Business

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

Published

2 years 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

E&P Companies Will Invest $5 Billion in Pakistan’s Petroleum Industry

Published

6 hours ago

Farwa

Over the next three years, local and foreign companies involved in Pakistan’s oil and gas exploration and production sector have shown a strong desire to invest more than $5 billion in the nation’s energy sector.

Recent changes to the Petroleum Policy and the implementation of an exclusive tight gas policy, which provide better incentives and a more investor-friendly regulatory framework, are credited with the increase in investor confidence.

These strategic changes are expected to boost domestic energy production, open up new avenues for growth, and draw large amounts of both domestic and foreign investment.

Business

With inflation slowing, the SBP is anticipated to lower the policy rate for the eighth time in a row.

Published

7 hours ago

Farwa

Businesspeople anticipate another reduction in the policy rate when the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) releases the updated rate.

The interest rate for the upcoming two months will be announced by the central bank. It is still unclear if the rate will stay the same or be lowered to reflect stakeholder expectations.

According to experts, the policy rate will be lowered in order to further boost the nation’s economic sector.

Interest rates may be lowered for the seventh time in a row if the inflation rate declines significantly more than anticipated.

In its last six sessions, the MPC had cut the policy rate by 10 percent. In January 2025, it decreased the rate by one percent to 12pc.

12PC POLICY RATE

In January, the State Bank of Pakistan (SBP) announced cut in key policy rate by 100 basis points (bps) to 12 percent from 13pc in line with expectations of the business community.

The policy rate, which had been at 22 percent since June 2024, was slashed by 1,000 basis points to 12 percent.

The SBP governor said the decision was taken with careful consideration. “Although inflation is expected to decline next month (February), core inflation remains a pressing concern,” he stated.

Ahmed highlighted strong remittance inflows and robust export growth as key factors supporting the current account.