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【TIMELINE】2023/04#2

◉ Financing in the timeline

On April 19th, Jaguar Land Rover announced a £15 billion investment over the next five years to accelerate the development of its electric vehicles. The investment will be used for industrial footprint, vehicle projects, autonomous driving, artificial intelligence and digital technology, and personnel skills. Jaguar Land Rover revealed that its Halewood, Merseyside, UK factory will become an all-electric manufacturing plant. In addition, the company's next-generation midsize luxury SUV architecture will be fully electrified. CEO Adrian Mardell reiterated the company's commitment to achieving net-zero carbon emissions by 2039.

 

 SHEIN plans to invest BRL 750 million (approximately $148.9 million) in Brazil over the next few years and establish a network with thousands of textile manufacturers in the country. SHEIN also announced plans to create a marketplace for products and sellers in Brazil and intends to collaborate with 2,000 manufacturers in Brazil to create 100,000 jobs over the next three years. SHEIN added that by the end of 2026, around 85% of its sales in Brazil should come from local manufacturers and sellers.

 

 

◉ E-Commerce Financial

Tesla released its Q1 2023 financial report. The report shows that Tesla's Q1 revenue reached $23.329 billion, up 24% YoY, exceeding market expectations of $23.208 billion. Net income for the first quarter was $2.513 billion, down 24% YoY, lower than market expectations of $2.725 billion. The gross margin for the first quarter was 19.3%, lower than market expectations of 21.2%.

"We remain focused on increasing operating leverage as we scale," Tesla said in a letter to shareholders. They plan to "utilize our cost leader position to focus on rapid production growth, investment in autonomous driving and in-car software, and maintain our investment pace" when improving per-vehicle profitability in the industry.

 

CATL released its Q1 financial report, showing that the company's operating income was CNY 89.038 billion, up 82.91% YoY. Net profit attributable to shareholders of the parent company was CNY 9.82 billion, up 557.97% YoY.
On April 16th, Maotai announced that its preliminary calculation for Q1 2023 showed that the company achieved a total operating income of approximately CNY 39.16 billion, up about 18% YoY, and a net profit attributable to shareholders of the parent company of approximately CNY 20.52 billion, up about 19% YoY.

 

 

◉ Human sources

Walt Disney Company plans to implement a new round of large-scale layoffs next week, cutting thousands of positions across the company, including about 15% of its entertainment department's employees. It is understood that the layoffs will involve the TV, film, theme park, and corporate positions and will affect every region of Disney's operations. Some of the employees who are laid off will be notified as early as April 24th.
Meta reportedly to lay off 4,000 people this week
According to sources, Meta Platforms, Facebook's parent company, is expected to lay off another 4,000 people on Wednesday, the latest round of layoffs since November last year. More layoffs are expected in May. After laying off 11,000 people last year, Meta CEO Mark Zuckerberg announced last month that he plans to cut another 10,000 jobs this spring.

 

On April 17th, luxury goods intelligence and media outlet Miss Tweed cited sources close to LVMH as saying that Michael Burke, former CEO of Louis Vuitton, has become a leading candidate for the position of chairman and CEO of LVMH's fashion group. LVMH's fashion group owns brands such as Céline, Kenzo, and Loewe. It is reported that Burke will replace Sidney Toledano, who will become an advisor to LVMH CEO Arnault and continue to manage several brands under the group, including Moynat.

 

On April 14th, luxury brand Hermes released its Q1 2023 financial report. The group's revenue was €3.38 billion, a year-on-year increase of 23%. Among them, the clothing and accessories department's revenue increased by 34.4%, the watch department by 24.6%, the silk and textile department by 19.6%, and the leather goods and saddlery department by increased by 18.5%. In terms of regions, except for Japan, Asia's quarterly revenue growth was 23%, with strong consumer demand in Greater China, while the US, Japan, and France markets grew by 19%, 26%, and 28%, respectively.

 

 

◉ Top Ranking

On April 18th, Hurun Research Institute released the "2023 Global Unicorn List," listing non-listed companies founded after 2000 with a value of over $1 billion. The valuation calculation cutoff date for the list was December 31, 2022. Overall, there are 1,361 unicorn companies worldwide with a total valuation of $4.3 trillion. The US ranks first with 666 unicorn companies, followed by China with 316 unicorn companies. From an enterprise perspective, the top three companies are ByteDance, Space X, and Ant Group, with values of RMB 1.38 trillion, RMB 945 billion, and RMB 830 billion, respectively.

 

Research firm Canalys released its global smartphone market report for Q1 2023, which continued to decline for the fifth consecutive quarter, with a year-on-year drop of 12%. Samsung was the only top vendor to achieve QoQ growth, returning to the top with a 22% market share. However, Samsung's lead over Apple, which has a 21% market share, is still very small, mainly due to demand for the iPhone 14 Pro.

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