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Why Tesla shouldn’t worry about Lucid’s 517-mile range
The Tesla Model S is no longer the highest estimated range EV on the market, and the Lucid Air is. After the latter company revealed that the Air, its first model, has an EPA-estimated range of 517 miles, it opened doors for Lucid to become a real player in the transition to sustainable passenger transportation.
However, Tesla still has a few significant advantages in the field despite the Model S losing the title of “best range on an EV,” because the company has a few things that Lucid does not.
Here are a few things to remember.
The Model S still has over 400 miles of range
Despite not having 517 miles of EV range, the Model S still has an impressive 402-mile rating per charge based on EPA estimates. The Long Range Plus variant has done wonders for EV competition and has solidified Tesla’s position as the leader in electric car development. It is important to note that Tesla’s flagship sedan still is the only currently available vehicle with at least 400 miles of range, making it a prize all on its own for anyone who wants to forget about range anxiety altogether completely.
Battery Day is only a little over a month away
Tesla’s Battery Day is September 22, so there are plenty of things to speculate about for the event. Tesla may unveil its million-mile capable battery pack at the event. But even further, the company has been working on several other developments that are geared toward using more responsible battery materials and getting rid of the controversial cobalt that is used in cells now. Regardless of what is revealed on September 22, it will likely be a response to what Lucid showed the world today. Elon is a master of responding to Tesla’s competitors.
Consumers don’t “need” 500+ miles of range
500+ miles of range is unheard of in the EV community, but it does not mean that consumers are going to flock to a vehicle that offers that capability. With higher range usually comes higher kWh battery packs, which frequently means more money. The details of the battery pack are not known and will likely be revealed at the company’s unveiling event on September 9. Lucid CEO Peter Rawlinson did state that the Air will have a 900-volt architecture.
However, consumers do not need 500 miles of range. Very few people require that amount of range for a typical commute to work and even cross country drives, which are rare, to begin with, don’t need this much range. The EV charging infrastructure has grown exponentially in the past few years, and charging stations are standard along popular routes of travel. If anything, the range is a luxury that will ease the minds of some owners.
Sam Abuelsamid, a principal analyst for Guidehouse Insights, stated that customers tend to buy cars that have functions that are not needed.
“Car buyers are not rational and never have been. Thus automakers are scrambling to build 300+ mile EVs because consumers say they want to go anywhere, anytime. How many people do you know that have ever actually driven across the country?” he said, according to Green Car Reports.
Tesla still has the lead in terms of EV development as a whole
Two sedans, one SUV, one crossover, a pickup, a Supercar, and a Semi: Those are all of the things Tesla is selling or is developing. The company has a lot to offer consumers because it has equipped itself with vehicles that fit every body style and description. Now, the company is building two new Gigafactories, one in Germany and one in Texas to keep up with increasing demand. Meanwhile, Lucid is still a new player on the block, and it has a long way to go in vehicle development, especially if it expects to keep up with Tesla’s momentum in the sector.
Tesla’s Lineup of Model S, Model X, Model 3, and Model Y. (Credit: Tesla.com)
Lucid’s 517-mile capable Air will undoubtedly drive competition in the electric vehicle market to levels that it has not seen before. When electric vehicles were first being introduced, range ratings of 100 miles or less were somewhat standard. Tesla’s focus on range and performance through high-grade battery development changed the EV sector altogether and set a standard for the industry as a whole. Now, companies are stepping up their game to match and surpass other automakers, which is what is going on with Lucid.
However, Tesla will likely have a rebuttal for this range rating, and it could come as soon as September 22. There is not much for Elon Musk’s company to worry about right now; it still holds an advantage over anyone and everyone who makes electric cars.
Elon Musk
Elon Musk’s net worth is nearing $800 billion, and it’s no small part due to xAI
A newly confirmed $20 billion xAI funding round valued the business at $250 billion, adding an estimated $62 billion to Musk’s fortune.
Elon Musk moved within reach of an unprecedented $800 billion net worth after private investors sharply increased the valuation of xAI Holdings, his artificial intelligence and social media company.
A newly confirmed $20 billion funding round valued the business at $250 billion, adding an estimated $62 billion to Musk’s fortune and widening his lead as the world’s wealthiest individual.
xAI’s valuation jump
Forbes confirmed that xAI Holdings was valued at $250 billion following its $20 billion funding round. That’s more than double the $113 billion valuation Musk cited when he merged his AI startup xAI with social media platform X last year. Musk owned roughly 49% of the combined company, which Forbes estimated was worth about $122 billion after the deal closed.
xAI’s recent valuation increase pushed Musk’s total net worth to approximately $780 billion, as per Forbes’ Real-Time Billionaires List. The jump represented one of the single largest wealth gains ever recorded in a private funding round.
Interestingly enough, xAI’s funding round also boosted the AI startup’s other billionaire investors. Saudi investor Prince Alwaleed Bin Talal Alsaud held an estimated 1.6% stake in xAI worth about $4 billion, so the recent funding round boosted his net worth to $19.4 billion. Twitter co-founder Jack Dorsey and Oracle co-founder Larry Ellison each owned roughly 0.8% stakes that are now valued at about $2.1 billion, increasing their net worths to $6 billion and $241 billion, respectively.
The backbone of Musk’s net worth
Despite xAI’s rapid rise, Musk’s net worth is still primarily anchored by SpaceX and Tesla. SpaceX represents Musk’s single most valuable asset, with his 42% stake in the private space company estimated at roughly $336 billion.
Tesla ranks second among Musk’s holdings, as he owns about 12% of the EV maker’s common stock, which is worth approximately $307 billion.
Over the past year, Musk crossed a series of historic milestones, becoming the first person ever worth $500 billion, $600 billion, and $700 billion. He also widened his lead over the world’s second-richest individual, Larry Page, by more than $500 billion.
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Tesla Cybercab sighting confirms one highly requested feature
The feature will likely allow the Cybercab to continue operating even in conditions when its cameras could be covered with dust, mud, or road grime.
A recent sighting of Tesla’s Cybercab prototype in Chicago appears to confirm a long-requested feature for the autonomous two-seater.
The feature will likely allow the Cybercab to continue operating even in conditions when its cameras could be covered with dust, mud, or road grime.
The Cybercab’s camera washer
The Cybercab prototype in question was sighted in Chicago, and its image was shared widely on social media. While the autonomous two-seater itself was visibly dirty, its rear camera area stood out as noticeably cleaner than the rest of the car. Traces of water were also visible on the trunk. This suggested that the Cybercab is equipped with a rear camera washer.
As noted by Model Y owner and industry watcher Sawyer Merritt, a rear camera washer is a feature many Tesla owners have requested for years, particularly in snowy or wet regions where camera obstruction can affect visibility and the performance of systems like Full Self-Driving (FSD).
While only the rear camera washer was clearly visible, the sighting raises the possibility that Tesla may equip the Cybercab’s other external cameras with similar cleaning systems. Given the vehicle’s fully autonomous design, redundant visibility safeguards would be a logical inclusion.
The Cybercab in Tesla’s autonomous world
The Cybercab is Tesla’s first purpose-built autonomous ride-hailing vehicle, and it is expected to enter production later this year. The vehicle was unveiled in October 2024 at the “We, Robot” event in Los Angeles, and it is expected to be a major growth driver for Tesla as it continues its transition toward an AI- and robotics-focused company. The Cybercab will not include a steering wheel or pedals and is intended to carry one or two passengers per trip, a decision Tesla says reflects real-world ride-hailing usage data.
The Cybercab is also expected to feature in-vehicle entertainment through its center touchscreen, wireless charging, and other rider-focused amenities. Musk has also hinted that the vehicle includes far more innovation than is immediately apparent, stating on X that “there is so much to this car that is not obvious on the surface.”
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Tesla seen as early winner as Canada reopens door to China-made EVs
Tesla had already prepared for Chinese exports to Canada in 2023 by equipping its Shanghai Gigafactory to produce a Canada-specific version of the Model Y.
Tesla seems poised to be an early beneficiary of Canada’s decision to reopen imports of Chinese-made electric vehicles, following the removal of a 100% tariff that halted shipments last year.
Thanks to Giga Shanghai’s capability to produce Canadian-spec vehicles, it might only be a matter of time before Tesla is able to export vehicles to Canada from China once more.
Under the new U.S.–Canada trade agreement, Canada will allow up to 49,000 vehicles per year to be imported from China at a 6.1% tariff, with the quota potentially rising to 70,000 units within five years, according to Prime Minister Mark Carney.
Half of the initial quota is reserved for vehicles priced under CAD 35,000, a threshold above current Tesla models, though the electric vehicle maker could still benefit from the rule change, as noted in a Reuters report.
Tesla had already prepared for Chinese exports to Canada in 2023 by equipping its Shanghai Gigafactory to produce a Canada-specific version of the Model Y. That year, Tesla began shipping vehicles from Shanghai to Canada, contributing to a sharp 460% year-over-year increase in China-built vehicle imports through Vancouver.
When Ottawa imposed a 100% tariff in 2024, however, Tesla halted those shipments and shifted Canadian supply to its U.S. and Berlin factories. With tariffs now reduced, Tesla could quickly resume China-to-Canada exports.
Beyond manufacturing flexibility, Tesla could also benefit from its established retail presence in Canada. The automaker operates 39 stores across Canada, while Chinese brands like BYD and Nio have yet to enter the Canadian market directly. Tesla’s relatively small lineup, which is comprised of four core models plus the Cybertruck, allows it to move faster on marketing and logistics than competitors with broader portfolios.
Elon Musk’s net worth is nearing $800 billion, and it’s no small part due to xAI
Tesla Cybercab sighting confirms one highly requested feature
