Connect with us

Companies

Can Tesla join $1 trillion club with 5 major issues?

Published

on

Tesla’s performance in stock market remained fluctuated since CEO Elon Musk’s decision to buy $1.5 billion Bitcoin and rising concerns about safety and quality of Tesla vehicles from Chinese customers.

However, the company gained 30 percent at the S&P 500 after it registered record profit in second quarter.

Analysts predict another feat for the company when it will be publishing its positive results backed by strong shipments in the past three months despite hike in its prices due to a chip shortage and supply issues. With the potential positive financial results, the $870 billion carmaker could join the club of corporate titans like Amazon, Microsoft and Apple, which have over $1 trillion value.

Earlier this month, Musk claimed that his company can keep at least 50 percent annual growth rate in sales. He only considered the issue of shipment from China, playing down the chip shortage. But this problem would be wiped out with the opening of a new factory in Europe that would reduce burden of imports from China.

However, there are still 5 major issues that can create a hurdle for Tesla to join $1 trillion club.

Gigafactory Berlin-Brandenburg

Tesla’s upcoming project in Germany is facing a challenge from the local advocacy groups who are voicing concern over the plant’s effects on the region. A German television channel also run a documentary over the potential threats to the region’s water supply and the carmaker’s so-called anti-union policies. The company is depending on the plant for massive production for Europe and Musk wants to deliver the first Model Y vehicles from the factory before year-end. But Musk may have to demolish the plant if the site does not get final approval.

Cybertruck

Tesla has suddenly withdrawn its upcoming Cybertruck from its online ordering site without giving any explanation. The move shocked over one million customers who had already placed their orders. There are some speculations that Tesla pulled the vehicle due to rising cost or it was just like Musk’s previous decision when he cancelled the Model S Plaid+ this summer. This move may be risky for Tesla at the time when its rival Rivian is launching R1T.

Megapack

Tesla is working on storing renewable energy after soaring prices of various fossil fuels. The company has already installed its household Powerwall and industrial-size Megapack systems in Lathrop, California. Houston city is also set to install Tesla’s 100 MW battery farm. But the overall project is slowing down with the chips required for these products being supplied to the company’s cars.

Full Self-Driving beta

This month, Tesla gave early access of Full Self Driving beta program to its American customers. The move has created some risks as well. Analysts are raising questions that how the experimental technology can be given to customers. They are also of the view that the program’s name is misleading as it shows the system has the capability of self-driving which it does not have. Musk has also proposed that the program should not be handed over to the customers having poor driving records. Despite Musk’s suggestion, Tesla granted Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, access to the program, ignoring his terrible official safety score.

Tesla Bot

Tesla announced its Project Optimus in August to develop a humanoid robot prototype. Musk had claimed that the bot would be able to perform dangerous tasks. However, he also warned of threats of artificial intelligence. The project was launched jut weeks after Tesla’s South Korean rival Hyundai purchased Boston Dynamics to produce robots. Analysts are raising concern over Tesla’s project despite AI threats.

Continue Reading
Advertisement

Announcements

Dubai’s Top Government Entities for 2024 Announced

Published

on

The Mohammed bin Rashid Housing Establishment (MBRHE) has achieved remarkable success, topping both the Customer Happiness and Employee Happiness indices for 2024 with a rating of 96.7%. This accolade reflects Dubai’s steadfast commitment to excellence in governance and public service.

https://twitter.com/HamdanMohammed/status/1880610083098210376

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence of the UAE, recently approved the results of the 2024 Customer, Employee, and Mystery Shopper Happiness Study. The study revealed that the average customer happiness score for all government entities in Dubai exceeds 90%, underscoring the city’s dedication to creating exceptional service experiences.

Top Rankings in Customer Happiness

1st Place: Mohammed bin Rashid Housing Establishment (96.7%)

2nd Place: Dubai Electricity and Water Authority (DEWA) (97.01%)

3rd Place: Islamic Affairs and Charitable Activities Department (IACAD) (96.99%)

Top Rankings in Employee Happiness

1st Place: Mohammed bin Rashid Housing Establishment (96.7%)

2nd Place: Awqaf Dubai (96.2%)

3rd Place: General Directorate of Residency and Foreigners Affairs (GDRFA) (95.3%)

Mystery Shopper Index

The 2024 Mystery Shopper survey, critical in evaluating the quality of government services, recorded an impressive average happiness score of 95.8%. This assessment covered service centres, call centres, websites, and mobile applications, providing a holistic view of customer experience across all touchpoints.

The study, published annually by the Dubai Government Excellence Programme (DGEP), also highlighted these key metrics:

Average Customer Happiness Index: 93.8%

Average Employee Happiness Index: 86.7%

Average Daily Mystery Shopper Index: 95.8%

Focus on Continuous Improvement

The indices were compiled using an advanced online platform designed to track and compare performance. Sheikh Hamdan has directed the DGEP team to develop a comprehensive mechanism to integrate customer and employee happiness studies with institutional assessments, further enhancing the quality of governance.

Congratulating the Mohammed bin Rashid Housing Establishment for maintaining its leadership in happiness indices for three consecutive years, Sheikh Hamdan praised the team’s unwavering commitment to excellence. “This achievement reflects their dedication to delivering high-quality services while fostering an environment where employees and customers feel valued,” he said.

Sheikh Hamdan also lauded DEWA and IACAD for their outstanding customer satisfaction and recognized Awqaf Dubai and the GDRFA-Dubai for their exceptional employee engagement. “These accomplishments exemplify the values of excellence and service that define the Government of Dubai,” he concluded.

Continue Reading

Announcements

UAE to host IBBC conference about opportunities in Iraq this week

Published

on

The Iraq Britain Business Council (IBBC) is organizing the IBBC Autumn Conference ‘Growing Opportunities’, on December 13, 2024, at Taj Hotel Dubai. H.E. Abdullah Al Saleh, Undersecretary of the Ministry of Economy UAE, will grace the occasion to deliver the welcome address.

Talking about the conference, Christophe Michels, Director of IBBC  said, “The IBBC Autumn Conference in Dubai 2024 offers unparalleled networking opportunities with top industry leaders and policymakers shaping the future of business in Iraq, UAE and beyond. Attendees will gain invaluable insights and strategies for success in one of the world’s most dynamic economic hubs.”

Iraq is undertaking the most significant expansion in thirty years as the stability in country improves with investment opportunities currently in the region of $400bn, in Infrastructure, housing, and the great Dry Road initiative from Al Faw port to Turkey. Iraq’s GDP is set to rise 5.3% in 2025 (IMF) and stock exchange funds up 17% this year. The national census has recorded 45 million people and is therefore the largest Middle East market.

UAE is also supporting the tech start up ecosystem in Iraq for a new incubator for AI and Fintech, set to be announced in 2025 .

The Conference is hosting most of Iraq’ s leading businesses, including key energy companies, BP, Shell, BGC, their construction partners like Wood group, KSA, GE, Siemens and Financial services giants like SC, IFC and Central Bank of Iraq.

Of note for UAE businesses is the emergence of a new Maritime agency, being developed by IBBCs maritime companies, that will serve the Al Fawr port and Iraq’s ambitions to trade more regionally. Mr Tugrul Titanoglu, CJ-ICM; Mr Ahmed Shaban, Chairman of the IBBC Maritime Committee; Dr Abduladheem Kareem Khalil, Iraq Supreme Maritime Authority;and Al Zaman group will all be present for conversations.

Education too, is evolving to meet the needs of a modern Iraq, and the Minster for higher education is speaking on a dedicated day 12th December, covering primary to higher level with a full house and UK and Iraqi Universities and schools attending.

Mr Vikas Handa, chairman of the conference, says, “For business and investors seeking growth Iraq offers strong returns in a stable environment and is affirming its position as a driver of Middle East opportunity. Meet the people making this happen on 12 and 13th December at the Taj Hotel. We welcome the UAE and all businesspeople.”

Continue Reading

Announcements

Zahrawi Group celebrates successful opening of advanced distribution centre in Dubai

Published

on

– Zahrawi Group, a leading provider in healthcare solutions across the GCC, on Wednesday announced the successful official inauguration of its new state-of-the-art 38,000 square foot Distribution Centre, strategically located opposite Terminal 3 of Dubai International Airport. This milestone marks a significant chapter in the Group’s growth journey and its commitment to operational excellence.

The opening ceremony brought together Zahrawi Group’s leadership, including Chairman Isam M. Al-Muhaidib, alongside key partners, customers, representatives from governmental institutions, and Zahrawi’s senior management team. The guests were welcomed to a comprehensive tour of the facility, which showcased the advanced technologies and enhancements designed to optimise efficiency and scalability.

Guests also got the opportunity to explore the facility’s key features, including an advanced inventory management system, temperature-controlled storage, automated loading bays, and high-capacity order processing stations. Zahrawi Group’s leadership highlighted how these innovations improve operational accuracy, reduce turnaround times, and ensure the highest quality standards, positioning the facility as a benchmark in healthcare logistics across the region.

Abdulrahman Ramadan, Group CEO, highlighted the strategic significance of the new facility, emphasising how the Distribution Centre’s advanced technologies and increased capacity position Zahrawi Group to address the evolving needs of the healthcare industry. He underscored the company’s commitment to operational excellence and its focus on delivering exceptional value to its partners and customers, ultimately benefiting patients.

 “This facility significantly enhances our capacity to meet the evolving needs of the healthcare sector. With cutting-edge technology and streamlined workflows, we are now better equipped than ever to ensure faster deliveries, greater accuracy, and the highest quality standards. This investment reinforces our position as a trusted partner in healthcare solutions across the GCC,” he said.

Isam M. Al-Muhaidib, Chairman of Zahrawi Group, reflected on the broader significance of this achievement. “This distribution centre is a reflection of our vision to innovate and elevate our operations to meet the growing demands of the healthcare sector. It is not just an investment in infrastructure but also a testament to the trust and partnerships we’ve built over the years. This milestone strengthens our foundation and supports our mission to empower healthcare providers and improve patient outcomes across the GCC,” he stated.

 Established in 1989, Zahrawi Group is a pioneer medical devices and life science distributor in the Gulf, with a presence in UAE, KSA, Qatar, Oman, and Bahrain. Specialising in surgical, medical, nuclear medicine, diagnostic, and analytical lab solutions, Zahrawi Group is known for driving progress in the healthcare sector by leveraging innovation and collaboration. The new distribution centre will help the company support healthcare providers and improve patient outcomes across the GCC.

“Zahrawi Group remains dedicated to driving progress in the healthcare sector by leveraging innovation and collaboration. Our new distribution centre is a cornerstone of this commitment, enabling the company to support healthcare providers and improve patient outcomes across the GCC. This achievement reinforces the Group’s mission to improve peoples’ lives by leading with excellence, integrity, and unwavering dedication to its stakeholders,” added Abdulrahman Ramadan, Group CEO.

Continue Reading

Popular

© Copyright 2024 HEADLINE. All rights reserved

https://headline.ae/