Caroline Woods brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Monday, April 22.
Full Video Transcript Below:
CAROLINE WOODS: I’m Caroline Woods reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Investors are looking ahead to a massive week on Wall Street. A number of big companies are set to report earnings – Tesla on Tuesday, Facebook parent Meta on Wednesday, and Microsoft and Apple slated for Thursday.
There is also some key economic data on deck – first quarter GDP is out Thursday and the Fed’s favorite inflation gauge is out Friday. The central bank will make another decision on interest rates April 30th.
In other news - shortly after announcing price cuts in the U.S., Tesla has decided to drop prices in two of its other big markets. The EV maker says it will reduce prices in both Germany, its biggest market in Europe, and China.
The company will drop the price of the four models it sells in China by nearly $2,000. And Tesla’s best-seller in the country, the Model Y, now starts at its lowest price ever. Meanwhile, in Germany, Tesla also cut the price of its Model 3 about $2,000. In early April, the company cut the price of three models in the U.S. by, again, $2,000.
Despite missing its delivery mark for the first time in four years, Tesla was able to reclaim its title as the world’s best-selling EV maker from China’s BYD. The EV maker reportedly built 433,000 vehicles, it only delivered about 387,000 globally in Q1 of 2024 - an 8.5 percent drop from Q1 in 2023. Tesla is also seeing increased competition from traditional carmakers. And after announcing it would be laying off 10 percent of its global workforce, shares of Tesla are down more than 40 percent in 2024.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
