Model 3 is gaining traction. Tesla delivered 88,400 vehicles in the first quarter, a number close to expectations (89,000) that reassured the market, since the stock gained 10% in the off-season. The brand's flagship vehicle, the Model 3, was delivered in 76,000 units over the quarter, and therefore represents 86% of sales. The Californian group did not call into question its target of delivering 500,000 vehicles this year, even if supply restrictions linked to the coronavirus have raised doubts among some analysts.
Technical unemployment. General Electric is suspending half of the employees in its aircraft engine production division for three months. They will continue to benefit from health protection. Walt Disney is doing the same for employees in its US operations, without specifying the exact number. This measure, which can apparently be likened to short-time working, should enable the people concerned to benefit from federal protection schemes.
3M is already running at full capacity. The White House has put great pressure on 3M Company to ensure that the masks produced by the American firm worldwide are directed to the United States. The group's CEO says that mask production has been doubled since January and that production capacities are 100% used. 3M and its counterparts have the capacity to produce around 50 million N95 masks per month, which is obviously insufficient for a country the size of the United States in the current context. Donald Trump invoked an old requisition law dating from the Korean War to redirect industrial production, but most companies did not wait for the President.
In other news. Daimler has signed a €12 billion credit line. Facebook launches a "fact-checking" service in Italy for information about coronavirus. Jamie Dimon, the CEO of JPMorgan Chase, resumes his position after heart surgery. Straumann will reduce its costs. General Motors and Honda will jointly develop two new electric vehicles. ThyssenKrupp is cutting production and putting employees on short-time work. Beiersdorf abandons its 2020 forecast. Nissan will close its Vietnam plant for 15 days. Ryanair misses its targets and tightens its belt. H&M shines in the past and expects to suffer in the future.