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Red alert: Tesla vehicle orders in China almost halve last month

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Tesla shares are sliding deeper into the red.

Vehicle orders in China fell by nearly half last month.

A report with Information, citing a single source familiar with the data, said monthly net orders in China dropped to below ten thousand in May, from more than 18,000 in April.

Tesla shares dropped more than 5 percent on Thursday as a result.

The Tesla factory in Shanghai is supposed to have the capacity to make around half a million electric cars a year, and is intended to make cars for China and export to other parts of Asia and Europe.

It’s the latest blow for Elon Musk’s electric vehicle company, that has been grappling with recalls and safety investigations in China, Including how Tesla handles consumer concerns about the safety and quality of its cars..

Tesla’s battle in China also includes competing with other Chinese Electric vehicle makers such as Nio.

A supply chain issue, impacting electric car maker Tesla is seeing prices for EV’s rise

Earlier this week, Tesla boss Elon Musk confirmed in a tweet that Supply chain pressures across the auto industry, particularly for raw materials is the reason for the dramatic increase in price.

Musk was responding to an unverified Twitter account that questioned why the carmaker was raising its prices

Tesla has increased the prices of its Model 3 and Model Y electric cars five times in a matter of months.

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Money

Workers rush back to their desks over job fears

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Workers across Australia are rushing back to their desks, driving office utilisation rates to their highest levels since February 2020.

Tuesdays, Wednesdays, and Thursdays emerge as the busiest in-office days, contrasting with the continued reluctance to return on Fridays.

This insight, drawn from XY Sense data based on 18 enterprise customers in Australia employing approximately 68,000 individuals across 127 buildings, reflects a significant shift in workplace dynamics.

The surge in office attendance coincides with a resurgence in workplace attendance mandates and policies linking physical presence to bonuses and performance reviews.

However, co-founder of XY Sense, Alex Birch, suggests that rising job insecurity, rather than these policies, primarily drives this behavioral shift.

“The pendulum has moved towards the employer, and therefore people feel more obliged to go back into work,” commented Mr. Birch.

Job market

Danielle Wood, chairwoman of the Productivity Commission, anticipates this trend to persist as the job market softens.

She notes a disparity between employer and worker perceptions regarding the productivity benefits of hybrid work arrangements, hinting at potential shifts in the employment landscape.

Meanwhile, economists at the e61 Institute observe a partial reversal of the pandemic-induced “escape to the country” trend.

Rent differentials between regional and capital city dwellings, which narrowed during the pandemic, are now widening again.

This trend suggests a diminishing appeal of remote work options and a return to urban commuting.

Aaron Wong, senior research economist at e61, said the emergence of a “new normal,” characterised by a hybrid lifestyle that blends access to office spaces with proximity to lifestyle amenities such as natural landscapes.

While regional rents decline, rents for homes on the urban fringe surge, reflecting evolving preferences shaped by remote work opportunities.

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Money

Why resilient economy is fuelling demand for Australian property

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Despite inflationary pressures, Australian house prices have surged to a record high for the fifth month in a row, as indicated by CoreLogic data.

Australian house prices have not only weathered inflation but have also soared to unprecedented levels, marking the fifth consecutive month of record highs, according to data from CoreLogic.

This resilience reflects the enduring demand for property in the country, showcasing the sustained interest of buyers despite challenging economic conditions.

VentureCrowd’s Head of Property, David Whitting, talks how investors can access alternative ways of property investing.

Presented by VentureCrowd #funding futures #housing #economy

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Money

Three reasons why you don’t need to panic about inflation

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Inflation in the US has exceeded expectations for the third consecutive month, driven by increases in essential commodities such as oil, electricity, takeaway food, and medical costs.

  1. Despite a 3.8% year-on-year rise in CPI, it’s notable that this figure has decreased from its previous 9% high.
  2. The robust CPI and economic growth numbers suggest a positive outlook for US corporate earnings.
  3. The S&P500 has seen five 1% drops this year, all of which were met with investors buying the dip.

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