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Tesla shares surge past $1,000 as Musk revs up the Semi

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SHANGHAI (Reuters) – Tesla Inc’s (TSLA.O) stock jumped above $1,000 a share on Wednesday after Chief Executive Elon Musk told his staff it was time to bring the Tesla Semi commercial truck to “volume production.”

Musk, in an email seen by Reuters on Wednesday, did not specify a time frame for ramping up production of the Semi. Musk on Wednesday tweeted “Yes” to a question on Twitter about whether the report of the leaked Semi truck production email was accurate.

Tesla’s shares rose about 6% to hit $1,000 on Wednesday after Reuters reported Musk’s email, making the Silicon Valley company the second-most valuable automaker in the world, behind Japan’s Toyota Motor Corp (7203.T). Tesla’s share surge could position Musk for another payout from a stock compensation plan tied to the company’s market capitalisation.

The stock also got a boost from a bullish call by Wedbush, which lifted its target price for the automaker to $1,000 and said Tesla could have “more room to run.”

Investors also are anticipating Musk will unveil new “million-mile” battery technology that could deliver longer life, lower costs and better range for future Tesla vehicles.

“Production of the battery and powertrain will take place at Giga Nevada,” Musk wrote. Most of the other work will probably take place in other states, he wrote, without stating where.

Musk has said Tesla is scouting other U.S. states for a site to build a new factory, hinting that Texas could be a candidate. Oklahoma and other states are campaigning for the investment.

When Musk unveiled the prototype of the futuristic, battery-powered Semi in 2017, he said the Class 8 truck would go into production by 2019. More recently, he said the Semi would go into volume production by 2021.

Musk’s Tuesday message coincides with a surge in the share price of rival clean truck maker Nikola Corp NKLA.O.

Nikola, an electric and fuel cell truck startup, earlier this month began trading on the NASDAQ after it merged with special purpose acquisition company VectoIQ.

Shares in Nikola have more than doubled in price over the past week as the company’s CEO has used Twitter and interviews to promote plans to launch an electric pickup truck to Tesla’s forthcoming Cybertruck.

Nikola and CNH Industrial’s IVECO commercial truck operation last year formed a joint venture to build a battery electric and fuel cell truck line called the Nikola Tre. IVECO has said orders are strong for the electric version of the truck, due out next year.

Nikola on Wednesday said it had hired a former Tesla executive, Mark Duchesne, to lead its manufacturing and a former Caterpillar (CAT.N) executive, Pablo Koziner, to head its hydrogen fueling and battery recharging business.

Reporting and photo: Reuters

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Maldives celebrates arrival of 2024’s 1 millionth tourist

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Maldives on Thursday welcomed the one millionth tourist to visit this year.

The one millionth tourist is a Thai named Sutapa Amonwivat, who arrived from Singapore with her husband and two children. This is her second visit to Maldives.

Maldives Marketing and Public Relations Corporation (MMPRC) and the Ministry of Tourism gave a warm welcome to Sutapa at the Velana International Airport (VIA) Thursday afternoon. She was welcomed at the VIA by tourism minister Ibrahim Faisal, MMPRC Managing Director Ibrahim Shiury and senior officials of various relevant agencies.

After welcoming her with traditional offerings, she was presented with various gifts by the ministry, MMPRC, customs, immigration, Maldives Association of Travel Agents and Tour Operators (MATATO) and Trans Maldivian Airways (TMA).

Maldives reached one million tourists in June, three weeks earlier than last year. The number of tourists reached one million on July 16, 2023.

Maldives expects to reach 2 million tourists this year.

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New air route connects Chongqing to Maldives

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Chongqing Airlines on Monday began its inaugural flights to Maldives.

The Chongqing-Male route, scheduled three times a week, is expected to strengthen the bonds between China and the Maldives, opening up exciting new opportunities for tourism and cultural exchange.

The inaugural flight was welcomed upon its arrival at Velana International Airport (VIA) in Maldives, where local officials and tourism representatives expressed their enthusiasm for this new development.

“We warmly welcome our friends from China to our beautiful islands. This new connection strengthens our bonds and opens up new opportunities for tourism,” the tourism ministry said on X.

Maldives currently welcomes four airlines from China, including China Eastern, Beijing Capital Airlines, Xiamen Airlines.

In January, Maldives government urged tourism stakeholders in both Maldives and China to ramp up efforts to restore China’s position as the primary source market for Maldives tourism, a status held before the onset of Covid-19.

China, being the largest source market for Maldives tourism before the pandemic, saw a resumption of tourist arrivals from January 2023 after a three-year hiatus due to the pandemic. In 2023, the Maldives welcomed 187,118 Chinese tourists, marking a significant recovery in numbers. This year, the Maldives has welcomed the most number of tourists from China, with over 107,940 or 11.5 percent of total arrivals by June 12. 

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CROSSROADS Maldives Introduces Weixin Pay at resorts for seamless guest experience

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CROSSROADS Maldives has introduced WeChat Pay, widely known as Weixin Pay in China, across its world-class resorts, SAii Lagoon Maldives, Curio Collection by Hilton, and Hard Rock Hotel Maldives. This payment option is made available to enhance the convenience and overall experience for guests from China, making their stay in the Maldives more enjoyable and hassle-free.

Understanding the needs of the diverse guests, CROSSROADS Maldives has integrated WeChat Pay into operations, allowing guests from China to easily and securely conduct transactions using a payment method familiar to them. The introduction of WeChat Pay is a testament to CROSSROADS Maldives’ dedication to enhancing guest satisfaction by offering exceptional experiences at every turn. What is also expected through this initiative is that the guests could benefit from better foreign exchange rates, translating to better savings on their expenditures during their stay.

The option is available for guests in-house conveniently at both resorts as well as across the Marina at CROSSROADS Maldives where a wider variety of unparalleled dining and retail experiences are available for all guests. The day visitors from China will also therefore equally benefit from this new introduction at the Maldives’ premier multi-island integrated leisure destination.

SAii Lagoon Maldives, Curio Collection by Hilton, is a vibrant tropical escape that offers unique and locally inspired experiences. The resort features spacious rooms and villas, a variety of dining options, and an array of recreational activities designed to cater to the desires of modern travellers. Guests can escape to the island’s SAiisational natural beauty, enjoy water sports, and indulge in spa treatments, all while relishing the personalised service that defines Hilton’s Curio Collection.

Hard Rock Hotel Maldives brings the iconic Hard Rock spirit to the tranquil shores of the Maldives. This family-friendly resort offers a perfect blend of relaxation and entertainment, featuring music-inspired experiences, live performances, and the brand’s signature amenities. With luxurious accommodations, diverse dining options, and a plethora of activities for all ages, Hard Rock Hotel Maldives ensures an unforgettable holiday experience for every guest.

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