Business
Goldman Sachs held its first investors’ day in three years, amid shareholder concerns about the bank’s direction following a profit slump last year. CEO David Solomon raised the possibility of selling parts of its loss-making consumer services after scaling back the division. He said, “It has become clear that we lacked certain competitive advantages” in the business. However, the presentation left markets unimpressed, and Goldman’s share price fell after the event.
Tesla held its first-ever investor day, where Elon Musk outlined part three of his “Master Plan” for the company. Senior executives also confirmed that an electric car for the mass market was in the works, which is essential for Tesla’s sales ambitions. However, investors were disappointed by the lack of detail about the new model.
Tesla also confirmed that it is building its first factory in Mexico, in Monterrey. It is the latest carmaker to invest in making electric vehicles in Mexico; in February, BMW said it would expand production and build a factory to assemble batteries. Mexico is benefiting from the huge green subsidies in America’s Inflation Reduction Act, $34bn of which is earmarked for smoothing the supply chain for EVs.
2023-03-02 10:05:16
Article from www.economist.com