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Stocks slipped Friday as a sharp decline in Netflix pressured the rest of the market to end the week. ...
As the final trading session of the week kicks off, stocks are not only focused on Netflix's latest results, but also the latest housing data for direction....
(Bloomberg) -- Deep in the electric-vehicle industry’s supply chain is a little-known Japanese manufacturer that makes a seemingly mundane, but essential, device: coil-winding machines.If the motor is the heart of an EV, then coils in turn are the heart of the electric motor. Odawara Engineering Co., founded 70 years ago as a supplier for appliance makers, is an expert in the making the dense loops of wire that go into those motors. Tesla Inc., manufacturer of the Model S and Model 3 sedans and most recently the world’s most-valuable automaker, is one of its biggest customers.Although the coronavirus pandemic has depressed global auto sales, BloombergNEF predicts that economies will speed up adoption of EVs as some countries choose to bolster funding for low-emission cars and infrastructure. The global market for coil-winding machines is projected to expand at 10% annually and will reach $1.3 billion in 2024, according to Global Info Research.“We...
(Bloomberg) -- Electric-vehicle maker Xpeng Motors Technology Ltd. raised about $500 million from a group of venture investors, showing Chinese startups with promising car models can attract funding even as the industry’s sales slump.Investors in the Series C+ financing round include Sequoia Capital China, Hillhouse Capital, Coatue Management and Aspex, Xpeng said Monday in a statement. The fundraising follows a $400 million round in November.Xpeng is increasing its chances of staying as a viable contender in the world’s largest electric-car market, where it competes with sales leader Tesla Inc., local peers such as NIO Inc. and such global rivals as BMW AG and Mercedes-Benz maker Daimler AG. Though industry sales have been sputtering since the government scaled back subsidies last year, the market is in its early stages.Other aspiring EV makers have run into funding problems and wound down operations this year amid the market slump, which was exacerbated by the...
(Bloomberg) -- Oil extended losses toward $40 a barrel as concerns about demand linger with the coronavirus raging unabated across many regions.The outbreak flared in Hong Kong, while Los Angeles is on the brink of another stay-at-home order as new cases in California accelerated, although the pace of deaths slowed in Arizona and Florida. Meanwhile, Russia’s oil exports are expected to stay near July’s historically low levels next month, a signal the country is serious about keeping extra crude it plans to pump domestically and draining key refining markets like northwest Europe.Oil has been stuck in a tight range this month after rebounding sharply from a plunge below zero in April. The demand recovery is expected to be uneven with the pandemic still out of control in many parts of the world, while OPEC+ is preparing to return supply to the market next month after historic cuts.Crude prices slipped at the...
Jul.19 -- After banning Huawei from its 5G network, the U.K. may further enflame tensions with China by suspending its extradition treaty with Hong Kong. Bloomberg’s Jodi Schneider reports on “Bloomberg Daybreak: Asia.”...
