Deutsche Bank and Postal Savings Bank of China End JV Talks, Reuters Says, Citing Sources

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Deutsche Bank and Postal Savings Bank of China End JV Talks, Reuters Says, Citing Sources

Dow Jones01-28

-- Talks over a joint venture in China between Deutsche Bank, its asset manager DWS and Postal Savings Bank of China have ended over disagreements over the control of the entity, Reuters reports, citing unnamed sources.

-- The latest plan was for Deutsche Bank and PSBC to own 47.5% of the joint venture each, with the remaining 5% owned by U.S. investment firm Ares Management, though China's authorities wanted the German lender to take a majority stake, Reuters reports.

-- Deutsche Bank and Ares declined to comment to Reuters. PSBC did not respond to a request for comment.

Full story: https://tinyurl.com/33up66zx

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

January 28, 2025 09:27 ET (14:27 GMT)

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21:47
Elon Musk addressed several key points during Tesla's Q1 2025 earnings call:1. Government Efficiency Work: Musk has been working with the Trump administration to reduce government waste and fraud, facing backlash from those benefiting from wasteful spending.2. Time Allocation: Starting next month, Musk will significantly reduce his time on government matters, allocating more time to Tesla.3. Tesla's Future: Musk remains extremely optimistic, predicting Tesla could become the world's most valuable company, potentially worth as much as the next five companies combined.4. Autonomous Technology: Full self-driving capability is expected to be available in Austin by June, with material financial impact anticipated around mid-2026.5. Supply Chain Localization: Tesla has been working on localizing supply chains to mitigate tariff risks and improve logistics.6. Tariffs: While Musk advocates for lower tariffs, he emphasized that tariff decisions are ultimately up to the President of the United States.Disclaimer: This earnings call summary is generated by AI and is for informational purposes only. Due to technical limitations, inaccuracies may exist. It does not constitute investment advice or commitments.
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[Live: Tesla 2025Q1 Earnings Conference Call]Tesla CEO Musk says expects time allocation to Doge to drop significantly in May and will be devoting more time to Tesla.Tesla shares jumped 5% in after hours trading.Tesla reported better-than-expected profitability for its auto business in the first quarter but revenue fell short of expectations as sales of its electric vehicles dropped.Automotive gross margin for the period, excluding regulatory credits, was 12.5%, according to Reuters calculations, compared with expectations of 11.8%, according to 21 analysts polled by Visible Alpha.The stronger-than-expected margin offers some relief for investors concerned about Tesla’s shrinking profitability from automotive sales amid ongoing promotions to boost sales of its aging lineup, and rising competition.But the company said it would revisit its 2025 guidance in its second-quarter update, saying "It is difficult to measure the impacts of shifting global trade policy on the automotive and energy supply chains, our cost structure and demand for durable goods and related services."Tesla has been facing increased scrutiny of its near-term growth prospects after deliveries tumbled 13% in the first quarter and critics accused CEO Elon Musk of being distracted.The financing deals and discounts on vehicles in inventory have compressed Tesla's profit margin in recent quarters as the company looks to boost sales volume at a time when customers gravitate toward less-expensive gasoline-electric hybrid vehicles.Despite the challenges, Tesla's Full Self-Driving software has bolstered profit margins and is expected to remain a key factor in profitability alongside energy generation and storage products.The electric vehicle maker reported revenue of $19.34 billion for the January-March quarter, compared with estimates of $21.11 billion, according to data compiled by LSEG."Uncertainty in the automotive and energy markets continues to increase as rapidly evolving trade policy adversely impacts the global supply chain and cost structure of Tesla and our peers," the company said.Deliveries in the January-March period slid 13%, as the company lost ground to Chinese rivals, and Musk's political actions as a close adviser to U.S. President Donald Trump have damaged the brand.Tesla has faced protests, vandalism, and consumer calls for boycotts in several markets, and sales in China and California - its largest U.S. market - have fallen sharply as well.Some investors have taken a more sour view of the one-time Wall Street darling. The company's stock, which closed at $237.97 on Tuesday, has nearly halved from its December peak.The EV maker scrapped plans for a brand-new, low-cost model last year, opting instead to produce cheaper variants using existing platforms and assembly lines. Reuters reported exclusively on Friday that Tesla delayed plans to start production of a more affordable Model Y crossover by at least a few months.Musk promised driverless ride-hailing services to the public in Texas by June, and in California for later this year. To that end, Tesla has been seeking regulatory approvals, but there are serious concerns about safety and related litigation risks that could come with deploying unproven driverless technology on public streets.Analysts expect a second straight annual decline in Tesla deliveries in 2025, despite efforts to boost sales through incentives like free charging and Full Self-Driving features.Tesla also recalled all Cybertrucks delivered since late 2023 and launched a lower-priced $70,000 version of the vehicle. It has been discounting unsold inventory of the electric pickup truck in recent weeks.Tariff tensions add further uncertainty. Tesla has paused some China-sourced component imports after U.S. tariffs on the Asian country rose to 145%, Reuters reported. China has responded with tariffs of its own, leading Tesla to suspend new Model S and X orders in the country.
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PSBC did not respond to a request for comment. \n\n\n \n\n\n  Full story: https://tinyurl.com/33up66zx \n\n\n \n\n\n  Write to Elena Vardon at elena.vardon@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 28, 2025 09:27 ET (14:27 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}