🚀 EV Sales Fall

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Sales of electrified vehicles in the U.S. hit a milestone in 2024, accounting for 20% of new car and truck sales, driven by 1.3 million EVs and 1.9 million hybrids sold, according to Motor Intelligence. While traditional internal combustion engine vehicles still dominated at 79.8%, their share dipped below 80% for the first time. Tesla maintained its EV leadership with 49% market share, though down from 55% in 2023, followed by Hyundai/Kia, GM, Ford, and BMW. The EV market saw mixed growth across 68 models, and future sales hinge on potential policy shifts under the incoming Trump administration, including the fate of the $7,500 federal EV tax credit.

2. Bank of America reported Q4 results that exceeded expectations, with earnings of $0.82 per share (vs. $0.77 forecast) and revenue of $25.5 billion (vs. $25.19 billion expected). Profit surged to $6.67 billion, reflecting recovery from last year’s FDIC and interest rate swap charges. Investment banking fees soared 44% to $1.65 billion, while net interest income rose 3% to $14.5 billion, beating estimates by $170 million. Trading revenue met expectations, with fixed income up 13% and equities up 6%. With its performance closely tied to interest rates, investors await guidance on 2025 as rate-cut expectations evolve.

3. Morgan Stanley delivered a strong Q4, beating estimates with earnings of $2.22 per share (vs. $1.70 expected) and revenue of $16.22 billion (vs. $15.03 billion expected). Profit more than doubled to $3.71 billion, while revenue rose 26% as all major divisions posted gains. Equities trading led the surge, with revenue up 51% to $3.3 billion, driven by robust client activity and prime brokerage strength. Fixed income revenue rose 35% to $1.93 billion, while investment banking revenue climbed 25% to $1.64 billion. Wealth management also saw a 13% revenue increase to $7.48 billion. Shares rose 1.6% in morning trading.

4. Headlines

   1. Spirit Airlines has cut 200 jobs as part of its attempt to lower costs in its bankruptcy proceedings.

   2. Joe Biden has signed an executive order implementing new cybersecurity standards for companies dealing with the US Government.

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Liam Gill