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Tesla Model 3 grabs UK Car of the Year Award for 2020
The Tesla Model 3 grabbed the UK Car of the Year 2020 award after bagging the Best Executive vehicle category in February.
The Model 3 victory registered a back-to-back win for electric vehicles following Jaguar I-PACE’s win last year. It is also quite an achievement for a young manufacturer such as Tesla that snatched its first-ever win in the UKCOTY Awards.
“Game-changer is an often-overused phrase, but the Tesla Model 3 has shaken up the executive segment and got many brands thinking. Electric vehicles attract a broad spectrum of opinions, but it’s clear that with its technology, performance and range, the Model 3 is converting a lot of people,” said director of the UK Car of the Year Awards John Challen.
The panel of journalist judges consists of 29 respected individuals in the automotive field.
“Clean, crisp and technological inside, the Model 3 drives and performs like we think EVs should. Makes others in the sector feel stuffy and awkward,” said Tom Ford of Top Gear.
Other judges were all praises for the mass-produced electric sedan. Chris Knapman of CarGurus did not only gave his nod for the Model 3 being packed with features but for its “exciting ownership experience” as well. Paul Berker of Company Car Today and freelancer Guy Bird were in agreement that the electric sedan deserved the win for how it shakes the segment with its desirability and affordability.
The Tesla Model 3 bested eight other champions in different categories to win the overall title:
Best Supermini – Renault Clio
Best Small Hatch – Mazda3
Best Luxury – Bentley Flying Spur
Best Estate – BMW 3 Series
Best Crossover – Kia e-Niro
Best Premium Crossover – Range Rover Evoque
Best Cabriolet – Porsche 911
Best Performance – Porsche Taycan
“A huge thank you to all the UK Car of the Year judges for choosing Model 3 as well as all of our UK owners. We are proud of what this car has achieved so far and with the upcoming 0% company car tax there is an exciting year ahead for EVs in the UK,” Tesla UK stated upon receiving its award at the Car of the Year 2020 event.
It is also nice to take note that three of the nine champions in their respective categories were all-electric vehicles, proving that the quality and performance of EVs is not only nearing, but exceeding that of internal combustion cars. The Kia e-Niro grabbed the second place while the Porsche Taycan finished third together with the BMW 3 Series.
The UKCOTY Awards is an independent set of awards that put a spotlight on the best new cars in the UK market.
The Tesla Model 3 has won numerous awards in the past year or so. It took the “Car Of The Year” award from UK’s Parker’s Car Guides and was also named best electric car, best company car, and vehicle with best safety by the same publication. Meanwhile, Motortrend shortlisted the Tesla Model 3 as one of the three finalists for its 2020 Car of The Year award while also naming it as the best sports sedan on the market.
The Model 3 is also the only American-made car in Consumer Reports’ Top Picks of 2020.
Tesla stock (NASDAQ: TSLA) closed at an all-time high on Tuesday, jumping over 3 percent during the day and finishing at $489.88.
The price beats the previous record close, which was $479.86.
Shares have had a crazy year, dipping more than 40 percent from the start of the year. The stock then started to recover once again around late April, when its price started to climb back up from the low $200 level.
This week, Tesla started to climb toward its highest levels ever, as it was revealed on Sunday that the company was testing driverless Robotaxis in Austin. The spike in value pushed the company’s valuation to $1.63 trillion.
Tesla Robotaxi goes driverless as Musk confirms Safety Monitor removal testing
It is the seventh-most valuable company on the market currently, trailing Nvidia, Apple, Alphabet (Google), Microsoft, Amazon, and Meta.
Shares closed up $14.57 today, up over 3 percent.
The stock has gone through a lot this year, as previously mentioned. Shares tumbled in Q1 due to CEO Elon Musk’s involvement with the Department of Government Efficiency (DOGE), which pulled his attention away from his companies and left a major overhang on their valuations.
However, things started to rebound halfway through the year, and as the government started to phase out the $7,500 tax credit, demand spiked as consumers tried to take advantage of it.
Q3 deliveries were the highest in company history, and Tesla responded to the loss of the tax credit with the launch of the Model 3 and Model Y Standard.
Additionally, analysts have announced high expectations this week for the company on Wall Street as Robotaxi continues to be the focus. With autonomy within Tesla’s sights, things are moving in the direction of Robotaxi being a major catalyst for growth on the Street in the coming year.
Elon Musk
Tesla needs to come through on this one Robotaxi metric, analyst says
“We think the key focus from here will be how fast Tesla can scale driverless operations (including if Tesla’s approach to software/hardware allows it to scale significantly faster than competitors, as the company has argued), and on profitability.”
Tesla needs to come through on this one Robotaxi metric, Mark Delaney of Goldman Sachs says.
Tesla is in the process of rolling out its Robotaxi platform to areas outside of Austin and the California Bay Area. It has plans to launch in five additional cities, including Houston, Dallas, Miami, Las Vegas, and Phoenix.
However, the company’s expansion is not what the focus needs to be, according to Delaney. It’s the speed of deployment.
The analyst said:
“We think the key focus from here will be how fast Tesla can scale driverless operations (including if Tesla’s approach to software/hardware allows it to scale significantly faster than competitors, as the company has argued), and on profitability.”
Profitability will come as the Robotaxi fleet expands. Making that money will be dependent on when Tesla can initiate rides in more areas, giving more customers access to the program.
There are some additional things that the company needs to make happen ahead of the major Robotaxi expansion, one of those things is launching driverless rides in Austin, the first city in which it launched the program.
This week, Tesla started testing driverless Robotaxi rides in Austin, as two different Model Y units were spotted with no occupants, a huge step in the company’s plans for the ride-sharing platform.
Tesla Robotaxi goes driverless as Musk confirms Safety Monitor removal testing
CEO Elon Musk has been hoping to remove Safety Monitors from Robotaxis in Austin for several months, first mentioning the plan to have them out by the end of 2025 in September. He confirmed on Sunday that Tesla had officially removed vehicle occupants and started testing truly unsupervised rides.
Although Safety Monitors in Austin have been sitting in the passenger’s seat, they have still had the ability to override things in case of an emergency. After all, the ultimate goal was safety and avoiding any accidents or injuries.
Goldman Sachs reiterated its ‘Neutral’ rating and its $400 price target. Delaney said, “Tesla is making progress with its autonomous technology,” and recent developments make it evident that this is true.
Investor's Corner
Tesla gets bold Robotaxi prediction from Wall Street firm
Last week, Andrew Percoco took over Tesla analysis for Morgan Stanley from Adam Jonas, who covered the stock for years. Percoco seems to be less optimistic and bullish on Tesla shares, while still being fair and balanced in his analysis.
Tesla (NASDAQ: TSLA) received a bold Robotaxi prediction from Morgan Stanley, which anticipates a dramatic increase in the size of the company’s autonomous ride-hailing suite in the coming years.
Last week, Andrew Percoco took over Tesla analysis for Morgan Stanley from Adam Jonas, who covered the stock for years. Percoco seems to be less optimistic and bullish on Tesla shares, while still being fair and balanced in his analysis.
Percoco dug into the Robotaxi fleet and its expansion in the coming years in his latest note, released on Tuesday. The firm expects Tesla to increase the Robotaxi fleet size to 1,000 vehicles in 2026. However, that’s small-scale compared to what they expect from Tesla in a decade.
Tesla expands Robotaxi app access once again, this time on a global scale
By 2035, Morgan Stanley believes there will be one million Robotaxis on the road across multiple cities, a major jump and a considerable fleet size. We assume this means the fleet of vehicles Tesla will operate internally, and not including passenger-owned vehicles that could be added through software updates.
He also listed three specific catalysts that investors should pay attention to, as these will represent the company being on track to achieve its Robotaxi dreams:
- Opening Robotaxi to the public without a Safety Monitor. Timing is unclear, but it appears that Tesla is getting closer by the day.
- Improvement in safety metrics without the Safety Monitor. Tesla’s ability to improve its safety metrics as it scales miles driven without the Safety Monitor is imperative as it looks to scale in new states and cities in 2026.
- Cybercab start of production, targeted for April 2026. Tesla’s Cybercab is a purpose-built vehicle (no steering wheel or pedals, only two seats) that is expected to be produced through its state-of-the-art unboxed manufacturing process, offering further cost reductions and thus accelerating adoption over time.
Robotaxi stands to be one of Tesla’s most significant revenue contributors, especially as the company plans to continue expanding its ride-hailing service across the world in the coming years.
Its current deployment strategy is controlled and conservative to avoid any drastic and potentially program-ruining incidents.
So far, the program, which is active in Austin and the California Bay Area, has been widely successful.
Tesla stock closes at all-time high on heels of Robotaxi progress
Tesla needs to come through on this one Robotaxi metric, analyst says
