Household Wealth Surges as Tesla Profit Falls

Tesla profit plunge 44% after price cuts, China economy slows

The net worth of the median U.S. household has grown by 37% from 2020 to 2022, primarily due to a jump in home values and higher stock prices, according to the Federal Reserve.
Chinese automakers are increasingly dominating Europe's electric vehicle market, with one in every five EVs sold in Europe being a Chinese import. This has led the European Union to investigate Beijing's support for its EV industry.
Amazon is set to begin testing drone deliveries for prescription medicine in College Station, Texas, promising delivery within an hour of order placement.
Tesla's net income decreased by 44% in Q3 due to price cuts aimed at enhancing sales growth, affecting the automaker's profit margins. The discounts varied from $4,400 on top-selling vehicles to $20,000 on more high-end models.
Despite beating analyst estimates, China's economy slowed down in the third quarter due to dwindling demand for exports and an ongoing crisis in the property sector. The growth rate was 4.9%, significantly lower than the 6.3% of the previous quarter.