BUSINESS - Page 16

Tesla, previously valued at over $1 trillion, experienced a more than 7% decline in its shares on Monday following a drop in sales during February in China, the world’s largest car market. Increased competition and a slowdown during the Lunar New Year holidays negatively impacted sales. This decline in the pivotal market has cast a shadow on Tesla’s global delivery prospects. Additionally, the situation was compounded by the expiration of valuable tax credits that had previously stimulated electric vehicle (EV)

On Monday, an official from the prime minister’s office revealed that Tesla, the electric vehicle (EV) manufacturer, has undertaken a site survey for a production facility dedicated to EVs and batteries in Thailand. Additionally, the official noted that the Thai government has extended an offer to provide Tesla with 100% green energy to power the proposed facility. The survey underscores Thailand’s commitment to become an EV manufacturing hub in Asia. It also indicates the government’s desire to leverage its infrastructure

Toyota, the leading global car manufacturer, reported a 7% year-on-year increase in global output for January on Wednesday. This marks the 13th consecutive month of growth, attributed to robust demand in the United States. In addition, the company unveiled an $8 billion initiative to substantially expand a battery plant currently being built in North Carolina. Toyota has set an ambitious target of selling 1.5 million electric vehicles (EVs) annually by 2025. Toyota’s global sales rose about 11% in January from

The tech industry continues to suffer a wave of job cuts, with video game maker Sony PlayStation announcing a reduction in its workforce on Tuesday. The company’s CEO, Jim Ryan, told employees in an email that around 900 people — eight percent of the PlayStation Interactive Entertainment division’s global staff — would lose their jobs as part of a restructuring plan. He said the reduction would affect people in every region, with several studios closing altogether. The PlayStation London studio,

A surge in demand for overseas investments due to local market and currency weakness has prompted many Chinese savers to move their money outside China. Hong Kong-listed Standard Chartered, a central foreign exchange bank, has suspended new investments by its clients in China into offshore products via a quota-based channel, the bank said on Monday. The Asia-focused bank cited “commercial reasons” for the move but did not elaborate. It comes after a $700 million writedown on its stake in Bohai

SAICs MG, expanding its European presence in the high-end new energy vehicle (NEV) market, has unveiled its hybrid hatchback MG3 model for the European market. It combines a fossil-fuel engine that charges a larger battery so the car can periodically run in electric, zero-emission mode. The MG3 is a budget rival to the Toyota Yaris and Volkswagen Polo hatchbacks. It will go on sale in Ireland this year. A tried-and-tested 1.5-litre petrol engine powers an electric motor, producing a combined

On Monday, Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, announced a $1 billion agreement with Goldman Sachs to explore private credit opportunities in Asia. This strategic partnership represents a significant entry for the U.S. bank into the Asian market, recognizing it as a pivotal driver for the demand in private debt products. The collaboration marks the latest expansion for Goldman’s global private credit business, overseeing assets exceeding $110 billion worldwide. As part of its growth strategy, the unit has

A grim year for journalism will get even grimmer next week when the American-Canadian digital media house that once prided itself on being a vanguard of a new wave of millennial-targeted news sites will shut down its website and lay off dozens of employees. The company’s CEO, Bruce Dixon, made the announcement Thursday evening in a memo to staff. “We are reducing our workforce significantly by eliminating several hundred positions across the company and converting the business to a studio