Tesla suffers in China
Tesla $TSLA (-0.42%) is not having an easy time in China. In February 2023, the Californian company was confronted with a severe decline in deliveries. According to the China Passenger Car Association (CPCA), deliveries fell by a whopping 49% to just 30,688 vehicles. Compared to January, when 63,238 vehicles took to the roads, this is a significant drop. While Tesla is down, its competitors are celebrating successes: sales figures for new electric vehicles in China rose to an impressive 840,000 units - an increase of 82% compared to the previous year. Customers appear to be increasingly opting for hybrid and electric vehicles from other manufacturers such as BYD. The challenges with Tesla's autopilot and full self-driving technologies in China are also adding to the company's woes. The share price has fallen by over 7% in the current situation and has lost more than 30% of its value since the start of the year.
Sunnova reaches all-time low
Sunnova Energy International $NOVA hit a worrying all-time low on Monday. The company has warned that it may not be able to continue to operate as a going concern. The decline in demand for alternative energy products has led to a dramatic loss of confidence, reflected in a share price drop of over 60%. For the 2024 financial year, Sunnova reports a 13% decline in revenue from the sale of solar energy systems to EUR 298.4 million. At the same time, operating costs rose by 12% to 1.08 billion euros. In order to stabilize the financial situation, Sunnova has concluded a three-year loan agreement for 185 million euros, which carries a high interest rate of 15% per year. The future of the company is now hanging by a thread.
Sources:
https://finance.yahoo.com/news/sunnova-stock-hits-time-low-150523257.html
