SHANGHAI: US electric vehicle maker Tesla Inc. on Monday said it had sent a team to investigate a video on Chinese social media which showed a parked Tesla Model S car exploding.
The video was widely shared on China’s Twitter-like Weibo, with the hashtag “Tesla self-ignites” becoming one of the most-read topics on the platform, being viewed over five million times.
It showed a parked Tesla S starting to emit smoke from its bonnet before exploding and bursting into flames, damaging surrounding cars. A time stamp on the video showed that it occurred on Sunday evening.
Reuters was not immediately able to verify the origins of the video, which Weibo users said was taken in Shanghai.
“After finding out about this incident in Shanghai, we immediately sent a team to the scene. We are currently contacting relevant departments to understand the situation. Based on current information, no one was hurt,” Tesla said on its official Weibo account.
The incident comes as Tesla has been trying to revive its sales in China which have been hit hard by Sino-US trade tensions.
The company currently imports all the cars it sells in China, but it is in the process of building a factory in Shanghai that will manufacture Model 3 cars in the initial phase and help it minimize the impact of the trade war and tariffs.
In March, Tesla also encountered a hiccup when Shanghai customs temporarily clearance for a batch of Tesla’s Model 3 cars citing a labelling issue.
Tesla investigating incident of parked car exploding in Shanghai
Tesla investigating incident of parked car exploding in Shanghai
- Video shows Tesla S emitting smoke, bursting into flames
- Incident comes as Tesla is trying to revive its sales in China
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
