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New Delhi, <keyword id="1390483" type="General" weightage="20" keywordseo="Housing-sales" source="Orion">Housing sales</keyword> rose 8 per cent annually during the April-June period to 80,250 units across eight major cities, mainly on increased demand in Mumbai and Pune, according to PropTiger. Sales stood at 74,320 units in the year-ago period across primary (fresh sales) residential markets of the top eight cities. The housing brokerage firm on Wednesday released its Real Insight Residential - April-June 2023 report, stating that housing sales rose in three cities Mumbai, Pune and Ahmedabad but declined in other five major cities -- Delhi-NCR, Bengaluru, Hyderabad, Chennai and Kolkata. "India's top eight residential markets continue on a growth path. The RBI's decision to pause the hike in the key lending rate helped in sustaining strong positive sentiments for buying residential properties," Vikas Wadhawan, group CFO of REA India, said. PropTiger, Housing.com and Makaan.com platforms are owned by REA India, which is part of Australian firm REA, and News Corp. "The driving factors behind the uptick in housing sales over the last two years are pent-up demand from the COVID-affected period, growing appetite for home ownership, revival in the economy post-pandemic, and the evolving need for more spacious homes," he said. As per the data, housing sales in Ahmedabad increased 17 per cent to 8,450 units during the April-June period to 7,240 units in the year-ago period. Bengaluru saw a 19 per cent decline in sales to 6,790 units from 8,350 units while Chennai witnessed a 5 per cent fall to 3,050 units from 3,210 units. Housing sales in Delhi NCR fell 28 per cent to 3,230 units from 4,510 units. Hyderabad too witnessed a 3 per cent drop in demand to 7,680 units from 7,910 units. Housing sales in Kolkata decreased 40 per cent to 1,940 units from 3,220 units. Mumbai Metropolitan Region (MMR) saw a 16 per cent increase in sales to 30,260 units during April-June period from 26,160 units in the year-ago period. In Pune, sales increased 37 per cent during April-June to 18,850 units from 13,720 units in the corresponding period of the previous year. Delhi-NCR market includes Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad while MMR includes Mumbai, Navi Mumbai and Thane. REA India Head of Research Ankita Sood noted that MMR and Pune contributed 61 per cent to total housing sales across 8 cities. Demand in localities such as Thane West and Dombivali in Mumbai and Charholi Budruk and Hadapsar in Pune have been high, she said. In terms of new housing supply, PropTiger reported that launches increased 11 per cent to 1,13,770 units during the April-June from 1,02,140 units in the corresponding period of the previous year.

Housing property sales in Bengaluru, Delhi sees a decline but Mumbai, Pune maintain pace

<ul><li><keyword id="1070850" type="General" weightage="20" keywordseo="tata-motors-owned-jaguar-land-rover" source="Orion">Tata Motors-owned Jaguar Land Rover</keyword> reported retail sales of 1,01,994 units in the first quarter ended June 30. </li><li>The growth reflects continuing improvement in chip and other supply constraints, Tata Motors said in a regulatory filing. </li><li>The order book remained strong with over 1,85,000 client orders at quarter end, down from 2,00,000 at March 31, 2023, the company said. </li><li>Shares of Tata Motors scaled a fresh 52-week high earlier in the day before shedding some of the gains to close the day up 3.7%. </li></ul> Tata Motors-owned Jaguar Land Rover on Friday reported a 29% rise in retail sales in the first quarter ended June 30 at 1,01,994 units, as compared to the same period a year ago. The growth reflects continuing improvement in chip and other supply constraints, Tata Motors said in a regulatory filing. Wholesales, excluding those of Chery Jaguar Land Rover China JV, were at 93,253 units in the first quarter, up 30% as compared to the year-ago period. "The order book remained strong with over 1,85,000 client orders at quarter end, reducing from 2,00,000 at March 31, 2023 in line with expectations, as chip and other supply constraints continue to improve," the company said. <keyword id="91410" type="General" weightage="20" keywordseo="range-rover" source="Orion">Range Rover</keyword>, Range Rover Sport and Defender demand remains particularly strong, representing 76% of the order book, it added. Shares of Tata Motors scaled a fresh 52-week high of ₹624.80 on the NSE earlier in the day before shedding some of the gains to close the day at ₹622.90, up 3.7%. (With inputs from PTI)

Tata Motors' JLR Q1 retail sales up 29% in April-June 2023

<ul><li>Among these cities, the Mumbai Metropolitan Region (MMR), and Pune accounted for over half (51%) of the <keyword id="438914" type="General" weightage="20" keywordseo="total-sales" source="Orion">total sales</keyword>, says an Anarock report</li><li>The number of <keyword id="1085768" type="General" weightage="20" keywordseo="new-launches" source="Orion">new launches</keyword> rose from 82,150 units in Q2 2022, to over 102,610 units in Q2 2023.</li><li>MMR and Pune dominated in terms of <keyword id="1055657" type="General" weightage="20" keywordseo="new-supply" source="Orion">new supply</keyword>, representing 63% of the total new launches across the top 7 cities. </li></ul> Despite the recent surge in home loan rates and economic challenges, including layoffs by both large and small corporations, the Indian housing market has continued its upward trend in the second quarter of the year. <keyword id="1390483" type="General" weightage="20" keywordseo="housing-sales" source="Orion">Housing sales</keyword> in the top seven cities have reached an all-time high, with approximately 115,100 units sold in Q2 2023, According to the latest data from ANAROCK Research. This represents a 36% increase compared to the sales of around 84,940 units in Q2 2022. National Capital Region (NCR), MMR, Bengaluru, Pune, and Hyderabad together accounted for 90% sales in the quarter. MMR, and Pune accounted for over half (51%) of the total sales, with Pune witnessing the highest yearly growth of 65%. Collectively, these two cities contributed to the sale of 58,770 units. <cmsannotation type="cmsannotation" annotationid="Rise in new launches" comment="subhead" text="Rise in new launches">Rise in new launches</cmsannotation> Furthermore, new project launches in the top 7 cities surpassed the one lakh mark once again, experiencing a 25% year-on-year increase. The number of new launches rose from 82,150 units in Q2 2022 to over 102,610 units in Q2 2023. MMR and Pune dominated in terms of new supply, representing 63% of the total new launches across the top 7 cities. Individually, these cities observed a 31% and 29% yearly increase in their new supply, respectively. Says Anuj Puri, Chairman, ANAROCK Group,“Housing sales in the top 7 cities broke the previous high record of Q1 2023, and stood at more than 1.15 lakh units in Q2 2023. Pune and MMR were the only two cities to see a quarterly rise in housing sales, of 4% and 10% respectively, while other cities saw some dip. But on a yearly basis, most top 7 cities saw a significant jump in housing sales.” <cmsannotation type="cmsannotation" annotationid="Increase in residential property prices" comment="subhead" text="Increase in residential property prices">Increase in <keyword id="35281" type="General" weightage="20" keywordseo="residential-property" source="Orion">residential property</keyword> prices</cmsannotation> In Q2 2023, the average residential property prices in the top 7 cities experienced an increase ranging from 6% to 10% compared to Q2 2022. This rise can be attributed primarily to the escalation in prices of construction raw materials and the overall growth in demand. Among these cities, Hyderabad witnessed the highest annual jump of 10%, with the average price reaching INR 4,980 per square foot by the end of Q2 2023.

Indians buying more houses by the day – sales at all-time high between April-June in metros

New Delhi, India's total <keyword id="6383145" type="General" weightage="20" keywordseo="Coal-production" source="Orion">coal production</keyword> rose 8.40 per cent to 222.93 million tonne (MT) in April-June 2023-24, an official statement said on Monday. The country's overall coal output was 205.65 MT in the year-ago quarter, the Ministry of Coal said. Captive mines /others registered a growth of 4.74 per cent to 30.48 MT in Q1 FY24, from 29.10 MT in Q1 FY23. The cumulative coal dispatch grew 6.97 per cent to 239.69 MT in Q1 this fiscal compared to 224.08 MT in Q1 of FY23. The total coal stock, as of June 30, 2023, surged 37.62 per cent to 107.15 MT (provisional) from 77.86 MT a year ago. "This growth indicates the continued efforts to meet the rising demand for coal," the ministry said. State-owned <keyword id="45383" type="General" weightage="100" keywordseo="coal-India" source="Orion">Coal India</keyword> Limited (CIL) has recorded 9.85 per cent growth, with production reaching 175.35 MT in Q1 FY24 compared to 159.63 MT a year ago. India will not face any coal shortage this year, even during the monsoon, Coal and Mines Minister Pralhad Joshi said last month.

India's coal output grows 8.40% to 222.93 MT in April-June 2023

<keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">Shares</keyword> of <keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="261" meta.entityid="Tata Motors">Tata Motors</keyword> slumped 4 per cent on Friday after the Mumbai-based auto major reported an 11 per cent year-on-year dip in total <keyword id="19911652" type="General" weightage="20" keywordseo="sales" source="keywords">sales</keyword> in July. The stock of the company declined 4.09 per cent to trade at Rs 1,097.65 apiece on the National Stock Exchange (NSE). On the BSE, scrip of Tata Motors dropped 3.69 per cent to trade at Rs 1,102.40 per piece. The 30-share BSE Sensex tumbled 767.65 points or 0.94 per cent to trade at 81,099.90, while NSE Nifty fell 206.70 points to 24,804.20. On Thursday, Tata Motors reported an 11 per cent year-on-year dip in total sales at 71,996 units in July. The company had sold 80,633 units in July 2023. Its total domestic sales dipped 11 per cent and stood at 70,161 units last month as against 78,844 units in the year-ago period. The auto major said its consolidated net profit increased 74 per cent to Rs 5,566 crore in the June 2024 quarter, aided by robust performance by Jaguar Land Rover as well as domestic business. It had posted a net profit of Rs 3,203 crore in the April-June quarter of last fiscal. The company's total income increased to Rs 1,09,623 crore for the period under review against Rs 1,03,597 crore in the June quarter in FY24. On a standalone basis, the automaker said its net profit stood at Rs 2,190 crore compared to a net loss of Rs 64 crore in the year-ago period. Total income rose to Rs 18,851 crore in the first quarter of the current fiscal against Rs 16,132 crore in the corresponding period of FY24. Jaguar Land Rover reported a revenue of 7.3 billion pounds, the best first-quarter revenue on record, up 5 per cent versus the June quarter of FY24. The company also said its board has approved the Scheme of Demerger of Tata Motors Ltd (TML) into two separate listed companies. As part of the scheme, TML will demerge its commercial vehicle undertaking, involving the commercial vehicle business (all the assets, liabilities and employees relating to the commercial vehicle business) and all its related investments, into TMLCV. Further, pursuant to the scheme, the existing passenger vehicle business in TMPV, will be merged into TML, the existing listed entity. Upon the scheme becoming effective, both TMLCV and TML will be renamed, resulting in two separate listed entities. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Tata Motors shares slump 4% on poor sales data

<ul><li>Last April, BPCL and other state fuel retailers froze retail petrol and diesel prices to cushion domestic consumers from rising international oil prices. </li><li>That freeze led to the three retailers suffering heavy losses in not just April-June 2022 but also in the subsequent quarter. </li><li>The consolidated net profit of ₹ 10,644.30 crore in April-June compared to a net loss of ₹ 6,147.94 crore in the same period last year. </li></ul>State-controlled <keyword id="155363" type="General" weightage="20" keywordseo="bharat-petroleum-corporation-ltd" source="Orion">Bharat Petroleum Corporation Ltd</keyword> (BPCL) on Wednesday reported a net profit of ₹ 10,644 crore in the June quarter as a freeze on the retail selling price of petrol and diesel despite a fall in oil prices helped turn around fuel marketing margins. The consolidated net profit of ₹ 10,644.30 crore in April-June (first quarter of current 2023-24 fiscal year) compared to a net loss of ₹ 6,147.94 crore in the same period last year, according to a company's filing with the stock exchanges. The earning in the first quarter was 55 % higher than the net profit of ₹ 6,870.47 crore in the preceding January-March quarter. In early April last year, BPCL and other government-owned fuel retailers - Indian Oil Corporation (<keyword id="6354733" type="General" weightage="20" keywordseo="ioc" source="Orion">IOC</keyword>) and Hindustan Petroleum Corporation Ltd (<keyword id="6362419" type="General" weightage="20" keywordseo="hpcl" source="Orion">HPCL</keyword>) - froze retail petrol and diesel prices to cushion domestic consumers from rising international oil prices. That freeze led to the three retailers suffering heavy losses in not just April-June 2022 but also in the subsequent quarter. Margins on petrol and diesel turned positive following softening of international oil prices in the June quarter, but rates were not revised, and the companies recouped losses they incurred last year. The fall in oil prices meant that revenue from operations for BPCL dipped 7 % to ₹ 1.28 lakh crore. The company earned $12.64 on turning every barrel of crude oil into fuel during the quarter ended June 30 against a gross refining margin (GRM) of $27.51 per barrel in the same period last year, the filing said. BPCL also accounted for a ₹ 24.51 crore foreign exchange gain against a forex loss of ₹ 962.53 crore in April-June 2022. Its EBITDA rose 41.8 % quarter-on-quarter to ₹ 15,809.7 crore in April-June. The profit BPCL reported in April-June is multiple times higher than the total net profit of ₹ 2,892.34 crore in the full 2022-23. Freeze on petrol and diesel prices IOC, BPCL and HPCL temporarily abandoned the daily price revision last year and have not revised petrol and diesel prices in line with the cost. And the losses they incurred when the oil prices were higher than the retail selling prices are recouped with rates dropped. Officials said the three firms have been making positive margins on petrol since the fourth quarter of the 2022 calendar year but diesel, which accounts for the bulk of the fuel sales, had been in red. But in May, margins on diesel turned positive with a small 50 paise a litre profit, they said. International oil prices had spiked to $139 per barrel in March 2022 in the aftermath of the Russia-Ukraine war. They cooled to $75 during May-June. At peak, oil firms lost ₹ 17.4 per litre on petrol and ₹ 27.7 a litre on diesel. In the October-December quarter, oil firms earned ₹ 10 a litre margin on petrol but lost ₹ 6.5 on diesel. In the following quarter, the margins on petrol moderated to ₹ 6.8 a litre while diesel earned ₹ 0.5 per litre. Officials said oil prices have firmed up this month, and the basket of crude oil that India buys has averaged $79.37 per barrel so far, making a reduction in rates difficult. Holding prices when input cost was higher than retail selling prices led to the three firms posting net earnings loss. They posted a combined net loss of ₹ 21,201.18 crore during April-September despite accounting for ₹ 22,000 crore announced but not paid LPG subsidy. International oil prices have been turbulent in the last couple of years. It dipped into the negative zone at the start of the pandemic in 2020 and swung wildly in 2022 -- climbing to a 14-year high of nearly $140 per barrel in March 2022 after Russia invaded Ukraine before sliding on weaker demand from top importer China and worries of an economic contraction. But, for a nation that is 85 % dependent on imports, the spike meant adding to already firming inflation and derailing the economic recovery from the pandemic. So, the three fuel retailers, who control roughly 90 % of the market, froze petrol and diesel prices for the longest duration in at least two decades. They stopped daily price revision in early November 2021 when rates across the country hit an all-time high, prompting the government to roll back a part of the excise duty hike it had effected during the pandemic to take advantage of low oil prices. The freeze continued into 2022 but the war-led spike in international oil prices prompted a ₹ 10 a litre hike in petrol and diesel prices from mid-March before another round of excise duty cut rolled back all of the ₹ 13 a litre and ₹ 16 per litre increase in taxes on petrol and diesel effected during the pandemic. That followed the current price freeze that began on April 6, which still continues. (With inputs from PTI)

BPCL swings to profit of ₹10,644 cr in Q1 aided by freeze on retail selling prices

<ul><li>Overall passenger vehicle segment crossed the 20 lakh units sales mark for the first time-ever in the first half this year.</li><li>Toyota Kirloskar Motor reported a double-digit growth in dispatches to dealers, while Kia saw a dip in wholesales last month.</li><li>MG Motor India also reported a double-digit increase in retail sales in June 2023 compared to the same month last year.</li></ul>New Delhi, Maruti Suzuki India (MSI) and Hyundai posted single-digit growth in domestic sales in June, even as the overall passenger vehicle segment crossed the 20 lakh units sales mark for the first time-ever in the first half this year. Toyota Kirloskar Motor reported a double-digit growth in dispatches to dealers, while Kia saw a dip in wholesales last month. MG Motor India also reported a double-digit increase in retail sales in June 2023 compared to the same month last year. Maruti Suzuki India, the country's largest carmaker, said its domestic passenger vehicle sales rose 8 per cent to 1,33,027 units in June against 1,22,685 units in the year-ago period. Sales of mini cars, comprising Alto and S-Presso, fell marginally to 14,054 units compared to 14,442 units a year ago. Similarly, sales in the compact segment, models such as Swift, Celerio, Ignis, Baleno and Dzire, slumped 17 per cent to 64,471 units from 77,746 cars in June 2022. Utility vehicle sales, including Brezza, Grand Vitara and Ertiga, however, surged over two-fold to 43,404 units compared to 18,860 vehicles in the year-ago month, MSI said. MSI Senior Executive Officer (Marketing and Sales) Shashank Srivastava said the automaker grew faster than the industry in June, enabling it to scale up its overall market share by 2.4 per cent to 41 per cent. The overall passenger vehicle industry dispatches grew by 1.9 per cent to 3,27,700 lakh units from 3,21,600 lakh units in the year-ago period, he said. MSI, on the other hand, dispatched 1,33,027 lakh passenger vehicles last month, up 8 per cent from 1,22,685 lakh units in June 2022. Srivastava noted that the domestic passenger vehicle segment has crossed 20 lakh sales-mark in the first half of the year, a 10 per cent growth over 18.31 lakh units dispatched in the January-June period of 2022. MSI dispatches to dealers during the period stood at 8,61,000 units over 7,87,000 units in the corresponding period a year ago, he added. He noted that the company's SUV market share rose to 21 per cent in the April-June quarter this fiscal, compared to an 8.5 per cent market share in the same period of the preceding fiscal. Srivastava noted that with the addition of new models like Jimny and Fronx, the company remained hopeful of attaining around 25 per cent market share in the segment to take the top slot in the segment by the end of the current financial year. On supply chain shortages, he said the situation is expected to get better in the current quarter. MSI currently has a pending order backlog of 3.55 lakh units, he stated. When asked about challenges, Srivastava said that high-interest rates and chances of an erratic monsoon were some of the factors, which the company was closely monitoring. Rival Hyundai Motor India reported a 2 per cent rise in its domestic sales at 50,001 units last month from 49,001 units in June 2022. "There is a positive customer traction for all our products and Verna, Creta and Tucson have attained leadership positions in their respective segments in the first half of CY23," HMIL COO Tarun Garg said. Toyota Kirloskar Motor also said its total wholesales increased 19 per cent to 19,608 units in June compared to 16,512 units in the year-ago period. Its domestic dispatches stood at 18,237 units while overseas shipments were at 1,371 units. "Ever since the launch of Urban Cruiser Hyryder and Innova Hycross, we are witnessing continued high acceptance by our customers," TKM Vice President (Sales and Strategic Marketing) Atul Sood said. On the other hand, Kia India said its domestic wholesales declined 19 per cent to 19,391 units in June. The company dispatched 24,024 units to dealers in June 2022. "We have kept our performance steady with healthy growth, despite the realignment of our manufacturing process to accommodate the development of the new Seltos this month," Kia India National Head (Sales &amp; Marketing) Hardeep Singh Brar said. With the launch of new Seltos, the automaker aims to be one of the top mid-SUV segment leaders again and hopes for a strong sales surge, he added. Another automaker, MG Motor India reported a 14 per cent increase in retail sales at 5,125 units in June 2023 against 4,504 units in the same month last year. "Supplies were disrupted in the wake of cyclone Biparjoy though customer demand should now gain momentum following the monsoon as India gears up for a long festive season," the company said.

Maruti, Hyundai post single-digit rise in June PV sales; industry crosses record 20 lakh units in H1 2023

<ul class="summary-list"><li>Residents say it's becoming a lot harder to enjoy living in Florida. </li><li>Among the pandemic's hottest markets, the Sunshine State is increasingly expensive, hot, and crowded. </li></ul>Cindy, a 50-year-old small-business owner who's lived in Florida for most of her life, says she and her husband are starting to sour on life in the Sunshine state. The summers are extremely <a target="_blank" class="" href="https://www.businessinsider.com/moving-to-north-carolina-from-florida-climate-crisis-2023-8">hot and muggy</a>, prices have climbed, and the crowds have gotten worse, she said. Cindy noted that the commute from her suburban area to downtown Tampa has more than doubled over the past few years.Now, with most of their adult children out of the house, she and her husband are seriously considering packing their bags and moving out of state. More than likely, they'll be gone within the next 10 years, she said, adding that her business was one of the last remaining things that kept her tied to the area."It's funny. I know most people retire to Florida, but we're hoping to retire away from Florida," she told Business Insider.Cindy's experience isn't actually all that unique. <a target="_blank" href="https://www.businessinsider.com/why-are-people-moving-florida-home-prices-cost-of-living-2023-12">Florida was one of the epicenters</a> of the pandemic's great migration, but while crowds of people are trying to settle into places like Orlando, Tampa, and Jacksonville, many Floridians want to <a target="_blank" class="" href="https://www.businessinsider.com/moving-to-leaving-florida-reasons-home-prices-affordability-weather-2023-11">dump their homes</a> and get out.The exodus is mainly being driven by higher housing costs, a higher cost of living, and souring attitudes toward the influx of people who moved to Florida in recent years. Those factors combined are making daily life in the state way more difficult, current and former Florida residents said.While 730,000 people moved to Florida during 2021 and 2022, nearly half a million people left, according to US Census data.The state, meanwhile, just lost its status as the most moved-to region this year, according to an <a target="_blank" class="" href="https://www.pods.com/blog/moving-trends">analysis</a> conducted by the Florida-based moving service PODS. South Florida, in particular, ranked among the regions people were most keen to move out of, the report said.Waning enthusiasm for the state is evident in housing activity, which has fallen from its pandemic highs. The number of homes for sale in Florida has soared 42% compared to levels last year, according to <a target="_blank" href="https://www.redfin.com/state/Florida/housing-market">Redfin</a>.Many people looking to sell add that they're looking to leave the county, or possibly move out of state, according to Rafael Corrales, a Redfin agent based in Miami.Buyers are also getting cold feet. In Orlando, Jacksonville, and Tampa — three metros that boomed during the pandemic — 21% of <a target="_blank" class="" href="https://www.businessinsider.com/florida-housing-market-outlook-nightmare-home-prices-mortgage-rates-affordability-2024-7">home purchase agreements fell through</a> in June, Redfin data shows."They're just being a little more cautious now," Corrales said, pointing to affordability concerns. "There's issues that were normally acceptable for a buyer, they're no longer acceptable anymore because it's money and it's a lot of money."Kevin, a 36-year-old software engineer, is among the sellers who recently left. He and his wife traded their life in St. Pete, Florida to move to Seattle about a year ago. They have no regrets, and never plan on moving back to the state, he told BI."If you would have called me five years ago, I would have vastly different answers to this," Kevin said. "The cost of living hadn't gone up and just the past five, six years, it's gotten crazy down there. I used to love Florida five years ago. I never imagined leaving Florida, but things have changed."<h2 id="14bd5ed1-f1a4-44dc-b8cb-afc8c6739964">Temperature change</h2>Attitudes appear to be different than even just a few years ago, when pandemic transplants altered the state's reputation as more than just America's biggest retirement destination. Bill McBride notes that booms and busts are part of the housing cycle, and the housing forecaster thinks some areas of Florida could see an exodus of people in the coming decade.While people were likely attracted to Florida for its balmy weather and cheaper housing relative to expensive cities like New York, homeowners in the state are feeling exhausted by extreme weather, which is pushing up the cost of homeowners insurance and homeowner association fees, McBride told BI.More than three quarters of homeowners in Florida said their <a target="_blank" class="" href="https://www.redfin.com/news/home-insurance-survey-report-2024/">home insurance premiums have risen</a> in the past year, according to a Redfin survey. <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-prices-drop-florida-texas-violent-weather-insurance-costs-2024-8">Property insurance costs in the state are rising at the fastest pace</a> in 20 years, according to Capital Economics.According to Cindy, her home insurance costs around $8,000 a year. That's actually better than the state average, with the typical household paying over $10,000 for home insurance in 2023, according to data from <a target="_blank" class="" href="https://insurify.com/homeowners-insurance/florida/#:~:text=The%20average%20home%20insurance%20cost%20for%20Florida,include%20Travelers%2C%20Nationwide%2C%20and%20Security%20First%20Insurance.">Insurify</a>."It's insane. It's craziness how much more we're paying for homeowners' insurance, and I think that's pretty common across the whole state right now. Everyone is having issues with that," she said.The cost of living has also risen, in part due to rising housing costs and more people living in the city. Consumer prices in the Miami, Fort Lauderdale, and West Palm Beach areas of Florida are <a target="_blank" class="" href="https://fred.stlouisfed.org/series/CUURA320SA0">up around 30%</a> since February 2020, according to the Bureau of Labor Statistics. Prices in Tampa, St. Petersburg, and Clearwater areas, meanwhile, are <a target="_blank" class="" href="https://fred.stlouisfed.org/series/CUUSA321SA0">up 25% since the pandemic</a>.Home prices have accounted for a big portion of that increase. The median home in <a target="_blank" class="" href="https://www.redfin.com/state/Florida/housing-market">Florida</a> now costs $409,700, up by about 55% from the median house price recorded in February 2023, Redfin data shows."I think one of the main draws of Florida has always been that it's cheaper," Darryl Fairweather, the chief economist of Redfin, said, pointing to the wave of newcomers who flooded in from high-cost areas, like New York and Washington DC."Eventually the affordability just becomes so bad that people can't put up with it anymore."The hoards of people who moved to Florida during the pandemic are part of the problem, Kevin and Cindy said, describing a more tense political climate and increased violence in some areas.Florida saw an increase in most types of offenses in 2023 compared to the prior year. Simple assaults shot up 66% compared to 2021, while aggravated assaults jumped 65%, according to data from the <a target="_blank" class="" href="https://www.fdle.state.fl.us/CJAB/FIBRS">Florida Department of Law Enforcement</a>."So it was probably 2020 that I was like, yeah, time to go get out of here," Kevin said.Florida will probably still be attractive to some older people, who are flush with cash and are not as concerned by the increasing frequency of extreme weather events, McBride and Fairweather say.But for the most part, McBride expects people to begin turning away from and also leaving the Sunshine State. Some communities near Florida's coastline could become "ghost towns" in as soon as 50 years, he speculated, as climate change will make them uninhabitable.The state probably won't be considered a retirement haven by the time millennials exit the workforce, Fairweather added."Will it still attract people? I think so," McBride said. "[But] I wouldn't live there."

Why people are souring on one of the country's hottest housing markets     

<ul class="summary-list"><li>Starbucks' comparable sales in China are slumping, with a 14% drop in the most recent quarter.</li><li>Its then-CEO put it down to weak consumer spending and a coffee store "price war" in a July investor call.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/starbucks-traffic-sales-comparable-us-china-visitors-transactions-brian-niccol-2024-8">Starbucks</a> has been struggling in China.Comparable store sales, a key measure for the restaurant industry, were down 14% in its most recent quarter.China, the world's second-biggest country by population, is a crucial market for Starbucks. The coffee giant has <a target="_blank" rel=" nofollow" class="" href="https://s203.q4cdn.com/326826266/files/doc_financials/2024/q3/3Q24-Earnings-Release-Final-7-30-24.pdf">more than 7,300 stores</a> there, nearly 20% of its total footprint — making China its second-biggest market after only the US. It's targeting <a target="_blank" class="" href="https://stories.starbucks.com/asia/stories/2023/starbucks-enhances-innovation-to-support-growth-in-china/">9,000 stores</a> by 2025.Starbucks opened its first store in mainland China in Beijing <a target="_blank" class="" href="https://www.starbucks.com.cn/en/about/history/">in 1999</a>.<a target="_blank" class="" href="https://www.businessinsider.com/starbucks-reserve-roastery-shanghai-china-is-worlds-biggest-2018-4">Shanghai</a> was also chosen as the location of the <a target="_blank" class="" href="https://www.starbucksreserve.com/stories/hello-shanghai">second Starbucks Reserve Roastery</a>, after Seattle.In mid-August, Starbucks named <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-steps-down-replaced-by-chipotle-chief-2024-8">Chipotle CEO Brian Niccol</a> as its new boss in an abrupt management shake-up. One of his key priorities could be turning around its Chinese business.<h2 id="5529d4ab-9d0b-4d20-9223-34655e83b33d">Sales slump</h2>Starbucks' comparable store sales in China have been incredibly volatile over the past five years.Comparable sales are determined by two components: The number of orders placed and the average order size.In previous years, sales were massively affected by <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-protests-covid-lockdown-explainer-stakes-2022-11">China's strict zero-COVID policy</a>. But in recent months, they've been hit by cautious consumer spending and increased competition, then-CEO Laxman Narasimhan told investors in July."Unprecedented store expansion and a mass segment price war at the expense of comp and profitability have also caused significant disruptions to the operating environment," he said.Comparable store sales have been negative for the last two quarters. In the most recent quarter, to June 30, both the comparable transaction count and average ticket size were down 7% year-over-year. The average ticket size has been steadily declining over the past two years.In particular, fewer occasional customers have been visiting in the afternoons and evenings, Narasimhan told investors in April.<h2 id="060c4243-77d8-4369-88a7-38a9fadab9f0">Increased competition</h2>The rapid growth of the coffee-shop sector in China means there's simply "too much competition," Sherri He, who leads the China unit of consulting firm Kearney, told Business Insider.She said it was Starbucks' "number one challenge" in China.Narasimhan told investors in April that there was "fierce competition among value players" in China.<a target="_blank" class="" href="https://www.businessinsider.com/luckin-coffee-chinese-chain-making-starbucks-nervous-singapore-2023-11">Luckin Coffee</a>, Starbucks' biggest rival in China, has nearly three times as many stores as Starbucks in the country after monumental unit growth. Luckin was only founded in 2017 but it has <a target="_blank" class="" href="https://investor.lkcoffee.com/news-releases/news-release-details/luckin-coffee-opens-its-landmark-20000th-store-beijing">more than 20,000 coffee shops</a>, the vast majority of which are in China.Luckin has a much broader presence across China than Starbucks, including in smaller cities, the analysts said. Nearly a quarter of Starbucks' Chinese stores are in Beijing and Shanghai, and the vast majority of its other stores are in tier one, new tier one, and tier two cities, according to a Bank of America report from April.Other major competitors in China include Cotti Coffee, McDonald's McCafe, and KFC's KCoffee.<h2 id="7f36829d-72cf-4485-bc9e-7582b527c3ed">Not all Chinese consumers want the Starbucks experience</h2>Coffee is "still a growing habit" in China, Dave Xie, a partner at Oliver Wyman focusing on consumer goods and retail, said. "Lots of consumers just drink tea."And when they do go to a coffee shop, they generally care much more about the product than the experience, Xie said."Starbucks is a consumer-centric company, but for Luckin it's really product-centric," Xie said. Luckin has a "very rapid product innovation cycle" with much more frequent launches than Starbucks, he said.The Chinese coffee chains are much more "agile" at adapting to trends and cater more closely to the flavors favored by Chinese consumers, He, the Kearney partner, said. This includes Luckin's focus on sweet and milky beverages, with a brown sugar boba latte and a hugely popular coconut latte that accounts for 70% of sales at some stores, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-06-06/china-s-luckin-coffee-lkncy-is-back-and-beating-starbucks-sbux">Bloomberg</a> reported.Xie said that Starbucks' <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-embracing-drive-thrus-and-mobile-over-traditional-mode-2022-8">"third place" model</a> — the idea that it's an alternative space to work and home for people to spend time — had worked in 2017 and 2018, when people were more willing to pay for premium products, but that this was no longer the case. Luckin, in comparison, has smaller-format stores with less seating and a focus on automation and standardization, he said.<div type="image" title="Customers line up at a Luckin coffee shop in Yanbian, Jilin province, China, July 16, 2024. On July 19, 2024," height="3024" width="4031" msid="112739533" hostid="261" sizebytes="406810"></div>Starbucks executives have repeatedly told investors that its premium positioning in China is a crucial part of its strategy. But because of this, Starbucks is limiting its potential customer base.Starbucks is "not targeting the mass but the middle class," in particular white-collar professionals, He said.Starbucks typically charges between 30 and 40 yuan ($4.20 to $5.60) for a 16-ounce drink, including Americanos, flat whites, flavored lattes, teas, and Frappuccinos, according to its <a target="_blank" class="" href="https://www.starbucks.com.cn/en/menu/">website</a>. In contrast, Luckin often has promotions that discount it down to 10 yuan a cup ($1.40), He said."We're not interested in entering the price war," Starbucks China CEO Belinda Wong <a target="_blank" class="" href="https://s203.q4cdn.com/326826266/files/doc_events/2024/01/1/SBUX-Q1-2024-Earnings-Call.pdf">told investors</a> in January. "It is our aim to be the best and lead in the premium market."But <a target="_blank" class="" href="https://www.reuters.com/business/retail-consumer/china-starbucks-tries-avoid-price-war-gets-dragged-into-discounting-2024-05-27/">Reuters</a> reported in May that Starbucks had significantly increased its use of discounting in China to compete with local rivals. Wong <a target="_blank" class="" href="https://s203.q4cdn.com/326826266/files/doc_events/2024/01/1/SBUX-Q1-2024-Earnings-Call.pdf">acknowledged</a> in January that Starbucks' use of promotional offers in China had led to lower average check sizes.<h2 id="b005dbb0-5953-4baa-b378-4adbe7fe5594">Economic growth is slowing, and consumer spending is growing more cautious</h2><a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-economy-second-quarter-gdp-growth-weak-demand-consumption-exports-2024-7">China's economic growth</a> has slowed. It grew just 4.7% year-over-year in the second quarter of 2024, missing forecasts."China's obviously a tough market, and it's not just Starbucks," Brian Yarbrough, a restaurant analyst at Edward Jones, told BI.Luckin's same-store sales were down more than <a target="_blank" rel=" nofollow" class="" href="https://investor.lkcoffee.com/static-files/ec2bafa0-1543-4d62-811d-7115a4349c5c">20%</a> in its two most recent quarters.Consumers are "increasingly rational and pragmatic," Xie said. This makes the price gap between coffee chains an even "bigger challenge" for Starbucks, He said.<div type="image" title="Staff members work at a Starbucks store in downtown Shanghai, east China, Sept. 27, 2022" height="2591" width="3768" msid="112739530" hostid="261" sizebytes="445164"></div><h2 id="d2465509-1a5e-4882-8ccd-74af5a947267">Starbucks remains optimistic</h2>Starbucks executives say the chain is focused on its long-term plan in China.Narasimhan <a target="_blank" class="" href="https://s203.q4cdn.com/326826266/files/doc_events/2024/01/1/SBUX-Q1-2024-Earnings-Call.pdf">said</a> in January that Starbucks was focused on offering more coffee-forward, locally-relevant products in China and opening stores in smaller cities "where we see meaningfully stronger new store economics." He noted that the company was "well on track" to meet its 2025 target of 9,000 stores in China.Starbucks added <a target="_blank" rel=" nofollow" class="" href="https://investor.starbucks.com/news/financial-releases/news-details/2024/Starbucks-Reports-Q3-Fiscal-2024-Results/default.aspx">more than 800</a> new Chinese stores in the year to June 30. The chain has continued to grow in China "in the hope that there's some market shakeout," but in the short term, "it's a pretty tough road that they're going through right now," Andy Barish, an analyst at Jefferies, <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-traffic-sales-comparable-us-china-visitors-transactions-brian-niccol-2024-8">said</a>.

China is Starbucks' 2nd biggest market, but sales are slumping. Here's why.

<keyword id="45218" type="General" weightage="20" keywordseo="jlr" source="Orion">JLR</keyword> India on Monday said it has recorded its best ever first quarter sales in the country in April-June 2023. The company said its retail sales rose 102 per cent to 1,048 units in the June quarter as compared with the same period last year. The performance was enabled by a phenomenal growth of 209 per cent in <keyword id="91410" type="General" weightage="20" keywordseo="range-rover" source="Orion">Range Rover</keyword>, Range Rover Sport and Defender sales, JLR India said in a statement. The three models continue to see sustained demand, contributing 78 per cent of the current order book, it added. "This performance is testament to the exceptional equity of the JLR brands and our class-leading collection of modern luxury vehicles. Backed by the growing demand among our discerning clients, our order book remains strong and growing, and we are excited and confident of our India story ahead," JLR India Managing Director Rajan Amba stated. JLR said its pre-owned business grew 137 per cent in the first quarter of the current fiscal. The company stated that it has an impressive line-up of product initiatives scheduled for the year, starting with the enhanced Range Rover Velar - bookings for which commenced recently. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/netweb-technologies-ipo-how-to-check-allotment-gmp-listing-date-and-more/articleshow/102068898.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/netweb-technologies-ipo-how-to-check-allotment-gmp-listing-date-and-more/articleshow/102068898.cms" target="_blank">Netweb Technologies IPO allotment – how to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/business/auto/news/the-ola-s1-air-is-the-affordable-offering-from-the-company-and-will-soon-go-on-sale-in-india/slidelist/102074223.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/the-ola-s1-air-is-the-affordable-offering-from-the-company-and-will-soon-go-on-sale-in-india/slidelist/102074223.cms" target="_blank">Ola S1 Air to hit Indian roads soon – price, features and everything you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-5-z-flip-5-galaxy-watch-series-6-and-more-set-to-launch-july-end/articleshow/101538049.cms">Samsung Galaxy Z Fold 5, Z Flip 5, Galaxy Watch Series 6 and more set to launch July-end</a>

JLR India reports highest ever first quarter sales

<ul class="summary-list"><li>Chinese electric vehicle makers hit record sales in June, challenging Tesla's dominance.</li><li>BYD, Nio, and Zeekr saw significant year-over-year growth despite US and EU tariff concerns.</li></ul>Three <a target="_blank" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">Chinese electric vehicle makers </a>hit record sales numbers at the end of June, which could spell trouble for Tesla.China's <a target="_blank" href="https://www.businessinsider.com/how-chinese-automaker-byd-rose-to-challenge-tesla-2024-4#the-company-was-originally-a-cellphone-battery-manufacturer-2">biggest EV manufacturer, BYD</a>, sold nearly 1 million electric and hybrid cars in the second quarter of the year, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-01/byd-sales-rise-to-a-record-on-price-cuts-tech-upgrades?srnd=markets-vp">calculated</a>. During the same period, Nio said it delivered over 57,000 vehicles — a 144% year-over-year rise.Geely Automotive-owned Zeekr, which listed in the US in May, had a record June with over 20,000 deliveries — an 89% year-on-year increase.Despite concerns about <a target="_blank" href="https://www.businessinsider.com/chinese-ev-companies-hit-with-new-tariffs-in-the-eu-2024-6">tariffs from the US and European Union, </a>sales for the three producers were <a target="_blank" href="https://www.businessinsider.com/tesla-newest-rival-in-china-is-teaching-a-tough-lesson-2024-4">boosted</a> by price cuts, the introduction of cheaper models, and Chinese EV <a target="_blank" href="https://uk.finance.yahoo.com/news/zeekrs-sales-jump-chinese-dominate-070320106.html">demand from Russia</a>, where Western competitors exited.These numbers may make Tesla, and its <a target="_blank" href="https://www.businessinsider.com/tesla-newest-rival-in-china-is-teaching-a-tough-lesson-2024-4">once-dismissive-of-Chinese-companies</a> CEO, nervous. The American EV giant announces its second-quarter deliveries on Tuesday. First-quarter numbers showed Tesla was hit by <a target="_blank" href="https://www.businessinsider.com/ev-batteries-ai-cars-transport-2024-6">waning EV demand</a>. Analysts expect a 6% decline in Tesla's total deliveries from April through June, Reuters <a target="_blank" href="https://www.reuters.com/business/autos-transportation/tesla-deliveries-set-fall-second-straight-quarter-2024-07-01/">reported</a> ahead of the official numbers. Tesla has made big moves to lure back customers and reassure investors this year.At the end of the first quarter, CEO Elon Musk entered the <a target="_blank" href="https://www.businessinsider.com/tesla-can-make-cars-cheaper-than-competitors-2024-6">EV price war </a>by <a target="_blank" href="https://www.businessinsider.com/tesla-slashes-prices-suv-cars-self-driving-software-before-earnings-2024-4">slashing prices</a> on select Tesla models. In the company's first-quarter earnings call, Tesla also announced a <a target="_blank" href="https://www.businessinsider.com/tesla-investors-cheaper-cars-soon-musk-said-earnings-stock-up-2024-4">much-awaited cheaper EV</a>. In late May, Tesla even offered Chinese customers a <a target="_blank" href="https://www.businessinsider.com/tesla-offering-chinese-clients-chance-win-free-tour-us-factory-2024-5">chance to tour its Fremont, California factory</a> if they bought a car this summer."The fundamentals for Tesla are in a tricky position right now, and we generally expect negative revisions," Barclays analyst Dan Levy told CNBC last month. One of the company's biggest challenges is flat volume growth, he said.Levy predicted an 11% drop in June-quarter deliveries, below analyst estimates.<h2 id="7e0024e6-96e6-4574-9136-97d655e5cd0f">The bullish case for Tesla</h2>Despite Chinese EV companies' strength, one analyst is confident that Tesla is set for a rebound amid growth in China and the Robotaxi's unveiling, planned for August."We have seen some signs of stabilization in pricing for Tesla over the past few months as it appears the lion's share of the price cuts are now in the rear-view mirror," Wedbush analyst Dan Ives wrote in a note on Friday.Ives, a Tesla bull, said that demand in key region China is showing signs of improving as customers realize that no more price cuts are coming.Moreover, analysts have long said some American EV companies' real value isn't the cars themselves, but rather technology that could be sold to other customers."We continue to believe that Tesla is more of an <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-humanoid-robot-optimus-becoming-mans-best-friend-2024-6">AI and robotics play </a>than a traditional car company," Ives wrote on Friday.The same is true for American competitor Rivian, which <a target="_blank" href="https://www.businessinsider.com/volkswagen-invests-5-billion-rivian-software-development-r2-suv-affordability-2024-6">recently announced</a> a $5 billion investment from Volkswagen .Software is one of Rivian's strengths, Goldman Sachs analysts noted in January — "a key part of the value proposition and monetization opportunity for Rivian."

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