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<keyword id="19923700" type="General" weightage="20" keywordseo="Tata-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Power" meta.hostid="261" meta.entityid="Tata Power">Tata Power</keyword> on Tuesday said it has logged 31 per cent rise in consolidated net profit at Rs 1,189 crore, compared to the year-ago period, on back of operational efficiency. "At Rs 1,189 crore, growing 31 per cent YoY (year-on-year), the company reported its highest ever and 19th consecutive quarter of PAT growth on the back of strong operational performance and execution excellence across all its businesses of generation, transmission &amp; distribution, and renewables," Tata Power said in a statement. According to the statement, these businesses contributed 84 per cent of the PAT (net profit) in Q1FY25, compared to 72 per cent in the same period in FY24. The statement showed that the consolidated net profit before exceptional items was Rs 906 crore in the quarter ended June 30, 2023. The company's revenue rose 12 per cent YoY to a record high of Rs 16,810 crore (from Rs 15,003 crore in Q1 FY24), and EBITDA grew 11 per cent to Rs 3,350 crore in the reported quarter (from Rs 3,005 crore in Q1 FY24). EBITDA refers to earnings before interest, taxes, depreciation, and amortization. "All our businesses have grown profitably on the back of operational efficiency, execution excellence, and sustained business momentum," said Praveer Sinha, CEO and Managing Director, Tata Power. He informed that the planned capex for this financial year is Rs 20,000 crore and the company is committed to adopting and leading the new and emerging clean energy technologies, including pumped hydro projects, hydropower projects in Bhutan, and opportunities to develop small modular nuclear reactors as the government policy evolves. The company has recorded a capex investment of Rs 4,000 crore in Q1FY25. It has a clean and green installed capacity of 6.1 GW as of Q1FY25, accounting for 41 per cent of the capacity, with another 5.3 GW under execution. The combined order pipeline for utility-scale EPC and solar rooftop, including group captive, is Rs 15,500 crore. Tata Power is poised to garner 20 per cent market share in the residential rooftop segment on the back of its new solar manufacturing facility and strong pan-India channel partner network, it said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank">Unicommerce eSolutions IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank">Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market</a> <a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms">Neeraj Chopra qualifies for finals with a first throw of 89.34m – top rivals to look out for</a>

Tata Power net profit up 31% to ₹1,189 crore in June quarter

<keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> firm <keyword id="19924892" type="General" weightage="20" keywordseo="Tech-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Tech Mahindra" meta.hostid="261" meta.entityid="Tech Mahindra">Tech Mahindra</keyword> on Saturday reported a more than two-fold jump in its consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> to Rs 1,250 crore for the July-September quarter, driven by special income from the sale of assets. The Mahindra Group company posted a net profit of Rs 493.9 crore in the year-ago period, according to an exchange filing. Revenue rose by 3.49 per cent to Rs 13,313.2 crore in the second quarter of 2024-25 compared to Rs 12,863.9 crore in the same quarter of 2023-24. "Other income includes gain on sale of property of Rs 4,502 million which comprises of freehold land and its related buildings along with the furniture &amp; fixtures sold for a consideration of Rs 5,350 million, receivable over a period of four years along with interest of 8.2 per cent p.a," the company filing said. Sequentially, net profit rose by 46.81 per cent and revenue by 2.36 per cent. "We continue to progress on our strategic improvement efforts even as the overall IT services industry has remained soft. "We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter," Tech Mahindra CEO Mohit Joshi said. The CEO unveiled Project Fortius in April, a three-year plan to achieve a 15 per cent operating margin with a focus on organic growth. "This quarter we see consistent performance around increasing deal wins, <keyword id="19965932" type="General" weightage="20" keywordseo="revenue-growth" source="keywords">revenue growth</keyword>, cost optimisation and steady free cash flow generation as we continue our journey towards FY27 stated targets. In line with our capital allocation policy the board has declared an interim dividend of Rs 15 per share," Tech Mahindra CFO Rohit Anand said. The company's TCV (<keyword id="23580531" type="General" weightage="20" keywordseo="Total-Contract-Value" source="keywords">Total Contract Value</keyword>), or net new deal wins, stood at USD 603 million in the second quarter of FY25. Joshi further said the company is on the right path for a long-term sustainable transformation, with its leading indicators moving in the right direction, and its 'Scale at Speed' narrative resonating in the market. "We have invested in strengthening the capabilities in the focus service lines by broadening the leadership and investing in technical specializations. "We continue to invest in strengthening our fresher hiring program, building the right mindset and future skilling and associates, by building capabilities in AI-first and cloud-first skill sets," he told reporters. Investments shall continue in creating and sustaining an outcome-driven learning organisation and cultivating a high-performance culture based on the pillars of simplifying, clarifying, innovating and driving a high-performance orientation, he added. This year could be volatile because we are in the turnaround phase, Joshi said. "I am confident, however, that the platform is being set for a long-term, valuable franchise thanks to a high-calibre and united leadership team and a clearly articulated strategic plan," Joshi said. The Pune-headquartered firm added 6,653 employees during the quarter under review, bringing the total staff count to 1,54,273. Shares of Tech Mahindra settled at Rs 1,688 apiece on the BSE on Friday, down 0.68 per cent from the previous close. SEE ALSO:<a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank"></a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank">Best credit cards for online shopping this festive season</a><a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank">Waaree Energies IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank">Best smartphones under ₹25,000 in India in October 2024</a>

Tech Mahindra profit jumps over 2-times to ₹1,250 crore in Jul-Sep quarter

As the results season kicks in, the <keyword id="20097634" type="General" weightage="20" keywordseo="quarterly-earnings" source="keywords">quarterly earnings</keyword> numbers of several <keyword id="22405488" type="General" weightage="20" keywordseo="blue-chip-firms" source="keywords">blue-chip firms</keyword> — such as <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> and Reliance Industries — along with <keyword id="20837523" type="General" weightage="20" keywordseo="global-trends" source="keywords">global trends</keyword> and <keyword id="20223116" type="General" weightage="100" keywordseo="trading-activity" source="keywords">trading activity</keyword> of foreign investors, will determine <keyword id="22405487" type="General" weightage="20" keywordseo="equity-market-movement" source="keywords">equity market movement</keyword> in the holiday-shortened week ahead, according to analysts. The domestic <keyword id="22405489" type="General" weightage="20" keywordseo="WPI-inflation-data" source="keywords">WPI inflation data</keyword> for June — scheduled to be announced on Monday — will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram. Among major quarterly earnings to be tracked this week are from HDFC Life Insurance Company, Bajaj Auto, BPCL, JSW Steel, Asian Paints, Infosys, and Reliance Industries. "Q1 earnings will be a key focus this week as numerous companies, including heavyweights Infosys, and Reliance, are set to release their results. Additionally, <keyword id="22194639" type="General" weightage="20" keywordseo="pre-Budget-discussions" source="keywords">pre-Budget discussions</keyword> are expected to contribute to market volatility," Santosh Meena, Head of Research, Swastika Investmart Ltd, said. On the global front, a significant focus will be on China. The country is scheduled to announce its GDP and Industrial Production (IIP) numbers, Meena said. "Other global factors to watch include the speech by the US Federal Reserve Chairman, US retail sales figures, and macroeconomic data from Japan," he added. Meanwhile, IT services company HCL Tech on Friday posted a 20.4 per cent rise in consolidated net profit to Rs 4,257 crore for the June-ended quarter and gave a revenue growth guidance of 3-5 per cent for FY25 on GenAI diversification and strong operational execution. "On Monday, markets will react to India's inflation data. Key results this week include Jio Financial Services, HDFC Life, Asian Paints, LTIMindtree, Infosys, Wipro, JSW Steel, Paytm, etc. Also globally, investors will take cues from China's GDP numbers, US core retail sales data, and ECB (European Central Bank) interest rate decision," Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services Ltd, said. Retail inflation increased to four-month high of 5.08 per cent in June as food items, including vegetables, became dearer, according to government data released on Friday. Vinod Nair, Head of Research, Geojit Financial Services, said, "We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook." In the week ahead, economic data like China GDP, EuroZone CPI inflation, ECB policy, and the US Fed chair speech will be watched by investors to get cues on market momentum, Nair added. On a weekly basis, the BSE benchmark jumped 522.74 points, or 0.65 per cent, while the Nifty climbed 178.3 points, or 0.73 per cent. The 30-share BSE Sensex jumped 622 points, or 0.78 per cent, to settle at a record closing level of 80,519.34 on Friday. During the day, it zoomed 996.17 points, or 1.24 per cent, to hit an all-time high of 80,893.51. The NSE Nifty surged 186.20 points, or 0.77 per cent, to settle at a record closing high of 24,502.15. Intra-day, it jumped 276.25 points, or 1.13 per cent, to hit a new lifetime peak of 24,592.20.

Trading activity to hinge on Q1 results, global trends in holiday-shortened week: analysts

<keyword id="19956271" type="General" weightage="20" keywordseo="Ola-Electric-Mobility" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric Mobility" meta.hostid="261" meta.entityid="Ola Electric Mobility">Ola Electric Mobility</keyword> on Wednesday reported a higher consolidated loss of Rs 347 crore for the April-June quarter compared to the year-ago period. The company's losses in the April-June period of 2023 were Rs 267 crore, according to an exchange filing. Revenue from operations for the quarter under review was Rs 1,644 crore against Rs 1,243 crore in the same quarter of the previous fiscal, according to the filing. The Bengaluru-based firm said its total expenses during the first quarter grew to Rs 1,849 crore compared with Rs 1,461 crore in the June quarter of FY24. The company made its market debut earlier this month. The company in a statement said its automotive segment (E2W) posted a strong improvement in EBITDA (earnings before interest, tax, depreciation and amortization) margin and is close to EBITDA breakeven. The quarter witnessed the highest-ever deliveries of vehicles by the company at 1,25,198 units as against 70,575 units delivered in the same period last year, <keyword id="4393078" type="General" weightage="20" keywordseo="Ola-Electric" source="Orion">Ola Electric</keyword> Mobility said. The company also said it ramped up deliveries of its mass-market scooter portfolio (S1 X portfolio) during the quarter which helped accelerate the growth, adding that the existing product portfolio also saw strong demand which continued growth momentum throughout the quarter. According to Ola, the increasing scale of operations has benefited the company in the form of lower manufacturing costs and supply chain optimization. These benefits of scale are further amplified by the company's scalable platform-based product development and manufacturing technology that results in high degrees of commonality across its products, it said. The company also announced on Wednesday the integration of its cells in its vehicles by the first quarter of next fiscal. Ola said it will launch its electric motorcycle portfolio across mass and premium segments during its annual flagship event on August 15, 2024. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/tech/mobile/news/pixel-9-pixel-9-pro-and-pixel-9-pro-xl-launched-in-india-starting-at-79999/articleshow/112512198.cms">Pixel 9, Pixel 9 Pro and Pixel 9 Pro XL launched in India starting at ₹79,999</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a>

Ola Electric Mobility losses widen to ₹347 crore in Apr-Jun quarter

<ul class="summary-list"><li>McDonald's Quarter Pounders have been linked to an <keyword id="22099782" type="General" weightage="100" keywordseo="E-coli-outbreak" source="keywords">E. coli outbreak</keyword> in several states, the CDC said.</li><li>McDonald's said it will temporarily remove the burgers from its menus in affected areas.</li></ul>A deadly E. Coli outbreak has been linked to the <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">McDonald's Quarter Pounder</a>. So far, one person has died, and 10 others have been hospitalized in connection with the outbreak, which impacted 49 people across 10 states, the Centers for Disease Control and Prevention said Tuesday. McDonald's said it believes the outbreak may be linked to the slivered onions used on its Quarter Pounder. The fast-food chain said it is temporarily taking the burger off the menu in several states. "Negative <keyword id="20000858" type="General" weightage="20" keywordseo="food-safety" source="keywords">food safety</keyword> news is never welcomed by restaurants operators, especially those working to improve the brand image after getting off-sides on consumer affordability in recent years," Jon Tower, an analyst at Citigroup, said in a note to clients, according to <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-22/mcdonald-s-quarter-pounders-linked-to-e-coli-outbreak-cdc-says?srnd=homepage-americas&amp;sref=yaJhKSOh">Bloomberg</a>. Tower said McDonald's outlook depends on the company's response, which should include taking responsibility, controlling the outbreak, and overcorrecting on food safety, the outlet reported. Examining how other fast-food giants have recovered from recent health-related crises might also provide insight into how McDonald's will try to recover from the incident. <h2>How Chipotle and Wendy's came back from health-related problems</h2>Several fast-food brands have bounced back from food-safety incidents before. One of those is Chipotle, the fast-casual Mexican chain that McDonald's had a <a target="_blank" href="https://www.businessinsider.com/the-ridiculous-reason-mcdonalds-sold-chipotle-2015-5">90% stake in</a> until 2006. In 2015 and 2016, hundreds of customers reported becoming ill after eating at Chipotle outlets. Chipotle's stock price plummeted, and the company eventually agreed to pay a $25 million <a target="_blank" href="https://www.fda.gov/inspections-compliance-enforcement-and-criminal-investigations/press-releases/chipotle-mexican-grill-agrees-pay-25-million-fine-resolve-charges-stemming-more-1100-cases-foodborne">fine</a> to settle criminal charges related to outbreaks that impacted 1,100 people between 2015 and 2018. But less than five years later, the company and its stock price had <a target="_blank" class="" href="https://www.nytimes.com/2019/07/23/business/chipotle-stock-earnings.html">recovered</a>. So what did Chipotle do? In 2016, the company <a target="_blank" class="" href="https://ir.chipotle.com/news-releases?item=122453">announced</a> a spate of <a target="_blank" class="" href="https://www.nytimes.com/2016/09/22/business/every-days-a-safety-drill-as-chipotle-woos-customers-back.html?rref=collection%2Fbyline%2Fstephanie-strom">new food-safety protocols</a> — such as rinsing produce multiple times and putting stickers on food storage containers to indicate when they were sanitized — and hired James Marsden,a professor from Kansas State University, to serve as executive director of food safety. In 2017, Chipotle <a target="_blank" class="" href="https://ir.chipotle.com/news-releases?item=122384">announced</a> its founder, Steve Ells, would be stepping down as CEO in favor of someone with "demonstrated turnaround expertise." In 2018, Brian Niccol, currently the CEO of Starbucks, <a target="_blank" class="" href="https://ir.chipotle.com/news-releases?item=122376">took over</a> as the CEO of Chipotle after a successful stint at the helm of Taco Bell. Niccol told <a target="_blank" class="" href="https://www.nytimes.com/2019/07/23/business/chipotle-stock-earnings.html">The New York Times</a> in 2019 that Chipotle had become "an industry leader" in food safety, adding: "We're doing some really progressive things on the food safety front, and we're going to have to, because we're going to stay committed to using real ingredients." Chipotle's recovery may also have hinged on expanding the business in areas unrelated to food safety. "They are exceptional in how well the brand has capitalized on digital ordering," Sara Senatore, a Bernstein analyst who followed Chipotle, told <a target="_blank" class="" href="https://www.nytimes.com/2019/07/23/business/chipotle-stock-earnings.html">the Times</a> in 2019. Wendy's dealt with a similar situation. Between July and August 2022, Wendy's restaurants were linked to an E. coli outbreak in six states, per <a target="_blank" class="" href="https://archive.cdc.gov/www_cdc_gov/ecoli/2022/o157h7-08-22/index.html">the CDC</a>. A total of 109 people were infected, with 52 hospitalized. No deaths were reported. An investigation into the incident was unable to determine the specific food source responsible for the outbreak, but 46 people reported eating romaine lettuce served on the burgers and sandwiches before falling sick, per <a target="_blank" class="" href="https://archive.cdc.gov/www_cdc_gov/ecoli/2022/o157h7-08-22/details.html">the CDC</a>. As a precaution, the fast-food chain removed romaine lettuce from menu items in the affected states. Despite the E. coli outbreak, the company's US sales <a target="_blank" class="" href="https://s1.q4cdn.com/202642389/files/doc_financials/2022/q3/2022-Q3-Press-Release.pdf">jumped 7.7% in the third quarter of 2022</a>, compared with the year prior. In its latest <a target="_blank" href="https://www.wendys.com/csr-what-we-value/reports">corporate responsibility report</a>, published in May, Wendy's said it was committed to continuously improving its food safety standards and operational procedures and has conducted over 12,000 Food Safety Assessments in its restaurants worldwide. <h2>What McDonald's should do</h2>The McDonald's case differs from similar incidents at other <keyword id="20697449" type="General" weightage="20" keywordseo="fast-food-chains" source="keywords">fast-food chains</keyword> primarily due to the iconic status of the Quarter Pounder, Alexandra Leung, the founder of <a target="_blank" class="" href="https://monogic.co/">Monogic</a>, an F&amp;B marketing and PR agency in Singapore and Hong Kong, told Business Insider. "As a classic menu item, any food safety issue involving the Quarter Pounder could significantly impact consumer trust and brand reputation, making it a more sensitive issue for McDonald's," she said. The Quarter Pounder is important to McDonald's menu — and to its brand more broadly. Menu "classics" like the Quarter Pounder <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-quarter-pounder-ecoli-outbreak-why-important-sales-2024-10">have made up a bulk of food sales</a> in McDonald's top markets in recent years. The company's stock price tumbled nearly 10% in after-hours trading on Tuesday, following the news. However, Leung said the company's well-established food safety management system and history of rigorous supplier audits may allow for a more effective response. The fast-food chain will also have to conduct thorough audits of its suppliers' practices, she said. In addition to removing any affected items from the menu, McDonald's should also communicate clearly with its customers throughout the process, Leung said. "Clear messaging about the steps being taken to ensure food safety is vital. This proactive approach will help reassure customers that their health is a top priority," Leung said. "Transparency is crucial in rebuilding trust with customers, as it demonstrates accountability and a commitment to their safety." October 24, 2024 — An earlier version of this story mentioned a product recall of the affected items, McDonald's has not confirmed an official recall.

How McDonald's can learn from other fast-food giants in recovering from the deadly E. coli outbreak

<ul class="summary-list"><li>Only seven US counties were more affordable than their historical averages in the second quarter, according to ATTOM. </li><li>High prices, mortgage rates, property taxes, and home expenses are hurting affordability. </li></ul>Virtually every corner of US housing is historically unaffordable, with just a handful of counties bucking the trend, <a target="_blank" href="https://www.attomdata.com/news/most-recent/attom-q2-2024-home-affordability-report/">ATTOM reported</a>.Of the 589 counties analyzed by the real estate data firm in the second quarter, only 1.2% were more affordable than their historic average. That's a sharp drop from three years ago, when that measure stood at 94.2% in the first quarter of 2021.The seven counties included Manhattan and San Francisco. This specifically means that the share of wages required for homeownership did not increase past historic levels.Nationwide, a barrage of high price and elevated mortgage rates has pressured income requirements to rise among would-be homebuyers, and many have been sidelined by waning affordability. On average, the median single-family home and condo hit a new high in the second quarter, surging to $360,000. Prices rose in 87.3% of tracked counties, the report said."It's common for these trends to intensify during the Spring buying season when buyer demand increases," ATTOM CEO Rob Barber said in the report. "However, the trends this year are particularly challenging for house hunters, more so than at any point since the housing market boom began in 2012."According to the report, homeownership itself is getting costlier. Expenses on median-priced homes comprised 35.1% of the average national wage, marking the highest point since 2007.Added to that are mortgage payments, home insurance, mortgage insurance and property taxes; the typical payment on these hit a record $2,114, ATTOM said. Regionally, the Northeast and West Coasts led in unaffordability, with California's Santa Cruz and New York's Kings County at the head of the trend.Most analysts are <a target="_blank" href="https://www.businessinsider.com/personal-finance/home-prices-drop">betting that home prices</a> and <a target="_blank" href="https://www.businessinsider.com/housing-market-mortgage-costs-outlook-home-price-fed-interest-rates-2024-5">mortgage rates</a> will remain elevated through the medium term, but others have projected the possibility of housing correction.According to strategist Chris Vermeulen, rising consumer weakness and rising layoffs will make mortgages all the more unaffordable, <a target="_blank" href="https://www.businessinsider.com/real-estate-crash-home-prices-correction-foreclosures-mortgage-defaults-2024-7">pushing owners to sell their homes</a>.

Housing affordability improved in just 1% of US counties last quarter

<ul class="summary-list"><li>BYD has just notched another big victory in its fight to overtake Elon Musk.</li><li>The Chinese EV maker's quarterly revenues outstripped Tesla's for the first time.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/byd-founder-wang-chuanfu-biggest-chinese-global-ev-automaker-2024-1">BYD</a> has just scored another victory in its battle to overtake <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a>.The Chinese EV giant said in its third-quarter earnings on Wednesday it had surpassed Tesla's revenues from EV sales for the first time.BYD recorded revenues of 201.1 billion yuan ($28.2 billion) in the three months to September 30, up 24% from the same quarter last year. <a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">Tesla posted sales of $25.2 billion</a> over the same period.It's another marker for the industry juggernaut, which has ridden China's EV boom to become one of the country's largest automakers.BYD briefly <a target="_blank" class="" href="https://www.businessinsider.com/ken-griffin-on-chinas-byd-ev-outperforming-elon-musks-tesla-2024-1">overtook Tesla as the world's biggest EV producer</a> at the end of last year, and after a record quarter, is aiming to put <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>'s company under further pressure.Here are five reasons BYD is booming:<h2 id="d2ed0127-4943-4c97-9993-210cd5715665">1. Affordable EVs</h2>BYD is known for its cheap electric vehicles, and has spent this year making them cheaper.The automaker launched a <a target="_blank" class="" href="https://www.businessinsider.com/byd-china-ev-price-war-yuan-plus-tesla-elon-musk-2024-3">wave of price cuts earlier this year</a>, which included lowering the price of the <a target="_blank" class="" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">ultra-cheap Seagull hatchback</a> to under $10,000.Those price cuts gave BYD an advantage over Tesla, whose cheapest vehicle in China is the 231,900 yuan ($32,600) Model 3, and appear to have spurred sales.BYD announced record monthly deliveries on Friday, with the company selling half a million passenger vehicles in October.<h2 id="e64c7ec7-70d2-498e-9c45-48cb9cbdfad2">2. Luxury vehicles</h2>As well as making their cheapest cars cheaper, BYD has expanded into luxury vehicles.<div type="image" title="Yangwang U9" height="2667" width="4000" msid="114857774" hostid="261" sizebytes="618384"></div>The automaker launched <a target="_blank" class="" href="https://www.businessinsider.com/luxury-european-carmakers-china-sales-competition-electric-vehicles-bmw-mercedes-2024-10">the Yangwang U8</a>, a $150,000 premium SUV that comes with an onboard drone last year.BYD also <a target="_blank" class="" href="https://www.businessinsider.com/byd-electric-supercar-u9-cost-ferrari-vibes-2024-2">unveiled its first supercar</a>, the 1.68 million yuan ($235,000) Yangwang U9, in February.The expansion of local automakers into China's premium market has put <a target="_blank" href="https://www.businessinsider.com/luxury-european-carmakers-china-sales-competition-electric-vehicles-bmw-mercedes-2024-10">pressure on European giants like Mercedes and BMW</a>. Experts told BI that this would enable firms like BYD to target less price-sensitive customers and grow beyond China's brutally competitive mass market.<h2 id="abc6d5cc-26e9-4f5e-97a0-116de874ee95">3. Global expansion</h2>BYD has embarked on an ambitious expansion drive this year to boost sales outside China. Executives have said they want half of BYD's sales to come from abroad in the future.Though US and European tariffs on Chinese EVs make selling in these regions problematic, BYD is <a target="_blank" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">rapidly setting up factories worldwide</a> to cut costs and avoid trade barriers. It's also focusing on emerging markets such as Mexico and Brazil.<h2 id="95ef07ab-209d-40a4-8311-9fa326be69ed">4. Hybrids</h2>A key part of BYD's success is its hybrid range. Unlike its rival, Tesla, BYD also offers a selection of hybrid vehicles, which are popular in China.Some 311,000 of the 500,000 passenger vehicles BYD sold in October were hybrids, with hybrid sales rising by 62% year-on-year.<div type="image" title="BYD Seal" height="4024" width="6048" msid="114857772" hostid="261" sizebytes="511534"></div>BYD has sold nearly two million hybrid vehicles this year. The automaker says its latest hybrids can go up to <a target="_blank" class="" href="https://www.businessinsider.com/byd-new-hybrid-cars-1250-miles-nonstop-gas-charging-2024-5">1,250 miles without stopping for gas or charging</a>.Dylan Khoo, an analyst at technology intelligence firm ABI Research, told BI the core of BYD's success this quarter stemmed from plug-in hybrid electric vehicle (PHEV) sales in China."Newly launched models based on BYD's fifth generation DM-i PHEV technology have been huge sales successes," he said.<h2 id="f1637504-ae75-4bb3-8d4a-af997966f543">5. Vertically integrated supply chains</h2>The core of BYD's success — and part of the reason it can produce EVs so cheaply — is that it tries to make almost every component in-house.BYD produces its own batteries and computer chips. BYD executive VP Stella Li recently told MotorTrend that BYD manufactures every component of its Dolphin electric hatchback, apart from the tires and windows.<div type="image" title="BYD executive vice president Stella Li" height="2668" width="4000" msid="114857770" hostid="261" sizebytes="387636"></div>"BYD's high degree of vertical integration — making rather than buying many key strategic components — means it can control production of batteries and chips and can do so at very low cost," said David Bailey, professor of business economics at the University of Birmingham.BYD did not respond to a request for comment from BI.

5 reasons BYD is surging ahead after eclipsing Tesla's quarterly sales for the first time

<ul class="summary-list"><li>Renaissance Technologies pared its Tesla and Nvidia bets and raised its GameStop wager last quarter.</li><li>The quant fund founded by the late Jim Simons cut its Tesla stake by 86% and halved its Nvidia wager.</li></ul>Renaissance Technologies cut its <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> and Nvidia stakes and boosted its <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-plunges-after-weak-2nd-quarter-earnings-results-2024-9">GameStop</a> bet last quarter, it revealed in a portfolio update on Wednesday.RenTech, one of the <a target="_blank" class="" href="https://www.businessinsider.com/renaissance-technologies-hedge-fund-bests-warren-buffett-10-biggest-holdings-2019-11">biggest and best-performing hedge funds</a> in history, pared its Tesla bet from about 2.1 million shares to 284,000 — an 86% reduction. The sales reduced the position's value from $406 million to $74 million even as Tesla stock gained 26% in the period. Elon Musk's automaker also dropped from its 10th-largest holding at the end of June to outside the top 200 at the end of September.The quantitative fund halved its <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ceo-ai-employees-workers-2024-11">Nvidia</a> wager to about 3.5 million shares, paring its value from $867 million to $428 million even as the chipmaker's shares gained 20%. Nvidia fell from its third-largest holding to tenth.Tesla and Nvidia have been two of the world's hottest stocks this year, rising 33% and 195% respectively as traders bet they'll <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-praises-tesla-ai-optimus-robot-remote-control-concerns-2024-10">blaze trails</a> in the artificial intelligence race.The buzz has only grown in recent weeks with Musk's <a target="_blank" class="" href="https://www.businessinsider.com/trump-won-election-what-that-means-for-elon-musk-2024-11">emergence</a> as a key advisor to President-elect Trump, and <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jensen-huang-blackwell-gpu-demand-ai-tech-2024-10">signs of strong demand</a> for Nvidia's new Blackwell chip.<h2 id="7ba0e00b-45bc-49c0-8c6c-fb07a170f3a3">Algorithms</h2>RenTech was founded by Wall Street legend Jim Simons, the former MIT math professor and Cold War codebreaker who <a target="_blank" class="" href="https://www.businessinsider.com/jim-simons-dead-obituary-founder-renaissance-technologies-hedge-fund-2024-5">died in May</a>. The firm relies on algorithms to determine many of its trades, often resulting in sweeping changes to its stock portfolio each quarter.The overall stock portfolio rose in value by 13% to $66.5 billion last quarter. Its largest positions were a $1.4 billion stake in Palantir, the software company cofounded by tech billionaire Peter Thiel, and a $975 million position in Novo Nordisk, the Danish pharmaceuticals giant behind <a target="_blank" class="" href="https://www.businessinsider.com/semaglutide-wegovy-ozempic-weight-loss-healthcare-airlines-economy-productivity-2023-11">Ozempic</a>, the blockbuster weight-loss drug.RenTech ramped up its GameStop bet by more than 40% to 1.9 million shares, worth $44 million at the quarter's close. It <a target="_blank" class="" href="https://www.businessinsider.com/rentech-simons-gamestop-meme-stock-price-nvidia-tesla-amc-portfolio-2024-5">built</a> a stake of 1 million shares in the video game retailer from scratch in the first quarter, meaning it likely benefited from the meme stock's explosive rally earlier this year.It's worth underscoring that quarterly portfolio updates only give a snapshot of a firm's holdings on a particular date and exclude shares sold short, private investments, and overseas wagers.They don't always paint a full picture of the investing strategy behind the picks — especially when algorithms are driving the trades.

An elite hedge fund slashed its Nvidia and Tesla bets last quarter — and boosted its GameStop stake

<ul class="summary-list"><li>More than a quarter of new code at Google is made by AI and then checked by employees.</li><li>Google is doubling down on AI internally to make its business more efficient.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10">Google</a> is all-in on AI — both inside and outside the company.More than a quarter of new code created at Google is generated by AI, said CEO Sundar Pichai on Tuesday during the company's Q3 earnings call.Pichai said using AI for coding was "boosting productivity and efficiency" within Google. After the code is generated, it is then checked and reviewed by employees, he added."This helps our engineers do more and move faster," said Pichai. "I'm energized by our progress and the opportunities ahead, and we continue to be laser focused on building great products."<a target="_blank" class="" href="https://www.businessinsider.com/google-goose-ai-model-language-ai-coding-2024-2">Business Insider reported in February</a> that the company had launched a new internal AI model named "Goose" to help employees code and build products.Goose was trained on "25 years of engineering expertise at Google," according to internal documents seen by BI.The new data from Pichai will surely have some employees wondering if they're coding themselves out of a job, while other employees say AI has already <a target="_blank" class="" href="https://www.businessinsider.com/how-google-technical-program-manager-uses-ai-gemini-2024-8">transformed their work</a>. <a target="_blank" class="" href="https://www.businessinsider.com/google-goose-ai-model-language-ai-coding-2024-2">Company leaders have previously promised</a> that AI isn't taking Googlers' jobs (yet), but the over 25% figure is striking and underscores the benefits of improving this technology.Are you a current or former Google employee? Got something to share? You can reach reporter Hugh Langley via encrypted messaging app Signal (+1 628-228-1836) or email (<a target="_blank" href="mailto:hlangley@businessinsider.com">hlangley@businessinsider.com</a><a target="_blank" rel="noopener noreferrer nofollow" href="mailto:hlangley@insider.com">)</a>

Google CEO says more than a quarter of the company's new code is created by AI

<ul class="summary-list"><li><keyword id="20335345" type="General" weightage="20" keywordseo="McDonalds" source="keywords" meta.keywordsubtype="org" meta.entityname="McDonald's" meta.hostid="261" meta.entityid="McDonald's">McDonald's</keyword> global sales fell for the second consecutive quarter, down 1.5%.</li><li>Fast-food chains have faced challenges from <keyword id="19999654" type="General" weightage="20" keywordseo="food-inflation" source="keywords">food inflation</keyword>, affecting <keyword id="20139791" type="General" weightage="20" keywordseo="consumer-spending" source="keywords">consumer spending</keyword> habits.</li></ul>Global sales at McDonald's have fallen for a second consecutive quarter as the fast-food chain struggled in international markets, especially France, the UK, China, and the Middle East. Sales were down 1.5% in its third quarter, following from a 1% slide in the previous quarter, ending June 30. Comparable sales in the US were virtually flat, up 0.3% from the same period in 2023, while sales in international markets dropped 2.1%. Sales in licensed international markets fell 3.5%. "We will stay laser-focused on providing an unparalleled experience with simple, everyday value and affordability that our consumers can count on as they continue to be mindful about their spending," McDonald's CEO Chris Kempczinski said in the earnings release. While sales dropped, <a target="_blank" class="" href="https://www.businessinsider.com/trying-most-expensive-mcdonalds-switzerland-disappointing-fries-best-burger-2023-12">the Golden Arches</a>' revenue increased 3% to $6.9 billion, beating the $6.82 billion figure that was the consensus of analysts. Net income declined 3%, down to $2.26 billion, down from $2.32 billion in the last quarter. Shares in McDonald's fell 2.7% in premarket trade after the results were announced. Fast-food restaurants have struggled with food inflation since the COVID-19 pandemic. The most recent <a target="_blank" class="" href="https://www.bls.gov/news.release/cpi.nr0.htm">US consumer price index</a>, released in early October, showed that the cost of food away from home rose 4% in the prior 12 months, significantly higher than gains in both grocery store prices and the overall CPI. Chains, including McDonald's, have responded to the soaring cost of ingredients and labor by raising menu prices. Consumers have felt the strain of rising costs. Analysts have said that some consumers are <a target="_blank" class="" href="https://www.businessinsider.com/why-fast-food-is-so-much-more-expensive-value-affordable-2024-4">comparing the rising cost of fast food to the slowing rate of grocery inflation</a> and choosing to cook more often at home instead of eating out. Lower-income customers have particularly felt the pinch. "The decline in comparable sales signals that consumers continue to retrench from eating out," Neil Saunders, managing director of GlobalData's US retail and consumer division, told Business Insider. "Negative comparable sales and higher costs have also put some pressure on the bottom line where both operating and net income are down," he said. It's uncertain how the <a href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-cases-rise-75-people-2024-10" target="_blank">recent E. </a><a href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-cases-rise-75-people-2024-10" target="_blank">coli outbreak</a> in several states might affect McDonald's fourth-quarter results. One person died, and at least 75 were sickened. The Food and Drug Administration has said that the slivered onions on affected <a href="https://www.businessinsider.com/mcdonalds-quarter-pounder-ecoli-outbreak-why-important-sales-2024-10" target="_blank">Quarter Pounder burgers</a> were "a likely source of contamination," and the supplier of the topping <a href="https://www.businessinsider.com/mcdonalds-supplier-taylor-farms-recalls-onions-amid-e-coli-outbreak-2024-10" target="_blank">has issued a recall</a>. Correction: October 29, 2024 — An earlier version of this story overstated what has been confirmed about the recent <keyword id="22099782" type="General" weightage="20" keywordseo="E-coli-outbreak" source="keywords">E. coli outbreak</keyword> linked to McDonald's. The FDA is still investigating the outbreak and has not conclusively settled on a cause, though it has said slivered onions from one of the chain's suppliers were "a likely source of contamination."

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