TheStreet's J.D. Durkin brings you the biggest news of the day, including how the market fared and why Tesla is taking a backseat to a Chinese competitor.
Category
🥇
SportsTranscript
00:00 I'm JD Durkin reporting from the New York Stock Exchange.
00:03 Stocks were mixed to close out today's session.
00:05 The Dow closed up 26 points.
00:07 The Nasdaq closed down 1.6 percent while the S&P 500 closed five-tenths of a percent lower.
00:13 Stocks are off to a bit of a slow start this year as investors react to a rebound in interest
00:18 rates and of course a big Apple downgrade.
00:21 While this week is light in terms of economic data, investors are looking ahead to the December
00:25 jobs report Friday for a better idea of the state of the U.S. labor market.
00:30 In other news, despite hitting its full-year delivery target, Tesla has been dethroned
00:35 as the world's largest electric vehicle maker.
00:38 The company reported 485,000 sales in the fourth quarter of 2023, but that fell short
00:44 of China's BYD, which sold 526,000 cars.
00:49 Tesla remained ahead for full-year sales, selling 1.81 million EVs compared to BYD's
00:55 1.6 million.
00:56 However, the gap is certainly closing.
00:59 Tesla saw a 38 percent year-over-year increase, but BYD's sales jumped more than 70 percent
01:05 from 2022.
01:07 Despite the competition, Tesla's share of the Chinese EV market remains steady.
01:11 The Elon Musk-led company owned about 12 percent of the market in the first 11 months of 2023,
01:18 up one percent from that same period the year before.
01:21 Wall Street anticipates Tesla selling even more vehicles in 2024, with the expectation
01:26 of about 2.1 million electric vehicles being sold in the new year.
01:31 Tesla will report its 2023 fourth quarter results on January 24th.
01:36 That'll do it for your daily briefing.
01:38 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
01:41 [BLANK_AUDIO]