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...This analyses sales of unique works at Christie’s, Sotheby’s and Phillips, with data from ArtTactic....
...This shift will have major ramifications for both the auto industry and the energy sector.”...
...Tesla has cut prices several times — including this week — to buoy sales, although this has led to a collapse in the re-sale value of its cars....
...Elon Musk’s decision to lower the price of Tesla vehicles in China in late 2022 sparked savage price cuts across the auto industry, leading to squeezed margins for both legacy multinational auto groups in...
...Tesla’s sales figures also “suggested a sharp deterioration in growth” in the US, said Tom Narayan, an auto analyst at RBC Capital Market, while the Model Y and 3, which account for more than 90 per cent...
...Of Tesla’s total quarterly sales of $21.3bn, 82 per cent were indeed “automotive revenues” while the rest were energy and services....
...The pressure is especially high in China, the world’s biggest auto market and the US EV maker’s second-largest market by sales, where competition between local EV makers and foreign carmakers is heating...
...For the three major auction houses — Christie’s, Sotheby’s and Phillips — whose sales rely heavily on the thin $10mn-plus market, the unsettling backdrop contributed to a combined fall of 18 per cent to...
...“Global EV sales continue to be under pressure as many carmakers prioritise hybrid over EVs.”...
...Totals at Sotheby’s and Christie’s came in at the low end of expectations, already revised down after a number of withdrawals, while Phillips’ slim sale of £10.9mn (£13.7mn with fees) on March 7 didn’t quite...
...Analysts said the ongoing price war in China’s auto market could lead to a vicious cycle. “In the case of China, when the price is lower, people think, ‘wait a minute....
...The lull in EV sales is having a damaging impact on the auto industry....
...He says, though, that news this week that China’s gross domestic product growth performed better than expected in the first quarter of the year could improve the mood ahead of sales at Christie’s and Phillips...
...The slowing pace of sales growth has fuelled expectations among auto executives for a wave of consolidation that will leave only a handful of companies in the world’s largest car market....
...It was something tenable on the horizon, so was a reason to look past the current EV sales slump....
...Yet sales, the same data set predicts, will lag even further behind. EV interest last year resulted in sales of 9.5mn vehicles, but the figure is only expected to be 9.8mn this year....
...Less than two years into entering Thailand, the region’s second-biggest auto market, BYD holds the position as the biggest EV maker and the third-largest automaker for the overall passenger car market, according...
...Phillips hosts its first auction dedicated to ceramics made by Lucie Rie and her colleague and friend Hans Coper in London on November 1....
...Sales grew by 55 per cent between January 2022 and January 2023....
...Combined first-half sales for Sotheby’s, Christie’s and Phillips were down 18 per cent, says ArtTactic. Costs are unlikely to have followed suit....
...Phillips has won the mandate to sell 30 works from the prestigious Triton Collection Foundation, valued at more than $70mn and with an auction house-backed guarantee of sale....
...In United Housing Foundation, Inc. vs....
...Sales growth has fallen. In the last quarter, it was 16 per cent, down from 33 per cent the previous year. The co-founders have left....
...Daniel Roeska, an auto analyst with Bernstein, said that consumers had perceived a “chasm” between the industry leaders — Tesla and BYD — and the “traditional [original equipment manufacturers]” such as...
...Even as car sale volumes are still depressed compared with peak levels, unit profitability has reached record levels and the operating profits and cash flow have turned slightly positive....
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