May 16, 2020

Elon Musk claims Tesla’s new Model Y will be a “manufacturing revolution”

Tesla
Elon Musk
Model Y
Tesla
Sophie Chapman
1 min
Tesla's shares drop following odd conference call
The CEO of American energy storage and electric vehicle manufacturer, Tesla, has dubbed the firm’s new vehicle a “manufacturing revolution”.

Tesl...

The CEO of American energy storage and electric vehicle manufacturer, Tesla, has dubbed the firm’s new vehicle a “manufacturing revolution”.

Tesla will have announced the production schedule of its new all-electric crossover (CUV) vehicle, Model Y, with Elon Musk claiming the production on the car will begin in 2020.

“I think the Model Y is going to be a manufacturing revolution,” the CEO stated.

He added the the new model will be “incredible from a manufacturing standpoint.”

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A Reuters report had previously suggested vehicle production would begin in November next year.

The car is to be manufactured in a new Tesla facility, which has been rumoured to be revealed by the end of 2018.

Elon Musk made the announcement at Tesla’s conference call on 2 May, which has since been dubbed “odd”, with the CEO allegedly interrupted analysts.

“Excuse me, next, " Musk was cited saying, followed by "Boring, bonehead questions are not cool.”

Following the conference, in which Musk noted that the manufacturer did not require a capital raise, Tesla’s shares plummeted by 8.1% on 3 May.

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Jun 8, 2021

IMF: Variants Can Still Hurt Manufacturing Recovery

IMF
Manufacturing
COVID19
Musk
Elise Leise
3 min
The International Monetary Fund (IMF) claims that while markets are rising and manufacturing is coming back, it’ll push for global immunisation

After a year of on-and-off manufacturing in the US, UK, and the eurozone, demand for goods surged early last week. Factories set growth records in April and May, suppliers started to recover, and US crude hit its highest price point since pre-COVID. As vaccination efforts immunise much of the US and UK populations, manufacturers are now able to fully ramp up their supply chains. In fact, GDP growth could approach double-digits by 2022

Now, the ISM productivity measure has surpassed the 50-point mark that separates industry expansion from contraction. Since U.S. president Biden passed his US$1.9tn stimulus package and the UK purchasing managers index (PMI) increased to 65.6, both sides of the Atlantic are facing a much-welcomed manufacturing recovery. 

Lingering Concerns Over COVID

Even as Spain, France, Italy, and Germany race to catch up, and mining companies pushed the FTSE 100 index of list shares to a monthly high of 7,129, some say that UK and US markets still suffer from a lack of confidence in raw material supplies. Yes, the Dow Jones has made up its 19,173-point crash of March 2020, and MSCI’s global stock index is at an all-time high. 

Yet manufacturers around the world realise that these wins will be short-lived until pandemic supply chain bottlenecks are solved. If we keep the status quo, consumers will pay the price. In April, inflation in Germany reached 2.4%, and across the EU’s 19 member countries, overall prices have increased at an unusual pace. Some ask: Is this true recovery? 

IMF: Current Boom Could Falter

Even as Elon Musk tweeted about chip shortages forcing Tesla to raise its prices, UK mining demand skyrocketed; housing markets lifted; and the pound sterling gained value. The International Monetary Fund (IMF), however, cautioned that manufacturing recovery won’t last long if COVID mutates into forms our vaccinations can’t touch. Kristalina Georgieva, Washington’s IMF director, noted that fewer than 1% of African citizens have been vaccinated: “Worldwide access to vaccines offers the best hope for stopping the coronavirus pandemic, saving lives, and securing a broad-based economic recovery”. 

Across the globe, manufacturing companies are keeping a watchful eye on new developments in the spread of COVID. Though US FDA officials don’t think we’ll have to “start at square one” with new vaccines, the March 2021 World Economic Outlook states that “high uncertainty” surrounds the projected 6% global growth. Continued manufacturing success will in large part depend on “the path of the pandemic, the effectiveness of policy support, and the evolution of financial conditions”. 

Mathias Cormann, secretary-general of the Organisation for Economic Co-Operation and Development (OECD) concurred—without global immunisation, the estimated economic boom expected by 2025 could go kaput. “We need to...pursue an all-out effort to reach the entire world population”, Australia’s finance minister added. US$50bn to end COVID across the world, they imply, is a small investment to restart our economies.

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