What’s going on here?

Tesla’s sales fell by an unlucky 13% last quarter, hitting an almost three-year low – although the EV maker’s afflictions could hand its rivals better fortune.

What does this mean?

Tesla only sold 336,000 vehicles last quarter – the lowest count since mid-2022 and well below the 390,000 analysts expected. The carmaker’s sales fell 43% across Europe over the first two months of this year compared to last, while overall EV purchases increased by 28%. And in China, sales were down 21% last quarter versus the same time last year. It’s not like the company’s just struggling to find new customers, either: it’s actually losing existing ones, with US drivers trading in a record number of Tesla EVs this February.

Why should I care?

Zooming in: Tesla needs a recharge.

The EV maker was plagued by three main issues last quarter. First, it had to upgrade factories around the world to make its latest model, sacrificing production time and churning out fewer cars. Second, Tesla’s market share has been compromised by increased competition – especially from Chinese carmakers. And third, Elon Musk’s controversial role in US politics has alienated some buyers. It seems as though any publicity isn’t good publicity, after all…

The bigger picture: At least we have humanoids.

The cheapest Tesla model will set you back over $40,000 – that’s hardly budget-friendly. So if major economies continue to flounder (or even potentially fall into recession), Tesla might see its remaining customers swapped for tumbleweeds. Although, investors don’t just value Tesla’s stock on EV sales. They’re hoping the firm’s futuristic bets – from autonomous driving to software sales and humanoids – will pay off. But they’ll trade based on short-term changes, too: investors initially pushed Tesla’s stock higher on Wednesday, after rumors spread that Musk may leave his government role.

What’s going on here?

India’s struggling initial public offering (IPO) market is about to see some love, with more than three dozen startups – worth a collective $100 billion – set to list by 2027.

What does this mean?

India only raised $7 billion from new share sales last quarter, with just some babyfaced fresh listings and old-timer public companies selling more stock. That’s about half compared to the same period the year before. But there are handshakes in the air, with major firms like Flipkart, PhonePe, and Oyo preparing to go public. Now it’s true: a few of India’s recent launches quickly let investors down, with underwhelming financials failing to match lofty valuations. This time looks different, though. Around half of the firms preparing to list are already profitable – and they’ve been more transparent with numbers to appease investors, who’ve been burned before.

Why should I care?

For markets: Laughing all the way to the (Soft)Bank.

SoftBank’s sitting on serious stakes in Indian unicorns like Oyo, CARS24, and Lenskart – all of which have announced plans to list in the near future. If those billion-dollar bets stay true to their words, the investment giant could sell its shares and turn paper gains into cash bills. That could help narrow the 58% difference between SoftBank’s share price and the value of what it owns. Plus, the cash would come in handy elsewhere – that $100 billion pledge to OpenAI’s Stargate project comes to mind.

The bigger picture: Popularity is a fickle thing.

Hong Kong is setting an example for India. The region made $16 billion from new share sales (also from both old and new listings) last quarter, an elevenfold increase from the same time last year. Investors came crawling – actually, more like sprinting – back to Chinese investments, swayed by world-leading tech launches and well-received funding rounds from the likes of BYD and Xiaomi. You’d be forgiven for forgetting that they’d all but sworn off the country in favor of India and the US mere months ago.