Connect with us
tesla-model-y-new-zealand-deliveries tesla-model-y-new-zealand-deliveries

News

Tesla revenue from NZ EV rebates hint at potential IRA benefits [Feature]

Credit: EV Kiwis/YouTube

Published

on

Tesla doubled its revenue after New Zealand’s Clean Car policy introduced rebates to decarbonize its fleet. Tesla New Zealand’s revenue hints at the potential benefits of the United States Inflation Reduction Act (IRA).

According to the company’s financial records, Tesla New Zealand’s (NZ) revenue for the 2022 calendar year was $499.5 million (USD$303.3), double the company’s $230.7 million (USD$140.1) revenue in 2021. New Zealand’s acting Transport Minister Kieran McAnulty believes the government’s Clean Car policy helped Tesla’s revenues double. 

“With over 100,000 rebates granted since the scheme came into effect in 2021, we have one of the fastest uptakes of EVs in the world,” McAnulty said.

Tesla New Zealand’s revenues in the past show an increase in EV adoption. Tesla NZ’s revenue in 2020 was $66 million (USD$40 million) and increased to $230.7 million (USD$ 140.1 million) in 2021. Tesla Giga Shanghai definitely factors into the company’s increased revenues in New Zealand and Australia between 2020 and 2021. However, the New Zealand government’s EV rebates might have aided Tesla’s leap from $230.7 million to $499.5 million between 2021 and 2022. 

(Credit: New Zealand Government)

“The cost of EVs has reduced significantly over the past couple of years. Several popular models are now available for $50,000 to $60,000, whereas previously EVs tended to be closer to $80,000. Rebates for used-import EVs will rise from $3450 to $3507.50 – as the supply of used-import EVs remains restricted. The increased rebates will encourage suppliers to continue to focus on securing supply for New Zealanders,” McAnulty commented.

The New Zealand Herald analyzed data that revealed Tesla benefited significantly from Clean Car policy rebates. Since 2021 when the policy began, 9,730 Teslas were purchased for a total of $83 million (USD$ 50.4 million) rebates paid to the people who bought the electric vehicles (EVs). 

Advertisement

New Zealand’s government plans to update its Clean Car policy this year. The update will reduce rebates offered for new zero-emission vehicles—described as electric vehicles by the government—from $8,625 (USD$5238) to $7,015 (USD$4,260). New Zealand also changed rebates offered for used imports and disability vehicles while applying charges for specific emissions. New Zealand’s Clean Car Policy changes will apply from July 1, 2023. 

The Inflation Reduction Act’s Potential Impact

New Zealand’s Clean Car Policy hints that people are willing to transition to electric vehicles for the right price. The Inflation Reduction Act (IRA) might yield the same results for Tesla and other EV manufacturers in the United States. 

Elon Musk and the Tesla board seem well aware of the IRA’s potential impact on the electric vehicle and global auto market. 

“The regulations here are still in flux and there continues to be updates, so this is just our best understanding at the moment. But we think on the order of $150 million to $250 million per quarter this year and growing over the course of the year as our volumes grow,” said Tesla’s Chief Financial Officer Zachary Kirkhorn at the Q4 2022 earnings call. 

The IRA doesn’t just affect local automakers and their suppliers either. Companies worldwide involved in EV manufacturing or its supply chain have started investing in the United States to reap the benefits of the IRA. For instance, South Korean battery supplier LG Energy Solutions (LGES) has partnered with a few automakers to build cell manufacturing plants in the United States. LGES has battery plant agreements with Hyundai, Honda, and Ford. Tesla is prepared to take advantage of the IRA’s incentives as well. 

“And part of the work we’re doing here, which is part of what this incentive package is trying to incentivize, is, as Elon mentioned, to move more manufacturing onshore in the United States, which is Tesla’s plans anyways. And so, I think we’re pretty well positioned over the coming years to take advantage of this. 

Advertisement

“But then also part of what the goal of this incentive package is, is to improve adoption from our customers. And so, we also want to use these incentives to improve affordability as we think about what the price points are in our products going forward,” stated Kirkhorn. 

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

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.

Comments

News

Tesla details plan for increased Model Y pricing stability in Australia

As Chinese automakers increasingly deploy low-priced EVs in the Australian market, one Tesla executive explains one way the company plans to stay competitive.

Published

on

Credit: Tesla

A Tesla executive managing the Australian and surrounding markets has detailed the company’s plans to move away from rapid pricing changes with the arrival of the new Model Y, especially as electric vehicle (EV) competition from other Chinese automakers arrives in Australia and surrounding markets.

Thom Drew, Tesla’s Country Director for New Zealand and Australia, said in an interview with Chasing Cars on Friday that the recently refreshed Model Y will make it to Australian markets with more consistent pricing. The statement comes after the Model Y remained Australia’s best-selling EV in 2024, and he says that the era of the Tesla price war seems to be winding down as the SUV gets more affordable.

“We are certainly not going to get into price wars,” Drew said. “I know we have famously been known for changing our prices rapidly over the past several years.

“I really think we have gotten to a point with our pricing where it is where it should be. Once we release the general production pricing for Model Y, I think we are at a really good point. Particularly with the refinements on the [upgraded] vehicle, it is exceptional value for money.”

First deliveries of the Launch Edition Model Y refresh are expected in May, and Drew says initial shipments will be large in volume to match significant demand for the EV. The executive also confirmed that the highly-coveted rear-wheel-drive (RWD) model, the Launch Edition of which is currently sold out, will go on sale again as the regular edition in the weeks to come.

At the time of writing, you can still order the Launch Edition configuration of Tesla’s Long Range, all-wheel-drive (AWD) Model Y on its online order configurator.

READ MORE ON TESLA’S NEW MODEL Y: Australia’s top car website gives Tesla Model Y and Model 3 its best EV awards

It’s not clear at this time if Tesla plans to employ similar strategies in markets beyond the Asia-Pacific, though Drew highlights the pricing stability efforts as a necessary measure to remain competitive amongst incoming EVs from Chinese automakers. Between this and optimizing consumer experiences by making great vehicles, the executive explains that the company remains intent on holding onto its number one seller spot.

“We need to make sure we are hyper-focussed on the quality of our products and our competitiveness,” he says. “[We need to] be looking around today and making sure that we have the best ownership experience to keep our brand at the number-one point.”

At this point, Drew also says that the Model Y is the most affordable option in the Australian market, highlighting that keeping the price stable should hold competitors off for the foreseeable future, at the very least. The news also comes as reports say that Tesla may already be looking to launch an even cheaper Model Y in China, which could make the vehicle even more competitive with future iterations.

“At the moment, there is no cheaper model that I am aware of,” Drew adds. “If there was one, absolutely [we would have our hand up].”

The Australian market requires right-hand-drive (RHD) vehicles, meaning that they drive on the left side of the road and are equipped with steering wheels on the right side of the automobile. Tesla’s Gigafactory in Shanghai supplies the markets in Australia, New Zealand and multiple surrounding regions throughout the Asia-Pacific.

Tesla launched the upgraded Model Y in China in January, after months of speculation that the refreshed SUV would soon be launched. The automaker began initial deliveries of the Launch Edition Model Y refresh in China last month, officially transitioning to the sale of the regular edition of the vehicle at the beginning of March.

Australia has received 107k of Tesla’s 1 million exports from Giga Shanghai: report

Continue Reading

News

Could Tesla vandalism fuel higher insurance prices?

Experts say that vandalism against Tesla vehicles could make insurance companies increase rates—or drop coverage for the brand altogether.

Published

on

Credit: Joe Tegtmeyer/X

Tesla owners have recently experienced a substantial uptick in vandalism events in protest of CEO Elon Musk and recent developments with the Trump administration, and some say that it could lead to higher insurance rates if it continues.

In a report on Sunday, Insurify Data Journalist Matt Brannon told Newsweek that increased vandalism against Tesla’s vehicles could make insurance companies proactively raise their rates in the future. He says that factors such as theft and vandalism are both major considerations for insurance companies when setting rates, though perhaps not to the extent that collisions are.

“If vandalism involving Tesla vehicles continues to rise and doesn’t go back down, we could see rates rise for comprehensive coverage in the future,” Brannon said.

Vandalism is typically covered by comprehensive policies, though Brannon and Bankrate Insurance Analyst Shannon Martin say that these won’t likely increase rates as much as collisions. However, after a lack of engine immobilizers in certain Kia and Hyundai vehicles made them susceptible to theft, sparking widespread TikTok and Instagram challenges in 2022 in which individuals would try to steal these cars, Martin explains that companies could even refuse to insure Tesla vehicles in extreme cases.

“As we have learned from the 2023 TikTok theft trend targeting certain model Kias and Hyundais, if these types of losses continue, carriers could refuse to offer coverage for Tesla vehicles altogether,” Martin explained.

READ MORE ON TESLA INSURANCE: Tesla launches insurance discount for FSD users in these two states

She also says that many other factors could cause insurance rates to rise organically across the industry, including impending tariffs from the Trump administration that have caused uncertainty in recent weeks. Factors such as high repair costs have also caused rate increases in the past few years, particularly for vehicles that are electric.

However, Martin says the recent string of vandalism against Tesla vehicles could cause even steeper rate hikes throughout 2025, even as some of the company’s vehicles are already fairly expensive to insure in some areas.

“Since the recent rise in vandalism is focused on Teslas and not other make vehicles, drivers who carry Tesla Insurance may see a higher premium hike than those who have coverage with other carriers, since the risk of loss isn’t as diversified,” she adds.

Brannon says that insurance rates for electric vehicles (EVs) increased twice as fast as those of gas vehicles in 2024, while full-coverage prices on Teslas have increased over the past few years. Newsweek also says it reached out to insurance companies including Allstate, Geico, Progressive, and State Farm, though no comment was given by the time of publishing.

Vandalism against Tesla vehicles in recent weeks

The news comes as Tesla owners have detailed significant increases to vandalism in recent weeks, as many have tried to protest and speak out against cuts from Musk and Trump’s newly developed government efficiency division.

In February, one Cybertruck owner in Massachusetts said he was getting death threats, yelling passersby, stickers placed on his vehicle, and broad cancellations of client appointments following Musk’s controversial salute at the Trump inauguration ceremony. As a result, the doctor, an immigrant from Syria, said he was considering moving away in hopes to escape the verbal and property attacks.

Tesla owners in Northern California a few weeks ago were left with notes on their cars saying to trade or sell them before February 12, or else it would be “open season.” An activist group called Students Against Nazi Extremism (SANE) claimed responsibility for the notes.

Last week, Musk also responded to a story in which a New York individual drew a Swastika on a person’s Cybertruck, saying that, “Naturally, he drives a Subaru.”

Superchargers have also been targeted in recent attacks, including fresh graffiti last month, with vandals writing the word “Nazi” on some charging posts in Utah along with drawing a Swastika. Tesla said in response that it planned to file charges against the vandals.

Widespread protests have also faced Tesla stores in recent weeks, with one in Oregon even being the victim of multiple rounds of gunfire, while multiple Cybertrucks in Seattle were set on fire—an event now being looked at by the Federal Bureau of Investigation (FBI).

Another string of vandalism and arson at a Tesla store in Colorado resulted in the arrest of two suspects in the past few weeks, after the site was repeatedly tagged with graffiti, some of which said “Nazi cars” on the front windows.

Tesla stores continue to face anti-Musk protests

Continue Reading

News

This Tesla safety engineer just left after over 14 years

The crash engineer didn’t disclose any specific reasons for his departure. “I have decided now is the time to move on.”

Published

on

Credit: IIHS

A key Tesla safety engineer has departed from the company, as shared earlier this month, following nearly a decade and a half spent working across three of the automaker’s locations.

In a post on LinkedIn last week, Tesla’s Principal CAE Crash Safety Engineer, Petter Winberg, announced his departure from the company after working there for over 14 years. Winberg played a major role in Tesla’s efforts to make its vehicles some of the safest out there, starting as a Senior Tech Specialist in 2011 and slowly getting promoted to his current position.

In his position, Winberg worked on crash architectures for the Cybercab, Semi, and future vehicles, along with the Model S, Model X, Model 3, and Model Y, and developing specific accident architectures once Giga Casting production came into play. The executive’s full departure announcement reads as follows:

Elon, 2011: “I want Tesla vehicles to be the safest on the planet” Me: “Challenge accepted”

Having developed Model S, S-DM, X, 3, Y, Y-SP as well as future crash architectures, I have decided now is the time to move on. Thank you Tesla, keep crushing it! What an incredible team, I will miss you all.

READ MORE ON TESLA SAFETY: Tesla executive responds to claims of high fatal accident rate

During his time at Tesla, the engineer worked at the company’s engineering headquarters in Palo Alto, California, before moving to the company’s nearby Fremont factory, then finally landing at the automaker’s Gothenburg, Sweden facilities, where he has served in his current position since January 2020. Prior to this, Winberg also worked at Volvo, Saab, Ford, and Volvo.

The post also elicited a handful of comments from colleagues, including one commenter who called Winberg the “master of crash simulations,” and multiple others who praised him for his guidance and knowledge of the subject.

Tesla has also been heavily focused on making its vehicles safe since the early days, as Winberg points out.

As one example in October, Tesla VP of Vehicle Engineering Lars Moravy reiterated this point by highlighting both the company’s active and passive safety features included in the Model Y and other vehicles. Moravy detailed that, while features built-in for the Autopilot and Supervised Full Self-Driving (FSD) systems provide active safety features meant to help prevent crashes, even if “the worst occurs, [Tesla drivers] will be protected by the best passive safety cars on the planet.”

The company’s vehicles have also earned top safety ratings across four different continents at this point, most recently including a five-star safety rating for the Cybertruck from the top auto regulator in the U.S.

Over the last several months, Tesla has also faced executive and high-profile engineering departures a handful of times, as can probably be expected from most companies of its size.

Some examples include the departure of Safety Policy Lead Marc Van Impe and Chief Information Officer Nagesh Saldi in October, VP of Finance and Business Operations Sreela Venkataratnam in August, and both SVP of Powertrain and Energy Engineering Drew Baglino and VP of Public Policy and Business Development Rohan Patel in April, to name just a few.

This former Tesla engineer now heads a federal tech department

Continue Reading

Trending