<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Tesla (TSLA) delivered its first 15 Chinese built cars to customers in China Monday and one investor says the company is on a roll.” data-reactid=”15″>Tesla (TSLA) delivered its first 15 Chinese built cars to customers in China Monday and one investor says the company is on a roll.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“I do think we're looking at a trillion dollar company in the long run,” HyperChange founder Galileo Russell told Yahoo Finance’s On the Move.” data-reactid=”16″>“I do think we’re looking at a trillion dollar company in the long run,” HyperChange founder Galileo Russell told Yahoo Finance’s On the Move.
Tesla’s market cap today is roughly $75 billion, but Russell says it leads in battery technology and autonomous driving software giving Tesla what he calls a first mover advantage over other car makers in China. “And that’s why I’m a long term shareholder and plan on staying here for a long time, even though we’ve recently hit two highs,” he said.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Shares of Tesla (TSLA) closed above $400 for the first time on December 19th on news the first delivery of chinese built Tesla Model 3 cars would take place before the end of the year.” data-reactid=”29″>Shares of Tesla (TSLA) closed above $400 for the first time on December 19th on news the first delivery of chinese built Tesla Model 3 cars would take place before the end of the year.
“Even bullish investors like myself didn’t think they were going to start delivering cars from this factory in 2019. They built this from scratch in literally a year,” Russell said.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="But not everyone is so optimistic. Auto analyst Rebecca Lindland, the founder of Rebeccadrives.com, says Tesla has a long road ahead. “I think it’s really important to understand that this is not full-scale production,” she said.” data-reactid=”31″>But not everyone is so optimistic. Auto analyst Rebecca Lindland, the founder of Rebeccadrives.com, says Tesla has a long road ahead. “I think it’s really important to understand that this is not full-scale production,” she said.
<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Tesla’s China road map” data-reactid=”32″>Tesla’s China road map
Tesla continues to manufacture parts, batteries and stamp bodies in the United States. It then ships everything to its brand new $2 billion factory in China to assemble cars like those that rolled off the assembly line in Shanghai.
“These are what are called kits,” Lindland said. “So they basically make all of the different parts and then bring it and put final assembly together in China. So you can say that it’s made in China, but it’s important to understand what made really means.”
Other car makers do the same thing, Lindland added.
Russell says that’s not important, even though assembling cars in China is currently more expensive for Tesla than sourcing materials in country. Tesla plans to locally source all of its Chinese production by the end of next year.
“Tesla is already doing about $600 to $700 million in revenue per quarter in China. And they’ve been doing that with their hands tied behind their back,” Russell said.
Research firm LMC Automotive says Tesla sold 10,542 cars in China during the third quarter of the year despite tariffs on US built goods which drove up prices. A U.S. built Model 3 costs a Chinese buyer about $62,000. But one assembled in China costs about $51,000 and is exempt from a 10% purchase tax.
“Now they’re going to be able to basically reduce their prices by 20% compared to what they were selling in the world’s largest vehicle market and electric vehicle market,” Russell said. “So I think this is a really exciting step forward.”
Tesla says it is producing 1000 Model 3 cars a week in China and Lindland says the pressure is on Elon Musk to live up to Tesla’s potential.
“Originally they had talked about already producing 2,000 and 3,000 Model 3s made in China at this point,” she said. “They’ve delivered 15. They’re actually not starting to really do more mass assembly until about another six months or so. So there’s a lot of investment that has to go in.”
Russell points out that Tesla just scored a $1.6 billion line of credit from the Chinese government and is tailoring the Model 3 for the local market with Tencent video on its touch screens and unique software for Chinese buyers.
“It’s going to be a big success there,” Russell said.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Adam Shapiro is co-anchor of Yahoo Finance On the Move.” data-reactid=”45″>Adam Shapiro is co-anchor of Yahoo Finance On the Move.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read the latest financial and business news from Yahoo Finance” data-reactid=”46″>Read the latest financial and business news from Yahoo Finance
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Canada’s economy creates almost 1 million jobs in June – Canada Immigration News
Lifting coronavirus-related lockdown restrictions around the country has sparked the beginning of Canada’s economic recovery.
Many Canadians and permanent residents returned to work for their previous employers while others started new jobs.
Between February and April, a total of 3 million people lost their jobs due to the lockdown, and another 2.5 million were absent from work due to coronavirus-related reasons, according to a Statistics Canada report published on Friday.
May saw a slow start of economic recovery as 290,000 people returned to work. Building on this, the month of June helped alleviate low unemployment rates across the country as employment increased by a record 953,000 people.
These last two months saw the labour market recover by a staggering 40%. Over 1.24 million people gained employment, after 3 million people lost their jobs earlier in the year.
Canada’s overall unemployment rate dropped from 13.7% in May to 12.3% in June.
In addition, the report says that labour force participation rate has increased substantially over the last two months up to 63.8% in June. In comparison, it was 65.5% in February, before coronavirus-related restrictions.
The labour force participation rate is the percentage of the population, aged 15 or older, who are part of the labour force.
This suggests that many people are now more optimistic about the potential of finding a job. The Canada Emergency Student Benefit (CESB)’s requirement to actively search for work may be another factor. The CESB was introduced to alleviate financial struggles of students who may have been affected by the coronavirus-related restrictions
Moreover, the number of people who work less than half of their usual hours also decreased in June to 26.9% down from 34.3%.
The rise of employment across all provinces is largely aligned with the easing of lockdown restrictions.
Employment in Ontario increased by 378,000 (or 5.9%), Quebec by 248,000 (or 6.5%) and British Columbia by 118,000 (or 5.4%).
As Canada begins reopening its economy, many Canadians and permanent residents have returned to work or have begun looking for work.
In addition, Immigration, Refugees and Citizenship Canada (IRCC) has returned to normal in terms of Express Entry draws. The latest draw held was an all-program draw. This means that candidates for the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Class (FSTC) were also considered.
Since the travel restrictions were put in place to slow the spread of the coronavirus pandemic, IRCC had been holding program-specific draws, alternating between Provincial Nominee Program (PNP) draws and Canadian Experience Class (CEC) draws.
Canada’s latest job statistics is good news for these immigrants since they can expect a stronger job market once they have obtained permanent residence.
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COVID-19: Alberta reports 77 new cases on Friday, death count falls by 1 – CTV News
Alberta reported 77 new cases of COVID-19 on Friday, bringing its total number of cases to 8,596.
There are 592 active cases across the province and 7,844 people have recovered from the coronavirus.
The province’s death count fell by one on Friday, from 161 to 160. The number of COVID-19-related deaths fell from 18 to 17.
“One of the deaths reported at the Misericordia has been determined to not have COVID-19 as a contributing cause of death,” a spokesman for the province told CTV News.
The city of Edmonton has now surpassed 1,000 total cases, with 1,001. Its number of active cases sits at 173.
More than 510,000 COVID-19 tests have now been completed in Alberta.
Edmonton, Calgary top Canadian cities in unemployment – CTV News Edmonton
Alberta has the second-worst provincial unemployment rate in Canada after Newfoundland and Labrador..
According to new Statistics Canada data, unemployment reached 15.5 per cent in June.
It marks an 8.8 per cent difference from the same time last year.
The only province with a higher unemployment rate is Newfoundland and Labrador, at 16.5 per cent.
And unemployment in Alberta’s largest cities is also highest among Canadian major urban centres: about 15.7 per cent of the Edmonton workforce is currently unemployed, and 15.6 per cent of the Calgary workforce.
In May, their unemployment rates were 13.6 per cent and 13.4 per cent, respectively.
The news comes alongside a report that Canada added 953,000 jobs in June as businesses forced to close by the pandemic began to reopen.
“That’s important progress but we have a long way to go,” Alberta Premier Jason Kenney commented Friday at a news conference in Fort Saskatchewan, where a carbon capture and storage facility recently reached the five-million equivalent tonnes milestone.
Kenney’s government’s economic recovery plan centres on infrastructure projects that create jobs and making Alberta an attractive place for investment – as does the facility at the Shell Scotford complex, Kenney said.
“Projects like this are a key part of Alberta’s recovery plan to build, to diversify, and to create jobs. When the global economy comes back form COVID, when demand returns for oil and gas, we are going to see, I believe, something of a supply shortage because of all the upstream exploration that has been cancelled, and so we’ll see prices go up. And that will be a great opportunity for Alberta, especially as we make progress on pipelines,” he said.
“But there’s one critical factor, we’ve got to bring investment back. And that means we’ve got to demonstrate our progress on environmental responsibility which is why investments like this… are so important to jobs, the economy, and the future prosperity of Alberta.”
The national unemployment rate fell to 12.3 per cent after hitting a record-high of 13.7 per cent in May.
With files from CTVNews.ca
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