Tesla shares are set to fall for an eighth straight day — the longest losing streak for the electric vehicle maker — amid concerns about ebbing demand and wider jitters about growth assets.
The stock dropped by 3.6 per cent at 4.40am in New York, heaping more misery after a 69 per cent loss this year that has put Tesla among the worst performers on the S&P 500 index in 2022.
The pre-market price indicates a further $12.3 billion loss of market capitalisation, with the company’s value already below that of Walmart, JP Morgan Chase and Nvidia after this year’s slump.
The shares slumped 11 per cent on Tuesday after Reuters reported that Tesla planned to reduce production at its Shanghai factory, rekindling fears about demand.
That added to concerns triggered by a separate report last week that the electric car maker was offering US consumers a $7,500 discount to take delivery of its two most popular models before the end of the year.
For Tesla, whose valuation is pinned on its future growth prospects, these worries reflect a significant risk.
Growth stocks have been hammered this year, with the Nasdaq 100 slumping 34 per cent as the US Federal Reserve raised interest rates aggressively to tame inflation.
Tesla was the second-biggest drag on the index after Amazon, with this year’s plunge marking a stark turnaround from the company’s 1,163 per cent rally over the previous two years.
Elon Musk’s disposals of Tesla stock and the distraction caused by his Twitter takeover also haven’t helped.
Tesla unveils the new semi-electric lorry — in pictures
RESULTS
1.45pm: Maiden Dh75,000 1,400m
Winner: Dirilis Ertugrul, Fabrice Veron (jockey), Ismail Mohammed (trainer)
2.15pm: Handicap Dh90,000 1,400m
Winner: Kidd Malibu, Sandro Paiva, Musabah Al Muhairi
2.45pm: Maiden Dh75,000 1,000m
Winner: Raakezz, Tadhg O’Shea, Nicholas Bachalard
3.15pm: Handicap Dh105,000 1,200m
Winner: Au Couer, Sean Kirrane, Satish Seemar
3.45pm: Maiden Dh75,000 1,600m
Winner: Rayig, Pat Dobbs, Doug Watson
4.15pm: Handicap Dh105,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer
4.45pm: Handicap Dh80,000 1,800m
Winner: King’s Shadow, Richard Mullen, Satish Seemar
The Sheikh Zayed Future Energy Prize
This year’s winners of the US$4 million Sheikh Zayed Future Energy Prize will be recognised and rewarded in Abu Dhabi on January 15 as part of Abu Dhabi Sustainable Week, which runs in the capital from January 13 to 20.
From solutions to life-changing technologies, the aim is to discover innovative breakthroughs to create a new and sustainable energy future.
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
match details
Wales v Hungary
Cardiff City Stadium, kick-off 11.45pm
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
THE BIO
BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.
