- Musiala and Upamecano return to Bayern training
- Wirtz return 'unclear' after injury on Germany duty
- Ghulam says 'wait is over' after century on Pakistan debut
- Boeing to raise up to $25 bn as strike weighs on finances
- Two giant pandas arrive in US from China
- Japan hold Australia, S. Korea and China win in World Cup qualifying
- Mbappe's golden-boy image takes a hit amid negative headlines
- Hezbollah threatens to attack targets across Israel
- Oil prices fall on easing Middle East fears
- Wales lock Jenkins to miss November Tests with 'horrible' injury lay-off
- France to play Israel in Paris and allow fans in
- Twin panda cubs to make public debut at Berlin zoo
- Scotland's Kinghorn maintains Lions 'dream' despite Toulouse clash
- Pakistan debutant Ghulam hits century to defy England in second Test
- Boeing announces intention to raise up to $25 bn
- Tuchel 'in talks with FA' over England manager's job
- Dutch rider Lavreysen targets record at world track championships
- Bangladesh suspend Hathurusingha as coach after alleged assault
- Russian Olympic chief announces surprise resignation
- Ferguson to leave Man Utd ambassador role as club cuts costs
- Turkish govt defends tax plan to fund defence industry
- Oil prices tumble on easing Middle East fears
- Eidevall quits as Arsenal Women head coach
- US, Philippines launch war games after China's Taiwan drills, ship collision
- Swedish prosecutor confirms 'rape' probe without naming Mbappe
- England dismiss Ayub but Pakistan reach 173-3 at tea in second Test
- Israel vows to put 'national interest' first in response to Iran attack
- Oil prices hit by easing Middle East fears, most Asian markets rise
- Mbappe-PSG salary row faces hearing as France captain cited in 'rape' report
- K-pop star tells South Korea lawmakers of workplace bullying
- Ex-Wallabies captain Elsom denies wrongdoing after arrest warrant
- Pakistan 79-2 at lunch in second England Test after Leach strikes
- Hopes pinned on peace across Taiwan Strait after drills
- Valencia fans leave Singapore with 'stern warning' after protest
- Falling sales cause sour grapes for iconic Portugal wine
- Belgian pathologist and literary star gives 'voice to the dead'
- Ethiopia's 'korale' recyclers turn waste into money
- Italy row, AI in focus at world's biggest book fair
- US, Philippines launch war games a day after China's Taiwan drills
- Scotland lock Gray signs for Japan's Toyota
- Allen and Bills foil Rodgers, outlast Jets 23-20
- North Korea blows up roads connecting it to the South
- East Timor fights new battles 25 years after independence vote
- Japan election campaigns kick off for Oct 27 vote
- Home runs propel Mets, Yankees to MLB playoff victories
- Taiwan detects record 153 Chinese military aircraft after drills
- Oil prices drop on easing fears over Middle East, most markets rise
- Reoxygenating oceans: startups lead the way in Baltic Sea
- North Korea's Kim holds security meeting over drone flights
- Cars, chlamydia threaten Australian koalas
Tesla disappoints in quarterly results as discounts bite
Tesla's results for the third quarter missed analyst estimates on Wednesday, as the Elon Musk-run company was hit by higher costs and the fallout from price discounts.
The Texas-based electric vehicle giant said sales in the July to September period reached $23.35 billion, lower than the $24.19 billion forecasted by analysts polled by Factset.
The company also saw net profits come in less than hoped for, at 66 cents per share instead of 73 cents forecasted.
Musk has undertaken multiple price cuts throughout 2023 on vehicles, telling investors in April that the company has taken the view that pushing for higher sales is the right choice versus taking a bigger margin.
The move, which saw some prices cut by one third, came as more EVs from legacy carmakers like General Motors and Ford are hitting dealerships.
But those rivals have been punished by a major strike in the United States, something that Tesla will not have to navigate.
The price cuts have made investors nervous and Tesla's share price slid more than seven percent in the last month.
The Tesla stock valuation however still dwarfs other US car makers and it has more than doubled in 2023, comforting Musk's position as one of the world's two richest people.
Also rattling nerves, Tesla reported earlier this month that its new auto deliveries fell in the third quarter to 435,059 units because of downtimes at factories in Shanghai and Austin.
Production overall declined 10 percent from the second quarter to 430,488, according to the figures.
But Tesla on Wednesday confirmed that its full-year volume target of 1.8 million vehicles remained unchanged.
Tesla also said that it will stick to the timetable and release the new Cybertruck, Tesla's futuristic answer to the American pickup truck, by the end of this year.
- 'Look silly' -
The company insisted that investing in AI and software that will soon deliver autonomous driving was the right investment.
"Autonomy will make all of these numbers look silly," Musk said on an earnings call in July.
While the market for electric vehicles has been on an unquestioned growth trajectory, signs emerged recently that the boom could be slowing.
General Motors said Tuesday it was delaying the conversion of a plant to produce electric vehicle (EV) trucks, citing changes in demand as a factor.
And higher interest rates have put a further brake on new car-buying after surfing on more than a decade of super low interest rates that enticed shoppers towards trading up to the latest models.
Musk's unique status as a visionary entrepreneur who created SpaceX and Tesla has taken a knock since his buyout a year ago of Twitter, now renamed X, for $44 billion.
The tycoon's stewardship of X has proven to be tumultuous with lower advertiser spending and the platform increasingly seen as a toxic breeding ground for unmoderated speech and conspiracy theories.
P.M.Smith--AMWN