Tesla delivers 1.3m electric vehicles, fined $2.2m for exaggerating driving range – Newstrends
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Tesla delivers 1.3m electric vehicles, fined $2.2m for exaggerating driving range

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Electric car maker Tesla delivered a record 1.3 million vehicles last year, which is 40 per cent more than it did in 2021.

But its delivery of 405,278 vehicles in the fourth quarter 2022 fell short of analysts’ estimates of 431,117, according to Reuters.

The automaker was on Tuesday quoted as attributing the shortfall to the ongoing logistical issues and growing demand concerns that rounded off a tumultuous 2022 for the Elon Musk-led firm.

It however noted that the company remained the world’s most valuable automaker even after losing 65 per cent of its market value in 2022. Shares were down five per cent in premarket trading on Tuesday.

This year, the motor industry is expected to face slowing demand as potential customers worry about rising interest rates and recession concerns.

In a statement to investors, Tesla said it had to deal with “significant Covid and supply chain related challenges throughout the year.

Meanwhile, on Tuesday, authorities in South Korea said they would fine Tesla $2.2m (£1.8m) for failing to tell its customers about the shorter driving range of its electric vehicles in low temperatures.

The Korea Fair Trade Commission said the company had exaggerated the “driving ranges of its cars on a single charge, their fuel cost-effectiveness compared to petrol vehicles as well as the performance of its Superchargers”.

BBC did not get an immediate response from Tesla on this.

Highlighting the logistics issues faced by the world’s most valuable car maker, deliveries in the fourth quarter of the year were about 34,000 fewer than Tesla produced.

The shortfall is unusual for Tesla, as it had previously managed to deliver about as many vehicles as it produced.

In October Chief Executive Elon Musk said he was working to resolve the issue.

Like other car makers, in the year ahead Tesla faces the challenge of the potential of slowing demand for vehicles as customers deal with rising borrowing costs and concerns about an economic slowdown.

Tesla also faces competition from traditional motor manufacturing giants such as Ford and General Motors, as well as newer entrants to the market like Rivian and Lucid in the US and China’s BYD and Nio.

The company is scheduled to announce financial results for the fourth quarter of 2022 and the year as a whole on 25 January.

Tesla said in a separate statement that it planned to host its Investor Day on March 1st and livestream the event from its Gigafactory in Texas.

“Our investors will be able to see our most advanced production line as well as discuss long term expansion plans, generation 3 platform, capital allocation and other subjects with our leadership team,” the company said.

Tesla’s shares fell by 65% in 2022 – its worst year since going public in 2010 – as investors worried about disruptions to production, concerns over a slowdown in demand and Mr Musk’s focus on Twitter.

The multi-billionaire bought the social media platform at the end of October for $44bn (£36.4bn) and has spent much of his time since then trying to turn the business around

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Nigeria saves $20bn from subsidy removal – Finance Minister Edun

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Nigeria saves $20bn from subsidy removal – Finance Minister Edun

 

Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has declared that the country has saved $20 billion by eliminating the petrol subsidy and adopting market-based foreign exchange pricing.

He made this disclosure at an event in Abuja marking the first 100 days in office of Esther Walso-Jack, Head of the Civil Service of the Federation.

Edun stated, “When there was a subsidy on the PMS and on foreign exchange, they collectively cost five percent of the GDP.

“Assuming GDP was $400 billion on average, five percent of that is $20 billion—funds that could now go into infrastructure, health, social services, and education.”

He explained that the savings were being redirected into developmental projects. He said, “The real change is that no one can wake up and target cheap funding or forex from the central bank to enrich themselves without adding value. “Similarly, profiteering from the inefficient petrol subsidy regime is no longer possible.”

President Bola Tinubu officially ended the petrol subsidy regime on May 29, 2023.

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Crude-for-naira deal: NNPC fails to deliver agreed crude oil – Dangote refinery

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Crude-for-naira deal: NNPC fails to deliver agreed crude oil – Dangote refinery

The Lagos-based mega Dangote refinery has accused the Nigerian National Petroleum Corporation (NNPC) of failing to meet its crude oil supply obligations under the naira-for-crude agreement.

Edwin Devakumar, the Vice President of the Dangote Group, disclosed this in a statement reported by Reuters.

Devakumar explained that the national oil company had committed to supplying the refinery with a minimum of 385,000 barrels per day (bpd) under the crude-for-naira deal.

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However, he alleged that the NNPC is falling short of this commitment.

According to Reuters, Devakumar characterized the volume of crude currently supplied by NNPC Limited as “peanut,” though he did not specify the exact amount.

“We need 650,000 barrels per day, and NNPC Ltd agreed to supply a minimum of 385,000 bpd, but they are not even delivering that,” Devakumar stated.

 

Crude-for-naira deal: NNPC fails to deliver agreed crude oil – Dangote refinery

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Tinubu restructures media team, says no individual presidential spokesman

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Tinubu restructures media team, says no individual presidential spokesman

 

President Bola Tinubu has reorganised his media team, re-designating the positions of his two recently appointed special advisers  for media and communications.

This is contained in a statement released on Monday night by his Special Adviser on Media and Strategies, Bayo Onanuga.

He said Sunday Dare, the special adviser on public communication and national orientation, is now the special adviser on media and public communications.

Onanuga added that Daniel Bwala, announced last week as a special adviser on media and public communication, will now function as the special adviser on policy communication.

“These appointments, along with the existing role of special adviser, information and strategy, underscore that there is no single individual spokesperson for the presidency,” the statement read.

There had been some confusion as Onanuga, designated as special adviser on communication and strategy, had been the presidential spokesman since the exit of Ngelale Ajuri, who was special adviser on media and publicity.

However, on Monday, Bwala announced himself as the presidential spokesperson.

“Today, I resumed officially as the Special Adviser, Media and Public Communications/Spokesperson (State House). I am happy to have joined a meeting of the robust and fantastic communication team of Mr. President. I love the existing unity among the team and hope we can leverage on that even for more synergy,” he wrote on his X handle.

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