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Tesla's deliveries fell for the first time in four years after the carmaker faced disruptions caused by Houthi rebel strikes in the Red Sea and an attack at its German factory.
The electric vehicle maker said on Tuesday that it produced 433,371 cars last quarter, but delivered only 386,810. That is about an 8.5 per cent drop from deliveries during the January-March period last year.
It marked the first time Tesla reported a year-on-year decline since the Covid-19 pandemic affected deliveries in 2020.
Tesla said deliveries were affected by shipping diversions caused by Houthi attacks in the Red Sea and an arson attack at the company's Gigafactory in Berlin. Tesla also said the production ramp-up of the updated Model 3 partially affected the decline.
Shares in Tesla fell by more than 5 per cent during trading on Tuesday.
Tesla had predicted a “notably slower” growth in sales this year due to it being between two “growth waves,” founder Elon Musk said in January.
Deepwater Management managing partner Gene Munster wrote that high interest rates and less demand for electric vehicles contributed to Tesla's “ugly” first-quarter numbers.
However, he said he believes Tesla “is on the right track and this storm will pass”.
“EVs are a better way to move a car and autonomy is a better way to get around. Tesla is investing in that future while other car makers are slowing their investment,” he said on X.
Meanwhile, Wedbush managing director Dan Ives said Tesla's deliveries were an “unmitigated disaster”.
Mr Ives said Mr Musk must “turn this around and reverse the black eye” Tesla suffered this quarter.
“Otherwise darker days ahead,” he wrote.
Tesla is also facing increased competition in China, where car maker BYD overtook the Austin, Texas, company as the largest electric vehicle maker in the fourth quarter of last year.
BYD reported on Monday that it sold about 300,000 EVs last quarter.
California EV maker Rivian announced it delivered 13,588 vehicles last quarter, slightly down from its deliveries in the final three months of last year.
Tesla is scheduled to hold a call with investors on April 23.
Industry analysts said the EV demand growth that they predicted two years ago has not materialised from the consumer end, particularly in more developed markets where the growth curve has flattened after the initial boom.
“This can largely be attributed to the inconvenience associated with owning an EV at present,” Thomas Monteiro, senior analyst at Investing.com, told The National.
“High-end consumers are still hesitant to rely on something that isn't as practical as traditional gas-powered cars, and thus, they await the next innovation that will elevate the EV market.”
Mr Monteiro said Tesla's recent delivery numbers reflect a broader trend in the global EV market. Notably, EVs remain the only segment in the technology space with negative returns this year, he added.
Drop in vehicle deliveries present a new "challenge" for billionaire businessman Mr Musk, as further price cuts are constrained by current production costs.
"Tesla's path forward may lie beyond the confines of the EV space and into innovation," Mr Monteiro said.
"Introducing new and exciting alternatives and offerings to enhance the user experience could reignite demand growth for Tesla."
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Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.
Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.
Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
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UAE currency: the story behind the money in your pockets
THE SPECS
Aston Martin Rapide AMR
Engine: 6.0-litre V12
Transmission: Touchtronic III eight-speed automatic
Power: 595bhp
Torque: 630Nm
Price: Dh999,563
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
In The Heights
Directed by: Jon M. Chu
Stars: Anthony Ramos, Lin-Manual Miranda
Rating: ****
More from Neighbourhood Watch
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
THE SPECS
GMC Sierra Denali 1500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp
Torque: 623Nm
Price: Dh232,500
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Cricket World Cup League Two
Teams
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
Fixtures
Saturday January 11 - UAE v Oman
Sunday January 12 – Oman v Namibia
Tottenham's 10 biggest transfers (according to transfermarkt.com):
1). Moussa Sissokho - Newcastle United - £30 million (Dh143m): Flop
2). Roberto Soldado - Valencia - £25m: Flop
3). Erik Lamela - Roma - £25m: Jury still out
4). Son Heung-min - Bayer Leverkusen - £25m: Success
5). Darren Bent - Charlton Athletic - £21m: Flop
6). Vincent Janssen - AZ Alkmaar - £18m: Flop
7). David Bentley - Blackburn Rovers - £18m: Flop
8). Luka Modric - Dynamo Zagreb - £17m: Success
9). Paulinho - Corinthians - £16m: Flop
10). Mousa Dembele - Fulham - £16m: Success
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
