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Baytex Energy Corp T.BTE

Alternate Symbol(s):  BTE

Baytex Energy Corp. is a Canada-based energy company. The Company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Its crude oil and natural gas operations are organized into three main operating areas: Light Oil USA (Eagle Ford), Light Oil Canada (Pembina Duvernay / Viking) and Heavy Oil Canada (Peace River / Peavine / Lloydminster). Its Eagle Ford assets are located in the core of the liquids-rich Eagle Ford shale in South Texas. The Eagle Ford shale covers approximately 162,000 net acres of crude oil operations. Its Viking assets are located in the Dodsland area in southwest Saskatchewan and in the Esther area of southeastern Alberta. It also holds 100% working interest land position in the East Duvernay resource play in central Alberta.


TSX:BTE - Post by User

Post by Duster340on Jul 04, 2023 11:23am
159 Views
Post# 35525803

Record Sales

Record Sales

Electric carmaker Tesla says it delivered a record number of vehicles in the three months to the end of June, after cutting prices to boost sales.

It has lowered prices in markets including the US, UK and China to compete with rival manufacturers.

This weekend, major Chinese car makers also reported a surge in sales in June.

Earlier this year, Tesla boss Elon Musk said he believed pursuing higher sales, with lower profits, was the "right choice" for the company.
 

On Sunday, Tesla said it delivered 466,140 vehicles in the second quarter, which was more than 80% higher than a year earlier.

Meanwhile, the company said it had increased vehicle production to nearly 480,000 in the same period.

 

"Tesla has made a strategic choice to be a volume manufacturer," Bill Russo, the founder and chief executive of advisory firm Automobility, told the BBC.

"This was the main contributor to the sales increase, as its mainly higher-volume Model 3 and Model Y benefitted from the price war," he added.

Dan Ives from investment firm Wedbush Securities told the BBC that "the price cuts in China have been a smart poker move that was massively successful for Tesla".

China is Tesla's second largest market after North America.

The firm been cutting prices in the world's second largest economy, where it faces competition from local electric car makers.

Over the weekend, Beijing based Li-Auto said its deliveries had hit an all-time high of 32,575 in June, marking its third consecutive monthly sales record.

 

Meanwhile, deliveries by Shanghai-based Nio and Guangzhou-based Xpeng jumped to 10,707 and 8,620 respectively during the month.

Tesla has also been grappling with increased competition in other parts of the world, and the impact of higher borrowing costs for customers.

It has responded by cutting prices this year.

In April, Tesla said it had no plans to stabilise the prices of its vehicles, even though repeated price cuts had dented profits.

"We're not 'starting a price war', we're just lowering prices to enable affordability at scale," Mr Musk wrote on his social media platform, Twitter.

At the time Tesla said that its overall revenue had risen by almost a quarter in the first quarter from a year ago, as car sales increased.

 

However, its profit for the same period dropped by 24%, because of price cuts and higher costs of raw materials and other commodities.

The company is due to report its financial results for the second quarter on 19 July.


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