Tesla delivered a record number of cars worldwide in the fourth quarter of 2020, but fell just shy of a goal for 500,000 units for the full year.
The electric car maker delivered 180,570 vehicles in the last three months of the year, eclipsing its prior all-time high of 139,300 in the third quarter of 2020 while increasing 36 per cent from 367,500 deliveries in 2019.
The company has been ramping up output of its mass market models to meet rising global demand for battery-powered cars.
The Palo Alto, California-based company said in a statement on Saturday its delivery count should be viewed as slightly conservative and final numbers could vary by up to 0.5 per cent or more.
The quarterly delivery figure is widely seen as a barometer of demand for both Tesla’s vehicles and consumer interest in electric vehicles worldwide. The result capped a remarkable year for chief executive Elon Musk and his company, which joined the Standard & Poor’s 500 Index on December 21 after posting five consecutive quarters of profit.
The company’s shares rallied 743 per cent last year.
Tesla had predicted in January 2020 – before the onset of the coronavirus pandemic – it would “comfortably exceed” sales of half a million cars. The company said in October that it still expected to meet that target despite a temporary shutdown of its factories in the spring, and Mr Musk signalled it was well within reach in an internal email sent to employees in December.
Analysts also predicted Tesla would meet its sales goal for the year, which further buoyed the company’s shares in the waning days of 2020. The surge, coming despite multiple share offerings, has vaulted Tesla’s valuation to an auto industry-leading $669 billion.
The company undershot the 181,000-vehicle threshold it needed to clear in the most recent quarter, a 30 per cent jump over the July-September period. The push largely depended on increased output from its Chinese plant and higher output in the US of the newest car in its line-up: the Model Y.
On Saturday, Tesla said Model Y production in Shanghai has begun, with deliveries expected to begin soon.
“Tesla’s miss of a 500,000 delivery goal for 2020 indicates the car maker is still struggling to scale up, as the eighth year of mass-market pursuit still leaves the company about the size of Isuzu globally, even as it eclipses the combined market cap of 10 car makers that deliver more than 50 million units annually," Kevin Tynan, senior autos analyst at Bloomberg Intelligence, said.
"Tesla faces compressing margins as the focus shifts to China and sales by competitors mute the profit contribution of regulatory credits initially, then threaten market share.”
To capitalise on its head start, Tesla is building two new vehicle assembly operations – one in Berlin that could eventually assemble as many as 500,000 cars annually, and another in Austin, Texas, that will make the brand’s first pick-up. Both are expected to start production later this year, joining its existing vehicle-assembly facilities in Fremont, California, and Shanghai.
Once known for niche luxury models such as its S sedan and X sport utility vehicle, Tesla has broadened its appeal with the 3 and Y models priced to start below $50,000. Mr Musk said in September that he plans to start sales of a cheaper $25,000 Tesla by 2023.
As usual, Tesla delivered many cars during the quarter’s final days. Mr Musk added an incentive to buyers in the final three days of the year, saying in a tweet that they would get three months of an optional driver-assistance tool Tesla calls Full Self-Driving.
Danielle Watson, a 31-year-old pharmacist, tweeted on December 28 that she had just taken delivery of a Model Y. In a private message, the Greenville, South Carolina, resident said she took delivery in Charlotte, North Carolina – a sign the lure of Tesla’s brand power in the US is growing well beyond its home state of California.
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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UAE currency: the story behind the money in your pockets
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
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EXPATS
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Playing records of the top 10 in 2017
How many games the top 10 have undertaken in the 2017 ATP season
1. Rafael Nadal 58 (49-9)
2. Andy Murray 35 (25-10)
3. Roger Federer 38 (35-3)
4. Stan Wawrinka 37 (26-11)
5. Novak Djokovic 40 (32-8)
6. Alexander Zverev 60 (46-14)
7. Marin Cilic 43 (29-14)
8. Dominic Thiem 60 (41-19)
9. Grigor Dimitrov 48 (34-14)
10. Kei Nishikori 43 (30-13)
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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.”
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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