Tesla delivers almost 1 million cars globally

A 2021 Model 3 sedan charges at a Tesla dealership in Littleton, Colorado, on June 27, 2021. (AP Photo/David Zalubowski, File)
A 2021 Model 3 sedan charges at a Tesla dealership in Littleton, Colorado, on June 27, 2021. (AP Photo/David Zalubowski, File)
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Updated 03 January 2022

Tesla delivers almost 1 million cars globally

Tesla delivers almost 1 million cars globally
  • Tesla has managed to overcome global logistics issues that have plagued the auto industry

WASHINGTON: Tesla said Sunday it delivered nearly one million vehicles in 2021, almost twice as many as in the previous year, results that were better than expected despite global supply challenges.
The US electric carmaker delivered more than 936,000 cars of all models in 2021, an increase of 87 percent over the previous year, the company said in a statement.
Tesla had announced last January that it was aiming to increase deliveries by 50 percent per year over several years, so Sunday’s results far exceeded that goal.
The group, which recently moved its headquarters from Palo Alto, California to Austin, Texas, sold 911,208 Model 3 and Model Y vehicles as well as 24,964 vehicles of its luxury S and X models (at a price of $90,000 and $100,000 respectively).
In the fourth quarter alone, Tesla delivered 308,600 cars.
Tesla has managed to overcome global logistics issues that have plagued the auto industry.
Its chief Elon Musk previously said he was able to get around much of the semiconductor shortage by using new chip designs and rewriting software.
Tesla got another boost in October when it received an order for 100,000 electric vehicles from the rental company Hertz, to be completed by 2022.
This announcement brought the automaker into the very select club of companies worth more than $1 trillion on the stock market.
Tesla, however, finds itself under scrutiny from the NHTSA auto regulator, which is probing its autopilot system over safety concerns.
The automaker has also agreed to update its software to prevent drivers from playing video games on the car’s system while the vehicle is in motion, following a government safety investigation.
 


Amwaj International sets offering price as it joins Saudi Arabia's IPO boom

Amwaj International sets offering price as it joins Saudi Arabia's IPO boom
Updated 14 sec ago

Amwaj International sets offering price as it joins Saudi Arabia's IPO boom

Amwaj International sets offering price as it joins Saudi Arabia's IPO boom

RIYADH: As the wave of Saudi initial public offerings continues, Amwaj International Co. has set its offering price at SR72 ($19.2) as it plans to start book-building next week.

Riyadh-headquartered Amwaj International, which is the commercial unit of Zahran Holding Co., sells and distributes electronic and home appliances.

Aiming to float 10 percent of its capital on Saudi Arabia’s parallel market Nomu, the company will run its book-building period for four days starting May 22, according to a bourse filing.

Marifa Capital is acting as the financial advisor for the potential offering, which was approved by the Capital Market Authority last month.


China In-Focus: Electricity generation slips 4.3% in April amid Covid-19 repercussions

China In-Focus: Electricity generation slips 4.3% in April amid Covid-19 repercussions
Updated 2 min ago

China In-Focus: Electricity generation slips 4.3% in April amid Covid-19 repercussions

China In-Focus: Electricity generation slips 4.3% in April amid Covid-19 repercussions

RIYADH: China’s economy is hindered by COVID-19 restrictions across several sectors. The country’s electricity generation has dropped in April when compared to the same period a year ago.

The UK’s Standard Chartered Plc and Bloomberg Economic have both downgraded the Asian country’s growth outlook for 2022.

Meanwhile, London copper prices inched higher on Thursday on the hopes that COVID-19 restrictions in the Asian country will slowly cool.

On another note, China has lifted a restriction on Canadian canal seed for reasons that are yet to be revealed.

·China’s electricity generation slipped 4.3 percent during the month of April when compared to the corresponding period a year earlier to reach 608.6 billion kilowatt-hours, Bloomberg reported. This comes as a result of Covid-19 restrictions which have hindered the Asian country’s economic activity and electricity output respectively. In addition to this, thermal output dropped 12 percent, reflecting the biggest drop since 2008. This was mainly attributed to the surge in renewables as China installed more solar capacity in the first quarter than anticipated.

·British multinational banking and financial services company Standard Chartered Plc as well as Bloomberg Economics have both cut China growth forecasts for 2022 amid poor data for April was revealed, Bloomberg reported. Standard Chartered Plc has revised downwards the full year growth forecast to 4.1 percent year-on-year, down from 5 percent originally. They also downgraded the second-quarter growth to 0.3 percent, down from 3.5 percent. On the other hand, Bloomberg Economics cut forecasts for 2022 growth to just 2 percent, down from 3.6 percent previously.

·London copper prices surged on Thursday, eyeing Chinese demand as Covid-19 restrictions are anticipated to ease off soon. Starting June, Shanghai will start allowing businesses to resume normally in zero-Covid areas, Reuters reported, citing deputy mayor Zhang Wei. 

·China has lifted a three-year constraint on imports of Canadian canola seed, Reuters reported, citing Canadian officials. While the reason behind lifting the ban is yet to be disclosed, trade between both countries is expected to be slow as a result of high prices and low stocks. The ban was originally imposed by China back in 2019 after pests have been found in the shipments.


Saudi stocks end lower on investor concern: Closing bell

Saudi stocks end lower on investor concern: Closing bell
Updated 36 min 16 sec ago

Saudi stocks end lower on investor concern: Closing bell

Saudi stocks end lower on investor concern: Closing bell

RIYADH: Saudi stocks closed lower in the last trading session of the week as mixed earnings reports and changing crude prices affected investor outlook.

In the energy market, Brent crude prices declined, settling at $107.45 a barrel, while US WTI crude traded at $107.00 a barrel, as of 3:28 a.m. Saudi time.

The main index, TASI, fell 2.24 percent to reach 12,427, while the parallel market, Nomu, lost 1.42 percent at 22,508.

Saudi Industrial Export Co. climbed 9.94 percent to lead the gainers; Arabia Insurance Cooperative Co. shed 10.00 percent to lead the fallers.

United Wire Factories Co. dropped 2.02 percent, after announcing that it had extended its agreement with A-1 Fence Arabia Co.

Tabuk Cement Co. slumped 2.62 percent, after it swung into losses of SR7 million ($2 million) in its first-quarter earnings.

United Cooperative Assurance Co. edged up 1.38 percent, despite reporting its net loss was trimmed by 26 percent to SR19.9 million last quarter.

Saudi Real Estate Co. increased 5.07 percent, after it received shareholder approval to increase capital to SR3.7 billion.

Saudi Aramco, the largest player on the Saudi oil market, closed Thursday’s trading down 2.33 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged down 2.81 percent, and Alinma Bank fell 2.18 percent.


Centennial, Colgate Energy combine to create $7bn oil producer

Centennial, Colgate Energy combine to create $7bn oil producer
Updated 19 May 2022

Centennial, Colgate Energy combine to create $7bn oil producer

Centennial, Colgate Energy combine to create $7bn oil producer

Centennial Resource Development Inc. and Colgate Energy Partners III LLC have agreed to a merger of equals, the companies said on Thursday, creating a $7 billion Permian Basin-focused US oil and gas producer.

The deal comes when global crude prices have surged after sanctions on big producer Russia following its invasion of Ukraine, helping create attractive corporate valuations after years of financial underperformance.

Reuters reported in December that the private equity owners of Colgate Energy were preparing to float the shale oil producer on the stock market at a valuation approaching $4 billion.

Shares of Centennial, founded by shale pioneer Mark Papa, rose 4 percent to $7.79 in premarket trade.

The company last year was seeking buyers for properties covering about 6,000 net acres in the southern Delaware basin of Texas, according to the company managing the sale.

The deal will create the largest exploration and production company focused on the Delaware Basin, the westernmost shale field within the Permian, the companies said on Thursday, with current production of about 135,000 barrels of oil equivalent per day.

The deal is expected to close in the second half of 2022, following which existing Centennial shareholders will own about 53 percent of the combined company and existing Colgate owners the rest.

The merger values Colgate at about $3.9 billion and consists of 269.3 million shares of Centennial stock, $525 million of cash and the assumption of about $1.4 billion of Colgate’s outstanding net debt.


MENA Project Tracker: Algeria’s Sonatrach, Italy’s Eni cancel work on $500m pipeline project

MENA Project Tracker: Algeria’s Sonatrach, Italy’s Eni cancel work on $500m pipeline project
Updated 19 May 2022

MENA Project Tracker: Algeria’s Sonatrach, Italy’s Eni cancel work on $500m pipeline project

MENA Project Tracker: Algeria’s Sonatrach, Italy’s Eni cancel work on $500m pipeline project

RIYADH: Algeria’s Sonatrach and Italy’s Eni have both terminated work on a major pipeline project in Algeria. On another note, UAE’s Masdar and National Petroleum Construction Co. have agreed to explore potential partnerships in the offshore wind, green hydrogen, among other renewables. Elsewhere, contractors have been requested to submit bids for Emaar’s Lamborghini-branded villas in Dubai. Meanwhile, Saudi Arabia’s El-Seif has begun working on Aramco’s public private partnership staff accommodation complex.

·      Algerian national state-owned oil company Sonatrach and Italian multinational oil and gas company Eni have canceled work on a $500 million worth pipeline project in Algeria, MEED reported. The project’s scope included laying pipelines, installing valve stations, installing a control system, installing fenced burn pits, among other tasks. 

·      UAE government-owned renewable energy company Masdar and National Petroleum Construction Co. are planning to explore potential partnerships in offshore wind, green hydrogen, and other renewable energy technologies, MEED reported. While both firms will initially focus on offshore wind, they will later explore the remaining sectors including battery storage technologies. 

·      Contractors are expected to submit their bids for a package for multinational real estate developer Emaar’s Lamborghini-branded villas to be located at Dubai Hills Estate by May 19, MEED reported. The package is the building of 40 six-bedroom villas. The contractors prequalified for the package include local firms al-Basti & Muktha, ASGC, and Engineering Construction Co., besides India’s Shapoorij Pallonji.

·      Saudi Arabian construction engineering firm El-Seif Engineering Contracting has commenced work on Saudi Aramco’s public private partnership, also known as PPP, staff accommodation complex to be located in oil complex Tanajib. The package which was awarded to the firm includes the building of 2,500 housing units, a food court, parking facilities, and infrastructure.