Northern Ireland's new car market shows signs of recovery in August with a 10.5% increase in sales compared to the previous year, while a small survey indicates a slight improvement in consumer confidence despite lingering concerns about high inflation and economic pressures.
Tesla's Q3 delivery numbers are expected to be lower due to production slowdowns, but analysts believe the introduction of new products and positive developments will drive growth in Q4, prompting a Buy rating on the stock.
Tesla is expected to report its third-quarter vehicle sales, as the electric vehicle leader continues to dominate the market.
U.S. manufacturing showed signs of recovery in September, with the manufacturing purchasing managers' index (PMI) increasing to 49.0, the highest reading since November 2022, and new orders and factory employment improving, according to a survey by the Institute for Supply Management (ISM). However, the PMI remained below 50 for the 11th straight month, indicating contraction in manufacturing.
Rivian reported higher-than-expected Q3 production and delivery numbers, putting the company on track to surpass its annual estimates and produce 52,000 vehicles in 2023.
Despite strikes and high interest rates, analysts expect new vehicle sales in the U.S. to continue growing, with an estimated annualized pace of 15.5 million in September, along with positive sales growth forecasts for general motors, Toyota, Ford, and Honda.
Top global automakers, including General Motors and Toyota, reported a rise in U.S. new vehicle sales for the third quarter, driven by strong demand for the latest models and improved supply, despite ongoing concerns over supply disruptions caused by the United Auto Workers strike.
GM's Q3 delivery numbers show a significant increase in sales of its Cadillac Lyriq and Hummer EV, indicating progress in getting their Ultium vehicles off the ground, though overall EV sales still represent a small percentage of GM's total sales.
Ford Motor's third-quarter U.S. new vehicle sales rose 7.7%, driven by increased sales of traditional pickup trucks, while sales of electric vehicles were up by 14.8% and hybrid sales saw a 41.4% increase.
Sales of three-cylinder engines in the United States have surged to over 6% of the market since 2019, while sales of six- and eight-cylinder engines have been declining.
Mercedes-Benz's electric vehicle sales in the US have risen by 284% in Q3 compared to last year, bringing their market share to nearly 15%, while Ford and GM's market share remains around 3% to 4%.
The global PC market saw a decline in shipments in Q3 2023 compared to the same period last year, but major players like Lenovo, Dell, Apple, and Asus have managed to clear inventory and post sequential growth, indicating a better financial position; Apple faced a significant decline of 29% due to strong Q3 performance last year, but overall, the market is showing signs of improvement, with the expectation that the adoption of AI-capable PCs will accelerate from 2025 onward.
US electric vehicle sales reached a new milestone in the third quarter, with a 50% increase from last year, but Tesla's market share is shrinking as other automakers see significant EV sales gains.
US electric vehicle (EV) sales reached over 313,000 in Q3, a nearly 50% increase from a year ago, with Tesla accounting for 50% of total sales, but its market share is decreasing; meanwhile, the overall EV market share reached 7.9%, driven by higher inventory, more product availability, and downward pricing pressure, according to Kelley Blue Book.
This week, investors will focus on Q3 2023 earnings reports, as well as important economic indicators such as September's retail sales and industrial production, to gauge the Federal Reserve's policy stance and shape expectations about the economy.
A record 17.5% of new-car buyers paid over $1,000 a month for a vehicle in the third quarter, marking a significant increase from three years ago.
Tesla is set to release its Q3 2023 financial results, with analysts expecting lower revenue and uncertainties about earnings, while shareholders are concerned about the company's ability to maintain high gross margins and may raise questions about future deliveries and expansion plans.
Sales at U.S. retailers increased by a larger-than-expected 0.7% in September, driven by strong demand at auto dealers and online stores, indicating that households have sufficient buying power to support economic growth.
Investors are hoping that Tesla's Q3 earnings will help the company recover from underperforming the market in recent months, as factors such as price cuts, slower production of the Cybertruck, and the departure of the CFO have weighed on the stock.
The US economy is expected to experience significant growth in the third quarter, despite a 0.7% decline in the leading economic index in September, with forecasts suggesting a GDP expansion of over 4%; however, analysts warn that the late stages of a business cycle may not provide clear indications of an imminent downturn.
During the third quarter of 2023, Tesla improved its market share in the largest car markets globally, reaching a record of four percent in the United States/Canada, increasing sales and expecting to continue expanding its market share in the near future.
Snap reported strong Q3 earnings, beating expectations and suggesting potential future growth, leading to an 11% surge in after-hours trading.
Ford Motor prepares to report earnings for the third quarter, with analysts expecting a rebound in earnings and a growth in revenue, while the company's outlook for 2023 is anticipated to be near the lower end of expectations.
Amazon is expected to report Q3 revenues of $142.34 billion, a 12% year-over-year increase, with Q4 sales estimated at $174.13 billion, according to Monness' Brian White, who maintains a Buy rating and a $170 price target on the stock.
The Coca-Cola Company reported strong Q3 2023 earnings, with 11% organic revenue growth driven by positive volume, pricing actions, and carryover pricing from the previous year, and the company is confident in its ability to continue delivering volume growth and positive results in varying market conditions.
The U.S. economy is expected to have grown at its fastest pace in almost two years in the third quarter, driven by strong consumer spending and rebounding residential investment, defying fears of a recession and showcasing the economy's resilience; however, growth could slow in the fourth quarter due to factors such as auto strikes and the resumption of student loan repayments.
The U.S. economy is expected to have grown by more than 4% in the third quarter, thanks to increased spending by households, businesses, and the government, along with a strong job market and pandemic savings, though there are concerns that higher borrowing costs and various uncertainties could slow growth in the coming months.
The U.S. economy grew faster than expected in the third quarter, driven by robust consumer spending and resilient labor market, despite warnings of a recession; however, growth may slow in the fourth quarter due to factors such as auto worker strikes and student loan repayments.
