Tesla's disappointing 3Q warns of a slow EV market: Tesla's slowing growth during 3Q 2023, along with its shares dropping 9.3% on Thursday and then 4.4% again on Friday, signal rough times for the EV industry, Bloomberg reported on Friday. “We see a warning from the ‘gold standard’ of EVs having a ripple effect across the industry,” long-time EV investor Adam Jonas told the news outlet.

Price cuts alone aren't helping: Cutting car prices is only doing so much to raise demand, Tesla CEO Elon Musk told Bloomberg, blaming the low demand on rising interest rates in the US. Other EV manufacturers could see more trouble as they are already behind Tesla in the EV market, according to BloombergNEF analysis. The struggle to see a high-profit margin is also affected by "the significant pay hikes" for unionized workers at the EV factories, Jonas said.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• China announces new regulations for VCM: China set new standards for its national voluntary carbon credits market (VCM), noting that emission reductions projects inaugurated before the country’s announcement of its nationally determined contribution in 2020 will not be eligible to generate new carbon offset credits. (Bloomberg)
• The US invests USD 3.5 bn in its grid: The US is earmarking USD 3.5 bn in investments to upgrade the US power grid and connect transmission systems with power from renewable sources. The funding, which covers 58 projects in 44 states, is part of President Joe Biden's 2021 bipartisan infrastructure law. (Reuters)
• Denmark and the Netherlands backing South Africa’s coal phaseout: The governments of Denmark and the Netherlands have joined Canada, Spain, and Switzerland on the South Africa-focused Just Energy Transition Partnership, which has mobilized USD 8.5 bn to help the world’s largest coal-dependant country curb reliance on the heavily carbon emitting source. In June, the Netherlands and Denmark said they would set up a USD 1 bn fund to invest in green hydrogen projects in South Africa. (Statement)