Hang Seng Index rises to fresh high since late 2021 on trade deals
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RTHK
an hour ago
- RTHK
Tesla reports 16pc profit drop to US$1.2bn
Tesla reports 16pc profit drop to US$1.2bn Shares of Tesla dipped 0.4 percent in after-hours trading on Wednesday. Photo: Reuters Tesla reported another drop in quarterly profits on Wednesday on lower auto sales amid intensifying electric vehicle competition and lingering backlash over CEO Elon Musk's involvement in US politics. The company reported second-quarter profits of US$1.2 billion, down 16 percent from the year-ago level. In a press release, it emphasised ongoing efforts to lead in artificial intelligence and robotics. Revenues fell 12 percent to US$22.5 billion. Lower profits had been expected after Tesla earlier this month disclosed a decline in auto deliveries. Its results were also impacted by a fall in average vehicle selling prices and higher operating expenses driven by AI and other research and development projects. Tesla did not offer an outlook on full-year vehicle production, citing shifting global trade and fiscal policies. "While we are making prudent investments that will set up both our vehicle and energy businesses for growth, the actual results will depend on a variety of factors, including the broader macroeconomic environment, the rate of acceleration of our autonomy efforts and production ramp at our factories," Tesla said. The results come on the heels of Tesla's launch last month of a robotaxi service in the Texas capital, Austin, Musk's first fully autonomous offering after pushing back the timeframe many times. Musk has heavily touted Tesla's autonomous driving programme, as well as the company's "Optimus" humanoid robot, which employs artificial intelligence technology. But analysts have criticised Tesla's sluggishness in unveiling new autos, while questioning Musk's commitment to an earlier goal of launching a state-of-the-art electric vehicle priced at around US$25,000 to bolster the odds of mass deployment. In Wednesday's press release, Tesla said, "We continue to expand our vehicle offering, including first builds of a more affordable model in June, with volume production planned for the second half of 2025." Shares of Tesla dipped 0.4 percent in after-hours trading. (AFP)
South China Morning Post
3 hours ago
- South China Morning Post
Trump administration issues plan to limit AI exports to China
The White House on Wednesday released proposals to restrict exports of American AI equipment and limit the spread of Chinese AI models as part of a sweeping plan to shape the rules governing the fast-moving technology. The 28-page AI Action Plan marks US President Donald Trump's administration's first comprehensive strategy on the topic and comes as national security hawks have raised concerns that superior American chips may reach China – including through third countries – and advance its AI and military development. Under the plan, the US Commerce Department will lead an effort to develop new export controls on chipmaking subsystems to close 'loopholes' in current restrictions that now focus on major systems. The department will also lead efforts to increase the monitoring of exported US chip end users and to explore using new chip location verification features to keep them out of 'countries of concern' – a term often used to refer to China, Iran, North Korea and Russia, among others. The plan also directs the Defence and Commerce departments to coordinate with allies on adopting US export controls and to prohibit American adversaries from being involved in their defence supply chains. 'Artificial intelligence is a revolutionary technology with the potential to transform the global economy and alter the balance of power in the world,' White House AI tsar David Sacks said in a written statement.
The Standard
10 hours ago
- The Standard
Wall Street opens higher as US-Japan trade deal lifts sentiment
A Wall Street sign hangs in front of a U.S. Flag outside the New York Stock Exchange (NYSE). REUTERS/Andrew Kelly/File Photo
