Elon Musk may be the wealthiest person in the world, but it appears his money hasn't bought him smooth dance moves.
The Tesla chief executive got his groove on as the company opened its new gigafactory in Germany, the electric car maker's first manufacturing plant in Europe.
"Tesla will make sure this is a gemstone for the area, for Germany, for Europe and for the world," he said at the opening as the first 30 Model Y vehicles rolled out amid cheering and loud music, in front of German Chancellor Olaf Scholz.
"This is a great day for the factory," Mr Musk said, adding that it is "another step in the direction of a sustainable future".
Mr Musk's celebratory dance moves were also seen in China back in 2020, when the first Model 3 cars were delivered at the company's Shanghai factory.
Until now, Tesla has been dependent on its Chinese site to produce Model Y cars for customers in Europe.
The German plant opening comes as Mr Musk has flagged a "master plan part 3" for Tesla, which, he said, will map out scaling the company to an "extreme size".
With plans to hire 12,000 workers, the German gigafactory and adjacent battery plant will become the biggest employer in the German state of Brandenburg, where it is based.
At full capacity, it will produce 500,000 cars annually — more than the 450,000 battery-electric vehicles that main rival Volkswagen sold globally in 2021 — and generate 50 gigawatt hours of battery power, surpassing all other plants in the country.
Tesla said that new orders of the $70,500 Model Y from the plant could be delivered from April. The car has a range of 514km.
The company's shares ended up 7.9 per cent on Tuesday, at their highest level in more than two months.
Mr Musk also announced at the factory opening that Tesla is likely to launch a test version of its new full self-driving software in Europe, possibly next year, depending on regulatory approval.
"It's quite difficult to do full self-driving in Europe" due to the tricky driving situation in the region where roads vary a lot by country, he said.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
