Plus, Foxconn gets a sales boost this year from artificial-intelligence servers. And streaming services are looking to YouTube creators for their next big hits. Shara Tibken hosts.
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[00:00:30] March 14th. I'm Shara Tipkin for The Wall Street Journal. Tesla is developing a cheaper SUV for China. The electric vehicle maker hopes the new Model Y will help it regain ground it has lost to lower-cost Chinese rivals. Workers at Tesla's Shanghai factory are removing some features and simplifying others. The aim is to reduce the Model Y's production cost by 20% to 30%. That's according to people familiar with the matter.
[00:00:58] The current Model Y starts at $36,400 in China. The people said Tesla will first sell the budget SUV in China before bringing versions to the U.S. and Europe. Tesla didn't respond to a request for comment. Next up, Foxconn expects strong revenue growth this year. The Taiwanese company says it expects sales to rise in 2025 because of its cloud and networking business.
[00:01:22] Foxconn is best known for assembling iPhones, but it also builds artificial intelligence servers for tech giants like Amazon and NVIDIA. About a quarter of Foxconn's fourth-quarter revenue came from that business. Despite the strong forecast, Foxconn's most recent quarterly profit fell short of analyst estimates. And streaming services are giving YouTube creators a taste of Hollywood.
[00:01:47] Amazon Netflix and NBCUniversal's Peacock are courting web creators for new series or spinoffs. The process started over a year ago, but has accelerated after the success of YouTuber MrBeast's Beast Games. That series premiered on Amazon Prime Video in December and made Amazon a profit of at least $100 million. That's according to people familiar with the matter. Entertainment companies see YouTube creators as a way to attract and keep younger viewers.
[00:02:17] For a deeper dive into what's happening in tech, check out Monday's Tech News Briefing podcast.