Friday, 5th March 2021 by Gotrade
Governments worldwide have realized the benefits that electric cars would have on our environment and taking steps to make carbon-neutral cars a reality. Many of them are building out the infrastructure needed such as electric-charging stations. General Motors(GM) announced yesterday that by 2035, they will only produce electric cars. The Singapore government has committed to phasing out cars with internal combustion engines by 2040.
Tesla(TSLA) is known as the leader in this industry thus far. However, the increased demand for electric vehicles has resulted in the emergence of several new players in the EV market - such as Nio(NIO), Xpeng(XPEV), Ford(F), and General Motors(GM). Even companies like Apple(AAPL) are looking to develop an electric car.
The question here is - Is there enough market share for all the players? Or is it getting too crowded? According to a Morgan Stanley(MS) report, Tesla’s market shares have dropped, but it’s overall deliveries have still grown in the US. Last year, Tesla had 79% of the US EV market - which itself represented only 1.8% of the US auto market. This number is expected to fall below 60% this year. Tesla will continue to grow in the US market, but its market share in the EV market specifically will likely lessen.
📉 Disney to shut 20% of their stores 👎
Disney(DIS) has announced that it will be shutting down 20% of its retail stores. That’s 60 stores! The pandemic has caused a shift in consumers’ shopping habits, which has resulted in Disney opting to make its offerings available online, while slowly closing its brick-and-mortar stores. Disney’s shares are down 2.2% since its announcement, trading at $188.03.
📈 Square to acquire Jay-Z’s music streaming service 🎵
Square(SQ) has announced that it will be acquiring Tidal, the music streaming service owned by rapper, Jay-Z. What an unexpected partnership. Square’s CEO Jack Dorsey, believes that Tidal has presented itself as the artist-friendly alternative to other music streamers, and Square intends to take that phenomenon further for musicians - just as it has for businesses with its financial systems. Looks like Square is diversifying into other industries! Stocks of Square are up over 180% in the last 1 year.
Top movers & shakers 🎢
What else is making headline news
That’s all from us for now.
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The legal stuff 🤓
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