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Tesla Model 3 is the most sought-after EV worldwide: analysis

(Credit: Tesla)

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A recent analysis quantified how much interest there is in Tesla vehicles. The study found that the Tesla Model 3 is the company’s most sought-after EV, despite the Model Y’s significant sales volume.

Gridserve analyzed Google Search data on the most searched information related to over 300 electric vehicle models. Tesla Model 3 searches from Europe, North America, and Oceania accounted for 88% of the global total, with approximately 17,654,842 searches. The Tesla Model 3’s global search volume was 19,989,872, making it the overall winner across all countries. 

All of Tesla’s vehicles made it to the top 10 most searched list in the analysis. The Tesla Model Y came in third place with almost 14 million searches, after the Kia EV6—which came in second—with more than 15.5 million searches. The Hyundai IONIQ 5 came in fourth place, followed by the Tesla Model S in fifth place. And the Porsche Taycan in sixth place beat the Tesla Model X in searches by about a million searches. 

In the United States, the Tesla Model 3 held the record for most searches, topping the list in 41 out of 50 states. The top 5 most searched EVs by state in the US might be a surprise as legacy automakers Ford and Stellantis do not make the list. Instead, the Hyundai IONIQ 5 came second, topping searches in Maine, Oregon, and Vermont. Meanwhile, the Kia EV6 topped searches in Colorado, Utah, and Washington. EV startup Rivian came in fourth place with the most searches for its R1T pickup truck in Montana and Wyoming. In fifth place was the Cadillac LYRIQ, topping the searches in Michigan. 

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Tesla’s Popularity

The results of the analysis might not directly relate to sales, but it might reveal the rising interest in electric vehicles overall, particularly specific EV models. Tesla has undoubtedly become a leader in the EV market over the past decade or more, which the results seem to reflect. The Tesla Model 3 was a big game changer for the company as it brought about massive growth worldwide for the American automaker.

The Model Y continues that spark of growth in Tesla to this day. In Q1 2023, Tesla produced 440,808 battery electric vehicles, delivering approximately 422,875 units. The Model 3 and Model Y comprised most of Tesla’s production and delivery numbers with a total of 421,371 and 412,180, respectively. Tesla produced, 19,437 Model S and Model X vehicles in the first quarter, delivering 10,695 units to customers. 

Tesla continues to drive interest in the Model 3 through upgrades. For instance, Tesla’s Project Highland has garnered attention in recent months as it is expected to introduce upgrades to the Model 3. Recently, a photo leaked online of the supposed Project Highland Model 3

Tesla is also keeping everyone on their toes with significant price cuts, which might keep searches for the Model 3 and Model Y at high levels. Tesla is expected to reduce Model 3 and Model Y prices in Hong Kong next. 

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

 

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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.

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Tesla gets price target increase on Wall Street, but it’s a head-scratcher

Delaney’s price target on Tesla shares went up to $395 from $300. Currently, Tesla is trading between $420 and $430, making the new price target from Goldman Sachs a bit of a head-scratcher.

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Credit: Cybertruck | X

Tesla (NASDAQ: TSLA) received a price target increase from a Wall Street analyst today, who noted in his report that the company’s shares could rise or fall based on its execution in robotics and autonomy.

However, the price target boost still fell below Tesla’s current trading levels.

Mark Delaney of Goldman Sachs said in a note to investors today that Tesla has a significant opportunity to solidify itself as one of the stable and safe plays in the market if it can execute on its two key projects: humanoid robots and autonomy.

In the note, Delaney said:

“If Tesla can have [an] outsized share in areas such as humanoid robotics and autonomy, then there could be upside to our price target.”

Delaney’s price target on Tesla shares went up to $395 from $300. Currently, Tesla is trading between $420 and $430, making the new price target from Goldman Sachs a bit of a head-scratcher.

He went on to say that Tesla could also confront outside factors that would limit the stock’s ability to see growth, including competition and potentially its own lack of execution:

“…although if competition limits profits (as is happening with the ADAS market in China) or Tesla does not execute well, then there could be downside.”

The note is an interesting one because it seems to point out the blatantly obvious: if Tesla performs well, the stock will rise. If it doesn’t, the stock price will decline.

We discussed yesterday in an article that Tesla is one of the few stocks out there that does not seem to be influenced by financials or anything super concrete. Instead, it is more influenced by the narrative currently surrounding the company, rather than the technicals.

Tesla called ‘biggest meme stock we’ve ever seen’ by Yale associate dean

Tesla’s prowess in robotics and autonomy is strong. In robotics, it has a very good sentiment following its Optimus project, and it has shown steady improvement with subsequent versions of the robot with each release.

On the autonomy front, Tesla is expanding its Robotaxi platform in Austin every few weeks, and also has a sizeable geofence in the Bay Area. Its Full Self-Driving suite is among the most robust in the world and is incredibly useful and accurate.

The company can gain significant value if it continues to refine the platform and eventually rolls out a driverless or unsupervised version of the Full Self-Driving suite.

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Elon Musk

Tesla addresses door handle complaints with simple engineering fix

“We’ll have a really good solution for that. I’m not worried about it.”

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Tesla Model S self-presenting door handle
Tesla Model S self-presenting door handle (Credit: TesBros)

Tesla is going to adjust one heavily scrutinized part of its vehicles after recent government agencies have launched probes into an issue stemming from complaints from owners.

Over the past few days, we have reported on the issues with Tesla’s door handle systems from both the Chinese and American governments.

In China, it dealt with the Model S, while the United States’ National Highway Traffic Safety Administration (NHTSA) reported nine complaints from owners experiencing issues with 2021 Model Ys, as some said they had trouble entering their car after the 12V battery was low on power.

Bloomberg, in an interview with Tesla Chief Designer Franz von Holzhausen, asked whether the company planned to adjust the door handle design to alleviate any concerns that regulatory agencies might have.

Regarding the interior latch concerns in the United States:

  • Von Holzhausen said that, while a mechanical door release resolves this problem, Tesla plans to “combine the two” to help reduce stress in what he called “panic situations.”
  • He also added that “it’s in the cars now…The idea of combining the electronic and the manual one together in one button, I think, makes a lot of sense.” Franz said the muscle memory of reaching for the same button will be advantageous for children and anyone who is in an emergency.

Regarding the exterior door handle concerns in China:

  • Von Holzhausen said Tesla is reviewing the details of the regulation and confirmed, “We’ll have a really good solution for that. I’m not worried about it.”

The new Model Y already has emergency mechanical door release latches in the back, but combining them in future vehicles seems to be an ideal solution for other vehicles in Tesla’s lineup.

It will likely help Tesla avoid complaints from owners about not having an out in the event of a power outage or accident. It is a small engineering change that could be extremely valuable for future instances.

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Elon Musk calls out viral claim of 10,000 Tesla Optimus deal: “Fake”

For now at least, Tesla seems determined to focus on the development of Optimus V3.

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Credit: Tesla Optimus/X

Elon Musk has provided some clarification to recent reports suggesting that PharmAGRI, a US pharmaceutical and agricultural infrastructure company, is looking to deploy 10,000 Optimus robots for its operations.

Musk posted his clarification on social media platform X.

Alleged Optimus purchase

Recently, reports emerged stating that PharmAGRI Capital Partners will be tapping into Tesla’s humanoid robots for its operations. The firm claimed that it had executed a Letter of Intent with Tesla to deploy up to 10,000 Optimus Gen 3+ humanoid robots across its SuperPharm and CEA facilities. This should allow the company to automate its labor and ensure diversion control.

A comment from Lynn Stockwell, Chairwoman & CEO, suggested that the company really was partnering with Tesla. “With Tesla robotics powering our facilities and DEA-licensed infrastructure in place, we can scale with precision, meet federal sourcing mandates, and deliver therapies that are compliant, secure, and American-made,” she said. 

Elon Musk clariies

News of PharmAGRI’s Optimus claims quickly spread on social media, though some Tesla watchers argued that it seemed unlikely that the EV maker will commit two legions of Optimus robots to a rather unknown company this early. Some pointed out that Tesla typically commits to high-profile customers to test its early products, such as PepsiCo with the Tesla Semi. 

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Photos from PharmAGRI’s website depicting Tesla Optimus bots, as well as the rather basic look of the website itself, also brought more reservations to the company’s claims. Ultimately, Elon Musk weighed in on the matter, responding to a post about PharmAGRI’s Optimus-filled webpage. Musk was quick and direct, simply stating, “Fake.”

Elon Musk’s comments were quite unsurprising considering that Optimus is still very much in active development, and thus, it is quite unlikely that the company is already taking orders or even Letters of Intent from potential customers at this time. For now at least, Tesla seems determined to focus on the development of Optimus V3, which Musk has noted will be “sublime.”

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