Tesla Cyber Roundup: Musk Stays, Advertising Begins, Next-Gen Car and Roadster Updates

By Kevin Armstrong
Tesla shows a glimpse of its next-gen vehicle
Tesla shows a glimpse of its next-gen vehicle
Tesla

It was a whirlwind of announcements at Tesla's Annual Shareholder Meeting held in Austin, Texas. The company announced significant updates about the company's future, including ambitious product plans, leadership changes, and bold strategies to address human rights issues in the supply chain. Musk's engagement with shareholders and his unexpected revelations left the audience more enthusiastic than ever about what lies ahead for the electric vehicle giant.

Musk to Continue as Tesla CEO

In his typically candid style, Elon Musk began the meeting by expressing his appreciation for the Tesla community, stating, "I just want to say I love you guys." This sentiment set the tone for the event, highlighting the close-knit relationship between Tesla and its shareholders.

Many investors breathed a sigh of relief as Musk announced he will not be stepping down as CEO of the company, squashing circulating rumors. Asserting the importance of Tesla's role in AI and AGI, Musk emphasized his necessity in overseeing the operations. Tesla co-founder JB Straubel was officially elected to the company's board of directors, alongside the re-election of Musk for another three-year term.

Tesla Dabbles in Traditional Advertising

In a surprising turn, Musk disclosed plans to venture into traditional media advertising — a departure from the company's typical non-traditional marketing approach. He acknowledged the importance of reaching potential customers outside of the company's devoted fan base. The crowd's overwhelming excitement caught Musk off guard, leading him to promise to evaluate the effectiveness of this new strategy.

Updates on Cybertruck and Tesla Roadster

In addition, Musk revealed that Tesla is targeting to deliver its first Cybertrucks within the year, with plans to deliver between 250,000 to 500,000 Cybertrucks annually. The return of the much-anticipated Roadster is slated for 2024. Musk gave insights into the challenges and breakthroughs in Cybertruck production, focusing particularly on the vehicle’s unique stainless-steel exoskeleton.

Despite rumors suggesting otherwise, Tesla successfully navigated the challenges, sticking to its original design intent and developing new manufacturing techniques for an exoskeleton-based vehicle. Further, the Cybertruck will be equipped with multiple attachment points to support third-party accessories.

Teaser of the Next-Gen Tesla Cars

In the meeting, Musk also teased two new electric vehicle models being designed by the company. One of these next-generation EVs appears to be a compact hatchback with a silhouette resembling the Model Y. No further details were given on the second vehicle. Still, Musk suggested that the combined production of both vehicles would exceed 5 million units per year.

Watch the Cyber Roundup Event

Watch Tesla's Cyber Roundup event in its entirety below. The Q&A session, one of the most interesting parts of the event, begins at the 1-hour 4-minute mark of the video below.

Update on the Next-Gen Tesla Roadster

Despite the excitement surrounding the next-generation Tesla Roadster, its production has been pushed back to 2024. While it will not be a significant contributor to revenue, Musk assured that its unique SpaceX thruster package will make it a "modest contributor to profitability."

Tesla Responds to Human Rights Concerns with Third-Party Audit

Tesla, facing increasing scrutiny over human rights abuses linked to its supply chains, has committed to a third-party audit. The concerns arise from the company's sourcing of cobalt from the Democratic Republic of Congo, known for pervasive child labor, and potential ties to forced labor in China's Xinjiang Uygur Autonomous Region. Amidst these allegations and ongoing lawsuits, Tesla's decision to hold a third-party audit marks a critical move toward addressing these issues. 

Market Outlook Amid Economic Uncertainties

While Tesla has always been a forerunner in the electric vehicle market, Musk acknowledged that the company is not immune to the potential economic pressures that lie ahead. During the shareholder meeting, he cautioned about a potentially tough period for the economy and the consequent impact on consumer discretionary spending. Yet, he urged investors to remain resilient.

Musk offered some advice, saying, "Don't look at the markets for the next 12 months. If there's a dip, buy the dip." Despite acknowledging these challenges, he expressed confidence that Tesla will emerge stronger in the face of adversity, reinforcing the company's long-term investment appeal.

The Tesla annual shareholder meeting was packed with exciting revelations and announcements, from the CEO's continued leadership to the unveiling of future product plans. The surprises continued with the company's venture into traditional advertising and the commitment to cobalt auditing. As the meeting concluded, one thing was clear: Tesla continues to disrupt the industry with its forward-thinking strategies and unwavering dedication to innovation.

Tesla Cybertruck to Receive Charging Improvements in Upcoming Update

By Karan Singh
Not a Tesla App

Former Tesla VP of Powertrain and Energy Drew Baglino previously mentioned that Cybertruck would be receiving charging improvements soon.

Wes Morrill, Tesla’s Cybertruck lead engineer, recently reposted Baglino’s comments on the charge speed update on June 16th and mentioned that it would be coming soon via OTA.

Charging Improvements

The 4680 cell has seen some difficulties in its charge curve, similar to Tesla’s other vehicles that have been deployed with the 4680. Tesla has alluded to difficulties in the manufacturing curve previously, and also with engineering improvements to the new cell standard, and eventually stopped manufacturing the Model Y with the 4680 cells.

However, this is the first time that Tesla has begun to deploy major improvements to the 4680 cell. It appears the improvements will allow up to 154 miles to be recovered in 15 minutes, which is approximately a 30% improvement to current charge rates.

We’re hoping that these improvements to the 4680 will also translate to older Model Y vehicles that have 4680 cells, which will be key to the owners of these vehicles. 4680 production is currently mainly focused on Powerwall, Megapack, and Cybertruck – with Semi not using 4680 yet.

Tesla Model 3 Long Range Now Eligible for $7.5K Tax Credit

By Karan Singh
Not a Tesla App

In the US, the Model 3 Long Range has now become fully eligible for the $7,500 federal tax credit for EVs.

Federal Tax Credit

The federal tax credit is up to $7,500 USD off at the point of sale, which applies to EVs with batteries originating from the United States. The Model 3 Performance was launched with the EV tax credit, which meant that until now, it was cheaper to purchase than the Model 3 Long Range.

Interestingly, after this change, the Model 3 Long Range is only $1,000 USD more expensive than the Model 3 Rear Wheel Drive, as the RWD model is not eligible for the credit. The LFP batteries in the RWD model are from CATL in China, and thus mark it as ineligible.

At $40,000 USD, the Model 3 Long Range is now an even better deal than before – and is nearly $7,500 less (the amount of the credit), than the average new car in the United States.

Canadian EV Credits

In Canada, Tesla dropped the Model 3 RWD price by $1,000 CAD, in response to the province of  British Colombia reducing the upper limit of their EV credit MSRP range. This means that the Model 3 RWD is the only Tesla vehicle that is covered under the new BC rebate – which is one of the few provincial rebates still left standing.

Sadly, as a result of this change, and due to a weird classification gimmick, the Model Y is considered a sedan by the Government of BC and is completely ineligible for the additional rebates – but the $5,000 federal EV rebate still applies.

Tesla vehicles accounted for 80% of federal EV rebate applications in Canada in 2023, marking a net increase since last year at 60%.

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