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DTC Acquires 200 Tesla Electric Vehicles

Published 02/21/2017, 01:13 PM
Updated 03/09/2019, 08:30 AM

After American Automobile maker Tesla (NASDAQ:TSLA) launched almost a week ago in Dubai, the Dubai Taxi Corporation (DTC) is now adding Tesla vehicles in its fleet with its recent purchase of 200 Tesla vehicles in its goal of becoming the leader in self-driving cars.

Following the company’s positive performance in the past year and during the beginning of 2017, the company has officially launched in Abu Dhabi at a kick-off event attended by chief executive Elon Musk himself. Along with the launch, the company announced their plans to open a service center, a Tesla shop construction, the building of recharging stations all over the UAE and the company’s overall plan to invest millions of dollars in the Tesla’s expansion in the country.

As early as last week, the company has started receiving online orders for their Model S and Model X units, which are set to be delivered in the country during the year, while five more supercharger station construction are set to be finished before the year ends. A Tesla pop-up shop also opened at the Dubai Mall during the event.

200 Tesla Hybrid Vehicles

On Tuesday, an agreement to purchase 200 Tesla hybrid vehicles between Dubai and Tesla was signed by Tesla CEO Elon Musk and Director General and Chairman of the Board of Executive Directors of the Road and Transport Authority (RTA) Mattar al-Tayer.

The vehicles which will be added to Dubai Taxi Corporation limousine fleet is part of the country’s goal to increase self-driving cars in the country and its strategy to transform more than 25% of the trips in Dubai by 2030 into mostly driverless trips.

According to Tesla, the Road and Transport Authority’s purchase is comprised mostly of Model X and Model S vehicles all fully equipped with self-driving technology and a high safety level.

What To Expect From Upcoming Earnings Report

This Wednesday, the company is set to release its fourth-quarter earnings report and therefore its full financial report for 2016. The earnings report, which would be released on Wednesday’s market close is set to be followed by a conference call with the company’s management.

Aside from the company’s earnings, most investors are awaiting an update on Tesla’s Model 3 production as the company has temporarily paused the Model S and X production in order to make necessary updates to the Model 3 equipment.

In the company’s finances, most analysts are expecting a positive cash flow from the fourth quarter operations after Tesla announced its first GAAP profit in over three years as Musk have also hinted the company‘s steady finances during the announcement.

The company released its delivery numbers late last year with its total deliveries amounting to 76,230 falling short of what they originally forecasted at 80,000 but has stated that the paperwork of deliveries which were not completed properly by the dealers and sellers were not included in the count.

Expected revenue is also at around $2.201 billion to $2.243 billion from Tesla’s third-quarter revenue of $2.298 billion higher than the previous year’s fourth quarter revenue of $1.747 billion.

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