The daily business briefing: January 3, 2024
1. Tesla sets a quarterly record for EV sales
Tesla delivered a record 484,507 vehicles in the fourth quarter of 2023, exceeding anaylsts' expectations of 475,000 to 480,000. The production brought the U.S. electric vehicle maker's total for the year to more than 1.8 million vehicles. That was enough for Tesla to remain the world's No. 1 EV maker for the year, but China's BYD sold 526,409 fully electric vehicles to beat Tesla in quarterly EV sales for the first time thanks to its broader lineup of cheaper models in China. A year ago, Tesla CEO Elon Musk told analysts Tesla might produce two million cars in 2023, but price cuts failed to boost demand enough for the company to hit that target. Electrek, The Detroit News
2. Maersk halts shipping in Red Sea after weekend attack
Danish shipping giant Maersk said Tuesday it was halting voyages in the Red Sea and Gulf of Aden "until further notice" after Houthi militants from Yemen attacked one of its cargo ships over the weekend. "An investigation into the incident is ongoing and we will continue to pause all cargo movement through the area while we further assess the constantly evolving situation," the company said in a statement. Maersk is the world's largest container shipping company. A major rival, Germany's Hapag-Lloyd, said it was also halting shipping through the area until Jan. 9 or later. Houthi rebels have attacked ships with missiles, drones, and gunfire from small boats since November in support of Hamas' war with Israel. USA Today
3. Streaming service cancellations rise
U.S. subscribers are canceling streaming services more often as companies raise prices, according to The Wall Street Journal. Customer defections from premium streaming services increased to 6.3% in November from 5.1% a year earlier. About one-quarter of U.S. streaming customers also canceled a major streaming service like Apple TV+, Discovery+, Disney+, Hulu, Max, Netflix, Paramount+, Peacock or Starz over the past two years, the Journal reported, citing November data from subscription-analytics provider Antenna. Only about 15% of streaming users had dropped a service two years earlier. "With the streaming services increasing their rates like they are, it's, like, 'OK, do I pay for the cable?'" said Crystal Revis, a Florida mother of six who recently dropped Disney+ and Paramount+. The Wall Street Journal
4. Stock futures fall after Nasdaq's worst day since October
U.S. stock futures fell early Wednesday after 2024 trading got off to a rocky start on Tuesday. Futures tied to the Dow Jones Industrial Average and the S&P 500 were down 0.3% at 6:45 a.m. ET. Nasdaq futures were down 0.5%. The Nasdaq dropped 1.6% on Tuesday in the tech-heavy index's worst day since October. It was dragged down by tech stocks after Barclays downgraded Apple and the iPhone maker fell nearly 4%. Strategas' Chris Verrone told CNBC's "Closing Bell: Overtime" that such a short-term correction is not unusual in a market coming off the fresh highs Wall Street saw in 2023, but the outlook remains positive for stocks in the next six to 12 months. CNBC
5. 'Steamboat Willie' version of Mickey Mouse enters public domain
The copyright on "Steamboat Willie" expired when 2024 started, putting the early version of Mickey Mouse officially in the public domain. As soon as the 1928 version of the iconic Disney character entered the public domain on New Year's Day, indie horror producers announced plans to take advantage of the change. Steven LaMorte plans to direct an untitled horror-comedy based on the Mickey Mouse cartoon debut. Production is scheduled to begin in the spring on the film, in which "a sadistic mouse will torment a group of unsuspecting ferry passengers," according to Variety. "Steamboat Willie has brought joy to generations, but beneath that cheerful exterior lies a potential for pure, unhinged terror," LaMorte said in a press release. Time, Variety
