The growth needed to transition to electric vehicles
Elon Musk's new master plan isn't ready yet. Tesla's CEO was asked about the company's five-year plan and his updated master plan at the stakeholder's meeting in August. While he didn't get into specifics, Tesla's head of investor relations reportedly did spill the beans at a Goldman Sachs invite-only tech conference. Martin Viecha gave one of the world's largest investment banks plenty of details on how the company will look and what will be accomplished by 2027-28.
Business Insider quoted the Tesla employee stating, "EV architecture is so different from internal combustion engine, it allows for a third revolution in automotive manufacturing."
Undoubtedly, Tesla has led the way in the electric vehicle space. However, that space is getting more competitive, with longer-established auto manufacturers ramping up electric vehicle production.
The audience of investors wanted to hear how Tesla would compete. Viecha repeated numbers from Tesla's second quarter earnings call. The cost of building the product has dropped by more than half in the last seven years.
He said in 2017, it cost $84,000 to make one of their vehicles, but it is now down to $36,000. Incredibly, those cost savings were not from batteries or supplies but from better vehicle designs and optimizing factories. Viecha said the cost per car manufactured is the most critical metric to monitor. It dictates how many vehicles can be built and just how big Tesla can become. He clarified that the company will continue to find ways to lower production costs.
With the falling cost of production, the interest in a less expensive Tesla continues to rise. While the term, Model 2 (Details on Model 2), was not reported, it's no secret that this has been on the company's radar for some time. Viecha says the company wants to be a high-volume automaker. Therefore, a more affordable option is necessary to broaden the portfolio.
However, the demand for the Model 3 and the Model Y is still so high that a new Model is not needed any time soon. That's an essential point because the head of investor relations said that a cheaper Tesla would be used in the Robotaxi (everything we know about the Robotaxi) production.
Of course, the investors needed some reassurance about Full Self-Driving. Musk has publicly stated that FSD can make the company worth a lot. Viecha said that supervised FSD is underway. He said more than 100,000 people are using FSD in the United States. However, he reiterated the point that the only way the system can improve is by collecting data.
Also, interesting to note that Viecha assigned generation numbers to Tesla products. The first generation is the Model S and Model X. While the second generation is the Model 3 and Model Y. He referred to Robotaxi and presumable the Model 2 as the third generation. However, with the Tesla Semi ready to roll and the Cybertruck coming next year, perhaps he wants to revise the generation breakdown for the next investor meeting.
Don't miss out!
Subscribe to our newsletter to be the first to know about Tesla's upcoming features and new software updates.
Electric truck survey was completed by AmericanTrucks.com
Oh, the irony! American truck drivers are all revved up for electric trucks, yet they can't wrap their heads around the idea that the Tesla Cybertruck is a "real" truck. Sounds like a classic case of a truck identity crisis!
A recent survey by American Trucks delved into the opinions of truck drivers in the United States about electric trucks, revealing a sizable number of them are considering going electric. However, an interesting finding from the survey is that many truck drivers don't see the Tesla Cybertruck as a "real" truck.
The survey aimed to gauge the excitement around electric pickup trucks and understand the preferences of both truck owners and non-truck owners. Electric vehicles have been gaining popularity, but electric pickup trucks have taken longer to enter the market. With more models becoming available, American Trucks sought to identify which ones generate the most interest.
Truck Drivers are Ready for Electric
According to the survey's results, 35% of truck drivers are thinking about transitioning to electric trucks within the next decade, with most planning to do so within the next five years. The electric pickup models that have captured their attention include the Ford F-150 Lightning, Tesla Cybertruck, Chevrolet Silverado EV, Toyota Tacoma EV, Rivian R1T, GMC Sierra EV, and Canoo Pickup Truck.
Drivers' slower adoption of electric trucks can be attributed to valid concerns. While range anxiety is becoming less of an issue for most passenger vehicles, it is still significant for truck drivers who use their vehicles for heavy-duty tasks like towing. Electric trucks' range can be affected under these conditions, leading to driver hesitancy.
Cybertruck Gets the Attention
Interestingly, when the survey shifted its focus to non-truck drivers, the Tesla Cybertruck emerged as the most anticipated electric pickup. This finding suggests a difference in perception between truck drivers and the general public, who might be more attracted to Cybertruck's futuristic design and unique features.
Despite the Cybertruck's popularity among non-truck drivers, 56% of the truck drivers surveyed don't believe it is a "real" truck. The reasons for this perception remain unclear, but it could be due to the unconventional design, the vehicle's specifications, or other factors that might not align with traditional truck drivers' expectations.
Electric truck survey was completed by AmericanTrucks.com
Tesla has announced plans to begin Cybertruck production this summer, but many truck drivers surveyed believe it will be at least two years before it becomes widely available. Their skepticism might also be influenced by Tesla's track record of production delays and the fact that there are already around a million reservations for the Cybertruck.
Truck drivers are seeking longer ranges, increased availability of charging stations, and faster charging times before they fully commit to switching to electric trucks. These factors play a crucial role in ensuring that electric trucks can be effectively used for work purposes, just as their gasoline-powered counterparts have been for years. It will be interesting to see how perceptions change and whether the Tesla Cybertruck can eventually win over the hearts of traditional truck drivers.
Tesla's Model 3 Long Range may be set to make a comeback
Not a Tesla App
Tesla halted production of the immensely popular Model 3 Long Range last summer due to an overwhelming backlog of orders extending well into 2023. This move left customers with only the base, rear-wheel drive version and much more expensive performance version of the Model 3 available for purchase.
However, recent developments suggest that Tesla might soon begin accepting orders for the Model 3 Long Range once again. One of our readers, Jake Bercic, pointed out that the price of the Long Range Model 3 has appeared on a Canadian Tesla support page. The price appears among other Tesla models, which all reflect current pricing.
Update: It looks like Tesla has kept the Model 3 Long Range model on this support page, and they updated the pricing in January 2023.
The prices displayed on the Canadian support page for the Long Range Model 3 are:
Rear wheel drive: $54,990 CAD (this version in the US: $42,990)
Dual motor Long Range: $67,990 CAD (equal to approximately $49,700 USD)
Performance: $72,990 CAD (this version in the US: $53,990)
Project Highland and New Price
The possible return of the Model 3 Long Range comes amidst speculation of Tesla's Project Highland - the refreshed Model 3. We recently uncovered more details about Project Highland. The possible reintroduction of the Model 3 Long Range, coupled with Project Highland, could signal a new chapter in Tesla's EV dominance. By bringing back a highly sought-after model and potentially introducing a new and improved version, Tesla continues to demonstrate its commitment to innovation and meeting the increasing demand for electric vehicles.
The possible reintroduction of the Model 3 Long Range, coupled with Project Highland, could signal a new chapter in Tesla's EV dominance. By bringing back a highly sought-after model and potentially introducing a new and improved version, Tesla continues to demonstrate its commitment to innovation and meeting the increasing demand for electric vehicles.
This development is particularly noteworthy, as the Model 3 Long Range's previous price of $57,990 USD, made it ineligible for the new US tax credit for electric cars. With the new regulation, a price cap of $55,000 applies to passenger car models, and $80,000 for SUVs and pickups. That means all Model 3's are eligible for the $7,500 tax credit.
The halt in Model 3 Long Range production came after Tesla CEO Elon Musk warned about potential order freezes due to a sharp increase in demand for electric cars in several regions of the United States. Musk had stated that once Tesla increased production, the model variant would return to the market. Now, it seems that the time for its return might be near.
TeslaFi is a service that logs your drives and charging sessions so that you can later refer back to them. We highly recommend checking them out if you use your car for business trips and would like to keep track of reimbursements, if you like to see how much you spend on charging or if you just love statistics. View their about us page and see everything they have to offer!