, and wonders if it has to do with free speech. He even tagged Apple boss Tim Cook.
Musk says: “Apple has threatened to withhold Twitter from its App Store, but won’t tell us why.”
This all comes in the wake of other organisations allegedly following Apple’s suit and cutting back their advertising spending since the $44 billion Musk takeover.
General Mills and Pfizer have been two companies that have gone down this path and diverted their spending elsewhere.
Right now users can still see ads in their Twitter feeds.
China protests hit global markets, crypto
The protests in China are having a negative impact on cryptocurrencies and markets around the world.
Bitcoin failed to break its descent and fell more than 3 percent.
The global crypto market cap fell over 2%, sending major cryptos into the red.
Over the last 24 hours, overall crypto market volume grew by 22%.
It comes amid a round of investor nervousness in global markets spurred by protests in China against Covid restrictions.
Protesters outraged by harsh COVID-19 regulations called for China’s strong leader to quit.
China is the world’s second-largest economy and has a significant impact on global financial markets.
Stocks and cryptos aren’t considered safe havens, leading to bearing price action.
Analysts are hoping for a sharp bullish reversal if and when the protests end.
Fake reviews run rife as consumers take notice
U.S. supports right to peaceful protests in China over COVID restrictions
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