Electric car maker Tesla is starting production of its Semi lorry, chief executive Elon Musk has announced.
Mr Musk confirmed via Twitter that deliveries of the lorry would commence on December 1, with Pepsi the first recipient.
“500 mile range & super fun to drive,” the billionaire said.
The Semi was first unveiled in 2017 when Mr Musk said, tongue in cheek, that it could “transform into a robot, fight aliens and make one hell of a latte” and also claimed it would “blow your mind clear out of your skull and into an alternate dimension”.
On a more serious note, he said at the time that the cost of ownership of the Semi would be 20 per cent less per mile compared with diesel trucks, while also having faster acceleration, better uphill performance and “thermonuclear explosion-proof glass”.
Autopilot and lane-keeping technology would be present, and jackknifing would be “impossible”, Mr Musk said.
The Tesla website states that the Semi accelerates from zero to about 100 kilometres an hour in 20 seconds.
“Three independent motors provide instant torque and unmatched power at any speed so drivers can merge safely and keep pace with traffic,” the company said.
“Accelerate from 0-60 mph in 20 seconds, fully loaded, and maintain highway-level speeds, even up steep grades.
“A central seating position gives the driver better visibility while an all-electric architecture reduces both rollover risk and cabin intrusion in case of an accident.”
When it comes to charging, 70 per cent of the range can be recovered in 30 minutes using Tesla’s Semi Chargers.
Tesla said charging with electricity is about 2.5 times cheaper per mile than refuelling with diesel.
“Operators can see estimated fuel savings of up to $200,000 within their first three years of ownership,” it added.
The lorry is expected to cost $180,000 in the US, although it would qualify for a tax break of up to $40,000 under a US subsidy programme approved by the Senate.
Pepsi had previously said it aims to use the lorries to ship snack foods and beverages between manufacturing and distribution centres, as well as to retailers, Reuters reported.
Meanwhile, the Tesla Cybertruck is scheduled to enter production next year.
The futuristic, angular, armoured-looking vehicle was launched in 2019 and Mr Musk said it would sell for $39,900, although that was with a view to production beginning in late 2021.
Tesla has since raised the prices of its vehicles due to significant inflationary pressure in raw materials and logistics during the crisis in Ukraine.
It has “a nearly impenetrable exoskeleton, every component is designed for superior strength and endurance, from Ultra-Hard 30X Cold-Rolled stainless-steel structural skin, to Tesla armour glass”, according to the Tesla website.
Mr Musk tweeted last month that it would “be waterproof enough to serve briefly as a boat, so it can cross rivers, lakes & even seas that aren’t too choppy”.
RACECARD
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
DUNGEONS%20%26%20DRAGONS%3A%20HONOR%20AMONG%20THIEVES
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
THE%20SPECS
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Brighton 1
Gross (50' pen)
Tottenham 1
Kane (48)
MIDWAY
Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars
KILLING OF QASSEM SULEIMANI
