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Tesla China opens Q2 2024 with massive export efforts

Credit: Wu Wa/YouTube

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It appears that Tesla China is not missing a beat with its export efforts even as the second quarter of 2024 begins. This was hinted at in a recent drone flyover of the Shanghai Southport Terminal, which shows a large fleet of Tesla vehicles being prepared for export to foreign territories. 

Longtime Tesla China watcher Wu Wa, who has been chronicling the development and progress of the electric vehicle maker’s operations in the country since Giga Shanghai’s earliest days, recently shared aerial footage he took at the Shanghai Southport Terminal on April 1, 2024. As per the drone operator’s footage, a significant number of the export fleet is comprised of upgraded Model 3 sedans. 

Interestingly enough, a notable number of Model 3 sedans that were being prepared for export were painted in Tesla’s new Ultra Red color, which costs an additional RMB 12,000 ($1,650) charge in China. The presence of the vehicles in Tesla China’s recently spotted export fleet suggests that Ultra Red may be a popular color in places like Europe or Australia, which are supplied by Giga Shanghai. 

While the EV segment in China is becoming more competitive, Tesla China has implemented a price increase for its best-selling vehicle in the country, the Model Y crossover. Tesla increased the price of the Model Y by RMB 5,000 ($692) with its recent price update, which means that the base Model Y RWD now starts at RMB 263,900 ($36,500), the Model Y AWD Long Range now starts at RMB 304,900 ($42,140), and the Model Y Performance now starts at RMB 368,900 ($51,000). 

Tesla’s recent price increase shows some confidence on the part of the electric vehicle maker, which is quite interesting considering that the upgraded Model 3 recently welcomed its newest competitor, the Xiaomi SU7. The Xiaomi SU7 is larger and more affordable than the Model 3, and it has generated quite a lot of buzz in China so far. Over the weekend, the smartphone giant’s showrooms saw lines of people waiting to see the SU7 — a scene reminiscent of Tesla stores in China in 2019 when the Model 3 sedan was initially brought to the country. 

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Watch Wu Wa’s recent flyover of the Shanghai Southport Terminal in the video below. 

https://youtu.be/aIANeuM-Pxg

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.cDon ‘t give us a heads up.

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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Waymo temporarily halts service in select San Francisco and LA areas amid protests

The suspensions came after several Waymo Jaguar I-Pace robotaxis were vandalized and set ablaze during the demonstrations.

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Credit: ABC7/YouTube

Waymo, Alphabet’s autonomous vehicle subsidiary, has suspended its driverless taxi operations in parts of Los Angeles and San Francisco amid violent protests linked to U.S. Immigration and Customs Enforcement (ICE) raids in the state. 

The suspensions came after several Waymo Jaguar I-Pace robotaxis were vandalized and set ablaze during the demonstrations.

Waymo Catches Strays Amid Anti-ICE Protests

Protests erupted in Los Angeles and San Francisco in response to the Trump administration’s immigration raids, which ultimately resulted in California Governor Gavin Newsom calling the White House’s deployment of National Guard troops unconstitutional. 

Amidst the protests, images and videos emerged showing several Waymo robotaxis being defaced and destroyed. At least five Waymo robotaxis ended up being caught in the crossfire, and at least one vehicle ended up being burned to the ground. 

The incident resulted in the Los Angeles Police Department advising people to avoid downtown areas due to toxic fumes from the robotaxis’ burning lithium-ion batteries. As noted in a KRON4 report, Waymo ultimately halted service in affected areas “out of an abundance of caution.”

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Robotaxi Sentiments

The cost of the attacks is notable. Each Waymo robotaxi is valued between $150,000 and $200,000, per a 2024 Wall Street Journal report. Interestingly enough, this is not the first time that Waymo’s robotaxis ended up on the receiving end of angry protesters. On February 24, a Jaguar I-PACE robotaxi was set ablaze and vandalized by a crowd in San Francisco. Videos taken at the time showed a mob of people attacking the vehicle. 

Despite the recent attacks on its robotaxis, Waymo has stated it has “no reason to believe” its vehicles were specifically targeted during the protests, as per a report from The Washington Post. A company spokesperson also noted that some of the Waymo robotaxis that were defaced and destroyed during the violent demonstrations had been completing drop-offs near the protest zones.

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Investor's Corner

xAI targets $5 billion debt offering to fuel company goals

Elon Musk’s xAI is targeting a $5B debt raise, led by Morgan Stanley, to scale its artificial intelligence efforts.

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(Credit: xAI)

xAI’s $5 billion debt offering, marketed by Morgan Stanley, underscores Elon Musk’s ambitious plans to expand the artificial intelligence venture. The xAI package comprises bonds and two loans, highlighting the company’s strategic push to fuel its artificial intelligence development.

Last week, Morgan Stanley began pitching a floating-rate term loan B at 97 cents on the dollar with a variable interest rate of 700 basis points over the SOFR benchmark, one source said. A second option offers a fixed-rate loan and bonds at 12%, with terms contingent on investor appetite. This “best efforts” transaction, where the debt size hinges on demand, reflects cautious lending in an uncertain economic climate.

According to Reuters sources, Morgan Stanley will not guarantee the issue volume or commit its own capital in the xAI deal, marking a shift from past commitments. The change in approach stems from lessons learned during Musk’s 2022 X acquisition when Morgan Stanley and six other banks held $13 billion in debt for over two years.

Morgan Stanley and the six other banks backing Musk’s X acquisition could only dispose of that debt earlier this year. They capitalized on X’s improved operating performance over the previous two quarters as traffic on the platform increased engagement around the U.S. presidential elections. This time, Morgan Stanley’s prudent strategy mitigates similar risks.

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Beyond debt, xAI is in talks to raise $20 billion in equity, potentially valuing the company between $120 billion and $200 billion, sources said. In April, Musk hinted at a significant valuation adjustment for xAI, stating he was looking to put a “proper value” on xAI during an investor call.

As xAI pursues this $5 billion debt offering, its financial strategy positions it to lead the AI revolution, blending innovation with market opportunity.

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SpaceX to debut new Dragon capsule in Axiom Space launch

Ax-4’s launch marks the debut of SpaceX’s latest Crew Dragon and pushes Axiom closer to building its own space station.

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spacex-dragon-axiom-ax-4-mission-iss
(Credit: SpaceX)

Axiom Space’s Ax-4 mission targets the International Space Station (ISS) with a new SpaceX Crew Dragon capsule.

The Axiom team will launch a new SpaceX Dragon capsule atop a Falcon 9 rocket from NASA’s Kennedy Space Center in Florida on Wednesday at 8:00 a.m. EDT (1200 GMT). The Ax-4 mission launch was initially set for Tuesday, June 10, but was delayed by one day due to expected high winds.

As Axiom Space’s fourth crewed mission to the ISS, Ax-4 marks the debut of an updated SpaceX Crew Dragon capsule. “This is the first flight for this Dragon capsule, and it’s carrying an international crew—a perfect debut. We’ve upgraded storage, propulsion components, and the seat lash design for improved reliability and reuse,” said William Gerstenmaier, SpaceX’s vice president of build and flight reliability.

Axiom Space is a Houston-based private space infrastructure company. It has been launching private astronauts to the ISS for research and training since 2022, building expertise for its future station. With NASA planning to decommission the ISS by 2030, Axiom has laid the groundwork for the Axiom Station, the world’s first commercial space station. The company has already begun construction on its ISS replacement.

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The Ax-4 mission’s research, spanning biological, life, and material sciences and Earth observation, will support this ambitious goal. Contributions from 31 countries underscore the mission’s global scope. The four-person crew will launch from Launch Complex 39A, embarking on a 14-day mission to conduct approximately 60 scientific studies.

“The AX-4 crew represents the very best of international collaboration, dedication, and human potential. Over the past 10 months, these astronauts have trained with focus and determination, each of them exceeding the required thresholds to ensure mission safety, scientific rigor, and operational excellence,” said Allen Flynt, Axiom Space’s chief of mission services.

The Ax-4 mission highlights Axiom’s commitment to advancing commercial space exploration. By leveraging SpaceX’s Dragon capsule and conducting diverse scientific experiments, Axiom is paving the way for its Axiom Station. This mission not only strengthens international collaborations but also positions Axiom as a leader in the evolving landscape of private space infrastructure.

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