News
Tesla launches Bitcoin payments for vehicle orders in US, other territories to follow
Tesla has formally launched Bitcoin payments for its lineup of all-electric vehicles in the United States. The update stands as a significant step for Tesla and CEO Elon Musk, whose support for cryptocurrencies has been evident recently.
Initial reports about Tesla’s Bitcoin payment option for vehicle orders were first reported by several EV enthusiasts on social media. It wasn’t long before numerous Tesla supporters confirmed that Bitcoin is now an actual payment option in the company’s online US configurator.
Proof: https://t.co/NMc6rrKFRf pic.twitter.com/gAY5Bbbvui
— The Kilowatts 🚗⚡️ (@klwtts) March 24, 2021
In a post on his personal Twitter account, CEO Elon Musk promoted Tesla’s launch of its Bitcoin payment support, noting that customers could now purchase their electric cars using the cryptocurrency. Musk later stated that Bitcoin payments should be available outside the United States later this year.
While Elon Musk typically tweets about Dogecoin, a joke cryptocurrency created as a satire for actual cryptocurrencies, the CEO has noted that he actually supports digital currencies. Elon Musk expressed as much during a Clubhouse session back in February, when he noted that he is a Bitcoin supporter. “I do at this point think Bitcoin is a good thing, and I am a supporter of Bitcoin. I think Bitcoin is really on the verge of getting broad acceptance by conventional finance people,” Musk said.
Pay by Bitcoin capability available outside US later this year
— Elon Musk (@elonmusk) March 24, 2021
While Tesla’s support for Bitcoin payments seems to have been received positively, the move might present some challenges for the company in territories such as China and India. Tesla already has a prominent presence in China thanks to Gigafactory Shanghai, and the company is making preparations to enter India later this year. Bitcoin is poised to meet some potential roadblocks in China amid the country’s efforts to create a digital version of its currency, while India is pondering a Bitcoin ban.
Regardless of potential challenges in areas like China and India, however, Tesla definitely deserves credit for being a trailblazer once more. And considering the company’s tendency to set trends among automakers, it would not be surprising if other carmakers start offering Bitcoin payments in the near future as well.
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Investor's Corner
Tesla enters new stability phase, firm upgrades and adjusts outlook
Dmitriy Pozdnyakov of Freedom Capital upgraded his outlook on Tesla shares from “Sell” to “Hold” on Wednesday, and increased the price target from $338 to $406.
Tesla is entering a new phase of stability in terms of vehicle deliveries, one firm wrote in a new note during the final week of October, backing its position with an upgrade and price target increase on the stock.
Dmitriy Pozdnyakov of Freedom Capital upgraded his outlook on Tesla shares from “Sell” to “Hold” on Wednesday, and increased the price target from $338 to $406.
While most firms are interested in highlighting Tesla’s future growth, which will be catalyzed mostly by the advent of self-driving vehicles, autonomy, and the company’s all-in mentality on AI and robotics, Pozdnyakov is solely focusing on vehicle deliveries.
The analyst wrote in a note to investors that he believes Tesla’s updated vehicle lineup, which includes its new affordable “Standard” trims of the Model 3 and Model Y, is going to stabilize the company’s delivery volumes and return the company to annual growth.
Tesla launches two new affordable models with ‘Standard’ Model 3, Y offerings
Tesla launched the new affordable Model 3 and Model Y “Standard” trims on October 7, which introduced two stripped-down, less premium versions of the all-electric sedan and crossover.
They are both priced at under $40,000, with the Model 3 at $37,990 and the Model Y at $39,990, and while these prices may not necessarily be what consumers were expecting, they are well under what Kelley Blue Book said was the average new car transaction price for September, which swelled above $50,000.
Despite the rollout of these two new models, it is interesting to hear that a Wall Street firm would think that Tesla is going to return to more stable delivery figures and potentially enter a new growth phase.
Many Wall Street firms have been more focused on AI, Robotics, and Tesla’s self-driving project, which are the more prevalent things that will drive investor growth over the next few years.
Wedbush’s Dan Ives, for example, tends to focus on the company’s prowess in AI and self-driving. However, he did touch on vehicle deliveries in the coming years in a recent note.
Ives said in a note on October 2:
“While EV demand is expected to fall with the EV tax credit expiration, this was a great bounce-back quarter for TSLA to lay the groundwork for deliveries moving forward, but there is still work to do to gain further ground from a delivery perspective.”
Tesla has some things to figure out before it can truly consider guaranteed stability from a delivery standpoint. Initially, the next two quarters will be a crucial way to determine demand without the $7,500 EV tax credit. It will also begin to figure out if its new affordable models are attractive enough at their current price point to win over consumers.
Elon Musk
Tesla preps for a harsh potential reality if Musk comp vote doesn’t go to plan
A successful vote for Tesla would see the compensation package get approved. But there is always the possibility of a rejection, which would likely see Musk leave the company.
Tesla could be forced to look for a new CEO in the coming months, as a crucial November 6 Shareholder Meeting vote will determine whether Elon Musk will stick around.
A major vote is coming up at the 2025 Tesla Shareholder Meeting, as investors will determine whether Musk should be given a new compensation plan that would award him up to $1 trillion and more than one-fourth of the total voting power within the company.
Tesla board chair reiterates widely unmentioned point of Musk comp plan
A successful vote for Tesla would see the compensation package get approved. But there is always the possibility of a rejection, which would likely see Musk leave the company.
“My fundamental concern with regard to how much voting control I have at Tesla is if I go ahead and build this enormous robot army, can I just be ousted at some point in the future? That’s my biggest concern,” Musk said at last week’s Earnings Call. “That’s what it comes down to in a nutshell. I don’t feel comfortable wielding that robot army if I don’t have at least a strong influence.”
Tesla Board of Directors Head Robyn Denholm has been on somewhat of a PR tour over the past few days, answering questions about the compensation plan, which is among the biggest issues currently for the company.
Denholm told Bloomberg yesterday that Tesla investors need to be prepared for Musk to abandon ship if the package is not approved, which brings on a new question: Who would take over the CEO role?
That is a question Denholm also answered yesterday, bringing forth the conclusion that Tesla would not look for an outside hire if Musk were to leave the company. Instead, it would promote someone internally.
The way it was reported by Bloomberg and Reuters seems to make it seem as if Tesla is preparing for the worst, as it states the company “is looking at internal CEO candidates,” not preparing to do so.
Of the executives at Tesla who immediately come to mind as ideal candidates for a potential takeover should Musk leave, Tesla China President Tom Zhu and Head of AI Ashok Elluswamy both come to mind. Zhu has monumental executive experience already, as he was appointed to the role of Senior VP of Automotive back in December 2022.
He then returned to China in 2024.
It seems Tesla wants to align its future, with or without Musk, on the same path that it is currently on, and internal candidates might have a better idea of what that looks like and truly means.
News
Tesla Full Self Driving (FSD) is nearing approval in a new country
As per the official, Tesla’s Full Self-Driving system could be enabled in Israel in the near future.
It appears that Tesla FSD (Supervised) is heading to a new country soon, at least based on comments from Israel’s Transport and Road Safety Minister Miri Regev.
As per the official, Tesla’s Full Self-Driving system could be enabled in Israel in the near future.
Israeli drivers are pushing for FSD rollout
While Tesla’s FSD is already operational in markets like the U.S., Canada, and Australia, Israeli owners have long been unable to use the feature due to regulatory barriers. Despite its premium price tag, however, numerous Tesla owners in Israel have noted that the technology’s safety benefits, at least when approved for real-world use in the country, justify its cost.
It was then no surprise that nearly 1,000 Tesla owners in Israel have already petitioned the government to greenlight FSD’s domestic release in Israel. In a post on X, Regev seemed to confirm that FSD is indeed coming to Israel. “I’ve received the many referrals from Tesla drivers in Israel! Tesla drivers? Soon you won’t need to hold the steering wheel,” she wrote in her post.
FSD’s regulatory support in Israel
Regev stated that her Ministry views promoting innovative technologies as essential to improving both road safety and smart mobility. A working group led by Moshe Ben-Zaken, Director General of the Ministry of Transportation has reportedly been tasked to finalize the approval process, coordinating with regulatory and safety agencies to ensure compliance with international standards.
In a comment to Geektime, Israel’s Ministry of Transportation and Road Safety noted that Regev is indeed supporting the release of FSD in the country. “Minister Regev sees great importance in promoting innovative technologies, and in particular in the entry of advanced driving systems (FSD) into the Israeli market, as part of the ministry’s policy to encourage innovation, safety, and smart transportation,” the Ministry stated.
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