Travel warnings: Here's what Canadians should know this summer
With the summer travel season approaching, the government of Canada has issued advisories or warnings for Canadians who are heading to certain destinations.
Tesla Inc. said quarterly deliveries fell short of market estimates on Monday, held back by ongoing logistical issues and growing demand concerns that rounded off a tumultuous 2022 for the Elon Musk-led firm.
The company is still the world's most valuable automaker even after losing 65% of its market value in 2022. Shares fell 8.5% to $112 on Tuesday.
Tesla delivered 405,278 vehicles in the fourth quarter ended Dec. 31, short of analysts' estimates of 431,117, according to Refinitiv. For all of 2022, the electric-vehicle maker's deliveries rose by 40%, missing Musk's 50% annual target.
"We believe Tesla is facing a significant demand problem ... many investors underestimate the magnitude of the demand challenges Tesla is facing," Bernstein analyst Toni Sacconaghi said.
The shortfall also highlighted the logistics hurdles facing a company known for its end-of-quarter delivery rush, with the gap between production and deliveries widening to 34,000 vehicles as more cars got stuck in transit.
Tesla also plans to run a reduced production schedule in January at its Shanghai plant, extending the lowered output it began in December into 2023, Reuters has reported.
Tesla has tried up prop up demand with a rare set of discounts on its top-selling vehicles as competition deepens from legacy automakers such as Ford Motor Co. and General Motors Co. and startups such as Rivian Automotive Inc. and Lucid Group Inc.
"Tesla's previous gains have been based on delivering super-charged growth. Without that it looks (like) a different proposition," said Russ Mould, investment director at AJ Bell.
Sacconaghi said demand challenges will persist in 2023 as most Tesla models do not qualify for a tax rebate and the company would need to either reduce its growth targets or cut prices.
The company, which has some of the highest margins in the industry, will report quarterly results on Jan. 25.
The fourth-quarter deliveries consisted of 388,131 Model 3 compact sedans and Model Y sports utility vehicles (SUVs), compared with 17,147 Model X and Model S luxury cars.
Production came in at 439,701 vehicles.
Tesla said in a separate statement on Monday it plans to host its Investor Day on March 1 and will likely discuss long-term plans for expansion and capital allocation at the event that will be held at its Texas Gigafactory.
The automaker also hinted at a "generation 3" platform that could be shown to investors at the event. Musk said in October that Tesla was working on a "next-generation vehicle" which will be cheaper and smaller than the Model 3 and Model Y cars.
(Reporting by Akash Sriram, Baranjot Kaur, Nivedita Balu and Aditya Soni in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Sriraj Kalluvila, Matthew Lewis, Howard Goller, Barbara Lewis and Shounak Dasgupta)
With the summer travel season approaching, the government of Canada has issued advisories or warnings for Canadians who are heading to certain destinations.
Longtime councillor and MP Carolyn Parrish won Mississauga's mayoral race Monday night, beating out a crowded field of contenders for the top job.
Evan Rodrigues scored back-to-back third period goals, including the winner, as the Florida Panthers won Game 2 of the Stanley Cup Final 4-1 over the visiting Edmonton Oilers on Monday night.
Dressed in a navy blue suit, Kane Carter stood tall in the prisoner’s box and calmly entered not guilty pleas to the three charges against him in B.C. Supreme Court in Vancouver Monday.
Billionaire Elon Musk said on Monday he would ban Apple devices at his companies if the iPhone maker integrates OpenAI at the operating system level.
The man charged with killing a woman by lighting her on fire on a TTC bus two years ago admitted to causing her death, but should not be found criminally responsible due a diagnosis of schizophrenia, prosecutors and defence counsel argued at the outset of his trial in Toronto.
Ryan Reynolds' mom Tammy set the PVR at her Vancouver home to record The View before she even knew she would appear on Monday's episode with her superstar son.
Kia will recall more than 20,000 Telluride SUVs in Canada over a fire risk and owners of 2020 to 2024 models are urged to park outside.
Chrystia Freeland presented her promised capital gains proposal to Parliament on Monday, setting the stage for a key vote as the Liberals try to wedge the Conservatives on the contentious tax proposal.
A dog who spent the first three-and-a-half years of his life suffering and almost a year at a shelter has found his forever home, according to the BC SPCA.
In most families, ringing in a 100th birthday is a massive milestone. Minni Pelman’s family certainly thinks so – as they celebrate her 108th birthday in the park outside her building.
Showing off the latest purchase in his Eaton's collection, Corey Quintaine joked he is rebuilding the former flagship store that used to sit at 320 Portage Avenue one Facebook Marketplace purchase at a time.
After learning about food security at school, 11-year-old Violette Ferguson wants fresh eggs and to change the rules around chickens in the city.
An Ontario powerlifter caught a mild cold last year. Six days later, he was fighting for his life in the ICU.
Marking a milestone, Lakeshore resident Olga White celebrated her 107th birthday in style Wednesday.
The municipality of Tantramar, N.B., is holding a sale to get rid of surplus items it acquired after the Town of Sackville amalgamated with smaller communities last year.
For several weeks, a mysterious social media user has apparently been leaving $50 bills hidden across Metro Vancouver.
A statue dedicated to the Royal Regina Rifles Regiment has been officially unveiled in France just ahead of the 80th anniversary of D-Day.