I don’t know about you, but I love reading the reader’s comments under some articles. Once you filter out the trolls, and the fact that any item can be turned into a Brexit vs Remain debate, there are some very interesting insights. For instance, the news that has got everybody excited this week is that Tesla is surprisingly, back into profit. After reporting a thumping great loss earlier in the year, they reckon they made nearly $150 million in the third quarter. But, as many commentators point out, (I was reading the article in The Times) with a manufacturer that moves up and down as quickly as Tesla, taking a snapshot of one quarter is not an accurate reflection of the success of the business. Nevertheless, profit is profit.
And profit is not something that most of the other manufacturers are talking about, unless they combine it with the word “falling”. Because everyone is concerned about the slowdown in Chinese growth. Volvo is one exception, reporting a 90% jump ytd, but Daimler, in particular, is concerned about the future, and seems unconvinced about the commercial benefits of electrification, even if the world is moving inexorably in that direction. So they, along with Renault, have “trimmed” their forecasts.
Having said all of that, it is not all doom and gloom (unless you are looking at the UK market). The European new market enjoyed one of the best bounces in sales ever in September with sales 19% up. However we do need to temper this with some historical background. Last year sales were an eye watering 23% down, largely because of WLTP woes. The aforementioned Tesla, however, enjoyed a fantastic month, recording almost half of the electric vehicles registered across the EU, boosted by the Model 3. Staggeringly, it only just failed to make it into the top 10 selling models in Europe, with 17,500 units it was 11th. Elon Musk must be bursting with pride.
Have a great weekend, make sure the TV is warmed up for 9 o’clock tomorrow morning.
The first duty of love is to listen.
Paul Tillich (1886 – 1965)
Success is liking yourself, liking what you do, and liking how you do it.
Maya Angelou (1928 – )
This became a credo of mine…attempt the impossible in order to improve your work.
Bette Davis (1908 – 1989)
Between two evils, I always pick the one I never tried before.
Mae West (1892 – 1980), Klondike Annie (1936 film)
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