Tesla has dropped Models Y's price below the average U.S. vehicle. The car was the best-selling EV in the U.S. in 2022. More: - The base version of the Tesla Model Y now costs $46,990, $759 less than the average transaction price for a car or truck in the U.S.
- This figure is $20,000 lower than one year ago, representing one of the largest price reductions in recent automotive history.
- Tesla's aggressive price cuts have been perceived as a price war, resulting in market share losses for Ford, GM, BYD, etc.
- Industry analysts claim that Tesla is taking advantage of the fact that it controls a large part of its supply chain, something that other traditional automakers don't have at the moment.
- This move, according to them, could push some EV makers to pause their ambitions altogether.
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Clothing retailer Gap is set to cut over 500 corporate jobs in an attempt to reduce costs. The company claims that the decision will help it reach profitability again. More: - Gap claims that it will be able to save $300M during 2023 as a result of these changes.
- Gap shares dropped about 6% on Tuesday. The stock has fallen more than 16% this year.
- Impacted employees in Gap’s international sourcing division were notified about the latest cuts on April 18, while those at its San Francisco headquarters will be notified this week, the person said.
- In the three months that ended Jan. 28, Gap posted $4.24B in sales but reported a net loss of $273M, or 75 cents a share.
- It managed to turn an annual net profit in 2021 but reported net losses in both 2020 and 2022.
- As of Jan. 28, Gap employed about 95,000 staff members, 81% of which work in retail locations.
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F.C. Barcelona has received $1.6B in funding to redevelop its stadium. Goldman Sachs and JP Morgan led the financing. More: - F.C. Barcelona's Spotify Camp Nou stadium is Europe's largest. The stadium currently can seat 99,000 people.
- If the club's renovation project is implemented, the stadium would have an increased capacity and improved facilities, which the club estimates could help generate over $270M each year in extra revenue.
- The club stated that no club assets were sold, and a mortgage was not taken out on the stadium to raise the funding.
- F.C. Barcelona is set to pay back investors in tranches after five, seven, nine, 20, and 24 years.
- The club is unique in its ownership structure. Decisions for the club are made by over 146,000 members, making it a nonprofit.
Zoom Out: - One of Europe's most successful and famous clubs, F.C. Barcelona, has battled several scandals. A few years ago, the club was banned from transferring players after breaking FIFA's rules on young player transfers.
- Recently, the club has been accused of donating funds to benefit from a referee decision that allegedly went in its favor.
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GM will stop manufacturing the Chevy Bolt and Bolt EUV to focus on pickup EVs. The company aims to sell 1 million EVs by 2025. More: - GM will gradually slow production until it completely stops by the end of 2023.
- The company plans to deliver 150,000 EVs this year, around half of which will be Bolt and Bolt EUV vehicles.
- To entice consumers, Chevy cut prices on the Bolt by $6,000, dropping its price to $26,000 before tax credits.
- The move made it one of the cheapest vehicles available for consumers.
- The model was plagued with controversy, as 142,000 Bolt vehicles were recalled due to a fire issue.
- The company plans to introduce a cheaper version of the Chevy Equinox small SUV that costs around $30,000.
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The Dow fell 300 points as First Republic's earnings caused widespread market concern. The company lost $102B in customer deposits. More: - The Dow Jones Industrial Average fell 322 points or 1%.
- This drop is still lower than S&P 500, which dropped by 1.4%, while the Nasdaq Composite fell by 1.7%.
- First Republic Bank shares dropped more than 40% after posting its latest quarterly result.
- The company's Q1 deposits dropped 40% to $104.5B.
- In an attempt to improve its balance sheet, the company will reduce its headcount by 20% to 25% in Q2.
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San Francisco-based Ridge Ventures has raised $180M to invest in early-stage software startups. The company has $540M worth of assets under management. More: - Ridge Ventures's average investment ranges between $2M-$7M.
- The firm has invested in companies such as:
- Discord,
- Bolt,
- Braze,
- Krux,
- and Fastly.
- The fund, officially named Ridge Ventures V, will invest in Seed and Series A stages startups.
- Backers in the fund included foundations, family offices, fund-of-funds, consultants, private wealth platforms, founders, and insurance companies.
- Ridge Ventures is based in San Francisco and has an additional office in Austin.
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- CFTC regulators have stated that they are in conversations with Binance to address its concerns about the company's conduct.
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 |  | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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