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Tesla is trying to recover from consecutive annual declines in vehicle sales that were partly caused by a consumer backlash against CEO Elon Musk. View More

In this articleTSLAFollow your favorite stocksCREATE FREE ACCOUNT The Tesla brand logo can be seen on May 28, 2026 at a location of the car manufacturer in Parsdorf near Munich (Bavaria, Germany). Matthias Balk | Picture Alliance | Getty Images Tesla reported vehicle deliveries and production levels for the second quarter that far exceeded Wall Street expectations, as Elon Musk's automaker tries to rebound from consecutive annual declines in auto sales. Here are the key numbers:Total Q2 vehicle deliveries: 480,126Total Q2 vehicle production: 451,758Analysts were expecting around 406,600 deliveries, according to StreetAccount's consensus. Tesla's company-compiled consensus published last week was 406,024 deliveries.Shares of Musk's EV maker sank about 7.49% on Thursday despite the strong report. The stock had its worst day in almost a year, and has fallen on each of the past three quarterly delivery reports.In the same period last year, Tesla reported around 384,000 deliveries, and in the first quarter of 2026, the number came in at 358,023.Thursday's update showed a 25% year-over-year increase, and 34% increase versus the first quarter in deliveries for Tesla.Tesla doesn't break out exact delivery numbers by region or individual model, but the company said its entry-level Model 3 sedan and most popular Model Y SUVs accounted for 467,762, or 97% of its deliveries. Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in its shareholder communications.Tesla is trying to recover from consecutive annual declines in vehicle sales that were partly caused by a consumer backlash against Musk, the world's wealthiest person, and by the loss of a U.S. federal tax credit. Musk's incendiary political rhetoric, endorsements of anti-immigrant extremists in Europe, and his work with the Trump administration to shrink the federal workforce drove away some prospective EV buyers. Read more CNBC tech newsMeta's push into cloud computing means Wall Street has to prepare for lower marginsChip stocks that notched record rallies in second quarter start Q3 with a dudPlayStation will end physical disc production for new games in 2028Employers who laid off workers citing AI are already starting to regret it Meanwhile, Chinese automakers like BYD, Nio and Xiaomi came to market with an array of more affordable, and high-tech EVs, while Tesla also faced increased competition from South Korea's Hyundai Motor Group and European EV makers including Volkswagen.To revitalize sales, Tesla started selling lower-cost versions of its Model 3 and Model Y vehicles, and more recently made its driver assistance systems, marketed under the brand name Full Self-Driving (Supervised), available in some European markets.The biggest boon for the company in the quarter may have been soaring gas prices resulting from the war in Iran. European car buyers purchased more Tesla and other EVs in the first half of the year. However, oil prices are now back near where they were trading before the war began in February, in response to a fragile truce between the U.S. and Iran, and diplomatic efforts to bring the conflict to a lasting conclusion.In the U.S., car buyers have pulled back from fully electric vehicles, and are embracing hybrids, according to Dan Hearsch, managing director at AlixPartners. "We have a huge country, and people live far away from each other compared to Europe where the charging infrastructure is better and people don't have to drive quite so far," Hearsch said.In the second half of the year, inflation, shifting trade policy, the rising cost of chips and other components may pose the biggest challenges to U.S. automakers, he added. Stock Chart IconStock chart iconTesla stock chart. Musk has directed Tesla to focus on ramping production and sales of its Semi electric trucks, and to start production of its driverless Cybercab. The company is also looking to begin production of its Optimus humanoid robots. In Tesla's first quarter investor update, the company said it was "optimizing" its vehicle portfolio, "with an emphasis on vehicles designed for a fully autonomous future" and expected "volume production of both Cybercab and the Tesla Semi this year."Tesla said in January that it would stop producing its flagship Model S and X vehicles, and would use their factory lines in Fremont, California to build Optimus units. In its Energy business, which installs solar photovoltaics and sells battery energy storage systems, Tesla said it deployed 13.5 GWh in the second quarter of 2026, compared to 9.6 Gwh a year ago. Analysts expected 13.3 GWh.Musk's SpaceX, which owns xAI, bought $269 million worth of Tesla Megapacks in April, according to its IPO filing. SpaceX is using the Megapacks to reduce xAI's electricity costs at its power-hungry data centers in and around Memphis, Tennessee. In the second quarter deliveries report, Tesla did not disclose whether related-party transactions contributed to the strong numbers. Last year, SpaceX spent $131 million purchasing Tesla Cybertrucks. That dollar amount represented a large portion of the 20,237 Cybertrucks Tesla sold in 2025, according to Kelley Blue Book.Tesla plans to report second-quarter financial results on Wednesday, July 22, after the market's close. WATCH: The auto industry is facing a demographic cliff watch nowVIDEO6:0706:07The auto industry is facing a demographic cliffAutos Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

A historic heat wave has driven unprecedented demand for Chinese-made air conditioners in Europe, underscoring the tough task Brussels faces in rebalancing trade with Beijing. View More

In this articleZ333-CN300-HKSSNLFSSNLFMIELF690-SZQIHCFZ651-CN6367.T-JPFollow your favorite stocksCREATE FREE ACCOUNT PARIS, FRANCE - JUNE 24: Pedestrians use umbrellas to shield from the sun as record-breaking high temperatures continue in Paris on June 24, 2026 in Paris, France. Li Yang | China News Service | Getty Images Europe wants to narrow its record trade deficit with China by October, but the bloc's worst-ever heat wave is driving unprecedented demand for imports of Chinese-made air conditioners, a telling tale illustrating how hard it will be for Brussels to address the trade imbalance.The European Union and China released a rare joint statement on Monday aimed at balancing trade between the two economies and addressing market access issues. Disputes over trade imbalances, export controls and intellectual property must deliver "tangible results" by October, European trade chief Maros Sefcovic told reporters after meeting with China's Commerce Minister Wang Wentao. The two sides agreed to set up a bilateral working group to monitor trade flows, with "reassurance" from Beijing that existing export controls on rare earths and permanent magnets will not disrupt EU supply chains. "Not everything will be solved, not everything will be fixed, but we think that between now and October, our teams have sufficient time to deliver the tangible results," Sefcovic said. Chinese exports to the EU "keep rising, while our market share in China keeps shrinking," he said, calling the trend "not sustainable." Beijing has made it clear that it would not hesitate to retaliate against any new trade curbs designed to tackle the overcapacity issue.But the timing is awkward. The pair met in Brussels just as a historic heat wave has Europeans rushing to buy air conditioners — mostly made in China. Europe has long resisted air conditioning as noisy, an eyesore on architectural facades and unnecessary, as brutal summer heat has been relatively short-lived. It also fears widespread adoption of the energy-hungry technology risks undermining the fight against climate change. The bloc's goods deficit with China grew 15% to €360 billion ($410 billion) last year, with all 27 member states experiencing a shortfall, and expanded to €98 billion in the first quarter, the highest since 2022. Electrical equipment and machines are among the most imported goods. "The sense of urgency over [China's] threat to European industry appears to have reached a tipping point," said Gabriel Wildau, managing director at consultancy Teneo, while China's leadership has shown "little appetite for placating Europe." "There is no sign of policy action forceful enough to materially reduce the trade surplus with Europe," Wildau noted. A big market to fill Air conditioners are adding to that imbalance this summer. Midea Group reportedly said orders for its PortaSplit unit — a portable split system engineered for Western Europe's fragmented building rules — have topped 200,000 this year as of Monday, double 2025's pace. A website built by German software developer Adrian Kübel to track real-time inventory of Midea units across the country went viral on social media and showed the air conditioners were mostly out of stock. Air-conditioning ownership in Europe stands at around 20% of households, far below the nearly 90% penetration rate in the U.S., according to the International Energy Agency, a gap Midea and Asian home appliance makers Samsung and Mitsubishi Electric are all racing to close. None of Europe's five best-selling air-conditioner brands is owned in the EU. Haier Group, Gree Electric Appliances Inc. of Zhuhai and Midea Group Co. — all Chinese — together hold about 32% of the European market by retail volume in 2025, according to Euromonitor International. Turkey's Beko Corp. and Japan's Daikin Industries Ltd. round out the top five. Midea's air-conditioning design illustrates the kind of engineering tailored to crack Europe's fragmented and layered regulatory and market barriers.PortaSplit's outdoor unit clips onto a window bracket, needs no drilling, and is classified as furniture rather than a fixture — sidestepping facade-modification bans in cities like Paris. Its refrigerant charge is also capped at 1.99 kilograms, just under France's 2-kilogram limit.The absence of a homegrown European name among leading air-conditioning suppliers underscores the industrial gap that EU leaders are trying to address. Half of the EU's imports from China are technology products, from cars to sophisticated machinery, said Denis Depoux, global managing director at Roland Berger. "This is an inversion of the past decades and is scary for European industries, and can be a financial systemic problem for the Union," Depoux said. He acknowledged the joint statement as positive progress, as "it is the first one in several years." Brussels' balancing act The soaring demand for Chinese-made cooling technology also reflects an economic reality underlying analysts' skepticism that Beijing has conceded much in trade talks, as Brussels struggles to boost its own exports. "China has made no real commitment in setting an actual [import] quota or actual implementation mechanism," said Alicia García Herrero, chief economist at French investment bank Natixis, calling the progress simply "smoke" from China to deter Europe from launching more protectionist measures. watch nowVIDEO4:0004:00China Shock 2.0: An EU-China trade war is unlikely despite structural frictionSquawk Box Asia European leaders are balancing consumers' desire for cheaper Chinese household goods, such as air conditioners, and maintaining their industrial inputs in strategic categories and employment. The European Commission, which has long criticized the excessive subsidies Beijing uses to support its companies and has alleged it dumps cheap goods in the bloc, said after talks on Monday that "the status quo is not an option." The bloc has recently turned up the heat on Chinese companies operating in Europe, including restricting funding to solar projects using Chinese-made components and ending a tax exemption for low-value parcels used by companies like Temu and Shein. "Any measures would be targeted in areas where either Chinese competition risks causing serious harm to critical industrial sectors, or where there is a major dependency risk that China may weaponize," said Andrew Small, director at the European Council on Foreign Relations, with a particular focus on rare earths, chemicals, autos and heavy machinery. "There is no discussion about across-the-board tariffs," he added. For business in Europe, trade negotiations carry existential consequences. "Europe, too, needs a common understanding to avoid escalation of tit-for-tat responses," Depoux said. "'Delayed reciprocity' is the concept that should be at play here" — one that could eventually see Chinese and European firms merge to compete globally rather than clash over market share, he added. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Decision follows widespread complaints that KSEB had been assessing security deposits by considering total electricity consumption instead of actual net electricity imported from the grid View More

Coal India’s coal production falls 7.5% year-on-year to 169.6 mt in the first quarter this fiscal View More

Renfra Energy India is gearing up to unveil its Initial Public Offering (IPO), targeting Rs 430 crore by issuing new shares. In addition, the company intends to execute an Offer-for-Sale involving more than 47 lakh shares. The funds will be allocated towards debenture redemption, boosting working capital, and fulfilling general corporate requirements. View More

Renfra Energy India has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO) comprising a fresh issue of shares worth Rs 430 crore. Along with the fresh issue, there will be an Offer-for-Sale (OFS) of 47,94,800 equity shares by the selling shareholders, according to the draft red herring prospectus (DRHP) filed on Tuesday. The company's promoters -- Muthuraj Periyasamy, Chairman and Managing Director, and Jayendran, Executive Director -- are not participating in the OFS. The Tamil Nadu-headquartered company proposes to utilise the net proceeds from the fresh issue towards redemption of non-convertible debentures worth Rs 160 crore, funding working capital requirements of Rs 175 crore, and the rest for general corporate purposes. Renfra Energy may also undertake a pre-IPO placement of equity shares aggregating up to Rs 50 crore. If such placement is completed, the size of the fresh issue will be reduced accordingly. Live Events Incorporated in 2017, Renfra Energy operates in the turnkey engineering, procurement and construction (EPC) and renewable project execution segment, serving utility-scale as well as commercial and industrial (C&I) customers across Tamil Nadu and Puducherry. Its business spans solar energy solutions, wind energy solutions, and operation and maintenance services. For FY26, the company reported revenue from operations of Rs 1,013 crore, while profit after tax stood at Rs 156.8 crore. As of May 15, 2026, Renfra Energy had executed renewable energy projects with an aggregate installed capacity of 462.35 MW, comprising 412.85 MW of solar projects and 49.50 MW of wind projects. It also had ongoing projects with a combined capacity of 139.10 MW, including 83 MW of solar and 56.10 MW of wind projects. According to the draft papers, the company's listed peers include KPI Green Energy Ltd , KP Energy Ltd, Solarworld Energy Solutions Ltd and Zodiac Energy Ltd . Unistone Capital Pvt l is the sole book-running lead manager to the issue. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

With a projected 4.5 million tonnes of solar PV waste by 2050, stakeholder consultations are ongoing to establish norms for safe disposal and recycling by 2029-30. View More

The announcement came after South Korea announced on Monday three massive investment projects, spanning semiconductors, physical AI and AI data centers. View More

AI data center solutions at the SK Telecom Co. booth in the World IT Show in Seoul, South Korea, on Wednesday, April 22, 2026. SeongJoon Cho | Bloomberg | Getty Images U.S. private equity giant KKR will take management control of a new $1.3 billion renewable energy platform in South Korea, deepening its bet on growing demand for clean power from chipmakers and artificial intelligence data centers.KKR and SK Inc. said Wednesday they will launch what they described as South Korea's largest renewable energy platform, valued at 2 trillion won ($1.3 billion), integrating wind, solar and fuel cell assets previously held across the conglomerate's businesses. The platform will start with 1.7 gigawatts of operating capacity before scaling to 10 gigawatts — enough to power 100 large-scale, 100-megawatt data centers simultaneously, the companies said in a statement. KKR will hold initial management control in the venture, bringing together renewable businesses and assets from several subsidiaries under SK Group, including SK Innovation, SK ecoplant, and SK eternix. SK will participate as an equity investor and retains the option to seek control rights through future talks. The new venture will help South Korea meet the surging demand for clean power from AI data centers, semiconductor production lines, and other large industrial needs, KKR said in a statement. The announcement came after South Korea announced on Monday three massive investment projects spanning semiconductors, physical AI and AI data centers. SK Group, the country's second-largest conglomerate, said it planned to invest an average of 100 trillion won a year to expand semiconductor production and build AI data centers. "Korea is one of Asia's most attractive renewable energy markets, underpinned by strong corporate demand for clean power from the semiconductor, data center, and manufacturing sectors," said Keith Kim, a KKR partner. KKR is funding the deal through its Asia Pacific infrastructure strategy, which has invested more than $31 billion into energy transition and renewables globally since 2011. The Korea platform adds to KKR's renewable energy portfolio in the region, which includes investments in India-based Serentica Renewables and Australian companies CleanPeak Energy and Zenith Energy.The deal also came as SK Group continued to push through its years-long "value-up plan," including selling assets and restructuring efforts to reduce debt leverage. SK said the platform is part of a broader effort to sharpen its portfolio and improve capital efficiency. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The company plans to deploy the IPO proceeds to acquire Falcon Yarns, meet working capital requirements, and support general corporate purposes. View More

The Rs 170 crore Aastha Spintex IPO is in its final day of bidding and is drawing solid investor interest so far. The issue has been subscribed 3.06 times overall, with bids for 4.16 crore shares against 1.36 crore shares on offer, reflecting healthy demand. The Retail Individual Investors (RII) portion was subscribed at 1.73 times, with 54.40 lakh shares reserved for the category. The Grey Market Premium (GMP) is indicating a potential ~5% listing gain if market sentiment holds steady. Based on the prevailing GMP, the stock is expected to debut at around Rs 142, compared with the upper end of the price band at Rs 136. The public issue, worth Rs 170 crore, is an entirely fresh issue of equity shares with no offer-for-sale (OFS) component. The IPO is priced in the Rs 125–Rs 136 per share band and closes for subscription on July 1. The company’s shares are proposed to be listed on both the BSE and NSE. The company plans to deploy the IPO proceeds to acquire Falcon Yarns, meet working capital requirements, and support general corporate purposes. Aastha Spintex IPO Subscription Status The Aastha Spintex IPO witnessed strong investor participation on the third and final day of bidding as of 1:20 pm, with the issue subscribed 3.06 times overall against 1.36 crore shares on offer. Live Events Retail Individual Investors (RIIs): The retail category was subscribed 1.73 times, with bids for 54.40 lakh shares reserved for individual investors. Non-Institutional Investors (NIIs): The NII segment emerged as the strongest contributor, recording a subscription of 5.41 times against 54.40 lakh shares on offer. Qualified Institutional Buyers (QIBs): The institutional portion was subscribed 1.04 times, with bids for 27.20 lakh shares allocated to this category. Aastha Spintex IPO GMP Today The Grey Market Premium (GMP) for the Aastha Spintex IPO is currently hovering around 5%, indicating the possibility of modest listing gains if sentiment remains stable. Based on the prevailing GMP, the stock is expected to list around Rs 142, compared with the upper price band of Rs 136. The Grey Market Premium (GMP) is an unofficial indicator based on grey market activity. It is speculative in nature and should not be considered an official benchmark or a guarantee of listing performance. About Aastha Spintex Gujarat-based Aastha Spintex is engaged in the manufacturing of cotton spun yarn and operates an integrated spinning facility in Halvad. The company's product portfolio includes carded, combed and compact cotton yarn, catering to the weaving, knitting, hosiery and garment manufacturing industries across domestic as well as international markets. On the financial front, Aastha Spintex has delivered robust growth over the past three financial years. Its total income increased to Rs 352.2 crore in FY25 from Rs 239.7 crore in FY23, while net profit surged to Rs 22.9 crore from Rs 1.1 crore during the same period. The company reported a return on equity (RoE) of 12.8%, with the IPO priced at a P/E multiple of around 18.8x FY25 earnings. A key growth driver is the proposed acquisition of Falcon Yarns, which is expected to expand the company's annual spinning capacity from nearly 7,700 metric tonnes (MT) to 17,457 MT, strengthening its production capabilities and supporting future revenue growth. Despite its growth prospects, the company faces certain risks, including volatility in cotton prices, reliance on a single manufacturing facility, and customer concentration through a major reseller outside Gujarat. In the long run, increasing demand for synthetic fibres could also impact the cotton yarn business. Brokerage View Swastika Investmart has recommended a "Subscribe" rating for investors with a medium- to long-term investment horizon. According to the brokerage, the proposed acquisition of Falcon Yarns is likely to more than double the company's spinning capacity, creating a strong platform for future growth. The brokerage also highlighted Aastha Spintex's improving profitability and its focus on renewable energy. Nearly 80% of the company's energy requirements are met through solar and wind power, a move expected to lower production costs and improve operational efficiency. At a valuation of around 18.8x FY25 earnings, Swastika Investmart believes the IPO is reasonably priced considering the company's growth potential. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

The study found a link between higher pollution levels and greater atmospheric attenuation View More

Maharashtra’s new grid charges and Karnataka’s tariff changes could increase electricity costs for residential, commercial and industrial rooftop solar users by 20–30%, extending project payback periods from about four years to seven to nine years View More