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EV firm Lotus Tech reports quarterly revenue jump on strong demand for luxury cars
Reuters
·
1y ago
Medial
Lotus Technology, a luxury electric car manufacturer, has reported a significant increase in revenue for the fourth quarter, following its recent initial public offering. The company, valued at $7 billion, experienced strong demand for its electric cars despite the slower growth of the electric vehicle market. Deliveries for the quarter reached 3,749 units, a 110% increase from the previous quarter, and Lotus Tech expects to increase deliveries to 26,000 units in 2024. The company also plans to expand its product offerings, introducing the Emeya electric grand touring car in both China and Europe, as well as launching the Eletre electric SUV in the US.
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Luxury EV sales zoom 66% in India; 2,027 units sold in just 5 months
Economic Times
·
1m ago
Medial
Sales of luxury electric vehicles (EVs) in India surged by 66% in the first five months of the current year, reaching 2,027 units. Mercedes-Benz India reported a 73% sales growth, driven by demand for premium electric models. The luxury segment's EV penetration increased to 11%, up from 7% the previous year. BMW India also reported strong EV demand, targeting 30% electric vehicle sales by 2030. Overall luxury car sales show promising growth potential amid rising ultra-high-net-worth individuals.
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Gainers & Losers: 10 stocks that moved the most on October 17
Money Control
·
9m ago
Medial
The Sensex and Nifty continued to decline, driven by foreign investor selling, weak earnings reports, and geopolitical tensions. Bajaj Auto's reduced sales growth guidance led to a significant drop in the Nifty Auto index. CRISIL's shares slipped despite reporting a YoY increase in net profit. Kolte-Patil Developers' strong Q2 results resulted in a surge in shares. Nalco's shares rose due to positive global trends. Mphasis reported a jump in net profit but a drop in revenue. Nestle India's shares dropped after a marginal decline in quarterly profit. Hero MotoCorp shares declined due to weak demand. Hind Rectifiers and Titagarh Rail saw positive gains in their share prices.
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India cuts import taxes on EVs in win for Tesla's entry plans
TechCrunch
·
1y ago
Medial
India is set to reduce import taxes on certain electric vehicles (EVs) for companies that commit to investing at least $500 million and establishing local manufacturing within three years. This move could potentially support Tesla's plans to enter the Indian market. Under the policy change, companies meeting the investment and manufacturing requirements will be allowed to import 8,000 EVs each year at a reduced import duty of 15% on cars costing $35,000 and above. This aligns with India's goal to boost EV adoption and reduce oil imports. Other EV makers like VinFast and Lotus Cars are also eyeing India as a manufacturing hub.
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BlackBerry raises annual revenue forecast on robust demand for cybersecurity services
Economic Times
·
1m ago
Medial
BlackBerry has raised its annual revenue forecast due to strong demand for its cybersecurity services amidst rising online crimes, boosting its U.S.-listed shares by 6%. The firm, benefiting from increased cybersecurity investments, now anticipates fiscal year 2026 revenue between $508 million and $538 million, up from its previous estimate. Despite a slight decline in quarterly revenue to $121.7 million from $123.4 million last year, its QNX business grew by 8.1% year-on-year.
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Expedia beats profit estimates, announces $5 billion share buyback
Economic Times
·
1y ago
Medial
Online travel booking company Expedia Group has announced a $5 billion share buyback plan following a better-than-expected quarterly profit. The company experienced a boost in demand for international travel, leading to resilient demand and higher rates, which increased margins. The rise in bookings during the Independence and Labor Day holiday weekend also contributed to its strong performance. Expedia's quarterly revenue rose 8.6% to $3.93 billion, surpassing estimates of $3.86 billion. Shares of the company rose by 10% after the announcement.
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DLF to invest Rs 5500cr to build new luxury housing project in Gurugram
Economic Times
·
1m ago
Medial
DLF Ltd plans to invest Rs 5,500 crore in a new luxury housing project, "DLF Privana North," in Gurugram. Comprising over 1,150 apartments on an 18-acre land, this project is part of the larger 116-acre "DLF Privana" township. DLF aims to achieve record sales bookings amid strong luxury home demand, following the successful sale of previous projects within the same township totaling Rs 12,800 crore. The company anticipates strong growth and sustained housing demand.
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Nvidia's optimistic forecast fails to convince Wall Street
Economic Times
·
5m ago
Medial
Nvidia’s quarterly forecast led to an 8% stock decline as Wall Street remained skeptical. Despite a better-than-expected revenue forecast and strong demand for its Blackwell chips, Nvidia's growth is slowing, with a projected 65% revenue increase far from previous triple-digit growth. Investor concerns over AI spending and rivals' cost-effective models have impacted Nvidia’s valuation, which saw significant declines. Analysts remain cautiously optimistic, yet uncertainty persists regarding sustained AI-driven revenue growth.
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Nvidia just keeps hitting it out of the park
Business Insider
·
1y ago
Medial
Nvidia reported record quarterly revenues of $26 billion, surpassing analyst estimates, driven by strong demand for its chips used in AI technology. The company also shared a positive outlook, with a forecast of $28 billion in second-quarter revenue. Nvidia's shares soared above $1,000 for the first time, and the stock has seen a 200% increase over the past year. Despite awaiting the release of its next GPU chip, Blackwell, Nvidia continues to experience strong sales of its H100 chip. The company expects high demand to outpace supply well into next year.
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This Swiss watchmaker's timing on India's luxury boom couldn't have been better
Livemint
·
6m ago
Medial
Swiss luxury watchmaker Rado aims for double-digit growth in India, which has become their largest market by value, even as luxury demand in China slows. Despite inflation affecting general consumption, affluent Indians are increasingly buying luxury items. The growth is driven by India's rising individual wealth and increased luxury imports, despite a strong Swiss franc and declining rupee. Rado's success in India highlights a broader luxury market expansion, with potential price drops via future trade agreements.
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Zaggle targets 50% revenue growth this fiscal
Thehindubusinessline
·
1y ago
Medial
Fintech firm Zaggle Prepaid Ocean Services aims for a 40-50% revenue growth in FY24, thanks to strong partnerships and a surge in orders. The company has partnered with Emcure Pharma, Wipro, and Arcadis Consulting India for employee flexi benefit solutions. Zaggle has also joined forces with travel tech platform EaseMyTrip to offer travel and expense management solutions to corporate entities, allowing seamless integration of travel booking and expense reporting processes. The company plans to integrate multiple services, such as forex and travel, for corporates to provide their employees. Zaggle achieved its highest ever quarterly revenue and net profit in Q3 FY24.
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