Connect with us

Company News

Tesla Makes a Reversal From Its Strategy, Slashes Price of Its Vehicles Globally

Published

on

Tesla Model 3 - Investors King

Automotive clean energy company Tesla has made a reversal from its strategy, as it slashes the price of its vehicles globally by 20%.

Tesla made this move after missing Wall street delivery estimates for 2022, as it also seeks to challenge rival EV companies.

The company’s CEO Elon Musk disclosed that the price of its vehicle was high which could affect demand, which necessitated a price cut. Also, the chairman and managing member at Great Hill capital Thomas Hayes said “competition is coming and they are responding to price cuts”.

Tesla in its recent slash in the price of its vehicles reduced prices of its EV vehicles in the United States, Europe, the Middle East, Asia, and Africa.

In China, Tesla cut prices for its vehicles two times in three months as demand continued to drop. The automaker was forced to cut prices after posting an unimpressive fourth-quarter report for 2022.

Investors King understands that for its Model 3 and Model Y vehicles, it produced 419,088 vehicles and delivered 388,131, falling short of wall street expectations.

This spurred the automaker to reduce the price of its model 3 which is now pegged at CNY 229,900 ($33,415) down from CNY 265,900, while the model Y price is currently pegged at CNY 259,900 ($37,775) down from CNY 288,900.

In the U.S., Tesla also cut prices on its Model 3 sedan and model Y crossover, and also on its Model X Luxury crossover SUV and Model S Sedan.

In France, customers purchasing the model 3 for 44,990 Euros ($48,570) will now get a further reduction through a government subsidy of 5,000 Euros ($5,400) on an electric vehicle scheme with a threshold of 47,000 Euros ($50,8580).

Analyst at Wedbush, Dan Ives disclosed that Tesla’s recent move could boost global deliveries by 12 to 15 percent this year.

In his words, “this is a clear shot across the bow at European automakers and U.S Stalwarts (GM and Ford) that Tesla is not going to play nice in the sandbox with an EV price war now underway.

“Margins will get hit on this, but we like this strategic poker move by Musk and Tesla”.

Continue Reading
Comments

Company News

DLM Trust Unveils DLM Single Asset Trust

Published

on

DLM Capital Group

DLM Trust, a subsidiary of DLM Capital Group is thrilled to announce the launch of DLM Single Asset Trust.

The model is a variant of the Living Trust construct that allows for a groundbreaking solution for individuals or Corporations seeking to settle assets into a trust, for the benefit of themselves and their chosen beneficiaries.

The DLM Single Asset Trust guarantees that peoples’ assets are protected and managed in accordance with their intentions by operating under the tenets of trust, security, and careful management. The DLM SAT offers a novel approach to trust services by fusing state-of-the-art technology with knowledgeable advice to enable people and families effortlessly manage their assets.

DLM SAT enables individuals, often referred to as Settlors, to create a single asset trust that will serve both their own and their designated beneficiaries’ purposes. The Trust Fund may be started using the Settlor’s assets/funds and then expanded with future contributions in accordance with the Settlor’s goals. Only authorised individuals, including the settlor, can access the trust because of its strong independent and confidentiality level. DLM Trust Company holds the Fund in trust and manages it for the benefit of the Settlor and designated Beneficiaries.

In a statement, MD of DLM Trust, Lola Razaaq commented on the introduction of the DLM Single Asset Trust, stating that it is a means of establishing a timeline for legacy preservation. “The DLM SAT is our newest offering, and we are thrilled to announce this important milestone for DLM Trust.” The aim of our organisation is to equip people and families with the necessary resources and assistance to safeguard and maintain their heritage for future generations. “Furthermore, we are transforming the concept of future planning with DLM Single Asset Trust.” she said.

DLM Trust Company Limited is registered with Securities and Exchange Commission (SEC) and incorporated under the Companies and Allied Matters Act to provide trust services to individuals, corporations, sub-sovereign entities. As always, strategic thinking and innovation will be combined by DLM Trust Company to offer its clients best-in-class services. Since its founding, DLM Trust has worked on a variety of creative and unique transactions, including securitizations, private and public bonds.

Continue Reading

Company News

Shell’s $2.4bn Asset Sale Under Close Scrutiny

Published

on

Shell

The proposed $2.4 billion asset sale by energy giant Shell to Renaissance Africa Energy has become the focal point of intense scrutiny as the Federal Government of Nigeria aims to ensure transparency and regulatory compliance in the transaction.

The deal has sparked widespread interest and raised questions about its implications for the country’s energy landscape.

Shell, a prominent British energy major with a century-long history of operations in the Niger Delta, announced in January its intention to divest its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited, to Renaissance Africa Energy.

This landmark agreement, if finalized, would represent a pivotal moment in Nigeria’s energy sector dynamics.

Renaissance Africa Energy, a consortium comprising five companies, including four Nigerian-based exploration and production firms and an international energy group, has confirmed its participation in the deal.

The consortium’s involvement underscores its strategic positioning to capitalize on Nigeria’s vast energy resources and contribute to the country’s economic development.

The proposed transaction, however, is contingent upon approvals from the Federal Government of Nigeria and other relevant regulatory bodies.

To ensure adherence to regulatory protocols and safeguard national interests, the government has initiated a comprehensive due diligence process, commencing with a high-level meeting held on Monday.

Parties involved in the deal, alongside officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), convened in Abuja for a thorough examination of the transaction details.

Gbenga Komolafe, the Chief Executive of NUPRC, outlined the government’s objective to conclude the divestment exercise by June, underscoring the importance of timely and meticulous evaluation.

Komolafe revealed that the government has enlisted the expertise of two globally renowned consulting firms, S&P Global and the BCG Group, to facilitate the due diligence process.

These consultants, recognized for their proficiency in financial analysis and regulatory compliance, will collaborate with NUPRC to ensure that the transaction aligns with industry best practices and regulatory standards.

The due diligence meeting served as a forum to discuss the proposed divestment of Shell’s participating interests in the SPDC JV assets, which are currently operated by the Shell Petroleum Development Company of Nigerian Limited.

These assets, awarded as Oil Exploration Licence-1 in 1949, have played a pivotal role in Nigeria’s hydrocarbon industry, contributing significantly to the nation’s crude oil and gas output.

With an estimated total reserve of nearly 5 billion barrels of oil and extensive gas resources, the SPDC JV assets hold immense strategic importance for Nigeria’s energy security and economic prosperity.

However, as Nigeria seeks to optimize its energy sector operations, the selection of a responsible and capable successor to manage these assets remains paramount.

As discussions continue and the due diligence process unfolds, stakeholders remain optimistic about the prospects of the deal.

Representatives from Shell, Renaissance Africa Energy, and regulatory authorities expressed their commitment to ensuring a transparent and seamless transition, with the overarching goal of advancing Nigeria’s energy sector agenda.

The outcome of the scrutiny surrounding Shell’s $2.4 billion asset sale will not only shape the future of Nigeria’s energy landscape but also demonstrate the country’s commitment to fostering a conducive investment environment and promoting sustainable development in the oil and gas sector.

Continue Reading

Company News

NNPC and ARPHL Collaborate to Expand Port Harcourt Refinery to 310,000bpd

Published

on

NNPC - Investors King

The Nigerian National Petroleum Company Limited (NNPC) has joined forces with the African Refinery Port Harcourt Limited (ARPHL) to expand the Port Harcourt Refinery.

The collaboration entails ARPHL’s subscription of a 15% equity stake in the Port Harcourt Refining Company, a move aimed at augmenting the refinery’s daily production capacity from 210,000 barrels per day (bpd) to 310,000bpd.

The agreement, finalized at a signing ceremony held at the NNPC Towers in Abuja, underscores the commitment of both parties to bolstering Nigeria’s downstream oil and gas sector.

Managing Director of African Refinery Port Harcourt Limited, Omotayo Adebajo, and NNPC’s Executive Vice-President, Downstream, Adedapo Segun, sealed the deal, marking a pivotal moment in the nation’s quest for energy self-sufficiency.

According to statements released by NNPC and ARPHL, the subscription agreement represents a crucial step towards expanding Nigeria’s refining capacity and addressing the nation’s persistent reliance on imported petroleum products.

The proposed increment of 100,000bpd in the Port Harcourt Refinery’s capacity is poised to significantly reduce Nigeria’s dependence on imported fuel, fostering economic resilience and energy security.

Speaking on the collaboration, NNPC’s Executive Vice-President highlighted the strategic significance of co-locating the proposed additional refining capacity with the existing facilities at the Port Harcourt Refinery complex.

The move not only optimizes existing infrastructure but also underscores NNPC’s commitment to modernizing and revitalizing Nigeria’s refining sector.

In a similar vein, Tola Ayo-Adeyemi, Group Executive Director, Legal and Regulatory Compliance at African Refinery Group, emphasized the transformative impact of the collaboration on Nigeria’s energy landscape.

He highlighted the ARPHL refinery project’s position as the largest private refinery in Nigeria’s South-South and South-East geopolitical regions, underscoring its pivotal role in driving regional development and economic growth.

The groundbreaking ceremony for the ARPHL refinery project, scheduled for later this year, symbolizes a significant milestone in Nigeria’s journey towards energy independence.

With construction slated to commence in 2025 and commercial operations targeted for 2027, the project represents a beacon of hope for Nigeria’s refining sector, promising to deliver over 30 million liters of various petroleum products daily upon completion.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending