In the history of the automobile, this is definitely something we haven’t seen before.
Tesla on Thursday lifted the veil on its most important undertaking – the Model 3. A US$35,000 car designed to bring electric vehicles and autonomous driving to the masses. By the looks of it, and the interest it’s attracting, it just might succeed.
On Thursday alone, Tesla raked in 134,000 reservations, each with a $1,000 deposit. And that was before most people saw the car. On Friday, the chairman Elon Musk announced another 64,000 and counting. A little perspective on these numbers – there are now more reservations for the Model 3 than total sales of all previous Tesla cars combined. In the unlikely event that all the refundable deposits turn into deliveries, this would represent an almost $9 billion launch.
The base Model 3 goes from 0 to 60 miles per hour in less than 6 seconds. That’s faster than the entry-level BMW 3 Series and the Mercedes-Benz C Class, the leading cars in the compact luxury space.
The car will be able to drive a minimum of 215 miles on a single charge, with options to upgrade to a bigger battery. Mr Musk said the company would push for an even longer range on the base model, between now and the car’s first deliveries.
The roof is an almost continuous sheet of glass that stretches from the front of the car to the rear, to give passengers a sense of openness. The layered glass is designed to block UV rays and manage heat.
The Model 3 will have two boots and more cargo space than any car of its size. A 7ft surfboard can fit inside the car, Mr Musk said.
Tesla’s signature touchscreen control panel will be flipped on its side and shrunk from 17 inches to 15 inches. It handles everything from navigation to speed.
The car is designed to fit five adults comfortably, in part by pushing the front passengers forward to provide more legroom in the back seat.
The number of Tesla’s high-speed charging stations will double by the end of next year to 7,200, Mr Musk said. Slower destination chargers will jump from 3,689 to 15,000.
Also by the end of 2017, the number of Tesla locations where people can buy or service cars will more than double to 441 worldwide. At the unveiling, Mr Musk focused on the features that come with the base $35,000 price of the car, and said more options and upgrades will be revealed before the car goes into production next year. “You will not be able to buy a better car at $35,000,” he said.
The way things are going, he may be right.
business@thenational.ae
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Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
Zayed Sustainability Prize
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
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
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
