Tesla energy revenue drops 16% as it refunds customers over tariffs
Transportationvia Electrek
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Tesla’s energy business deployed more batteries in Q3 2026 but brought in less money. Energy generation and storage revenue fell 16% year-over-year to $2.88 billion, even though storage deployments rose 10% to 13.7 GWh. Tesla’s shareholder letter blames the drop “partially” on “tariff-related customer refunds.” It doesn’t say how much it refunded, to which customers, or why it was accounted for as reduced revenue. more…
Tesla’s energy business deployed more batteries in Q3 2026 but brought in less money. Energy generation and storage revenue fell 16% year-over-year to $2.88 billion, even though storage deployments rose 10% to 13.7 GWh.
Tesla’s shareholder letter blames the drop “partially” on “tariff-related customer refunds.” It doesn’t say how much it refunded, to which customers, or why it was accounted for as reduced revenue.
FreightWaves’ F3: Future of Freight Festival returns to Chattanooga next week, with sessions on AI adoption, autonomous trucking and the technologies reshaping freight operations taking center stage. The event, held Oct. 27-28 at The Signal at Chattanooga Choo Choo, will feature keynote presentations, fireside chats, technology demonstrations and discussions about how companies are applying new tools to transportation and logistics. Registration and ticket options are available through the official F3 website. Published group rates range from $895 to $1,095 per person, depending on group size, while bundled tickets cost $1,895 for F3 and the Brokerage Compliance Symposium or $1,995 for F3 and the Awards Dinner, which is scheduled for Oct. 26. The Freight Brokerage Compliance Symposium will take place the day before F3, on Oct. 26, from 8:45 a.m. to 4 p.m. at The Signal. The separate event will cover carrier liability, fraud, Federal Motor Carrier Safety Administration rules, cargo theft, insurance and other compliance risks. Registration costs $495, plus taxes and fees, and is required separately from F3 unless attendees purchase a bundle. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/FW-Responsive-Main_Content-Slot1', [[300, 100], [320, 50], [728, 90], [468, 60]], 'div-gpt-ad-1709668545404-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1709668545404-0'); }); For freight technology companies and their customers, a central question is how emerging tools translate into practical improvements in day-to-day operations. AI adoption moves beyond the hype Artificial intelligence features prominently in this year’s agenda, with sessions examining both its potential and the challenges of putting it to work. A discussion titled “Beyond the Hype: What AI in Freight Actually Delivers When the Noise Dies Down” is scheduled for 2 p.m. Oct. 28. Prasad Gollapalli, founder and CEO of Qued, will join FreightWaves founder and CEO Craig Fuller to examine the practical value of AI in the industry. At 2:20 p.m. on the same day, Nilkanth Patel of Pallet and FreightWaves’ Julie Van de Kamp will discuss lessons from AI deployment, including decisions about whether to build technology internally or buy it from outside providers. Another discussion, “Beyond AI: How Autonomous Execution Is Redefining Freight Operations,” is scheduled for 4:15 p.m. Oct. 27. Robert Nathan of Envoy AI and Van de Kamp will explore how AI and autonomous software can execute freight workflows rather than simply provide information or recommendations. Autonomous trucking and freight data Autonomous trucking will also feature heavily in the program. A roundtable titled “The State of Autonomous Trucking: From Yards to Highways” is scheduled for 2:45 p.m. on Oct. 27. Brett Suma of Bot Auto, Earl Adams of PlusAI and Mike McGahn of Forterra will join FreightWaves’ Thomas Wasson to talk about the technology’s development and potential applications. The agenda also includes a Tesla Semi ride-along opportunity from 10 a.m. to 5 p.m. Oct. 27 and from 10 a.m. to 3 p.m. Oct. 28 at The Signal, offering attendees a closer look at the electric truck. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1665767553440-0'); }); Freight data is another major theme. SONAR, FreightWaves’ freight market data and analytics platform, will host a session titled “Beyond the Dashboard: The AI-Powered Future of Freight Data” from 4 to 4:45 p.m. Oct. 27 in the Barber Boardroom at the Hotel Chalet. The session will be led by a member of SONAR’s team. Other SONAR sessions include “Bid Season Blastoff: Turn Market Intelligence into Better Bids” on Oct. 28, followed by “Put the Data to Work: SONAR Use Cases You Can Steal,” which will focus on applying freight data to business decisions. Rapid-fire technology demonstrations are also scheduled throughout both days, giving companies an opportunity to show attendees how their products work. Awards to be announced The F3 Awards Dinner will open the week on Oct. 26, from 5 to 9 p.m. at The Signal. FreightWaves will recognize its 2027 FreightTech 100 honorees and announce the FreightTech25, while also announcing the Shipper of Choice winners. The 2027 FreightTech 100, announced in September, includes 100 companies selected for innovation across freight and supply chain technology. More than half of this year’s honorees did not appear in the 2026 FreightTech 100, reflecting constant innovation in a market that includes transportation management systems, shipment visibility, fleet technology, AI and automation. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot4', [[300, 100], [320, 50], [728, 90], [468, 60]], 'div-gpt-ad-1709668086344-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1709668086344-0'); }); An independent panel of more than 80 industry executives ranks the 2027 FreightTech 100 companies to determine the FreightTech25. The awards dinner will also feature the announcement of the FreightTech Vanguard Award winner, which recognizes logistics pioneers, founders and companies whose technologies have had a lasting impact on transportation and the supply chain. The awards provide one view of which companies are gaining recognition across the industry. The festival’s sessions and demonstrations offer another: a chance to hear how operators and technology providers are approaching the challenges of implementing new tools. Together, the events will give attendees an opportunity to assess where freight technology is making progress, where practical questions remain and which developments could shape transportation and logistics in the coming year. Why this matters Freight technology companies face growing pressure to prove their tools can deliver measurable results, from improving efficiency to reducing costs. F3 will bring technology providers and freight operators together to discuss how AI, autonomous trucking and data analytics are being applied across the industry, offering a look at which innovations are moving toward real-world adoption. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot5', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767778941-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1665767778941-0'); }); The post F3 preview: AI, autonomous trucking and freight technology take center stage appeared first on FreightWaves.
Federal prosecutors have uncovered an alleged cargo theft conspiracy involving at least 24 freight shipments and millions in stolen merchandise. Investigators say suspects took control of established trucking companies and used their identities to secure legitimate freight contracts. Drivers then collected shipments from distribution facilities, but the cargo never reached its intended destinations. Authorities estimate that thefts involving one defendant exceeded $12 million in retail value. The U.S. Attorney’s Office for the District of Connecticut announced federal charges against Nursulton Khaydarov on October 21. Khaydarov, 33, is a citizen of Uzbekistan and lawful permanent resident of the United States. Prosecutors accuse him of participating in a conspiracy that targeted interstate shipments from California and other locations. He pleaded not guilty during an appearance in federal court in Bridgeport, Connecticut. According to federal investigators, the operation began around September 2025 and involved multiple motor carriers. Participants purchased trucking businesses or otherwise assumed control of their existing operations. They obtained U.S. Department of Transportation numbers, motor carrier identification numbers, business email accounts and ownership identities. The group then impersonated previous owners to negotiate transportation agreements with freight brokers. How the alleged carrier takeover scheme worked The suspects relied on established business identities rather than creating entirely new trucking companies. Prosecutors contend that these arrangements allowed participants to exploit existing reputations and relationships within the freight industry. Brokers negotiated interstate transportation contracts with individuals posing as legitimate carrier representatives. After drivers collected the merchandise, the shipments disappeared before reaching their scheduled delivery locations. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/FW-Responsive-Main_Content-Slot1', [[300, 100], [320, 50], [728, 90], [468, 60]], 'div-gpt-ad-1709668545404-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1709668545404-0'); }); The scheme resembles a growing problem involving the buying and selling of established trucking companies. Some operators acquire existing businesses to obtain operating histories, established credentials and relationships with freight brokers. Older authorities may pass routine vetting more easily because their federal records already show years of activity. FMCSA has warned against buying, selling or leasing operating authority outside legitimate corporate transactions. For freight brokers, the challenge extends beyond confirming an active DOT number or valid insurance. Recent ownership changes, updated contact information and unfamiliar email domains can warrant additional verification. Insurance changes and inconsistencies between registration records also deserve closer examination. An established operating history means little if brokers cannot verify who actually controls the company. The indictment describes additional steps participants allegedly took to conceal their activities. Prosecutors accuse the group of switching tractor license plates and using burner phones with encrypted messaging applications. Court records also describe efforts to defeat electronic shipment tracking systems. Investigators contend that participants provided false explanations about delayed or missing freight after completing pickups. Federal investigators also documented ransom demands involving stolen shipments. According to the indictment, participants requested cryptocurrency or electronic transfers in exchange for returning merchandise. An FBI affidavit identifies approximately $121,000 in cryptocurrency that Khaydarov’s Coinbase account received across 33 transactions. Those payments occurred between November 2025 and May 2026, although investigators did not establish that every transfer represented ransom. The stolen merchandise covered several categories of commercial freight. Prosecutors identified hard drives, stereo equipment, clothing, electronics and computer equipment among the missing products. Other shipments contained food items, nicotine products and additional consumer goods. Investigators attributed more than $12 million in estimated retail losses to thefts involving Khaydarov personally. Multiple driver identities uncovered Federal court documents also describe several fraudulent driver’s licenses connected to Khaydarov. Authorities identified five different names appearing on those documents. Each license displayed his photograph with altered facial features. Investigators also confirmed that he possessed a valid New Jersey commercial driver’s license. One documented incident involved a pistachio shipment departing Terra Bella, California, for Laredo, Texas, on December 19, 2025. Investigators reported that the driver presented an Illinois license identifying him as Sayid Makhmudarov. State motor vehicle records showed no matching license, and photographs connected that document to Khaydarov. California’s pistachio industry has faced growing concerns over cargo theft, particularly during harvest season when high-value shipments enter transportation networks. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1665767553440-0'); }); On May 18, police in Ontario, California, located a tractor-trailer associated with suspected cargo thefts. During a traffic stop, Khaydarov identified himself using his valid New Jersey driver’s license. Officers discovered suspected counterfeit identification and a nicotine product matching merchandise from an earlier theft. Police impounded the equipment, and FBI agents subsequently searched the tractor under a federal warrant. Federal authorities arrested Khaydarov in Ontario, California, on June 1, 2026, following a criminal complaint. A grand jury in New Haven, Connecticut, returned an indictment on September 22. The indictment charges him with conspiracy, which carries a maximum prison sentence of five years. He has remained in custody since his arrest. Federal investigation continues across multiple agencies The FBI leads the investigation with assistance from several federal and local enforcement partners. Participating agencies include Homeland Security Investigations, IRS Criminal Investigation and the U.S. Department of Transportation’s Office of Inspector General. Police departments in Fullerton and Ontario, California, also contributed investigative resources. Assistant U.S. Attorneys David T. Huang and Larysa J. Kern are handling the prosecution. U.S. Attorney David X. Sullivan and FBI Special Agent in Charge P.J. O’Brien announced the charges. Khaydarov has pleaded not guilty, and the charges are allegations. Investigators have not publicly identified the affected carriers, brokers, shippers or distribution facilities. Authorities also have not disclosed how participants acquired control of the trucking businesses. The announcement leaves the recovery status of the stolen merchandise unresolved. Anyone with relevant information can contact the FBI’s New Haven Field Office at 203-777-6311. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot4', [[300, 100], [320, 50], [728, 90], [468, 60]], 'div-gpt-ad-1709668086344-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1709668086344-0'); }); Why It Matters This case shows how criminals can exploit established carrier identities to obtain freight through legitimate brokerage transactions. Existing DOT numbers, operating histories and business email accounts cannot independently establish who controls a transportation company. CFCO In my opinion, this case reinforces why verification must go beyond an active DOT number. The Certified Fraud Compliance Officer (CFCO) course teaches a five-layer process to identify inconsistencies before freight changes hands. Technology helps, but trained employees must know what to question and when to stop. Click here for more articles on cargo theft and freight fraud by Phil Brink. Nearly $1M in Pokémon and sports cards vanish from FedEx truck, driver discovers missing lock – FreightWaves Failed CDL exams, $3,000 payments and Bluetooth cheating scheme lead to federal charges – FreightWaves 25 charged after drug ring used unsuspecting truckers to haul cocaine from California to Florida – FreightWaves window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot5', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767778941-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1665767778941-0'); }); The post Feds charge driver in alleged $12M cargo theft scheme built on hijacked carrier identities appeared first on FreightWaves.
Norfolk Southern’s third-quarter profits rose as higher volume and rates, and fuel surcharges, produced record revenue. “Our third quarter was strong with steady execution, making notable improvements to our network while delivering solid results,” Chief Executive Mark George said on the railroad’s earnings call. “We have an outstanding team of thoroughbreds who remain focused on the fundamentals: operating a safe, reliable railroad, serving our customers, growing the business, and improving productivity across the network.” Operating income increased 5% to $1.15 billion, as revenue grew 14% to $3.52 billion. Fuel surcharge revenue was responsible for 8 of the 14 points of revenue growth. Earnings per share rose 7%, to $3.37. The railroad’s (NYSE: NSC) operating ratio was 67.4%, up 2.8 points from a year ago largely due to higher fuel costs. Adjusted for the impact of ongoing costs related to the February 2023 derailment and hazardous materials release in East Palestine, Ohio, and expenses related to the proposed merger with Union Pacific (NYSE: UNP), the operating ratio was 65.4%. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/FW-Responsive-Main_Content-Slot1', [[300, 100], [320, 50], [728, 90], [468, 60]], 'div-gpt-ad-1709668545404-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1709668545404-0'); }); Overall volume was up 3% for the quarter, with merchandise, intermodal, and coal volume all up 3%. “Demand for rail service is growing with encouraging trends in areas such as domestic intermodal and chemicals,” George said. “The current macro environment is tightening the truck market, and that helps rail be more competitive. And what you saw in the quarter is us capturing the increased customer demand.” Chief Commercial Officer Ed Elkins said NS is broadly optimistic for the rest of 2026. High fuel prices tied to the Middle East conflict are boosting energy-related traffic. But NS is watching whether prolonged high gas prices eventually soften consumer demand. A tight truck market and high fuel costs favor highway-to-rail conversions in forest products, consumer products, and domestic intermodal, Elkins said. International intermodal remains weighed down by trade uncertainty. Manufacturing has expanded nine straight months, industrial development is ahead of last year, and vehicle production looks modestly positive. Coal is expected to grow, led by exports and supported by utilities replenishing depleted stockpiles. NS has rolled out new online customer tools that speed responses to rate requests and provide better shipment visibility. “The result is more accurate and more actionable shipment information, enabling customers to plan more effectively, operate more efficiently, and ultimately make decisions with greater confidence,” Elkins said. “As these capabilities continue to scale, our goal is simple: Make Norfolk Southern the easiest railroad to do business with so that we win more freight in competitive markets.” Key operational metrics were down compared to a year ago but improved over the second quarter, when spot crew shortages led to congestion. Terminal dwell improved 3% and train speed was up 5% compared to the second quarter. On-time train originations improved 18%. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1665767553440-0'); }); “Our railroaders managed another demanding quarter, overcoming significant weather and operating disruptions while remaining focused on serving our customers and operating safely,” Chief Operating Officer Brian Barr said. The intermodal service composite was 84%, down from 92% a year ago. Merchandise trip plan compliance was 74%, down from 80% a year ago. Compared to the second quarter, merchandise plan compliance rose 6 points, while the intermodal metric declined by a point. “We entered the quarter with a clear plan to recover network fluidity by improving originations, reducing dwell, increasing velocity, and getting the railroad back on schedule,” Barr said. “We delivered sequential improvement across those foundational measures.” The improvements in the quarter came despite weather-related disruptions in August. “On our network’s high-speed corridor, the team quickly restored infrastructure, removing hundreds of downed trees, repairing multiple washouts, and handling widespread power outages by activating strategic reroutes and repositioning resources,” Barr said. “While the historic wind and rain interrupted some of our July momentum, it did not derail our progress.” window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot4', [[300, 100], [320, 50], [728, 90], [468, 60]], 'div-gpt-ad-1709668086344-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1709668086344-0'); }); One way NS reduced dwell was by redesigning car connections at terminals, which eliminated handlings. The changes removed 95 crew starts per week and took 200 cars per day off the network, while the railroad absorbed 3% carload growth, Barr said. NS also consolidated smaller trains between Birmingham, Ala., and Macon, Ga., saving 14 crew starts per week while reducing locomotive needs. Shifting 50 daily switch cars from Enola, Pa., to Allentown Yard freed up Enola crews for road service and moved the switching to a yard with a lower cost per car. It also opens up yard capacity in Enola, Barr said. The railroad’s personal injury and train accident rates continued to show improvement through the first nine months of the year. The train accident rate was at a record low for the railroad. Subscribe to FreightWaves’ Rail e-newsletter and get the latest insights on rail freight right in your inbox. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot5', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767778941-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1665767778941-0'); }); Read more: Commodity markets whip up railfreight gains First look: Union Pacific earnings First look: Norfolk Southern earnings window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot6', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767872042-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1665767872042-0'); }); CSX profit jumps on volume and revenue growth New York short line wins $11.2 million federal rail grant The post Norfolk Southern profits rise on higher volume and revenue appeared first on FreightWaves.
