Tesla’s value has risen to a record high
Musk’s electric car producer exceeded all expectations. In the third quarter, it reported sales of $ 3.11 billion in the Chinese market. The value of the company’s shares rose to a record high and the shares were also affected by the announcement by Hertz. Company plans to buy 100,000 cars from Tesla by the end of next year. Compared to last year, the share of total sales in China increased by 20%. The market capitalization reached $ 1 trillion.*
Tesla’s performance over 5 years. (Source: Investing.com)*
More vaccines will go to Africa
The African Union has announced plans to purchase up to 110 million doses of COVID-19 vaccine from Moderna. The delivery was made under an agreement with the United States that postponed the delivery of certain batches destined for the United States. The AU envoy for the coronavirus Strive Masiyiwa has also called on other vaccine-producing countries to follow example of giving access to vaccines. With the exception of the agreement with J&J, the African Union did not have access to purchase vaccines.
Global supply shortage
Behind declining profits, companies see supply chain failures. Swedish company Electrolux is worried and warns of deteriorating global supply chain problems. Lack of parts slowed her profits and they declined. The operating profit of the Swedish company Electrolux fell to 1.64 billion Swedish crowns ($ 191.3 million) from 3.22 billion a year ago. The appliance manufacturer expects limited availability of certain product categories.
Beer sales are declining
Heineken reported a decrease in sales volumes in Vietnam. The country is one of the three largest markets. Behind the sharp decline in beer sales are restrictions due to the coronavirus pandemic. Brewing giant Heineken sold 5.1% less beer than the year before. Total sales in Asia Pacific fell by 37.4%. This is due to measures against the pandemic that hit Cambodia, Indonesia, Vietnam and Malaysia. Vietnam suffered a record decline in the third quarter.
Watch this week:
On Thursday, will be announced Euro Zone Deposit Facility Rate which banks may use to make overnight deposits with the Eurosystem.
On Friday, will be published Germany Gross Domestic Product (GDP) QoQ.
* Past performance is no guarantee of future results