Tesla signed a Memorandum on the establishment of electric plant in Shanghai

The Company Tesla Inc. reached a preliminary agreement on the construction of a plant for the production of electric vehicles with the municipal government of Shanghai.

On the signing of a Memorandum between the leaders of the American company and the authorities of the Chinese city reported a number of media outlets, particularly Reuters.

The report did not indicate when it is planned to start construction of the plant. According to media reports, Tesla “plans to start production of the first car in two years after the start of construction of the plant and to bring production up to 500 thousand cars a year approximately in 2-3 years”.

Thus, according to current plans, the maximum capacity of 500 thousand vehicles is planned “around” 5 years after the as yet unannounced start of construction of the plant.

In may 2016, in a letter to shareholders of the company in the I quarter of 2016 (pdf), CEO Elon Musk has stated that Tesla will produce 500 thousand cars in a factory in California by 2018

According to some current estimates, real output of all Tesla car in 2018 will be only about 170 thousand cars.

Against the background of worsening trade relations between the U.S. and China in early July, the 2018 Tesla announced a noticeable increase in the value of their cars in China.

As noted portal “News.Economy”, the cost of the Model S sedan and Model X crossover in China was increased by $22,6 37.6 thousand depending on configuration.

BlackRock profit in the second quarter exceeded the forecast

Profit and revenue are BlackRock, the world’s largest company on management of assets in the second quarter surpassed analysts ‘ expectations, according to Reuters.

The net profit of the American company in April-June increased to $1.07 billion from $854 million for the same period a year earlier.

Diluted earnings per share of $6.62, compared to $5,20 a year earlier.

Adjusted profit was $6,66 per share. According to Thomson Reuters, analysts had forecast a level of $6.55.

The revenue investment of the company in the II quarter amounted to $3,605 billion instead of the expected $3,594 billion.

BlackRock said its stronger-than-expected revenue was partially driven by base fees, commissions, related rates of return and “income from technological services.” On the company’s profit is positively influenced by the decrease in the rate of tax on the profits of corporations.

As reported “Vesti.Economy”, in December the President of the United States Donald trump signed a law on tax reform. The document envisages a reduction for enterprises the tax rate on profits from 35% to 21%.

The effective tax rate of the company in the second quarter was 23.7% compared with 30.4% a year earlier.

The volume of assets managed by BlackRock to the end of the second quarter was $of 6.29 trillion, down from $6,32 trln in previous quarter.

Net inflows in BlackRock was $20 billion for the quarter, while long-term inflows totaled $14.5 billion, well below StreetAccount estimates of $38 billion.

BlackRock CEO Larry Fink said the Fund management industry suffered from the slowdown in flows “associated with the uncertainty for investors in relation to the current market environment.”

However, “our dialogue with clients and the possibility of providing long-term solutions are more robust than ever before,” added Fink.

Former adviser to trump: “We are at war with China. We win”

The former adviser to Donald trump Steve Bannon said that the United States decades embroiled in a trade dispute with China. In his opinion, the confrontation can only end in victory for Washington.

“We are at war with China,” said Bannon, praising the actions of trump, aimed at escalation of the conflict with China. “We win”, he added.

Earlier, former adviser to the President of the United States made a provocative statement that trump knows he has to “unite the West against the rise of totalitarian China.”

In addition, for’bannon there is only one option of the end of the “trade war” with China: with the United States as winners. “This will end in a victory. Victory is when they give full access to their markets,” he said.

While’bannon argues that it still listen in the White house. He is in contact with officials, and the President communicates through lawyers, said the former official in an interview with CNBC.

Bannon left the White house a year ago. And stated that he has no desire to go back there. “I hated every second,” he said.

Steve Bannon, a former chief strategist, senior Advisor to the 45th President of the USA of Donald trump at the political and strategic issues, he was one of the most influential members of the administration of the President. It’bannon was the main initiator of the “trade war” between the US and China.

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