Results for: Production Increase

Tesla has announced plans to increase its production capacity by 50% from 2023 onwards, without investing in new manufacturing lines. The company will instead focus on producing more affordable vehicles using its existing factories. This decision has been positively received by investors, despite Tesla missing its financial targets. Tesla’s Chief Executive Officer, Elon Musk, was also expected to meet with Indian Prime Minister Narendra Modi to discuss potential investments in an auto factory. However, the meeting was canceled at the last moment due to scheduling conflicts.

Copper mining company Freeport-McMoRan beat Wall Street estimates for the first quarter of 2023, driven by increased output and declining costs. Production of copper surged by 15% to 1.1 billion pounds, propelled by a 49% surge in Indonesia operations. The company is collaborating with the Indonesian government to maintain export approvals for copper concentrates and anode slimes amid a raw material export ban. Freeport-McMoRan also benefited from higher gold prices, doubling its sales volume to 568,000 ounces. Average cash costs per pound of copper reduced to $1.51, contributing to lower operating expenses.