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Tesla Model Y remains China’s top-selling premium SUV after February 2023 sales

(Credit: Tesla China)

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The Tesla Model Y was the best-selling premium SUV in China last month. Tesla remains one of China’s top-selling EV brands. The Tesla Model 3 also nabbed a top spot in February 2023 NEV sales. 

Tesla sold approximately 25,526 Model Y vehicles in February. The BYD Tang DM followed Tesla with 10,783 units sold. The Tesla Model 3 was China’s third best-selling new electric vehicle (NEV), with 8,397 units sold. 

Tesla dominated NEV sales for models priced between RMB 200,000 ($29,138.80) and RMB 300,000 ($437,08.20). Tesla China’s February 2023 sales reveal the gap between BYD’s Tang DM and the Model Y in the premium car market. The Tang DM is a compact 5-seater battery electric vehicle. It costs between RMB 205,911 ($30,000) to RMB 274,548 ($40,000). BYD has a monthly production capacity of 1,000 units for the Tang DM. 

https://twitter.com/MoneybaII_R/status/1635475724248440834?s=20

Giga Shanghai’s 5-seater Model Y currently starts at RMB 261,900 for the RWD version. The Long Range Model Y costs RMB 311,900 before options, and the Model Y Performance starts at RMB 361,900. Meanwhile, the Tesla Model 3 RWD costs RMB 229,900 before options, and the Model 3 Performance starts at RMB 329,900. As of February 1, 2023, Giga Shanghai’s production capacity is 20,000 units per week between the Model 3 and Model Y.

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Regarding the affordable NEV segment, with prices ranging from RMB 100,000 ($14,569.40) to RMB 200,000 ($29,138.80), BYD reigned supreme. The Chinese automaker took the top three spots for best-selling affordable NEV with the Song+ DM-i, Dolphin, and Yuan+. The BYD Song+ DM-i is a Plug-in Hybrid SUV. BYD sold 29,931 Song+ units last month. The Dolphin and Yuan+ are both fully electric vehicles. BYD sold 22,682 Dolphin EVs and 20,279 Yuan+ units in February. 

Chinese automakers dominated the RMB 100,000 ($14,569.40) to RMB 200,000 ($29,138.80) NEV segment. Foreign automakers might have difficulty breaking through the segment as local car manufacturers improve their car designs and the technology that goes in them. 

Tesla does not have a vehicle within that price bracket at the moment. However, the long-awaited Tesla Model 2 would fit in the segment with an expected price tag of $25,000. Volkswagen may also try to make waves in the segment with the ID.2, which is rumored to start at €22,500 ($23,823). 

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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Elon Musk

Elon Musk’s Neuralink posts massive update with new milestone

This is the first time Neuralink has successfully implanted two patients in a single day.

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neuralink link device with white background
(Credit: Neuralink)

Elon Musk’s Neuralink has posted a massive update with a new milestone that puts the company’s progress into perspective. Over the past few years, we have seen tremendous strides in Neuralink’s capabilities.

Now, the company has completed a new first, bringing more hope to the future of this revolutionary technology.

Neuralink’s third brain chip patient shares first video edited with BCI

Neuralink revealed in an update on Monday morning that it has officially completed two implants in a single day, with Patients 8 and 9 both receiving devices over the past weekend.

“Both participants are recovering well and in great spirits,” the company said in the short update. It did not disclose which day the surgeries were completed, but it did state explicitly that they both occurred on the same day:

Musk said that Neuralink’s capabilities could do “life-changing good for ultimately millions, maybe billions, of people.” Right now, it is being used to help combat life-altering diseases, such as ALS, also known as Lou Gehrig’s Disease, as well as cervical spinal cord injuries.

Eventually, Neuralink could resolve things like anxiety, depression, and blindness, among many other ailments.

Its Link device also received FDA recognition for speech restoration earlier this year, marking a significant bit of progress in the program as it explores ways to cure ailments of various natures.

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Elon Musk

Elon Musk gives key update on plans for Tesla Diner outside of LA

More Tesla Supercharger Diners are on the way, Elon Musk says, as long as the initial one is successful.

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tesla diner supercharger in los angeles california at night
Credit: Tesla

Elon Musk has given a key update on its plans for the Tesla Supercharger Diner, as the first location in Los Angeles is set to open today, July 21.

The idea for the Supercharger Diner, which resembles a 50s-style eatery with elements of futuristic technology, is seven years in the making. Many wondered whether Tesla would expand its idea for a Supercharger restaurant outside of LA, and now we have an answer directly from Musk.

Elon Musk confirms awesome new features at Tesla Diner Supercharger

The Tesla CEO said that the company will establish these types of experiences “in major cities around the world, as well as at Supercharger sites on long distance routes.”

The Supercharger Diner has plenty of ways to draw in customers, and although the food and merchandise sold at the location will not be a major contributor to Tesla’s balance sheet, where investors want to see it, it could pay off in other ways.

The Diner is not exclusive to Tesla owners, so those who drive gas cars can still stop in for a burger, fries, and a shake while roaming around Los Angeles. The features of the Diner, however, do require a Tesla vehicle.

In-car ordering and movie screens syncing to the center touchscreen are two things that Tesla owners will enjoy that other drivers will not. These might be trivial, but the experience on its own could be a way that some consider buying a Tesla.

It might sound crazy that a singular diner experience would flip someone to buy a car, but it’s not the most outlandish thing we’ve ever come across.

The question is where Tesla will plan to build these Supercharger Diners. Musk has already indicated that Starbase, Texas, will be one location, which fits with one of his other companies, SpaceX.

Austin could be an ideal location, but New York, Miami, Washington D.C., Boston, and plenty of other popular metro areas within the U.S. could see their own diners in the coming years.

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Investor's Corner

Tesla analyst says this stock concern is overblown while maintaining $400 PT

Tesla reported $2.763 billion in regulatory credit profits last year.

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Credit: Tesla

One Tesla analyst is saying that a major stock concern that has been discussed as the Trump administration aims to eliminate many financial crutches for EV and sustainable industries is overblown.

As the White House continues to put an emphasis on natural gas, coal, and other fossil fuels, investors are concerned that high-powered sustainability stocks like Tesla stand to take big hits over the coming years.

However, Piper Sandler analyst Alexander Potter believes it is just the opposite, as a new note to investors released on Monday says that the situation, especially regarding regulatory credits, is “not as bad as you think.”

Tesla stacked emissions credits in 2023, while others posted deficits

There have been many things during the Trump administration so far that have led some investors to consider divesting from Tesla altogether. Many people have shied away due to concerns over demand, as the $7,500 new EV tax credit and $4,000 used EV tax credit will bow out at the end of Q3.

The Trump White House could also do away with emissions credits, which aim to give automakers a threshold of emissions to encourage EV production and cleaner powertrains. Companies that cannot meet this threshold can buy credits from other companies, and Tesla has benefitted from this program immensely over the past few years.

As the Trump administration considers eliminating this program, investors are concerned that it could significantly impact Tesla’s balance sheet. Potter believes the issue is overblown:

“We frequently receive questions about Tesla’s regulatory credits, and for good reason: the company received ~$3.5B in ‘free money’ last year, representing roughly 100% of FY24 free cash flow. So it’s fair to ask: will recent regulatory changes threaten Tesla’s earnings outlook? In short, we think the answer is no, at least not in 2025. We think that while it’s true that the U.S. government is committed to rescinding financial support for the EV and battery industries, Tesla will still book around $3B in credits this year, followed by $2.3B in 2026. This latter figure represents a modest reduction vs. our previous expectation…in our view, there’s no need for drastic estimate revisions. Note that it’s difficult to forecast the financial impact of regulatory credits — even Tesla itself struggles with this — but the attached analysis represents an honest effort.”

Tesla’s regulatory credit profitability by year is:

  • 2020: $1.58 billion
  • 2021: $1.465 billion
  • 2022: $1.776 billion
  • 2023: $1.79 billion
  • 2024: $2.763 billion

Potter and Piper Sandler maintained an ‘Overweight’ rating on the stock, and kept their $400 price target.

Tesla shares are trading at $329.63 at 11:39 a.m. on the East Coast.

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