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Tesla tops Fast Co’s list for Most Innovative Transportation company
Tesla ranked third overall in the list of The World’s 50 Most Innovative Companies by Fast Company. Tesla also topped the list of the Most Innovative Transportation Companies of 2020 by the same publication.
The Silicon Valley-based carmaker finished just behind social media platform Snap and tech-giant Microsoft, which finished first and second, respectively. In the transportation sector, Tesla grabbed the top spot while Brightline/Virgin Trains, the first new privately-held passenger rail system in the United States in 100 years, finished second. Software company Swiftly, which helps cities optimize public transit systems using data analysis snagged the third spot.
Fast Company cited Tesla “for proving it’s a mass-market automaker by delivering more than 350,000 cars in 2019. Tesla proved it can compete with Big Auto when it delivered 367,500 vehicles to customers last year—more than double the number of cars it sold in the previous two years. It also opened a new factory in China, and began delivering cars to the world’s largest EV market.”
Aptiv came in fourth and was cited for completing more than 70,000 paid autonomous car rides with Lyft. Electric vehicle charging company Chargepoint got the fifth spot. Kodiak Robotics, Passport, Shipex, Cake, and LM Industries completed the top 10 in the transport sector
The publication highlights the achievements and promising ideas of the biggest and lesser-known industry players, but more importantly, puts the spotlight on how Elon Musk’s car company has been reshaping itself as an industry leader and how it continues to transform the the car industry as a whole.
Scaling up production of its vehicles, focused at the moment on the Model 3 electric sedan and now the Model Y electric crossover is an integral step to achieving Tesla’s mission of fostering a wider adoption of electric vehicles. For 2020, Tesla is aiming to deliver 500,000 vehicles.
While these numbers may sound ambitious to the company’s naysayers, it is a realistic goal with the carmaker eyeing production of 500K units per year in its Fremont factory once upgrades are completed mid-year. Giga Shanghai, according to a recent record of meetings between investors and experts, is expected to hit 170,000 vehicles this year, with an aim to produce 5,000 vehicles per week putting the facility all the way up to to almost 250,000 units annually.
Aside from its connected cars, it also continues to invest in improving its car battery technologies. Industry leaders and major players are awaiting what Tesla and Elon Musk would announce during its Battery Day in April. It could be about mass production of cheaper batteries or perhaps enhanced batteries for its existing and future vehicles, and while these could spell doomsday for other legacy automakers it opens the possibility of Tesla helping everyone as a supplier of reliable electric vehicle batteries in the future. If that happens, it would be a win-win situation for carmakers and the environment as this would make green cars from different brands more attractive to consumers. Tesla’s innovation is effectively innovation for the car industry as a whole.
Ramping production has indeed turned Tesla into a mass vehicle producer, but more importantly, it brings it a step closer to helping the world achieve a more sustainable future through its products.
“When I think what we have in front of us, the next couple of years, we’ve got Model Y, we’ve got Giga Berlin, Tesla Semi, Solarglass Roof, Cybertruck some very exciting improvements in battery technology,” Elon Musk said during its Q4 2019 earnings call. “It’s hard to think of another company that has more exciting product and technology roadmap. So super-fired up about where Tesla will be in the next 10 years.”
Fast Company’s list of The World’s Most Innovative Companies looked into groundbreaking businesses in 44 sectors across different regions of the globe. The nominated companies were assessed by the publication’s editors and writers based on their innovation and impact, with focus on their accomplishments in the past year.
Elon Musk
SpaceX issues statement on Starship V3 Booster 18 anomaly
The incident unfolded during gas-system pressure testing at the company’s Massey facility in Starbase, Texas.
SpaceX has issued an initial statement about Starship Booster 18’s anomaly early Friday. The incident unfolded during gas-system pressure testing at the company’s Massey facility in Starbase, Texas.
SpaceX’s initial comment
As per SpaceX in a post on its official account on social media platform X, Booster 18 was undergoing gas system pressure tests when the anomaly happened. Despite the nature of the incident, the company emphasized that no propellant was loaded, no engines were installed, and personnel were kept at a safe distance from the booster, resulting in zero injuries.
“Booster 18 suffered an anomaly during gas system pressure testing that we were conducting in advance of structural proof testing. No propellant was on the vehicle, and engines were not yet installed. The teams need time to investigate before we are confident of the cause. No one was injured as we maintain a safe distance for personnel during this type of testing. The site remains clear and we are working plans to safely reenter the site,” SpaceX wrote in its post on X.
Incident and aftermath
Livestream footage from LabPadre showed Booster 18’s lower half crumpling around the liquid oxygen tank area at approximately 4:04 a.m. CT. Subsequent images posted by on-site observers revealed extensive deformation across the booster’s lower structure. Needless to say, spaceflight observers have noted that Booster 18 would likely be a complete loss due to its anomaly.
Booster 18 had rolled out only a day earlier and was one of the first vehicles in the Starship V3 program. The V3 series incorporates structural reinforcements and reliability upgrades intended to prepare Starship for rapid-reuse testing and eventual tower-catch operations. Elon Musk has been optimistic about Starship V3, previously noting on X that the spacecraft might be able to complete initial missions to Mars.
Investor's Corner
Tesla analyst maintains $500 PT, says FSD drives better than humans now
The team also met with Tesla leaders for more than an hour to discuss autonomy, chip development, and upcoming deployment plans.
Tesla (NASDAQ:TSLA) received fresh support from Piper Sandler this week after analysts toured the Fremont Factory and tested the company’s latest Full Self-Driving software. The firm reaffirmed its $500 price target, stating that FSD V14 delivered a notably smooth robotaxi demonstration and may already perform at levels comparable to, if not better than, average human drivers.
The team also met with Tesla leaders for more than an hour to discuss autonomy, chip development, and upcoming deployment plans.
Analysts highlight autonomy progress
During more than 75 minutes of focused discussions, analysts reportedly focused on FSD v14’s updates. Piper Sandler’s team pointed to meaningful strides in perception, object handling, and overall ride smoothness during the robotaxi demo.
The visit also included discussions on updates to Tesla’s in-house chip initiatives, its Optimus program, and the growth of the company’s battery storage business. Analysts noted that Tesla continues refining cost structures and capital expenditure expectations, which are key elements in future margin recovery, as noted in a Yahoo Finance report.
Analyst Alexander Potter noted that “we think FSD is a truly impressive product that is (probably) already better at driving than the average American.” This conclusion was strengthened by what he described as a “flawless robotaxi ride to the hotel.”
Street targets diverge on TSLA
While Piper Sandler stands by its $500 target, it is not the highest estimate on the Street. Wedbush, for one, has a $600 per share price target for TSLA stock.
Other institutions have also weighed in on TSLA stock as of late. HSBC reiterated a Reduce rating with a $131 target, citing a gap between earnings fundamentals and the company’s market value. By contrast, TD Cowen maintained a Buy rating and a $509 target, pointing to strong autonomous driving demonstrations in Austin and the pace of software-driven improvements.
Stifel analysts also lifted their price target for Tesla to $508 per share over the company’s ongoing robotaxi and FSD programs.
Elon Musk
SpaceX Starship Version 3 booster crumples in early testing
Photos of the incident’s aftermath suggest that Booster 18 will likely be retired.
SpaceX’s new Starship first-stage booster, Booster 18, suffered major damage early Friday during its first round of testing in Starbase, Texas, just one day after rolling out of the factory.
Based on videos of the incident, the lower section of the rocket booster appeared to crumple during a pressurization test. Photos of the incident’s aftermath suggest that Booster 18 will likely be retired.
Booster test failure
SpaceX began structural and propellant-system verification tests on Booster 18 Thursday night at the Massey’s Test Site, only a few miles from Starbase’s production facilities, as noted in an Ars Technica report. At 4:04 a.m. CT on Friday, a livestream from LabPadre Space captured the booster’s lower half experiencing a sudden destructive event around its liquid oxygen tank section. Post-incident images, shared on X by @StarshipGazer, showed notable deformation in the booster’s lower structure.
Neither SpaceX nor Elon Musk had commented as of Friday morning, but the vehicle’s condition suggests it is likely a complete loss. This is quite unfortunate, as Booster 18 is already part of the Starship V3 program, which includes design fixes and upgrades intended to improve reliability. While SpaceX maintains a rather rapid Starship production line in Starbase, Booster 18 was generally expected to validate the improvements implemented in the V3 program.
Tight deadlines
SpaceX needs Starship boosters and upper stages to begin demonstrating rapid reuse, tower catches, and early operational Starlink missions over the next two years. More critically, NASA’s Artemis program depends on an on-orbit refueling test in the second half of 2026, a requirement for the vehicle’s expected crewed lunar landing around 2028.
While SpaceX is known for diagnosing failures quickly and returning to testing at unmatched speed, losing the newest-generation booster at the very start of its campaign highlights the immense challenge involved in scaling Starship into a reliable, high-cadence launch system. SpaceX, however, is known for getting things done quickly, so it would not be a surprise if the company manages to figure out what happened to Booster 18 in the near future.
SpaceX issues statement on Starship V3 Booster 18 anomaly
Tesla analyst maintains $500 PT, says FSD drives better than humans now
