fbpx

PU Prime App

Exclusive deals on mobile

  • Market Insights  >  Weekly Outlook

24 April 2023,08:55

Weekly Outlook

China’s economy grew at the fastest pace in Q1, reaching 4.5%

24 April 2023, 08:55

Share on:
FacebookLinkedInTwitterShare
Share on:
FacebookLinkedInTwitterShare

The economic resilience of the world’s second-largest economy will be headwind for oil prices

China’s Q1 GDP grew by 4.5%, exceeding expectations of a 4.0% expansion and marking the fastest pace of growth since Q1 2022. On a quarter-by-quarter basis, the GDP grew by 2.2% in Q1, compared to a revised 0.6% rise in the previous quarter. Retail sales surged 10.6%, while value-added service output rose 5.4%, and value-added industrial production was up 3%, following the National Bureau of Statistics data. The data indicates that the economy is rebounding, led by consumption, services, and infrastructure. However, there are concerns about the strength of domestic demand, given easing inflation and surging bank savings. The government has set a target of around 5% for this year’s economic growth after failing to meet its 2022 goal.

Tesla’s price cuts caused a drop of more than 20% in its income and profit margins

Tesla’s first-quarter net income fell 24% from a year ago, despite sales rising 36% to a record 422,875 vehicles worldwide. The drop in net income is due to multiple price cuts across its model lineup, reducing the amount of money generated per vehicle. The company made an adjusted 85 cents per share, matching analyst estimates. Tesla’s operating profit margin fell from 19.2% in the first quarter of last year to 11.4% this quarter. CEO Elon Musk hinted that price cuts might not be over, stating that Tesla evaluates them daily to keep producing the maximum number of vehicles possible. Shares of Tesla fell 2% during trading and dropped 6% more in extended trading after the earnings were released.

Toyota unveils new electric sedan in China

Toyota introduced its first electric sedan, the bZ3, in China, and it received 5,000 orders on the first day of sales. The vehicle is part of Toyota’s bZ lineup of battery-electric cars, including the bZ4x SUV and two new models set to come to the Chinese market next year. The bZ3 sedan ranges over 500 km, and prices start at CNY 169,800 ($24,643), making it cheaper than the Tesla Model 3 and BYD’s Han sedan. Toyota is also developing hydrogen as a power source and plans to open a factory dedicated to hydrogen fuel systems in Beijing next year. Sales of battery-powered and hybrid passenger cars have surged in China in recent years, with one-third of new vehicles sold in March being electric or hybrid.

把握优势,开始交易

以行业低点差和闪电般的执行速度交易外汇、指数、贵金属等。

  • 在我们的Standard账户上以最低50美元的入金金额开始交易。
  • 获得全天候支持。
  • 获取数百种交易工具、免费教学器材和最佳的优惠活动。
立即加入

Latest Posts

简单快速的
开设账户

开设真实账户
  • 1

    即刻申请

    通过无障碍程序注册

    PU Prime

    真实账户

  • 2

    轻松入金

    通过多种渠道及可接受的货币轻松地为您的账户入金

  • 3

    开始交易

    在市场领先的交易条件下,交易数百种产品