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Tesla’s apparent next-gen platform teased in Engineering HQ video

Image Credit: Tesla/Twitter

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Tesla’s next-generation vehicle platform is exciting for many reasons. For one, Elon Musk has stated that the vehicle would likely exceed the output of the company’s existing vehicle lineup combined. Musk also noted that Tesla’s next-gen platform is designed for efficiency and cost, which will make it roughly half the cost of the Model 3 and Model Y platform. 

But while the excitement surrounding the upcoming vehicle is notable, Tesla has been very secretive about its next-generation car. The company did note in its Q4 and FY 2022 Update Letter that it will be discussing “additional details” of its next-generation platform during Investor Day on March 1, 2023. Apart from this, however, the details surrounding Tesla’s next vehicle remain slim. 

The company has provided some tidbits here and there over the years. Back in early 2020, Tesla China posted several job listings that featured cars from the company’s lineup. But while it was easy to spot known vehicles like the Tesla Model S and Model 3 in the job listings, it was quite difficult to place a mysterious hatchback that was showcased by the electric car maker. 

Credit: Tesla China

Tesla never really explained what this vehicle was, though speculations were high that it was the company’s next-generation platform, which is expected to be smaller and more affordable than the Model 3 and Model Y. Interestingly enough, this very same vehicle seems to have shown up during a video that was played during the launch of Tesla’s Engineering HQ in Palo Alto, California. 

The video showed Tesla’s activities across the state, and in the section highlighting the company’s work in Los Angeles, the electric vehicle maker featured a table with sketches of several cars. Some of the sketches are evidently the Model 3 and Model Y, but three in particular looked quite different. For one, the vehicle in the sketches looked smaller than the Model 3 and Model Y, and its rear was also different. 

Credit: Tesla

Moreover, a partially covered sketch of the mysterious vehicle seemed identical to the sketch that showed up in Tesla China’s job listings from several years ago. Needless to say, the image has caused excitement among EV watchers. After all, if Tesla’s next-generation platform were sold as a hatchback, then the vehicle would likely sell like hotcakes. 

Tesla’s apparent next-generation platform shows up at around 11:38 of the video below. 

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Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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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.

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(Credit: xAI)

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.

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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.

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SpaceX to debut new Dragon capsule in Axiom Space launch

Ax-4’s launch marks the debut of SpaceX’s latest Crew Dragon and pushes Axiom closer to building its own space station.

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(Credit: SpaceX)

Axiom Space’s Ax-4 mission targets the International Space Station (ISS) with a new SpaceX Crew Dragon capsule.

The Axiom team will launch a new SpaceX Dragon capsule atop a Falcon 9 rocket from NASA’s Kennedy Space Center in Florida on Wednesday at 8:00 a.m. EDT (1200 GMT). The Ax-4 mission launch was initially set for Tuesday, June 10, but was delayed by one day due to expected high winds.

As Axiom Space’s fourth crewed mission to the ISS, Ax-4 marks the debut of an updated SpaceX Crew Dragon capsule. “This is the first flight for this Dragon capsule, and it’s carrying an international crew—a perfect debut. We’ve upgraded storage, propulsion components, and the seat lash design for improved reliability and reuse,” said William Gerstenmaier, SpaceX’s vice president of build and flight reliability.

Axiom Space is a Houston-based private space infrastructure company. It has been launching private astronauts to the ISS for research and training since 2022, building expertise for its future station. With NASA planning to decommission the ISS by 2030, Axiom has laid the groundwork for the Axiom Station, the world’s first commercial space station. The company has already begun construction on its ISS replacement.

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The Ax-4 mission’s research, spanning biological, life, and material sciences and Earth observation, will support this ambitious goal. Contributions from 31 countries underscore the mission’s global scope. The four-person crew will launch from Launch Complex 39A, embarking on a 14-day mission to conduct approximately 60 scientific studies.

“The AX-4 crew represents the very best of international collaboration, dedication, and human potential. Over the past 10 months, these astronauts have trained with focus and determination, each of them exceeding the required thresholds to ensure mission safety, scientific rigor, and operational excellence,” said Allen Flynt, Axiom Space’s chief of mission services.

The Ax-4 mission highlights Axiom’s commitment to advancing commercial space exploration. By leveraging SpaceX’s Dragon capsule and conducting diverse scientific experiments, Axiom is paving the way for its Axiom Station. This mission not only strengthens international collaborations but also positions Axiom as a leader in the evolving landscape of private space infrastructure.

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Tesla named official AV operator in Austin ahead of robotaxi launch

Tesla robotaxis could begin operating around Austin any day now, as echoed by an update to the city’s website.

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Just as Tesla prepares to launch its own commercial robotaxi services in Austin, Texas this month, the company has now appeared on the state’s website as an official operator of autonomous vehicles (AVs).

As of Monday, Tesla has been listed as an AV operator on Austin’s official Department of Motor Vehicles (DMV) site, ahead of the company’s expected launch of the long-awaited service sometime this month. The news, which X user Tesla Yoda first spotted, precedes some reports suggesting the robotaxi service could launch in the coming days, and it comes as the city becomes an increasingly competitive stomping ground for the emerging technology.

Although Tesla has been included on the list, the website says that Tesla is still in the testing phase, alongside most of the other AV operators in the city. At this time, Alphabet-owned robotaxi company Waymo is the only operator listed as being in the deployment phase, while Hyundai-owned company Motional is listed as being in the mapping phase.

Tesla is set to initially deploy the service as a limited pilot program using the company’s existing Model Y vehicles, and it will start by testing them in the safest areas of the city within geo-mapped boundaries as extra safety precautions upon launch.

Below you can see the full list of AV operators on the Austin DMV website at the time of writing, including both the Alphabet-owned Waymo and the Amazon-run Zoox.

Current list of AV operators in Austin

  • ADMT
    • Phase: testing
    • Parent company: VW
  • AVRide
    • Phase: testing
    • Parent company: AVRide Inc
  • Motional
    • Phase: mapping
    • Parent company: Hyundai
  • Waymo
    • Phase: deployment
    • Parent company: Alphabet (Google)
  • Tesla
    • Phase: testing
    • Parent company: Tesla
  • Zoox
    • Phase: testing
    • Parent company: Amazon

READ MORE ON AUTONOMOUS VEHICLES: Elon Musk just revealed more about Tesla’s June Robotaxi launch

Tesla’s Austin robotaxi launch, Full Self-Driving, and other AV companies

The news follows a report from Bloomberg a few weeks ago saying that Tesla was considering a launch date of June 12 for the service, though the validity of that report is still unclear. Additionally, Tesla could still change its plans on a launch date, though the company’s inclusion on the Austin DMV AV operators list appears to be a good sign either way.

The company has also been running internal pilot programs for the robotaxi service in Austin and around the Bay Area, California, with around 300 test operators operating the vehicles in the Texas city since at least April. Last fall, CEO Elon Musk also said that employees had already been piloting a ride-hailing program around the Bay.

Tesla has long touted its Full Self-Driving (FSD) program as the solution to autonomy, with the system utilizing cameras and real-time driver footage to train its AI neural network on how to drive. By comparison, most other companies utilize cameras and radar systems together, while relying on geo-mapped systems to determine where the robotaxi can operate.

Waymo launched driverless ride-hailing services in Austin through a partnership with Uber, though the company has also been running paid robotaxi rides in various parts of California since last year through its Waymo One app. Other companies such as the Amazon-owned firm Zoox and the Hyundai-led company Motional are also preparing to deploy services in Austin and other U.S. cities.

Tesla’s ‘Project Alicorn’ and what it means for the Robotaxi platform

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