Revenues at Tesla’s British business nearly doubled last year to more than £230 million after the electric carmaker delivered nearly 4,500 vehicles to customers. The rising sales helped Tesla Motors Ltd to a profit of £809,835 in 2017, having made a loss of £154,619 a year earlier. The business generated revenues of £238 million, up from £126 million in 2016, as the American company’s British division increased the number of vehicles it sold by nearly 2,000. The sales rise came at a cost, with its gross profit margin dropping from 34.6 per cent to 23.9 per cent.
Times 13th Nov 2018 read more »
Oil use in cars is set to peak within seven years, according to the International Energy Agency, despite the number of motor vehicles on the road growing rapidly as populations swell and people become wealthier. Ever since the first Model T Ford rolled off the production line in 1908, cars and oil have shared a relationship that has transformed the world. But the IEA said oil consumption in cars will hit a ceiling by the middle of the next decade as adoption of electric vehicles becomes more widespread and more fuel-efficient automobiles hit the road, offsetting the increase in numbers of drivers in emerging market countries. “After 2025, efficiency measures and alternative fuels continue to suppress demand,” said the Paris-based energy body, with growth slowing even in developing economies such as China.
FT 13th Nov 2018 read more »