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Tesla (TSLA) maintains PT & BUY rating from Canaccord

Credit: Tesla in Korea | YouTube

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Canaccord Genuity analyst George Gianarikas reiterated the investment bank’s Tesla price target of $234 and maintained the company’s BUY rating. In a note released last week, Gianarikas provided some insight into Tesla’s production and delivery numbers in the first quarter. 

In Q2 2024, Tesla missed analysts’ consensus, reporting a delivery decline of 8.5% year over year. The company produced over 433,000 vehicles and delivered approximately 387,000 units in the first quarter. Many analysts have attributed Tesla’s Q1 2024 delivery miss to the decreasing demand for electric vehicles (EVs). Some automakers have also started sharing concerns about a slowdown in the EV market. 

Gianarikas discusses the possibility of Tesla having a demand issue and states the following: 

“Adventure 1 – Demand issue. One reason could be that the company kept producing cars… that it could not sell at the end of the quarter due to an unexpected demand slowdown. In China, at least, press reports do indicate that management slowed production in March based on weaker demand – so, to a certain extent, that should have helped lower the production/delivery discrepancy – especially when the last week of March in China was solid from a demand perspective. However, Model Y inventory does appear to remain elevated in the US.”

However, Gianarikas believes Tesla’s Q1 2024 production and delivery numbers were primarily due to supply-related issues as opposed to demand-related ones. In his recent note, Gianarikas points out that Tesla clearly explained that its decline in volume was partially due to the early production ramp of the refresh Model 3 at the Fremont factory, factory shutdowns due to the Red Sea conflict, and the arson attack on Giga Berlin. 

“Adventure 2 – Supply issue. One could also theorize that the company finally started to ramp production of the Model 3 in Fremont, the Cybertruck in Austin, and the Model Y in Berlin in the last weeks of the quarter – leading to vehicles that couldn’t be delivered in time due to the late quarter ramp. Model 3s in the US do have delivery lead times that stretch into June. The truth probably lies in the middle – but we don’t know. We lean to it mostly being a supply issue – but we compel you to choose your own adventure. Clearly, demand has not been stellar since the start of the year.

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“But, again, if the company were clear of supply issues and were able to sell as many updated Model 3s as it could in the US and Cybertrucks globally, we think the quarter would have looked much, much different. An interesting and pivotal (once again) conference call awaits as we look for answers,” the Canaccord analyst concluded.

If you have any tips, contact me at maria@teslarati.com or via X @Writer_01001101. 

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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Starship Flight 9 nears as SpaceX’s Starbase becomes a Texan City

SpaceX’s launch site is officially incorporated as Starbase, TX. Starship Flight 9 could launch on May 27, 2025. 

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(Credit: Jenny Hautmann/Wikimedia Commons)

SpaceX’s Starbase is officially incorporated as a city in Texas, aligning with preparations for Starship Flight 9. The newly formed city in Cameron County serves as the heart of SpaceX’s Starship program.

Starbase City spans 1.5 square miles, encompassing SpaceX’s launch facility and company-owned land. A near-unanimous vote by residents, who were mostly SpaceX employees, led to its incorporation. SpaceX’s Vice President of Test and Launch, Bobby Peden, was elected mayor of Starbase. The new Texas city also has two SpaceX employees as commissioners. All Starbase officials will serve two-year terms unless extended to four by voters.

As the new city takes shape, SpaceX is preparing for the Starship Flight 9 launch, which is tentatively scheduled for May 27, 2025, at 6:30 PM CDT from Starbase, Texas.

SpaceX secured Federal Aviation Administration (FAA) approval for up to 25 annual Starship and Super Heavy launches from the site. However, the FAA emphasized that “there are other licensing requirements still to be completed,” including policy, safety, and environmental reviews.

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On May 15, the FAA noted SpaceX updated its launch license for Flight 9, but added: “SpaceX may not launch until the FAA either closes the Starship Flight 8 mishap investigation or makes a return to flight determination. The FAA is reviewing the mishap report SpaceX submitted on May 14.”

Proposed Texas legislation could empower Starbase officials to close local highways and restrict Boca Chica Beach access during launches. Cameron County Judge Eddie Trevino, Jr., opposes the Texas legislation, insisting beach access remain under county control. This tension highlights the balance between SpaceX’s ambitions and local interests.

Starbase’s incorporation strengthens SpaceX’s operational base as it gears up for Starship Flight 9, a critical step in its mission to revolutionize space travel. With growing infrastructure and regulatory hurdles in focus, Starbase is poised to become a cornerstone of SpaceX’s vision, blending community development with cutting-edge aerospace innovation.

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The Boring Company accelerates Vegas Loop expansion plans

The Boring Company clears fire safety delays, paving the way to accelerating its Vegas Loop expansion plans.

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Credit: The Boring Company/X

After overcoming fire safety hurdles, the Boring Company is accelerating its Vegas Loop expansion. The project’s progress signals a transformative boost for Sin City’s transportation and tourism.

Elon Musk’s tunneling company, along with The Las Vegas Convention and Visitors Authority (LVCVA) and Clark County, resolved fire safety concerns that delayed new stations.

“It’s new. It’s taken a little time to figure out what the standard should be,” said Steve Hill, LVCVA President and CEO, during last week’s board meeting. “We’ve gotten there. We’re excited about that. We’re ready to expand further, faster, than we have.”

Last month, the company submitted permits for tunnel extensions connecting Encore to a parcel of land owned by Wynn and Caesars Palace. The three tunnels are valued at $600,000 based on country records.

Plans for a Tropicana Loop are also advancing, linking UNLV to MGM Grand, T-Mobile Arena, Allegiant Stadium, Mandalay Bay, and the upcoming Athletics’ ballpark. Downtown extensions from the convention center to the Strat, Fremont Street Experience, and Circa’s Garage Mahal are also in the permitting process.

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“Those are all in process,” Hill noted. “We’ve got machines that are available to be put in the ground. I think we’ve reached a framework for how these projects are going to work and how they’ll be permitted from a safety standpoint, as well as a building standpoint.”

The Boring Company has six boring machines, with three currently active in Las Vegas. Last week, TBC announced that it successfully mined continuously in a Zero-People-in-Tunnel (ZPIT) configuration, enabling it to build more tunnels faster, safer, and at a more affordable rate.

Tunneling under Paradise Road is underway as The Boring Company works on the University Center Loop. The University Center Loop is expected to connect to the Las Vegas Convention Center within two months, linking to the Westgate tunnel. The full Vegas Loop will span 104 stations and 68 miles. Even though The Boring Company’s tunnel network in Las Vegas isn’t nearly finished, it has already become a key attraction in the city.

“It’s such a great attraction for shows that are looking at this building (convention center) and we’re going to be connected to everybody in town,” Hill said. “It’s a real difference-maker.”

A few Vegas Loop stations are already operational, including those connected to Resorts World, Westgate, Encore, and all the Las Vegas Convention Center Loop stations. The Downtown Loop, which connects to the downtown area, and the Riviera Station, the hub that leads to Resorts World with Westgate destinations, are also operational.

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As The Boring Company accelerates the Vegas Loop, its tunnels are poised to redefine mobility and tourism in Las Vegas, blending cutting-edge technology with practical urban solutions.

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Neuralink Blindsight human trials expected to start in the UAE

Neuralink aims to restore vision with its Blindsight BCI implant. First human implant for Blindsight may happen in UAE.

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(Credit: Neuralink)

During Elon Musk’s interview at the Qatar Economic Forum, he announced that Neuralink aims to implant its Blindsight brain-to-computer interface (BCI) device in a human patient by late 2025 or early 2026.

Blindsight focuses on restoring vision. A few years ago, Musk mentioned that Neuralink’s BCI devices would restore vision for people, even those born blind.

“The first two applications we’re going to aim for in humans are restoring vision, and I think this is notable in that even if someone has never had vision ever, like they were born blind, we believe we can still restore vision. The visual part of the cortex is still there. Even if they’ve never seen before, we’re confident they could see,” Musk said during Neuralink’s Show & Tell in 2022. 

Musk said Blindsight could be implanted into a human patient in the United Arab Emirates (UAE). Neuralink plans to partner with the Cleveland Clinic Abu Dhabi to implant the first human patient with Blindsight.

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Elon Musk’s neurotechnology company is partnering with the Cleveland Clinic Abu Dhabi to conduct the first clinical trial of the UAE-PRIME study. Like Neuralink’s PRIME study in the United States, UAE-PRIME will focus on human patients with motor and speech impairments.

Neuralink received Food and Drug Administration (FDA) approval to conduct the PRIME and CONVOY studies in the United States. PRIME tests the capabilities of the company’s Link implant to restore or enable motor and speech in participants. Meanwhile, the CONVOY study explores Link’s ability to control assistive robotic devices. Neuralink already has an assistive robotic arm called ARA that could expand patients’ autonomy beyond smart devices.

Blindsight would probably require a separate study from PRIME and CONVOY. As such, Neuralink might need FDA approval in the United States to start human trials for Blindsight. However, Blindsight already received a “breakthrough device” designation from the US FDA.

In April 2025, Neuralink opened its patient registry to participants worldwide. The neurotechnology company has already implanted its Link BCI device into five patients. Earlier this year, Neuralink welcomed one of its first PRIME study participants as the first patient in its CONVOY study.

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