Tesla Model 3 used prices are now down 21.5% since last year’s peak. On average, the used price of Tesla’s cheapest vehicle is down by more than $11,000.

Due to the high demand and short supply of new EVs, used EV prices went up at an impressive rate last year. At one point last year, used Tesla Model Y prices went out of control and started to sell at higher prices than new Model Y vehicles.

But used prices finally started to come down in December as Tesla started to offer discounts at the end of the quarter. They have continued to come down over the last few months, particularly after Tesla implemented massive price cuts throughout its entire lineup and the new federal EV tax credit came into effect.

iSeeCars has been tracking used car prices and reports that the national average has fallen 4.7% over the last six months, and the Tesla Model 3 is leading the pack:

The latest iSeeCars.com analysis found used car prices have continued to fall over the past year, down 4.7 percent from September and 8.7 percent from a year ago. The Tesla Model 3 had the biggest price drop in the last 6 months, down 21.5 percent since September 2022.

Here are the leaders in price drops for used vehicles over the last six months:

However, the Model 3 doesn’t look so bad in the year-over-year comparison, where it is down 19.3%, which is similar to many other premium vehicles:

Electrek’s Take

Most car buyers can’t afford a new car and turn to the used car market, which is a critical part of the auto industry.

When it comes to electrification, we always focus on the new car market since that’s what is needed to transition the industry, and it’s also what feeds the electric used car market, which is still a pretty young one. But it is growing fast and starting to be more exciting.

Last year, things got out of control, but you can now find some decent used electric cars these days. It’s not easy, but it’s doable. As for Model 3, I think you will start seeing some decent deals next year as more cars come off their leases.

Rivian is preparing owners to use Tesla Superchargers fitted with the “Magic Dock” in its newest Over-the-Air update.

Tesla opened select Superchargers in the United States to other electric vehicle manufacturers last month, which has been a successful program thus far.

The decision by Tesla to open various charging piles around the U.S. to other EV makers helps it qualify for a slice of $7.5 billion in government funding, which required charging makers to develop non-specific or non-dedicated chargers that were only operational with set manufacturers.

Tesla makes its own chargers and has long held a sizeable advantage in EV charging due to the sheer size of its infrastructure and its dependability.

Here’s how Tesla appears to be rolling out the Magic Dock

Now, Rivian is helping owners take advantage of the Supercharger Network by adding locations in the in-car navigation.

As a part of Rivian Software Update 2023.10.00, Tesla Superchargers will now appear in Rivian’s in-car navigation:

“Your vehicle now shows select Tesla Supercharger locations with a Magic Dock in the Navigation app’s charger filters. A Magic Dock allows you to charge your Rivian at select Tesla Supercharger locations. These locations also show in the Rivian mobile app version 1.12 or later. To charge at a Tesla Supercharger, you need to download the Tesla app.”

Select Rivian owners have already utilized the Supercharger Network run by Tesla, and reviews have been mixed thus far. The most notable is that of well-known tech reviewer Marques Brownlee, who said his experience was chaotic due to the congestion the program could cause.

“Suddenly, you’re taking up two spots for what would normally be one,” he said.

The Superchargers are already optimized for Tesla vehicles, which have their port located on the rear of the vehicle. Other cars are forced to double park or park awkwardly to take advantage of the charging system.

“If I was like a huge Tesla person I would probably be worried about you know my own Tesla experience,” Brownlee added. “Will it get worse because more people are charging? Potentially, you’ll have more people waiting in line more people taking up more spots.”

Rivian is also adding a new TuneIn Premium Trial, giving owners a year of free service. Plug and Charge will also allow a more seamless experience at Rivian Adventure Network and Waypoint Chargers.

Rivian’s full 2023.10.00 release notes are available below (via Rivian.Software):

New TuneIn Premium Trial

An exclusive TuneIn Premium trial for 365 days is now available for Rivian customers. With TuneIn Premium you have access to:

• Every MLB and NHL game. Live. No blackouts.
• Nonstop news coverage. Commercial free.
• Less ads on 100,000 radio stations.

Note: You may lose access to TuneIn Premium channels unless you activate the free trial or have a Premium account.

Tesla Supercharger Network Now Available In Navigation Charger Filters

Your vehicle now shows select Tesla Supercharger locations with a Magic Dock in the Navigation app’s charger filters. A Magic Dock allows you to charge your Rivian at select Tesla Supercharger locations. These locations also show in the Rivian mobile app version 1.12 or later. To charge at a Tesla Supercharger, you need to download the Tesla app.

Plug and Charge

This release enables vehicle Plug and Charge functionality when charging on the Rivian Adventure Network and Waypoint Chargers, in order to provide a seamless experience.

Note: This feature will be introduced on the Rivian Adventure Network and Waypoint Chargers on a rolling basis.

New Third Row Fan Control (R1S ONLY)

The second- and third-row seats now have separate controls for your convenince. For access, choose the temperature with the Fan icon on the center display. Then choose Middle to access the second-row climate controls, or choose Back to access the third-row fan controls.

Additional Improvements

• Highway Assist has been improved to reduce the frequency of hands-on warnings when Highway Assist is active in stop-and-go traffic scenarios. You still must remain attentive and should be prepared to take control of the vehicle at any time while Highway Assist is engaged. For more information, please see the Owner’s Guide.
• You can now open and close your liftgate with the mobile app version 1.12 and later (R1S ONLY)
• You can now open your tailgate with the mobile app version 1.12 and later (R1T ONLY)
• Improved range loss when a phone key is near the vehicle for long periods of time.
• Improved phone key and key fob proximity unlocking consistency.
• You can now toggle exterior lock sound on and off. Choose Settings > Vehicle > Access > Lock Sound (exterior).
• Added a text label to state your key fob’s battery level inside of Settings > Drivers and Keys. The indicator text will appear when the battery level is medium or low only.
• Hotspot Improvements
  • You can now choose the Hotspot button in the status bar to toggle the hotspot on or off and open hotspot settings.
  • Fixed an issue where quickly toggling the hotspot on and off indefinitely disabled it until you restarted the vehicle.
• Media Fixes and Improvements
  • You can scroll through your Favorites with the left thumb control on the steering wheel.
  • Fixed a rare issue where TIDAL crashed when trying to perform a text search.
  • Fixed an occasional issue where the Bluetooth media player showed the incorrect play/pause state.
  • Fixed an occasional issue where the radio wouldn’t resume playing after returning to your vehicle within five minutes.
• After you remove the charging cable, the charge port door no longer automatically closes after 30 seconds. The charge port door closes automatically when you drive the vehicle. You can also manually close it from the center display or using the sensor on the charge port door.
• Fixed an issue where an erroneous notification was shown when attempting to use Adaptive Cruise Control while stability control was disabled in vehicle settings.
• Fixed a rare issue that caused inconsistent lane centering when Highway Assist was active.
• Fixed an occasional issue where you would see an unrelated notification when switching between day and night mode.
• Fixed a very rare issue that caused an internal loss of communication when turning on a vehicle, which drained the 12 V batteries.

Rivian prepares owners for Tesla Supercharger use in latest OTA update

Genesis has announced that it will begin to deliver its first U.S.-assembled electric vehicle, the GV70 Electrified.

By far, the biggest hurdle currently facing the Hyundai/Kia conglomerate is the challenge of federal EV incentives in the United States. Being an automaker that doesn’t have an EV manufacturing presence in North America has meant that its EVs have been ineligible for federal incentives under the Inflation Reduction Act. Now, that is changing rapidly as the automaker is working establish production centers in the U.S., and now its first U.S.-made EV is hitting showrooms across the country.

According to Genesis, the U.S.-made GV70 electric SUV is now available at showrooms in 15 states, including Arizona, California, Colorado, Connecticut, Louisiana, Maryland, Massachusetts, Nevada, New Jersey, New York, Texas, Utah, Virginia, Washington, and Wisconsin. The electric Genesis SUV starts at $65,850.

Genesis did not specify if the vehicle now qualifies for federal EV incentives but could peaceably do so, thanks to its domestic assembly at the Montgomery, Alabama, Hyundai plant. Looking to the IRS website, the government agency does not list the EV as qualifying for incentives. However, it does note that Hyundai has “entered into a written agreement with [the IRS] to become a ‘qualified manufacturer’ but hasn’t yet submitted a list of specific makes and models that are eligible.”

Genesis was not immediately available for comment to Teslarati regarding if the vehicle would qualify for tax incentives.

The Genesis GV70 Electrified is one of the luxury brand’s most advanced EVs and was likely chosen to be the company’s EV frontrunner for U.S. assembly due to its technical capability and popular body style.

Based on Genesis’ most advanced EV platform, the GV70 is based on an 800-volt architecture and hence benefits from increased efficiency and some of the fastest charging on the market. The GV70 comes with a 77.4kWh battery capable of 236 miles of range and charges from 0-80% in just 18 minutes. And with up to 429 horsepower from a dual motor all-wheel-drive platform, it is no slouch either.

As Genesis works toward producing more of its vehicles in the United States, making it a far more price-competitive brand overall, vehicles like the GV70 will likely only become ever more enticing to consumers, many of whom are looking to get their first EVs in the coming years. Hopefully, this can help grow EV acceptance in the United States overall.

What do you think of the article? Do you have any comments, questions, or concerns? Shoot me an email at william@teslarati.com. You can also reach me on Twitter @WilliamWritin. If you have news tips, email us at tips@teslarati.com!

Genesis to begin deliveries of first U.S. made EV, the GV70 Electrified

Tesla is taking delivery of another of the world’s largest press at Gigafactory Texas, and it is again expected to be used for Cybertruck production.

Last year, Idra, the maker of Tesla’s large casting press, teased a new 9,000-ton Giga Press that would take the prize as the largest in the world. Considering Tesla’s relationship with Idra, it was rumored that the new machine would be for the automaker.

Tesla CEO Elon Musk has since confirmed that the machine is going to be used for the Cybertruck body at Gigafactory Texas.

Tesla’s investment in larger cast parts has been extremely successful so far. The automaker managed to produce the Model Y with a single rear body piece that replaced 70 different parts in the vehicle, and it is doing the same with the front underbody. This greatly simplifies the manufacturing process and reduces costs.

Following the success of the integration of large casting technology, several other automakers are reportedly looking to follow in Tesla’s footsteps. Idra reported last year that half a dozen other automakers are currently in talks to adopt the technology, but it could take years before they can integrate it into any vehicle programs.

But as for Tesla, the automaker is already moving into a wider integration of the technology, including with the Cybertruck, which is going to have even larger single-casting parts.

In January, Tesla was spotted taking delivery of the massive 9-ton casting press, the biggest one in the world. Over the last few months since the delivery, Idra has been teasing the preparation for the shipment of another 9-ton press and obviously, Tesla was rumored to again be the client.

Today, we can confirm that the new press is indeed for Tesla and that it has arrived in Texas. Cybertruck Forum user Greggrtruck found the bill of lading that confirms Tesla is the client and that it has arrived at the port of Houston:

The new Giga Press is bound for Gigafactory Texas in Austin. Once it is installed, Tesla is going to have the two largest presses in the world. They are both expected to be used for Cybertruck production. The automaker also has a few 6-ton Giga Press units for Model Y production at the same factory.

Tesla aims to start Cybertruck production this summer, but volume production is not expected until 2024. At this point, it’s not clear if both 9-ton Giga Press are going to be needed for the start of production or if the second one is meant to be used to achieve higher volumes.

Tesla (TSLA) stock is surging amid data coming out of China, showing that the automaker will likely deliver a strong quarter in this important market.

At the time of writing, Tesla’s stock is up 6%, while the market is up about 1%.

This surge comes after the China Merchants Bank International released car insurance registration data; the data shows 106,915 new Tesla vehicles registered in China between January 1 to March 19.

It is tracking ahead of the last quarter, which was a record quarter for Tesla in China, with 122,038 cars delivered.

With almost two weeks left in the quarter and Tesla often delivering more vehicles over the last few weeks of a quarter, the automaker is expected to beat its latest record in China.

China is a critical market for Tesla and electric vehicles in general. Tesla’s performance in China often makes the difference in whether it has a good quarter.

The increase in sales comes after Tesla slashed prices globally. The price cuts came to China first in early January.

Electrek’s Take

Everything points to Tesla having a great quarter for deliveries in Q1 2023.

However, the attention is going to be on Tesla’s gross margin. The price cuts successfully boost sales, but they will negatively affect its gross margin.

The good news for Tesla is that it had industry-leading gross margins. They are large enough to eat the price cuts, but investors are hoping for Tesla to still be in the double digits gross margin.

In Q4 2022, Tesla had a record of 405,000 deliveries globally. Investors are hoping for Tesla to beat that – likely only marginally.

The company has the capacity to produce about 2 million vehicles in 2023, and it wants 10 times that by 2030. Not many people outside of Tesla fans believe that it is possible, but there weren’t many people who believed Tesla would get to a capacity of one million people. But it did – and more.

Posted on
March 21, 2023
by
Peter McGuthrie

It’s been just four months since Tesla CEO Elon Musk took over Twitter, and a lot has happened in that time. Despite declining advertising revenue in recent months, the company may still improve its cash flow by next quarter, according to Musk.

Above: “Elon bucks” above a Tesla frunk (Image: Casey Murphy / EVANNEX).

Musk said that Twitter has “a shot” to become cash flow-positive in Q2, as detailed in a recent report from Business Insider. The statement came at a Morgan Stanley conference, where Musk was interviewed by the consultancy’s Michael Grimes, the head of global technology investment banking.

Twitter has been facing “a massive decline in advertising” in recent months according to Musk, who cites the cyclical nature of business and “political” reasons as the reasons behind the losses. Despite these losses, Musk’s hopes to improve cash flow do show some positive undertones.

“It’s been a very difficult four months, but I’m optimistic about the future,” Musk said.

Alongside the optimism, however, Musk has been vocal about Twitter’s lack of monetization since the beginning of his saga to purchase the company for $44 billion. During the interview with Grimes, he called it “startling,” saying that Twitter earns only 5 to 6 cents per hour, despite the fact that users spend a cumulative 130 million hours on the platform every day.

Upon Musk’s initial takeover of Twitter, he made huge shifts toward cutting costs, including things such as mass layoffs, cutting free lunches and other employee benefits, and more. Musk also said in November 2022 that Twitter was losing $4 million per day.

Musk also pointed out in the interview that Twitter was looking to monetize the company, including the Blue subscription launched in November, which lets users pay $8 per month to gain extra security verification and other benefits.

The monetization measures also include a cut of non-debt expenditures to $1.5 billion from its original projection of $4.5 billion for this year. This resulted in decreasing cloud services, which cut down on the bill by as much as 40 percent. Twitter is also up against around $1.5 billion in annual interest payments following its $13 billion debt incurred during the acquisition, says Musk.

By the end of the year, Musk is expected to step down as CEO at Twitter, and he has already said he’s looking for someone to replace him. In any case, Musk’s bid to make Twitter profitable will be a challenge, though his track record with financially-sound companies could influence the outcome.

===

Source: Business Insider

Posted in

Cash Flow,

Elon Musk,

Twitter

← Previous