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Tesla’s Elon Musk gets cursed-out by CA politician who’s backed by Chevron
Among the adverse reactions to Tesla and Elon Musk’s stance on the ongoing shutdown of the Fremont factory, the most drastic would have to come from CA Assemblywoman Lorena S. Gonzales. The politician opted to give her two cents on the unfolding series of events this past weekend, and they were interesting, to say the least.
Instead of providing a formal statement of support for Tesla like Fremont Mayor Lily Mei, or an argument about why the factory should not reopen yet like former Secretary of Labor Robert Reich, Gonzales decided to keep her points as succinct as possible. In a tweet, the CA assemblywoman simply posted a message declaring “F*ck Elon Musk.”
Gonzales would later add a couple more points in her initial “F*ck Elon Musk” message. In a series of follow up tweets, Gonzales accused Tesla of being a highly-subsidized company that has “always disregarded worker safety and well-being.” She also claimed that the company has “engaged in union busting” and that it “bullies public servants.”
The CA assemblywoman’s follow-up tweets contain usual talking points against the electric car maker. Accusations about worker safety, for example, mirror those of an alleged expose by Reveal magazine back in 2018, which Tesla has already responded to. Musk has also noted that Fremont employees are free to unionize, though organizations such as the UAW are not particularly popular among the plant’s workers considering the union’s failures during the facility’s days as the NUMMI plant.
Interestingly enough, a look at Gonzales’ page on politician-tracking platform VoteSmart shows that the CA assemblywoman lists Chevron, one of the world’s premier fossil fuel companies, as her third-biggest contributor for the 2020 cycle. A look at Gonzales’ fundings from top industries also reveals that she has received funds from the “Oil and Gas” segment.
There are many ways to express grievances against Musk and Tesla, though it is difficult to deny that Gonzales’ simple profanity-laden statement is a bit unusual for a government official. Off-the-cuff comments may be the trend nowadays with politics spilling over to online platforms, but it is still a bit off to see overtly aggressive posts such as “F*ck Elon Musk” coming from a CA assemblywoman. Such statements are common to the TSLAQ community and outspoken short-sellers, but one would expect an elected official to behave online differently.
Amidst the ongoing shutdown of the Fremont factory, Scott Haggerty, the county supervisor for the district in Alameda County, suggested to the New York Times that things would have been better had Musk not filed a lawsuit against the county. According to Haggerty, Tesla was poised to reopen the Fremont factory on May 18, but Musk wanted the factory to resume operations earlier. With Tesla filing a lawsuit against the county, Haggerty warned that things would likely be delayed further.
“We were working on a lot of policies and procedures to help operate that plant, and quite frankly, I think Tesla did a pretty good job, and that’s why I had it to the point where on May 18, Tesla would have opened. I know Elon knew that. But he wanted it this week.”
“It (the lawsuit) was only a threat, and as an elected official, I get threatened all the time. It does, at that point, slow down conversations between my contact at the plant and myself. He could have spent time enjoying his new baby and given me and my staff a couple more days, and his plant would have been open on May 18. Am I somewhat sympathetic with Tesla? Yes, I am. Am I sympathetic to the way Musk is treating people? No.” Haggerty said.
Other automakers in the United States are not on the same boat as Tesla. General Motors, Ford, and Fiat-Chrysler have stated that they will resume operations on May 18. Toyota intends to reopen its US plants on May 11. German automaker Mercedes-Benz has already resumed operations at its SUV plant in Alabama, as well as a van factory in South Carolina.
Tesla stock (NASDAQ: TSLA) closed at an all-time high on Tuesday, jumping over 3 percent during the day and finishing at $489.88.
The price beats the previous record close, which was $479.86.
Shares have had a crazy year, dipping more than 40 percent from the start of the year. The stock then started to recover once again around late April, when its price started to climb back up from the low $200 level.
This week, Tesla started to climb toward its highest levels ever, as it was revealed on Sunday that the company was testing driverless Robotaxis in Austin. The spike in value pushed the company’s valuation to $1.63 trillion.
Tesla Robotaxi goes driverless as Musk confirms Safety Monitor removal testing
It is the seventh-most valuable company on the market currently, trailing Nvidia, Apple, Alphabet (Google), Microsoft, Amazon, and Meta.
Shares closed up $14.57 today, up over 3 percent.
The stock has gone through a lot this year, as previously mentioned. Shares tumbled in Q1 due to CEO Elon Musk’s involvement with the Department of Government Efficiency (DOGE), which pulled his attention away from his companies and left a major overhang on their valuations.
However, things started to rebound halfway through the year, and as the government started to phase out the $7,500 tax credit, demand spiked as consumers tried to take advantage of it.
Q3 deliveries were the highest in company history, and Tesla responded to the loss of the tax credit with the launch of the Model 3 and Model Y Standard.
Additionally, analysts have announced high expectations this week for the company on Wall Street as Robotaxi continues to be the focus. With autonomy within Tesla’s sights, things are moving in the direction of Robotaxi being a major catalyst for growth on the Street in the coming year.
Elon Musk
Tesla needs to come through on this one Robotaxi metric, analyst says
“We think the key focus from here will be how fast Tesla can scale driverless operations (including if Tesla’s approach to software/hardware allows it to scale significantly faster than competitors, as the company has argued), and on profitability.”
Tesla needs to come through on this one Robotaxi metric, Mark Delaney of Goldman Sachs says.
Tesla is in the process of rolling out its Robotaxi platform to areas outside of Austin and the California Bay Area. It has plans to launch in five additional cities, including Houston, Dallas, Miami, Las Vegas, and Phoenix.
However, the company’s expansion is not what the focus needs to be, according to Delaney. It’s the speed of deployment.
The analyst said:
“We think the key focus from here will be how fast Tesla can scale driverless operations (including if Tesla’s approach to software/hardware allows it to scale significantly faster than competitors, as the company has argued), and on profitability.”
Profitability will come as the Robotaxi fleet expands. Making that money will be dependent on when Tesla can initiate rides in more areas, giving more customers access to the program.
There are some additional things that the company needs to make happen ahead of the major Robotaxi expansion, one of those things is launching driverless rides in Austin, the first city in which it launched the program.
This week, Tesla started testing driverless Robotaxi rides in Austin, as two different Model Y units were spotted with no occupants, a huge step in the company’s plans for the ride-sharing platform.
Tesla Robotaxi goes driverless as Musk confirms Safety Monitor removal testing
CEO Elon Musk has been hoping to remove Safety Monitors from Robotaxis in Austin for several months, first mentioning the plan to have them out by the end of 2025 in September. He confirmed on Sunday that Tesla had officially removed vehicle occupants and started testing truly unsupervised rides.
Although Safety Monitors in Austin have been sitting in the passenger’s seat, they have still had the ability to override things in case of an emergency. After all, the ultimate goal was safety and avoiding any accidents or injuries.
Goldman Sachs reiterated its ‘Neutral’ rating and its $400 price target. Delaney said, “Tesla is making progress with its autonomous technology,” and recent developments make it evident that this is true.
Investor's Corner
Tesla gets bold Robotaxi prediction from Wall Street firm
Last week, Andrew Percoco took over Tesla analysis for Morgan Stanley from Adam Jonas, who covered the stock for years. Percoco seems to be less optimistic and bullish on Tesla shares, while still being fair and balanced in his analysis.
Tesla (NASDAQ: TSLA) received a bold Robotaxi prediction from Morgan Stanley, which anticipates a dramatic increase in the size of the company’s autonomous ride-hailing suite in the coming years.
Last week, Andrew Percoco took over Tesla analysis for Morgan Stanley from Adam Jonas, who covered the stock for years. Percoco seems to be less optimistic and bullish on Tesla shares, while still being fair and balanced in his analysis.
Percoco dug into the Robotaxi fleet and its expansion in the coming years in his latest note, released on Tuesday. The firm expects Tesla to increase the Robotaxi fleet size to 1,000 vehicles in 2026. However, that’s small-scale compared to what they expect from Tesla in a decade.
Tesla expands Robotaxi app access once again, this time on a global scale
By 2035, Morgan Stanley believes there will be one million Robotaxis on the road across multiple cities, a major jump and a considerable fleet size. We assume this means the fleet of vehicles Tesla will operate internally, and not including passenger-owned vehicles that could be added through software updates.
He also listed three specific catalysts that investors should pay attention to, as these will represent the company being on track to achieve its Robotaxi dreams:
- Opening Robotaxi to the public without a Safety Monitor. Timing is unclear, but it appears that Tesla is getting closer by the day.
- Improvement in safety metrics without the Safety Monitor. Tesla’s ability to improve its safety metrics as it scales miles driven without the Safety Monitor is imperative as it looks to scale in new states and cities in 2026.
- Cybercab start of production, targeted for April 2026. Tesla’s Cybercab is a purpose-built vehicle (no steering wheel or pedals, only two seats) that is expected to be produced through its state-of-the-art unboxed manufacturing process, offering further cost reductions and thus accelerating adoption over time.
Robotaxi stands to be one of Tesla’s most significant revenue contributors, especially as the company plans to continue expanding its ride-hailing service across the world in the coming years.
Its current deployment strategy is controlled and conservative to avoid any drastic and potentially program-ruining incidents.
So far, the program, which is active in Austin and the California Bay Area, has been widely successful.
Tesla stock closes at all-time high on heels of Robotaxi progress
Tesla needs to come through on this one Robotaxi metric, analyst says
