Connect with us

Business

Tesla’s ‘jaw-dropping’ second-quarter deliveries send shares surging

Published

on

(Reuters) – Tesla Inc (TSLA.O) outpaced analyst estimates for second-quarter vehicle deliveries on Thursday, defying a trend of plummeting sales in the wider auto industry as coronavirus-linked lockdown orders kept shoppers at home, and sending its shares up 8%.

The unexpected delivery numbers come a day after Tesla became the highest-valued automaker, surpassing the market capitalisation of former front-runner Toyota Motors Corp (7203.T).

The rally on Thursday further widens Tesla’s lead over legacy automakers as investors grow confident in its ability to define the industry’s electric and software-driven future.

Shares surged by about $85 in early trading to $1,204.

Analysts said the solid delivery numbers heightened expectations for a profitable second quarter, which would mark the first time in Tesla’s history that it would report four consecutive quarters of profit.

“A 90k delivery number in this COVID lockdown environment is a jaw dropper,” Wedbush analyst Daniel Ives said in a note.

Tesla delivered 90,650 vehicles during the quarter, significantly above estimates for 74,130 vehicles, according to Refinitiv data. It delivered 80,050 units of its new Model Y sport utility vehicle and Model 3 for the quarter.

The company did not break out deliveries by model or country, but Chinese vehicle registrations showed accelerating consumer demand for the Model 3 sedan. Nearly 16,200 Teslas were registered in China in April and May combined, with June figures still outstanding.

The company is also ramping up output at its Shanghai vehicle factory, where it aims to produce 150,000 vehicles by the end of this year. The Shanghai plant was only briefly impacted by coronavirus shutdowns in late January and early February.

Tesla’s only U.S. vehicle factory — in California, where the bulk of its vehicles is currently produced — was shut down for some six weeks during the quarter, heeding local orders to curb the spread of the novel coronavirus. While vehicle deliveries increased 2.5% on a quarterly basis, production dropped nearly 20%.

“While our main factory in Fremont was shut down for much of the quarter, we have successfully ramped production back to prior levels,” the automaker said in a statement.

Tesla in January said 2020 vehicle deliveries should comfortably exceed 500,000 units, a forecast the company has left unchanged despite the pandemic.

Tesla is now seeking a location for a second U.S. vehicle factory to build its Model Y and a new electric pickup truck, zeroing in on Tulsa, Oklahoma, and Austin, Texas.

Other major automakers posted lower U.S. monthly or quarterly new vehicle sales on Wednesday due in large part to weak fleet orders, but said consumer demand remained robust despite the continuing coronavirus pandemic.

Reporting and photo: Reuters

Business

Feydhoo Hall opens at dusitD2 Feydhoo Maldives as new event space

Published

on

Dusit International, one of Thailand’s leading hotel and property development companies, has announced the opening of Feydhoo Hall, a landmark event venue at dusitD2 Feydhoo Maldives, redefining the possibilities for meetings, celebrations, and destination events in the Maldives.

Designed to bring scale, flexibility, and creativity to island gatherings, Feydhoo Hall represents a bold step forward in positioning the Maldives as a dynamic destination for conferences, weddings, and large-scale social occasions.

Feydhoo Hall offers a versatile event complex designed to accommodate a wide range of gatherings, from corporate meetings and conferences to weddings and social celebrations.

At its core is the 390 sqm Main Hall, capable of hosting:

  • Up to 300 guests in theatre-style setup
  • Up to 240 guests for dining and banquet-style events
  • Up to 200 guests for cocktail-style receptions
  • Up to 144 guests in cluster-round configuration

Enhancing the flexibility of the venue are additional dedicated spaces, including:

  • A 110 sqm Veranda Terrace, ideal for welcome receptions, breakout sessions, and pre-event gatherings, accommodating up to 100 guests for cocktail-style events.
  • A spacious 1,000 sqm Lawn Space, perfect for large-scale outdoor celebrations, destination weddings, and open-air events, accommodating up to 400 guests for cocktail receptions and up to 350 guests for dining setups.
  • The 55 sqm Ekugai Meeting Room, designed for smaller meetings and executive sessions, accommodating up to 30 guests in theatre or dining setup and 24 guests in cluster-round format.

Together, these integrated spaces create a seamless indoor-outdoor event experience, allowing planners to design dynamic and personalised event journeys.

True to the dusitD2 brand’s lifestyle-driven philosophy, Feydhoo Hall introduces a fresh approach to meetings and events — where productivity meets creativity in an inspiring island setting.

The venue offers flexible meeting formats designed to suit different event needs, including:

  • Half-Day Meeting Package (4 hours) — ideal for focused sessions, executive meetings, and creative workshops.
  • Full-Day Meeting Package (8 hours) — designed for immersive conferences, extended workshops, and large-scale corporate gatherings.

These thoughtfully structured packages provide planners with the flexibility to create impactful and seamless experiences, whether hosting intimate strategy sessions or dynamic full-day events.

Located just seven minutes by speedboat from Velana International Airport, dusitD2 Feydhoo Maldives combines accessibility with vibrant lifestyle energy, offering event planners and guests a rare balance between convenience and tropical escape.

With the introduction of Feydhoo Hall, the resort strengthens its position as a versatile destination — not only for leisure travellers but also for international conferences, creative retreats, luxury weddings, and large-scale social celebrations seeking something refreshingly different in the Maldives.

Continue Reading

Business

BBM expands retail presence with new Hulhumalé outlet

Published

on

Bestbuy Maldives (BBM) opened a new wholesale store in Hulhumalé Phase 2 on Monday.

The outlet is located on the ground floor of Lot 20286, Nirolhu Magu, and is intended to improve access to BBM’s imported goods for residents of Hulhumalé Phase 2 and for businesses operating in the area.

According to the company, the opening forms part of its plan to expand services closer to customers in line with population growth in Hulhumalé.

With the opening of the new store, BBM’s full range of imported and distributed products will be available at the Hulhumalé Phase 2 location. These include consumer goods from international brands such as Lifebuoy, Vaseline and Unilever.

The store will also stock wholesale food products from brands including Daily, Cavin’s and Redman.

BBM has supplied goods to resorts, hotels and retail outlets across the Maldives for several years.

Continue Reading

Action

Ataraxis Grand & Spa hosts integrated work-and-dive corporate retreat in Fuvahmulah

Published

on

Ataraxis Grand & Spa recently hosted a week-long, closed corporate offsite in Fuvahmulah for a US-based artificial intelligence company, highlighting the island’s growing suitability for integrated work-and-experience retreats. The retreat brought a group of 36 international professionals to the property, which was reserved exclusively for the programme.

Designed as a private company offsite, the stay combined structured daily work sessions with guided diving and beginner-friendly surf experiences, creating a balanced format that blended focused collaboration with physical reset.

A notable component of the programme was dive training and certification. During the retreat, 17 participants completed their Open Water certification, while a further six undertook the Advanced Open Water course, with training and dives scheduled alongside work sessions as part of the integrated itinerary.

Throughout the week, participants worked on-site using dedicated shared spaces supported by reliable high-speed internet, allowing meetings, informal collaboration and scheduled activities to take place within a single, uninterrupted environment. This setup enabled teams to move seamlessly between work periods and organised ocean activities without leaving the property.

Fuvahmulah’s natural and operational advantages formed a key part of the retreat’s appeal. As one of the Maldives’ largest inhabited islands, it offers immediate access to pelagic dive sites, internationally recognised shark diving and surf breaks suitable for instruction, alongside the infrastructure required to support extended group stays.

The offsite reflects a growing preference among technology and knowledge-sector teams for small-scale retreats that prioritise concentrated work environments and team cohesion over traditional conference formats. Such programmes typically involve longer stays and higher per-capita spend, aligning with sustainable, quality-driven tourism models.

The retreat also demonstrates how locally operated properties such as Ataraxis Grand & Spa are supporting this shift by delivering unified environments where accommodation, workspaces, connectivity and curated experiences operate as a single programme rather than separate services.

As organisations continue to explore alternative formats for strategy sessions, team resets and creative offsites, Ataraxis Grand & Spa’s experience positions Fuvahmulah as an increasingly viable destination for integrated corporate retreats.

Ataraxis Grand & Spa offers work-and-dive retreat programmes in Fuvahmulah that combine accommodation, dedicated workspaces, high-speed connectivity and organised diving and surfing.

Further information on retreat formats and dive-inclusive stays is available via the Ataraxis Grand & Spa website.

Continue Reading
Advertisement

Trending

Copyright all rights reserved by Maldives Promotion House 2023.