EVs: 2024 Could Be A Watershed Year -- April 16, 2024

Locator: 47013EVS. 

The headlines (links to these screenshots are below, in the narrative):

 

The players:

• Tesla: in a world of its own
• lays off 10% of its workforce;
• cancels updated Model Y;
  
• delays delivery of Cybertruck without comment — reported today; came with no warning;
• if you’re losing money on each delivery, does one continue to deliver?
• Gary Black: great analysis of current state of Tesla -- looking for silver linings among the clouds; unlikely to find any;
• NYTimes: EV sales are slowing; Tesla's are slumping;
• Sandy Munro: this did not age well;
• Brad Munchen: Tesla sold only 6,000 vehicles last week, down 52% y/y
• same level of volumes as small local EV makers like Li and Aito (of which I've never even heard)
• quarter-to-quarter: Tesla's local sales are. 7,907 vehicles, down 59% y/y from 19,473 in 2023
• all the rest 
• EVs are dead; fake EVs grow in popularity but they, too, will be a fad unless prices come way down
• Charles Kennedy: BP cuts jobs as the supermajor scales back EV charging unit;
• if there's any doubt, just check tickers of
• F:
• GM:
• RIVN:
• Polestar:
• Lucid:
• ignore China

From the link above, these writers are brilliant (or they know their average reader reads at the 8th grade level of middle school and their math skills are even worse):

***************************
Intel

From TipRanks: "don't touch." Although the full story is behind a paywall, from the little we get, we can google the rest. For now:

Last week was a bad week for Intel. 

The shares took a heavy beating, falling by 8% after, for the first time, the company released separate financials for its semiconductor manufacturing segment, what is known as its foundry business, or Intel Foundry.

The numbers didn’t look great.

The segment lost $7 billion in 2023, widening from 2022’s $5.2 billion loss, while sales dropped from $27.5 billion in 2022 to $18.9 billion last year.

To discuss its new reporting segment, the company held a webinar, during which it offered a timeline for the Foundry Operating Margin reaching breakeven.

This is the report, April 3, 2024, after the webinar, April 2, 2024, was held. 

I'm still not convinced Intel knows what business it is in, other than "tech," and "chips."

**************************
Music Streaming

From MacRumors, this doesn't sound good for Spotify: 

****************************
US Economy

Schwab market perspective: Liz Sonders, others.

US: pivots from "rolling recessions" into "rolling recoveries."