The cost of Evergrande’s car manufacturing, a loss of 300 million yuan; Tesla was accused of falsely reporting cruising range ten years ago

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The cost of Evergrande’s car manufacturing, a loss of 300 million yuan per car

If Evergrande Motors is really committed to building cars, they will probably create a record loss in car manufacturing: a loss of about 300 million yuan for a car.

On July 28, Evergrande Automobile resumed trading on the Hong Kong Stock Exchange, closing down 61.25%. Two days ago, the auto company, whose nearly 99% of its income still comes from real estate, made up its annual report of financial data for 2021 and 2022, the mid-term report of 2022 and the annual report of 2022, with a two-year net loss of about 84 billion yuan.

If counting from 2018 when the car was announced, Evergrande’s cumulative net loss is about 98 billion yuan. According to the annual report caliber of “more than 320 units have been delivered within the reporting period”, it is equivalent to a loss of about 300 million yuan per vehicle.

In fact, the real car should not lose so much. From 2021 to 2022, Evergrande’s management expenses will account for 11.2 billion yuan, and another 36.5 billion yuan will come from impairment losses of completed and under-construction properties, as well as impairment losses of property, plant, equipment and goodwill. These items add up to 56% of the loss for the period (84 billion yuan).

But what is the actual situation, even the certified public accountants are not sure. PricewaterhouseCoopers, which is responsible for auditing the annual report of Evergrande Automobile, has an accounting opinion on the statement of “no opinion”:

We were engaged to audit the consolidated financial statements of the Group, which included the consolidated statement of financial position as at 31 December 2022 and the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year ended that date, and Notes to the consolidated financial statements (including a summary of significant accounting policies). We do not express an opinion on the Group’s consolidated financial statements. Due to the materiality of the matters described in the basis for disclaimer of opinion paragraph, we have not been able to obtain sufficient appropriate audit evidence on these consolidated financial statements to provide a basis for our audit opinion. In all other respects, we consider that the consolidated financial statements have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

According to the statement of the Investor and Financial Education Committee of the Hong Kong Securities Regulatory Commission, certified public accountants can express four kinds of opinions, and the one obtained by Evergrande Automobile belongs to the last one:

  • Unqualified Opinion: That is when the auditor concludes that there is no material misstatement of the information in the financial statements.
  • Qualified Opinion: That is when the auditor makes one or more exceptions to the unqualified opinion, including that the auditor does not have sufficient evidence to draw a conclusion on one or more specific matters in the financial statements, or the financial statements Information about one or more specified matters is materially misstated.
  • Negative Opinion: That is when the auditor believes that there is a material and widespread misstatement of the information in the financial statements that impairs the reliability of the financial statements as a whole. Accordingly, the auditors have concluded that the financial statements are materially misstated.
  • Unable to express an opinion: It means that the auditor is unable to draw a conclusion on the relevant financial statements because the auditor cannot obtain sufficient evidence to prove whether there is a material and widespread misstatement of the relevant matters in the financial statements.

Evergrande Motor once stopped production of the only mass-produced car “Hengchi 5” this year, and then resumed production in May, and delivered “over 1,000 vehicles” by the end of May.

According to a previous survey by “LatePost”, Evergrande’s start of car manufacturing can be counted from investing in FF cars in 2018. They claimed to have a complete vehicle base in Nansha, Guangzhou, and at the end of 2018, they acquired the latter’s Tianjin factory through the acquisition of Guoneng Automobile.

In 2019, Evergrande continued to buy companies to build cars. It successively acquired in-wheel motor company Tate Electromechanical, British Protean, and battery supplier Canai. In the same year, it also found Magna, FEV and EDAG. Three engineering design companies designed 14 new energy vehicles for it.

Because the behavior style and goals deviate too far from industry conventions, the market has always doubted Evergrande’s real motives. Evergrande Automobile changed its name from Evergrande Health. At that time, the main brands were “Evergrande Health Valley” and “Boao Evergrande International Hospital”. nearly half.

“Wandian Finance” can now find out that the projects of Evergrande Health Valley in Xi’an, Zhengzhou, Sanya and other places are all commercial housing. According to the previous incomplete statistics of “LatePost”, Evergrande Motors acquired 11.33 million square meters of land through various subsidiaries from September 2019 to September 2020, 35% of which were residential land, and 13.34% is land for comprehensive use, where commercial real estate, office buildings, schools, or commercial and residential buildings can be built. (Gong Fangyi)

Tesla accused of falsely reporting mileage a decade ago

Range anxiety has been one of the core concerns of consumers when choosing whether to purchase an electric vehicle. The media released a lengthy investigative report today pointing out that Tesla is suspected of using algorithms to manipulate dashboard readings many years ago to falsely report (exaggerate) the cruising range of its electric vehicles; and last summer, Tesla set up a special Customer service team, used to cancel customers’ maintenance appointments related to vehicle range.

The author of the article quoted a number of anonymous insiders and concluded two points:

For marketing purposes, Tesla wrote algorithms for its vehicle’s range estimation software about 10 years ago to show exaggerated full-charge range predictions. Only after the battery charge drops below 50 percent does the algorithm show a more realistic remaining range. In addition, in order to prevent the car owner from being trapped halfway due to the rapid decline in power in the second half, Tesla designed a “safety buffer zone”. Even if the dashboard shows that the power is empty, the vehicle actually has about 24 kilometers of driving range. People familiar with the matter said that the decision maker who designed the algorithm was Musk himself;

In order to reduce the pressure on the maintenance center, Tesla set up a complaint handling team last summer to cancel maintenance appointment applications due to less than expected cruising range. The team member’s trained words usually include: telling customers that the cruising range estimate is only a prediction, not an actual measurement, and that the battery will degrade over time, and that some suggestions for changing driving habits can be used to extend the range, No need to send it in for repair. The team expects to cancel 750 related maintenance appointments per week.

However, the author also made it clear that in the year corresponding to the above-mentioned allegations, Tesla only sold two models: Roadster (sold in 2008, discontinued in 2012) and Model S (delivered in 2012), the author could not determine Tesla Pull whether these algorithms are still used today. Tesla and Musk himself have yet to respond to the report.

The report also cites assessments of Tesla’s endurance performance from multiple regulatory agencies and tripartite agencies. It needs to be added that in different environments and operating conditions, the actual battery life and nominal battery life of electric vehicles are prone to large fluctuations, just as it is difficult for fuel vehicles to drive the nominal fuel consumption. The following conclusions are only taken from different Agency test results:

  • U.S. Environmental Protection Agency (EPA): Starting in 2020, the EPA will require Tesla to reduce the claimed cruising range of its six models by an average of 3%. Automakers must obtain EPA audit approval before calculating a model’s range and printing it on the window sticker. The EPA stated that Tesla’s final battery life has been corrected.
  • Korea Fair Trade Commission (KFTC): Earlier this year, the KFTC fined Tesla Korea’s website approximately $2.1 million for falsely reporting range between August 2019 and December 2022, the agency said, citing South Korea’s Ministry of Environment test results. , Tesla’s cruising range in cold weather will be reduced by more than half of the advertised value, but Tesla did not inform consumers of this situation. KFTC asked Tesla to publicly admit its mistakes, and Musk and two other Tesla Korean executives admitted “false/exaggerated advertising” in a statement on June 19 this year.
  • The Society of Automotive Engineers International (SAE International): SAE released a mileage evaluation of 21 electric vehicles in April this year, and found that in the highway driving environment, the real mileage of these vehicles was 12.5% ​​less than the advertised value on average. Gregory Pannone, an auto expert who participated in the writing of the report, said that among all the models, the three Teslas performed the worst, with the actual battery life being 26% less than the advertised battery life on average.
  • Edmunds, a car review website: Edmunds released a report in February 2021 stating that none of the five Tesla models it tested achieved the advertised range, while ten of the other car companies (including Ford, GM, Hyundai and Porsche) Nine of the four models exceeded their advertised range figures. Tesla later responded that Edmunds’ test did not take into account that Tesla still had an additional “safety buffer” margin after the power displayed on the dashboard was depleted. A month later, Edmunds released a report after retesting Tesla’s requirements, showing that only two of the six Tesla models reached the advertised mileage data. In addition, Jonathan Elfalan, director of vehicle testing at Edmunds, said that according to the original measurement method, as of July this year, none of Tesla’s models reached the cruising range it advertised.
  • Electric vehicle analysis organization Recurrent: Recurrent conducted tests on more than 8,000 Teslas in 2022 and 2023 and found that the dashboard display mileage in the vehicle did not adjust according to the temperature of the external environment, but in general, temperature, especially The low temperature environment will greatly affect the cruising range of electric vehicles. Recurrent also conducted the same tests on the Ford Mustang Mach-E, Chevrolet Bolt, and Hyundai Kona, and the results showed that the dashboards of these models were more accurate, and the dashboards of the Hyundai Kona often underestimated the actual driving distance of the vehicle.

Since the above-mentioned evaluations are all made by overseas institutions, most of the comparison objects are traditional international manufacturers, which are far away from domestic consumers. “Wandian Finance” continued to check the domestic third-party car service platform Dongchedi’s evaluation of major domestic new energy models in extreme environments last winter and this summer.

The results show that in this year’s summer test (the test location is the Turpan Basin in Xinjiang, the highest temperature exceeds 45 degrees Celsius), the battery life achievement rates of Tesla Model 3, Model S (imported) and Model Y are 59.4%, 55.8% and 54.5%, respectively. %, ranking 28, 32 and 33 among the 37 tested models.

In last year’s winter test (at Yakeshi and Genhe, Inner Mongolia, where the temperature was about minus 15 degrees Celsius), Tesla’s Model 3 and Model Y achieved 46% and 48% of battery life respectively. Among the 29 models tested Ranked 22 and 17. (Qiu Hao)

SHEIN’s first-half profit hit a record, and the platform model will be launched in more regions

According to reports, SHEIN told investors that the company’s sales growth accelerated in the first half of this year, and its net profit hit a record. It also pointed out that sales in the United States continued to grow, further consolidating its leading position in the market.

As of press time, SHEIN did not respond to Wanwan Finance’s request for comment.

The quick recovery in earnings can be attributed in part to a pullback in transportation costs of all kinds. At the beginning of last year, the cost of cross-border freight and raw materials was soaring. “Wan Lian Cai” learned that SHEIN once suffered a single-quarter loss, and building a warehouse in the United States further eroded profits. Based on various data, last year SHEIN’s revenue increased by more than 40% year-on-year, but its net profit fell by 36% to US$700 million, and its net profit margin fell to 3%.

While reporting the profit situation, SHEIN also introduced the progress of the platform business in detail. It launched the platform model in Brazil and the United States this year. According to reports, the current GMV in the Brazilian market has nearly tripled from the beginning of the year, and there are nearly 6,000 active sellers. SHEIN did not introduce the situation in the United States, but mentioned that the platform will be launched in Mexico, Spain, Italy, France, Germany and other regions.

According to Wan Lian Caijing’s browsing experience on the current SHEIN US site, the homepage still looks like a self-operated platform:

  • Products displayed on the homepage and search pages do not display merchant information;
  • There are only two ways to find out whether the product is from a self-operated or a third party. One is that there is a column of folded store information on the product page. After clicking on it, you can see the name of the store to which the product belongs, the number of products, and the rating. The other is after adding it to the shopping cart. Products will be arranged according to the store they belong to;
  • Except for the differences in the products themselves, there is almost no difference between different stores. All store LOGOs are SHEIN-style black and white characters.

Other store pages and product detail pages are uniformly and minimally decorated. In contrast, Amazon sellers can design their own store and product pages, display brand concepts, and more.





Figure 1 is the SHEIN search page, which does not display store information; Figure 2 is the product details page, and the store information can be seen by clicking on the lower right corner; Figure 3 is the store page after clicking; Figure 4 is the shopping cart page, where you can see the shipping merchant name.

In terms of what information is displayed and what information is not displayed, it is a bit like Pinduoduo, which downplays the attributes of the store. This has helped Pinduoduo grasp the source of traffic, and thereby reduce the premium space of merchants relying on their own influence, and bring extremely low-priced products. The side effects are also obvious. Until now, Pinduoduo is not the main position of high premium brands.



Figure 1 is the Pinduoduo product search results page, without displaying the business name. Figure 2 is the Taobao product search result page, displaying the name of the merchant.

According to media reports this week, SHEIN is vigorously recruiting brand merchants to join, and Chinese sellers on Amazon are also key investment targets. In order to attract them, SHEIN offers free commission and advertising fees for the first three months, and emphasizes that the website has a huge user base, which will help sellers increase sales.

According to reports, some sellers revealed that the commission after SHEIN will be set in the range of 5% to 10%, which is significantly lower than Amazon’s 15% to 17%. But some Amazon brand sellers do not plan to join. One of the concerns is that their products are much more expensive than regular SHEIN products, and they are not sure whether users will accept them.

Sellers are not unreasonable to worry. But for SHEIN, the self-operated fast fashion business is very mature, and the more important consideration may be, while promoting the platform model, not to destroy its own brand tone and user experience.

Last month, according to a media survey, more than 60% of American respondents said they would buy less clothes this year, and retailers such as Wal-Mart and Target said that clothing sales were weak in the first quarter. In addition, Temu was launched in September last year. It is closely related to SHEIN in marketing, and it is considered that it may steal the latter’s traffic and users. Despite various challenges, SHEIN still achieved accelerated growth in the United States this year. (Lin Guangying)

McDonald’s second-quarter performance exceeded expectations, and will create a derivative restaurant brand in the name of the early mascot

On Thursday local time, McDonald’s announced its second-quarter results: revenue was US$6.5 billion, a year-on-year increase of 14%; net profit was US$2.31 billion, a year-on-year increase of 94%. The higher-than-expected increase is due to the rebound of its sales in China and the promotion of local sales in the United States by the mascot Grimace.

“This quarter, honestly, the theme is Grimace,” McDonald’s CEO Chris Kempczinski said in the company’s conference call. old monster.

In the U.S., McDonald’s largest market, same-store sales rose 10.3 percent in the quarter, marking the fourth consecutive quarter of growth. The company attributes some of the growth to marketing efforts, such as its new Grimace birthday package, which generated buzz and sales over its photogenic purple milkshake. On the TicTok platform alone, the number of views on topics related to Grimace Shack exceeded 2 billion.

With the gradual recovery of the Chinese market, the increase in sales in China has driven the same-store sales of McDonald’s international development license market to increase by 14%.

Chris Kempczinski said that McDonald’s is planning to launch a spin-off brand called CosMc’s, which will be a small restaurant with 100% McDonald’s DNA but with its own unique personality. CosMc’s is also one of the early mascots of McDonald’s, an alien who likes to eat McDonald’s. The company will pilot CosMc’s stores in early 2024. (Intern Chen Yutong)

Tech Weekly 丨 Another major breakthrough in physics, is this more believable?

Big models are eclipsed by it, and the most talked-about event in technology this week belongs to a new study of room-temperature, atmospheric-pressure superconductivity. South Korean researchers published a paper on the paper platform arXiv last weekend, announcing that they synthesized superconductors in an environment of 127°C and normal pressure, which greatly lowered the threshold for making superconductors. The discussions that have been triggered have not yet ended.

Scientists believe that if superconductors at room temperature and pressure can appear and be widely promoted, it means that a new industrial revolution has arrived, and the development of high-end technologies related to superconductors will become easier, and it will also change the way the world uses electrical energy, such as Making batteries last longer, grids more efficient, and more.

Superconductivity is when electrical resistance disappears. Electricity travels quickly through the wire, but there is resistance—like friction in a ball rolling forward—that causes some of the electricity to be lost as heat. This is why mobile phones and TVs get hot when used.

Now all explanations about it will add a premise: the material is below a certain temperature. A century after the discovery of superconductivity, the temperature required for practical applications has gradually increased from minus 269 degrees to minus 200 degrees. Some laboratories have achieved minus 23 degrees in a high-pressure environment, but it is difficult to promote it on a large scale.

This means that if you want to use superconductivity, you must provide additional energy to cool down, pressurize, and provide a special environment for the material. Although it is troublesome to use, superconducting materials have the characteristics of zero resistance and complete diamagnetism, and have been widely used in the development of high-end technologies such as maglev trains, nuclear magnetic resonance machines, quantum computers, and nuclear fusion.

Over the past decade or so, there have been repeated researches announcing major breakthroughs in room-temperature superconductors, but none of them could be reproduced by other laboratories. The most recent one was just 4 months ago. Therefore, almost everyone will add an “if” when paying attention to new research on superconductivity.

Compared with previous research breakthroughs that could not be reproduced, the progress announced by South Korean researchers this time seems much more credible. The material synthesis steps they announced are very simple. Some researchers claim that high school students can complete them and provide a lot of verification. Data, also released a video of the material levitating. “It’s hard for someone to gamble decades of academic life on something that’s relatively easy to replicate,” said one commenter.

There are also scientists who have raised doubts. “The levitation in the video should be caused by a weak diamagnetic effect, which is obviously different from superconducting maglev.” Wen Haihu, a professor at Nanjing University and a member of the American Physical Society, said in an interview. According to “New Scientist”, some researchers believe that the paper is missing data on magnetic field response and specific heat, so the evidence is insufficient, and the current results may be caused by experimental procedure errors or sample defects.

Sam Altman, CEO of OpenAI, who is busy releasing the Worldcoin, echoed the sentiment: “I’m eager to believe [it’s true], but I think our excitement about this diamagnetic substance Too much.”

At present, many research teams and even some individuals around the world are reproducing the research, and the results are expected to be available on the weekend or early next week. (He Qianming)

IPO I knew earlier丨A shares today 3 hard technology companies apply for purchase

  • Huaqin Technology: engaged in R&D, design, manufacturing and operation services of smart hardware products, mainly serving smart hardware brand manufacturers and Internet companies, such as Samsung, OPPO, Xiaomi, vivo, Amazon, etc. In 2019, 2020, 2021, and 2022, the company’s net profits will be 358 million yuan, 1.695 billion yuan, 1.043 billion yuan, and 1.868 billion yuan, respectively. The issue price is 80.8 yuan, the issue price-earnings ratio is 31.32 times, and the proposed fundraising is 5.5 billion yuan.
  • Mengli: The main business is the research and development, production and sales of lithium battery cathode materials, and it is one of the main domestic suppliers of lithium battery cathode materials. In 2019, 2020, 2021, and 2022, the company’s net profit will be -28 million yuan, 63 million yuan, 97 million yuan, and 84 million yuan, respectively. The issue price is 5.32 yuan, the price-earnings ratio of the issue is 29.02 times, and the funds to be raised are 700 million yuan.
  • Blue Arrow Electronics: engaged in semiconductor packaging and testing business, providing discrete devices and integrated circuit products for the semiconductor industry and downstream fields. In 2019, 2020, 2021, and 2022, the company’s net profits will be 27 million yuan, 43 million yuan, 72 million yuan, and 65 million yuan, respectively. The issue price is 18.08 yuan, the price-earnings ratio of the issue is 55.29 times, and the funds to be raised are 601.5073 million yuan. (Intern Chen Yutong)


A shares rose today.

On July 28, the Shanghai Composite Index, Shenzhen Component Index and ChiNext Index rose by 1.84%, 1.62% and 1.62% respectively. The more representative Shanghai and Shenzhen 300 Index rose 2.32%. Of the more than 5,000 listed companies in the two cities, 3,633 rose. According to Wind estimates, the net purchase of northbound funds was 16.4 billion yuan, the third highest in the year. Real estate and securities companies are one of the best-performing sectors in stock prices today, especially the latter. Many stocks such as Tianfeng Securities, Pacific Securities, Cinda Securities, and Guohai Securities have daily limit, and CITIC Securities has daily limit in the afternoon.

The Minister of Housing and Urban-Rural Development has called for more property stimulus.

According to Xinhua News Agency, Minister of Housing and Urban-Rural Development Ni Hong recently held a symposium for real estate companies. He said that he must continue to consolidate the stabilization and recovery of the real estate market, vigorously support rigid and improved housing demand, and further implement the reduction of the down payment ratio and loan interest rate for the purchase of the first house. , Improvement housing exchange tax relief, personal housing loans “recognize the house without taking the loan” and other policies and measures; continue to do a good job in guaranteeing the delivery of buildings, speed up the delivery of project construction, and effectively protect the legitimate rights and interests of the people.

Tianjin adjusts personal housing provident fund loans, and the maximum loan for the purchase of the first house is 1 million.

Today, the website of Tianjin Housing Provident Fund Management Center issued a notice to adjust the personal housing provident fund loans. Employees who apply for the purchase of the first house of the family, the maximum loan limit is 1 million yuan; for the purchase of the family’s second house, the maximum loan limit is 500,000 yuan. The method of calculating the loan amount based on the repayment ability will also be adjusted to: the monthly repayment amount shall not exceed 60% of the employee’s monthly income (if the employee and spouse apply for a provident fund loan jointly, it shall be the sum of the employee’s and spouse’s monthly income).

HEYTEA has opened more than 1,000 franchised stores this year, and the total number of stores exceeds 2,000.

HEYTEA announced the opening of franchising eight months ago. According to multiple media reports, it has opened more than 1,000 franchise stores, with a total of more than 2,000 stores and more than 240 cities. Shop fire one shop”. According to the person in charge, more than 10,000 franchise applications are still received every month. This is the first time that Heytea has announced its franchise progress. According to Bright Company, HEYTEA opened less than 50 new stores last year, and the total number of stores at the end of the year was about 850.

Kering Group intends to acquire a 30% stake in Valentino for 1.7 billion euros.

Kaiyun Group announced on Thursday that it will acquire 30% of Valentino’s shares with 1.7 billion euros in cash, and can choose to complete the acquisition in the next five years. Valentino had revenue of 1.4 billion euros last year. In contrast, Kering Group’s revenue in the first half of this year was 10.1 billion euros, but it only increased by 2% year-on-year, of which North America fell by 23% and Asia-Pacific increased by 22%, which was obviously inferior to its peers. The revenue share of the main brand Gucci also further increased. down to 50.6%. Kering acquired Gucci in 1999 and entered the luxury business, and then acquired brands such as SAINT LAURENT.

Dongfangxuan’s independent app rose to No. 7 on the App Store’s free list, and its stock price rose nearly 30% in one day.

On July 26, the self-operated live broadcast room of Dongfang Selection on the Douyin platform was closed, and CEO Sun Dongxu decided to sell it on the Dongfang Selection app. At present, the Dongfang Selection app has been ranked seventh in the free download list of the Apple App Store in China.

The Cambrian layoffs again, and the smart driving chip business may have been put on hold.

According to a report from Sina Technology, Cambrian has laid off employees again, and its smart driving chip business Xingge Technology is a “hardest hit area”. The company’s hardware part only retains a small number of employees to “repair the aftermath”, and new projects have been suspended. In December 2022, a number of Cambrian subsidiaries, including Xingge Technology, were included in the US entity list. In April this year, Cambrian had already reported a round of layoffs.

PC demand picked up, and Intel’s second-quarter profit beat expectations.

Intel’s net profit in the second quarter was US$1.48 billion, compared with a loss of US$454 million in the same period last year. The turnaround was unexpected by the market, and the company’s share price rose 7% after hours. Intel CEO Kissinger said that the inventory of PC components has returned to normal levels and is expected to continue to recover in the second half of the year; the recovery of server chips is less than expected, mainly due to the sluggish economy in China and weak demand from corporate customers, which is expected to wait until the fourth quarter.

Chip equipment manufacturers Kelei and Fanlin gave optimistic expectations, indicating that the chip industry may be close to recovery.

On July 27 local time, KLA, the world’s fifth largest chip equipment manufacturer, issued a statement saying that it expects sales as of September to reach 2.35 billion US dollars, exceeding market expectations; the world’s third largest Lam Research (Lam Research) It also recently gave a stronger-than-expected profit forecast. The statement of the equipment manufacturers means that the fab is ready to re-purchase new equipment. The precondition and main expenditure for chip manufacturers to expand production is to purchase new manufacturing equipment.

The Bank of Japan allowed 10-year government bond yields to break through the 0.5% cap.

The 0.5% ceiling on Japan’s 10-year government bond yield will no longer be a hard standard, the Bank of Japan said on Friday. This is considered by the market to be a precursor to raising interest rates, and some people think that it is actually raising interest rates. Affected by this, the Japanese 10-year government bond yield once rose to the highest level (0.575%) since September 2014, which triggered a rise in the yen exchange rate and a fall in the Japanese stock market.

US GDP grew by 2.4% in the second quarter, better than the expected growth rate of 1.8%.

According to the U.S. Bureau of Economic Analysis, the U.S. real GDP quarter-on-quarter annualized rate (seasonally adjusted) in the second quarter was about 2.4%, higher than the previous value (2.0%) and the same period last year (-0.6%). Quarter-to-quarter annualized rate refers to the GDP growth rate calculated by extrapolating the quarter-on-quarter growth rate to the whole year under the assumption that the growth rate of the current quarter is maintained throughout the year.

The losses will widen as Ford Motor delays its electric vehicle production goals, and the slower-than-expected adoption of electric vehicles will widen its losses.

Ford Motor Co said on Thursday that its goal of producing 600,000 electric vehicles a year had been delayed from 2023 to 2024 because of slow sales of electric vehicles. CFO John Lawler said after the company’s second-quarter earnings were released that the electric E-Model segment posted an operating loss of $100 million despite solid overall second-quarter earnings.

Sequoia Capital cuts size of cryptocurrency fund to focus more on startups

According to media reports, Sequoia Capital recently reduced the size of two funds, among which the size of the cryptocurrency fund was reduced from US$585 million to US$200 million, and the ecosystem fund used to support small venture funds or individual investors was reduced from US$900 million to US$200 million. $450 million. In March of this year, Sequoia Capital told investors that as the market changes, it will shrink the size of the fund. For example, with the turmoil in the cryptocurrency industry, there will be fewer opportunities to invest in large companies, and it will pay more attention to start-up companies.

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