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Used Tesla Model 3 prices are leveling out in the UK

Alexandre Prevot, CC BY-SA 2.0 , via Wikimedia Commons

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Car buyers looking for a used Tesla Model 3 in the UK may be in luck, as recent reports have revealed that the prices of the all-electric sedan in the second-hand market are starting to level off.

As noted by Car Dealer Magazine UK, used vehicle prices in the UK dropped by just 0.5% in October. This represents the sector’s strongest performance for the month in 14 years. That being said, some vehicles like the Mercedes-Benz C-Class Cabriolet and the Tesla Model 3 saw their used prices drop by a notable degree. 

The publication noted that the values taken for cars in its analysis corresponded to vehicles that are three years old with an average of 60,000 miles. As per the findings of used car valuations experts CAP HPI, the Mercedes C-Class Cabriolet saw its prices go down by almost 7% or about £2,500. 

Following the Mercedes was the Tesla Model 3, whose second-hand units lost 5.9% of their value. With the change, prices of used Tesla Model 3 units in the UK dropped by around £2,100 on average during the month.

This, according to CAP HPI expert Derren Martin, was partly because there was now a plentiful supply of the Tesla Model 3 in the UK’s second-hand auto market. Martin also highlighted that October was actually the “strongest we’ve witnessed since 2007 or 2008.” 

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“We’ve seen some drops on some Tesla products, Model 3 and Model Y. We’ve come down a couple of months now… fairly significant drops for the Model 3 in particular. But they are still priced quite high. So we’ve still got some examples of Model Ys where we value the trade price above the new car retail price. 

“So it’s probably not surprising that as more of them come back into the market, they are going to drop in value” Martin said, adding that other EVs in the UK second-hand auto market have also seen some price drops. 

Watch Car Dealer Magazine‘s video on the topic below. 

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

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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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These Tesla, X, and xAI engineers were just poached by OpenAI

The news is the latest in an ongoing feud between Elon Musk and the Sam Altman-run firm OpenAI.

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Credit: OpenAI | YouTube

OpenAI, the xAI competitor for which Elon Musk previously served as a boardmember and helped to co-found, has reportedly poached high-level engineers from Tesla, along with others from xAI, X, and still others.

On Tuesday, Wired reported that OpenAI hired four high-level engineers from Tesla, xAI, and X, as seen in an internal Slack message sent by co-founder Greg Brockman. The engineers include Tesla Vice President of Software Engineering David Lau, X and xAI’s head of infrastructure engineering Uday Ruddarraju, and fellow xAI infrastructure engineer Mike Dalton. The hiring spree also included Angela Fan, an AI researcher from Meta.

“We’re excited to welcome these new members to our scaling team,” said Hannah Wong, an OpenAI spokesperson. “Our approach is to continue building and bringing together world-class infrastructure, research, and product teams to accelerate our mission and deliver the benefits of AI to hundreds of millions of people.”

Lau has been in his position as Tesla’s VP of Software Engineering since 2017, after previously working for the company’s firmware, platforms, and system integration divisions.

“It has become incredibly clear to me that accelerating progress towards safe, well-aligned artificial general intelligence is the most rewarding mission I could imagine for the next chapter of my career,” Lau said in a statement to Wired.

READ MORE ON OPENAI: Elon Musk’s OpenAI lawsuit clears hurdle as trial looms

At xAI, Ruddarraju and Dalton both played a large role in developing the Colossus supercomputer, which is comprised of over 200,000 GPUs. One of the major ongoing projects at OpenAI is the company’s Stargate program,

“Infrastructure is where research meets reality, and OpenAI has already demonstrated this successfully,” Ruddarraju told Wired in another statement. “Stargate, in particular, is an infrastructure moonshot that perfectly matches the ambitious, systems-level challenges I love taking on.”

Elon Musk is currently in the process of suing OpenAI for shifting toward a for-profit model, as well as for accepting an investment of billions of dollars from Microsoft. OpenAI retaliated with a counterlawsuit, in which it alleges that Musk is interfering with the company’s business and engaging in unfair competition practices.

Elon Musk confirms Grok 4 launch on July 9 with livestream event

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SpaceX share sale expected to back $400 billion valuation

The new SpaceX valuation would represent yet another record-high as far as privately-held companies in the U.S. go.

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A new report this week suggests that Elon Musk-led rocket company SpaceX is considering an insider share sale that would value the company at $400 billion.

SpaceX is set to launch a primary fundraising round and sell a small number of new shares to investors, according to the report from Bloomberg, which cited people familiar with the matter who asked to remain anonymous due to the information not yet being public. Additionally, the company would sell shares from employees and early investors in a follow-up round, while the primary round would determine the price for the secondary round.

The valuation would represent the largest in history from a privately-owned company in the U.S., surpassing SpaceX’s previous record of $350 billion after a share buyback in December. Rivaling company valuations include ByteDance, the parent company of TikTok, as well as OpenAI.

Bloomberg went on to say that a SpaceX representative didn’t respond to a request for comment at the time of publishing. The publication also notes that the details of such a deal could still change, especially depending on interest from the insider sellers and share buyers.

READ MORE ON SPACEX: SpaceX to decommission Dragon spacecraft in response to Pres. Trump war of words with Elon Musk

SpaceX’s valuation comes from a few different key factors, especially including the continued expansion of the company’s Starlink satellite internet company. According to the report, Starlink accounts for over half of the company’s yearly revenue. Meanwhile, the company produced its 10 millionth Starlink kit last month.

The company also continues to develop its Starship reusable rocket program, despite the company experiencing an explosion of the rocket on the test stand in Texas last month.

The company has also launched payloads for a number of companies and government contracts. In recent weeks, SpaceX launched Axiom’s Ax-4 mission, sending four astronauts to the International Space Station (ISS) for a 14-day stay to work on around 60 scientific experiments. The mission was launched using the SpaceX Falcon 9 rocket and a new Crew Dragon capsule, while the research is expected to span a range of fields including biology, material and physical sciences, and demonstrations of specialized technology.

SpaceX secures FAA approval for 25 annual Starship launches

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Tesla Giga Texas continues to pile up with Cybercab castings

Tesla sure is gathering a lot of Cybercab components around the Giga Texas complex.

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Credit: @JoeTegtmeyer/X

Tesla may be extremely tight-lipped about the new affordable models that it was expected to start producing in the first half of the year, but the company sure is gathering a lot of Cybercab castings around the Giga Texas complex. This is, at least, as per recent images taken of the facility. 

Cybercab castings galore

As per longtime drone operator Joe Tegtmeyer, who has been chronicling the developments around the Giga Texas complex for several years now, the electric vehicle maker seems to be gathering hundreds of Cybercab castings around the factory. 

Based on observations from industry watchers, the drone operator appears to have captured images of about 180 front and 180 rear Cybercab castings in his recent photos.

Considering the number of castings that were spotted around Giga Texas, it would appear that Tesla may indeed be preparing for the vehicle’s start of trial production sometime later this year. Interestingly enough, large numbers of Cybercab castings have been spotted around the Giga Texas complex in the past few months.

Cybercab production

The Cybercab is expected to be Tesla’s first vehicle that will adopt the company’s “unboxed” process. As per Tesla’s previous update letters, volume production of the Cybercab should start in 2026. So far, prototypes of the Cybercab have been spotted testing around Giga Texas, and expectations are high that the vehicle’s initial trial production should start this year. 

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With the start of Tesla’s dedicated Robotaxi service around Austin, it might only be a matter of time before the Cybercab starts being tested on public roads as well. When this happens, it would be very difficult to deny the fact that Tesla really does have a safe, working autonomous driving system, and it has the perfect vehicle for it, too.

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