The logistics sector looks increasingly focused on cutting costs as a downturn in shipping demand shows only slim signs of abating. Switzerland-based Kuehne + Nagel International says it remains “relentlessly focused on cost management” after a first quarter that saw earnings plummet despite slight gains in ocean and air transport demand. The WSJ’s Dominic Chopping reports the world’s largest freight forwarder cut its unit costs in its sea and air segments by 12% and 14%, respectively. Kuehne + Nagel says the global logistics market remains subdued, as companies keep tight control on inventories while coping with geopolitical disruptions that are raising rates. A rebound also looks far off at United Parcel Service, which saw its net profit tumble 36% last quarter while shipping volume fell 3.2% in the U.S. and 5.8% elsewhere. UPS cut costs across its major business segments, but not as fast as revenue declined.

• Ryder System’s first quarter revenue edged up to $3.1 billion on strong gains in its supply chain operation. (MarketWatch)
• Truckload carrier Heartland Express swung to a $15.1 million loss in the first quarter as operating revenue plummeted 18.3%. (Trucking Dive)

Tesla’s profits are shrinking along with its output of electric vehicles. The company’s first-quarter profit plunged to its lowest level since 2021, the WSJ’s Rebecca Elliott reports, as a pullback in demand for EVs rolls across the automotive sector. The trend-setting Texas-based automaker reported net income of $1.1 billion for the January-to-March period, down 55% from the year prior. Revenue fell 9% to $21.3 billion, with vehicle prices and deliveries both declining. Tesla’s operating margin narrowed significantly, dropping to 5.5% in the quarter, as the company tried to adjust its production line to a changing market. The world’s most-valuable automaker is in a precarious place, with its vehicle sales falling, demand cooling for EVs and CEO Elon Musk focused on developing a fully autonomous car. Still, Tesla plans to accelerate the launch of new models, including those it intends to sell at a more affordable price point.

• General Motors lifted its profit outlook, as the automaker leans into strong demand for gas-powered trucks and sport-utility vehicles. (WSJ)
• The International Energy Agency says China is set to change the map of global automaking by stepping up electric-car exports that will intensify competition. (Bloomberg)

Activity in the U.S. private sector slowed in April amid signs of a pickup in other leading economies. (WSJ)

Sales of newly-built homes in the U.S. rose in March at the fastest pace since December 2022. (MarketWatch)

Mattel’s sales slipped 1% in the first quarter as the boom from last year’s “Barbie” movie faded. (WSJ)

U.K. retailer JD Sports is stepping up its push into the U.S. with the acquisition of Alabama-based Hibbett. (WSJ)

Apple’s smartphone sales in China dropped 19% in the first quarter. (WSJ)

Apple is increasing the number of its suppliers from China despite efforts to diversify its supply chain. (South China Morning Post)

Baltimore is suing the owner and operator of the Dali containership that crashed into the Key Bridge, saying it had “an incompetent crew” and set sail despite receiving warnings. (The Guardian)

Mitsui & Co. will participate in a $7 billion liquefied natural gas project in the United Arab Emirates. (Nikkei Asia)

Western Mediterranean container ports are swamped with boxes as diverted Red Sea traffic hits their yards. (Financial Times)

The Port of New York and New Jersey handled more than 35,000 containerized vehicles last year, 10 times the number it handled in 2022. (Automotive Logistics)

Container traffic through Mexico’s ports is surging, boosted by nearshoring trends and trade with the U.S. (The Loadstar)

Abu Dhabi’s AD Ports will invest up to $379 million in Angola’s main port under a multiyear operating agreement. (Splash 247)

Expedited trucker Forward Air named Shawn Stewart, a former senior executive at Ceva Logistics, as CEO. (MarketWatch)

High-end appliance retailer Pirch filed for chapter 7 liquidation after halting its business last month. (Orange County Register)

Paul Page is editor of WSJ Logistics Report. Reach him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @bylizyoung and @pdberger. Follow the WSJ Logistics Report on X at @WSJLogistics.