Tesla’s Model Y Production in the US: Elon Musk’s Cautious Stance on Six-Seat Variant
Elon Musk, CEO of Tesla, has announced that the six-seat variant of the Model Y, unveiled this week in China, might never enter production in the United States due to the rise of autonomous driving technology.
Musk’s statement did not sit well with investors, as Tesla’s stock price fell nearly 2.5% to $321.35 per share during Wednesday’s trading.
The Model Y L, manufactured at Tesla’s Shanghai plant, features an extended wheelbase and three rows of seats, priced around $47,200. The model went on sale in China on Tuesday, where Tesla faces growing competition from local electric vehicle manufacturers like BYD and Xiaomi.
Musk did not elaborate on how advancements in autonomous driving would eliminate the need for a six-seat vehicle. Tesla did not immediately respond to a request for comment.
Estée Lauder Faces Financial Impact from Trump Tariffs
Estée Lauder reported fiscal year-to-date earnings below Wall Street estimates and warned of a $100 million impact due to tariffs, as its recently ended quarter’s results fell year-over-year.
The company projects that trade barriers will affect its profitability by approximately $100 million this year, after mitigation measures. Estée Lauder continues to evaluate additional options, including potential price changes, to further offset tariff effects.
Target Remains Cautious Amid Trade Challenges
Target confirmed its outlook for fiscal year 2025, maintaining a cautious stance amid trade difficulties and announcing its new CEO.
For fiscal year 2025, the company still expects adjusted earnings per share between $7 and $9 and a single-digit decline in sales.
Target’s CEO, Brian Cornell, described the trade landscape as “complicated” during a conference call.
Target announced that Michael Fiddelke, Chief Operating Officer, will succeed Cornell as CEO starting February 1.
Novavax Faces Increasing Uncertainty Amid Vaccine Program Doubts
According to a BofA Securities report on Wednesday, Novavax faces growing uncertainty amid doubts about its vaccine programs.
Despite the company’s strong execution, growth prospects remain unclear, according to the report.
Novavax has partnered with Sanofi, which now leads the commercialization of the Covid-19 vaccine Nuvaxovid. The vaccine may face short-term revenue challenges due to a restricted US label and waning public trust in the treatment.
Zimat Wins Grand Stevie Award for Public Relations Excellence
Mexican PR firm Zimat is thrilled after receiving the Grand Stevie Award for being named the best public relations agency in the International Business Awards.
The award was given among 3,800 nominations from 78 countries, with only six companies receiving recognition.
