BENGALURU: Tesla Chief Executive Elon Musk on Friday pushed back the unveiling of the company’s big rig truck until mid-November, tweeting that the electric vehicle maker was diverting resources to fix production bottlenecks of its new Model 3 sedan and to help Puerto Rico.
Musk said Tesla’s Model 3 was “deep in production hell” echoing his own comments in July, when he showed off some of the first cars of that model.
The Model 3 could help Tesla approach its goal of becoming more of a mass market producer. Recent comments have tempered expectations about the speed of the increase in production, though.
Musk’s comments came after the close of stock trading on Friday. The company’s shares fell 0.8 percent in extended trading.
The Palo Alto, California-based company delivered just 220 Model 3 sedans and produced 260 in the third quarter. It had planned to produce more than 1,500.
Musk also tweeted the company was diverting resources to increasing battery production to help hurricane-hit Puerto Rico, where most residents remain without electricity.
Earlier this week Tesla reported that “production bottlenecks” had left it behind the planned ramp-up for the Model 3.
In response to a Tesla customer asking if he would get his car delivered this year, Musk tweeted, “December will be a big month, so probably, but it is impossible to be certain right now.”
A Wall Street Journal report said parts of Model 3 were being made by hand as recently as early September, adding to production delays.
Musk also said Tesla would reschedule the unveiling of its semi-truck to November 16 as it focuses on fixing production issues tied to Model 3 and increases battery production for Puerto Rico.
The unveiling of the truck, called Tesla Semi, has been delayed for the second time this year. Musk had initially said the truck would be unveiled in September, but he later rescheduled it to late October.
“Semi specs are better than anything I’ve seen reported so far. Semi eng/design team work is aces, but other needs are greater right now,” Elon replied to a twitter user who asked him about the specifications of the semi-truck.
Reuters in August reported that the truck would have a working range of 200-300 miles.
Earlier in the day, Musk said the company will send more battery installers to Puerto Rico to help restore power after Hurricane Maria knocked out power on the island over two weeks ago.
Tesla delays big rig truck debut; Model 3 in ‘production hell’
Tesla delays big rig truck debut; Model 3 in ‘production hell’
PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025
RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.
According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.
Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries.
The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.
AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.
AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.
Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”
He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”
Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.
AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance.
Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.
