dented by price cuts, tesla reported a drop in profits after aggressively slashing prices to sell more vehicles, we will have the latest. plus apple commits a growing and investing in india following a meeting between ten and cook in the country? prime minister narendra modi. welcome to the asia business report. shares in tesla are down and after hours training after the electric car makers quarterly results missed market expectations. the

company's income and earnings both fell by more than 20% in the past quarter compared to the past quarter compared to the same period last year. it is a big number but not totally unexpected because the company been slashing prices of its top—selling cars over the past year. more from new york. bringing in 20% less income is well, not good, what has helped the electric car maker is that it warned wall street this was coming. so it didn't come as a complete surprise, given tesla cut prices on its top—selling cars several times last year, and in fact did it again this week. tesla is grappling with higher borrowing costs for consumers, slowing demand for their cars and so much more competition in the electric car market. the price cuts did the trick, the company saw a 36% jump trick, the company saw a 36% jump in deliveries, but the price cuts also mean that the

profit margins on each car sold have gotten smaller. staying with the car sector because jaguar land rover is investing $19 billion to ramp up its ev production. the investment will be made over the course of five years and the plan includes turning the plant in the uk into an all electric manufacturing facility. the british luxury car maker is also planning for a new all electric range rover that will be due in 2025. it is owned by india's company. a major chipmaker asml has reported its third—quarter earnings, and posted a jump third—quarter earnings, and posted ajump in third—quarter earnings, and posted a jump in profits, beating analyst expectations. it is also due to report its results later today and be watching if there are any signs of recovery they are. after enjoying a boom during the covid—19 lockdown enjoying a boom during the covid—19lockdown period, the semiconductor company warned of a gloomy outlook late last year but as our asia business

correspondent explains, that's just the sit back cyclical nature of this industry. chips are the new oil, it's the kind of thing we have been hearing for a while now, but amid all the talk you may have missed the talk you may have missed the fact that the sector is actually in the middle of a slump right now, it has been for some time, let me explain why. a couple of years ago it was boom time for the semiconductor industry. covid created supply chain problems and therefore semiconductor shortages, and that sense customers grappling to stock up even when the prices were high, plus with people spending so much more time at home, the demand for electronics shut up. that's all good news for the industry, but then, the pandemic ended, and customers were all stocked up, in fact they had too much, they had to add into the bore in ukraine, inflation, high interest rates and the demand for semiconductors plummeted. when

the chips are down this industry always manages to bounce back, in fact, that's kind of the way the whole thing works. . , . ., works. the life-cycle of the -roduct works. the life-cycle of the product could _ works. the life-cycle of the product could be _ works. the life-cycle of the product could be say, - works. the life-cycle of the product could be say, two l works. the life-cycle of the - product could be say, two years for an iphone, five years from an electric vehicle, so they are very dependent on the cycle, where you are in the cycle. cycle, where you are in the cle. ., .,, cycle. true enough, most analysts _ cycle. true enough, most analysts are _ cycle. true enough, most analysts are forecasting l cycle. true enough, most analysts are forecasting a rebound, sometime this year, but long—term, this is an industry that is in flux, first, semiconductor manufacturing is being lowered from here in asia to north america, but that will take years and will cost billions. secondly, there is a deeper threat and it is to do with the very way that we consume. the whole idea _ very way that we consume. the whole idea is _ very way that we consume. the whole idea is that _ very way that we consume. tia: whole idea is that people have to change their iphone every two years, or people need a new car. no type of car, and that

is a structural trend, a societal change that i think this industry is very worried about. ,, . ., , about. semiconductors could well become _ about. semiconductors could well become $1— about. semiconductors could well become $1 trillion - well become $1 trillion industry by 2030, but what that sector will look like then compared to now, well, that is a different question.— a different question. that will be a rebound, _ a different question. that will be a rebound, but _ a different question. that will be a rebound, but the - a different question. that willl be a rebound, but the rebound may not be what people have in mind in 2020. i don't think it will be 2020, and some companies not even make to the rebound. we companies not even make to the rebound. ~ ., companies not even make to the rebound. ~ . ., ., rebound. we have heard about how factories _ rebound. we have heard about how factories like _ rebound. we have heard about how factories like inflation - how factories like inflation have a slow demand for electronics and the chips that power them, chris miller is an associate professor at tulsa university, and he told me the industry seems to be recovering but there are still risk factors. but there are still risk factore— but there are still risk factors. , , , factors. industry is looking somewhat _ factors. industry is looking somewhat better - factors. industry is looking somewhat better badger i factors. industry is looking i somewhat better badger late last year, but there are risks on the horizon, in particular if the major economy slips into the recession later this year

or next year, that will drag down demand for pcs, smartphones, all which are key uses of chips are right now the biggest uncertainty in the industry is the global macro economic outlook.— economic outlook. trade tensions _ economic outlook. trade tensions between - economic outlook. trade tensions between the . economic outlook. trade j tensions between the us economic outlook. trade - tensions between the us and china seem to be the hot commodity, and we have benevolence also imposing restrictions, and how much for these restrictions have an impact on china's reduction two production of chips? the restrictions _ production of chips? the restrictions only - production of chips? ti2 restrictions only impact production close to the cutting—edge. these restrictions won't have much of an impact at all, but for the smaller number of chinese firms that use these cutting—edge chips, they are quite difficult to find ways to work around, and pharmaceuticals when the next several years to find alternative ways to producing without this advanced equipment.—

without this advanced equipment. without this advanced ea-uiment. ,, . ~ . equipment. chips and ai which is really hard _ equipment. chips and ai which is really hard at _ equipment. chips and ai which is really hard at the _ equipment. chips and ai which is really hard at the moment, l is really hard at the moment, will this gap between china what once to produce but can't, delay its ai ambitions?- delay its ai ambitions? there is a real chance _ delay its ai ambitions? there is a real chance of _ delay its ai ambitions? there is a real chance of that - delay its ai ambitions? there is a real chance of that right. is a real chance of that right now, a shortage of many types of the chips that are used to train ai systems given the boom in generative ai, thatjust shows how critical advanced chips are, training complex artificial intelligence systems and china can't get out these chips, they will produce the most advanced once.- chips, they will produce the most advanced once. tony was also clamping _ most advanced once. tony was also clamping down _ most advanced once. tony was also clamping down on - most advanced once. tony was also clamping down on the - most advanced once. tony was | also clamping down on the chip industry with some executives facing up positions and arrest. what do you think outlook there is? , 2, what do you think outlook there is? , ., , is? the chinese government is t in: to is? the chinese government is trying to improve _ is? the chinese government is trying to improve its _ is? the chinese government is trying to improve its track - trying to improve its track record, the chinese government has invested tens of billions of dollars over the past decade orso of dollars over the past decade or so with meagre results in terms of successful companies created, so beating once a better investment mechanism to better investment mechanism to be put in place, hoping that by changing the leadership, they

will be better outcomes, but it remains to be seen in right now, the situation is china is still pouring tons of money into this industry but it is not clearly going to have the results after all of this investment.— results after all of this investment. ,, ., ., ., investment. seagate has agreed to -a a investment. seagate has agreed to pay a $300 — investment. seagate has agreed to pay a $300 million _ investment. seagate has agreed to pay a $300 million in - investment. seagate has agreed to pay a $300 million in a - to pay a $300 million in a settlement with us authorities. the penalty comes after the data equipment provider was founded to export restrictions. the commerce department said the value of the hard disk drives that were amounted to about $1.1 billion. matter, the owner of facebook is embarking on another round of layoffs, and it started no notifying staff who are losing their jobs. the latest round of cuts was announced back in march and could affect some 10,000 jobs, and that even after the company let go of about 11,000 people

last year, about 30% of its staff. meta, which also owns instagram and whatsapp have been under enormous pressure since the sharp slowdown in its ad business last year. apple is committed to growing and investing in india, according to comments from the meeting between the company's boss tim cook and the country's prime minister narendra modi on wednesday. mr cook is in india to launch the country's first—ever apple store, our india business correspondent has more on the significance of visit. india is an important destination for apple, it has said so, the rising number of aspirational indians it wants to cater to and the growing worker base to support expansion and so he said the meeting is around getting the support and framework it needs to grow here. if an indian government wants apple to replicate its china story here, and local reports in india said

discussions range from expansion of manufacturing capacity to regulations. he also met the it minister focused on deepening engagements across the exports, the app economy and skimming. apple's he windows have grown their manufacturing here, supported by the indian government production scheme, they are now exporting more than 7% of the world's iphones and apple wants to scale that, they want to have more assembly operations out of china. the success of that will depend on building a local competent sourcing supply chain and a favourable government policy that will prove crucial. add to that, data collection norms are consuming most us tech companies including apple �*s experts say tim cook's india visit was both to signal that india is an important market but also to make inroads to new

delhi. that's it for this edition of the asia business report, we will be back tomorrow morning, for now, thank you so much forjoining. it started with a coffee and a chat, 15 months and 2000 miles later, barbara and gary set off for the final miles of their cathedral cycling tour with a final ride between coventry and birmingham cathedrals.- birmingham cathedrals. seeing all the beauty _ birmingham cathedrals. seeing all the beauty of _ birmingham cathedrals. seeing all the beauty of the _ all the beauty of the countryside, the fantastic cathedrals, wonderful places to visit, breathe in the atmosphere. it's been a most enjoyable thing i could have done. b, enjoyable thing i could have done. �* 2, ~' enjoyable thing i could have done. �* ., ~ ., done. a network of cycling urou -s done. a network of cycling grouos has _ done. a network of cycling groups has seen _ done. a network of cycling groups has seen women i done. a network of cycling - groups has seen women make friends and explore on two wheels. today, cycling buddies joined in the celebratory ride and wejoined them on route

joined in the celebratory ride and we joined them on route as they extol the virtues of two wheels. i they extol the virtues of two wheels. ., ., they extol the virtues of two wheels. . ., , ., ., �* wheels. i guarantee you won't look back- _ wheels. i guarantee you won't look back. once _ wheels. i guarantee you won't look back. once you _ wheels. i guarantee you won't look back. once you have - wheels. i guarantee you won'tl look back. once you have done one, look back. once you have done one. you _ look back. once you have done one. you get — look back. once you have done one, you get the _ look back. once you have done one, you get the bug _ look back. once you have done one, you get the bug and - look back. once you have done one, you get the bug and you i one, you get the bug and you love it. amino been the fastest ride but as the friends made their way towards birmingham with cathedral this afternoon there were smiles and celebrations. are you ever too old for this?— old for this? definitely not! i'm 'ack old for this? definitely not! i'm jack with _ old for this? definitely not! i'm jack with the _ old for this? definitely not! i'm jack with the catch - old for this? definitely not! i'm jack with the catch up. | i'm jack with the catch up. tonight, a wild escape, overnight steak bakes and one of your favourite shows returns. first up, pretty little thing has been under the spotlight for outfits offered to muslim shoppers celebrating the end of ramadan. some people have been criticising outfits such as these as inappropriate. plt says it did not mean to cause offence. some other stories for you now and police are looking into online racist

abuse against bakary sako, the england and arsenal forward was allegedly targeted after arsenal's to all draw, after he missed a crucial penalty. the former arsenal striker voiced his support and urged others to do the same. you might remember plans to pick up a pasty after midnight being scrapped last year. safety concerns were voiced but now the bakery is trying to overturn the failed application saying adjustments to follow suit with other businesses in the area. talks are ongoing. its back, waterloo road returns to iplayer and bbc one next month, you will get 0ne next month, you will get seven brand—new episodes and loads of familiar faces back including this guy, you might recognise him, jamie glover returns as andrew brenneman, he has not been in the show since 2009. finally, i believe you were ten seconds of escape, not

the relaxing one you are thinking of, picture yourself at the circus when this happens, these two lions broke out of the enclosure and made a run for it, no humans or animals were. goes to show the circus is always intense, have a good night.

hello, i'm paul scott at the bbc sport centre. here's what's coming up on the programme: manchester city see off bayern munich in the champions league. next up, a mouthwatering clash against real madrid in semi—finals. the other semi is an all—italian affair as inter milan beat benfica to set up a milan derby in the last four. and a maximum 147 break for kyren wilson. he's only the ninth player in history to achieve it at the crucible — and it could earn him nearly $70,000. hello and thanks forjoining us. welcome to the programme. let's start with the champions league as we now know the semi—final line—up. manchester city will play real madrid after completing thejob in germany against bayern munich in their quarter—final, while it's inter against ac

milan in the other semi, after inter held off benfica.