Tesla Sentry Mode captures thief’s face, license plate during Model 3 break-in


Tesla’s Sentry Mode recently captured a brazen break-in against a Model 3 in broad daylight. The incident transpired at the Embarcadero near Levi’s Plaza in San Francisco on Wednesday, April 3, and it resulted in the electric sedan’s cameras capturing the thief’s face and the license plate of the getaway vehicle.

Footage of the Model 3 break-in was shared on YouTube by Jed Franklin, who noted that the thief came away empty-handed from the incident. While no belongings were taken, Franklin mentioned in his video’s description that the rear quarter window of his Model 3 had been damaged by the perpetrator.

Based on the movements of the thief, it appears that the man had done the same crime multiple times in the past. The Model 3’s side cameras revealed that the perpetrator approached the vehicle, used a window punch tool, and elbowed his way into the electric car’s rear window. At this point, one can assume that Sentry Mode’s audio warnings started playing, but the thief, seemingly as experienced as he was, simply walked away calmly.

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Recordings from the Model 3’s front camera revealed that the thief hurriedly entered a white Honda Civic with license plate number 6LPA886. Within a couple of seconds, the white Civic drove away, escaping the scene of the crime. Later comments from the Model 3 owner revealed that the footage had been turned over to the police, especially since the face of the perpetrator and the license plate of the getaway vehicle were captured clearly by the electric sedan’s cameras. Unfortunately, the Tesla owner noted that he was simply informed that an officer might look into the incident.

While it is unfortunate that the thief might not be pursued due to the police’s reaction to the break-in, one can only hope that Teslas eventually get a reputation as vehicles that always record videos of their surroundings. Once word spreads that it is far easier to be identified when breaking into a Tesla, the number of thefts involving the company’s electric cars will likely decline.

Sentry Mode is currently rolling out for the Model 3, Model S, and Model X. Once activated, Sentry Mode enters the “Standby” state, which involves the vehicle utilizing the feeds from its multiple cameras to monitor and detect potential threats. If a minimal threat is detected, Sentry Mode enters the “Alert” state, which is represented by a message on the vehicle’s display stating that footage is being captured. Once an impact is detected, Sentry Mode enters the “Alarm” state, playing loud music and engaging the vehicle’s lights to attract as much attention as possible.

Watch the brazen break-in of a Tesla Model 3 in the video below.

Tesla Sentry Mode captures thief’s face, license plate during Model 3 break-in


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Tesla adds ‘2048’ and ‘Super Breakout’ to its TeslAtari in-car gaming system


Tesla has added two new games to its TeslAtari in-car gaming system in the latest iteration of CEO Elon Musk’s goal of bringing the most interactive fun to the company’s vehicles as possible: Super Breakout and 2048.

Super Breakout was originally released by Atari in 1978 as a follow up to its popular game Breakout where players move around a platform, bouncing a continuously moving ball upwards so that it crashes and breaks a large hovering brick wall. The addition of Super Breakout is keeping in line with the rest of the TeslAtari lineup: Missile Command, Asteroids, Lunar Lander, and Centipede.

2048, on the other hand, is a sliding block game that the Wall Street Journal once described as “Candy Crush for math geeks.” Players move blocks with computer-assigned numbers around, combining them to reach the number 2048. The game went viral in 2014 shortly after its 19-year-old creator posted it on GitHub for fun and constructive feedback.

A screenshot of 2048 in progress. | Credit: Gabriele Cirulli
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New games are certainly a welcome addition for Tesla owners after a recent downsizing in the selection. Earth and Mars-based versions of the racing game Pole Position were previously included in the TeslAtari lineup and playable using the car’s steering wheel. However, they had to be removed due to legal hangups, per Musk. Pole Position is on the Atari platform, but the game rights are owned by Namco.

“Couldn’t resolve all the rights issues. Will add another racing game soon,” Musk tweeted.

TeslAtari was released with Tesla’s Software Version 9 and is a nod to the personality and interests of its famous CEO. Musk is known for his love of video games and has continuously sought to bring their style of fun to Tesla’s products. He has discussed further game-type Easter Egg and TeslAtari additions to Tesla software over social media on numerous occasions and has even used the game concept to help improve system security. Tesla’s “bug bounty” program offers monetary payouts for hackers able to actively locate and report vulnerabilities on the company’s hardware and online services.

No further details have been provided regarding a replacement for Pole Position thus far, but Tesla and Musk have indicated the all-electric car company is developing its own games. Tesla’s job site advertised “Gaming Software Engineers” at one point and Musk himself drew attention to the company’s search for video game developers.

“If you’re into video game development, consider applying to Tesla. We want to make super fun games that integrate the center touch screen, phone & car irl,” he tweeted. “Please send examples of prior work when applying. Looking for max playability & creativity.”

Perhaps the software creds Tesla already has will lead to a new suite of exclusive games just for Tesla owners.

Tesla adds ‘2048’ and ‘Super Breakout’ to its TeslAtari in-car gaming system


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Tesla Model 3 teardown expert is exasperated with analysts’ inaccurate data


Auto teardown expert Sandy Munro knows a thing or two about the Tesla Model 3. After initially criticizing the electric sedan for its build quality, Munro eventually experienced a change of heart as he delved deeper into the Model 3’s electronics and tech. By the end of his analysis, the teardown expert admitted that the vehicle made him “eat a lot of crow.”

Tesla and Munro have since communicated, with the auto veteran sending the electric car maker a list of over 200 pro bono suggestions that could improve the Model 3’s body, which he believed was over-engineered. Munro himself spoke with Elon Musk, who explained that the person responsible for the Model 3’s body design had been terminated. In response, Munro told the CEO that the response was “not fast enough,” since Tesla “never should have hired (the engineer)” in the first place.

Munro has talked about the Tesla Model 3 and his findings several times in the past, particularly when he gets featured as a guest in YouTube’s Autoline After Hours. In his recent appearance, the teardown expert discussed the opportunities for Tesla and the Model 3 in China, as well as the rapid progress of large-scale construction projects such as Gigafactory 3. Munro also showed some exasperation with some of the assumptions being thrown at Tesla by analysts.

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“I found a new source of pain. Analysts, talking about things. Holy mackerel, where these guys get their ideas from, or where they get their information from is beyond me, but I can tell you one thing for sure. I know they didn’t tear apart one of these cars. I know they don’t really look at what it is that’s going on. I’m sure they’re good readers. Readers are leaders, but sometimes, they’re liars,” Munro noted.

Munro related that he has personally dealt with some of these bad data in the past. Emphasizing his point, the teardown expert stated that some of the assumptions being thrown about the company are flat-out untrue.

“Quite frankly, I’ve been on a few of these little shows and somebody says, ‘Well, you know, such-and-such from wherever says this.’ And I’m sitting there and going, ‘Ah, that’s not true.’ ‘Well, he said it was.’ I said ‘Oh, it’s not true.’ And then I’ll reach over like, I’ve got my books right over here. Somebody says something that I know is not true, I’ve got pictures, I’ve got numbers, I got data up the yin-yang. There’s nobody gonna argue with me, that’s for sure. And if I don’t know the answer, I got a whole 90 guys that’ll (be) happy to tell you which ends up. These other guys, I don’t know, I think it’s web searches and blogs and who knows, I don’t know. But it ain’t, it’s not for real,” Munro said.

One thing that really impressed Munro with the Tesla Model 3 was the vertical integration between the electric sedan’s software and hardware. The way that Tesla uses one component for multiple tasks was also lauded as a big advantage against rival automakers. The teardown expert has also spoken very highly of Tesla’s batteries, stating that the Model 3’s 2170 cells are the best that he has seen yet, being far above those that are used in the Chevy Bolt EV and BMW i3.

Watch Sandy Munro’s take on analyst’s inaccuracies in the video below.

Tesla Model 3 teardown expert is exasperated with analysts’ inaccurate data


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Tesla is a wake-up call for rivals and their ‘awful’ software, says longtime finance host


As Tesla stock (NASDAQ:TSLA) battled a fresh wave of criticism following the release of its Q1 2019 vehicle production and delivery report, the company saw a supporter from a rather unlikely place. During a segment on Fox Business Network‘s Mornings with Maria, one of the show’s panels boldly defended Tesla, calling for more support for the company due to its industry-changing innovations.

Tesla and Elon Musk’s court appearance with the SEC was the primary topic in the segment, and the show brought on ARK Invest analyst Tasha Keeney to get her insights on the electric car maker. ARK is among the most bullish supporters of Tesla, with the firm setting a $4,000 price target for the company’s stock provided that it enters the autonomous ride-sharing market. Speaking to the show’s hosts, the ARK analyst reiterated her firm’s stance on the company as a potential leader in the self-driving market.

Dagen McDowell, a longtime finance journalist and one of the panels in Mornings with Maria, pointed out that Tesla’s edge is evident even at its current state where it does not have a consumer-ready full self-driving suite. McDowell argued that among the prominent automakers today, Tesla is the leader when it comes to vehicle software, an emerging industry that could be worth up to $1.2 trillion by 2030.

“You don’t even need to look ahead to autonomous vehicles. I had this discussion with someone I’m close to over the weekend who works in Silicon Valley. Every other automaker, even luxury automakers in Germany, Japanese, and American, they are awful at software. There is no other car and no other car company that compares to a Tesla. We all, as drivers and consumers, ought to be rooting for this company. You don’t have to own stock in it, but you ought to root for them because hopefully, all these automakers will realize, ‘Oh, our software stinks,’” McDowell said.

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There is no doubt that Tesla is still learning several key aspects of the vehicle manufacturing process. The company is only turning 16 years old this year, and over that time, it has transformed itself from a niche carmaker that made a very quick and expensive car for the rich to a company that is on the brink of disrupting the mass market auto industry. At its core, Tesla is still a young company, and its lack of expertise in areas such as fine manufacturing processes is understandable, especially considering the number of vehicles it is producing today.

What Tesla has mastery of is vehicle software. Since the days of the first-generation Model S, the company has proven to be far ahead of competitors. Keeney named Tesla’s free over-the-air updates as a prime example of this, since the company’s more experienced rivals are largely still unable to implement the same system on their own vehicles. McDowell proved bolder, flat-out stating that traditional automakers simply don’t know how to make tomorrow’s vehicles. “It’s because they’re dug in and they don’t know how to run a car company in the new century. That’s literally what these companies look like. I’m surprised that Apple and Google haven’t done more to try and manufacture a car or produce software for one,” she said.

Tesla might be ending the week as volatile and polarizing as ever, but the company seems to be heading towards some calmer waters ahead. With the first quarter done, Tesla can now focus more on producing and delivering its vehicles in the second quarter. The over 10,000 vehicles in transit at the end of Q1 could actually work in Tesla’s favor in Q2, as the company will be starting the quarter with over 10,000 electric car sales.

Apart from this, Elon Musk and the SEC’s court hearing proved to be far less dramatic than what the company’s critics have wished. Prior to Musk’s appearance in court, speculations among Tesla skeptics pointed to the possibility that he would be stripped off the CEO’s title, and possibly even fired from the company. Over the course of the hearing, Judge Alison Nathan proved incredibly objective, asking the SEC to clarify if Musk would need to get approval for tweets that reiterated information that had already been disclosed. She also asserted that government lawyers must take all steps necessary to reach a resolution before invoking contempt.

At the end of the hearing, the judge urged Elon Musk and the SEC’s legal team to “take a deep breath, put your reasonableness pants on, and work this out.” Musk did not speak during the hearing, though he did state that he was “very impressed with Judge Nathan’s analysis” as he was leaving the courthouse.

As of writing, Tesla stock is trading +2.01% at $273.15.

Watch the recent Tesla segment in Fox Business Network‘s Mornings with Maria in the video below.

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

Tesla is a wake-up call for rivals and their ‘awful’ software, says longtime finance host


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Tesla could be sitting on a $1.2 trillion vehicle software market by 2030


The advent of fully autonomous cars could result in vehicle software revenues hitting as high as $1.2 trillion per year by 2030. This is according to recent statements from Elmar Degenhart, who serves as chief executive of Continental, one of the world’s biggest auto parts’ suppliers.

An emerging market

According to the auto parts exec, ensuring that self-driving vehicles will work correctly requires a lot of software mastery. Software is a key component for self-driving, as it will determine how well a vehicle processes signals and input from its suite of sensors. During the Auto Motor und Sport industry congress in Stuttgart, Germany on Tuesday, Degenhart noted that software is something the auto industry is lacking in. “Software competence is mission critical for successful car companies but the industry lacks scale in this competence,” he said.

Despite the emergence of companies like Tesla that use software as a key component of its vehicles, veteran carmakers still have a long way to go before they could reach parity with the electric car maker. This is particularly prominent in a number of Tesla competitors that have emerged over the past year. A perfect example of this is the Jaguar I-PACE, an excellent electric car save for its slow infotainment system and substandard range. Both these problems (particularly the infotainment system) could have been addressed through software optimizations.

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Mastery of software, or lack thereof

The lack of mastery on the software front could become a huge liability for traditional automakers. Today, vehicle software generates annual revenues of about $280 billion a year, and Degenhart estimates that the market would grow more than four times by 2030. That’s $1.2 trillion a year. The Continental executive argues that this scenario presents a great opportunity for those that are proficient in vehicle software, since veteran carmakers can adapt to the autonomous driving trend by working with tech companies.

“Car companies are good at validation and homologation and lack software development skills, while software companies have the opposite problem. The IT industry has always valued speed of development more than perfecting the product, while the auto industry has tended to veer toward perfecting a product over rushing it out. The software and the auto industry will have to work more closely together to develop autonomous vehicles and this will lead to a change in approach on both sides,” he said.

A perfect fit

It could be said that the $1.2 trillion scenario described by Degenhart is a perfect fit for Tesla, which is arguably the most prominent automaker that currently develops both its vehicles’ hardware and software in-house. This vertical integration allows Tesla to develop technologies and features that are fully compatible with its vehicles. As shown by the success of companies that adopt the same strategy, such as Apple, Tesla’s synthesis of software and vehicle hardware could be a key advantage over other automakers that are stepping into the autonomous driving field.

Tesla’s potential in the full self-driving market is a key thesis for one of the company’s biggest bulls, Cathie Woods of ARK Invest. ARK has a long-term price target of $4,000 per share for Tesla, provided that the company taps into the autonomous mobility-as-a-service market. This is something that Elon Musk has actually discussed in the past. Dubbed the Tesla Network, the system would allow owners to have their vehicles be part of a self-driving ride-sharing service. Musk outlined Tesla’s advantage in this upcoming market during the Q3 2018 earnings call. “The advantages that Tesla will have is that we’ll have millions of cars in the field with full autonomy capability, and no one else will have that. So, I think that will end up putting us in the strongest competitive position long-term,” Musk said.

Tesla could be sitting on a $1.2 trillion vehicle software market by 2030


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Elon Musk confirms Tesla Model 3 is fully equipped for ride-sharing future


Tesla CEO Elon Musk has clarified that the tiny camera installed in the Model 3’s rear-view mirror is part of the hardware for the Tesla Network, the company’s upcoming ride-sharing program. Musk specified that the tiny device is not currently enabled, though it will eventually play a part in assisting future autonomous vehicle fleets, which will be competing with the likes of Uber and Lyft.

“It’s there for when we start competing with Uber/Lyft & people allow their car to earn money for them as part of the Tesla shared autonomy fleet. In case someone messes up your car, you can check the video,” Musk wrote.

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Apart from being a component that can monitor the activities of ride-sharing passengers, the Model 3 interior camera can also be used as part of Tesla’s security system. Tesla has already rolled out security-focused updates for its vehicles’ cameras, such as an improvement to Dashcam that allowed footage to be recorded from the electric cars’ sides. Sentry Mode, a monitoring program intended to mitigate theft, also relies on input from vehicles’ cameras. Musk noted that the interior camera of the Model 3 can be used to provide footage for these security features, though owners will have the option to deactivate the component.

“Also, it can be used to supplement cameras on outside of vehicle, as it can see through 2nd side windows & rear window. Only external cameras are being used right now, so internal is not enabled. When it is enabled, we’ll add a setting to disable internal camera,” Musk wrote.

Musk’s vision of a ride-sharing future using autonomous Tesla cars is part of his “Master Plan, Part Deux” published on July 20, 2016. It’s still on Tesla’s website and reads as follows: “You will also be able to add your car to the Tesla shared fleet just by tapping a button on the Tesla phone app and have it generate income for you while you’re at work or on vacation, significantly offsetting and at times potentially exceeding the monthly loan or lease cost. Since most cars are only in use by their owner for 5% to 10% of the day, the fundamental economic utility of a true self-driving car is likely to be several times that of a car which is not. In cities where demand exceeds the supply of customer-owned cars, Tesla will operate its own fleet, ensuring you can always hail a ride from us no matter where you are.

The Tesla Network’s success will rely heavily on how well Tesla can develop and roll out its Full Self-Driving suite. Fortunately, Tesla and Elon Musk have given numerous hints that big developments have been made with its autonomous driving initiatives. An Autonomy Investor Day was announced to take place at Tesla’s headquarters in Palo Alto on April 22nd, and the primary topic is set to be discussion of the Full Self-Driving roadmap and strategy, along with test drives featuring functionalities still in development. Musk also announced that a public livestream would accompany the event, altogether explaining the status of Tesla’s autonomous software in depth.

Elon Musk confirms Tesla Model 3 is fully equipped for ride-sharing future


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Tesla’s Elon Musk faces the SEC in hearing over contempt charges (Updates)


The day after the release of Tesla’s Q1 vehicle delivery and production report, CEO Elon Musk headed to a Manhattan courthouse to face the charges leveled against him by the Security and Exchange Commission (SEC). The SEC accused Musk of violating the terms of his settlement with the agency when the CEO tweeted on February 19 that Tesla will produce around 500k vehicles in 2019, echoing one of his statements from the Q4 2018 earnings call.

Musk arrived in the courthouse on Thursday in light spirits. Smiling to cameras, the Tesla CEO told reporters that he respects the American justice system. “I have great respect for the justice system and I think the judges in the American system are outstanding,” Musk said. When prompted by veteran CNBC reporter Phil LeBeau if he feels the same way about the SEC, Musk laughed and walked forward.

The SEC’s arguments

The courtroom was packed as Elon Musk and the SEC’s legal team faced off before U.S. District Judge Alison Nathan. Each side is given 45 minutes to express their arguments. The agency went first, represented by SEC attorney Cheryl Crumpton, who immediately claimed that Musk “recklessly tweeted out information that has no basis in fact (credit to Matt Robinson of Bloomberg, who is currently conducting a Live Blog of the hearing).”

Explaining further, Crumpton stated that the requirement that Musk get pre-approval for his tweets was “the heart of the relief” that the government had sought as part of its settlement. The SEC lawyer also noted it has become pretty clear “over the course of the last few weeks” that Musk does not intend to comply with last year’s settlement terms. Crumpton added that the agreement does not require every single tweet to be pre-approved, provided that the information in the posts was immaterial. “The communication we are talking about here is very, very different,” she said.

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The SEC lawyer also pointed the blame to Tesla, who allegedly is failing to control the conduct of its CEO. “Tesla’s conduct is also troubling to the SEC. This court ordered Tesla to implement a mandatory pre-approval process, but they are apparently fine with Mr. Musk making up his own procedure. Tesla still seems unwilling to exercise any meaningful control over the conduct of its CEO,” Crumpton replied.

Judge Nathan, for her part, asked the SEC lawyer if Musk would need to get approval for tweets that reiterated information that had already been disclosed. The judge went through different hypotheticals with the SEC lawyer, such as repeating earlier guidance. “We’re not saying always yes or always no to that. It depends is the answer,” Crumpton said.

“This is a material statement no matter how you cut it, and it was a violation to not get it pre-approved,” Crumpton added.

For his alleged violations of his settlement, the SEC lawyer called on the court to give Musk a series of escalating fines if he continues to violate the order. Crumpton also stated that the SEC wants the court to order Musk to report monthly on his compliance with the settlement. “We want the court to tell them that this has to observed in the way that it’s written,” the SEC lawyer said.

Response from Tesla’s legal team

With the SEC having completed its argument, it was time for Elon Musk’s legal team to argue their points. Tesla lawyer John Hueston stated that “it’s very clear that Mr. Musk retained discretion in the policy. The policy makes clear that the tweet is subject to a fact-based determination by Mr. Musk.” The Tesla lawyer also stated that Musk’s decision to decide what’s material information was negotiated. “That’s exactly what Tesla negotiated for and got,” Hueston said.

The Tesla lawyer also argued that the SEC is currently pretending to be shocked that Musk gets to decide what is material information and what is not, but that is exactly what the the order says. “They agreed to take out language saying that everything has to be approved. There has to be an oversight process and there is an oversight process. They’re not happy about that today,” he said.

Musk’s legal team stated there is  not a clear enough standard to use the harsh recourse of contempt. Instead, Hueston stated that the SEC should have attempted to work things out with Elon Musk and Tesla before bringing the matter to court. “What the SEC should have done was approach in good faith and try to work things out,” the Tesla lawyer said. In response, Judge Nathan noted that her intent is “not only to invite it but to order it.” The judge also added that she will tell the parties to create a new agreement that incorporates the SEC’s concerns.

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Addressing Musk’ counsel, Judge Nathan inquired about a scenario in which the CEO will be violating the terms of his settlement with the SEC. When the Tesla lawyer noted that he couldn’t think of one, the judge replied “You’re not very imaginative.”

Continuing his points, Hueston noted that the 15 post-order tweets that were cited by SEC as proof of Musk’s violation of his settlement shows that the agency believes “that, apparently, contempt can fall on him for things that he’s tweeting” even if the information had already been disclosed. “They have not shown that the proof of non-compliance is clear and convincing. This is not someone who’s wantonly saying he doesn’t care about processes and procedures. That’s someone who is trying his best to comply and has been diligent,” the Tesla lawyer said (credit to Bloomberg‘s Chris Dolmetsch for the update).

The SEC’s Rebuttal

The SEC lawyer returned stating that the agency did not rush into its request to have Musk held in contempt at all. “Its not that we rushed into court on the first opportunity. There have been a number of tweets over time.” Crumpton further added that the SEC assumed Musk will comply with the terms of his settlement despite his statements in 60 Minutes, where he explicitly commented that he does not respect the SEC.

Hearing Adjourned

Following the SEC’s rebuttal, Judge Nathan asserted that compliance with court orders is not optional, nor is it a game, regardless of whether you are a “small potato or a big fish.” She also noted that government lawyers must take all steps necessary to reach a resolution before invoking contempt, before adding that she has “serious concerns that whatever I decide here the issue will not be finally resolved.”

Judge Nathan ordered the two parties to arrange a meeting and send a letter to the court within two weeks. The parties will be required to indicate if they have reached an agreement or not. If no agreement is reached then, Elon Musk’s legal team and the SEC will hear from her in due course.

The hearing was adjourned after. In a statement following the hearing, Musk stated that he was “very impressed with Judge Nathan’s analysis.”

Tesla’s Elon Musk faces the SEC in hearing over contempt charges (Updates)


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Rivian trademark filings hint at possible crossover, sedan in the works


Rivian has released many development and marketing details surrounding its coming all-electric R1T pickup truck and R1S SUV over the last few months, but recently published US trademark applications hint that the Michigan-based startup has a crossover, sedan, and second generation vehicles already in the works.

Several Rivian-owned US trademark applications were recently published for opposition at the end of March, meaning the applications are pending a waiting period for objections to be filed before they become officially registered. The 1S and 1T names already associated with Rivian were included in the batch, but several others not currently tied to a revealed product were as well: 1C, 1A, 2C, 2A, 2S, 2T, and 2R.

Rivian’s current naming scheme using single letters to denote its vehicle types – ‘T’ for truck, ‘S’ for SUV – indicate that its application for the trademark ‘1C’ could correspond to a “crossover,” and the ‘2’ included in some of the new marks could hint at the next generation of its flagship vehicles. However, the remaining ‘A’ and ‘R’ designations are not as easy to guess.

A list of Rivian’s trademark applications filed with the US Patent and Trademark Office.
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Initial entry into the luxury vehicle market for car manufacturers is a tried and true strategy for new companies and new vehicle lines, and the popularity of larger utilitarian cars in the US altogether explain Rivian’s first focus on pricey SUVs and trucks. But it’s likely that the all-electric startup will expand into the sedan market shortly after either manufacturing or deliveries begin, which is probably where the ‘A’ and ‘R’ designations in Rivian’s trademarks are intended to be used.

Audi might have the biggest hint for interpreting Rivian’s intentions – its ‘A’ and ‘R’ monikers are attached to its sedans and sportbacks, respectively. The company’s ascending numerical designations (A3, A4, etc.) correlate to performance enhancements (higher the better), but Rivian’s intentions could go another direction.

One of Rivian’s primary competitors, the Ford F-150, uses catchy names like ‘Raptor’, ‘King Ranch’, and ‘Platinum’ to designate its variations rather than letters. The names aren’t simply tied to increasing performance enhancements but rather their intended use. Rivian could adopt a correlation like Ford’s and use its numbering system to indicate whether the vehicle had a city or outdoor adventure focus, for example.

(Photo: Rivian Automotive)

Rivian’s intentions for its upcoming all-electric R1T pickup truck and R1S SUV have been a fun source of speculation within its new and growing enthusiast community. Several graphic renderings imagining its modular capabilities were published by the team running RivianForums, inspired by the company’s patent application for such a system. Other visions of aftermarket off-road additions have also been published for community enjoyment.

The excitement for its vehicles has been duly noted and encouraged by Rivian as well. The company will appear at this month’s New York International Auto Show and has scheduled a special showing for reservation holders a few days prior to the event at a local car club. Attendees will enjoy cocktails, hors d’oeuvres, and a greeting by the company’s CEO and founder, RJ Scaringe, all while being treated to an in-person look at Rivian’s current vehicles, both of which boast up to 400 miles per charge, high-powered quad motors, and a 0-60 mph acceleration time of 3 seconds.

Rivian trademark filings hint at possible crossover, sedan in the works


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Tesla analysts weigh in as TSLA falls 8% following production and delivery report


Tesla shares (NASDAQ:TSLA) experienced a steep drop on Thursday in the wake of the release of its Q1 2019 vehicle production and delivery report, which showed a roughly 30% decline in deliveries and a 12% drop in production. These declines were especially prominent in the Model S and Model X.

The electric car maker’s stock has always been polarizing, and this became even more prominent following the release of Tesla’s Q1 numbers. Analysts from both the bull and bear side have weighed in on Tesla’s results for the first quarter. Here are some of their takes:

RBC analysts took particular notice to the company’s Model S and Model X delivery numbers, which they called “very disappointing.” The analysts also estimated that the flagship vehicles’ numbers will translate to an over $1 billion shortfall in revenue for the company.

Cowen and Co analysts expressed their reservations about the company’s funds, stating that the delivery and transit details released by the electric car maker suggested that “cash was likely dangerously low” following Tesla’s payment of a $920 million convertible bond obligation in cash at the beginning of March.

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Analysts from JP Morgan gave Tesla an Underweight rating while lowering their price target to $200 from $215. The analysts noted that “Tesla’s 1Q19 vehicle production & deliveries report was substantially worse than expected.” The analysts also took note of the Model S and X’s decline in sales, stating the drop could be “implying a deceleration in underlying demand unrelated to temporary delivery difficulties (maybe due to tax credit expiration?).”

Canaccord Genuity analysts have taken a more optimistic stance, reiterating their Buy rating while adjusting their price target from $450 to $391. The analysts points out that while they were “disappointed in the shortfall of deliveries in Q1 versus expectations,” they “continue to believe that the new lower-priced Model 3 variant will spur additional demand.”

Loup Ventures remained quite optimistic about Tesla as well, despite admitting that the magnitude of the Model S and X miss was a surprise. The firm noted that it was “focused on underlying demand,” highlighting Tesla’s statement that it has “sufficient cash on hand.” The firm added that while it is “unlikely that Tesla will have to raise money in the Jun-19 quarter, (but) we believe raising money would be the right strategic move long-term.”

While Tesla stock is getting beaten down on Thursday, there have been no notable downgrades by any brokerages so far. Tesla shares are currently rated “Buy” or higher by 12 of the 30 brokerages covering the company, 7 rated the company with a “Hold,” and 11 kept a “Sell” or lower rating. Part of this could be due to Elon Musk already setting expectations early in March, when he stated that Tesla might not be profitable this quarter.

Tesla’s production and delivery figures for the first quarter highlights the company’s growing pains as it starts pushing the Model 3 to international markets. In Q1 2019, Tesla produced a total of 77,100 vehicles, consisting of 62,950 Model 3 and 14,150 Model S and X. Total deliveries declined to 63,000 vehicles, which is comprised of approximately 50,900 Model 3 and 12,100 Model S and X.

As of writing, Tesla shares are trading -7.75% at $269.19.

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

Tesla analysts weigh in as TSLA falls 8% following production and delivery report


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var disqus_title = «Tesla analysts weigh in as TSLA falls 8% following production and delivery report»;
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Tesla’s Q1 delivery results highlight the need for a Model S and Model X update


One of the most notable takeaways from Tesla’s Q1 2019 vehicle production and deliveries report was the steep decline in Model S and Model X sales. Over the course of the quarter, Tesla produced 14,150 Model S and X, a drastic drop from the 25,000 units that were manufactured last quarter. Deliveries of the flagship sedan and SUV also fell to 12,100 units. Under these circumstances, it appears that the time is now right for Tesla to start preparing for the release of an updated Model S and Model X.

A steep decline

Tesla did not provide a commentary behind the decline in Model S and X sales. This does not mean that the lower production and delivery figures of the vehicles were a complete surprise, as Tesla did shift a lot of its efforts in producing the Model S in favor of the Model 3 in Q1. The vehicles’ entry-level trim, the 75D variant, was also discontinued. Thus, the signs of a decline were already there. What was really surprising was the scope and gravity of the decline.

A possible explanation behind the Model S and Model X’s numbers in the first quarter may lie in the simple fact that the vehicles, particularly the full-size premium sedan, are getting long in the tooth. Tesla started producing the Model S in 2012, and the vehicle has pretty much stayed the same since then, save for a facelift when the Model X was released. Granted, improvements were rolled out to the Model S as soon as they were available, as noted by Elon Musk in a tweet, but design-wise, Tesla’s flagship sedan is still practically competing in the market with a nearly 7-year-old interior and exterior.

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The Model 3’s immense success did not help the Model S’ case either. It should be noted that Tesla anti-sold the Model 3 after it was unveiled, with the company and Elon Musk asserting that the Model S was a superior vehicle. Now that the Model 3 is making a mark in several markets across the globe, it is becoming evident that the electric sedan is simply Tesla’s best bang-for-your-buck car. With Tesla’s latest hardware and batteries, the Model 3 is a solid choice. Other Model 3-specific features, such as Track Mode for the Performance variant, add to the vehicle’s attractiveness to car buyers.

The Model 3 is such a solid vehicle that it is starting to make the Model S a harder sell, at least in its present iteration. Granted, the Model S is larger, and it has more bells and whistles such as Smart Air Suspension and a second display, but these are luxuries that a significant number of car buyers will likely be willing to forego in exchange for savings associated with a Model 3 purchase. The Tesla Model Y appears set to do the same to the Model X as well, as the vehicle presents much of the premium SUV’s advantages in a smaller package, at a far more affordable price.

A better Model S and X in the Model 3 era

If Tesla wishes to rekindle the interest and justify the higher prices of its flagship sedan and SUV, it would be a good idea to introduce updated versions of the vehicles as soon as the company is able. These improvements can come in various forms, such as better range, significantly better performance, and a far more exquisite exterior and interior design. With these improvements in place, the Model S and X will not only have the advantage of larger cabin space and a handful of unique features over their more affordable stablemates. They will be vehicles that are truly, without a doubt, a class above the Model 3 (and the Model Y for that matter).

It’s not like Tesla does not seem to be preparing for a potential Model S and Model X update either. Last year, a patent application emerged depicting a Model S/X dashboard equipped with the Model 3’s clever and acclaimed HVAC system. Panasonic, Tesla’s battery partner, also announced last November that it is doubling down on its partnership with the electric car maker by bringing some of its Japan-based battery cell production activities to the United States.

In a statement to the Nikkei Asian Review, Panasonic stated that it will be bringing its operations that build the Model S and Model X’s 18650 cells over to a “US-based unit starting (next) April (2019).” Elon Musk noted during the Q4 earnings call that there are no plans to change the Model S and Model X’s batteries to 2170 cells. Perhaps improved 18650 cells are in order with Panasonic’s move to the US? One can hope.

At this point in Tesla’s history, it would probably be wise to temper expectations with regards to the Model S and Model X’s quarterly sales. Tesla is now at a point where it is pursuing the mass market, and the company is accomplishing this with the Model 3 (and later, the Model Y). The Model S and Model X will definitely still be the company’s flagships, but they will likely just see a sustained demand of perhaps 25,000 per quarter, and that’s completely fine. Both vehicles were brought to market to prove that electric cars can be better than their gasoline-powered counterparts. Both vehicles already accomplished their mission. The Model 3 and Model Y is proof of that.

Tesla’s Q1 delivery results highlight the need for a Model S and Model X update


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var disqus_title = «Tesla’s Q1 delivery results highlight the need for a Model S and Model X update»;
var disqus_url = «https://www.teslarati.com/tesla-q1-results-model-s-model-x-update/»;
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