News

Singapore Ex-Minister Sentenced to Year in Jail After Graft Conviction

Published

4 hours ago

October 3, 2024

Singapore Ex-Minister Sentenced to Year in Jail After Graft Conviction

Former transport minister S. Iswaran was handed a 12-month prison term on Thursday for bribery and obstruction of justice, with the judge delivering a sentence even longer than that sought by prosecutors to underscore the city’s zeal for clean governance.

“Trust and confidence in public institutions are the bedrock of effective governance,” Justice Vincent Hoong said. “This can all too easily be undermined by the appearance that an individual public servant has fallen below the standards of integrity and accountability.”

Iswaran is the first ex-minister in Singapore to receive a prison sentence since 1975. The former minister last week unexpectedly pleaded guilty to four charges of obtaining valuable items as a public servant and one count of obstruction of justice. He had previously vowed to defend himself over nearly three dozen counts including corruption, but the prosecution amended the charges on the first day of the case.

A swift conclusion to a trial that was expected to drag on for months may put to bed a scandal that has tested the wealthy island nation’s reputation for clean governance since the initial investigation came to light last year. It also clears the way for Prime Minister Lawrence Wong—who came to power in May—to lead the ruling People’s Action Party in a general election that must be held by November 2025.

“The sentence underscores the court’s strong stance against any corruption-type offense,” said Eugene Tan, professor of law with Singapore Management University. “There is no doubt that the court placed a premium on maintaining the integrity of the public sector.”

Justice Hoong agreed to a request for the 62-year-old to be jailed from Oct 7. It’s possible Iswaran may appeal the sentence, with his defense lawyer noting that his surrender is subject to any applications that may be made.

Prosecutors had asked for a seven-month jail term, while his defense lawyers sought no more than eight weeks. Justice Hoong said Iswaran’s contributions to public service and Singapore were, at best, a neutral factor in sentencing.

Since the start of this year, Iswaran was charged with 35 counts including graft. He was alleged to have obtained more than S$403,000 ($313,000) in luxury goods including tickets to musicals and soccer matches in the U.K. Most of the court charges dealt with Iswaran’s interactions with tycoon Ong Beng Seng, who owns the rights to the Singapore Grand Prix and is chairman of race promoter Singapore GP Pte Ltd.

Ong’s spokesman declined to comment. The property mogul has not been charged and the Attorney-General’s Chambers has said it will “take a decision” on him soon.

Among the amended charges, Iswaran pleaded guilty to obtaining tickets for the Singapore F1 Grand Prix in 2022, a night’s stay in Four Seasons Hotel Doha, and flights including being aboard a private jet to Qatar. In agreeing to the guilty plea, Iswaran returned more than S$380,000, while gifts were forfeited to the state.

Iswaran “abused his position” by obtaining gifts from Ong, Justice Hoong said.

Known for bringing F1 racing to Singapore, Iswaran is the first minister to get embroiled in a graft probe since 1986 when then-Minister for National Development Teh Cheang Wan was investigated for accepting bribes. Teh denied receiving the money and died before he could be formally charged.

The last time a former minister from the ruling party was sentenced to jail in Singapore was in 1975. Then-Minister of State for Environment Wee Toon Boon was sentenced to 18 months in jail for accepting a two-story house and land.

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Money

The Morning Briefing: Royal London chair resigns; Abrdn Adviser hires CTO & product officer

Published

2 seconds ago

October 3, 2024

NewsAdmin

The Morning Briefing: Phoenix Group scraps plans to sell protection business; advisers tweak processes

Good morning and welcome to your Morning Briefing for Thursday 3 October 2024. To get this in your inbox every morning click here.

Royal London chair Parry stands down

Royal London chairman Kevin Parry has stood down from his role.

Parry has informed the mutual that he does not wish to serve beyond this year and the board said it has therefore accepted his resignation in line with his notice period.

Current deputy chair Lynne Peacock will take on his responsibilities as interim chair, with immediate effect.

Abrdn Adviser hires chief technology & product officer

Abrdn Adviser has today (3 October) announced the appointment of Derek Smith to the newly created role of chief technology & product officer.

The CTPO role will bring together Abrdn Adviser’s technology and product teams.

He will join in November from Morningstar Wealth, where he is currently chief technology officer.

ZeroKey appoints Mitchell to advisory role

ZeroKey has brought on board former FE fundinfo head of proposition Stephen Mitchell in an advisory role.

He previously spent 18 years at FE fundinfo and spanned both the asset management and financial advice sides of the business, including FE Analytics and FE CashCalc.

Since leaving FE fundinfo earlier this year he has taken a variety of advisory roles, which he will combine with his latest role with ZeroKey.

Quote Of The Day

The FTSE 100 has set aside global tensions and opened with a small bump this morning.

– Matt Britzman, senior equity analyst, Hargreaves Lansdown, comments on global markets continuing to tread carefully with Middle East tensions in mind.

Stat Attack

Many UK adults are unaware of Open Banking and its benefits, according to new research from Bluestone Mortgages.

60%

of the 2,000 people surveyed said they were not aware of the benefits of Open Banking.

31%

of people would not trust sharing their bank statements or pay slips online with a mortgage broker or lender when applying for a mortgage.

20%

One in five wouldn’t be willing to use Open Banking to share their data even if they were asked to because of privacy concerns due to fraud and hacking.

22%

More than a fifth of consumers say they use three or more individual bank accounts.

Source: Bluestone Mortgages

In Other News

WTW has acquired a stake in the UK-based advice-led wealth manager atomos.

WTW provides atomos’ clients with access to a broader, more diversified range of asset classes and investment choices.

This next step in the partnership sees WTW acquire part ownership in the business, as well as providing additional capital designed to support further growth.

Through this investment, WTW boosts its presence in the UK wealth space.

WTW head of investments for Europe, Mark Calnan, said: “This is an incredibly exciting development for WTW which reinforces our commitment to the wealth markets, a strategic focus area for us and one that has driven significant growth for our business in recent years.

“Our stake in atomos enhances our ability to shape how the industry services the needs and aspirations of savers in the UK.

“This is particularly important as individuals take increased responsibilities for their retirement through defined contribution schemes and personal savings.”

TIME Investments has hired Jonathan Roseweir as head of marketing.

Roseweir joins from Octopus Investments, where he was responsible for marketing its range of quoted funds and inheritance tax (IHT) services.

Prior to that, he was at Miton Group and PSigma Asset Management.

He will be tasked with enhancing the TIME Investments brand and further develop its leadership position in the IHT services and property and infrastructure fund markets.

Sterling falls sharply after BoE Bailey remarks (Reuters)

Jupiter poaches team from rival Origin as part of push into global equities (Financial Times)

Why India’s giant options market poses a danger to financial stability (Bloomberg)

Did You See?

The already fractious relationship between the Personal Finance Society (PFS) and the Chartered Insurance Institute (CII) has been ‘blown wide open’ once again.

The CII announced that its chief executive Matthew Hill and three other executives – Trevor Edwards, Mathew Mallett and Gill White – have been appointed to the PFS board.

The move has further increased tensions between members of the PFS and its parent body, the CII.

The debacle started with the ‘Christmas coup’ in December 2022, when the CII imposed its own directors on the PFS board in a highly controversial move.

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News

Woman who died of cancer ‘was misdiagnosed on phone call with GP’

Published

19 mins ago

October 3, 2024

NewsAdmin

Woman who died of cancer 'was misdiagnosed on phone call with GP'

Mike Barlow with his late wife Laura. He wants GPs to offer face-to-face appointments to all patients

Submitted Laura Barlow has her arm around her husband Mike. She has shoulder-length hair, is smiling broadly and wears a black-and-white checked shirt. He has short hair and wears a pink shirt. — Mike Barlow with his late wife Laura. He wants GPs to offer face-to-face appointments to all patients

A woman who died of cancer could have lived longer had she been given a face-to-face appointment with her GP, rather than being misdiagnosed over the phone, her husband has said.

Laura Barlow, 33, was told she had endometriosis during a telephone call with a GP at Stickney Surgery, Lincolnshire, in October 2023.

In February this year, the mother-of-three, from Sibsey, near Boston, was told she was so ill she should go home from hospital to spend time with her family. She died three days later.

In a joint statement, the surgery and United Lincolnshire Hospitals NHS Trust said they could not comment on individual cases but would continue to speak to the family about their concerns.

Mrs Barlow’s husband, Mike, is now calling for mandatory face-to-face appointments with GPs.

He believes opportunities were missed for his wife to start treatment for the cancer in November last year.

“I think if they’d seen Laura face-to-face they’d have seen how much pain she was in,” he said.

“Laura died because she was misdiagnosed over the phone. If blood tests had been done we’d have known what was happening.

“Could we have had more time? Could the kids have had more time with their mum?“

Mike has also told the BBC that the lack of an inquest means the family is still uncertain about exactly what form of cancer Laura had.

Mrs Barlow had three daughters, two with her husband. He says the girls tell their mother they love her every night

Submitted Mike and Laura Barlow, both wearing black coats, hold three young girls, all dressed in pink, at a Halloween event. — Mrs Barlow had three daughters, two with her husband. He says the girls tell their mother they love her every night

The couple met in 2020 when they were working together at Pilgrim Hospital in Boston.

They moved in together with Mrs Barlow’s daughter, now 10, and had two more girls, who are three and two.

Mrs Barlow initially phoned her GP surgery after finding blood in her stool. She was diagnosed with endometriosis over the phone and given medication, Mr Barlow said.

An appointment was booked for her to visit the gynaecology department at Pilgrim Hospital in January, but in mid-December, she became ill at work.

Mr Barlow said he had tried to take her to the GP, but was advised to go to the urgent treatment centre at Pilgrim Hospital.

However, according to Mr Barlow, the hospital said because she was already under treatment for endometriosis, there was little they could do.

Mr Barlow believes that had a blood test been taken at either the GP surgery or the hospital, the cancer could have been discovered.

Mrs Barlow, right, with her sister Lisa and brother Wills

Submitted Laura Barlow with her brother and sister. All three are smiling for the camera. — Mrs Barlow, right, with her sister Lisa and brother Wills

At the end of December, Mrs Barlow went back to A&E. On 2 January, she underwent an ultrasound, when lesions were found.

She was admitted to Pilgrim Hospital in mid-January and received a cancer diagnosis. On 2 February, the couple were told her condition was untreatable.

“They said: ‘There’s nothing we can do. Go home and spend time with your kids,” Mr Barlow recalled.

“All the family came and we had to get the Macmillan nurses to come out. We got a bed made downstairs and had her in there.

“She was lying down and I slept with her. They woke me up and told me she’d passed away. And that was it.”

‘People are dying’

Mr Barlow wants GP surgeries to see all patients face-to-face and hopes a petition, started by a friend, will gather enough signatures to be discussed in Parliament.

Ultimately, he hopes the government will support his proposal.

“I want that to be what happens in Laura’s name,” he said. “We believe in doctors and what they say. They’re the experts.

“They need to see patients face to face. It will save lives. People are dying because they’re not being seen.”

Mr Barlow had been married to his wife for less than a year when she died

Mike Barlow wears a serious expression as he looks towards the camera. He has short hair, stubble and wears a white T-shirt. — Mr Barlow had been married to his wife for less than a year when she died

Mr Barlow said his wife always put her daughters first.

“We have pictures of Laura and the kids everywhere,” he said. “Every night when the kids go to bed they stop on the stairs and look at her photo and tell mummy they love her.

“The girls will ask me, ‘what happened to mum, how did she die?’

“I can’t give them an answer. I’ve got to tell them the truth. People failed her’.”

In their joint statement, ULHT, which runs Pilgrim Hospital, and Stickney Surgery said: “We would again like to offer our deepest condolences to Laura’s family.

“We are unable to comment on individual cases but will continue to speak to the family about their concerns as appropriate.”

If you have been affected by the issues raised in this article, support is available via the BBC Action Line.

Listen to highlights from Lincolnshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here.

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Business

Water companies ‘failing to address customers’ concerns’

Published

20 mins ago

October 3, 2024

NewsAdmin

Water companies 'failing to address customers’ concerns'

A body representing the customers of water companies says complaints have risen by almost a third because concerns are not being addressed.

The Consumer Council for Water (CCW) says it has handled 7,977 complaints in the last year from people who had “exhausted” their company’s complaint process.

It found Thames Water to be the worst performer, with Yorkshire Water and Cambridge Water also poor.

Thames Water and Yorkshire Water say they are working with CCW to make changes. Cambridge Water has been contacted for comment.

According to CCW, there has been a 29% rise in complaints compared to the previous year, with households making 222,956 complaints to water companies in England and Wales during 2023-24.

Billing disputes made up more than half of complaints, though concerns about environmental performance, such as spills from storm overflows and pollution, increased by 217%. Complaints relating to water meters also rose.

Chief executive Dr Mike Keil said: “Households are having to waste far too much time and energy resolving complaints, which water companies should be getting right first time.

“Trust in the water sector is already badly fractured and the poor handling of complaints will only compound people’s frustration.

“We’re particularly concerned to see a significant rise in complaints from customers with water meters who are questioning the accuracy of their bill.

“More companies are planning to roll out smart meters over the next few years, so they must listen and act on people’s concerns now or risk further damaging customer trust.”

CCW compared the performance of water companies on the number of complaints received per 10,000 household connections, and also assessed how well they were handled. Thames Water, Yorkshire Water and Cambridge Water rated as poor on both counts.

However, Wessex Water and Portsmouth Water received top marks on the same metrics.

David Bird, retail director at Thames Water, said: “CCW have recognised the collaborative approach we have taken and that the improvements we are making are showing promise. However, we recognise we have more to do.

“Our turnaround plan is focused on resolving customer complaints and improving the quality of their interaction with our business, from first contact through to resolution.”

He said the company had an “ambitious business plan” based on customer feedback and insight. 

“Our customers told us to focus on delivering safe and resilient water supplies, address concerns over our overall performance including on customer service, and deal more effectively with wastewater,” he said.

“Our aim is to always deliver excellent customer service, and we’re determined to do better.”

Imran Patel, group customer experience director at Yorkshire Water, said: “We work really hard to make sure we do the right thing for our customers and we’re continuing to invest in new systems, training for our customer experience teams and our reporting to ensure we improve the service our customers receive.

“We have worked closely with CCW to audit our complaints process and have received positive feedback for our customer-focused culture and the speed and effectiveness of complaints resolution.”

He said the company had a series of investments lined up to improve the customer experience, and that it was committed to “improving Yorkshire’s environment and ensuring no household or business should be without reliable, safe, clean water”.

Water UK, the trade association for the water industry, said companies were working hard to “provide the drinking water that is independently rated the joint-highest standard in the world”.

It said a rise in customer complaints should be examined, but “not all complaints are necessarily evidence of poor service”.

It added: “A better measure is the number of complaints sent by the CCW to adjudication, which fell 37%, from 153 late last year to 57 for the equivalent period this year.”

It said firms were also being affected by funding cuts from water regulator Ofwat, which needed to “enable companies to provide [customers] with the service they rightly expect”.

Water companies have put forward plans for bill increases, although Ofwat has made proposals to cap them. It is due to make a final decision in December.

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Money

UK’s cheapest supermarket for a weekly shop in September revealed – can you save cash?

Published

22 mins ago

October 3, 2024

NewsAdmin

UK's cheapest supermarket for a weekly shop in September revealed - can you save cash?

THE UK’s cheapest supermarket for a weekly shop in September has been revealed – and it’s not Lidl or Asda.

Which? found German discounter Aldi to be the most affordable out of a list of eight major chains last month.

Which? has revealed the cheapest supermarket to get a basket of 59 items in September

The UK’s consumer champion looked at how the retailers’ prices compared on a shopping list of 59 products, to represent doing a weekly shop.

The list of 59 included both branded and non-branded items including Birds Eye Peas, Hovis bread, milk and butter.

Which?’s analysis also included special offer prices and loyalty prices where possible, but not multi-buys such as buy one get one free.

The consumer champion found Aldi came out cheapest ahead of Lidl, Asda, Tesco and Sainsbury’s with the basket costing £102.68.

The supermarket also pipped Morrisons, Ocado and Waitrose to first spot.

Asda’s basket of 59 goods came in just a fraction more expensive than Aldi, costing £103.86.

Asda was next, with its shopping list costing £112.19.

Tesco’s basket, with Clubcard, was £112.96, and without loyalty pricing it was £113.35.

Sainsbury’s shopping basket, for Nectar Card customers, was £113.79, then Morrisons was next, coming in at £119.18.

Sainsbury’s without a Nectar Card was £119.19, then Ocado and Waitrose came in bottom of the pack, with their baskets costing £125.16 and £130.37 respectively.

What are Aldi Specialbuys?

Ele Clark, Which? retail editor, said: “Our latest monthly analysis once again sees Aldi crowned as the UK’s cheapest supermarket.

“Given the ongoing strain of high food prices on household budgets, it’s understandable that many people are choosing discounters to cut costs.

“By switching supermarkets, consumers could save 21%, highlighting the advantages of shopping around.”

It’s worth bearing in mind, the research carried out by Which? was based on prices for the list of 59 products across just September.

That means they are just a snapshot of what you might pay for them at different times of the year.

How to save money on your supermarket shop

THERE are plenty of ways to save on your grocery shop.

You can look out for yellow or red stickers on products, which show when they’ve been reduced.

If the food is fresh, you’ll have to eat it quickly or freeze it for another time.

Making a list should also save you money, as you’ll be less likely to make any rash purchases when you get to the supermarket.

Going own brand can be one easy way to save hundreds of pounds a year on your food bills too.

This means ditching “finest” or “luxury” products and instead going for “own” or value” type of lines.

Plenty of supermarkets run wonky veg and fruit schemes where you can get cheap prices if they’re misshapen or imperfect.

For example, Lidl runs its Waste Not scheme, offering boxes of 5kg of fruit and vegetables for just £1.50.

If you’re on a low income and a parent, you may be able to get up to £442 a year in Healthy Start vouchers to use at the supermarket too.

Plus, many councils offer supermarket vouchers as part of the Household Support Fund.

Prices at supermarkets change frequently, sometimes daily, and you will find items on offer in one chain one week then in another the following week.

However, in Which?’s survey of a larger basket of goods it was Asda that came out top of the survey.

The comparison looks at 164 items – but it doesn’t include Aldi and Lidl as they don’t offer large enough ranges in shops.

Asda came top of the list with this basket costing £418.88 – but Tesco (with Clubard prices) was just 1p more expensive.

An Asda spokesperson said: “Asda is consistently recognised as the best-value supermarket for the big shop in independent price comparison surveys, including the Grocer 33 basket comparison and the Which? monthly big shop trolley comparison.

“This is despite these surveys including other retailers’ loyalty schemes but not Asda Rewards.”

It’s also worth factoring in that Which? looked at loyalty pricing for Lidl, Tesco, Sainsbury’s, Morrisons and Waitrose, but only Tesco and Sainsbury’s had items on its chosen shopping list with a loyalty price in September.

Meanwhile, Asda doesn’t have two-tier loyalty pricing. Its loyalty scheme is based on points and personalised rewards, not lower prices for every scheme member which meant Which? didn’t include the retailer’s loyalty scheme prices.

It’s not the first time in recent months Aldi has come out on top of Which?’s cheapest supermarket survey.

The German discounter, which is looking to massively expand its physical store presence across the UK, was crowned the cheapest supermarket in August, July and June.

It was also crowned the cheapest supermarket of 2023, pipping the other major chains including Lidl, Asda and Sainsbury’s to the top spot.

The Sun asked Tesco, Sainsbury’s, Ocado and Waitrose to comment.

A Morrisons spokesperson said it was “working hard to keep prices down and competitive for our customers”.

They added: “Our More Card members can also earn points on selected purchases, including fuel, and redeem those points for fivers off their shopping.

“They also benefit from market-leading discounts on over 2,000 branded and essential items across fridge, freezer and cupboard fillers as well as personalised offers and surprises.”

A Waitrose spokesperson said: “We’re committed to keeping prices low for customers and remain focused on giving our customers great value for money.

“We have invested in prices without compromising on quality or our industry-leading animal welfare standards.

“Which’s price comparison also excludes multibuy offers, which are extremely popular amongst our customers for both our branded and own-branded products.”

The retailer added that it had reduced prices on its No.1 range which was recently relaunched.

What is loyalty pricing?

Loyalty schemes are all the rage, but what is loyalty pricing? Here is everything you need to know…

Sainsbury’s, Tesco and Morrisons are three of the major supermarkets that offer customers loyalty pricing – where you can get discounts on certain products.

They’re all free to sign up to as well, so the obvious advantage is that you can save money without spending a penny.

Different supermarkets will offer exclusive discounts on different products, so it’s worth seeing which suits your weekly shop the best.

Either way, be wary of supermarkets artificially inflating the price of their goods to make it seem like you’re getting a better deal than you are.

Consumer group Which? has previously found Sainsbury’s and Tesco to have increased the price of everyday goods then slapped loyalty prices on them thinking customers wouldn’t notice.

In any case, it’s worth shopping around even if you’re getting your weekly basket from a supermarket that offers loyalty pricing.

Supermarkets change their prices all the time, sometimes multiple times daily, so it’s worth checking you’re getting the best price on an item.

You can use websites like Trolley to see how the major supermarket’s compare in terms of price on any number of goods.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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News

Customers face heating problems if meters not replaced

Published

39 mins ago

October 3, 2024

NewsAdmin

Customers face heating problems if meters not replaced

Older meters need to be replaced due to the end of the longwave signal

BBC Older style electricity metre hangs on a wall with cables coming in and out — Older meters need to be replaced due to the end of the longwave signal

Around 175,000 Scottish energy customers face major problems with their home heating systems if they do not have their meters upgraded in the coming months.

The Radio Teleswitching Service (RTS) controls energy tariffs for hundreds of thousands of homes, sending signals to store energy via the BBC’s longwave transmitter.

The signal is due to be turned off for good next June but hundreds of thousands of homes have still to be converted to updated systems.

If this does not happen, customers could lose control of heating and hot water, leaving the systems either permanently on or off.

The deadline has already been extended from last March, but energy regulator Ofgem said that work to replace the old infrastructure needed to be accelerated.

Charlotte Friel is its director of consumer protection.

“The pace of replacement is not where it needs to be,” she told BBC Radio’s Good Morning Scotland programme.

“The industry has been working on RTS replacement for some time and has replaced 200,000 meters this year, but there are still 700,000 to go.

“This call to action is about bringing the industry together and emphasising the pace needed to accelerate the replacement programme, dedicating resources, getting boots on the ground in the right places.”

How do you know you have an RTS meter?

Some customers may be unaware their meters are controlled by RTS. But there are clues.

Ms Friel said: “Typically if your meter switches between on and off-peak rates, if your home is heated by electric storage heaters and if you live in a region that is off-gas supply, these are typical features that could mean you have an RTS meter.”

The RTS switches the meter from on to off-peak mode. Once that signal is switched off it will mean the customer loses control of their heating and hot water.

This could have different outcomes in different households.

In worst case scenarios, it could mean that the heating and hot water is permanently on or permanently off.

Ms Friel said: “Some of the challenge is around getting customers to engage with their suppliers. Not everyone understands the arrangements they are on and we appreciate that.

“It is on suppliers to reach out to customers but they can play their part too by letting engineers in to upgrade their meters.”

She said that the vast majority of cases are straightforward replacements. There will be some more complex installations but Ofgem is confident there is a technical solution for everybody with an RTS meter.

Homes running from the RTS system need to be upgraded to more modern methods before next summer

Getty Images A modern smart meter displaying the number of units used sits on a kitchen counter. A set of keys is on the counter beside it. — Homes running from the RTS system need to be upgraded to more modern methods before next summer

Frazer Scott, from campaigning group Energy Action Scotland, said there were growing concerns around the switch happening on time.

“With the scale of these changes over such a short period of time, we’re really concerned that it’s simply not going to happen,” he said.

“And the consequences are considerable for all those households that might be affected when it’s switched off.”

He added: “It is unacceptable that it is so late in the day with so little certainty.”

Mr Scott said it now felt as though the industry was working together to solve the issue but described it as the “eleventh hour”.

“It is incredibly worrying but at least they’ve finally got together some kind of taskforce and hopefully this will mean there will be an acceleration in this change,” he said.

He said about a quarter of the affected households were in Scotland and the country was “disproportionately affected”.

Mr Scott also called for “proper support” for people in case their heating fails.

“People just want a certainty of supply with a much cheaper cost,” he added.

“What we’re looking for from industry is certainty that people’s bills will not rise as a result of making a meter change, which would seem ridiculous.

“But at the moment we’ve not even got those kinds of assurances from industry, and nor is it clear who will pay for additional costs should a household require them to ensure they have a safe supply to their house.”

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CryptoCurrency

Tesla stock drops 3% after Q3 deliveries fall short of estimates

Published

40 mins ago

October 3, 2024

NewsAdmin

Tesla Q3 deliveries could drive 'further strength' in the stock

Tesla (TSLA) announced third quarter deliveries on Wednesday that slightly missed expectations, sending the stock down about 3%.

The EV maker delivered 462,890 vehicles in the three months ending Sept. 30, up 6.4% quarter over quarter to mark the first quarter of delivery growth this year. The numbers also came in ahead of the 435,059 EVs the company delivered in the year-ago period.

Wall Street had expected Tesla to deliver closer to 463,897, according to Bloomberg.

The Model 3 and Model Y represented the bulk of Tesla’s overall total, with those two vehicles combining for 439,975 deliveries.

Prior to the delivery numbers’ release, Tesla stock had been up around 20% in the past month, fueled by optimism about its upcoming robotaxi event on Oct. 10 and good news coming out of China indicating rising sales there.

But investors have also debated a “notably lower” annual vehicle growth rate, which Tesla warned about after the first quarter.

The company is currently dealing with stiff competition in China from Chinese automakers like BYD and Xpeng. Recent price cuts have also squeezed profit margins as competition intensifies.

Analysts have said next week’s robotaxi event will serve as a pivotal moment for the company’s future and its plans to further utilize artificial intelligence.

“We believe Robotaxi Day will be seminal and historical day for Musk and Tesla and marks a new chapter of growth around autonomous, FSD, and AI future at Tesla,” Wedbush analyst Dan Ives wrote in a note to clients on Tuesday.

Tesla will report third quarter earnings on Oct. 23.

Alexandra is a Senior Reporter at Yahoo Finance. Follow her on X @alliecanal8193 and email her at alexandra.canal@yahoofinance.com

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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