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Elon Musk is about to become the world’s richest person again

Credit: e24

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While Elon Musk’s fall from his seat as the world’s wealthiest person by net worth was due to a steep decline in Tesla stock (NASDAQ:TSLA), the electric vehicle maker’s shares are also the reason why the CEO is now poised to recapture the title. 

Tesla shares have surged 74% this year, especially following the company’s price cuts to its entire electric vehicle lineup. Tesla shares ended Wednesday’s trading up 2.38%, pushing the company’s market cap to $677.87 billion. With this, Elon Musk’s net worth reached $191 billion, just $1 billion shy of Bernard Arnault’s $192 billion net worth. 

Credit: Bloomberg Billionaires Index

Arnault is the chief executive of LVMH Moet Hennessy Louis Vuitton, which is one of the world’s largest producers of luxury products. Musk was overtaken by Arnault in December amidst TSLA stock’s decline. So notable were the losses in Musk’s net worth in 2022 that the Guinness World Record dubbed him as the person with the largest fortune loss in history

Since TSLA stock’s rebound this year, however, Musk has steadily gained on Arnault, and is now within striking distance of the luxury goods executive. It should be noted, however, that while Musk’s net worth has increased by $54.2 billion this year, it is still far below its all-time highs. At his wealthiest in late 2021, Musk’s net worth was listed at over $300 billion

The past year has been particularly painful for Musk and Tesla. Apart from headwinds in China that saw Gigafactory Shanghai — the company’s largest plant by output — shut down amidst Covid-related lockdowns, TSLA shares were also weighed down by Musk’s acquisition of social media platform Twitter. As Musk offloaded TSLA stock to fund his Twitter purchase, the electric vehicle maker’s shares saw a notable dive. 

This year, however, will likely be quite different for Tesla. The electric vehicle maker is expected to start the initial deliveries of its all-electric pickup truck, the Cybertruck, this year. Tesla is also expected to launch a revamped version of the Model 3 sedan later this year, which features improvements to its exterior and key features like its infotainment system. The updated Model 3 is also expected to be easier to produce, which should help Tesla’s costs. 

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Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Tesla Model Y Performance has a killer feature beyond its speed

Prior to the Model Y Performance, the feature has only been offered in the Tesla Cybertruck.

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Credit: Tesla

The Tesla Model Y Performance has been launched in the United States, and as it turns out, it has a killer feature beyond its stellar speed and driving dynamics.

Apart from raw driving fun, the new Model Y Performance also has the capability to power appliances through its Vehicle to Load (V2L) and Vehicle to Home (V2H) bi-directional charging. 

Only the second Tesla

V2L and V2H systems have long been requested by electric vehicle owners. Prior to the Model Y Performance, the feature has only been offered in the Tesla Cybertruck, one of the company’s most expensive vehicles. With customers ordering the new Model Y Performance at the end of the third quarter, however, some noticed that their vehicles were listed with V2L and V2H systems. 

These features, or at least V2L specifically, was confirmed by the official Tesla account on social media platform X. In a response to a Tesla shareholder who highlighted the much-requested feature, the official Tesla X account noted that V2L is possible with a Tesla Outlet Adapter. “New Model Y Performance offers Vehicle to Load (120V 20A AC) with Tesla Outlet Adapter,” Tesla wrote in its post.

Affordable accessory

To be fair, Tesla’s official X account only referenced the new Model Y Performance’s V2L system. Details of the newly launched variant of the best-selling all-electric crossover’s V2H function are yet to be specified. However, it is difficult not to be excited about the new Model Y Performance’s V2L system, as the Tesla Power Adapter is available on the Tesla Shop for just $80. 

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The new Model Y Performance’s V2L and V2H systems bode well for the features’ rollout to Tesla’s other vehicles. If such a function has made it to the top-tier Model Y, after all, it might only be a matter of time before similar features are introduced to the company’s other vehicles, such as the Model 3 sedan and the Model S and X. 

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Tesla reveals some crazy Supercharging (and Diner) stats from Q3

In an update posted by Tesla’s Charging account on X, it revealed several interesting tidbits about Supercharger growth.

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tesla diner in los angeles during daytime
Credit: Matt Hartman

Tesla has revealed some pretty crazy Supercharging statistics from the third quarter, and there was also a very interesting tidbit regarding the Diner it opened in Los Angeles, as well.

In an update posted by Tesla’s Charging account on X, it revealed several interesting tidbits about Supercharger growth, as well as usage and environmental offset, all occurring in the third quarter:

  • 4,000 new Supercharger stalls opened, up 18% year-over-year
  • 1.8 TWh of energy delivered to vehicles, up 29% year-over-year
  • 842 million liters of gasoline saved, equivalent to 2 billion kilograms of CO2 offset
  • 54 million quarterly charging sessions, up 31% year-over-year

The most useful and impressive statistics here are the 4,000 new Supercharger stalls opened in the third quarter, and the environmental impact of gasoline saved. More chargers are crucial to keep up with the increase of EVs on the road, even non-Teslas, as many OEMs have access to the company’s network.

Additionally, the environmental impact of using fewer gallons of gasoline for passenger transportation reduces our reliance on fossil fuels. This is still something that Tesla strives for to this day, as Elon Musk detailed in the Master Plan.

On a lighter note, Tesla also detailed the number of Tesla Burgers it sold at its Supercharger Diner in Los Angeles in Q3. It’s a pretty impressive number:

  • 50,000 Tesla Burgers sold, up 100% tastiness

Tesla’s Supercharger Diner first opened in late July, so it has been in operation for a little over two months so far.

Tesla Supercharger Diner officially opens: menu, prices, features, and more

In the roughly 70 days the Diner has been in operation, Tesla has managed to sell about 715 burgers each day. This is incredibly impressive considering the company’s focus on localized, sustainably sourced ingredients and how it stacks up against a fast food franchise like McDonald’s.

The average McDonald’s franchise sells approximately 14,000 burgers per month, Grok says. Tesla would have outpaced that by a considerable margin if its statistics are accurate. It’s pretty impressive.

Tesla’s Supercharger presence is felt in many countries across the world, with over 70,000 stalls available. While many EV owners charge at home, the expansion of the Supercharger Network is a necessary thing to have for commuters, road trips, and longer travel.

Tesla has done a great job of being inclusive to other EV makers as well.

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Will Tesla thrive without the EV tax credit? Five reasons why they might

Here are five reasons Tesla might be in better shape without the tax credit being available.

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tesla
(Credit: Tesla)

The $7,500 EV tax credit has officially expired, as it came to its closure at midnight on September 30. Many are wondering what will happen to the EV makers in the United States that had a huge competitive advantage over their competitors, a $7,500 discount that could be applied at the point of sale.

Tesla stands to thrive from the lack of tax credit, and although it is hard to believe, brighter days could be ahead for the company, starting with Q4, which began today.

Here are five reasons Tesla might be in better shape without the tax credit being available:

No Tax Credit Means Price Cuts

Tesla has to adjust its pricing strategy now that the $7,500 tax credit is gone, and when it lost the previous tax credit after reaching its cap in 2019, it used a more affordable model to surge sales. At the time, that more affordable model was the Model 3.

Tesla boosted deliveries by over 50 percent that year without any tax credit by simply offering a cheaper model. The credit, in a way, distorts the market, and companies, while attempting to innovate, are able to offer the discount with the help of the government.

Tesla price cuts push EV market toward affordability with broader influence

Companies will now have to weigh what they can discount their vehicles by to keep profits reasonable, but also stoke demand.

Ultimately, Tesla has the ability to use manufacturing and technological efficiencies to increase affordability. It has more control to fluctuate pricing, and price cuts could be on the way.

The Playing Field Becomes Fairer

Companies like Ford and General Motors have also reaped the benefits of the tax credit, but their situation is much different than Tesla’s.

Ford and GM are not profitable on their EV projects, so the EV tax credit has been relied upon to mask high production costs and dealer markups, which have widely impacted their demand. Ford is among the more popular brands that have dipped their toes into the EV market, but they have been forced to adjust their strategy on several occasions due to a lack of profits.

Tesla’s vehicles have been profitable for some time, and the company has been able to make money from its offerings faster. Cybertruck was profitable after just one year of production.

Tesla Cybertruck achieves positive gross margin for first time

Removing subsidies will expose the financial weaknesses of those domestic competitors, and we will likely see those companies scale back their EV efforts in the coming months and years. This will help Tesla more than having access to the tax credit would, which is something CEO Elon Musk has said for years:

Tesla’s Maturity Shows and Investor Confidence Will Boost

Tesla was once dismissed as a subsidy-dependent startup, but that narrative truly died years ago, as it continued to perform well against competitors even after losing the tax credit.

Musk has said himself that the cancellation of these subsidies “will only help Tesla,” as it will highlight the company’s ability to be self-sufficient.

Elon Musk reiterates call for all subsidies on all industries to be removed

Using things like manufacturing efficiencies and vertical integration, Tesla has been less dependent than others on help to build its cars. If anything, investors will likely see the next few months as a make-or-break period for companies building EVs.

Subsidies Sometimes Can Inhibit True Innovation

Some companies can tend to become complacent when government subsidies are offered on their products. Instead of making things better and trying to find new ways to make cars more affordable, some can lean on the help they’re getting.

After subsidies ended for Tesla in 2019, the company achieved two major breakthroughs: the Cybertruck and its energy storage projects scaled to gigawatt-hours. The argument is not that Tesla becomes complacent with the tax credits, but the company is going to feel more pressure to fight for innovation now that its back is up against the wall.

It already offers a better product from a tech standpoint, so affordability could truly be the next major change we see.

Affordable Models Will Be Even More Sought After

Tesla will launch its affordable models this quarter, and with no more tax credit to lean on, these new cars will be what many consumers go for.

If Tesla can launch a model that is close to $30,000 without a tax credit, the company stands to regain a significant portion of its market share from competitors that have eroded it over the past few years. This will undercut the vast majority of electric cars that are currently offered.

  • 2025 Nissan Leaf S Trim – $28,140
  • 2025 Fiat 500e Base Trim – $32,500
  • 2025 Chevrolet Equinox EV – $33,600

Those are the three most affordable EVs available in the U.S. right now, and those prices are without the EV tax credit. If Tesla can get close to $30,000, it will truly make a mark and there might not be all that much of a change in its yearly delivery figures.

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