Tesla shares (NASDAQ:TSLA) started showing some recovery on Monday, trading up 4.70% at $275.61 per share during the opening bell. The company’s apparent recovery comes amidst news of Wall Street’s optimism on Tesla stock, despite the noise presently surrounding the company.

In a recent note to clients, Baird analyst Ben Kallo stated that while there is a lot of drama over Tesla today, the company is still worth investing in. The analyst also noted that he was recently given a tour of the Fremont factory, and he came away “incrementally positive” about Tesla. Kallo outlined his observations from the tour in a note published on Monday titled Tesla, Inc.: Buy Even with Drama in LBC.

Kallo took particular notice of the advantages brought about by Gigafactory 1, which he believes will give Tesla a competitive advantage in the market. The analyst also gave TSLA a “Fresh Pick” rating amidst the company’s improving fundamentals, which would likely drive shares higher.

“Gigafactory 1 creates a significant barrier for competition and manufacturing capability should be a competitive advantage for TSLA over the long term. We believe TSLA’s Gigafactory enables the company to drive down costs through an industrialization of battery pack assembly and economies of scale. While negative headlines around management turnover and executive leadership could be an overhang, we are labeling TSLA a ‘Fresh Pick’ as we believe strong fundamentals should drive shares higher,” Kallo wrote.

The Baird analyst maintained a “Buy” rating and a $411 price target for Tesla, which corresponds to a 56.1% upside from Friday’s close at $263.24 per share. Kallo also noted that he is convinced that Tesla’s results for the second half of 2018 would likely beat expectations.

Adam Kobeissi, founder and editor in chief of The Kobeissi Letter, also adopted a somewhat bullish outlook on Tesla stock. Kobeissi noted that he is considering selling put options on shares in the wake of former Tesla Chief Accounting Officer David H. Morton’s departure from the company and Elon Musk’s behavior. In his newsletter, Kobeissi noted that the decline in Tesla stock’s price appears to be a “mispricing.”

“The reason I am doing so is because these recent events have had little impact on TSLA’s fundamentals but led to a $100 decline in the stock, which appears to be mispricing,” he wrote.

Tesla is currently aiming to produce a record number of Model 3 this third quarter, with the company targeting a production of 50,000-55,000 units of the electric car. While these targets are ambitious, a blog post written by CEO Elon Musk and posted on Tesla’s official website last Friday noted that the company is poised to have the “most amazing quarter” in its history, and it is about to build and deliver “more than twice as many cars” as it did last quarter.

As of writing, Tesla shares are up 4.47% at $275.00 per share.

Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.

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When Elon Musk revealed the specs of the Model 3 Performance on Twitter, he noted that the electric sedan would be able to outperform iconic high-performance cars like the BMW M3 around the track. In true Tesla tradition, the Model 3 Performance is a beast when it comes to acceleration, with the electric sedan being listed with a 0-60 mph time of 3.5 seconds.

Also in true Tesla tradition, the electric car turned out to be a little bit faster than Elon Musk’s initially-announced figures. Musk himself teased improvements in the Model 3 Performance’s power on Twitter before deliveries of the vehicle began, noting that Tesla would probably be able to increase the vehicle’s output by “a little,” and later stating that the electric car could probably do 0-60 mph runs in 3.3 seconds provided that it’s equipped with grippier tires and wider rear wheels.

VBOX Tests of the electric car doing 0-60 mph runs show that the Model 3 Performance can hit Elon Musk’s quoted 3.3 seconds with stock tires and wheels. With a full battery, the Model 3 Performance was even able to hit 60 mph in just 3.18 seconds, far quicker than Tesla’s official estimates.

So what happens now if the Model 3 Performance is fitted with lightweight rims and broader, grippier tires? That question was recently addressed by Tesla owner-enthusiast Erik Strait, better known as the host of YouTube’s DÆrik channel. The YouTube host opted to acquire a set of lightweight, staggered wheels from T-Sportline to see how the vehicle’s acceleration changes depending on the Model 3 Performance’s wheels and tires.

The lightweight rims installed on the vehicle were around 32 pounds lighter than Tesla’s 20″ Sport Wheels for the Model 3 Performance. The rear tires were also 2 inches wider than Tesla’s stock tires, giving the electric sedan a staggered wheel setup.

Some car manufacturers employ staggered wheels for their high-performance models. Chevrolet, for example, adopts this wheel setup for the Corvette. While staggered wheels give vehicles a better stance, the configuration also improves handling and control, as well as traction. There is a reason why cars optimized for high-speed driving such as F-1 racers use staggered wheel setups, after all.

As could be seen in DÆrik’s video, the Model 3 Performance, when fitted with lightweight wheels and staggered tires, can hit 60 mph in just 3.13 seconds — and that’s with the vehicle not being fully charged. With a full battery, there is a good chance that the electric car could get even better acceleration figures. Ultimately, stickier wheels and wider tires don’t make the Model 3 Performance as quick as a Ludicrous Mode-enabled Model S P100D, which goes from 0-60 mph in 2.3 seconds, but the electric sedan is still plenty quick.

Besides, one of the biggest draws of the Model 3 Performance is the fact that its capabilities go beyond straight line acceleration. The electric sedan is the first among Tesla’s lineup that is set to receive a dedicated Track Mode, which optimizes the vehicle for hard driving around racecourses. Elon Musk calls Track Mode the “Expert User Mode” for the car, and if early reviews of the feature are any indication, the electric sedan might very well be the first Tesla that could dominate on the track as well as the Model S P100D dominates on the drag strip.

Watch the Model 3 Performance’s acceleration with a staggered wheel setup in the video below.

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Tesla is bringing the Model 3 to this year’s 2018 Paris Motor Show, giving the country’s reservation holders and enthusiasts the opportunity to see the vehicle in person before its official rollout to the EU region next year.

The 2018 Paris Motor Show is set to be held at the Porte de Versailles from October 4-14. Tesla is set to feature the Model 3 at the event, together with the Model S and Model X, as well as the Powerwall home battery system. Tesla’s official page in the 2018 Paris Motor Show’s website notes that the event would mark the vehicle’s second official appearance in Europe before deliveries for the region begin.

“Model 3 is making its second appearance in Europe before the first deliveries scheduled for the first half of 2019. Tariffs and information on European markets will be communicated later to holders of a Model 3 reservation.”

Back in March, Tesla CEO Elon Musk stated that the right-hand drive versions of the Model 3 would likely be released to the EU region in the summer of 2018. As the company starts hitting its stride with the production of the Model 3, Tesla has started teasing the vehicle to other territories over the past few months.

In August, for example, Tesla opted to bring the Model 3 to Australia and New Zealand, allowing reservation holders living in the countries to get some hands-on experience with the electric car. The Model 3 also became the centerpiece of Tesla’s booth at the 2018 Goodwood Festival of Speed, where the electric sedan attracted a lot of attention from attendees. Just like Tesla’s upcoming appearance at the 2018 Paris Motor Show, the company also showcased the Model S sedan and the Model X SUV at its booth at the Festival of Speed.

Tesla’s Model 3 production has been ongoing for more than a year now, and for the most part, the company has been laser-focused on ramping its manufacturing capabilities before bringing the vehicle to other regions like Europe. So far, Tesla has only started deliveries of the Model 3 in the United States and Canada, but as the company improves its run rates for the vehicle, it would only be a matter of time before the company saturates other regions with the electric sedan as well.

Elon Musk is noted to have presented the first right-hand drive Model S to customers in London roughly two years after Tesla started production of the full-sized premium sedan. While this does not mean that the Model 3 would take as long before it reaches EU shores, the company’s timeline with the Model S does provide insight that prioritization will largely be driven by volume of demand.  

Tesla is currently attempting to manufacture a record number of Model 3 this quarter, with Elon Musk noting in a recent letter to employees that the company is poised to produce and deliver around twice as many vehicles as it did last quarter.

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Tesla stock (NASDAQ:TSLA) is showing its trademark volatility today, amidst a longtime bull’s more cautious stance and a surprisingly optimistic outlook from a longtime critic. Tesla shares opened at $279.68 on Tuesday’s trading, down 2.04% from Monday’s $285.50 close.

In a recent note on Tuesday, Nomura Instinet analyst Romit Shah downgraded Tesla from “Buy” to “Neutral” in a note to clients titled No Longer Investable. Shah stated in his note that he had been one of Tesla’s biggest bulls since starting his coverage of the company last October, but recent developments concerning Elon Musk have been less than encouraging, particularly regarding the CEO’s Twitter behavior.

“The issue though is the erratic behavior of CEO Elon Musk. During the second quarter, the switch seemingly flipped. This is best expressed in the number of tweets per day, which increased to 15 per day since May from four per day during the prior 18 months,” Shah wrote.

That being said, the Nomura Instinet analyst remains optimistic about the progress that Tesla as a company has accomplished with the Model 3 production ramp. Shah noted that Tesla could very well out-innovate the competition, and the company may eventually become much bigger than it is today, but it would be wise to remain on the sidelines until the electric car maker has better leadership.

“With the launch of the Model 3, we saw that consumers were willing to forego compelling alternatives despite extended wait times and a premium price point. Notwithstanding improving fundamentals, we believe that Tesla is in need of better leadership (an about-face) and are moving to the sidelines until we see what happens with management,” Shah wrote.

With his recent note, the Nomura Instinet analyst opted to cut Tesla’s price target from $400 to $300.

In what could only be described as a dash of irony, Tesla recently received an optimistic outlook from a longtime critic as well. In a note published on Monday, Bernstein analyst Toni Sacconaghi stated that TSLA shares would likely bounce back up after the company’s recent drops. Sacconaghi, who has been a vocal critic of Tesla in the past (he is also one of the two analysts that caught Elon Musk’s ire during the now-infamous Q1 2018 earnings call), stated that whenever the company’s shares dipped below $300, it became an “attractive” entry point for investors.

“We see the current dip in Tesla’s stock as analogous to prior trading opportunities, which have tended to arise when the stock falls below ~$300 per share. We think the setup in sentiment looks relatively favorable for the next few weeks. We now see the near-term risk-reward for Tesla as relatively skewed to the upside, given the potential for the stock to revert towards the middle of its $270 to $370 range,” the analyst wrote.

Sacconaghi also noted that behind the noise from the controversies surrounding Elon Musk, Tesla itself appears to be on track for its Model 3 goals this quarter.

“However, it is unclear to us that any of these are deal breakers for the stock. There has been little incremental news about Tesla’s fundamentals. The company appears to remain on track to meet its Model 3 production guidance,” Sacconaghi wrote.

With less than three weeks before the end of September, Tesla is now in full throttle as it attempts to reach its target of producing a total of 50,000-55,000 Model 3 this quarter. Elon Musk appears to be confident of the company’s chances this Q3, as revealed in a letter to employees shared in Tesla’s official blog last Friday. In the letter, Musk noted that Tesla is poised to have the “most amazing quarter” in its history, and it is about to build and deliver “more than twice as many cars” as it did in Q2 2018.

As of writing, Tesla shares are trading down 2.74% at $277.69 per share.

Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours. 

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Elon Musk’s prediction last July that the Model 3’s production hell is coming to an end seems to be ringing true. Tesla is currently in the final month of Q3 2018, and according to Musk in a letter to employees shared last Friday, the company is on the cusp of its “most amazing quarter” yet, as it prepares to build and deliver “more than twice as many cars” as it did in the second quarter.

The catalyst for Tesla’s growth is the Model 3. Dubbed by Elon Musk as a “bet-the-company” vehicle, the Model 3’s success or failure could dictate Tesla’s future. So far, though, the Model 3 has been performing well, being dubbed by auto sales tracking website GoodCarBadCar as the 5th best-selling passenger car in the United States last August. Tesla was able to achieve this despite producing only three variants of the electric car — the Long Range RWD, the Long Range AWD, and the AWD Performance version. The Model 3’s base trim, which is expected to cost $35,000 before any options, is still not being produced.

If Tesla plays its cards right, the $35,000 standard trim Model 3 could very well become a fossil-fuel car killer. At its price point, the base Model 3 becomes comparable in price to some of the United States’ best-selling passenger cars like the Toyota Camry, whose top-of-the-line XSE V6 trim is priced at $34,950. While the potential of the $35,000 Model 3 is vast, Tesla and even CEO Elon Musk have been quite conservative when releasing updates about the upcoming electric sedan.

That is, until now. Just recently, Worm Capital analysts Eric Markowitz and Dan Crowley published a post on the financial firm’s website outlining their insights on Tesla after a tour of Gigafactory 1. Tesla’s head of investor relations Martin Viecha facilitated the tour, while also provided some updates on the company’s upcoming projects. Among these projects was the $35,000 standard trim Model 3.

According to the analysts, they were informed that the Model 3’s base variant, which is equipped with a shorter-range battery, would likely start production “in the next 8 months.” With this statement in mind, it appears safe to infer that by April or Mar 2019, Tesla would be manufacturing the $35,000 base Model 3.

Contrary to an emerging Tesla bear thesis that demand for the Model 3 is declining, the analysts noted that the electric car maker is currently focused on selling higher-margin cars such as the Model 3 Performance and the Long Range AWD Model 3, where “demand continues to exceed what is being produced.” This is in line with Tesla head of sales Robin Ren’s statement in the Q2 2018 earnings call, when he noted that the company is seeing “more orders for the All-Wheel Drive dual-motor car and performance cars combined than the rear wheel drives.”

Back in June, Tesla CEO Elon Musk provided a rough estimate as to when the initial production of the $35,000 Standard trim Model 3 would begin. Musk also noted that Tesla would likely start producing the vehicle’s smaller battery packs at the end of 2018.

“We will definitely offer a $35,000 version of the Model 3. And probably at the end of this year is when we will be able to make a smaller version of the battery pack, and get into volume production of $35,000 version in Q1 next year. We would definitely honor that obligation, and we would do so right now if it were possible,” Musk said.

The recent timeline related by Martin Viecha covers and exceeds Q1 2019, considering that his estimated timeframe ends at either April or May next year. That being said, Tesla definitely appears to be getting ready for the rollout of the $35,000 base Model 3, as well as succeeding models like the standard-range AWD version. Once Tesla is manufacturing the full range of the Model 3’s variants, it would not be too surprising if the vehicle ends up dethroning best-selling passenger cars like the Toyota Camry in the United States.

The Tesla Model 3’s base variant has a 220-mile range, a 0-60 mph time of 5.6 seconds, and a top speed of 130 mph. The vehicle starts at $35,000 before any options.

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Less than a week after the departure of former CAO Dave Morton, Tesla VP for worldwide finance and operations Justin McAnear announced that he would be leaving the company on October. Prior to working for Tesla, McAnear was employed at Apple, where he served in the company’s finance team.

McAnear’s upcoming departure from the electric car maker has resulted in a fresh wave of reservations about Tesla’s high turnover rate. The company’s executive departures became a particular point of interest for the company’s critics, particularly in light of Elon Musk’s short-lived attempt to take the company private last month, as well as Tesla’s ongoing efforts to ramp Model 3 production and achieve profitability this Q3 2018.

Justin McAnear has issued a statement to The Verge about his upcoming departure, explaining that he is leaving Tesla because he has been offered a CFO role at another company. McAnear also noted that he is departing Tesla on good terms, and that several members of his team would be stepping up to fill his role.

“Several weeks ago, I announced to my team that I would be leaving Tesla because I had the chance to take a CFO role at another company. I’ve truly loved my time at Tesla, and I have great respect for my colleagues and the work they do, but this was simply an opportunity I couldn’t pass up. Any other speculation as to why I’ve left is simply inaccurate. I’ve been working with the team to ensure a smooth transition prior to my last day on October 7th, and a number of members of the team are stepping up to fill my role,” he noted.

In light of McAnear’s upcoming departure, Tigress Financial Partners chief investment officer Ivan Feinseth stated in a recent segment of Bloomberg Technology that while executive departures are never a good thing, Tesla would likely not have any problems filling its vacant executive roles. Feinseth further noted that Tesla’s place as a disruptor of the auto industry could very well be perceived as an opportunity by potential executives.

“I do believe there’s a long line of people who would love to work at Tesla. I don’t think they are going to have a hard time replacing anybody that’s leaving any of these positions, the opportunity to still get in on what is the ground floor of a company that is making huge changes to the automobile industry. And that is very appealing to people who are in Silicon Valley. A lot of companies do have high turnover. People in Silicon Valley tend to look for the next big opportunity. So the turnover is never good, but I think there’s opportunity to fill the positions pretty easily,” he said.

Tesla’s position as a disruptor in the US auto industry could very well be established this Q3 2018. After hitting its then-elusive goal of producing 5,000 Model 3 in a week at the end of June, the company has been in overdrive trying to sustain its optimal production levels for the electric car. In an email to employees shared on Tesla’s official blog on Friday, Elon Musk stated that the company is on the cusp of its most “amazing” quarter in its history, likely build and deliver “more than twice as many cars” as it did in Q2 2018.

Since the announcement of Justin McAnear’s upcoming departure and his subsequent statement explaining why he is leaving the company, Tesla stock (NASDAQ:TSLA) has largely remained resilient. As of writing, the company’s stocks are trading at $289.48, down 0.36% from Wednesday’s $290.54 close. 

Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.

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Since Tesla started releasing the Model 3 Performance, the high-performance electric sedan has gained accolades from numerous publications, from The Wall Street Journal to Popular Mechanics. While Tesla did not design the Model 3 Performance to be quicker on the quarter-mile than its larger, more expensive siblings — the Model S P100D and the Model X P100D — the electric car is proving to be a performer on the quarter-mile just the same.

Latest case in point? A series of drag races recently shared by Tesla owner-enthusiast Erik Strait, better known as the host of YouTube’s DÆrik channel. After fitting the Model 3 Performance with staggered tires and lightweight wheels, Erik opted to test out the electric sedan at a local drag strip to see how well it stacked up against other vehicles.

The Model 3 Performance faced several notable opponents in its day at the drag strip, including a Tesla Model X P100D with Ludicrous Mode. The battle between the two Teslas proved interesting, considering that the Model 3 Performance finished the quarter-mile in 11.74 seconds at 115.46 mph, which was incredibly close to the Model X P100DL’s 11.66-second, 115.73 mph pass.

It should also be noted that the Model X P100D ended up launching ahead of the Model 3 Performance, and the SUV’s driver had a better reaction time (0.014 secs vs. Erik’s 0.338 secs). Had the two vehicles launched at the same moment, the race could have been even closer. This was despite the Model X P100D with Ludicrous Mode being listed with a 0-60 mph time of 2.8 seconds, while the Model 3 Performance is listed with a 3.3-second 0-60 mph time.   

Apart from the Tesla Model X P100D, the Model 3 Performance also battled a unique opponent in the form of a souped-up 1964 Ford Falcon. The vintage car is fully set up for the drag strip, as could be seen in its upgraded suspension and its drag-optimized tire setup. The souped-up Falcon looked and sounded daunting before the race, causing the YouTube host to note that the Model 3 Performance would probably lose.

The Falcon actually got the jump on the Model 3 Performance when the race started, getting a slight lead before the all-electric sedan caught up and overtook it. Once it established a lead, the Model 3 Performance just pulled away, dominating the souped-up vintage racer. The race ended with the Model 3 Performance hitting the quarter-mile mark in 11.76 seconds at 115.49 mph. The Ford Falcon drag racer completed the run in 13.21 seconds while traveling at 103.73 mph.

Tesla has not given the Model 3 Performance a feature that allows it to perform better in straight-line races, though it is set to become the first vehicle that receives Tesla’s dedicated Track Mode feature. Elon Musk dubs Track Mode as an “Expert User Mode” for the Model 3 Performance, in the way that it would allow drivers to modify the vehicle’s settings to optimize it for hard hard driving. Track Mode has not been fully released yet, but early reviews of the feature, such as those from auto publications like Car and Driver and Road & Track, have been positive so far. 

Watch the Model 3 Performance battle the Model X P100D and a souped up Ford Falcon in the video below.

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Back in Tesla’s 2018 Annual Shareholder Meeting, Elon Musk stated that the company is opening in-house body shops to reduce the time it takes for owners to get their cars repaired. The first nine of these in-house body shops were announced in Tesla’s official website earlier this month, and so far, reports of the service they provide have been very positive.

Just last week, u/ekobres, a Model 3 owner and member of the r/TeslaMotors subreddit, shared his experience with Tesla’s in-house repair shop in Marietta, Georgia, which reportedly fixed a panel alignment issue in one day. According to the Model 3 owner, Tesla picked up the car, loaned him a vehicle, and delivered it back fully fixed and cleaned within nine hours. While this turnaround time was impressive, the work done in u/ekobres’ Model 3 was rather minor. Thus, it remained to be seen how fast Tesla’s in-house repair shops could fix a vehicle with more significant damages.

One such vehicle was sent to the same in-house body repair shop in Marietta, GA recently. The Model 3 was owned by the hosts of YouTube’s Like Tesla channel, who noted that their vehicle was damaged after a car backed into it. The electric car was still drivable after the accident, but a portion of its front bumper was hanging out, and its left headlight was cracked from the impact. Kim, the YouTube channel’s host, even aired her concern as to when they would get their Model 3 back, considering Tesla’s notorious wait times even for otherwise simple repairs.

Fortunately for the Model 3 owners, they were in the vicinity of Tesla’s in-house body shop in Marietta. Within an hour of the accident, the shop had been contacted, and necessary information such as the claim number and the electric car’s VIN were taken. The shop also started coordinating with the responsible party’s insurance provider. The next day, Tesla Service came by, dropped off a Model X loaner, and took the damaged Model 3 to be repaired.

Forty-five minutes after that, Tesla notified the Model 3 owners that their car had arrived at the shop, and around four hours later, images of the vehicle being worked on were sent over. Not long after, the in-house body shop sent another message informing the Model 3 owners that their car had been fully repaired, complete with a new bumper, front fender, headlight, and wheel. It was just 25 hours after the accident.

The rapid turnaround time of the Model 3’s repair stands as yet another example of Tesla’s continued attempts at improving its service to its growing customer base. This was highlighted in one of Elon Musk’s tweets last month, when he noted that Tesla is aiming to improve its in-house repair shops to such a level that same-day repairs become possible.

Tesla body shops are ramping up fast. Aiming to go from 30+ days using external body repair shops to same day body repair with prestocked parts at Tesla service centers.

— Elon Musk (@elonmusk) July 31, 2018

If these recent accounts are any indication, it appears that Tesla’s ramp of its in-house repair shops is moving alongside the company’s ramp for Model 3 production. While Tesla’s body shops are only addressing minor repairs for now (major damages are still referred to the company’s network of certified, third-party repair shops), the service they provide undoubtedly improves the ownership experience. Once Tesla’s in-house shops are fully ramped, the company might finally be able to shake off its image of providing great cars that are beautiful and powerful, but are a pain to get repaired. 

Watch Like Tesla‘s Model 3 repair experience with an in-house body shop in the video below.

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True to Elon Musk’s tweets on Sunday, Tesla has officially retired free unlimited Supercharging for Model S, Model X, and Model 3 Performance purchased using a referral code. In its place, Tesla has rolled out a $100 Supercharging credit for qualifying vehicles instead.

Tesla has been teasing the end of free unlimited Supercharging for around two years now, but so far, the company has been perennially extending the offer as part of its Referral Program. This has allowed the company to roll out a fleet of premium electric cars that are capable of using the Supercharger Network, arguably one of Tesla’s biggest moats (inasmuch as Elon Musk dislikes the term), for free.

In a series of updates on Sunday, Elon Musk discussed some points about free unlimited Supercharging and why Tesla is ending the program. When asked if the program would be extended to customers in countries where Tesla is yet to establish a presence, for example, Musk noted that free unlimited Supercharging is not really sustainable at this point. Musk further mentioned that the retirement of free unlimited Supercharging should have probably happened sooner.

Sorry, it’s not really sustainable at volume production & doesn’t incent optimal behavior. We probably should have ended this earlier.

— Elon Musk (@elonmusk) September 17, 2018

There is no denying that Tesla’s $100 Supercharger credit for new Model S, Model X, and Model 3 Performance purchased using a referral code carries less value than free unlimited Supercharging. That being said, Tesla’s ever-growing fleet of vehicles, augmented by the company’s intentions to ramp its production even more in the near future, means that there will soon be far more Teslas on the roads than ever before. Thus, Tesla’s decision to retire the offer does seem to be the strategic thing to do.

Contrary to competitors such as Porsche, which has explicitly noted that it would be looking to its fast-charging network as a source of revenue, the California-based electric car maker has maintained that it does not look at the Supercharger Network as a major source of profit. This is exhibited in road trips conducted using the Long Range RWD Model 3, a vehicle that does not qualify for free unlimited Supercharging.

Earlier this year, for example, a family who documented their road trip in a Long Range RWD Model 3 noted that Tesla only charged them around 24 cents per kWh (around $12 per charge) when they use the Supercharger Network, which translates to about 6 cents per mile in energy costs for approximately 200 miles of driving. In a fossil fuel-powered vehicle that averages about 26 MPG, the same trip would have cost about $23 in gas, provided that fuel was priced at $2.99 per gallon.

Overall, it is quite unfortunate to see free unlimited Supercharging go, but considering the growth of the company, the retirement of the program has been inevitable for a while now. That being said, the rest of Tesla’s Referral Program remains mostly unchanged from before.

Following is the list of perks for owners who refer their friends and family to the company.

Model S, Model X, and Model 3 Performance: $100 Supercharging Credit

Owners can give five friends a $100 Supercharging credit with the purchase of a new Model S, Model X or Model 3 Performance.

As a thank you, starting September 17, 2018, participating owners will be eligible to receive referral awards.

1 to 2 Qualifying Referrals:

Owners can choose either of the options below for each of their first and second referrals.

• Signature Black Wall Connector – This matte black Wall Connector is exclusive to the Referral Program and includes an etch of Elon’s signature. This award will start shipping in July 2018.
• Founders Series Tesla Model S for Kids – Share the Tesla experience with your kids, with this miniature drivable electric Model S – including working headlights, a sound system, and a charge port, just like yours.

3 Qualifying Referrals:

• Early Access Token for Solar Roof – Be one of the first to get Solar Roof with this early-access token for priority scheduling of a Solar Roof installation. If you do not use this award, the token may be given to a friend.

4 Qualifying Referrals:

Owners can choose either of the options below for their fourth referral.

• 21” Arachnid Wheels for Model S or 22” Turbine Wheels for Model X – Enhance the performance of your Tesla with these exclusive wheels.
• One Week with Model S or Model X – Experience a new Model S or Model X for one week—at home or on the road. If you do not use this award, this exclusive test drive may be given to a friend.

5 Qualifying Referrals:

• Tesla Unveiling Invitation – Experience an official unveiling event. Owners who reach five referral orders will be invited to a future unveiling event. Your VIP invitation will be valid for you and one guest.
• Founders Series Powerwall 2 – Store energy for future use and provide backup power with this red, limited-production Powerwall 2 home battery.

Race an Electric Semi Truck

One winner each week will get to race a giant electric semi truck around our test track. There will be additional prizes and trophies for the best track times. Each friend who signs up for our newsletter through your referral link gets each of you an entry. Owners can track their entries and the leaderboard in the Tesla App.

Solar: 5-Year Extended Limited Warranty

Owners can give five friends a 5-year extended limited warranty on a new solar energy system installation, and will be eligible to receive referral awards.

1 to 4 Qualifying Referrals:

Receive $400 cash or $750 in credit per each installed referral. – Credits are valid for 12 months from the referral installation date and can be used toward new Tesla products or accessories.

5 Qualifying Referrals:

Founders Series Powerwall 2 – Store energy for future use and provide backup power with this red, limited-production Powerwall 2 home battery.

Other details of Tesla’s Referral Program can be accessed here.

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Tesla is now on full throttle as it attempts to deliver as many vehicles as it can to Model 3 reservation holders before the end of the third quarter. As the company hits new production levels for the electric car, Tesla is now finding itself facing yet another challenge — a new type of hell, even. As dubbed by Elon Musk in a recent tweet, Tesla has gone from “production hell” straight into “delivery logistics hell.”

Elon Musk was online this Sunday on Twitter, and during his interactions with his followers, he was faced with an inquiry from a Model 3 reservation holder whose delivery had been delayed multiple times. Megan Gale, the reservation holder, noted that her delivery date had been moved four times before she was informed that her Model 3’s handover had been delayed “indefinitely.”

Musk promptly admitted fault, stating that the company is currently facing challenges with delivery logistics. Musk did note, though, that delivery logistics hell is far more tractable than production hell; and thus, Tesla should be able to solve the issue shortly.

Sorry, we’ve gone from production hell to delivery logistics hell, but this problem is far more tractable. We’re making rapid progress. Should be solved shortly.

— Elon Musk (@elonmusk) September 17, 2018

While there are now reservation holders being inconvenienced due to Tesla’s inability to deliver their vehicles on time, the current issue does indicate something notably positive for one of the company’s targets this Q3 — the production numbers of the Model 3. Tesla has announced that it is aiming to produce 50,000-55,000 Model 3 for the third quarter, and just recently, an email from Elon Musk to the company’s employees noted that Tesla would likely build and deliver around twice as many vehicles as it did last quarter.

If Tesla is on track in meeting the milestones Elon Musk outlined in his letter, the company’s delivery centers across the United States are likely experiencing an influx of vehicles at a scale they have never experienced before. For a company that is still finding its legs as a mainstream carmaker, this sudden increase in the number of impending deliveries would likely result in challenges.

This is not to say that Tesla is being caught off guard by its own production numbers. This quarter, the company has implemented programs designed to speed up the delivery process, such as the 5-Minute Sign & Drive delivery program. Unlike Tesla’s old delivery system that involves a thorough walkthrough of its electric cars’ functions, the 5-Minute Sign & Drive system only covers the basics of the vehicles. The electric cars’ more specific features and capabilities are expected to be reviewed by reservation holders prior to the delivery date. Back in July, Elon Musk also noted that Tesla is working on a system that would get rid of paper contracts completely by having customers sign necessary documents online. Musk further noted that in the future, Tesla’s customers should be able to return the electric cars just like any other consumer product, in the event that they are unsatisfied with the vehicle.

There is a lot at stake for Tesla this third quarter. After achieving its then-elusive goal of manufacturing 5,000 Model 3 per week at the end of Q2 2018, the company has focused itself on the task of pushing Model 3 production even further and ending the quarter as a profitable company. These goals are undoubtedly ambitious, but Tesla seems to have a shot at accomplishing just that. Analysts from Evercore ISI and Worm Capital, for one, have noted that with the right optimizations, Tesla should be able to maintain a steady production rate of 5,000-6,000 Model 3 per week. The Evercore ISI analysts even noted that with minimal CapEx, Tesla should be able to manufacture up to 8,000 Model 3 per week.

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Tesla stock (NASDAQ:TSLA) is showing its resilience as it heads towards the final two weeks of September, despite the company being on the receiving end of yet another short-seller-centered piece from a major news outlet, and fellow EV-maker Lucid Motors gaining $1 billion worth of funding from the Saudi Public Investment Fund.

Just a couple of weeks after Reuters published an article at the end of August celebrating the work being done by a number of Tesla short-sellers, The New York Times has now published a TSLA short-seller-centered article of its own. The piece, which was posted on Monday, featured some of Tesla’s staunchest critics, including George Noble of Noble Capital Investors, Gabe Hoffman or Accipiter Capital, and Mark B. Spiegel of Stanphyl Capital.

The article outlined the thesis of the company’s short-sellers, including arguments about TSLA stock being overvalued, the company’s “cash burn,” and Elon Musk not being “mentally fit” to lead the company. The piece also discussed the emerging bear thesis questioning the demand for Tesla’s vehicles like the Model 3, due to sightings of cars being stored in areas like the Burbank Airport.

“That’s inventory. Everything they produce is supposed to be delivered or in transit on the way to the customer. If there’s nothing wrong with demand, why are there all these cars in Burbank? Something doesn’t add up,” Hoffman said.

The Burbank Airport is known as an overflow lot for Tesla’s vehicles, where cars are stored while they wait for delivery. When the publication asked if Tesla could address the doubts raised about inventory, company spokesman Dave Arnold sent back a statement to the NYT reading a simple message — “We will get back to you shortly.”

This Monday, future Tesla rival Lucid Motors also received $1 billion worth of funding from Saudi Arabia’s Investment Fund, the same fund that bought a 5% stake in Tesla earlier this year, and the same fund which formed a good part of Elon Musk’s now-infamous “funding secured” tweet. The $1 billion investment is set to finance the electric car startup as it aims to get its first vehicle, the Lucid Air, ready for a commercial launch in 2020.

The deal is a notable win for Lucid Motors, which has, for the past year, struggled to secure funding that would allow it to start making its vehicles. Under its agreement with the Saudi fund, Lucid is expected to use the funding to complete the engineering development and testing of the Lucid Air, build its factory in Casa Grande, AZ, and start the global rollout of its retail strategy beginning in North America. The funding is also expected to help the company start the production of the Air.

Lucid Motors chief technology officer Peter Rawlinson, who used to be an executive at Tesla, noted in a statement to The Verge that the company would be aiming to push the electric car industry forward.

“The convergence of new technologies is reshaping the automobile, but the benefits have yet to be truly realized. This is inhibiting the pace at which sustainable mobility and energy are adopted. At Lucid, we will demonstrate the full potential of the electric connected vehicle in order to push the industry forward,” he said.

As of writing, Tesla stock is trading up 1.19 at $298.57 per share. 

Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours. 

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Amidst the company’s continued push for the Model 3, Tesla has shared a video of the electric car being subjected to a road simulator, a machine that is usually utilized to test the durability of a vehicle and evaluate a car’s ride quality.

The machine being used by Tesla on the Model 3 appears to be a 4-poster automotive test system, which consists of four hydraulic actuators, on top of which the wheels of a car is placed. As could be seen in Tesla’s brief clip of the Model 3, the movements of the actuators simulate road surfaces and forces exerted by the road on the vehicle’s wheels. Apart from simulating road surfaces, 4-poster automotive test systems are also used to test production vehicles for squeaks and rattles, as well as to ensure that a car has no loose parts. The system is used to evaluate noise vibrations and harshness, as well as ride comfort.

Testing Model 3 durability on our road simulator pic.twitter.com/Yw06OxJQaZ

— Tesla (@Tesla) September 17, 2018

Tesla’s recently uploaded video of the Model 3 being tested by a road simulator comes amidst the company’s ongoing push for the vehicle. After anti-selling the Model 3 until most of the second quarter, Tesla has assertively promoted the car over the past couple of months. Even Tesla CEO Elon Musk, who was quite active in anti-selling the Model 3 before the vehicle entered production, changed gears this quarter, promoting the car on his Twitter page.

This became particularly prominent as the company was preparing the rollout of the Model 3 Performance back in July. In a post on Twitter, for example, Musk called on Model 3 reservation holders to test drive the Dual Motor Performance variant even if they haven’t placed an order for the vehicle. Musk noted in his tweet that driving the Model 3 Performance is like having “pure fun jacked straight into your brain whenever you want.”

Whether you plan to buy a Dual Motor Performance Model 3 or not, take it for a test drive anyway. It’s like having pure fun jacked straight into your brain whenever you want.

— Elon Musk (@elonmusk) July 13, 2018

Considering the company’s updates during the Q2 earnings call last month, Elon Musk’s efforts to upsell the Model 3 Performance appears to have borne fruit. While discussing the demand for the Model 3, Tesla’s worldwide head of sales Robin Ren noted that since offering the higher-end versions of the Model 3, the company has started seeing “more orders for the All-Wheel Drive Dual Motor car and performance cars combined than the rear wheel drives.”

Tesla is preparing for what could very well be yet another record quarter for its latest and most disruptive vehicle to date. In an email to employees, Elon Musk noted that the company is “about to have the most amazing quarter in (its) history, building and delivering more than twice as many cars as (it) did last quarter.” Considering that Tesla delivered a total of 40,740 vehicles in Q2 2018, of which 18,440 were Model 3, 10,930 were Model S, and 11,370 were Model X, the company’s numbers this Q3 would most likely be record-breaking indeed.

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Tesla’s highly-anticipated built-in dashcam feature is getting closer to its release. The feature, which is expected to utilize the vehicles’ array of Autopilot cameras to record and save footage around the electric car, is currently in its final testing phase, and it will be rolled out as part of Software Version 9.

The updates to the built-in dashcam feature were recently posted by Elon Musk on Twitter, partly in response to a tweet describing a case of vandalism against a Model 3. Musk noted that a built-in dashcam, which he previously estimated would likely be rolled out on Version 8.3, would be introduced on Version 9 instead. The CEO further stated that the initial release would be a beta version, followed by improvements in Version 9.1.

Good news on this front. Tesla engineering rallied & this will be part of V9. Going through final testing now.

— Elon Musk (@elonmusk) September 17, 2018

Built-in dashcam features are pretty much tailor-fit for the company’s vehicles, considering that the Model S, X, and 3 are fitted with an array of sensors which include eight surround cameras that provide 360 degrees of visibility around the car. These cameras are currently utilized for Autopilot, as well as convenience features like Summon.

These cameras are actually capable of recording events on the road, at least up to a point. Back in 2016, Jason Hughes, a Tesla enthusiast who goes by the handle @wk057 on Twitter, managed to access a few frames worth of recorded footage from a crashed Model S that depicted events prior to the vehicle’s accident. The footage was small, packed to 320×240 B&W frames, and during that time, Hughes noted that a built-in dashcam feature would likely not be possible as there was no way to access a stream of data from the vehicle’s cameras to the MCU. If Elon Musk’s recent updates are any indication, Tesla appears to have found a workaround to address this challenge. 

Tinkering with a crashed @TeslaMotors Model S. #Autopilot camera stored these frames from the accident event. #tesla pic.twitter.com/HdUgVjJ6c3

— Jason Hughes (@wk057) September 13, 2016

Apart from his previous announcement about the feature last May, Elon Musk seems to have teased dashcam capabilities in a post last June as well, when he shared an image of Autopilot features in developer mode. Musk was showcasing Autopilot’s blind spot threshold levels then (one of which was fondly called Mad Max), but the image also included a reference to “Clip Recording,” which seemed to be related to the highly-anticipated built-in dashcam feature.

Tesla’s Software V9 is expected to introduce several new capabilities to the company’s ever-growing fleet of vehicles. Among these are the first features of the company’s Full Self-Driving suite, a “Fade Mode” that dims the MCU automatically when the electric car is being driven, and fun, new Easter Eggs in the form of classic Atari games like Pole Position, Missile Command, and Asteroids. Elon Musk has announced that the rollout of Software Version 9 would likely be released to advanced early access users sometime this month, followed a more widespread release beginning late in September.

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Tesla stock (NASDAQ:TSLA) is maintaining its gains during Tuesday’s early morning trading, closing in on the $300 per share mark amidst a rather surprising acknowledgement from one of the company’s most prominent skeptics after the reveal of a highly-anticipated rival to the Tesla Model X — the Audi e-tron.

UBS Group AG is not a known Tesla supporter. Far from it. The financial services firm is the same company that recently released a report claiming that Tesla would not be able to make a profit with the Model 3’s $35,000 Standard range RWD variant. That being said, UBS analyst Patrick Hummel has released a note to the firm’s clients addressing Tesla’s lead in the premium electric car market and Audi’s reveal of the e-tron SUV.

The UBS analyst’s note, which was sent on Tuesday, was titled Audi e-tron launch – another lap Tesla wins. Hummel noted that while the e-tron represents a solid effort from Audi, the vehicle’s specs and components show that the veteran carmaker is still far behind Tesla when it comes to electric cars. With the e-tron’s launch, the UBS analyst noted that Tesla would likely be able to sustain its lead in the premium electric car market for a bit longer. Hummel further noted that the e-tron’s range, which seems to be around 30-50 miles less than the Model X, and its acceleration, which is “significantly slower” than Tesla’s SUV, would likely make Audi’s electric car a difficult sell for some buyers.

“While we appreciate that a solid EV product is not only about acceleration and range, there is still a gap to Tesla in the powertrain efficiency ratios that reflect the degree of innovation. The electric powertrain is not a commodity yet, and Tesla might be able to sustain its lead for longer. At the margin, the not-so-impressive key stats could dampen the sales outlook and make it more difficult for Audi (or the premium OEMs in general) to break even with their EVs. This plays into Tesla’s hands and in China, into the hands of the emerging local EV players,” he wrote.  

While acknowledging Tesla’s prowess in the electric car industry, UBS has nevertheless kept its Sell rating for TSLA stock. In his note, Hummel reiterated the firm’s $190 price target for Tesla, citing the company’s apparent difficulty in creating enough demand for Model 3 that are priced above $50,000.

Just like the Mercedes-Benz EQC, the Audi e-tron is filled to the brim with bells and whistles. The all-electric SUV, which starts at $74,800, is a five-seater vehicle that could be fitted with Audi’s driver assistance package, massage seats, a heads-up display, and power door closers. The e-tron is equipped with two electric motors that deliver a total power output of 300 kW, as well as a sizable 95 kWh battery. In “Boost” mode, the Audi e-tron is capable of sprinting from 0-60 mph in 5.5 seconds. Audi has been quite silent about the e-tron’s range though, merely stating that the vehicle would exceed 400 km (248 miles) of range per charge.

The Audi e-tron is expected to hit the market sometime in 2019. The vehicle’s initial production is reportedly underway, with the German legacy automaker manufacturing 200 e-trons per day.

Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.

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Amidst Tuesday’s steep drop in Tesla stock (NASDAQ:TSLA) due to reports of the US Department of Justice’s investigation on Elon Musk’s “funding secured” tweet last August, former GM Vice Chairman Bob Lutz has aired his prediction about the electric car maker’s future. While speaking in a segment of CNBC‘s Closing Bell, Lutz noted that Tesla is an “automobile company that is headed for the graveyard.”

Lutz noted that Elon Musk is a “nice guy,” but he does not know how to run a car company. Lutz also expressed his reservations about Tesla’s capability to produce the Model 3 at scale, pointing out the Fremont plant’s low vehicle output.

“They will never make money on the Model 3 because the cost is way too high. He’s got 9,000 people in that assembly plant producing less than 150,000 cars a year. The whole thing just doesn’t compute. It’s an automobile company that is headed for the graveyard,” Lutz said.

The former GM executive further noted that in a year or two, the electric car maker would likely not be around anymore. Lutz even opted to add a reference to a documentary that featured Tesla in the past, Revenge of the Electric Car, which is the sequel to the film Who Killed the Electric Car, a documentary that covered the rise and fall of GM’s well-received yet short-lived electric vehicle, the EV1.

“Tesla has no tech advantage, no software advantage, no battery advantage. No advantages whatsoever. The jaws are tightening, and I think in another year or two we’ll see a movie called Who Killed Tesla, a conspiracy movie starring Leonardo DiCaprio,” Lutz said.

The former GM Vice Chairman’s statements stand in stark contrast to recent comments from GM’s current CEO Mary Barra. Earlier this month, while speaking at an Axios-sponsored event in Boston, Massachusettes, Barra gave a nod of respect to Tesla, whom she dubbed as the company to beat when it comes to the creation of premium, high-performance electric cars. Barra even noted that she sees Tesla as a “capable” rival in the auto market, particularly in terms of GM’s own efforts to design and roll out its own electric cars.

“[Tesla has] very capable electric vehicles. When we look at the landscape of competition from a car company perspective, whether it’s Tesla or whether it’s some of the global [equipment manufacturers], there’s very capable competition, and that’s what kind of drives us. That’s why we’ve been so aggressive on investing in technology and moving quickly,” she said. 

Both Lutz and Barra are GM executives who have acknowledged the need to come up with vehicles that stand apart from traditional fossil fuel-powered automobiles. GM, for one, created the Chevrolet Volt hybrid during Bob Lutz’s tenure in the company, and the Chevy Bolt EV, an all-electric car that has been well-received, was released with the support of Mary Barra.

Tesla, for its part, has released a statement on Tuesday clarifying that it has only received a voluntary request for documents from the DOJ following Elon Musk’s now-infamous “funding secured” tweet.

“Last month, following Elon’s announcement that he was considering taking the company private, Tesla received a voluntary request for documents from the DOJ and has been cooperative in responding to it. We have not received a subpoena, a request for testimony, or any other formal process. We respect the DOJ’s desire to get information about this and believe that the matter should be quickly resolved as they review the information they have received.”

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Over Q1 and Q2, Tesla has exhibited a tendency to expedite its Model 3 production and deliveries in the final month of a quarter. The company did this last March when it was struggling to produce 2,500 Model 3 in a week, and the same strategy was adopted in June as Tesla attempted to hit its then-mythical target of producing 5,000 Model 3 in one week.

This third quarter, Tesla is going for something more ambitious. The company aims to produce 50,000-55,000 Model 3 between June and September while achieving profitability at the same time. To accomplish these goals, Tesla would have to not only produce, but also deliver the Model 3 to as many reservation holders as it can. Such a scenario has resulted in new challenges for Tesla, with Elon Musk dubbing the circumstances as “delivery logistics hell,” which the company is now experiencing just as it left “production hell.”

Earlier this week, Elon Musk admitted to the company’s difficulties in delivering the Model 3 while apologizing to a reservation holder whose delivery had been delayed multiple times. In his response, Musk noted that “delivery logistics hell” should be solved faster than “production hell,” as the issues are far more tractable. Musk also stated that Tesla is making rapid progress in addressing its Model 3 delivery issues.

With less than two weeks to go before the end of the third quarter, reports from the Tesla community are starting to indicate that the company is indeed addressing its delivery challenges. Megan Gale, the reservation holder that Musk responded to earlier this week, recently posted an update stating that the center in her area is getting Model 3 deliveries out in a rapid manner. She was also finally able to receive her Model 3 Performance.

Tesla’s Model 3 delivery push does not seem to be exclusive to the United States, either. Social media posts from Model 3 reservation holders in Vancouver suggest that Tesla is pushing deliveries until 10 p.m. every day, as part of its attempt to deliver the electric car en masse to Canada.

Vancouver #Tesla $tsla is delivering Model 3s until 10pm everyday. Demand is insane. pic.twitter.com/rKHN86wj3z

— Henry (@rocketL49) September 19, 2018

Tesla has been laying the foundations for faster deliveries of the Model 3 for the past couple of months. At the beginning of Q3, Tesla started rolling out the 5-Minute Sign & Drive delivery program as a way to expedite the handover process of the Model 3. Elon Musk also announced that the company is looking to eliminate paper contracts in the delivery process. Earlier this month, Tesla also held a “First Come, First Serve” delivery day for Long Range RWD Model 3 units in CA, where first-day reservation holders were able to acquire vehicles that are ready to be driven home.

While it remains to be seen how many Model 3 would be produced and delivered this quarter, both Elon Musk and board member Kimbal Musk have teased that the company would likely surprise the market at the end of Q3. In a letter to employees, Elon Musk noted that Tesla is “about to have the most amazing quarter in (its) history, building and delivering more than twice as many cars as (it) did last quarter.” Kimbal, on the other hand, noted in a recent segment of CNBC‘s Closing Bell that September is an exciting month for Tesla, considering that the number of Model 3 that would appear in US roads within the next couple of weeks would be astonishing. 

“This month is an exciting month for us. You know, it’s really gonna blow people’s minds how many Model 3s are gonna appear in America in just the next couple of weeks,” he said.

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Tesla stock (NASDAQ:TSLA) seems to be in the process of recovering from Tuesday’s dive over reports of the US Department of Justice’s probe into Elon Musk’s “funding secured” tweet last month, but the company’s most ambitious vehicle — the Model 3 — continues to impress even longtime skeptics. In a recent note, Toni Sacconaghi of Bernstein, who is known to be critical of Tesla in the past, stated that there is simply “no credible competition” for the Model 3 until 2020.

According to Sacconaghi, Bernstein has looked into the upcoming electric cars from several automakers set to arrive in the US within the coming years. In the case of the Model 3, the analyst pointed out that the vehicle would likely be unrivaled until 2020, when Volvo releases its all-electric Polestar 2 sedan.

“But let’s make this clear: there is no actual flood of competition coming. We tallied up every announced electric vehicle arriving in the U.S. between now and 2022, and the results were stark. The Model 3, which will account for 70% of Tesla’s revenues within two years, faces no credible competition whatsoever until 2020, or until Volvo AB  launches its all-electric Polestar 2 sedan,” the Bernstein analyst noted.

Sacconaghi’s note also stated that the Tesla Model S and the Tesla Model X would likely be unrivaled until 2020 as well, as the vehicles will only be facing two competitors, the Audi e-tron Quattro and the Jaguar- I-PACE. Ultimately, the analyst noted that instead of hampering Tesla, the release of electric cars from incumbent automakers would most probably “validate and expand the existing market for electric cars.” Sacconaghi further stated that even the Chevy Bolt, which was once perceived as a “Tesla Killer,” does not really rival the Model 3. 

“While matching the range and price point of the Model 3, the Bolt arguably remains a lower-end car, without the luxury nameplate, the styling, the performance, or even the electronics offered by Tesla. A side-by-side comparison in real life makes the contrast particularly stark – for one thing, the Bolt is a whole 20 inches shorter than the Model 3. GM has been relatively mum on its specific electric vehicle plans going forward, but we do not expect it to sell clear competitors to the Model 3 anytime within the next 3 years,” the analyst noted.

Toni Sacconaghi is hardly a Tesla enthusiast. Back in July, the analyst released a note expressing his reservations about the Model 3’s long-term profitability. Sacconaghi’s questions during Tesla’s Q1 2018 earnings call incited Elon Musk’s now-infamous outburst as well, with the CEO dubbing his inquiry as “boring” and “boneheaded.”

As other carmakers reveal their own entries into the all-electric market, Tesla’s experience in creating compelling EVs is starting to become evident. Thus, Sacconaghi is not alone in his observations. After Audi’s reveal of the e-tron, longtime Tesla skeptic Patrick Hummel from UBS Group AG — the same group which alleged that the $35,000 base Model 3 would not be profitable — admitted that the performance and specs of rival vehicles from veteran carmakers like Mercedes-Benz and Audi shows that Tesla would likely maintain its lead in the premium electric car market for a bit longer.

Since its steep dive on Tuesday, Tesla stock is starting a seemingly steady trek back up. As of writing, Tesla stock is trading up 1.63% at $289.61 per share.

Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.

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Back in April, the Electric Production Car Series, better known as Electric GT, revealed an eight-round calendar for its inaugural season, which was expected to begin this November at Jerez, Spain. The organization later unveiled its first race-ready vehicle, a highly-modified Tesla Model S P100DL, that is optimized for the track. Unfortunately, recent updates from Electric GT indicates that the racing series would be delayed yet again. 

Electric GT was originally expected to begin in 2017, but delays forced the organization to push back the debut of the all-electric, Tesla-exclusive racing series. This time around, EGT noted that it was delaying the launch of the series since it is still seeking a lead investor. In a statement to Autosport, EGT CEO Mark Gemmell stated that almost everything is ready — from the series’ racing categories, FIA approval, and technical and broadcast partners. With an investor in the picture, Gemmell noted that the racing series could begin as early as the first half of 2019.

“Accelerating development in both electric mobility and sustainable energy means ‘The Age of Light’ will fast be with us. The Age of Light is a vision that has driven us for over three years to build an Electric Production Car Series that excites and inspires, and it is now close to final launch. Almost everything is ready: we’ve developed three fantastic race categories, received FIA approval and welcomed new technical and broadcast partners.

“The final ingredient is confirming a great lead investor who shares our vision of clean energy and transport, which is fundamental to launching the championship at the highest level possible. The championship start date will be set once this lead investor has been confirmed. As any start-up, we adapt and test our strategy to make sure the timing is right and the market ready. In creating an engaging and inclusive championship, we want to be open with our fans and supporters as we close in on this final step to bring the racing we all want to see.”

Last July, Electric GT showcased its first track-optimized Tesla Model S P100DL, where it was test-driven by veteran auto host Tiff Needell, who drove the vehicle around the Circuit de Barcelona-Catalunya in Barcelona. Needell, a former racing driver and presenter for programs such as Top Gear and Fifth Gear, was largely impressed with the track-optimized Model S P100DL, as the vehicle was powerful and it remained planted on the road despite performing aggressive maneuvers on the racetrack.

Unfortunately, Needell’s track session was cut short when Electric GT’s race-modified Model S P100DL exhibited heating issues after one lap and a half of hard driving, forcing the former racecar driver to head over to the pits, where the P100DL had to be cooled down. A spokesperson from EGT later issued a statement about the incident, explaining that the heating issue was caused by one of the vehicle’s outdoor temperature sensors from the air conditioning system being disconnected.  

The Tesla Model S P100DL is a monster on straight-line races, but its limitations on the track are well documented. Electric GT is aware of this, and it has developed a system that could address the vehicles’ heating issues. The organization plans to introduce a system that would allow drivers to manage how much of the vehicle’s power they wish to use. Thus, to avoid overheating, drivers could opt to drive with a more manageable 470 hp, and only unleash the Model S P100DL’s full 778 hp when sprinting or overtaking. The Electric GT spokesperson noted that for the inaugural season, at least, the system will be “part of the strategy and part of the show.”

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Tesla has updated the pricing structure for its Supercharger network, including terms for its existing idle fee policy. The idle fee update will impact all Model S, Model X, and Model 3 drivers that utilize the company’s high-powered, global charging network, regardless of whether they are enrolled in free unlimited Supercharging or not.

Supercharger idle fees, first introduced in late 2016 as a means to deter vehicle owners from occupying a charging stall when the vehicle has already met its intended state of charge, have been updated to further encourage owners to move their vehicles from stalls and improve the Supercharging experience for all drivers. Tesla has updated the flat idle fee of $0.40/minute to take into account station occupancy, as follows:

Supercharger Idle Fee

(updated September 19, 2018)

• Supercharger 50% occupied: $0.50/minute idle fee
• Supercharger 100% occupied: $1.00/minute idle fee

Tesla notes in its Supercharger FAQ that drivers will be granted a 5-minute grace period during which time a fee will not be incurred. Once this grace period passes, the driver will be charged for the 5-minutes and each additional minute after that. Vehicle owners will continue to receive reminders through Tesla’s app when the vehicle is nearing its intended state of charge.

In-car Payment

Additionally, Tesla has begun to roll out an over-the-air software update (not Version 9) that will include a new in-car payment feature. The new functionality will provide Model S, Model X, and Model 3 owners who leverage pay-per-use Supercharging with the ability to pay from within their vehicle, by inputting credit card information directly into the center touchscreen. The feature will also enable drivers to pay for any incurred idle fees.

The in-car payment functionality is an extension of the credit card section within an owner’s Tesla Account page, or previously known as the MyTesla page. Credit card information entered through the in-car payment feature will automatically be registered to the vehicle owner’s Tesla account and also serve as payment for any incurred idle fees or Supercharger use fees.

Also introduced in today’s Supercharger pricing structure update is a $50.00 cap wherein Supercharger access will automatically be disabled if there’s an outstanding balance due for Supercharger fees, either incurred through idle fees or Pay Per Use, and when a credit card is not on file. Supercharger access will instantly re-enable once the balance is paid. Tesla will also have the ability to grant Supercharger access to a vehicle, remotely, in the event of an emergency.

The pricing update and software release are being implemented in North America first, followed by a global rollout.

It’s About the Greater Good

Although the latest Supercharger update may be unwelcomed by some Tesla owners that have previously benefitted from the company’s good faith gesture to extend its charging network, largely unenforced, to its drivers, the change is an improvement to its policy that has a significant benefit to the overall community.

When the Silicon Valley-based electric carmaker first created its Supercharger network, the intention was to make long-distance travel an enjoyable and seamless experience for all drivers. But as Supercharger abuse became more rampant, combined with a massive increase in the number of Model S, Model X and Model 3 on the roads, being able to institute some sort of Supercharger fair-use enforcement policy became desperately needed. This is in spite of Tesla’s continued global scale out of its Supercharger and Destination charging network.

A Model X spotted occupying three Supercharger stalls at the Newark, DE Supercharger station went viral in 2016 after sparking outrage across the Tesla community.

Related: Calling all Tesla Supercharger abusers: Don’t ruin it for the rest of us

Today’s update to Tesla’s Supercharger policy will undoubtedly be one of many in the years to come, as the company continues to adjust and iterate toward a customer experience-focused model that’s also financially feasible.

A Tesla spokesperson tells Teslarati, “Based on feedback from the Tesla owner community, we are adjusting the idle fees associated with our Supercharging program to continue providing the best Supercharging experience as the size of our fleet grows. As has always been the case, our Supercharging and associated fees charged on the network are not meant to be a profit center for Tesla, and we hope to never need to bill for idle fees.”

More information can be found on Tesla’s Supercharger page.

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Tesla stock (NASDAQ:TSLA) is on a rebound after falling more than 5% on Tuesday over news of the US Justice Department’s probe on Elon Musk’s now-infamous “funding secured” tweet last month. On Thursday, TSLA stock blazed past the $300 barrier once more, trading at $303.79 per share after the opening bell.

The recovery of the electric car maker’s stock did not happen overnight. Over the course of Wednesday’s trading, Tesla stock battled an initial drop before beginning a steady 4.93% climb back up to $299.02 per share. Quite surprisingly, Tesla’s strong recovery on Wednesday came amidst the release of negative stories about the company. Former GM Vice Chairman Bob Lutz, for one, was featured on a CNBC Closing Bell segment, where he stated that Tesla was “headed for the graveyard” since it has “no tech advantage, no software advantage, (and) no battery advantage” over rival electric car makers.

AutoNation CEO Mike Jackson also aired his criticism of Elon Musk over his alleged “bait-and-switch” tactic for the $35,000 Standard range RWD Model 3, which is yet to be released. A study in the UK from the country’s Department for Transport further warned motorists that the increasing number of electric vehicles on roads would likely increase congestion and extend travel time. 

Amidst the release of these criticisms were a vote of confidence for the electric car maker. In a note to Bernstein’s clients, analyst Toni Sacconaghi pointed out that Tesla’s vehicles, particularly the Model 3, would probably be unrivaled in the premium electric car segment for a while. Debunking a Tesla bear thesis which suggests that superior vehicles from more experienced manufacturers could easily eat into the upstart company’s market share, the Bernstein analyst stated that “there is no actual flood of competition coming,” and that the Model 3 “faces no credible competition whatsoever until 2020.”

Behind the criticism and the votes of confidence from Wall Street, Tesla also showed signs that it was addressing Elon Musk’s self-dubbed “delivery logistics hell.” Reports from the Tesla community suggest that across the United States and even in Canada, the company is now expediting the delivery process of the Model 3 to as many reservation holders as possible. Tesla is reportedly pushing deliveries so much that handovers are being conducted up to 10 p.m.

Frenetic delivery activity at Tesla’s south lot. Adjacent streets in the Fremont Industrial Complex are full of loaded carrier trucks, mostly clustered around motels. (Preparing for the next day long haul?) pic.twitter.com/TclbEvuohn

— Andrei B (@AndreiBulu) September 19, 2018

As the third quarter approaches its final days, Tesla seems to be focusing on its fundamentals, particularly Model 3 production and deliveries. It remains to be seen how many vehicles the company would manufacture and deliver this Q3, but both CEO Elon Musk and board member Kimbal Musk have teased that Tesla’s numbers this quarter would be quite surprising.

Elon Musk, for one, noted in a letter to employees that Tesla would likely build and deliver “more than twice as many cars as (it) did last quarter.” In a segment of CNBC‘s Closing Bell, Kimbal Musk further stated that “it’s really gonna blow people’s minds how many Model 3s are gonna appear in America in just the next couple of weeks.”

As of writing, Tesla shares are up 1.24% at $302.74 per share. 

Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.

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