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Tesla Effected Price Slash in Its Model S Cars, Second Time in 2020

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The price slash in the Model S which came without much explanation from Tesla is certainly not a means to compromise on the quality.

Electric automaker Tesla Inc (NASDAQ: TSLA) has yet again effected a price slash in its iconic Model S cars reducing the price of both the Model S variants in the United States by $3,000. As reported by TeslaRati, the Model S Long Range Plus originally worth about $74,990 can now be purchased for just $71,990. Also, the higher variant, Model S Performance saw its price dropped from $94,990 to $91,990.

Tesla cars, as well as the electric autos from competitors, are at best seen as luxury cars but the traction EVs are gaining draws its potential from climate change legislation which will prompt a huge shift from fuel consuming cars to electric versions with zero carbon emissions. While these EV vehicles are not fully mainstream as their prices scare people away, the market potential has been impressive for EV car manufacturers like Tesla (TSLA) who delivered a record of 139,300 vehicles in Q3 2020.

The decision to slash the prices of the Model S Long Range Plus and the Performance has been attributed to the strategy to woo more customers in a bid to surpass its Q3 delivery and meet its target of 180,000 this quarter. The current slash in the price of the Model S comes for the second time this year as Tesla reduced the Model S price by $5,000 back in June

Per a report from Electrek, Tesla must have specifically singled out the Model S cars as a result of its decline in sales in the past few years. It was noted that Tesla only got orders and delivered 15,200 units of the Model S in the past quarter which fell short of the 17,400 deliveries made in the same quarter in 2019, a further plunge from the third quarter 2018 in which the company delivered 27,660 units of both Model S vehicles

Tesla stock was up 0.53% in the pre-market. TSLA stock is rising now by 2.05% and is trading at $455.78.

Tesla Model S Price Slash Is Not a Way to Compromise on Quality

The price slash in the Model S which came without much explanation from Tesla is certainly not a means to compromise on the quality of the Model S. In reality, Tesla has improved on the car increasing the range to 402 miles EPA range when fully charged as against its earlier 259-mile EPA range. The Model S also saw an upgrade from 75 kWh to 100 kWh as it currently has.

To understand that the price slash has no ulterior motives other than to boost sales, the price of the yet to be released Model S Plaid remains unchanged at $139,990 as shown in the automaker’s online showroom. From Tesla’s antecedents, it is obvious thus that the strategic price slash of its vehicles is one of the viable ways to command a fair market share as evident with reports of the company’s readiness to slash the price of its China-made Model 3.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Bank of Spain to Weigh Digital Currency Design Proposals, ‘Implications’ Through 2021

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



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Strong ODL and XRP Growth, 2020 ‘Was a Success’

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Ripple launched On-Demand Liquidity using XRP in 2018. Since then, the firm now has over 24 clients including Azimo and MoneyGram.

Ripple CEO Brad Garlinghouse insisted that the company is committed to the XRP token as the “key behind RippleNet”. He was speaking in the opening keynote at the 2020 Swell conference. Brad confirmed that in the 3 years that RippleNet has been live, more than two million transactions have been completed with a nominal value of at least $7 billion. Ripple ODL and XRP were utilized in almost 20% of all these transactions.

They represented a nominal value of almost $2 billion. According to Garlinghouse, the two are essential to Ripple’s global expansion and longevity. He commented:

“It’s also clear to me that XRP is the key behind RippleNet. Its speed, its scalability, and its low cost per transaction make it perfect for instant settlement and exchange of value. It was built for payments. It has real utility; that’s why it works.”

Ripple launched On-Demand Liquidity using XRP in 2018. Since then, the firm now has over 24 clients including Azimo, Flash FX, SendFriend, and MoneyGram. These are the high profile clients that are using On-Demand Liquidity in production. Interestingly, Ripple has great pulling power in Asia.

Target Regions for Ripple ODL

As Garlinghouse said, the majority of the RippleNet volume comes from the Asia Pacific region, both receiving and sending. He also highlighted that Ripple’s clients are increasingly attracted to the emerging markets including Africa, Latin America, and the Asia-Pacific region.

Generally, these regions have been ‘largely abandoned’ by the traditional banking systems in the past ten years. Azimo is a highlight in the terms of on-demand liquidity that Garlinghouse focused on. He commented on the ODL partner and reviewed how 2020 has been.

The Ripple CEO said that Azimo has been saving 30% to 50% when arranging various currency transfers between clients in Europe and the UK and those in the Philippines using On-Demand Liquidity. Thus, 2020 has been a fruitful year for Ripple ODL and there is rapid growth witnessed in the second half of the year so far.

Line of Credit Introduced

The interest from clients has not dwindled and Ripple is excited that even during these quarantine times customers still see value from that. Garlinghouse commented on the Line of Credit (LOC) product unveiled several days ago. He said that companies will benefit greatly from it helping them adapt Ripple On-Demand Liquidity (ODL) which will enable their business to thrive.

Ripple has now taken a bold step into the financial services world with LOC striving to help in the adoption of XRP. LOC helps the hyper-scale firms since they do not need to engage in separate credit agreements in various countries in different parts of the world. However, they can concentrate on investing in their business and enable repayment at a later date.

The unveiling of Line of Credit represents a major milestone in the evolution of RippleNet. Ripple is therefore doubling down on XRP and providing financial services powered by the network. It means that cross-border payments remain the core of their business.

Ripple Is Growing

Currently, Ripple has more than 500 employees. Adding that onto a recent restructuring, the company appears to be better equipped than ever to face the future as it comes. Garlinghous is confident that the company has the best team to take it forward. Also with the new streamline business units that include RippleX andRippleNet, the company is gradually evolving but its core DNA remains the same.

Ripple promises to be the builder and not the disruptor. Its success is notable in the growing number of employees especially during the quarantine period where they added 50 people to their payroll.

LOC and the Bank of America Rumor

This year’s Ripple Swell conference was held in private, but some interesting news and comments have leaked. Also, Ripple shared Brad Garlinghouse’s opening remarks at the conference. According to the CEO, the financial sector has not experienced innovations at such high levels in decades. PSPs (Payment Service Providers) and digital banks are putting a lot of pressure on the current system.

Also, digital wallets are seeing a ‘meteoric surge’ and Ripple is at the center of it all with its Internet of Values vision. The company’s Line of Credit product is managed by Barry Joseph. It substitutes a pre-financing process that took 2-3 months previously. Line of Credit streamlines that process to get completed within 48 hours and RippleNet members buy XRP at pre-determined prices.

In attendance at the Swell conference was an On-Demand Liquidity (ODL) panel with 3 partners. These partners include a “new face” with Sigue Group CEO Guillermo de la Vina, Bitso from Mexico, and Flash FX from Australia.

Concurrently, an unconfirmed rumor emerged which confirms previous leaks that there is a possible partnership between Ripple and Bank of America. The XRP community is divided on that issue. But, footage and screenshots have emerged on Twitter showing an ODL demonstration video of the Bank of America. Nevertheless, that presentation is not confirmed with other sources writing ‘Fast Remit’.

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Wanguba Muriuki is a content crafter passionate about putting everything into writing. He is passionate about Blockchain and Traveling. He is also an experienced creative and technical writer. Everything and everyone has a story to tell. What better way to capture the real story than in words.



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Morgan Stanley Reports Profitable Q3, Revenue Hits $11.7 Billion

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Morgan Stanley has made a big jump following its previous quarter reports that were marred by the influence of the coronavirus pandemic.

Investment banking giant Morgan Stanley (NYSE: MS) has posted a better than expected earnings for its Q3 on Thursday. According to Reuters, the Q3 earning Morgan Stanley reported came as a result of the firm’s blossoming trading business.

Per the financials, Morgan Stanley reported an $11.7 billion net revenue surpassing last year’s figures that were pegged at $10 billion. Net income reported came at $2.7 billion or $1.66 per diluted share, a big improvement from the net income of $2.2 billion, or $1.27 per diluted.

Morgan Stanley’s Chief Executive Officer and Chairman James P. Gorman attributed the company’s performance to key business decisions involving targeted acquisitions made within the quarter. He said:

“We delivered strong quarterly earnings as markets remained active through the summer months, and our balanced business model continued to deliver consistent, high returns. The completion of the E*TRADE acquisition, the subsequent ratings upgrade from Moody’s, and the recently announced acquisition of Eaton Vance significantly strengthen our Firm and position us well for future growth.”

Other performance tickers including the record of a pre-tax income of $3,487 as against $2,710 reported in Q3 2019. The reported net revenue does not just express the sound position of the company to investors, it showed that the company’s business has strengthened across all front despite the ravaging effects of the coronavirus pandemic.

Also, Morgan Stanley reported growth in its investment banking sector with revenues shooting up 11% from a year ago while the company’s Trading and Sales net revenue climbed by 20% from a year ago. With good growths seen in most indices showing an impressive performance in the quarter ended September 30th, Morgan Stanley now stands as one of Wall Street’s big names with a positive Q3 outlook.

Morgan Stanley Q3 Results: How Firm Fared Compared to Previous Quarters

Morgan Stanley has made a big jump following its previous quarter reports that were marred by the influence of the coronavirus pandemic. Despite the acquisition of E*TRADE, a leading online broker that has produced stellar results for the greater part of a decade and that has about $360 billion in assets, Morgan Stanley’s Q1 performance turned out low in the first quarter of 2020.

In Q1, the total net revenue reported came at $9.49 resulting in a plunge of about 7.8% compared to the same period last year. The Q2 performance however complimented the Q1 plunge suggesting that the company’s investments in the previous quarter had started picking up the positive momentum. Morgan Stanley’s Q2 revenue surged to $13.4, an increase over 2019 Q2’s $10.2 billion.

The positive momentum the company has gained as shown in both its Q2 and Q3 will make analysts revise their expectations for Morgan Stanley in the current Q4.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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