Three relevant items this morning.
Tesla bears are feeling their oats this morning — thanks to a slowdown in business. Shares are now spiraling lower — off by 10.5%. I haven’t seen a stock this hated since Lehman.
Tesla says it delivered 50,900 Model 3 cars in the first quarter, below the 52,450 analysts expected in a consensus estimate from FactSet.
Overall deliveries also fell short.
“Volume expectations for the company’s products in 2019 are too high with consumer demand likely lower as subsidies phase out in the US,” Goldman Sachs analyst David Tamberrino says.
“Tesla’s 1Q19 vehicle production & deliveries report was substantially worse than expected,” J.P. Morgan analyst Ryan Brinkman says.
The good folks at Lehman are raising the minimum wage to $13 per hour. Mind you, large corporations do not raise wages out of the kindness of their black hearts. We’re at full employment as a nation and they need to entice new plebs to grease the wheels of their evil machines.
Target said Thursday it is increasing its minimum hourly wage by a dollar to $13 in June for all current and new employees as part of its goal to hit $15 an hour by the end of 2020
Applications for unemployment benefits sunk to a 49 year low.
The number of Americans filing applications for unemployment benefits dropped to a more than 49-year low last week.
The data pointed to sustained labor market strength despite slowing economic growth.
Initial claims for state unemployment benefits dropped to 202,000 for the week ended March 30, the lowest level since early December 1969, the Labor Department said.
All of this points to one thing: wage growth. With wage growth, perhaps we can finally get a bump in inflation — something the dovish Fed is probably shitting their pantaloons over.
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Yeah. How the hell do you sell a rate hike now?
The wage increases are due to more than just supply/demand. They are an effort, perhaps coordinated, to stem the impulse of the unwashed electorate who, having seen how well socialism has worked for the already-asset-rich, are increasingly inclined to vote for socialism for their own benefit.
The challenge in the future is when the batteries die and the owner is left with a 20K car which needs a 40K battery replacement.
Should make a nice planter.
Company pushes State of Charge SOC to the limit to get the distance and then super charge them at 240V. Batteries are like Goldilocks they dont like it hot or cold just right. And they certainly dont like being super charged.