

Investor's Corner
First Tesla Model 3 Made-in-China unit seemingly sighted in Gigafactory 3 test track
What appeared to be a fully-finished Made-in-China Tesla Model 3 trial production vehicle has been spotted in Gigafactory 3’s test track. The sedan, a black Model 3, was sighted during a recent drone flyover of the Gigafactory 3 complex.
Footage from Tesla enthusiast and drone operator Jason Yang captured a brief glimpse of the apparent Made-in-China Model 3 while it was driving over a section of the massive facility’s test track. The sighting comes as further leaks from Gigafactory 3’s interior revealed the presence of what appeared to be a working Model 3 production line.
⚠️⚠️Breaking⚠️⚠️
Maybe the very first Made in China Model 3 trail production version caught in Tesla Shanghai Gigafactory GF3 recent drone vid. Right next the the white container.
Thx @syyymin for the tips.$TSLA #Tesla #China #MIC #Model3 #GF3 pic.twitter.com/rl1kV9jexF
— vincent (@vincent13031925) October 6, 2019
While neither Tesla nor its construction partner in China has announced if trial Model 3 production runs are already underway in the Shanghai-based site, the presence of a fully-built unit of the best-selling all-electric midsize sedan in the Gigafactory 3 area bodes well for the electric car maker. Recent local reports, after all, suggest that Gigafactory 3’s production activities will start sometime in the middle of this month.
If the vehicle spotted in Yang’s drone flyover was indeed a Made-in-China Model 3, it would suggest that the electric car maker is poised to beat expectations once more. Even the ever-optimistic Elon Musk, after all, announced during the facility’s groundbreaking ceremony last January that he expects trial Model 3 production in Gigafactory 3 to begin at around the end of the year. Starting in mid-October means that manufacturing activities would begin in early Q4 2019 instead.
— vincent (@vincent13031925) October 6, 2019
Videos and images about Gigafactory 3’s impending Model 3 production have been leaked over the past few weeks. Just recently, an image taken from the interior of Gigafactory 3’s general assembly building depicted eight Model 3 units, some of which were fully assembled and painted. Supercharger stalls have also been set up in the complex, and reports have emerged stating that LG Chem has begun mass production of 2170 cells that will be used for the electric sedan. These updates were shared online amid reports that the construction activities in Gigafactory 3’s Phase 2 area are progressing quickly.
Gigafactory 3 is as important for Tesla as it is for China’s electric car market. China is currently pursuing an aggressive goal for adopting electric transportation, and having a pioneer such as Tesla operating a locally-owned facility will likely increase the rate of EV adoption among local car buyers. This is one of the reasons why Gigafactory 3 is intended to only produce the affordable versions of the Model 3 sedan, and later, the Model Y crossover. By doing so, Tesla could compete in a market that used to be dominated by lower-priced EVs from local manufacturers.
Elon Musk
Tesla blacklisted by Swedish pension fund AP7 as it sells entire stake
A Swedish pension fund is offloading its Tesla holdings for good.

Tesla shares have been blacklisted by the Swedish pension fund AP7, who said earlier today that it has “verified violations of labor rights in the United States” by the automaker.
The fund ended up selling its entire stake, which was worth around $1.36 billion when it liquidated its holdings in late May. Reuters first reported on AP7’s move.
Other pension and retirement funds have relinquished some of their Tesla holdings due to CEO Elon Musk’s involvement in politics, among other reasons, and although the company’s stock has been a great contributor to growth for many funds over the past decade, these managers are not willing to see past the CEO’s right to free speech.
However, AP7 says the move is related not to Musk’s involvement in government nor his political stances. Instead, the fund said it verified several labor rights violations in the U.S.:
“AP7 has decided to blacklist Tesla due to verified violations of labor rights in the United States. Despite several years of dialogue with Tesla, including shareholder proposals in collaboration with other investors, the company has not taken sufficient measures to address the issues.”
Tesla made up about 1 percent of the AP7 Equity Fund, according to a spokesperson. This equated to roughly 13 billion crowns, but the fund’s total assets were about 1,181 billion crowns at the end of May when the Tesla stake was sold off.
Tesla has had its share of labor lawsuits over the past few years, just as any large company deals with at some point or another. There have been claims of restrictions against labor union supporters, including one that Tesla was favored by judges, as they did not want pro-union clothing in the factory. Tesla argued that loose-fitting clothing presented a safety hazard, and the courts agreed.

(Photo: Tesla)
There have also been claims of racism at the Fremont Factory by a former elevator contractor named Owen Diaz. He was awarded a substantial sum of $137m. However, U.S. District Judge William Orrick ruled the $137 million award was excessive, reducing it to $15 million. Diaz rejected this sum.
Another jury awarded Diaz $3.2 million. Diaz’s legal team said this payout was inadequate. He and Tesla ultimately settled for an undisclosed amount.
AP7 did not list any of the current labor violations that it cited as its reason for
Investor's Corner
xAI targets $5 billion debt offering to fuel company goals
Elon Musk’s xAI is targeting a $5B debt raise, led by Morgan Stanley, to scale its artificial intelligence efforts.

xAI’s $5 billion debt offering, marketed by Morgan Stanley, underscores Elon Musk’s ambitious plans to expand the artificial intelligence venture. The xAI package comprises bonds and two loans, highlighting the company’s strategic push to fuel its artificial intelligence development.
Last week, Morgan Stanley began pitching a floating-rate term loan B at 97 cents on the dollar with a variable interest rate of 700 basis points over the SOFR benchmark, one source said. A second option offers a fixed-rate loan and bonds at 12%, with terms contingent on investor appetite. This “best efforts” transaction, where the debt size hinges on demand, reflects cautious lending in an uncertain economic climate.
According to Reuters sources, Morgan Stanley will not guarantee the issue volume or commit its own capital in the xAI deal, marking a shift from past commitments. The change in approach stems from lessons learned during Musk’s 2022 X acquisition when Morgan Stanley and six other banks held $13 billion in debt for over two years.
Morgan Stanley and the six other banks backing Musk’s X acquisition could only dispose of that debt earlier this year. They capitalized on X’s improved operating performance over the previous two quarters as traffic on the platform increased engagement around the U.S. presidential elections. This time, Morgan Stanley’s prudent strategy mitigates similar risks.
Beyond debt, xAI is in talks to raise $20 billion in equity, potentially valuing the company between $120 billion and $200 billion, sources said. In April, Musk hinted at a significant valuation adjustment for xAI, stating he was looking to put a “proper value” on xAI during an investor call.
As xAI pursues this $5 billion debt offering, its financial strategy positions it to lead the AI revolution, blending innovation with market opportunity.
Elon Musk
Tesla tops Cathie Wood’s stock picks, predicts $2,600 surge
Tesla’s future lies beyond cars—with robotaxis, humanoid bots & AI-driven factories. Cathie Wood predicts a 9x surge in 5 years.

Cathie Wood shared that Tesla is her top stock pick. During Steven Bartlett’s podcast “The Diary Of A CEO,” the Ark Invest founder highlighted Tesla’s innovative edge, citing its convergence of robotics, energy storage, and AI.
“Because think about it. It is a convergence among three of our major platforms. So, robots, energy storage, AI,” Wood said of Tesla. She emphasized the company’s potential beyond its current offerings, particularly with its Optimus robots.
“And it’s not stopping with robotaxis; there’s a story beyond that with humanoid robots, and our $2,600 number has nothing for humanoid robots. We just thought it’d be an investment, period,” she added.
In June 2024, Ark Invest issued a $2,600 price target for Tesla, which Wood reaffirmed in a March Bloomberg interview, projecting the stock to reach this level within five years. She told Bartlett that Tesla’s Optimus robots would drive productivity gains and create new revenue streams.
Elon Musk echoed Wood’s optimism in a CNBC interview last month.
“We expect to have thousands of Optimus robots working in Tesla factories by the end of this year, beginning this fall. And we expect to scale Optimus up faster than any product, I think, in history to get to millions of units per year as soon as possible,” Musk said.
Tesla’s stock has faced volatility lately, hitting a peak closing price of $479 in December after President Donald Trump’s election win. However, Musk’s involvement with the White House DOGE office triggered protests and boycotts, contributing to a stock decline of over 40% from mid-December highs by March.
The volatility in Tesla stock alarmed investors, who urged Musk to refocus on the company. In a May earnings call, Musk responded, stating he would be “scaling down his involvement with DOGE to focus on Tesla.” Through it all, Cathie Wood and Ark Invest maintained their faith in Tesla. Wood, in particular, predicted that the “brand damage” Tesla experienced earlier this year would not be long term.
Despite recent fluctuations, Wood’s confidence in Tesla underscores its potential to redefine industries through AI and robotics. As Musk shifts his focus back to Tesla, the company’s advancements in Optimus and other innovations could drive it toward Wood’s ambitious $2,600 target, positioning Tesla as a leader in the evolving tech landscape.
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