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Tesla shares in high gear on strong 4Q sales PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 14 January 2014 15:52

DETROIT (AP) — Tesla Motors shares spiked by double-digits Tuesday after the company said it sold nearly 1,000 more cars in the fourth quarter than expected.

The electric car maker sold close to 6,900 Model S sedans in the final three months of 2013. That follows a disappointing third-quarter tally of 5,500 vehicles sold.

Tesla's shares rose 11 percent to $154.76 in early afternoon trading and earlier hit $156.65. The stock has more than quadrupled in value in the past 52 weeks, though it's still well off its September peak of $194.50.

The company made the sales announcement Tuesday at the North American International Auto Show in Detroit. Tesla's vice president of international sales and service, Jerome Guillen, confirmed that the Palo Alto, Calif.-based company's Model X crossover will go into production by the end of this year.

He also said the company plans to double its sales and service locations in 2014. Tesla currently has 81 stores and 66 service centers.


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U.S. retail sales inch up, but holiday spending weak PDF  | Print |  E-mail
Written by JOSH BOAK, AP Economics Writer   
Tuesday, 14 January 2014 11:20

WASHINGTON (AP) — Americans bought more clothes in December, shopped more frequently online and ate out more often, providing a boost to economic growth at the end of the year. But sales at most traditional stores declined, as the holiday shopping season ended on a lackluster note.

Retail sales rose 0.2 percent last month, the Commerce Department said Tuesday. That follows strong gains in October and November, helped by healthy auto sales.

In December, car and truck sales fell 1.8 percent due to colder weather and Black Friday discounts that moved some sales into November. The decline held back overall retail spending that did show some signs of underlying strength.

Excluding spending on autos, gas and building supplies, retail sales rose a solid 0.7 percent. Economists say this figure is a better proxy for confidence in the economy, because it does not include the most volatile categories.

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GM global sales hit 9.7M last year, beats VW PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 14 January 2014 15:51

DETROIT (AP) — General Motors sold 9.71 million cars and trucks last year, probably not enough to beat out Toyota for the global sales crown, but about 200,000 better than Volkswagen.

Toyota, the sales champion in 2012, will report its sales next week. It only needs to show a little growth to beat GM again.

GM said Tuesday that sales of light vehicles worldwide grew 4 percent in 2013, led by growth in China and the United Kingdom. The company's sales in China rose 11 percent to set a record. U.S. sales were up 7 percent, slightly below the market's growth of nearly 8 percent.

Volkswagen said Monday that it sold 9.5 million light vehicles last year, setting a company record for overall sales.

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Chinese shoe factory fire kills at least 16 PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 14 January 2014 07:23

BEIJING (AP) — A fire at a shoe factory in eastern China on Tuesday killed at least 16 people, state media reported.

The blaze broke out at the Dadong factory in the city of Wenling in Zhejiang province, state broadcaster CCTV said. Firefighters put it out about three hours later and rescued more than 20 people, it said.

The report didn't say how the fire started. Such factories often contain large amounts of adhesives and other flammable chemicals.

An official with the fire service in the surrounding city of Taizhou, who gave only his surname, Luo, confirmed the fire, but said he had no further details.

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