According to a report from Teslarati, Tesla could offer a new entry-level configuration of the Model Y for the 2023 model year. Tesla is reportedly preparing to offer a Standard Range All-Wheel Drive Model Y with 4680 batteries produced at Gigafactory Texas. The new version of the 2023 Model Y received approval from the Environmental Protection Agency (EPA).
The EPA added three Certificates of Conformity for the 2023 Model Y to their database. The new versions approved by the EPA were:
Model Y Long Range All-Wheel-Drive
Model Y Performance All-Wheel-Drive
Model Y All-Wheel-Drive
The EPA documents show that Tesla applied for approval of these Model Y configurations on September 30 and received Certificates of Conformity on October 19. The agency has yet to release range ratings for the three new versions.
In April, Tesla built Standard Range All-Wheel-Drive Model Ys at Gigafactory Texas, exclusively available to employees because the production of this configuration was battery-constrained. The vehicle had 279 miles (449km) but was sold for around $60,000, a steep price for the range offered.
Tesla built this exclusive Model Y with the highly-anticipated 4680 cells. Employees including Tesla’s Senior VP of Powertrain, Drew Baglino drives a 4680 Model Y.
Shortly after being released the 4680 Model Y was tested by The Kilowatts and they were able to test the charging rate of the vehicle. The results were impressive with the vehicle charging 270 miles in 52 minutes.
Tesla is building 4680-equipped Model Ys at Gigafactory Texas but mainly delivers 2170-equipped Model Ys to customers as the 4680 battery program has yet to fully ramp up.
Large-scale production of Tesla’s 4680 cells could begin by the end of the year. President and CEO of Panasonic, Kazuo Tadanobu, said that Tesla’s 4680 cells will enter mass production in Japan in May 2023. In preparation for mass production in 2023, Tesla has worked closely with suppliers like Panasonic to develop prototypes. This also aligns with Cybertruck production timelines, which is expected to begin production in mid-2023 and enter mass production at the end of 2023.
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Tesla's fourth quarter and 2022 earnings call with investors was mostly good news unless you were planning to drive a Cybertruck soon. While company executives eagerly jumped on every question asked by investors, there was a noticeable pause when a point-blank question was asked about Cybertruck's mid-year production date.
Elon Musk responded "um, we do expect production to start, I don't know, maybe sometime this summer. But I always like to try to downplay the start of production because the start of production is always very slow. It increases exponentially, but it's always very slow at first. So I wouldn't put too much thought in start of production."
Volume Production Next Year
If the millions of people with Cybertruck reservations were in attendance, you might have felt the air leave the room. The previous belief was mass production would start by the end of 2023. There may be some stainless-steel beauties on the road by then, but only a few. "It's kind of when does volume production actually happen, and that's next year," said Musk.
Perhaps sensing some disappointed buyers, Lars Moravy, Tesla's Vice President of Vehicle Engineering added, "(I'd) like just to emphasize on that, we've started installation of all the production equipment here in Giga Texas, castings, general assembly, body shops. We built all our beta vehicles, some more coming still in the next month, but as you said, the ramp will really come 2024."
The Cybertruck Will be Elon's Next Car
Cybertruck was originally announced in 2019 at the memorable event that included the unbreakable armor glass smashing. Musk was wearing the smashed glass Cybertruck t-shirt while taking questions from investors. While the wait continues, he is adamant that it will be worth it, "So it's an incredible product. I can't wait to drive it personally. It will be the car that I drive every day… it's just one of those products that only comes along once in a while, and it's really special."
The original release deadline was set for 2021. However, the production date has been delayed due to unforeseen circumstances, like a global pandemic. Nevertheless, it is a positive sign that beta vehicles have been produced. Images of what appears to be a Cybertruck were leaked a few months ago.
Recently, chief designer Franz von Holzhausen did confirm that the Cybertruck was ready for production, but it's a work in progress. Every Tesla beta product gets thoroughly examined and meticulously reviewed before the next step. But at least it's a step in the right direction.
Tesla set new records in production and deliveries while beating analyst expectations.
Statista
Tesla published their Q4 2022 and full-year financial results, setting new records in production and deliveries while beating analyst expectations. Tesla’s annual profit rose to $12.6 billion in 2022, from $5.5 billion in 2021. Annual revenue rose to $81.5 billion, from $53.8 billion the year prior. Tesla reported fourth-quarter revenue of $24.32 billion beating analysts' $24.07 billion estimate. The automaker also reported earnings per share of $1.19 beating analysts' $1.12 estimate.
Tesla’s stock rose more than 5% in after-hours trading following the earnings release and surged more than 10% the next day.
Tesla's Q4 2022 revenue set a new record for the company, up 59% from a year earlier. In addition to automotive revenue of $21.3 billion, Tesla recognized $324 million of deferred revenue from the company’s driver assistance systems.
FSD Beta Numbers
Tesla reported that 90 million miles have now been driven with FSD Beta, up from 58 million miles in the previous quarter. The company also confirmed that they have about 400,000 FSD Beta users in North America, a sizeable increase since the last report. With such a steep increase in miles driven and FSD Beta becoming widely available in North America, Tesla is making significant progress with its autonomous driving software.
In late 2022 and into this year, Tesla began cutting prices on its cars globally. Elon spoke about how recent price cuts have fueled a surge in demand for Tesla: “Thus far in January we’ve seen the strongest orders year-to-date than ever in our history. We’re currently seeing orders of almost twice the rate of production.” He added: “These price changes really make a difference for the average consumer.” Tesla acknowledges that average sales prices have to decrease over time because affordability is part of Tesla's mission to grow into a company that sells multiple millions of cars annually.
Price cuts will impact profitability, but margins should remain healthy, Tesla CFO Zach Kirkhorn affirmed. Tesla has wider operating margins than the industry average, which allows them to make such price cuts.
Elon issued an uncertain forecast for 2023, saying Tesla planned on 1.8 million vehicles for the year without specifying whether that was a target for production or deliveries. If the company were to deliver 1.8 million vehicles in 2023, that would result in 37% annual growth.
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