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Tesla Model 3 wins Detroit News’ 2018 Car of the Year award: ‘It is Apple on wheels’
It appears that Elon Musk was right to bet the future of Tesla on the Model 3. Since the electric car started getting delivered to its long list of reservation holders, the vehicle has won the hearts of EV enthusiasts and old-school gearheads alike. A member of the latter group is Henry Payne of The Detroit News, who previously noted in an appearance at Autoline TV that he purchased a Long Range RWD Model 3 simply because there is no other vehicle like it on the road.
Payne is a true-blooded car enthusiast. Apart from being a 30-year veteran of the news industry, Payne is also an avid racecar driver and a professional automotive critic. He is also the farthest from being a stereotypical EV buyer, openly admitting that he’s not a “greenie” and that he is not a global warming believer. That said, if there is one thing that Payne knows, it is cars — how they work, and how good they are.
As it turns out, Tesla’s midsize sedan ended up impressing the automotive veteran. So impressed was Payne with his Tesla Model 3 that in a recent column, he actually selected the electric sedan as The Detroit News‘ 2018 Car of the Year. That’s right. An electric car — a rather tame version of the vehicle at that — convinced a lifelong gearhead that it was arguably the best vehicle available in the United States this year.
Payne noted that Tesla made history in 2018, becoming the first viable startup automaker he encountered in his lifetime. Elaborating on the Model 3, Payne noted that the vehicle has remained competitive in the auto industry despite being a sedan in a market that loves larger vehicles like SUVs. The automotive veteran further pointed out that Tesla was able to achieve all of this despite the constant barrage of skepticism from the company’s critics, Elon Musk’s Twitter missteps, and the company’s manufacturing errors such as over-automating the Model 3 line.
Ultimately, though, Payne stated that the Model 3 is exceptional simply because it reimagines what a car could be like. And it was able to do so without compromising on performance.
“The $55,000 Model 3 succeeds because it is Apple on wheels. Musk re-imagined the car like Steve Jobs re-thought the phone — as a study in design minimalism that is both gorgeous and more efficient than established platforms. Privately, other automaker execs tell me they admire Tesla for innovations that are pushing the industry forward: over-the-air updates, better connectivity, better user interfaces.”
“As different as the Tesla’s operating system is, it sacrifices little in performance to segment athletes like BMW and Alfa. Despite its inherent weight disadvantage, the porky 80.5-kWh battery is integrated to the chassis low in the car, making for good vehicle dynamics.”
What’s particularly noteworthy is that Payne dubbed the Model 3 as the 2018 Car of the Year despite having what appears to be outdated information about the vehicle. For one, he referenced a track test from Motor Trend‘s Randy Pobst, stating that the Model 3 Performance was just a second slower than the Alfa Romeo Quadrifoglio. That particular test mentioned by The Detroit News veteran involved the pre-release version of the Model 3 Performance’s Track Mode. Tesla actually collaborated with Pobst to fine-tune the “release version” of Track Mode after the vehicle’s loss to the Alfa in the initial test. With the release version of Track Mode, the Model 3 Performance soundly beat the Alfa Romeo Quadrifoglio’s time.
Ultimately, though, the auto veteran noted that the Model 3’s combination of driving dynamics and software integration makes the electric car a remarkable vehicle overall.
“A showcase for autonomous features like summon and automatic lane-change, the high-tech Model 3 reaffirms the joy of driving,” Payne concluded.
Tesla has finally clarified the situation regarding the viral crash in Texas where a Model 3 slammed into a home.
CEO Elon Musk replied to reports on Monday that stated the crash was due to the company’s Full Self-Driving or Autopilot suite, which seemed unlikely to those who are familiar with it. Video showed the car slamming into a house at an excessive rate of speed, making it highly unlikely the crash was due to the suite’s operation, as it does not travel at those speeds in residential areas.
Musk said:
“This makes no sense. FSD drives slowly through neighborhood streets, and this was a high-speed crash!”
Tesla’s Head of AI, Ashok Elluswamy, added context, revealing that the company’s data shows the driver “manually overrode self-driving by pressing the accelerator all the way to 100%.”
He revealed the speed reached by the car was 73 MPH, and the accelerator was still pressed “even after the crash.”
Yup. In this case, the driver manually overrode self-driving by pressing the accelerator all the way to 100% of the accel pedal in this residential area. They reached a speed of 73 mph during the crash, and had the accelerator pressed even after the crash.
— Ashok Elluswamy (@aelluswamy) June 22, 2026
Authorities are reportedly investigating “whether Tesla’s Autopilot system played a role after a Model 3 left the roadway…slammed through a brick house at high speed and fatally struck Matha Avila as she sat inside,” the New York Post reported.
The National Highway Traffic Safety Administration (NHTSA) is now investigating the crash. Tesla will work with the agency to provide them with whatever information they need in order to clarify the cause of the crash.
Similarly, Tesla had claims of a fatal accident in Harris County, Texas, a few years ago. Early reports indicated that Full Self-Driving was the cause of the crash. After the National Transportation Safety Board (NTSB) worked with Tesla, the agency proved there was “no use of the Autopilot system at any time during this ownership period of the vehicle, including the time frame up to the last transmitted timestamp on April 17, 2021.”
Tesla alleged “driverless” crash in Texas: What is known so far
“Application of the accelerator pedal was found to be as high as 98.8 percent,” the NTSB said in their findings. The highest recorded speed in the five seconds leading up to the impact was 67 miles per hour. The area where the crash occurred is residential, and Texas State laws have default speed limits of 30 MPH in residential streets.
This appears to be a similar situation. However, an investigation will prove what happened for sure.
SpaceX announced today that it commenced its first-ever public bond offering, marking a significant step in the newly public company’s capital markets strategy.
The company announced an offering of senior unsecured notes expected to raise at least $20 billion.
The move comes just a short time after SpaceX completed one of the largest initial public offerings in history. In mid-June, the company priced shares at $135 and raised more than $85 billion, propelling founder Elon Musk’s net worth past the trillion-dollar mark and giving the firm substantial liquidity.
🚨 SpaceX has announced its inaugural offering of senior unsecured notes.
The net proceeds will be used to repay outstanding loans under its bridge loan facility in full.
This inaugural debt offering represents a financing milestone for SpaceX, which previously depended… pic.twitter.com/pcOZuVbTRv
— TESLARATI (@Teslarati) June 22, 2026
According to the company’s SEC filing, the net proceeds from the notes will be used primarily to repay in full the outstanding borrowings under its existing bridge loan facility, cover related fees and expenses, and fund general corporate purposes. The offering is being conducted under Rule 144A, as well as Regulation S, targeting qualified institutional buyers and non-U.S. investors. Notes will be unsecured obligations ranking equally with other unsubordinated debt.
The $20 billion bridge loan was used to refinance approximately $17.5 billion in higher-cost “junk” debt tied to X and xAI. SpaceX had merged with xAI in February 2026 in an all-stock deal. The bridge facility, which matures in September 2027, had represented the bulk of SpaceX’s long-term debt.
SpaceX officially acquires xAI, merging rockets with AI expertise
In connection with the bond launch, SpaceX disclosed it held approximately $100.8 billion in cash and cash equivalents as of June 19. Investor calls began on the announcement date, with pricing and launch expected shortly thereafter. Rating agencies have assigned investment-grade ratings to the proposed bonds, reflecting confidence in SpaceX’s dominant position in commercial launches and the growth trajectory of its Starlink internet offering.
The debt raise also allows SpaceX to optimize its balance sheet by replacing short-term, higher-cost bridge financing with longer-date, lower-cost fixed-income securities. This provides greater financial flexibility to support capital-intensive initiatives, including the development of Starship, the expansion of the Starlink constellation, and the integration of AI capabilities following the xAI combination.
SpaceX shares (NASDAQ: SPCX) fell sharply on the news, dropping over 16 percent overall on the market on Monday. The stock had surged initially after debuting but pulled back amid profit-taking and broader market dynamics.
Overall, the bond offering underscores SpaceX’s transition to a mature public company with access to diverse funding sources. It positions the firm to pursue its long-term vision of multiplanetary expansion and AI infrastructure, while maintaining a disciplined approach to its capital structure in a high-growth but capital-heavy industry.
SpaceX confirmed today that it has officially signed its third massive compute deal, providing compute at its Colossus data center in Southaven, Mississippi.
Reflection AI will gain immediate access to NVIDIA GB300 chips at SpaceX’s Colossus 2 data center. In return, Reflection will pay SpaceX $150 million per month starting on July 1, with total payments reaching approximately $6.3 billion if the contract runs through its duration, which is until 2029. Either party can terminate the agreement with 90 days’ notice after the initial three-month period.
CNBC first reported the deal.
🚨 SpaceXAI has agreed to a new compute deal with Reflection AI.
Reflection gets access to NIVIDIA GB300s, and will pay $150M per month to SpaceXAI for the compute. pic.twitter.com/bNPare8U5u
— TESLARATI (@Teslarati) June 22, 2026
This latest partnership highlights SpaceX’s strategy of commercializing its massive Colossus supercomputing infrastructure, originally developed to power Elon Musk’s Grok AI models. The company has rapidly expanded its customer base in the AI sector following its February 2026 merger with xAI, a transaction that valued the combined entity at $1.25 trillion.
SpaceX has previously signed significant compute deals with other major players.
It granted Anthropic exclusive access to the full capacity of its Colossus 1 data center, which exceeds 300 megawatts and includes over 220,000 NVIDIA GPUs. Details from SpaceX’s IPO filings indicate Anthropic will pay $1.25 billion per month through May 2029, potentially generating around $45 billion over the term of the deal.
Additionally, Google agreed to pay SpaceX $920 million per month for compute capacity from October 2026 through June 2029. This 32-month period will provide Google access to roughly 110,000 NVIDIA GPUs, along with supporting processors and memory. Capacity ramps up through September at a reduced fee, with termination options after the first year.
SpaceXA also established arrangements for computing power with Cursor, an AI coding startup. SpaceX acquired them in a $60 billion all-stock deal.
These arrangements position SpaceX’s collective position as an AI infrastructure powerhouse with high-margin revenue potential. The Google deal alone could generate nearly $29.5 billion over its term, while the Reflection contract adds another $6.3 billion.
Combined with the Anthropic arrangement, SpaceX stands to realize tens of billions in revenue from compute leasing in the coming years, which diversifies beyond SpaceX’s traditional rocket launches and Starlink operation.
The deals underscore growing demand for advanced AI training and inference capacity amid chip shortages and surging model development needs. Reflection, valued at $25 billion and focused on “American open intelligence” with government and national security ties, cited recent restrictions on closed models as validation for open-source approaches.
For SpaceX, the partnerships transform capital-intensive data centers into flexible revenue sources while supporting its broader AI ambitions after the company has gone public.
Tesla finally clarifies fatal Texas crash, confirms driver manually overrode acceleration
SpaceX makes $20 billion move to optimize its balance sheet
