American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Tesla's sales from April through June fell to their lowest quarterly level since last fall as supply chain issues and pandemic restrictions in China hobbled production of its electric vehicles.
The company on Saturday disclosed it sold more than 254,000 cars and SUVs from April through June, an 18 per cent drop from the first three months of this year and also well below the pace in last year's final quarter.
The last time Tesla sold fewer vehicles globally was in the third quarter of 2021 when it delivered 241,000.
On Friday, the rest of the industry reported a 21 per cent drop in sales during the second quarter as the average price for vehicles skyrocketed to a record of US$45,844 amid soaring inflation, according to J.D. Power.
Tesla's sales drop may be a harbinger of weaker second-quarter earnings for the Austin, Texas, company, which is the world's top-seller of battery-powered vehicles and has posted net profits for nearly three years. Tesla plans to release its full results for the April-June period on July 20.
Like many other stocks, Tesla shares have been hard hit this year. But the 35 per cent decline in Tesla's stock price hasn't been entirely tied to the company's see-sawing fortunes.
Tesla CEO Elon Musk also has made a US$44 billion bid for Twitter, which he placed on hold after complaining that it has too many spam bot users who aren't humans. Much of the erosion in Tesla's value has occurred since Musk became Twitter's largest shareholder and then launched a takeover bid that has raised concerns he has too much on his already crowded plate
Musk has used his own Twitter account, which now has more than 100 million followers, to discuss the pandemic restrictions that forced the Shanghai factory to temporarily close during the quarter. Wedbush analyst Dan Ives estimates that more than 40 per cent of Tesla's sales come from China, and that the Shanghai factory produced about 70,000 fewer vehicles due to the shutdowns.
But Tesla signaled things are getting better Saturday, saying it produced more vehicles during June than in any other month in its history. The company didn't disclose the number of vehicles manufactured during June.
As of early Saturday afternoon, Musk hadn't tweeted about Tesla's second-quarter sales. But he created a bit of a stir late Friday with ending an uncharacteristically long nine-day silence on Twitter. His Friday tweets included one with him and four his children meeting with Pope Francis.
Tesla's latest delivery numbers came out a week after the release of an interview with Musk in which he described new factories in Austin and Berlin as "money furnaces" that were losing billions of dollars because supply chain breakdowns were limiting the number of cars they can produce.
In a May 30 interview with a Tesla owners' club that was just released last week, Musk said that getting the Berlin and Austin plants functional "are overwhelmingly our concerns. Everything else is a very small thing," Musk said, but added that "it's all gonna get fixed real fast."
Musk also has discussed making salaried workers return to offices and a possible 10 per cent cut in Tesla's work force due to a possible recession.
Supply chain breakdowns since the onset of COVID-19 two years ago have been especially debilitating for automakers, who get parts from all corners of the globe. A lack of computer chips needed to run cars' computers compounded automakers' problems and sent prices for used and new cars skyrocketing.
As the pandemic erupted in the U.S. in 2020, automakers had to shut factories for eight weeks to help stop the virus from spreading. Some parts companies canceled orders for semiconductors. At the same time, demand for laptops, tablets and gaming consoles skyrocketed as people stuck at home upgraded their devices.
By the time auto production resumed, chip makers had shifted production to consumer goods, creating a shortage of weather-resistant automotive-grade chips. Although Tesla has fared better than other automakers, the industry still can't get enough chips.
------
AP Business Writer Michael Liedtke contributed to this story from Berkeley, California.
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Cabinet minister Dominic LeBlanc says he plans to run in the next election as a candidate under Prime Minister Justin Trudeau's leadership, amid questions about his rumoured interest in succeeding his longtime friend for the top job.
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball's highest scorer Caitlin Clark's first news conference as an Indiana Fever player.
The United States has vetoed a widely backed UN resolution that would have paved the way for full United Nations membership for the state of Palestine.
A group of suspects that allegedly defrauded seniors across Ontario and other parts of Canada using a so-called emergency grandparent scam appear to have ties to 'Italian traditional organized crime,' according to an investigator involved in the OPP-led probe.
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
The judge presiding over the trial of a man accused of fatally running over a Toronto police officer is telling jurors the possible verdicts they may reach based on the evidence in the case.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.
Molly Knight, a grade four student in Nova Scotia, noticed her school library did not have many books on female athletes, so she started her own book drive in hopes of changing that.
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.
When Les Robertson was walking home from the gym in North Vancouver's Lower Lonsdale neighbourhood three weeks ago, he did a double take. Standing near a burrow it had dug in a vacant lot near East 1st Street and St. Georges Avenue was a yellow-bellied marmot.
A moulting seal who was relocated after drawing daily crowds of onlookers in Greater Victoria has made a surprise return, after what officials described as an 'astonishing' six-day journey.
Just steps from Parliament Hill is a barber shop that for the last 100 years has catered to everyone from prime ministers to tourists.
A high score on a Foo Fighters pinball machine has Edmonton player Dave Formenti on a high.
A compound used to treat sour gas that's been linked to fertility issues in cattle has been found throughout groundwater in the Prairies, according to a new study.
While many people choose to keep their medical appointments private, four longtime friends decided to undergo vasectomies as a group in B.C.'s Lower Mainland.