The transcript discusses the automotive industry, focusing on Tesla and its competitors. The host, Rob Ma, starts by noting that the stock market is performing poorly, with the NASDAQ down 1.6% and Tesla only down 1.2%. Tesla closed the day at $244.12.
Ma then discusses the upcoming release of Tesla's delivery numbers, expected early next week. He mentions that analysts' numbers are being revised downward due to production shutdowns, primarily in Austin and Shanghai.
The host also touches on China's insured vehicle data for the week of September 18th to 24th. He notes that Tesla insured 13,500 vehicles, a recovery from the previous week when only 8,500 were insured. The host predicts that Tesla's quarter-to-date number will likely fall around 10% due to a lack of Model 3 production over the last month.
Ma shares updates from other automakers. Volkswagen announced that it will suspend production of their ID3 and Cooper S electric cars in their Vica and Dresden plants in Germany due to weaker demand. Hyundai Kia announced that it will lower prices on its electric vehicles in South Korea starting in October.
He also mentions that Tesla has finished the entrance to Giga Texas and has filed a permit for a 22,000 ft cyber cafe at the location. Tesla Canada reported that Tesla has adjusted prices for superchargers and cut the price on Powerwall 2 by $300. The host concludes by mentioning a report that Tesla could face an EU anti-subsidy probe over China exports and notes that President Biden attended UAW strike rallies to encourage auto workers to continue their efforts.
1. The text mentions updates from other automakers on their electric vehicle sales.
2. It also discusses new China insured vehicle data news on Giga Texas, FST, and a few other items.
3. The NASDAQ was down by 1.6% with Tesla only down by 1.2%.
4. Tesla closed the day at $244.12.
5. As we approach the end of the quarter, there's a growing conversation about delivery numbers.
6. Analyst numbers are being revised downward due to production shutdowns, primarily in Austin and Shanghai.
7. There's a note on China insured vehicle numbers.
8. Tesla has seen a bounce back in the previous week with 13,500 vehicles insured.
9. The quarter to date number is up to 133,000, down to about 9,000 vehicles.
10. The quarter is likely to finish down around 10% due to a lack of the Model 3 over the last month.
11. Updates from other automakers reveal that Volkswagen will suspend production of their ID3 and Cooper born electric cars at their factories in Germany.
12. Hyundai Kia has announced plans to lower prices on their electric vehicles in South Korea.
13. Both Volkswagen and Hyundai Kia's actions reflect the current state of the automotive market, particularly in relation to EV development.
14. The text discusses the difficulty of transitioning from low volume to high volume EVs that are profitable.
15. The text mentions that Tesla appears to have finished the entrance that they've been working on for quite some time now at Giga Texas.
16. Tesla has also filed a permit for a 22,000 ft cyber cafe at Giga Texas.
17. A new version of FSD beta has started to roll out to non-employees.
18. Draft Tesla Canada is reporting that Tesla has adjusted prices for superchargers in Canada, leading to an increase in most cases by as much as 25%.
19. Tesla has cut the price on Powerwall 2 by $300.
20. Reuters reports that Tesla and European car makers that export from China to EU will be part of a probe into whether or not these companies are receiving unfair subsidies.
21. President Biden attended UAW strike rallies today, encouraging Auto Workers to stick with it.