Tesla Model Y images have been discovered in the latest version of the company’s Android mobile app.
Images of Model Y’s body, 19″ Gemini wheels with and without wheel covers, and an overhead view of the all-electric crossover’s expansive all-glass roof have been added to the latest version 3.10.4-396 Tesla Mobile app (for Android) ahead of customer deliveries.
Redditor matt687 who shared the latest findings to the Teslamotors subreddit, notes that they were able to discover the Model Y app resources after decompiling the Android package (APK) for the latest mobile app and compared it to a previous version of the app. Nothing stood out between the older and newer release of Tesla’s Android app, with features remaining the same, except the addition of the Model Y images.
Notable in the image showing the trunk of the Model Y is the appearance of a cargo shelf.
Tesla mobile app view Model Y body (Credit: matt687 via Reddit)
Tesla mobile app view Model Y body (Credit: matt687 via Reddit)
Tesla mobile app view Model Y glass roof (Credit: matt687 via Reddit)
Tesla mobile app view Model Y 19″ Gemini wheels with cover (Credit: matt687 via Reddit)
Tesla mobile app view Model Y 19″ Gemini wheels (Credit: matt687 via Reddit)
The latest finding makes sense from a timing perspective, especially as Tesla gears up to make its first Model Y customer deliveries beginning March 15.
The new app resources of Tesla Model Y suggests that owners will have the same mobile app functionality as made available for its entire fleet, including Model S, Model X, and Model 3. Tesla Model Y owners will have the ability to control in-cabin temperatures directly from the mobile app. Presumably, and unlike its closest sibling, Model 3, owners will also be able to control rear heated seats.
In addition, Tesla’s mobile app allows owners to open both front trunk (frunk) and rear trunk, remote start a vehicle with keyless driving, set maximum speed limits for the car, among other a host of other safety and convenience features like Smart Summon.
Tesla Model Y images discovered in latest mobile app update
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Earth has a new companion: a mini-moon called 2020 CD3. On Feb. 15, scientists discovered a small rocky chunk that was captured by our planet’s gravity. But don’t get too excited, because it’s likely only a temporary fixture.
Our planet has only one natural satellite, our moon, but for the last couple of years, there’s been another lurking out in space. Astronomers spotted what is likely a carbonaceous asteroid with the help of the Catalina Sky Survey. The mini-moon is between 6.2 and 11.5-feet (1.9 to 3.5-m) in diameter, and roughly the size of a car.
Typically, temporarily captured objects, like 2020 CD3, only hang around for a brief time (from a few months to a year or two) before they are flung back out into space, or in some cases, burn up in our planet’s atmosphere as they’re pulled in by Earth’s gravitational tug. But according to astronomer’s, it’s been orbiting the Earth for up to three years now.
BIG NEWS (thread 1/3). Earth has a new temporarily captured object/Possible mini-moon called 2020 CD3. On the night of Feb. 15, my Catalina Sky Survey teammate Teddy Pruyne and I found a 20th magnitude object. Here are the discovery images. pic.twitter.com/zLkXyGAkZl
The celestial real estate encircling the Earth is pretty crowded, which is probably why we’ve just now noticed it. Asteroids — which are piles of planetary rubble, remnants left over from the birth of the solar system — are usually very small and dark, making them difficult to spot.
So, discovering 2020 CD3 is kind of a big deal. To date, there have been only a handful of proposed potential mini-moons with only one confirmed — an asteroid named 2006 RH120. The three-foot-wide space rock orbited the Earth for just over a year, from 2006-2007.
“Out of 1 million known asteroids, this is just the second asteroid known to orbit Earth,” Kacper Wierzchos, the astronomer who detected the object, said on Twitter.
The existence of 2020 CD3 is an exciting discovery for a number of reasons, including providing the chance to study asteroids up close. Most asteroids orbit between Mars and Jupiter, in the main asteroid belt and it takes sending a spacecraft out into the solar system to study one of these celestial objects in detail.
Mini-moon 2020 CD3 was detected by the Catalina Sky Survey and imaged by the Gemini Observatory. Credit: Gemini Observatory
2020 CD3 could provide astronomers with the chance to study asteroids in detail and better understand how they’re captured by planets. Unfortunately, computer simulations indicate that the mini-moon could be back on a journey around the sun as early as April. That’s because it’s caught in a game of tug-of-war between the Earth and the moon.
Analysis of 2020 CD3’s orbital motion indicates it’s heavy for its size, which leads astronomers to believe it is in fact, an asteroid. But scientists will use the next few weeks to continue studying the enigmatic object in order to definitively determine whether it is indeed an asteroid or perhaps a rogue piece of space junk.
There’s no time to plan a mission to 2020 CD3, as the object is already growing fainter and fainter in images, but astronomers say it will likely be back in a few decades. With more advanced telescopes coming online in the near future, these types of sightings could become more and more common.
Meet Earth’s newly-discovered companion, a mini-moon named 2020 CD3
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The Tesla Model 3’s success in the European market shocked the region’s biggest automakers, including Volkswagen and Mercedes-Benz. This was despite successful car manufacturers practically writing off Tesla because of its cash flow, production inexperience, and negative outlooks from several hedge funds.
As it turned out, the problem with dismissing Tesla as “the next big thing” is because the Silicon Valley-bred company, through its innovative and unique vehicles, has truly become the hottest company in the car industry. The Model 3 is a big part of that because of its affordability, dispelling the idea that electric cars with sufficient range and high performance are not mainstream cars.
The Model 3’s popularity in Europe was proven after a successful 2019. In December only the Volkswagen Golf and Renault Clio had higher sales figures. This is according to JATO Dynamics, a company that performs market research.
But the popularity of the Model 3 means something other than electric cars is becoming more appealing to consumers. It means automakers that have had success with petrol-powered models, like Volkswagen and Mercedes Benz, may be missing out on a huge opportunity to transition their offerings towards sustainability.
Europe’s biggest luxury carmakers waited long to begin developing cars that could compete with Tesla, and now the companies are lagging behind. The Model 3 already competes with best-selling petrol-powered premium sedans like the Mercedes C-Class or BMW 3 Series in price, despite being far more tech-focused.
Granted, European carmakers have started their own electric car programs. Both Volkswagen and Mercedes are beginning to build electric cars, but they only began developing EVs after Tesla proved that electric cars can be successful and popular among buyers. This leaves them several years behind Tesla, which holds a sizable lead over other carmakers in range, performance, and affordability.
In addition to being years behind in terms of hardware and software, Volkswagen and Mercedes are making electric versions of cars that they have been building for years. This disqualifies the vehicles from being potential “game-changers,” according to JATO Dynamics analyst Felipe Munoz in a statement to The New York Times. Tesla’s vehicle designs, on the other hand, are fresh and unique, and Munoz believes this could be one of the reasons the company is doing so well.
The uniqueness Tesla is bringing to the table is precisely the way it will continue to disrupt the European auto market. Its cars offer a new and exciting way to travel, and Munoz says the way Tesla was going to beat traditional automakers was by being different than them. “It’s not only about the car itself. It’s also the way they are selling these cars,” Munoz states.
Tesla Model 3’s success in Europe was a sucker punch to German automakers
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Tesla CEO Elon Musk clarified the confusion between Hardware 2.5 and Hardware 3 after a group of Chinese Tesla owners filed a lawsuit against the electric carmaker.
Confusion about Tesla’s Hardware 2.5 being included in the newest deliveries was confronted by some of the newest Model 3 owners in China. Some owners filed a lawsuit against Tesla accusing them of fraudulent behavior after the paperwork for their vehicles stated the company’s HW3 would be included.
The owners were surprised to see Hardware 2.5 was put into their vehicles, but without the purchase of the company’s Full Self Driving suite, the differences between HW2.5 and HW3 are non-existent.
A group known as the China Consumers’ Association will hear the owner’s initial complaints, but those who are filing with the association say they could demand triple compensation from Tesla if their concerns are not resolved, according to an article from the Nikkei Asian Review.
The problem with their complaint is that HW 2.5 and HW 3 have the same functionality if FSD is not involved. Tesla owner and enthusiast Sofiaan Fraval said, “The difference is FSD Preview mode which is only for FSD purchases. Software has the same functionality otherwise.”
Tesla apologized for the confusion it caused some owners and said they did not mean to mislead customers. The reason for putting the older HW 2.5 into vehicles was to expedite deliveries and get the vehicles to customers who had been waiting as soon as possible. The company also stated there was “almost no difference” in driving experience and safety for the Model 3.
Interestingly enough, Musk stated “Oddly, those who complained didn’t actually order FSD. Perhaps they weren’t aware that the computer is upgraded for free if the FSD option is ordered even after delivery.”
True. Oddly, those who complained didn’t actually order FSD. Perhaps they weren’t aware that the computer is upgraded for free if the FSD option is ordered even after delivery.
Musk added that Tesla is currently planning to release more features of the FSD suite later this month.
Tesla owners have even reported that Hardware 3 retrofits are becoming a quick and painless process. Tesla owner-enthusiast Tesla Raj shared his experience of having his Model 3 retrofitted with HW3, and stated the process took all of seven hours to complete. Others have stated their vehicles have been upgraded in times as little as 2 hours and 20 minutes.
Owners who have vehicles with either HW2 or HW2.5 and have purchased the FSD suite for their cars can have the upgrade to HW3 free of charge. Even if the FSD suite is purchased after delivery, the hardware will still be upgraded free of charge, making the complaints from Chinese owners questionable.
Tesla’s Elon Musk talks China Model 3 Hardware, states new FSD features are coming later this month
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Crews working at Tesla’s German site are ramping the installation of electrical cables that will supply power to the area when initial construction activities for Giga Berlin begin later this month. The cables are expected to supply Giga Berlin with electricity when the plant begins producing vehicles in 2021.
Tesla completed the clearing of trees from the first 93 hectares of land on February 29, despite losing a week of time due to a complaint filed by the Brandenburg Green League. Now the construction process is ramping up. Power cables are being positioned around the site to provide electricity to crews who will be responsible for building the plant itself.
Emil Senkel shared video footage of construction vehicles digging holes in the ground. These holes run under the L38 road that runs South of the Giga Berlin construction site.
The cabling being laid today are expected to be used for providing power to the upcoming electric vehicle plant when the building is finished. Thus, the cables will likely remain in place when Giga Berlin begins the initial production of the Model Y crossover in Germany.
Local sources indicate that the digging process for Giga Berlin’s underground cables started around two weeks ago, though some cables placed into the ground are yet to be functional. The cables run from the west of the Giga Berlin property, then south parallel to the Bundesautobahn 10 freeway. The cables then cut to the east and come under the L38 where they will eventually be connected to a power source.
Credit: Emil Senkel
Amidst these activities, construction vehicles like cranes are also beginning to arrive at the Giga Berlin site. Tesla enthusiast Tobias Lindh recently posted a photo of crane parts being delivered to the area. This suggests that some heavy work may soon begin at the future electric car factory’s construction zone.
These activities suggest that the groundbreaking of the Giga Berlin site would be scheduled for the near future. According to Brandenburg Economic Minister Jörg Steinbach, the groundbreaking event will likely take place in the second half of March. The event is highly anticipated, especially considering that the Tesla CEO has already confirmed his attendance.
March is looking to be one of the busier months for Giga Berlin. On March 5, local citizens will have the opportunity to voice their concerns about the Giga Berlin site to local officials. On the 18th, the building permit for Giga Berlin is poised to be discussed by the Ministry of Economics.
Tesla ramps trenching work for power cables and infrastructure at German factory site
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Tesla’s 2020 is bound to be a historic year, for more reasons than initially expected. Unlike 2017 and 2019, which were marked by impressive product unveiling events for the Semi, next-gen Roadster, Model Y, and Cybertruck, 2020 is poised to be a year where Tesla simply optimizes its operations to such a point that the company becomes sustainably profitable.
Save for 2018, Tesla has adopted the practice of unveiling new vehicles and energy products in a steady stream. This will not be the case this year, since Elon Musk himself has noted following the Cybertruck’s unveiling event that Tesla will not be holding formal vehicle launches for a while. The Model S Plaid is expected to be rolled out later this year, but the vehicle’s launch could be similar to that of the Raven Model S and X — subtle and simple.
Unlike previous years, Tesla will likely not be focusing too much on the rollout of an upcoming vehicle after initial Model Y deliveries are conducted. With the all-electric crossover being manufactured and delivered to customers, Tesla will likely end up focusing its resources on strengthening its core technology, particularly its batteries. This will partly be due to the arrival of three vehicles that are set to be released soon: the Tesla Semi, the next-gen Roadster, and the Cybertruck.
Part of the reason behind the Model Y’s quicker than expected production ramp is due to the vehicle’s similarity to the Model 3. The two midsize EVs share 75% of their parts, which meant that their production process is not too different from each other. Tesla learned a hard lesson with the Model X and the Model S by over-designing the SUV and making it far too different compared to its sedan sibling, which resulted in massive production delays. This lesson appears to have been learned and adopted for the Model Y ramp.
But Tesla’s next three vehicles are not quite as simple as the Model Y in terms of their battery tech and production processes. While the Model Y will likely use the same battery packs as its Model 3 sibling, the Semi, Cybertruck, and new Roadster do not. In fact, due to their specs and features, each of these new vehicles will likely be equipped with batteries that hold Tesla’s best and latest innovations, and they be built on platforms that are new and specifically designed for each vehicle.
The Semi, for example, is a Class 8 long-hauler that has a range of 300-500 miles per charge. Its capability to haul 80,000 pounds of weight on the road is no joke, and the vehicle’s near-sports car performance suggests that the Semi requires a very large battery pack. Tesla has not revealed the size of the batteries in the two Semi prototypes that are undergoing real-world testing today, but speculations from the EV community go as high as 1 MWh due to the truck’s weight. With better battery efficiency, optimized software, and higher energy density in its cells, Tesla may be able to achieve the Semi’s long-range targets without necessarily using as many batteries as a small fleet of Model 3s.
The Cybertruck is not as large as the Semi, but it seems to require some notable battery improvements as well due to its price and specs. A top-tier Cybertruck costs below $70,000, and for that price, Tesla is offering over 500 miles of range per charge. Considering that the all-electric pickup truck is not exactly as sleek as the Model S in terms of aerodynamics, achieving such a range will likely require the all-electric pickup to have a pretty hefty battery. Batteries are usually considered as one of the most expensive parts of an EV, so it would be interesting to see just how low Tesla can push its battery prices down to make a behemoth of an EV go over 500 miles at a sub-$70,000 price.
Tesla’s design team with the next-generation Roadster. (Credit: Tesla)
The next-gen Roadster may only be seeing a production rate of about 10,000 per year, according to Elon Musk, but the vehicle still requires improvements in its batteries to become a definitive “hardcore smackdown to gasoline cars.” This is because the Roadster was announced with a 200-kWh battery pack that provides 620 miles of range. Tesla was at a different place when it announced the next-gen Roadster’s specs. Hence, it would not be a stretch to speculate that the production version of the all-electric supercar will either have a slightly smaller but more energy-dense battery that still provides 620 miles of range, or a 200 kWh battery pack that offers far beyond 1,000 km in one charge.
Tesla’s growth story is usually tied to the company’s release of one best-selling electric vehicle after another. But this year, after the Model Y, Tesla’s growth story will become more of a battery-driven narrative. The company’s battery tech will ultimately determine whether or not the Semi, Cybertruck, and new Roadster will be a success. But if Tesla’s batteries are up for the task, the company’s disruption of the auto industry will likely end up accelerating even more.
What’s pretty interesting to note is that all these potential battery-related breakthroughs also apply towards Tesla’s Energy business, which is rarely even considered by Wall Street when analysts evaluate the company. Every battery-related milestone that is rolled out to the company’s vehicles is also introduced to its energy storage devices. With this in mind, it is not too farfetched to speculate that this year may also end up becoming a renaissance of sorts for Tesla Energy. Part of this push could involve the introduction of slightly smaller but more energy-dense residential batteries and a line of cheaper energy storage units that are just as good as the company’s current products.
This sounds like another disruption in the making.
Tesla’s next ‘big unveil’ after Model Y will be its battery growth story
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Tesla has begun to roll out a new “Range Boost” software update to Model S and Model X vehicles to more accurately display the vehicle’s range following recent efficiency updates.
The latest version 2020.4 firmware follows last month’s range increase for Model S and Model X. The Model S is now listed with a range of 390 miles, up from 373 miles, while the Model X has an EPA estimated range of 351 miles from 328 miles.
“Charging to 100% and I’m showing 354 miles. Stopping at 90% is putting me at 316,” noted Tesla owners and Redditor sudogreg.
Twitter user and Model X owner @noctechnolog corroborated the story about the range upgrade and shared a snapshot of his vehicle’s available range.
The latest over-the-air update does not come as a surprise as Tesla CEO Elon Musk hinted that the range update for Model S and Model X vehicles would see an adjustment to reflect efficiency improvements being made.
“Software just thinks the car is less efficient than it actually is,” Musk further explained. He also mentioned that there have been several hardware improvements introduced to the vehicles in the past months.
Many small hardware improvements throughout the car that have been introduced gradually over past several months
While this recent update is more visual, giving the newer Model S and Model X a more accurate range displayed on the user interface, it’s important to take note of how Tesla can easily tweak the efficiency and performance of its vehicles via over-the-air (OTA) software updates. Such updates practically make its vehicles so much better as they age and clearly show its lead over legacy carmakers and their attempts to catch up with Tesla’s software and battery technologies.
On Monday, Tesla also started offering an Infotainment Upgrade for older Model S and Model X owners who are still on the first-generation Media Control Unit (MCU1). The $2,500-upgrade will equip the vehicle with newer MCU2 hardware and enable access to Netflix, YouTube, additional video streaming apps, and more Tesla Arcade games.
Tesla rolls out “range update” for Model S, Model X to reflect improved efficiency
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The capabilities of Tesla’s newly-unveiled Track Mode V2 was demonstrated recently by a select group of car enthusiasts, one of them being the host of YouTube’s Vehicle Virgins channel. Following some time with a Model 3 Performance with Track Mode V2, host Parker Nirenstein listed the 10 best features of the upcoming update.
Tesla’s V2 Track Mode was announced on March 2 and it will introduce a variety of new features that foster better performance for Model 3 owners who have a taste for higher speeds and racecar-like handling. Expanding on the original Track Mode, V2 promises even more customization, control, and capabilities for drivers brave enough to tap into the raw power of a Model 3 Performance.
Following are Vehicle Virgins‘ Top 10 Track Mode V2 features.
1. Industry-Leading Visual Display
Credit: YouTube/Vehicle Virgins
Once Track Mode V2 is enabled, the Model 3’s center display changes to give drivers pertinent information for closed circuit driving. Instead of the typical driving visuals and trip stats featured in the Model 3’s screen, the Model 3 Performance’s display shifts to provide drivers with a clear visual of what is exactly happening with certain portions of the car while Track Mode V2 is engaged. Stats such as battery temperatures and tire temperatures are provided.
2. G-Force Meter
Credit: YouTube/Vehicle Virgins
Track Mode V2’s G-Force Meter gives live feedback of current measurements of the car’s current state. The meter also tracks past G-Force measurements from the most recent session. This allows drivers to see how much G-force was applied to each portion of the car during drifting or hot laps.
3. Post-Drive Cooling Feature
Tesla has included a Post-Drive Cooling feature to Track Mode V2, a feature that the Vehicle Virgins host stated is something that is being included today in actual track cars. This feature prevents excessive heat from damaging the battery and the Model 3’s other critical components. This will also decrease the wait time between runs, allowing Model 3 Performance owners to spend more time on the closed circuit and less time waiting for their vehicles to cooling down.
Track Mode V2 will now allow drivers to record recent runs using the vehicle’s built-in cameras that are used by Sentry Mode and Autopilot. Now, laps and drifting runs could be actively captured, allowing for playback of impressive lap times, or to show off a flawless drifting run around obstacles. Driving data from these videos can even be printed to give drivers the full rundown of their performance on the track.
5. Variable Power Splits
This makes the Dual Motor All-Wheel Drive vehicle capable of changing into a full Rear-Wheel-Drive or Front-Wheel-Drive car simply by toggling through settings on the Model 3 Performance’s center display. Nirenstein noted that the Model 3’s customization of this feature is much more impressive than his Lamborghini Huracan’s “Sport Mode,” which went all the way up to 90-10 in favor of Rear-Wheel Drive. The YouTube host also emphasized that the Model 3’s price is 10 times less than the Lamborghini’s, but he is much more impressed with the electric car’s feature.
6. Custom Track Settings
Custom settings could be named and perhaps even saved on the vehicle for specific tracks. This would allow drivers to get the optimum performance from their Model 3 Performance for each location or racing session that they will be attending.
7. 20 Stages of Traction Control
Track Mode V2 allows for 20 different settings of Traction Control for different driving experiences. Nirenstein stated that the AMG GTR became practically legendary due to its 9 different stages of traction control, but Tesla has actually more than doubled the number of options with 20 full stages. This, of course, provides Model 3 Performance drivers with an immense amount of control for their vehicle.
8. Regen only on the Rear Wheels
Track Mode V1 uses regen a lot to enable the Model 3 Performance to perform well on a closed circuit. Track Mode V2 takes this a step further, allowing owners to completely turn regen off, or only apply the braking system to the rear wheels exclusively in RWD mode. Experienced drivers and those who are proficient at drifting will likely take a liking to this capability.
9. Built-in Lap Timer with customizable start point and finish line
Credit: YouTube/Vehicle Virgins
By using the vehicle’s GPS, drivers can set a custom start and finish point that will then track lap times and speed based on the vehicle’s location. This feature will record multiple laps, allowing drivers to test different lines and speeds to improve performance.
10. Compressor Overclock
Credit: YouTube/Vehicle Virgins
Compressor Overclock runs the Model 3’s cooling compressor at an increased rate to inhibit faster battery and vehicle cooling, decreasing wait time between runs. The feature allows the compressor to run at a rate higher than normal, helping performance, but also increasing wear.
Each of these new features is demonstrated in Vehicle Virgins‘ new video, where host Parker Nirenstein demonstrated Track Mode V2’s capabilities. In addition to displaying the new functions Tesla has released with Track Mode V2, the video featured the new Model 3 Track Package recently released for the all-electric sedan. The package includes Zero-G Performance Wheels, race-focused brakes and brake fluid, and track-optimized tires.
Tesla has yet to set a date for when the free OTA update will roll out for Model 3 Performance owners. The Model 3 Track Package will begin shipping in April and it includes Zero-G Performance wheels, Michelin Pilot Sport Cup 2 tires, high-performance brake pads, track-focused brake fluid, center cups, pressure sensors, and lug nut covers. The package will cost $5,500.
Watch Vehicle Virgins‘ Track Mode V2 video below.
Top 10 Tesla Track Mode V2 features for the Model 3 Performance
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After a rather long wait, Tesla has announced that it will now begin offering MCU retrofit options for older vehicles built before the company rolled out its newer, faster infotainment unit. With this, Tesla has ensured that older Model S and X will retain, if not improve, their resale values, which are already quite impressive on their own right.
Tesla’s electric cars already boast good resale values, with a Forbes report noting that today, it is actually more practical to buy new Model S, Model X, and Model 3 instead of purchasing the electric vehicles second hand. This is because even older Teslas like the Model S 75D and the Model X 100D command a high price in the second hand market. Seemingly due to high demand, some Model 3 sold in the second hand market today are actually more expensive than a brand new car.
It is pertinent to note that Teslas evolve much faster than the average vehicle. As noted by CEO Elon Musk, Teslas are pretty unique in the way that they receive incremental upgrades as soon as the improvements are ready to roll out. Thus, while the actual updates to the Model S and X are subtle, the number of optimizations that the company rolled out to the flagship vehicles over the years is actually very generous.
Among the most notable of these upgrades came in the form of a new infotainment system for the Model S and X that features a faster and smoother user experience. The differences between the features of Tesla’s MCU1, which is equipped with an NVIDIA Tegra-3 chip, and the company’s MCU2, which is fitted with a more powerful x86_64 processor, are subtle. However, later features such as the Tesla Arcade and Tesla Theater were compatible only with the newer, faster units.
Elon Musk has been stating for some time that Tesla will be offering an infotainment system upgrade option for owners of vehicles that are still equipped with MCU1. Updates about the upgrade option were relatively far and between, until recently, when Tesla shared a blog post stating that MCU2 retrofits will be offered for $2,500 to interested buyers. Owners of older Model S and Model X who purchased Tesla’s Full Self-Driving suite are even given early access to the upgrade, together with a complimentary Hardware 3 retrofit.
Once equipped with Tesla’s MCU2, older vehicles will gain full access to the company’s most recent features. This essentially updates MCU1-equipped Model S and X to such a degree that they are almost on par with the company’s newest vehicles. A Tesla Model X 75D with Full Self-Driving and an MCU1, for example, can be upgraded to a vehicle with Tesla Theater and the latest FSD preview visuals for $2,500. These improvements, of course, raises the value of Tesla’s older vehicles.
In the second hand market, vehicles that command the best price are those in excellent condition and those that are equipped with an automaker’s latest technologies. For vehicles from legacy automakers, this usually means cars that are several years old are drastically lower in price than their brand new counterparts. Teslas also drop some of their value as they get older, but with the company’s MCU2 upgrade option, this process will likely take even longer.
Tesla Model S and X resale value just got a massive boost
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Tesla shares (NASDAQ: TSLA) spiked on Tuesday morning amidst an optimistic “outperform” rating and a new price target from investment firm JMP Securities. Analysts at JMP stated that Tesla’s stock will be bought cheaply by investors following a recent decline that was likely related to the coronavirus outbreak.
JMP’s new price target is $1,060 per share and is one of the highest among TSLA bulls. Analysts state that investors will be happy to buy TSLA stock at lower multiples as the company is growing at a compound annual rate of 23%, according to The Street.
Next year’s estimates from JMP have TSLA valued at nearly 20 times its forecasted earnings based on its possible production of 2 million vehicles per year by 2025.
JMP analyst Joseph Osha explained the firm’s optimistic outlook on the electric car maker. “The recent market-driven pullback provides investors with a good opportunity to enter the stock in our opinion, and a perusal of offerings from competitors suggests that Tesla’s market position should continue to be dominant. Investors may find themselves with additional near-term opportunities to buy the stock as Tesla works through the first half of 2020 and the impact of COVID-19 becomes apparent,” he wrote.
Osha added that revisions to JMP’s 2021 model for Tesla put the investment firm’s figures slightly above consensus. However, a look at the electric carmaker’s long-term potential for growth indicates the stock should be valued higher on the 2021 outlook than it currently is.
TSLA was one of many companies negatively affected by the coronavirus and it suffered a fall in its share price. TSLA stock is slowly climbing back up, though shares are still a bit far from its levels in early February, when it reached its highest point at $968.98.
Tesla also reported strong 2019 delivery numbers at the start of 2020, stating they had delivered over 112,000 vehicles in Q4. Over 92,000 of them were the Model 3, the company’s most affordable sedan. This first quarter, Tesla’s numbers seem poised to be augmented to some degree by the Model Y, which appear to be set for deliveries soon.
The spike in price target from JMP offers some comfort to those who hold TSLA stock. Although it has been a tough couple of weeks because of the threat of a potential coronavirus pandemic, TSLA may be on its way back up.
As of writing, TSLA stock is trading +4.96% at at $780.52 per share.
Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.
Tesla (TSLA) rises amid new $1K price target, Outperform rating from Wall St
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