News
Tesla China’s slowdown in April sales eclipsed by mass Model 3 Long Range orders
Earlier this month, news broke that Tesla sales in China had dipped 64% in April despite a general recovery in the country’s electric vehicle segment. This piece of information was promptly promoted by Tesla bears as an alleged sign that the company’s China operations and its facilities such as Gigafactory Shanghai are poised for ruin. But as it turns out, a deeper dive into April’s data in China shows a much different story.
It is true that Tesla only sold 3,635 Model 3 in April, down over 50% from the 10,160 units that were sold in March. This was reflected by the numbers from the China Passenger Car Association (CPCA). What was not mentioned in these reports is that April’s sales numbers were vastly affected by two big factors: the impending price adjustment of the locally produced Standard Range Plus Model 3, and the upcoming introduction of the Long Range RWD Model 3.
China web media researcher @DKurac, who closely follows developments in the EV sector of China, has noted that April actually saw close to 15,000 orders for the Model 3 in April, and most of them were for the Long Range version. This information was shared on recent local media reports. This suggests that a significant number of Tesla buyers were actually waiting for the Long Range Model 3 RWD.
The Long Range Model 3 that’s produced at Gigafactory Shanghai, of course, only started deliveries this month. This means that while there were close to 15,000 orders for the vehicle in April, the vehicle’s sales would likely be reflected on May instead. But this is not all.
Apart from the arrival of the Model 3 Long Range RWD to the local market, Tesla China also adjusted the price of the Standard Range Plus Model 3 in early May to allow the vehicle to qualify for government incentives. As noted by Tesla community members in China, rumors of the impending price adjustment were abounding for some time, which meant that a lot of buyers who were planning on purchasing the Model 3 likely waited for the price reduction to take effect in May before buying the all-electric sedan.
Tesla China is yet to confirm if these numbers are accurate, but the company does seem to be heading towards well into the second quarter of 2020 with some momentum on its back. The electric car maker’s operations in China will likely be the difference-maker this Q2 2020, especially since Tesla’s US operations have been affected by the pandemic, while Gigafactory Shanghai has been ramping following a government-mandated shutdown in February.
Elon Musk
SpaceX weighs Nasdaq listing as company explores early index entry: report
The company is reportedly seeking early inclusion in the Nasdaq-100 index.
Elon Musk’s SpaceX is reportedly leaning toward listing its shares on the Nasdaq for a potential initial public offering (IPO) that could become the largest in history.
As per a recent report, the company is reportedly seeking early inclusion in the Nasdaq-100 index. The update was reported by Reuters, citing people familiar with the matter.
According to the publication, SpaceX is considering Nasdaq as the venue for its eventual IPO, though the New York Stock Exchange is also competing for the listing. Neither exchange has reportedly been informed of a final decision.
Reuters has previously reported that SpaceX could pursue an IPO as early as June, though the company’s plans could still change.
One of the publication’s sources also suggested that SpaceX is targeting a valuation of about $1.75 trillion for its IPO. At that level, the company would rank among the largest publicly traded firms in the United States by market capitalization.
Nasdaq has proposed a rule change that could accelerate the inclusion of newly listed megacap companies into the Nasdaq-100 index.
Under the proposed “Fast Entry” rule, a newly listed company could qualify for the index in less than a month if its market capitalization ranks among the top 40 companies already included in the Nasdaq-100.
If SpaceX is successful in achieving its target valuation of $1.75 trillion, it would become the sixth-largest company by market value in the United States, at least based on recent share prices.
Newly listed companies typically have to wait up to a year before becoming eligible for major indexes such as the Nasdaq-100 or S&P 500.
Inclusion in a major index can significantly broaden a company’s shareholder base because many institutional investors purchase shares through index-tracking funds.
According to Reuters, Nasdaq’s proposed fast-track rule is partly intended to attract highly valued private companies such as SpaceX, OpenAI, and Anthropic to list on the exchange.
Elon Musk
The Boring Company’s Prufrock-2 emerges after completing new Vegas Loop tunnel
The new tunnel measures 2.28 miles, making it the company’s longest single Vegas Loop tunnel to date.
The Boring Company announced that its Prufrock-2 tunnel boring machine (TBM) has completed another Vegas Loop tunnel in Las Vegas. The company shared the update in a post on social media platform X.
According to The Boring Company’s post, the new tunnel measures 2.28 miles, making it the company’s longest single Vegas Loop tunnel to date.
The new tunnel marks the fourth tunnel constructed near Westgate Las Vegas as the Vegas Loop network continues expanding across the city.
The Boring Company also noted that the new tunnel surpassed its previous internal record of 2.26 miles for a single Vegas Loop segment.
Construction of the tunnel involved moving roughly 68,000 cubic yards of dirt. The excavation process also used about 4.8 miles of continuous conveyor belt, powered by six motors totaling 825 horsepower.
The Boring Company’s Prufrock-series all-electric tunnel boring machines are designed to support the rapid expansion of company’s underground transportation projects, including the growing Vegas Loop network. Prufrock machines are designed for reusability, thanks in no small part to their capability to be deployed and retrieved easily through their “porposing” feature.
The Vegas Loop, specifically the Las Vegas Convention Center (LVCC) Loop segment, has already been used during major events. Most recently, the LVCC Loop supported the 2026 CONEXPO-CON/AGG construction trade show, which was held from March 3-7, 2026.
As per The Boring Company, the LVCC Loop transported roughly 82,000 passengers across the convention center campus during the event’s duration.
CONEXPO-CON/AGG is one of the largest construction trade shows in North America, drawing more than 140,000 construction professionals from 128 countries this year.
The LVCC Loop forms the initial segment of the broader Vegas Loop network, which remains under active development as The Boring Company continues building new tunnels throughout the city.
News
Tesla gathers Cybercab fleet in Gigafactory Texas
Images and video of the Cybercab fleet were shared by longtime Giga Texas observer Joe Tegtmeyer in posts on social media platform X.
Tesla appears to be assembling a growing number of Cybercabs at Gigafactory Texas as preparations continue for the vehicle’s mass production. Recent footage shared online has shown over 30 Cybercabs being transported by trucks or staged near testing areas at the facility.
The images and video were shared by longtime Giga Texas observer and drone operator Joe Tegtmeyer in posts on social media platform X.
Interestingly enough, Tegtmeyer noted that many of the Cybercabs being loaded onto transport trucks were still equipped with steering wheels. This suggests that the vehicles are likely testing units rather than the final driverless configuration expected for the company’s Robotaxi service.
The vehicles could potentially be headed to testing sites across the United States as Tesla prepares to expand its Robotaxi fleet.
Additional footage captured at Gigafactory Texas also showed the Cybercab’s side and rear camera washer system operating as vehicles were being loaded onto transport trucks.
The growing number of Cybercabs at Giga Texas comes amidst the company’s announcement that the first production Cybercab has been produced at the facility. Full Cybercab production is expected to begin in April.
The vehicle is expected to play a central role in Tesla’s Robotaxi ambitions as the company looks to expand autonomous ride-hailing operations beyond its early deployments using Model Y vehicles.
Tesla has also linked Cybercab production to its proposed Unboxed manufacturing process, which assembles large vehicle modules separately before integrating them. The approach is intended to reduce production costs and accelerate output.
Musk has also noted that the Cybercab’s ramp will likely begin slowly due to the number of new components and manufacturing steps involved. However, he stated that once the process matures, Cybercab production could scale quickly.
SpaceX weighs Nasdaq listing as company explores early index entry: report
The Boring Company’s Prufrock-2 emerges after completing new Vegas Loop tunnel
