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Tesla's China EV Sales Soar 19.2% Amid Intense Competition
Tech brief - 5-minute read.
Kristoffer Lindström
October 10, 2024
In partnership with
TECH BRIEF
Tesla has recorded a y/y increase of 19.2% in China-made EV sales in September, tallying a quarterly rise of 12% - the first this year. This surge comes as Tesla intensifies incentives and plans to produce a six-seater Model Y variant in China by late 2025, while also aiming to roll out Full Self-Driving software in China and Europe next year. Meanwhile, BYD's exports make up 7.9% of total sales, reflecting a y/y growth of 45.56% in passenger vehicle sales.
Microsoft-owned LinkedIn reported 10 million users created profiles on its Services Marketplace, the freelance marketplace it launched in 2021, marking a 48% year-over-year increase. The platform has seen a 65% increase in service requests, averaging eight per minute. While sharing no commercial engagement data, LinkedIn's entry into the freelancer market continues to grow amidst its competitors' struggles. Despite the modest success, LinkedIn maintains an interest in freelancing; bolstering its premium subscriptions - up 51% this fiscal year for $1.7 billion in revenue.
Online shopping in Europe has seen renewed growth this year, driven by rebounding consumer confidence and the proliferation of affordable marketplaces like PDD Holdings' Temu. A study by Ecommerce Europe predicts ecommerce turnover will reach €958 billion ($1.05 trillion) in 2024, an 8% increase from 2023. Despite inflationary pressures, this marks the first year of ecommerce growth since 2021. However, the competitive landscape is intensifying as platforms like Temu offer cheap products, challenging local businesses.
Apple's Mac sales have drastically declined with a 17.5% YoY fall last quarter, leading to a market share decrease from 9.5% to 7.7%. The global PC market, in contrast, grew by 1.3%, primarily driven by a 2.8% boost in laptop sales. Experts suggest the sales slump may be due to economic factors, the post-pandemic slowdown, or customers waiting for the next-gen M4-powered Macs. Rising expectations from the M4 chip, previously debuted in iPad Pro, could be impacting the sales of existing Mac offerings.
TikTok owner ByteDance created earbuds that enable direct communication with its AI chatbot GenAI, marketed as a companion for travel, language practice, music, and company. Available exclusively in China, the Ola Friend earbuds utilize ByteDance's large language model, derived from its AI service GenAI. As artificial intelligence technology continues to evolve, industry giants and startups are entering the wearables field with devices such as smart glasses and unconventional form factors.
Automattic's demand for an 8% share of WP Engine's revenues has sparked controversy, as critics label it a violation of open source principles and the GPL license. While Automattic accuses WP Engine of not contributing enough to WordPress, critics argue this contradicts the foundational ethos of clear licensing within the open source community. They also suggest Automattic is undermining the integrity of open source licenses, an imperative aspect for businesses building upon such platforms.
Swedish fintech leader, Klarna, is shifting from traditional software like Salesforce and Workday to build its own AI-powered internal systems. The company sees greater long-term cost efficiency and increased control in developing bespoke software over popular off-the-shelf solutions. Their strategy is backed by successful AI customer support automation and inspired by potential competitive advantages, challenging the current state of enterprise software market.
OpenAI Chairman Bret Taylor's startup, Sierra, is reportedly in discussions for a new funding round that could value the company at over $4 billion. This comes after a January funding round which brought Sierra into the unicorn club. Co-founded with ex-Google executive Clay Bavor, Sierra's increased valuation underscores ongoing investor interest in AI ventures.
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