Weekly Market Update - 10 July 2023

Auto Output

Tesla’s China output increased almost 20% in June, contributing to the company’s record quarterly sales. The US EV maker shipped a total of 93,680 cars from its factory in Shanghai last month. Sales gained momentum at the start of the year when it slashed prices of its locally built Model 3 sedans and Model Y sport utility vehicles, sparking a price war. Meanwhile, rival carmaker BYD is building its first electric car factory outside China in Brazil as it seeks to extend its geographical reach amid a global surge in sales. It’s also planning to invest in Thailand and Vietnam.

Source: Bloomberg

Moderna In China

Moderna is set to announce its first investment in China as early as Wednesday, according to a report by local media outlet Yicai. The US-based pharma giant may reveal multiple projects in China with a total investment size of around $1 billion and is actively seeking communication with China’s regulators, the report said. CEO Stéphane Bancel said during a visit in April that the company will speed up investment in Shanghai and is looking to work with Chinese partners to develop new technologies and products, Yicai reported.

Source: Bloomberg

Threads

More than 30 million users have signed up for Meta’s new app Threads, designed as a direct rival to Twitter and the most serious threat yet to Elon Musk’s struggling social-media site. On Threads, people can post text and links and reply to or repost messages from others. Sounds familiar? Meta’s Mark Zuckerberg acknowledged the similarities with Musk’s Twitter, in his first tweet for 11 years which showed two identical Spider-Men facing off. Despite the surge in sign-ups, Threads held steady, with only sporadic reports of temporary glitches, including Zuckerberg’s own posts not showing up for some users.

Source: Bloomberg