Business

Tesla launches new Models S, X with cheaper price in US

Published

1 year ago

Farwa

Tesla has launched two less expensive, shorter-range variants of its Model S car and Model X SUV in the United States, continuing its focus on lowering costs to prioritise sales growth, as per the automakers’ website.

The new S and X “standard range” versions are ready for delivery between September and October 2023 and are priced at $78,490 and $88,490, respectively — around 10% less than the previous lowest-cost models.

Cars with a “pearly white” exterior and an all-black interior are the least expensive, other colours are more expensive.

The new model S’s maximum driving range is 320 miles (515 km), which is less than the maximum driving ranges of the basic and performance trim levels, which are 405 miles and 396 miles, respectively.

The new model X SUV’s range, which can go up to 269 miles, is significantly less than that of its basic and performance trims, which can go up to 348 miles and 333 miles, respectively.

Tesla did not immediately respond to a request for comment on the new versions of the models.

Since late last year, the Austin, Texas-based automaker has lowered prices in the US, China, and other regions and provided various incentives to reduce inventory in an effort to fend off rivals and uncertain economic conditions.

The business lowered prices for its model Y long-range and performance variants in China on Monday, sending shares lower on worries that its profit margins will come under more pressure.

The most recent actions are being made as the automaker prepares to deploy its delayed Cybertruck for the first time and works to finish a facility in Mexico dedicated to a mass-market EV that will serve as the foundation for a robo-taxi.

The Model 3 sedan and Model Y crossover vehicles are Tesla’s newest products, whereas the S and X versions were debuted in 2012 and are more expensive.

In the second quarter of this year, the business delivered 19,225 Model X and S automobiles, up from 16,162 in the corresponding period last year.

Business

SFD and Pakistan Sign Two Deals Totaling $1.61BLN

Published

1 day ago

Farwa

Two agreements totaling $1.61 billion have been inked by Pakistan and the Saudi Fund for Development to improve their bilateral economic cooperation.

Business

Saudi Arabia and Pakistan sign an MOU to strengthen their auditing industry collaboration.

Published

1 day ago

Farwa

A spokesperson for the office of the Auditor-General of Pakistan (AGP) announced on Monday that the two countries have signed a Memorandum of Understanding (MoU) to strengthen cooperation in public sector auditing through improved cooperation between audit institutions of both countries, as well as training programs and the exchange of trainers.

This comes as a group from Saudi Arabia’s General Court of Audit (GCA), headed by GCA President Dr. Hussam bin Abdulmohsen Alangari, arrived in Pakistan on Sunday for a four-day visit.

The agreement was signed during AGP Muhammad Ajmal Gondal’s meeting with the Saudi delegates, aiming to strengthen audit cooperation, enhance knowledge-sharing, and improve governance, transparency and accountability in government spending.

Public relations officer Muhammad Raza Irfan of the AGP’s office told Arab News that the deal will further advance bilateral collaboration between Saudi Arabia and Pakistan in addition to enhancing professional ties between the two nations’ auditing institutions.

In a statement released from his office, AGP Gondal was cited as saying, “This collaboration marks a significant step toward fostering international cooperation in auditing.”

“The exchange of ideas and methodologies will undoubtedly strengthen our capacity to meet emerging challenges and set new benchmarks for public accountability.”

Discussions at Monday’s meeting focused on fostering closer ties between the Supreme Audit Institutions (SAIs) of Pakistan and Saudi Arabia, sharing innovative audit methodologies, and planning collaborative initiatives for the future, according to the AGP office.

The two parties decided to increase their knowledge of theme, environmental, and impact audits as well as to exchange best practices in audit standards, performance audits, and citizen participation audits.

The statement added, “It also agreed to exchange trainers, address new auditing challenges, plan cooperative audits, including a performance audit on the oil and gas sector in 2025, and work together on training programs.”

Both sides reaffirmed their shared commitment to promoting transparency, accountability and excellence in public sector auditing.

Business

The government chooses to continue the PIA privatization process.

Published

1 day ago

Farwa

The Pakistan International Airlines (PIA) privatization process will be restarted by the federal government, and expressions of interest would be requested within the month. Officials stated that the Prime Minister’s Committee on Privatization will convene to make the final decision.

Usman Bajwa, the secretary of the Privatization Commission, gave a briefing on the updated procedure to the National Assembly Standing Committee on Privatization. Additionally, he disclosed that airlines other than PIA are now able to compete with regional carriers thanks to IMF-approved aircraft tax concessions.

Farooq Sattar, the chairman of the privatization committee, underlined the importance of giving PIA workers at least five years of job security. Employee protection will continue to be a top priority and will be resolved prior to bidding, the Privatization Commission promised.

PIA’s liabilities totaling Rs650 billion have already been assumed by the government, and an additional Rs45 billion in outstanding debts must be paid before the privatization process can begin. As of the now, PIA has assets around Rs155 billion and liabilities worth Rs200 billion. It will be necessary for the new buyer to expand the fleet by 15 to 20 aircraft.

Additionally, the Privatization Committee has sought a timeline for the privatization of Faisalabad, Gujranwala, and Islamabad Electric Supply Companies. Officials stated that after the appointment of a financial advisor, the privatization process for these companies will accelerate.