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Elon Musk’s Tesla Races Ahead of Rising Costs With Price Hikes

Tesla, Inc. results surged past Wall Street expectations Wednesday, as higher prices helped insulate the electric vehicle maker from supply chain chaos and rising costs.

The results also should trigger $23 billion in new payouts to CEO Elon Musk, already the world’s richest man.

Tesla has been an outlier since the pandemic outbreak, posting record deliveries and earnings for several quarters when rivals wrestling with global supply chain snarls rolled out production halts.

Shares of Tesla rose 5% after the close of regular trading. On an investor conference call, Musk said Tesla has a reasonable shot at achieving 60% vehicle delivery growth this year and remains confident of seeing 50% annual delivery growth for several years.

Tesla raised its prices in China, the United States and other countries, after Musk said in March the U.S. electric carmaker was facing significant inflationary pressure in raw materials and logistics amid the crisis in Ukraine.

“Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through the rest of 2022,” Tesla said in a statement.

The price increases are designed to cover higher costs for the next six to 12 months, which protects Tesla on orders for cars that it may not deliver for a year.

“Price increases are nicely exceeding cost inflation,” said Craig Irwin at Roth Capital.

“Chinese production issues seem well managed, and we expect Austin and Berlin to make up the slack from Shanghai’s 19-day outage,” he said referring to Tesla’s two new factories in Texas and Germany which have started deliveries in recent months.

The results let Musk meet a hat trick of performance goals worth a combined $23 billion in new compensation. He receives no salary, and his pay package requires Tesla’s market capitalization and financial growth to hit a series of escalating targets.

The world’s most valuable automaker said revenue was $18.8 billion in the first quarter ended March 31, versus estimates of $17.8 billion, according to IBES data from Refinitiv. This is up 81% from a year earlier.

Revenue from sales of its regulatory credits to other automakers jumped 31% to $679 million in the first quarter from a year earlier, helping boost revenue and profits.

Its earnings per share was $3.22, beatings analysts’ estimates of $2.26.

Tesla’s pre-tax profit (EBITDA) per vehicle delivered rose by more than 60% to $16,203 in the latest quarter compared with a year earlier.

Tesla said it has lost about a month of build volume out of its Shanghai factory due to COVID-related shutdowns. It said production is resuming at limited levels, which will affect total build and delivery volume in the second quarter.

Musk expected Tesla’s total production in the current quarter to be similar to that of the first quarter.

Lithium is software

Musk said lithium is responsible for cost increases and “a limiting factor” to EV growth.

He encouraged companies to get into the lithium business, which he said would generate high margins thanks to high prices.

“The lithium margins right now are practically software margins … Do you like minting money? Well, the lithium business is for you.”

He also said Tesla will have “some exciting announcements in the months to come” regarding securing raw materials for batteries.

Musk said its own 4680 battery cells would become a risk to production next year if it does not solve volume production by early 2023. “But we’re highly confident of doing so.” He also said as a risk mitigation, it will also use its existing, 2170 batteries for vehicles being made in Texas.

Musk said Tesla expects to mass produce a robotaxi with no steering wheel or pedal by 2024.

During the call, Musk did not mention Twitter, which he offered to buy last week for $43 billion. Investors are concerned that he may sell some Tesla stocks or borrow against additional Tesla shares to finance his bid.

Investors also worry about Musk being distracted by his Twitter bid at a time when Tesla is ramping up production at new factories in Berlin and Texas.

“Factory ramps take time, and Gigafactory Austin and Gigafactory Berlin-Brandenburg will be no different,” Tesla said in a statement.

The new factories will be key to meeting demand and reducing reliance on its China factory, its biggest one, which is recovering from a plant shutdown.

Source: Voice of America

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Private firm to study into possibility of investment projects in Laos

The Government of the Lao PDR has authorized the Wilaikul International Gold Mine Co., Ltd to conduct a 24-month feasibility study into the possibility of several investment projects in the country.

The Memorandum of Understanding (MOU) on the study was signed in Vientiane on Apr 22 by Vice Minister of Planning and Investment Khamchan Vongsenboun, and President of the Wilaikul International Gold Mine Wiengchai Wilaikul in the presence of relevant officials of both sides.

“If these projects are economically possible, they will contribute significantly to promoting investment in various sectors and development in the Lao PDR,” said Mr Wiengchai Wilaikul.

Under the MoU, the private company will conducted a study into the construction of a gold melting factory, a solar panel factory, a soybean cooking oil factory and soy farming, a paper recycling factory, the exploration, mining and processing of gold ores and the establishment of a gold bank.

Source: Lao News Agency

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President Thongloun extends Pi Mai wishes to Lao People

President Thongloun Sisoulith has extended wishes to Lao people across the country on Pi Mai Lao (Lao New Year B.E. 2565).

Delivering a New Year message on Apr 11, President expressed his happiness to join the Lao people in celebrating Pi Mai Lao, an auspicious occasion the Lao people have observed as a fine national tradition for a long time.

He highlighted the efforts made over the past one year by the Lao people to overcome obstacles and challenges noting that the Lao PDR continued to enjoy political stability, peace in society with economy entering its initial stage of recovery and marching toward a certain growth.

“Everything, our people have achieved through overcoming obstacles and challenges over the past year have laid a fundamental foundation for the fulfilling of tasks and the livelihoods of everyone in the country so that we can march toward New Year, the Year of the Tiger B.E. 2565 with hope and encouragement from people in the country, and face trials of the upcoming Year of the Tiger and marching our beloved country forwards unstoppably,” said President Thongloun.

“May this auspicious occasion bring all Lao people in the country, and Lao people living abroad as well as foreigners residing in the Lao PDR best wishes for good health, happiness, luck and I hope all your wishes and dreams come true,” said President Thongloun.

He also urged the people to celebrate Pi Mai Lao safely and strictly follow anti-Covid-19 restrictions.

Source: Lao News Agency

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Late US Justice Ginsburg’s Art and Collectibles Up for Auction

Picasso ceramics, old masters works, and a fur coat are among the late U.S. Supreme Court Justice Ruth Bader Ginsburg’s artworks and personal items that will be auctioned off near Washington this month.

Proceeds from the sale will go to the Washington National Opera to support an art form close to the iconic Supreme Court justice’s heart.

The sale, organized by an auction house in Alexandria, Virginia, will take place on April 27 and 28, and underscores the superstar status of the late judge, popularly known as “RBG” when she died in September 2020 at age 87.

She first rose to prominence in the 1970s as a lawyer, winning several court battles that brought down a host of laws that discriminated against women.

In 1993, nominated by former president Bill Clinton, Ginsburg became the second woman to serve on the U.S. Supreme Court; Sandra Day O’Connor was the first.

Ginsburg defended progressive causes, including the rights of sexual minorities and immigrants.

Through her work, she became an icon; younger generations nicknamed her “The Notorious RBG” in reference to the murdered rapper “The Notorious B.I.G.”

“RBG” also became known for accessorizing her judicial robe with fine-knit gloves, a pearl necklace, and muslin collars now so recognizable that they have become Halloween staples for kids.

Several plaques and medals that she was awarded during her long career are among the hundreds of personal items featured in the sale.

In 2016, the audience at Washington’s Kennedy Center gave the justice a standing ovation when she appeared on stage for a small speaking role in an opera.

“The Justice was a champion of the arts at large – but nothing came close to her passion for opera,” said the Washington National Opera, which she recently attended.

Source: Voice of America

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Cristiano Ronaldo Says One of His Newborn Twins Has Died

Cristiano Ronaldo took to social media on Monday to say one of his newborn twins has died.

“It is with our deepest sadness we have to announce that our baby boy has passed away,” the Manchester United striker wrote in a post also signed by his partner, Georgina Rodriguez.

“It is the greatest pain that any parents can feel.”

Ronaldo announced last year that the couple was expecting twins.

“Only the birth of our baby girl gives us the strength to live this moment with some hope and happiness,” he wrote on the social-media post.

“We are all devastated at this loss,” the post added, “and we kindly ask for privacy at this very difficult time. Our baby boy, you are our angel. We will always love you.”

The family had four children before the twins.

Source: Voice of America

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KIM IL SUNG

Today, I enjoyed the National Joint Performance of the Honoured Disabled Veterans Art Groups, which was very successful. Every programme of the performance is sound and revolutionary in its content with a high educational value.

Some days ago Comrade Kim Jong Il asked me to attend the performance and have a souvenir photograph taken with the honoured disabled veterans. I said to him that I would readily go to the performance presented by the honoured disabled veterans and have a photograph taken with them. I came to the February 8 House of Culture (now April 25 House of Culture–Tr.) to enjoy the performance. It was wonderful.

The disabled veterans from the Hamhung Plastic Commodities Factory for Disabled Soldiers staged an account of facts, Fly High, the Flag of the Republic, in which they made a resolve to hold fast to the flag of the Republic to the last. Their determination is quite laudable. We should hold high the flag of the Republic and make a dynamic advance toward victory of the socialist cause.

In a choral recitation of poem and chorus, When the Party Is Determined, We Can Do Anything, the disabled veterans from the Paechon Food Factory for Disabled Soldiers remarked, “We must not haggle in the least about the Party’s policies and decisions; never did we haggle about the orders of the Comrade Supreme Commander in the days of the Fatherland Liberation War, and we must thoroughly carry out the Party’s policies and decisions without reserve.” This is the conviction and will of our disabled veterans.

Our disabled veterans have a strong, vital power. Although they are disabled, they always live with optimism and perseverance without pessimism. I saw a disabled veteran from the Sariwon Disabled Soldiers’ Factory playing the accordion with his handless arms. How optimistic he is. I barely held back my tears at his playing the accordion. Every disabled veteran should know how to play one or more musical instruments. Although they may not be skilful at playing musical instruments, they must play them to live with optimism.

Everyone who enjoyed today’s performance must have felt how optimistically our disabled veterans live, full of hope, and how good it is to live with optimism. How good it is that disabled veterans appear on stage and sing to their heart’s content their happy, worthwhile life! This is possible only under our socialist system. They have been able to lead an optimistic and happy life, thanks entirely to our Party, which takes good care of their work and life on its own full responsibility.

Today’s performance reminded me of past days when I visited the disabled soldiers’ factories and enjoyed performances of their art groups.

Our country now has 150 factories operated by disabled veterans, and I have been to several of them, including the May 7 Communications Equipment Factory for Disabled Soldiers, the Hamhung Plastic Commodities Factory for Disabled Soldiers, the Wonsan Plastic Commodities Factory for Disabled Soldiers, the Sonbong Factory for Disabled Soldiers, the Sinchon Food Factory for Disabled Soldiers and the Mangyongdae Fountain-pen Factory for Disabled Soldiers, which I visited twice.

There are a large number of disabled soldiers’ factories in our country, but none in other countries. There may be factories set up by wounded veterans themselves in other countries, but none built by the state so as to give them preferential treatment and take care of them.

This being the case, the wounded veterans in other countries are not afforded protection by the state and preferential treatment in society. There are a great number of veterans wounded during the Second World War in European countries, but many of them make their living by begging on the street, because the state does not take good care of them.

On past visits to European countries I found a lot of wounded veterans begging on the street. Each time my train stopped at a station, many wounded veterans held out their hands for money. Seeing them, I thought how they shed their blood for the sake of their motherland and people, but they were begging, as their state neglected them, and I wondered why the state neglected them when they were not wounded in the fight for their own benefit.

Our country has built factories for honoured disabled veterans in many provinces, cities and counties and provided all conditions needed for their work and life. As soon as the Fatherland Liberation War was over, we built these factories everywhere and ensured that the soldiers wounded during the war worked, depending on their health, at stable jobs and lived without any inconvenience.

Comrade Kim Jong Il also treasures and values disabled veterans. Thanks to the Party’s warm love and care, all of them lead a happy life, free from worries about food, clothing and housing.

Deeply aware that although they may be wounded while serving at posts of national defence, they have nothing to feel apprehensive about, as the state will take care of them, all our people today devote themselves to the defence of the country. Nowhere can you find a system as excellent as our socialist system, in which the Party and the state take care of disabled veterans in their work and life on their own responsibility. Disabled veterans should staunchly safeguard this excellent socialist system of ours down through the generations and add lustre to it.

Disabled veterans should continue to bring the flower of the revolution into bloom. Just as flowers are loved by people only when they keep blooming in a pot, the disabled veterans will be loved and respected by people and enjoy their worthwhile life as revolutionaries when they continue to bring the flower of the revolution into bloom. This is why whenever I meet disabled veterans I emphasize that issue.

Our disabled soldiers have been living with perseverance, keeping in their hearts the Party’s boundless affection and gratitude since I emphasized continuing to bring the flower of the revolution into bloom to the disabled veterans attending the National Conference of Activists of Local Industry and Producers’ Cooperatives in October 1959. No disabled veterans’ factory fails to meet its production quota. All fulfil their production plans. As the Hamhung Plastic Commodities Factory for Disabled Soldiers overfulfils its production plan every year, it is known to every man and woman in our country.

In future I am going to visit the disabled soldiers’ factories frequently to talk with the disabled veterans and have photos taken with them.

The performance dates should be extended, so that the Pyongyang citizens can enjoy the National Joint Performance of the Honoured Disabled Veterans Art Groups.

It is also advisable to show the performance to foreigners. When they see the performance, they will feel keenly that our disabled veterans enjoy a happy life under the Party’s care, cheerfully singing, reciting poems and playing the accordion, although they were disabled in battle with the enemy.

Please convey my greetings to the disabled veterans throughout the country and tell them that I wish them to continue to bring the flower of the revolution into bloom.

Source: Lao News Agency