Business

Tesla to open Canada battery gear factory in Markham, Ontario -mayor

Published

3 years ago

November 5, 2021

Tesla Inc <TSLA.O> opened a factory to produce battery manufacturing equipment in the Canadian city of Markham, Ontario, the city said on Friday, as the electric carmaker ramps up the production of cheaper, higher-range 4680 battery cells.

In 2019, the U.S. electric carmaker acquired Canada-based Hibar, which manufactures pumps used in fast-speed battery assembly that Tesla is introducing for its new 4680 cells.

“I’m delighted to share that Tesla Canada is joining our already robust automotive and technology ecosystem by locating a manufacturing facility in the City of Markham,” the city mayor Frank Scarpitti said on Twitter.

“The facility will be the first branded Tesla Canada manufacturing facility in Canada and will produce state-of-the-art manufacturing equipment to be used at the Gigafactories located around the world in the production of batteries.”

City official Bryan Frois told Reuters the Markham facility opened this summer, marking an expansion of another site in neighboring Richmond Hill.

Tesla did not immediately comment on the mayor’s tweet. Last year, Tesla senior vice president Andrew Baglino said at the Battery Day event that its “vertical integration” with Hibar and others would allow them to build batteries faster and scale up production of its 4680 battery cells.

Baglino said last month that Tesla will start delivering its first vehicles with 4680 batteries early next year, but added that “this is a new architecture and unknown unknowns may exist still.”

Tesla currently builds the 4680 cells at its pilot factory in California and plans to start their production at its upcoming factories in Texas and Berlin.

(This story officially corrects to mention city official clarifies that the plant has already opened, not plans to open.)

(Reporting by Hyunjoo Jin; Editing by David Gregorio)

Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

17 hours ago

November 6, 2024

Anne Joseph

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

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Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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