MOUNTAIN VIEW, Calif. — Tesla CEO Elon Musk is assuring the company’s shareholders that the electric car maker is on pace to set manufacturing and sales records during its current quarter after a disappointing start this year.
The forecast made Tuesday at Tesla’s annual meeting provided a ray of hope amid worries about the company’s long-term prospects.
Those escalating concerns caused Tesla’s stock price to fall to a three-year low of $176.99 last week before bouncing back. The shares climbed more than 3% to $224.40 in Tuesday’s extended trading after Musk’s prediction.
Tesla’s current quarterly records came during the final three months of last year when it manufactured more than 85,500 vehicles and delivered 90,700.
Then Tesla’s production and sales slipped during the first three months of this year.
Boeing airliner deliveries tumble
CHICAGO — With the 737 Max jet still grounded after two deadly crashes, deliveries of new Boeing jets are falling far behind last year’s pace.
Boeing said Tuesday that it delivered 30 commercial airliners during May, down 56% from the 68 it made in May 2018.
Deliveries of 737s plummeted from 47 a year ago to just eight last month. All eight were an older model of 737, call the NG.
Boeing is still building Max jets in Washington state, but they are being parked for now.
The Chicago-based company has 4,550 unfilled orders for the Max but stopped deliveries after regulators around the world grounded the plane following crashes in Indonesia and Ethiopia that killed 346 people. It’s working on changes to flight-control software implicated in the crashes.
Boeing reported a canceled order for 71 Max planes that were to be leased to Jet Airways until the financially struggling Indian carrier suspended all flights in April.
Orders for all Boeing airlines were “anemic” in May but should be better at next week’s Paris air show, said Cowen Research aerospace analyst Cai von Rumohr.
Shares of Boeing fell $4.47, or 1.3%, to close at $349.33 on Tuesday. They have dropped 21% since early March, shortly before the second Max crash.
House panel reviews tech’s market power
WASHINGTON — The House Judiciary Committee is launching its investigation into the market dominance of Silicon Valley’s biggest names, including Facebook, Google and Amazon. The hearing Tuesday will look at the tech giants’ impact on news outlets and local advertisers. Some lawmakers warn that the technology companies have become monopolies, and several Democratic presidential candidates say they should be broken up on antitrust grounds.
Wholesale prices blip up 0.1% in May
WASHINGTON — U.S. wholesale prices rose just 0.1% in May month, another sign that inflationary pressures are under control. The Labor Department says the increase last month in its producer price index, which measures inflation pressures before they reach consumers, was half April’s 0.2% increase.
New Jersey mandates panic buttons for hotels
ATLANTIC CITY, N.J. — New Jersey Gov. Phil Murphy has signed a law requiring most of the state’s hotels to provide their workers with wearable panic buttons they can press to quickly summon help in an emergency. The Democratic governor and several nationwide unions say New Jersey is the first state to mandate the devices, although at least two others are considering similar measures. The law, which takes effect in January, applies to hotels with 100 or more rooms.
Facebook invests in Texas solar project
ALBUQUERQUE, N.M. — Facebook is making its first direct investment in renewable energy with a solar project in West Texas. A research analyst for a renewable energy consulting firm says the move makes sense because renewable energy is becoming more affordable and Facebook’s data centers have huge operating costs. Shell Energy North America and Facebook will share the power generated by the solar farm just north of Odessa, Texas.
Facebook launches app that pays users
SAN FRANCISCO — Facebook is launching an app that will pay users to share information with the social media giant about which apps they’re using. The company previously rolled out two similar apps. But both were shut down after drawing criticism for infringing on privacy, and one was cited for violating Apple’s App Store terms of agreement. Facebook says the new app, called Study, is different than the previous apps. And it is only available on the Google Play Store.
DES MOINES — The U.S. Department of Agriculture has lowered its estimate of this year’s corn crop to the lowest in four years, saying wet weather has delayed planting and reduced acres planted and the expected per-acre yield.
The expected production was cut in a monthly report released Tuesday by 1.4 billion bushels to 13.7 billion bushels, the lowest since 2015.
While weather problems also have slowed soybean planting, the USDA didn’t change estimates since farmers have several more weeks to plant.
The USDA will release a report June 28 to provide updated farmer surveys more accurately reflecting the number of acres farmers planted.
The USDA report also says disputes with China and other nations have reduced corn exports for the current-year crop by 100 million bushels and soybean exports by 75 million bushels.