Tesla and Pfizer: Key Financial Movements in October 2023
Tesla Under Pressure
Tesla's third-quarter report for 2024 revealed vehicle production of 469,796 units and deliveries of 462,890 units, slightly missing analysts' expectations of 463,310 deliveries. This compares to 435,059 deliveries and 430,488 EVs produced in the same period last year. The stock dropped 3.7 percent following the earnings report as Tesla encounters growing competitive pressure, particularly in China, from established players like BYD and Geely, as well as newer entrants such as Li Auto and Nio.
Pfizer Sells Stake
US drugmaker Pfizer offloaded a part stake in British consumer healthcare company Haleon worth approximately $3.26 billion, reducing its ownership from 22.6 percent to 15 percent. Pfizer remains the largest shareholder in Haleon, having announced plans to gradually reduce its stake in a slow and methodical manner.
LVMH and Formula One Collaboration
Liberty Media-owned Formula One and luxury giant LVMH have announced a 10-year partnership, beginning with the next F1 season. The collaboration will feature hospitality, bespoke activations, limited editions, and outstanding content, showcasing F1's growing commercial vision.
Market Reactions
In Japan, newly elected Prime Minister Shigeru Ishiba announced that the country is not poised for another rate increase, prompting the yen to weaken. This indicates a lower likelihood of imminent rate hikes, leading to a rise in the US dollar against the yen, and boosting Japan's Nikkei 225 index by 2.5 percent.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.