Electric vehicle maker Tesla delivered 201,250 cars in the second quarter of this year, falling slightly short of analysts’ expectations.
Analysts had predicted the company would deliver about 202,800 vehicles in the three months to June 30, estimates compiled by FactSet showed.
“Congrats Tesla Team on over 201,250 cars built and delivered in Q2, despite many challenges!” Tesla’s billionaire chief executive Elon Musk said on Twitter.
The world's biggest EV company also beat its previous record of 184,800 deliveries in the first quarter of this year.
The company, which is facing a shortage of chips that has hit the automotive industry worldwide, aims to deliver more than 750,000 cars this year. Its stock was at one point up almost 1.3 per cent at $680.08 per share on Friday before paring gains. The company's shares have climbed more than 180 per cent in the past 12 months.
“Our teams have done an outstanding job navigating through global supply chain and logistics challenges,” the company said in a statement on Friday.
During the earnings call in April, Mr Musk admitted that supply chain issues were likely to remain a challenge for Tesla this year. Citing a global chip shortage, he said the company was facing “some of the most difficult supply chain challenges".
Tesla has geared production towards its cheaper vehicles — Model 3 saloons priced from $33,690 and Model Y sports utility vehicles from $45,690 — to meet its sales target for 2021.
In the second quarter, it sold 199,360 units of Model 3s and Model Ys. It delivered only 1,890 units of its more expensive Model S saloons and Model X SUVs, which are priced from $75,000, in three months to June 30.
In the first quarter of this year, the California-based company’s net profit surged to $438 million, which was more than 27 times the $16m earned in the same period a year ago. It was the seventh straight profitable quarter for the EV maker.
Global sales of EVs accelerated last year, rising 43 per cent to more than 3.2 million, Swedish data company EV-volumes.com said.
Tesla sold the most electric cars, delivering about 500,000 vehicles, followed by Volkswagen.
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
Killing of Qassem Suleimani
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'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
Result
Arsenal 4
Monreal (51'), Ramsey (82'), Lacazette 85', 89')
West Ham United 1
Arnautovic (64')
