Remy Blaire brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Monday, February 26.
Full Video Transcript Below:
REMY BLAIRE: I’m Remy Blaire - reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a record-setting week thanks to Nvidia’s strong fourth-quarter earnings report. This week, investors are looking ahead to a slew of retail earnings, a key inflation report, and an array of Fed speakers. Investors will be watching closely for insights into the Fed’s path forward on interest rates.
In other news - one of Tesla’s biggest rivals has introduced a new, all-electric supercar, with a super price tag. BYD, the world’s largest maker of electric vehicles by sales, unveiled its new U-9 model.
The company says the car will be able to reach a top speed of 192 miles per hour - and can reach speeds of over 60 miles per hour in just 2.36 seconds. For comparison, Ferrari’s S-F-90 Stradale reaches the same speed in 2.5 seconds. And, much like its supercar counterpart, the U-9 will carry a hefty price tag. Prices start at 1.68 million Chinese Yuan, which is just over $233,000.
This is a change for BYD as the company hopes to capture more of the high-end market. The company is known for more budget-friendly vehicles with some models costing as little as $10,000.
With more than 340,000 vehicles sold in the fourth quarter of 2023, BYD overtook Tesla as the world’s largest maker of electric vehicles. And while most of its production and sales remain in China, the company said last year that it plans to open its first factory in Europe.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Remy Blaire with TheStreet.
