Tesla hit with new lawsuit alleging racial abuse against Black workers.
(credits: Google)
Company’s quarterly deliveries of 254,695 fell short of analyst expectations.
Tesla produced more vehicles in June than in any other month in its history.
The company will undergo upgrades to improve production of both Model Y and Model 3.
After the Fourth of July vacation, Tesla Inc. investors have much to consider: a disappointing quarter of deliveries, a record-setting month of production, and now several weeks of downtime at various plants.
Bloomberg reported last month that the electric vehicle manufacturer will cease production on its Model Y assembly line in Shanghai for the first two weeks of July, followed by a 20-day pause on the Model 3 line beginning on July 18. According to sources acquainted with the situation, the factory’s upgrades to improve production of both vehicles are planned to be finished by the beginning of August.
Monday, TeslaMag reported that the automaker’s facility in Berlin will close for two weeks beginning July 11. Citing an unnamed source, the German website said that Tesla plans to approximately treble its production rate beginning in August. During at least one week last month, 1,000 Model Ys were assembled at the plant.
Tesla did not mention these goals in its production and delivery announcement on July 2. The automaker provided an optimistic outlook—it produced more vehicles in June than in any other month in its history—while announcing quarterly deliveries of 254,695, which fell short of analyst expectations.
Philippe Houchois, a Jefferies analyst with a buy rating on Tesla shares, stated on July 3 that the “relative weakness” of the quarter was anticipated. He said that Elon Musk’s comments referring to the company’s new factories as “money furnaces” suggest that Tesla’s free cash flow may have been significantly impacted by working capital issues.
Shanghai’s weeks-long closure due to a Covid outbreak was the most detrimental to Tesla’s performance in the previous quarter. Thousands of workers slept on-site to maintain partial production while the corporation went to extreme efforts to restore the factory and keep it operating.
Tesla’s most productive factory is in Shanghai, while other operations near Berlin and Austin, Texas are barely getting started. Musk hosted opening celebrations on March 22 and April 7 at the former and the latter, respectively.
A few weeks later, though, the CEO’s tone was much more depressed. During those events, Musk danced in Germany and sported a cowboy hat and sunglasses in Texas, but he sounded much more sombre a few weeks later.
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“Berlin and Austin are losing billions of dollars right now because there’s a tonne of expense and hardly any output,” Musk told the Tesla Owners of Silicon Valley on May 31. “Getting Berlin and Austin functional and getting Shanghai back in the saddle fully are overwhelmingly our concern.”
The Shanghai shutdown and difficulties in ramping up new facilities contributed to Tesla’s record quarterly decline of 38 percent in the three months ending in June. The S&P 500 fell 16%, the largest drop for the leading US stock index since the first quarter of 2020.
The rupee, which has been on an upward trend for more than a week now, continued strengthening against the dollar in the interbank market on Friday. By 10:05am, the local currency had gained Rs2.15 against the dollar to reach Rs224, up 0.95 per cent from yesterday’s close of Rs226.15. The rupee had been on a consistent decline from July 15 and fallen to a record low of 239.94 on July 28. But since July 29, it has reversed gears and its value had risen by Rs14.15 till yesterday (Aug 4). The biggest hike was seen on Wednesday (Aug 3), when the rupee appreciated by a record single-day gain of Rs9.59 or 4.19pc. This major gain by the rupee has brought exchange rate stability as currency dealers feel that the fluctuations would not be as volatile as were witnessed in July when the greenback gained over 13pc in a single month against the local currency. More to follow. Source link
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Flash flood sweeps away seven people in Chitral. Photo: Twitter CHITRAL: At least five people were dead and two others were still missing after flash floods triggered by heavy monsoon rains wreaked havoc in Chitral, it emerged on Saturday. As per the details, seven people, including a woman, were swept away by the flash flood in different areas of Chitral on Friday. After being informed, the rescue officials launched a rescue operation and recovered five bodies, said the rescue sources. The search operation is underway to recover the other two, they added. PMD forecasts more rains In its daily weather report, the Pakistan Meteorological Department (PMD) on Saturday said that monsoon currents are still penetrating in most parts of the country. A westerly wave is also affecting western and upper parts of the country, it added. The Met Office said that rain coupled with thundershower is expected in Balochistan, Punjab, Khyber Pakhtunkhwa, Sindh, Kashmir and Gilgit-...
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