Tesla lowers lease prices on the Model 3 and Model Y
Joe Tegtmeyer
Tesla's third-quarter earnings call is tomorrow, October 18th at 5:30 pm ET, and it may be one for the books. While there will be talk about the quarter that was, the focus will be on the future. Most notable the Cybertruck and the Model 3 Highland.
This call will also mark a changing of the guard or Master of Coin. Zachary Kirkhorn stepped down as CFO in August, and Vaibhav Taneja, Tesla's Chief Accounting Officer, was promoted.
As always, Tesla opened the questions up to investors and encouraged others to vote the question up or down. These pressing inquiries offer a glimpse into retail and institutional investors' collective concerns and curiosities.
Cybertruck Deliveries: Not surprisingly, the number one topic is the long-awaited Cybertruck. The question of how many deliveries Tesla anticipates for 2024 underscores the importance of the vehicle in Tesla's future strategy and the electric truck market. Also, a fleet of Cybertrucks has gathered outside GigaTexas, as we expect a delivery event date to be announced soon.
Model 3 Highland's US Availability: The refreshed Model 3 is on the showroom floor across the ocean, but no word when the Highland will appear in North America. This is a big deal for investors and buyers. It is believed many buyers are waiting on the latest Tesla, and if so, the floodgates will overflow with sales.
The 4680 Battery Cell Update: Tesla's Battery Day left many in awe, with the 4680 cell being the crown jewel of the event. The progress towards its performance enhancements and cost savings could be a game-changer for Tesla's energy storage and electric vehicle range capabilities. Shareholders are eager for an update on this groundbreaking technology.
Expansion Plans and Factory Updates: Tesla's international growth, particularly in Europe, is a focal point for many. Investors seek clarity on capacity expansion at Tesla's Berlin and Austin factories. Furthermore, the timeline for opening the much-discussed Gigafactory in Mexico is also in the spotlight.
Pricing Decisions on FSD: Full Self-Driving (FSD) is seen as a pivotal aspect of Tesla's future. With the recent price drop, despite improvements, investors are curious about the rationale behind this decision and its implications for the company's autonomous driving strategy.
Legal Liability on FSD: Mercedes has recently started accepting legal responsibility when their Level 3 Drive Pilot system is engaged. This move raises the question: will Tesla follow suit with its FSD? This question is paramount, given the public's scrutiny of autonomous driving safety.
Growth Expectations for 2024: Last but not least, growth projections for 2024 have emerged as a critical topic. The consensus anticipates Tesla will deliver approximately 2.3 million vehicles, marking a 28% growth from 2023. Investors are intrigued by whether this can be achieved without a significant mass-market launch and how this aligns with Tesla's long-term Compound Annual Growth Rate targets.
While the numbers from the earnings report will undoubtedly be critical, these seven questions underline the strategic moves and decisions that will shape Tesla's future. The upcoming call promises to be enlightening, shedding light on Tesla's vision and the electric vehicle market's trajectory.
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Tesla has begun to reach out to customers in the United States and is offering demo drives of the Cybertruck on an invite-only basis. @brandonhd on X shared the first invite image, and it looks like it's going out quite quickly to multiple locations that have Cybertrucks on display.
Up until now, display vehicles have been for just that – looking, but no touching. Some Tesla delivery centers and showrooms have also allowed viewers to take a seat inside and open it up, but most are still locked away behind the velvet rope.
It’s exciting to see that Tesla has begun to demo them – and it can only be so long until demo drives open up to everyone.
Advisor-led Demo
This Demo Drive is led by a Tesla Advisor – while you’re driving, the advisor will be in the passenger seat, walking you through the experience. They’ll explain steer-by-wire, off-road controls, and will introduce new-to-Tesla buyers to all the features that are currently available.
The list of locations so far for demo drives appears to be fairly limited, but we will hopefully see demo drives roll out throughout the United States, and eventually Canada too. Here is the current list of city/state locations that have seen demo drive invites.
Actually Smart Summon, the successor to Tesla’s Smart Summon feature, has been confirmed to be coming as soon as next month as per Elon Musk. Colloquially known as “ASS”, Actually Smart Summon is supposed to improve on the regular Smart Summon capabilities, which have historically used ultrasonic sensors (USS) to navigate parking lots.
We’re looking forward to Actually Smart Summon, and we’re quite excited about what other features will be unlocked once it finally shows up at our doorstep.
Vision-based Improvements
ASS is supposed to bring Smart Summon to vehicles that don’t have USS – using Tesla Vision. Most recently, Tesla has brought Autopark to vehicles without USS, and Vision-based Autopark has been a huge success. It is faster, more reliable, and smoother than the older USS-based solution. It can also park and maneuver in tighter locations.
Today, Smart Summon is sometimes useful at best, usually a party trick, or downright dangerous at worst. It’s excellent and best used in straight lines, where you have a clear line of sight of the vehicle, and can stop it if doesn’t see an obstacle.
I used Smart Summon today, just before writing this article – my 2022 Model Y (with USS) – did manage to show up just fine – in a straight-line location from where I was parked, after exiting the parking spot fairly cleanly. However, I’ve previously used Smart Summon and have had the vehicle turn towards obstacles, such as cart returns or curbs. Overall, it’s a sometimes-useful feature that has a lot of drawbacks right now.
Smart Summon is also restricted to a certain distance – and it's pretty small. The max distance is shorter than most parking lots, being only about 215 ft (65m). If you’re lucky enough to park close, it's very useful to bring your car right to you.
Actually Smart Summon
ASS will bring FSD V12-like capabilities to Smart Summon – the vehicle will primarily use Vision to drive toward you (or the location you’ve indicated). ASS has been supposed to be coming since about September 2022 and has seen many delays – we’re almost at the 2-year point today.
We’re looking forward to Actually Smart Summon being able to bring the vehicle – safely – right to you. ASS is also one of the key steps towards bringing some other cool features that Elon Musk has previously mentioned – Park Seek and Banish Autopark.
We’re also hopeful that Actually Smart Summon will increase the maximum range a vehicle can be summoned, because the current range is fairly small. Alongside Park Seek and Banish Autopark, we’re closing in on a Robotaxi-based future.
Park Seek and Banish Autopark
When the FSD v12.4 showed up, Elon also mentioned that going forward, vehicles would automatically park themselves when arriving in a parking lot – Park Seek – and that if you got out of the car at the entrance to a business, you could get it to automatically park itself in the parking lot – Banish Autopark. These are two features that are needed for Robotaxi to work – which itself is delayed to October 10th of this year. We’re looking quite forward to them – as in combination with Actually Smart Summon, Tesla has reached the cusp of vehicle autonomy.
A vehicle that arrives, driverless, at the location you’re at, then drives somewhere, parks itself there, and waits for you – is the definition of a Robotaxi.
While we’re likely to have to wait for Banish Autopark and Park Seek just a bit longer, Actually Smart Summon being around the corner is exciting! Gone will be the days of having to run out to your car when you forgot your umbrella – your car will just come right to you instead.
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