Latest news with #CPCA
Yahoo
an hour ago
- Automotive
- Yahoo
Tesla's largest EV plant in the world suffers eighth straight month of declining demand as May sales sink 15%
Outbound volumes from Tesla's GigaShangai factory, which includes exports, sank 15% in May. The drop follows similarly bleak figures out of most of Europe. Although Tesla is increasingly viewed as an AI company, roughly three-fourths of its revenue and gross profit come from selling cars. With two-thirds of the second quarter now in the books, the chance Tesla's EV sales could rebound from its terrible start to the year is swiftly waning. On Thursday data continued to pour in from across the world showing demand for Elon Musk's cars is shrinking in most major markets. One sign of that emerged out of China, where aggregate sales of EVs made in Tesla's largest manufacturing plant worldwide suffered an eighth straight month of declines. According to China's CPCA industry association, outbound volumes from its GigaShangai factory, including exports, sank 15% in May to 61,662 vehicles. It follows similarly bleak figures out of most of Europe. Tesla may have successfully rebranded itself as an AI and robotics company in the eyes of investors, but EV sales still matter because they pay the bills. Its core business accounted for 72% of both revenue and gross profit in the first three months of this year, when volumes dropped to their lowest level in three years. Yet just as sales are crashing, the stock is paradoxically ballooning, with the price rallying by a third since April's terrible Q1 earnings. At $1 trillion, Musk's company is now the ninth most valuable company in the world, worth more than the next 15 largest global carmakers combined. Multiples well above 100 times next year's consensus earnings estimates, like Tesla's, are typically reserved for companies about to see stratospheric earnings growth. In this case, it reflects optimism that Musk is poised to capture Uber and Lyft's ride-hailing market with its robotaxi service scheduled to roll out in the second half across much of the United States. Yet there is no evidence its driverless technology already matches, let alone outperforms, autonomous vehicle leader Waymo, and one well-known Tesla bull sold the remainder of his stockholdings as a result. Citing valuation 'disconnected from underlying fundamentals', Future Fund money manager Gary Black said late last month he exited his position for the first time since 2021 given the risks are firmly to the downside. There are a few bright spots for Tesla car sales, like Norway, the world's most EV-friendly country, that remains loyal to the brand. Australia, a key market where Tesla must compete directly with Chinese brands for western consumers without the help of steep tariffs, likewise saw a 9% gain in May amid soaring demand for the refreshed Model Y. But these individual data points are not reflective of the broader Tesla trend. In most other parts of the world, the picture looks radically different. On Thursday, the United Kingdom followed Germany with an identical 36% decline in Tesla registrations for last month. That leaves Tesla EV sales trackers such as TroyTeslike, one of the most reliable, warning Q2 will likely see a drop of 11% to 395,000 cars in a best-case scenario for Tesla. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Politics
- Yahoo
'Drastic' action needed to save £1 bus fares
A mayor who pledged to retain a discounted bus scheme warned it was in danger of being lost unless "something drastic" was done. The Cambridgeshire and Peterborough Combined Authority's (CPCA) Tiger bus pass allows people under 25 to travel for £1 and has been used on more than a million journeys. It was introduced by former Labour mayor Nik Johnson, with his Conservative successor Paul Bristow promising it would stay in a BBC interview last month. A recommendation on how to continue funding it beyond the end of the year was not agreed by the CPCA board and will be discussed again at a transport meeting on 25 June. Chris Boden, leader of the Conservative-led Fenland District Council, had argued the council should not continue its local bus fare cap beyond December, when it is currently due to end, and instead fund the Tiger pass. Maintaining the Tiger pass once the national £3 bus fare cap had also ceased in December could mean the CPCA would have to reimburse bus operators to the tune of £473,000 a month, and £6.2m a year, a report to the board stated. "If we don't take some quite drastic action, which involves a large amount of money being shifted around in the budget, then the Tiger pass will stop," he warned. He argued the Tiger pass must be continued to build up passenger numbers but would otherwise run out of funding in the autumn. The measure could run until March, he said, when a new budget and proposal would be put forward. "We have an opportunity here with £1.8m in the budget for the fare cap coming on December 31," he said. "If that money were utilised towards the continuation of the existing Tiger pass to March 31, that would be a very significant part of the funding needed for that." Speaking in support of the proposal, Bristow said: "We are in danger of losing the Tiger pass if we don't do something drastic. "What people want is continuity and security." Lucy Nethsingha, leader of the Liberal Democrat-controlled Cambridgeshire County Council, said she thought the Tiger pass was a "priority" but would rather everyone had the correct figures before making a decision. Anna Bailey, leader of East Cambridgeshire District Council - led by the Tories - supported the recommendation and said the bus fare cap was the "wrong choice" when the Tiger pass was unfunded. Cambridge City Labour councillor Anna Smith, who was deputy mayor when the Tiger pass was introduced, suggested looking beyond the transport budget to find money for the bus pass. The Tiger bus pass and bus fare cap are due to be discussed at a transport meeting on 25 June before being brought back to the board in July. Follow Peterborough news on BBC Sounds, Facebook, Instagram and X. Mayor fights to keep Fenland town's bus route £1 Tiger bus pass staying, says new mayor CPCA
Business Recorder
2 days ago
- Automotive
- Business Recorder
Tesla's China-made EV sales fall 15% y/y in May
BEIJING: US automaker Tesla's China-made electric vehicle sales fell 15% in May from a year earlier to 61,662 vehicles, data from the China Passenger Car Association (CPCA) showed on Wednesday. Deliveries of China-made Model 3 and Model Y vehicles were up 5.5% from the previous month. Tesla to build battery plant in Shanghai Chinese rival BYD , with its Ocean and Dynasty EV and plug-in hybrid series, saw passenger vehicle sales rise 14.1% year-on-year to 376,930 units last month.
Time of India
3 days ago
- Automotive
- Time of India
Tesla's China-made EV sales fall 15% yoy in May
U.S. automaker Tesla's China-made electric vehicle sales fell 15% in May from a year earlier to 61,662 vehicles, data from the China Passenger Car Association (CPCA) showed on Wednesday. Deliveries of China-made Model 3 and Model Y vehicles were up 5.5% from the previous month. Chinese rival BYD , with its Ocean and Dynasty EV and plug-in hybrid series, saw passenger vehicle sales rise 14.1% year-on-year to 376,930 units last month.
Reuters
3 days ago
- Automotive
- Reuters
Tesla's China-made EV sales fall 15% y/y in May
BEIJING, June 4 (Reuters) - U.S. automaker Tesla's (TSLA.O), opens new tab China-made electric vehicle sales fell 15% in May from a year earlier to 61,662 vehicles, data from the China Passenger Car Association (CPCA) showed on Wednesday. Deliveries of China-made Model 3 and Model Y vehicles were up 5.5% from the previous month. Chinese rival BYD ( opens new tab, with its Ocean and Dynasty EV and plug-in hybrid series, saw passenger vehicle sales rise 14.1% year-on-year to 376,930 units last month.
