Tesla, the world’s biggest electric vehicle manufacturer, said its vehicle deliveries dropped 6.7 per cent on a quarterly basis in the third quarter as the company’s production was affected due to “planned downtime” at its factories.
The Texas-headquartered company delivered 435,059 vehicles in the July-September period, missing analysts’ estimates of 461,640 vehicles.
Meanwhile the production of the vehicles dipped 10.3 per cent quarterly to 430,488 units in three months to September 30.
“A sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call,” the Nasdaq-listed company said.
Following the announcement, shares of the company surged 0.71 per cent to $251.99 on Monday, giving it a market value of $789.33 billion.
The company's shares are up about 133.11 per cent since the start of the year.
Tesla said it delivered 435,059 vehicles globally in the third quarter, of which approximately 419,000 were Model Y and Model 3 vehicles and around 16,000 were higher-priced Model X and Model S cars.
In July, Tesla said it was planning to grow production “as quickly as possible” in alignment with the 50 per cent compound annual growth rate. For 2023, Tesla aims to produce about 1.8 million cars.
Tesla, which went public in 2010, reported a 20 per cent annual jump in second-quarter net profit to more than $2.7 billion. It was Tesla's 16th straight profitable quarter and seventh consecutive three-month period with more than $2 billion in profit.
The company is expected to announce third quarter earnings on October 18.
Tesla produces its vehicles in Fremont, California; Austin, Texas; Shanghai, China; and Berlin, Germany. The company said it remained on track to begin production of its cyber trucks later this year at its gigafactory in Texas.
Tesla’s billionaire chief executive Elon Musk said the company is also looking to invest in India - one of the biggest consumer markets - after meeting Indian Prime Minister Narendra Modi in June.
Mr Musk said he expects the company to have a presence in India “as soon as humanly possible”, adding that he intends to visit the country next year.
Tesla is also partnering with a number of car manufacturers, including Rivian Automotive, Polestar, General Motors and Ford, to allow drivers to use its charging networks across North America.
The agreements will provide EV users access to Tesla's network of 12,000 Superchargers across the US and Canada.
UAE currency: the story behind the money in your pockets
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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.
Forced%20Deportations
%3Cp%3EWhile%20the%20Lebanese%20government%20has%20deported%20a%20number%20of%20refugees%20back%20to%20Syria%20since%202011%2C%20the%20latest%20round%20is%20the%20first%20en-mass%20campaign%20of%20its%20kind%2C%20say%20the%20Access%20Center%20for%20Human%20Rights%2C%20a%20non-governmental%20organization%20which%20monitors%20the%20conditions%20of%20Syrian%20refugees%20in%20Lebanon.%3C%2Fp%3E%0A%3Cp%3E%E2%80%9CIn%20the%20past%2C%20the%20Lebanese%20General%20Security%20was%20responsible%20for%20the%20forced%20deportation%20operations%20of%20refugees%2C%20after%20forcing%20them%20to%20sign%20papers%20stating%20that%20they%20wished%20to%20return%20to%20Syria%20of%20their%20own%20free%20will.%20Now%2C%20the%20Lebanese%20army%2C%20specifically%20military%20intelligence%2C%20is%20responsible%20for%20the%20security%20operation%2C%E2%80%9D%20said%20Mohammad%20Hasan%2C%20head%20of%20ACHR.%3Cbr%3EIn%20just%20the%20first%20four%20months%20of%202023%20the%20number%20of%20forced%20deportations%20is%20nearly%20double%20that%20of%20the%20entirety%20of%202022.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3ESince%20the%20beginning%20of%202023%2C%20ACHR%20has%20reported%20407%20forced%20deportations%20%E2%80%93%20200%20of%20which%20occurred%20in%20April%20alone.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EIn%20comparison%2C%20just%20154%20people%20were%20forcfully%20deported%20in%202022.%3C%2Fp%3E%0A
Violence%20
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Company%20profile
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Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
Company%20profile
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The biog
Fast facts on Neil Armstrong’s personal life:
- Armstrong was born on August 5, 1930, in Wapakoneta, Ohio
- He earned his private pilot’s license when he was 16 – he could fly before he could drive
- There was tragedy in his married life: Neil and Janet Armstrong’s daughter Karen died at the age of two in 1962 after suffering a brain tumour. She was the couple’s only daughter. Their two sons, Rick and Mark, consulted on the film
- After Armstrong departed Nasa, he bought a farm in the town of Lebanon, Ohio, in 1971 – its airstrip allowed him to tap back into his love of flying
- In 1994, Janet divorced Neil after 38 years of marriage. Two years earlier, Neil met Carol Knight, who became his second wife in 1994
The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
Harry%20%26%20Meghan
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The%20specs
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'Midnights'
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
