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Tech titan's ex-wife fails to win greater share of AI boom in decade-long ‘divorce of the century' CNNSK Hynix Billionaire to Get Long-Awaited Ruling on Divorce Case Bloomberg.comSouth Korean court orders SK Chairman Chey to pay $640 mln to ex-wife in divorce ruling ReutersSouth Korean AI billionaire faces $1 billion divorce payout after 'marriage of the century' crumbles amid affair with younger woman New York Post
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Tesla's stock has its worst drop in a year after the company's earnings call leaves Wall Street with more questions than answers.
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The suit follows similar legal action against Revolve and Alo Yoga.
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Contemporary Amperex Technology Co. Ltd. reported quarterly net income well short of analyst estimates as the global slowdown in electric vehicle sales starts to bite.
While net income for the third quarter ended Sept. 30 rose 26 percent to 13.1 billion yuan ($1.8 billion) versus the same period last year, that was a lot lower than the 14.7 billion yuan expected. Revenue shrank 12.5 percent to 92.3 billion yuan year-on-year, sharply down on projections for 118.4 billion yuan.
The world's largest maker of EV batteries is being hit as automakers from General Motors to Ford begin to scale back EV production plans and delay model launches. Countries like Japan and Germany, home to some of the largest automotive incumbents, have seen not just a slowdown in the growth rate, but an outright decline in EV sales.
CATL supplies many big name carmakers, including Tesla Inc.
Although the Chinese giant dwarfs competitors, it isn't alone in feeling the pain. The world's third largest battery maker, South Korea's LG Energy Solution Ltd., is likely to suffer its third consecutive quarterly profit decline, its most recent preliminary earnings show.
For the January to August period, CATL's global market share stood at 37.1 percent, up 1.6 percentage points on the same period of last year, data from SNE Research show. LG Energy's market share shrunk 2.3 percentage points to 12.1 percent.
CATL's greater control over its supply chain does at least wring more profit from its suppliers, helping to drive down costs. Bloomberg Intelligence has suggested that more global EV makers adopting cheaper lithium-iron-phosphate (LFP) batteries could help CATL gain market share overseas. The company's energy-storage business is also emergin
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 Investors pulled out of most asset classes, with stocks and bond funds seeing a combined $36 billion of outflows in the week to Wednesday, BofA said, amid fears of economic damage from the ...
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