Automotive and clean energy company Tesla has announced better-than-expected first-quarter (Q1) financial results, according to the company’s financial statement.
The electric vehicle (EV) company recorded a 36% increase in Q1 vehicle production to 444,000 vehicles and delivered over 422,000, up from 310,048 that were delivered in the same quarter last year.
The report showed Tesla produced 19,437 Model S and X vehicles and delivered 10,695 of its higher-priced Model S and X vehicles, which is about 2% of deliveries in the quarter.
Speaking on its first-quarter report, the company stated that it continued to transition towards a more even regional mix of vehicle builds.
The statement noted that a large percentage of Tesla’s first-quarter deliveries came from vehicles produced in its Shanghai gigafactory in China following massive price cuts.
Recall that in a bid to boost sales, the automaker has been issuing price cuts in all markets, which saw it roll out price cuts in markets like China and the US over the past few months.
The EV company on several occasions slashed the prices on some of its models in China, its biggest market, where the most recent discounts have caused a price war among competitors. Other EV brands such as BYD, Nio, and Xpeng have all followed suit in slashing the prices of their vehicles.
Also, in the U.S., it slashed the price of its entry-level Model Y by 20 percent.
Investors King understands that Tesla now sells four models of its vehicles which are produced at the company’s two vehicle assembly plants in the U.S., one in Shanghai, and another outside of Berlin.
In March this year, Tesla CEO Elon Musk revealed plans to construct a new factory in Monterrey, Mexico to boost production, after during Tesla’s Q4 2022 earnings call in January, Musk tried to assuage investors by saying that demand exceeded production.
Following the disclosure of its delivery figures for the first quarter (Q1) of 2023, Tesla disclosed that it will present its first quarter (Q1) financial result in April.
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Dangote Industries Limited Reaffirms Commitment to Bolstering Employment Opportunities for Nigerians
Dangote Industries Limited has underscored its unwavering dedication to fostering employment opportunities and advancing the cause of decent work for the Nigerian populace.
Dangote Industries Limited has reiterated its steadfast investment in critical sectors of the nation’s economy to facilitate job creation and stimulate the growth of meaningful employment.
Speaking during the induction ceremony of a new cohort of graduate trainees, Mr. Aliko Dangote, the President of Dangote Group, highlighted the company’s transformative journey from a commodity trading entity to a manufacturing powerhouse.
This evolution is a testament to their unwavering mission to contribute significantly to Nigeria’s industrial development, consequently positioning the nation prominently in the African industrial landscape.
“The core mission of our group is to improve the lives of the people by addressing their fundamental needs. This noble objective can only be achieved through the production of essential goods that cater to the needs of our people. This is why we have made massive investments across various sectors of the economy,” stated Mr. Dangote.
Mr. Dangote further emphasized the pivotal role that manufacturing plays in meeting the needs of the populace and its potent ability to combat poverty by creating job opportunities.
He commended the ongoing graduate trainee program as a tangible manifestation of their commitment to employment generation, recognizing its positive impact on the lives of countless individuals.
In a strategic move aimed at fulfilling their goal of job creation and addressing the basic needs of the Nigerian people, Mr. Dangote revealed that his Group has expanded its business portfolio with three significant investments valued at over $20 billion.
These investments encompass the refinery, petrochemical, and fertilizer sectors, with the potential to not only bolster the nation’s economy but also reinvigorate Nigeria’s foreign exchange reserves.
Also, these initiatives are anticipated to generate approximately $16 billion in foreign exchange earnings and offer an impressive aggregate of 250,000 jobs, thereby contributing to the reduction of youth unemployment in the country.
Dangote Industries Limited remains unwavering in its commitment to making substantial contributions to Nigeria’s industrial landscape, and its dedication to providing employment opportunities that uplift the lives of Nigerians is undeniably resolute.
The Group’s continuous investments in critical sectors reflect a steadfast commitment to shaping a brighter future for both the nation and its people.
Gas Retailers Issue Warning: Cooking Gas Prices Could Soar to N18,000 by December
Gas retailers are sounding the alarm, cautioning that the price of a 12.5kg cooking gas cylinder may skyrocket to N18,000 by December if the Federal Government does not take swift action to regulate the activities of terminal owners.
Olatunbosun Oladapo, President of the Nigerian Association of Liquefied Petroleum Gas Marketers, disclosed this during an interview on Sunday.
He revealed that the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has increased substantially at terminals.
The cost has surged from a range of N9-N10 million per 20 metric tons to an alarming N14 million per 20 metric tons.
Olatunbosun warned, “There is an outrageous surge in gas prices happening right now, and I am apprehensive that if the Federal Government fails to intervene and oversee the activities of these terminal owners, prices could skyrocket to as high as N18 million per metric ton by December. This would mean that a 12.5kg cylinder could cost as much as N18,000.”
According to him, terminal owners are using the excuse of high foreign exchange rates to justify their price increases, ultimately adding to the burden of the masses.
Olatunbosun however stated that there is no justifiable reason for this price hike, as the Nigerian Liquefied Natural Gas Limited (NLNG) continues to supply the market.
He explained, “NNPCL currently purchases 59 percent of the gas produced by NLNG, even though NLNG has raised its prices from N6 million to N8 million. Now, due to NLNG’s price hike, NNPCL and terminal owners have pushed prices to N14 million.”
He also pointed out that the impending price increase is not the fault of retailers but rather lies with NLNG and terminal owners.
He revealed that just last week, gas was selling at N800 per kilogram at the terminal, but it has now risen to N1,200 and could potentially reach N1,500 by December if immediate action is not taken.
Olatunbosun lamented, “Now, the average person will struggle to afford gas. How many minimum wage earners can afford gas now? People are resorting to firewood and charcoal. What is surprising is that they met with President Tinubu last week and pledged to collaborate with his administration to improve lives. Now, they have gone back on their word. Where are the promised palliatives and buses? We have not seen anything.”
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