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Tuesday newspaper round-up: Tesla, house prices, Hinkley Point, Ultra

Tue 27 July 2021 07:31 | A A A

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(Sharecast News) - Tesla made a profit of more than $1bn in the last three months even as it struggled to keep up with demand for electric cars in the face of a global chip shortage. The company announced Monday that it has made a profit of $1.14bn in its second quarter, 10 times what it made a year ago and its eighth quarter of back-to-back profits. - Guardian

UK house prices hit a new high in June and are 30% higher than the peak they hit before the 2008 financial crisis, according to the latest snapshot of the market. The property website Zoopla said the average price of a home was now £230,700 - as much as 5.4% higher than the same month a year ago. - Guardian

The flagship of Britain's new nuclear power fleet is under threat as the Government prepares curbs on Chinese involvement in critical national infrastructure. Whitehall sources admitted last night that the £23bn Hinkley Point C project underway in Somerset could be jeopardised by plans to block China General Nuclear (CGN) from future UK projects. - Telegraph

Kwasi Kwarteng, the business secretary, is taking an "active interest" in the national security implications of a £2.6 billion takeover offer for Ultra Electronics, the UK defence company, by US private equity, it has emerged. Ultra said on Friday that it is "minded to recommend" a £35-a-share cash offer from Advent International to merge it with Cobham, another British defence company that the American buyout firm acquired two years ago in a controversial £4 billion deal. - The Times

Jaguar Land Rover has cut its quarterly losses after a recovery in sales but warned that a shortage of semiconductors is likely to worsen over the next three months. JLR confirmed yesterday that wholesale volumes are likely to be about 50 per cent lower than planned in the next quarter because of the chip supply crunch. - The Times

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