Tesla Will Increase Output For 2023, Deliveroo Are Planning To Cut Jobs
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Tesla raises investors' optimism about the current year. On the other hand, another food supplier, Deliveroo, decides to reduce employment by 9%.
In this article:
- Record revenues, but the worst is yet to come
- Cut workforce
- Tesla news
- What does the current economic situation mean for investors?
Record revenues, but the worst is yet to come
SMIC is one of the most important Chinese chip companies. It is the largest foundry in the country, which is a company that produces chips that other companies design.
SMIC said Thursday that revenue in 2022 was $7.2 billion despite ongoing U.S. sanctions, but warned of a tougher year given the slump in the semiconductor industry.
SMIC said first-quarter revenue is projected to fall 10% to 12% from the December quarter.
China's biggest chipmaker SMIC posts record 2022 revenue but warns of a tough year ahead https://t.co/he2bcPOFzf
— CNBC (@CNBC) February 10, 2023
Cut workforce
Delivery companies have hired more people during the lockdown. In the current situation, they are struggling with the problems of rising costs and reduced demand.
Many companies decide to reduce employment, Glovo is one of such companies.
Now the British meal delivery company Deliveroo will be joined to cut jobs.
Deliveroo has grown rapidly since it was founded in London a decade ago, but recently said it would cut jobs by around 9%, or 350 positions, as it struggles to break even in a tougher consumer environment that has resulted in a slowdown in orders.
WATCH: London-based meal delivery company Deliveroo to cut 9% of its workforce, or 350 roles, as it struggles to become profitable in a tougher consumer environment that has caused orders to slow https://t.co/m92D9l1WCk pic.twitter.com/Nj7ThoKTWO
— Reuters Business (@ReutersBiz) February 10, 2023
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Tesla
Tesla Inc. started 2022 as the leader of the global electric vehicle market, but faced increasing competition and supply chain challenges as the year progressed. Tesla is taking steps to improve performance and investor sentiment in 2023. CEO Elon Musk said the company will increase production for 2023.
Recently, Tesla has lowered the prices of vehicles.
Tesla has slashed prices in the US, Europe, the Middle East and Africa after a series of cuts in Asia last week, in what analysts saw as a clear shot at both smaller rivals bleeding out of cash and older automakers aggressively ramping up electric power vehicle production.
Therefore, many analysts expect a price war.
Tesla is taking steps to improve results and investor sentiment in 2023. CEO Elon Musk said the company will increase output for 2023, potentially to more than 2 million vehicles.https://t.co/Y0UayH2xh9
— Bloomberg Terminal (@TheTerminal) February 9, 2023
What does the current economic situation mean for investors?
The economic situation remains tense for another year. Interest rates are still rising, inflation remains high, but there are also optimistic signals, e.g. from the labor market. All this has a significant impact on the bond market. Investors have mixed feelings and do not know how to react to the current situation. Experts are looking at the situation and what it means for investors and markets.
The economy is growing... but the Fed continues the fight against inflation.
— Charles Schwab Corp (@CharlesSchwab) February 9, 2023
Join Mike Townsend and Kathy Jones, Schwab's chief fixed income strategist, as they discuss what all this mean for the bond markets and investors. https://t.co/GzVcbku0aL #Podcast pic.twitter.com/l7D0EYKGl9
