Connect with us
tesla gigafactory texas tesla gigafactory texas

News

Tesla deals $7.6 billion blow against short-sellers in the past month

Credit: Tesla/Twitter

Published

on

Last year, short-sellers made a killing by betting against TSLA stock. But less than two months into the new year, Tesla short-sellers have found themselves in the opposite situation. As per data from S3 Partners, Tesla completely crushed its short-sellers in the past month, dealing them with a painful $7.6 billion blow. 

Following the company’s decision to implement a series of aggressive price cuts for its entire vehicle lineup and the company’s strong Q4 and FY 2022 earnings results, Tesla shares have soared as much as 110% from its low on January 6, 2023. With this turnaround, S3 Partners noted that Tesla had become the least profitable short position for hedge funds. 

Tesla has always been a big target for short-sellers, many of whom have argued that the electric vehicle maker is only worth a tiny fraction of its current valuation. But while Tesla has given several big blows against short-sellers over the years, 2022 was a golden year for TSLA bears. 

Tesla hit several headwinds in China, such as the shutdown of Gigafactory Shanghai due to Covid restrictions, as well as the company’s challenges in the domestic auto market due to competition from local carmakers like BYD. Elon Musk also sold TSLA shares to help fund his controversial and turbulent acquisition of social media platform Twitter.

Amidst this environment, Tesla short-sellers made a $15 billion profit in 2022. This effectively made TSLA the most profitable short of the year. 

Advertisement

Unfortunately for Tesla shorts, the coming months might very well see more tailwinds for the electric vehicle maker. In the Q4 and FY 2022 earnings call, CEO Elon Musk and other Tesla executives highlighted that the company’s products are seeing a lot of demand. The company is also expected to hit several breakthroughs this year, such as the initial production of the Cybertruck. 

Events such as the upcoming Investor Day this March 1, 2023 are also expected to provide the company with more momentum, especially as Elon Musk noted that the event would include discussions on Master Plan Part 3. Some details on the company’s next-generation vehicle, which is expected to be more affordable than the Model 3 and Model Y, are also expected to be revealed. 

Disclosure: I am long TSLA.

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

Advertisement

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.

Advertisement
Comments

News

Elon Musk slams Sky News over Epstein invite: “Deserves complete contempt”

“Anyone pushing this false narrative deserves complete contempt,” Musk wrote.

Published

on

Wcamp9, CC BY 4.0 , via Wikimedia Commons

Elon Musk has slammed media outlet Sky News for publishing a misleading headline surrounding an invitation he received from the late Jefferey Epstein, who is infamous for allegedly orchestrating a global trafficking ring.

Despite indicating in its article that Musk was just invited to the island, Sky News nevertheless ran with a headline saying that the CEO was “named” in the latest Epstein files release.

Sky News’ article

As could be seen in Sky News’ own article, which had a headline that read “Elon Musk and Prince Andrew named in latest Epstein files release,” Musk’s name came out on Epstein’s daily schedule back in 2014. “Reminder: Elon Musk to island Dec.6 (is this still happening?)” The entry read. 

Sky News then provided some context on the entry: “They show Musk as a potential visitor to Epstein’s island, Little St James, on 6 December 2014 – six years after Epstein became a listed sex offender.”

Interestingly, while the latest release also named Prince Andrew, who does appear in Epstein’s flight logs, Sky News nonetheless opened its article by discussing Musk. It also used Musk’s photo as its featured image for its article.

Advertisement

Musk slams Sky News

Sky News’ framing of the story and its use of Elon Musk as a header image on its article did not escape X’s Community Notes, which proceeded to state that the CEO was only invited by the controversial figure. Interestingly enough, the media outlet also disabled replies to its post amid criticism from the social media platform’s users. Musk himself slammed Sky News for its misleading angle. 

“Shame on Sky News for this utterly misleading headline. Anyone pushing this false narrative deserves complete contempt. Epstein tried to get me to go to his island and I REFUSED, yet they name me even before Prince Andrew, who did visit,” Musk wrote in a post on X. 

Despite Musk’s comments and Sky News getting Community Noted, the media outlet’s story has been used as yet another piece of ammo by the CEO’s critics. As highlighted by broadcaster Mehdi Raza Hasan on X:

“Such a bad week for Musk – he spends years obsessing over pedophiles only for the NYT to accuse his dad of being one and him knowing about it, and now Epstein asking in a file if Musk was coming to visit him on the island. Sheesh,” Hasan wrote in a post.

Advertisement
Continue Reading

News

Tesla Model Y sells faster than diesel cars and other EVs in Sweden’s used market

The popular SUV is selling in just nine days on average, faster than any diesel model on the market.

Published

on

Credit: Tesla China

Electric cars are increasingly visible on Sweden’s roads, but how quickly they find buyers varies widely. New data from Blocket, compiled for CarUp, has shown that while the average used EV takes longer to sell than a diesel car, the Tesla Model Y is bucking the trend in a notable way. 

The popular SUV is selling in just nine days on average, faster than any diesel model on the market.

Used Model Y leads

Blocket’s statistics show nearly 18,500 used EVs currently listed in Sweden. On average, the 20 most popular electric cars take 22 days to sell, about six days longer than diesel vehicles. But some models tend to find buyers in substantially different timeframes. The Mini Cooper Electric and Volkswagen ID.3 find buyers in roughly 11 days, while some EVs like the EV6 take a whopping 39 days to sell. 

The Tesla Model Y, thanks to its attractive price in the second hand market and its popularity, sells in just nine days, several days faster than both the EV average and the fastest diesel option, the Volvo V50.

Marcin Stepman, car expert at Blocket, noted that attractive prices are driving Model Y demand, though recent reports have stated that used Tesla prices are rising again in Sweden. “Right now you can actually buy two used Model Y Long Range with low miles for the same price as a new one,” he said.

Advertisement

An uneven market for other EVs

While the Model Y moves quickly, other electric cars take much longer to sell. The Kia EV6, BMW iX3, and Nissan Leaf often sit on listings for over a month before finding buyers. Models such as the Volvo C40 and Cupra Born typically move in 24–26 days, while the Citroën e-C4 and Tesla’s own Model 3, which is pretty much the sedan version of the Model Y, sell in around 20 days.

The data highlights apparent differences in demand from used car buyers. While interest in electric vehicles is growing, the demand is not evenly distributed across all models. The Tesla Model Y’s performance highlights how brand strength and resale pricing can accelerate turnover, while less in-demand models face longer listing periods in the used car market.

Continue Reading

News

Tesla Giga Berlin’s water consumption has achieved the unthinkable

Tesla has returned 377,000 cubic meters of annual water rights to local authorities after using less water at Giga Berlin than originally planned.

Published

on

(Credit: Tesla)

Tesla has returned 377,000 cubic meters of annual water rights to local authorities after using less water at Giga Berlin than originally planned. The rights will now be returned to the Strausberg-Erkner Water Association (WSE), which could then reassign them to municipalities and other users in the region. 

The move follows a revised water supply contract signed last June, which reduced Tesla’s water allocation from its original 2020 agreement.

Lower water consumption

In a comment to rbb24, WSE chairman Thomas Krieger stated that the reallocation process will prioritize municipalities that have not received commitments since March 2022. Any remaining water volumes will then be distributed more broadly until the returned 377,000 cubic meters are fully reassigned.

“Now that Tesla has returned the 377,000 cubic meters, we practically have the potential to make water commitments again. There was a proposal from the associated municipalities that those who haven’t received a commitment since March 2022 should receive subsequent commitments in the ongoing process,” Krieger stated.

Gigafactory Berlin production

Tesla’s decision comes after its reported water consumption in 2024 totaled 456,953 cubic meters, or about 2.16 cubic meters per vehicle produced. That figure includes both industrial and sanitary water use and is significantly below the industry average of 3.50 cubic meters per vehicle. Tesla’s contract from 2020 stipulated a maximum delivery of 1.8 million cubic meters of water.

Advertisement

Tesla’s Grünheide plant opened in 2022, is the automaker’s only factory in Europe. It employs roughly 11,000 workers and currently produces about 5,000 Model Y vehicles per week, equating to an annual run rate of 250,000 cars. The plant remains central to Tesla’s European growth strategy, serving as a hub for the Model Y and potentially future models aimed at the region. Giga Berlin is also the facility currently producing the Model Y Performance, the top-tier variant of the revamped all-electric crossover.

Continue Reading

Trending