Stocks rallied with the Dow jumping 389 points to close at 24,033. Trading volume however was down from prior day levels. Music service Spotify Technology came public and traded up about 13% giving the company a market cap of roughly $29 billion. In other news Amazon and “The Bully Pulpit” continue to spar over the post office.
Tesla reported its Q1 car sales and production numbers and they were not as bad as some short sellers, like Silky Seamore at Greenlight Captial, had hoped for. The weekly production rate for the model 3 doubled over the past three months and Tesla was able to deliver 8,180 Model 3’s versus a goal of 8,800. The company did this despite having some down days as it installed new equipment at its Fremont, CA factory. It is an amazing process to see how the Fremont factory works. Check out a short video of it here on our Facebook page. Going forward the company plans to ramp up Model 3 production and by the end of Q2 hopes to be cranking out 5,000 Model 3’s per week. Tesla’s overall sales for the month of March were flat when you consider all models produced because the company did allocate workers away from the Model X and S lines to work on the Model 3.
China based Jinkosolar is building a solar panel manufacturing plant in Jacksonville, FL. The company plans to produce about 1 million panels per year at the facility and hopes to have it up and running later this year. Along with this news the big Florida utility Nextera Energy signed a deal with Jinko to buy about 6 years worth of production from the facility as Nextera focuses on installing more solar to feed its 5 million hungry customers with juice.
Car sales for March came in better than expected led by Fiat Chrysler which experienced a “jeep jump”. Overall Fiat sales were up 13% while Jeep Wrangler sales were up 70%. (Must be all that snow in the Northeast) Ford posted a 3.4% sales increase and GM saw sales rise 16%. Nissan was down 4%, Honda and Toyota also posted higher sales and Volkswagon blew everyone away with an 18% increase in March sales.