Tesla shares set for longest losing streak amid demand concerns

Tesla shares are set to fall for an eighth straight day — the longest losing streak for the electric vehicle maker — amid concerns about ebbing demand and wider jitters about growth assets.

The stock dropped by 3.6 per cent at 4.40am in New York, heaping more misery after a 69 per cent loss this year that has put Tesla among the worst performers on the S&P 500 index in 2022.

The pre-market price indicates a further $12.3 billion loss of market capitalisation, with the company’s value already below that of Walmart, JP Morgan Chase and Nvidia after this year’s slump.

The shares slumped 11 per cent on Tuesday after Reuters reported that Tesla planned to reduce production at its Shanghai factory, rekindling fears about demand.

That added to concerns triggered by a separate report last week that the electric car maker was offering US consumers a $7,500 discount to take delivery of its two most popular models before the end of the year.

For Tesla, whose valuation is pinned on its future growth prospects, these worries reflect a significant risk.

Growth stocks have been hammered this year, with the Nasdaq 100 slumping 34 per cent as the US Federal Reserve raised interest rates aggressively to tame inflation.

Tesla was the second-biggest drag on the index after Amazon, with this year’s plunge marking a stark turnaround from the company’s 1,163 per cent rally over the previous two years.

Elon Musk’s disposals of Tesla stock and the distraction caused by his Twitter takeover also haven’t helped.

Tesla unveils the new semi-electric lorry — in pictures

Tesla chief executive Elon Musk on stage with Dan Priestly, a senior manager at the company, during the unveiling of the Tesla Semi electric truck. All photos: Reuters
Mr Musk speaks to the audience in Nevada
The Tesla Semi is unveiled
The event was streamed live
Tesla calls its new vehicle 'the future of trucking'
It has a range of about 800km
Tesla's new electric semi truck is unveiled during a presentation in Hawthorne, California, US, November 16, 2017. Reuters

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

Meydan Racecourse racecard:

6.30pm: The Madjani Stakes Listed (PA) | Dh175,000 | 1,900m

7.05pm: Maiden for 2-year-old fillies (TB) | Dh165,000 | 1,400m

7.40pm: The Dubai Creek Mile Listed (TB) | Dh265,000 | 1,600m

8.15pm: Maiden for 2-year-old colts (TB) | Dh165,000 | 1,600m

8.50pm: The Entisar Listed (TB) | Dh265,000 | 2,000m

9.25pm: Handicap (TB) | Dh190,000 | 1,200m

10pm: Handicap (TB) | Dh190,000 | 1,600m.

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Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.

The bio

Job: Coder, website designer and chief executive, Trinet solutions

School: Year 8 pupil at Elite English School in Abu Hail, Deira

Role Models: Mark Zuckerberg and Elon Musk

Dream City: San Francisco

Hometown: Dubai

City of birth: Thiruvilla, Kerala

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Arrogate's winning run

1. Maiden Special Weight, Santa Anita Park, June 5, 2016

2. Allowance Optional Claiming, Santa Anita Park, June 24, 2016

3. Allowance Optional Claiming, Del Mar, August 4, 2016

4. Travers Stakes, Saratoga, August 27, 2016

5. Breeders' Cup Classic, Santa Anita Park, November 5, 2016

6. Pegasus World Cup, Gulfstream Park, January 28, 2017

7. Dubai World Cup, Meydan Racecourse, March 25, 2017

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.

8. Pillar 2 implementation

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer