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Tesla (TSLA) Canaccord price target raised to $881 after seeing the Fremont Factory in action

(Credit: Tesla)

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Canaccord Genuity raised its price target for Tesla (TSLA) from $815 to $881 after a visit to the Fremont Factory. 

Canaccord analyst George Gianarikas visited the Fremont Factory last Friday and was impressed. In a note, Gianarikas wrote that Canaccord was “mesmerized by the factory’s chaotic symphony and employee morale.” 

The Canacoord analyst also had a few good things to say about management at the Freemont Factory, reported Proactive Investors. He was particularly impressed by the management’s ability to maximize the factory’s capabilities given its limited size. 

Elon Musk and other Tesla executives have noted that the company has outgrown the Fremont Factory. However, Tesla has still managed to improve its efficiency. Gianarikas believes the Fremont Factory’s efficiency separates it from other OEMs. 

“Tesla’s manufacturing proficiency sets it apart from its tech peers and from other auto OEMs, who are years behind in terms of working out idiosyncrasies in building EVs versus ICE while managing a new supply chain reality,” he wrote.

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Canaccord’s Forecast for Tesla

“While macroeconomic factors and recent price increases can certainly impact order rates, we estimate Tesla’s EV momentum and competitive lead – from manufacturing to materials procurement, to autonomy – is secured for some time. With additional offerings in solar, energy storage, and more to come, Tesla remains the sustainability behemoth,” concluded Gianarikas in his note

Tesla’s Gigafactory Roadmap

Tesla’s newer factories in China, Berlin, and Austin have more efficient layouts than the Fremont Factory’s assembly lines. Tesla has also made it a practice to improve and build on its factories constantly. 

For instance, Giga Shanghai was the first factory to follow the layout of Tesla’s GA4 tent, where Model 3 production was refined. Berlin and Austin follow the same format. 

Tesla might announce a new gigafactory location by the end of the year. Elon Musk estimates that Tesla might build 10 to 12 gigafactories to reach its goals. 

The Teslarati team would appreciate hearing from you. If you have any tips, contact me at maria@teslarati.com or via Twitter @Writer_01001101.

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Maria--aka "M"-- is an experienced writer and book editor. She's written about several topics including health, tech, and politics. As a book editor, she's worked with authors who write Sci-Fi, Romance, and Dark Fantasy. M loves hearing from TESLARATI readers. If you have any tips or article ideas, contact her at maria@teslarati.com or via X, @Writer_01001101.

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SpaceX is partnering with chipmakers to enable Starlink satellite-to-cell service

President Gwynne Shotwell outlined the effort during a space industry conference in Paris.

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Credit: SpaceX/X

SpaceX is working with microchip manufacturers to integrate satellite-connectivity hardware into smartphones, advancing its plan for direct-to-device services through Starlink. 

The move follows the company’s $17 billion acquisition of wireless spectrum from EchoStar Corp., a deal that positions SpaceX to operate more independently of traditional telecom carriers. 

President Gwynne Shotwell outlined the effort during a space industry conference in Paris this week, as noted in a Bloomberg News report.

Starlink direct-to-device

Starlink currently serves millions of customers in over 100 countries, primarily through ground-based dishes. The company, however, is now expanding into satellite-to-cell service, which should enable unmodified phones to connect directly with orbiting satellites. While SpaceX has a partnership with T-Mobile US, the EchoStar spectrum purchase gives it more control to negotiate with global carriers on its own terms.

“We’re working with chip manufacturers to get the proper chips in phones,” the SpaceX President stated. “We will now be initiating discussions with telcos in a different way now. Now it’s our spectrum, but we want to work with them, almost providing capacity and wholesaling capacity to their customers.”

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The company plans to launch satellites capable of supporting its direct-to-device business within two years, with early mobile phone testing expected by late 2026.

Starship program continues test flights

Shotwell also addressed SpaceX’s Starship program, which recently completed its 10th test flight in August. She said the mission met all objectives, providing a critical morale boost to teams after a challenging development year. 

“My Starship team needed that win,” Shotwell noted. “Development programs always are kind of a 24/7 operation, and I was really pleased for them.”

SpaceX is planning to fly one more iteration of the current Starship prototype, known as V2, before transitioning to the next-generation V3 vehicle. That version, expected to debut late this year or early 2026, is designed to be more capable and support eventual crewed missions to the Moon and Mars. 

“The V3, which we want to fly hopefully late this year, but maybe early next year, is really the vehicle that could take humans to the moon and Mars,” Shotwell stated.

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Elon Musk says xAI has a chance to reach AGI with Grok 5

The comment came after Grok 4 posted strong results on the ARC-AGI benchmark.

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(Credit: xAI)

Elon Musk suggested this week that his artificial intelligence startup xAI has the potential to reach artificial general intelligence (AGI) with the next version of its large language model, Grok 5. 

The comment came after Grok 4 posted strong results on the ARC-AGI benchmark, which tests reasoning and problem-solving ability.

Musk sees Grok 5 as AGI candidate

In a post on X, user @amXFreeze shared the latest results of the ARC-AGI leaderboard, which showed Grok 4 outpacing rival systems such as OpenAI’s ChatGPT in problem-solving and open program synthesis tasks. 

Musk reacted to the performance by stating that “I now think xAI has a chance of reaching AGI with Grok 5. Never thought that before.” 

Artificial General Intelligence (AGI) refers to an AI system that is capable of matching or surpassing human-level intelligence across tasks such as thinking, reasoning, and other domains by a notable margin, as noted in a report from Benzinga. AI companies today are actively pursuing AGI.

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xAI’s speed 

While xAI was only established in March 2023, the startup has grown aggressively. Since its founding, it has rapidly risen in the AI segment and its Grok large language model has become a mainstream option for everyday users, especially on social media platform X. The company is still growing aggressively, and it is currently expanding its Colossus supercomputer cluster in Memphis. 

During xAI’s Engineering Open House event in San Francisco in its early days, Elon Musk highlighted that speed would be the company’s primary competitive edge. To highlight this, Musk stated that “No SR-71 Blackbird was ever shot down and it only had one strategy: to accelerate.” So far, xAI is definitely playing this role very well. 

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Tesla lands new partnership with Uber as Semi takes center stage

Tesla and Uber will work together, using the company’s all-electric Semi, to make sustainable Class 8 electric trucks more affordable with three main strategies: Subsidized Pricing, Predictable Growth, and Optimization of Utilization.

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Credit: Uber

The Tesla Semi has led to a new partnership between the company and Uber, as the two are launching a program that aims to revolutionize logistics by making sustainable commercial vehicles more accessible.

Uber announced on Tuesday that it was planning to launch the Dedicated EV Fleet Accelerator Program in a new partnership with Tesla. Uber’s Freight division is mainly responsible for the new program, which it calls a “first-of-its-kind buyer’s program designed to make electric freight more affordable and accessible by addressing key adoption barriers.”

Tesla and Uber will work together, using the company’s all-electric Semi, to make sustainable Class 8 electric trucks more affordable with three main strategies: Subsidized Pricing, Predictable Growth, and Optimization of Utilization.

  • Subsidized Price: Fleets purchasing Tesla Semis through this program will receive a subsidy on the purchase price.   
  • Predictable Growth: Fleets will integrate their Tesla Semis into Uber Freight’s dedicated solutions for shippers for a pre-determined period. This creates an opportunity for carriers to forecast revenue with confidence, while shippers gain consistent access to reliable, zero-emission capacity. 
  • Optimize Utilization: Uber Freight taps into its extensive freight network to match carriers with consistent, high-quality freight from our strong shipper base—helping ensure the addition of these Tesla Semis stay fully utilized and carriers see dedicated, real, measurable returns from the start

Tesla will work directly with interested companies to iron out technical details about the Semi, as well as its cost of ownership based on the tailored needs of their business. Fleets can expect savings on the first day, Uber says, as they will avoid diesel fuel costs and reduced maintenance, a widely known advantage of EVs.

Uber announced that it had partnered with select carriers to pilot the Dedicated EV Fleet Accelerator Program prior to its launch:

“During the 2-month pilot program, the Tesla Semis showcased both reliability and efficiency for Uber Freight’s shipper network. Over 394 hours of drive time, carriers covered 12,377 miles. With an average net energy consumption of just 1.72 kWh per mile and only 60 hours of total charge time, these results highlight the operational viability of Tesla Semis on demanding freight lanes. “

In its press release launching the program, Uber effectively highlights how the use of the Semi can impact a company’s margins and profitability through fuel savings, reduced maintenance costs, and lower total cost of ownership.

This is something that turns so many people away from gas cars and toward EVs, so it’s no surprise that Uber wanted to emphasize this point on a larger scale with a company that utilizes a fleet of vehicles.

Tesla Semi shows strong results in ArcBest’s real-world freight trial

Tesla has been experimenting with a select group of companies, as well. It partnered with PepsiCo. several years ago, in an effort to launch a pilot program for the Semi. It had excellent results, showing higher efficiency, lower costs, and an exceptional ability to handle long runs.

Drivers have had a lot of positive things to say:

Tesla Semi earns strong reviews from veteran truckers

The Semi will enter mass production next year, but we anticipate that some companies will commit to Uber’s new platform well before then.

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