Tesla reported a 157 per cent year-on-year surge in fourth quarter net profit on the back of increased demand for its electric vehicles.
The October-December period marked Tesla’s sixth straight profitable quarter, but also missed analysts' forecasts for the first time since the second quarter of 2019.
Net profit rose to $270 million in the three months ending December 31. It was 18.42 per cent ($61m) less than the third quarter of 2020.
Revenue during the period increased 46 per cent to $10.74 billion, the first time the company reported $10bn or more in sales. It surpassed the analysts' estimate for $10.38bn.
"This was primarily achieved through substantial growth in vehicle deliveries as well as growth in other parts of the business," the company said.
"Despite unforeseen global challenges, we outpaced many trends seen elsewhere in the industry as we significantly increased volumes, profitability and cash generation … we believe that 2021 will be even more important,” it added.
Tesla's stock closed 2.14 per cent down at $864.16 per share on Wednesday. It fell another 5 per cent in after-hours trading to $820.39 a share.
Tesla’s average selling price of vehicles declined nearly 11 per cent in the last quarter, as the company’s product mix continued to shift from Model S and Model X to the more affordable Model 3 and Model Y.
It delivered 57,039 units of Model X and Model S, almost 11 per cent of its total handovers, last year. The company sold 442,511 units of the Model 3 and Model Y last year.
Tesla, which joined the S&P 500 index last month, delivered close to 500,000 vehicles globally last year. It aims to increase its production to more than 750,000 units this year.
The company said it aims to achieve 50 per cent average annual growth in vehicle deliveries in the coming years and has "sufficient liquidity" to fund its "product roadmap, long term capacity expansion plans and other expenses".
"In some years, we may grow faster, which we expect in 2021 … the rate of growth will depend on our equipment capacity, operation efficiency, and capacity and stability of supply chain," it said.
The Covid-19 pandemic, climate change and emissions have increased the focus on the future of cars. Joe Biden’s triumph in the US elections and China announcing plans to boost the sector have also propelled the industry.
Among EV manufacturers, Tesla continued to dominate 2019 as market leader. It accounted for 16 per cent of the market, compared with a 12 per cent share in 2018, according to McKinsey’s EV index.
The company is currently building Model Y at its gigafactories in Germany and the US and aims to start deliveries from each location this year.
"In Berlin and Austin, we remain on track to start vehicle production this year," the company said.
"Our engineering team has made significant progress in full self-driving software, with a limited release to customers … we are excited to deliver our first Tesla Semi [truck] by the end of the year."
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Company%C2%A0profile
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UAE currency: the story behind the money in your pockets
World%20Food%20Day%20
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How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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Tips%20for%20holiday%20homeowners
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if you go
The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles.
Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books
