Tesla Vehicle Deliveries Tumble After China Factory Shutdown
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,436,707 (+0.82%)       Melbourne $958,938 (-0.18%)       Brisbane $805,276 (+0.20%)       Adelaide $743,261 (+0.57%)       Perth $641,111 (+1.35%)       Hobart $739,768 (-1.32%)       Darwin $641,804 (-0.09%)       Canberra $971,787 (-1.13%)       National $936,660 (+0.16%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $694,570 (-0.33%)       Melbourne $471,297 (-0.44%)       Brisbane $430,588 (-1.62%)       Adelaide $353,294 (-0.18%)       Perth $357,545 (+0.46%)       Hobart $558,931 (+4.60%)       Darwin $356,380 (-2.21%)       Canberra $476,932 (+0.93%)       National $489,111 (+0.53%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 10,093 (-72)       Melbourne 13,872 (+186)       Brisbane 10,770 (+38)       Adelaide 3,078 (+82)       Perth 9,971 (+180)       Hobart 911 (+13)       Darwin 300 (-7)       Canberra 996 (+8)       National 49,991 (+428)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,400 (-137)       Melbourne 7,842 (-9)       Brisbane 2,243 (-20)       Adelaide 542 (+7)       Perth 2,413 (+1)       Hobart 156 (+3)       Darwin 371 (-4)       Canberra 529 (+5)       National 22,496 (-154)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $660 (+$10)       Melbourne $500 (+$10)       Brisbane $560 (+$10)       Adelaide $510 (+$10)       Perth $550 ($0)       Hobart $550 ($0)       Darwin $650 (+$25)       Canberra $700 (+$5)       National $593 (+$9)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $600 ($0)       Melbourne $450 (+$5)       Brisbane $500 ($0)       Adelaide $403 (+$3)       Perth $470 ($0)       Hobart $473 (-$3)       Darwin $550 ($0)       Canberra $560 ($0)       National $508 (+$)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 6,525 (+243)       Melbourne 7,106 (-5)       Brisbane 3,920 (+102)       Adelaide 1,146 (+39)       Perth 1,623 (+85)       Hobart 243 (+11)       Darwin 102 (-7)       Canberra 588 (+44)       National 21,253 (+512)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 8,070 (+376)       Melbourne 5,906 (+117)       Brisbane 1,516 (+27)       Adelaide 327 (+5)       Perth 673 (-3)       Hobart 86 (+5)       Darwin 232 (+7)       Canberra 662 (+66)       National 17,472 (+600)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.39% (↑)      Melbourne 2.71% (↑)      Brisbane 3.62% (↑)      Adelaide 3.57% (↑)        Perth 4.46% (↓)     Hobart 3.87% (↑)      Darwin 5.27% (↑)      Canberra 3.75% (↑)      National 3.29% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 4.49% (↑)      Melbourne 4.97% (↑)      Brisbane 6.04% (↑)      Adelaide 5.92% (↑)        Perth 6.84% (↓)       Hobart 4.40% (↓)     Darwin 8.03% (↑)        Canberra 6.11% (↓)       National 5.40% (↓)            HOUSE RENTAL VACANCY RATES AND TREND       Sydney 1.6% (↑)      Melbourne 1.8% (↑)      Brisbane 0.5% (↑)      Adelaide 0.5% (↑)      Perth 1.0% (↑)      Hobart 0.9% (↑)      Darwin 1.1% (↑)      Canberra 0.5% (↑)      National 1.2%    (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 2.3% (↑)      Melbourne 2.8% (↑)      Brisbane 1.2% (↑)      Adelaide 0.7% (↑)      Perth 1.3% (↑)      Hobart 1.4% (↑)      Darwin 1.3% (↑)      Canberra 1.3% (↑)      National 2.1%   (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 30.4 (↓)       Melbourne 29.7 (↓)       Brisbane 36.6 (↓)       Adelaide 25.3 (↓)     Perth 41.0 (↑)        Hobart 32.2 (↓)       Darwin 33.8 (↓)       Canberra 28.3 (↓)       National 32.2 (↓)            AVERAGE DAYS TO SELL UNITS AND TREND         Sydney 33.0 (↓)       Melbourne 30.1 (↓)       Brisbane 35.1 (↓)       Adelaide 29.4 (↓)     Perth 43.7 (↑)        Hobart 26.9 (↓)     Darwin 44.0 (↑)      Canberra 31.9 (↑)        National 34.3 (↓)           
Share Button

Tesla Vehicle Deliveries Tumble After China Factory Shutdown

A string of record quarterly deliveries came to an end in the second quarter, when Tesla handed over 254,695 vehicles to customers.

By Rebecca Elliot
Mon, Jul 4, 2022 3:23pmGrey Clock 4 min

Tesla Inc. vehicle deliveries fell quarter-over-quarter for the first time in more than two years, reflecting an extended shutdown in China, supply-chain disruptions and challenges associated with opening two new factories.

Elon Musk’s electric-vehicle maker said Saturday that it had delivered 254,695 vehicles to customers in the three months ended in June, down from 310,048 in the prior quarter. Deliveries were up roughly 27% from last year’s second quarter, when Tesla handed over 201,304 vehicles.

Analysts surveyed by FactSet forecast that Tesla would deliver around 264,000 vehicles in the second quarter. Many analysts in recent weeks had lowered their expectations after the company had to temporarily shut down its largest factory, in Shanghai, because of local Covid-19 restrictions. Tesla also has had trouble getting its new factories in Germany and Texas up to speed, Mr. Musk has said, calling the plants “gigantic money furnaces.”

The company produced 258,580 vehicles in the second quarter, down from 305,407 in the first quarter and up from 206,421 in last year’s second quarter. “June 2022 was the highest vehicle-production month in Tesla’s history,” the company said.

As recently as April, Mr. Musk had been sanguine about Tesla’s outlook, saying the company likely would produce more than 1.5 million vehicles in 2022, up some 60% over last year. Wall Street now believes Tesla could struggle to hit 1.4 million.

The decline in deliveries, which include cars that Tesla has sold or leased out, is poised to weigh on the company’s second-quarter earnings, scheduled for July 20. Analysts expect Tesla in a few weeks to report roughly $2 billion in quarterly profit, up from around $1.1 billion during the year-earlier period but down from its US$3.3 billion record in the first quarter.

The auto maker’s bottom line is likely to be dented by a roughly $475 million bitcoin-related impairment, according to Credit Suisse. Tesla bought $1.5 billion worth of bitcoin in early 2021, when the cryptocurrency was trading above $28,000. The price of bitcoin fell below $17,700 in mid-June, according to CoinDesk. The company’s disclosed accounting methodology factors in the lowest market price of bitcoin since the asset was acquired.

Tesla shares lost more than a third of their value in the first six months of 2022. On April 26, the stock dropped more than 12%, its biggest one-day retreat in more than a year after Twitter Inc. accepted Mr. Musk’s $44 billion bid to take over the social-media company. Mr. Musk initially said he would rely on a bank loan backed by some of his Tesla shares to finance the deal. The following month, he adjusted his financing plan to include more equity instead.

Mr. Musk himself recently took a notedly multiday pause from posting on Twitter, where he often opines on Tesla and other matters. He returned to posting on the platform Friday.

Tesla delivered roughly 238,533 Model 3 sedans and Model Y compact sport-utility vehicles combined during the second quarter, up from 199,409 of those models a year earlier. It delivered 16,162 of its higher-end models—Model S sedans and Model X sport-utility vehicles—up from 1,895 during last year’s second quarter.

The company, like many rivals, has been increasing prices for its cars as it faces higher supply costs. U.S. customers who ordered the long-range version of Tesla’s Model Y compact sport-utility vehicle in late June could expect to pay roughly $68,000, or around $14,000 more than they would have if they ordered the model a year earlier, according to Bernstein Research.

Though consumer demand has held strong—buyers often face monthslong waits for new Teslas—Mr. Musk has expressed growing concern about the global economy. Tesla has let go hundreds of employees in recent weeks, part of cuts that Mr. Musk has indicated could touch 10% of the company’s salaried workforce.

The company, he said in an email to employees last month, had “become overstaffed in many areas.” He has since delivered mixed messages about how those cuts would affect Tesla’s overall staffing level. Tesla is also dealing with other labor issues, including a new lawsuit filed Thursday in California state court by current and former employees alleging racial harassment and discrimination. The company didn’t respond to a request for comment about the case.

Supply-chain disruptions and their ripple effects have caused many auto makers to operate less efficiently, according to consulting firm AlixPartners LLP. As of the fourth quarter, auto makers in the U.S. employed 29 people for every thousand vehicles they produced in 2021, up around 31% from a year earlier, the firm said.

For all of its recent disruptions, Tesla is likely to be the only major auto maker to increase U.S. sales in the first half of the year, from a year earlier, according to research firm Cox Automotive. Overall, sales of new vehicles in the U.S. during the first six months of 2022 were expected to have fallen about 17% from a year earlier, the firm said.

General Motors Co. said Friday that it built about 95,000 vehicles without certain parts and had to set the cars aside instead of shipping them to dealers. Its U.S. sales for the first half of the year were down nearly 18%.

Tesla’s in-house software engineering expertise made it more adept than many rivals at adjusting to a global shortfall of semiconductors. That know-how, paired with battery expertise, is likely to benefit the company as a global shift toward electric vehicles strains supply chains, UBS analysts said in a recent note.

“Tesla’s supply chain is structurally superior vs. peers in the mission-critical areas of semiconductors, battery cells and battery raw materials,” the analysts wrote last month. “Tesla is likely to keep all competitors at a stable or even growing distance in terms of absolute growth and profitability.”

MOST POPULAR

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual

Related Stories
Money
Andy Warhol’s Portrait of Queen Elizabeth II Sets Auction Record
By FANG BLOCK 02/12/2022
Money
Products Made With Captured Greenhouse Gas Are Reaching Commercial Scale
By DIETER HOLGER 01/12/2022
Money
How Crypto’s Collapse May Have Done the Economy a Favour
By GREG IP 25/11/2022
Andy Warhol’s Portrait of Queen Elizabeth II Sets Auction Record
By FANG BLOCK
Fri, Dec 2, 2022 2 min

Andy Warhol’s portrait of the late Queen Elizabeth II sold for C$1.14 million (US$855,000) at an auction last week, setting a record price for an editioned print by the Pop artist, the Canadian auction house Heffel said.

Warhol created the screenprint in 1985 based on a photograph taken by Peter Grugeon at Windsor Castle in 1975, which was released in 1977 on the occasion of the Queen’s Silver Jubilee, according to Heffel.

Queen Elizabeth II died in September at the age of 96 after a seven-decade reign, making her one of the longest-reigning monarchs in history.

The portrait features the then-reigning Queen wearing the diamond-and-pearl Grand Duchess Vladimir Tiara and a matching necklace, and a blue sash pinned with a medallion with a miniature portrait of her father, George VI, on regal blue background. The outline of the portrait was accentuated by diamond dust, which glimmered in the light.

This print is one of only two editions signed as “HC” for Hors d’Commerce (not for sale) aside from the 30 numbered editions with this colour scheme and diamond dust, according to Heffel.

The consignor acquired the print circa 1996 from Bob Rennie, a prominent Vancouver businessman and collector, according to Heffel, which declined to disclose the identities of the consignor and the buyer.

Offered as a highlight at Heffel’s 85-lot auction of Post-War and contemporary art on Nov. 24 in Toronto, the print realised a price more than double its presale estimate, and was the highest achieved by an editioned print by Warhol, the auction house said.

The previous auction record for an editioned Warhol print was for a piece from the same edition, also in the regal blue coloursold in September at Sotheby’s for £554,400 (US$662,000), according to Heffel.

The most expensive Warhol work is his portrait of Marilyn Monroe, Shot Sage Blue Marilyn, which was acquired by gallerist Larry Gagosian at a Christie’s auction in May for US$195 million, marking a record price for a work by an American artist at auction.

MOST POPULAR
Sydney city skyline with inner suburbs of Glebe and Pyrmont, Australia, aerial photography

Predicted increases in value signals strength in local property market.

Alexandre de Betak and his wife are focusing on their most personal project yet.

0
    Your Cart
    Your cart is emptyReturn to Shop