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Tuesday Ticker: Tesla vehicle production up 42 percent; Uber aims for B.C. operational licenses

Toronto, Ontario ⁠— This week, Tesla reports its production and delivery numbers for Q3 2022; Uber takes another try at obtaining operating licenses in two B.C. regions, and Magna International marks a 52-week low. 

Tip Top Tesla 

According to the OEM’s preliminary report for its production and delivery numbers, Tesla produced 42 percent more cars in Q3 2022 than during the same quarter last year.

The electric automaker said it built 365,923 vehicles between July and September this year⁠—nearly 100,000 more than Tesla’s production during Q3 2021 at 258,580 cars. 

The Model 3 and Model Y accounted for 94 percent of Tesla’s total output for Q3 2022, while the Model S and Model X took up the remainder.

Tesla also said it delivered 343,830 cars in Q3 2022⁠—a 35 percent increase from Q3 2021. 

Uber tries twice

Uber is again attempting to bring its services to the Victoria, B.C. and Kelowna, B.C. markets, the ride-hailing giant announced last week.

The company hopes to purchase and transfer a license from ReRyde, a ride-hailing service that already had permission to operate in Victoria. ReRyde confirmed Uber had purchased its operating license for the B.C. regions. 

ReRyde was granted an operating license for all B.C. regions but the Lower Mainland and Whistler. It had yet to begin operating in Victoria due to pandemic delays, said the company.

“Our decision to sell to Uber was difficult as B.C. is our home; however, we want our community to be serviced as the rest of Canada and we believe Uber can fill the high standards that ReRyde constantly delivers to its community,” said the company in a statement last week.

Uber’s application for a Victoria license was denied last year by the B.C. Passenger Transportation Board, saying it did not believe there was enough demand in the region. 

If the transfer is unsuccessful, ReRyde said it will serve the great Victoria area “with honour.” 

Magna marks lows

Magna International saw its stock price reach a 52-week low last week, with its shares at $64.88 apiece on Thursday morning.

The stock rebounded later Thursday afternoon to close at $66.60 per share⁠—down 39 percent year-to-date.

As of Monday, Oct. 3 at 1:30 p.m., shares of Magna were trading at $67.45, up 2.93 percent from open. 

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