From Investing.com: 2024-11-17 03:30:00

Wells Fargo’s visit to Tesla’s GigaTexas factory was canceled due to a utility issue, but the firm still test drove the Cybertruck and discussed Tesla’s strong Q3 cost performance, with $1,700 improvement in COGS per unit driven by lower commodity costs and improved Cybertruck margins.

Tesla’s progress on the Robotaxi initiative was discussed, with main hurdle being the validation process. Efforts are underway to resolve issues like sun glare, and Tesla plans to deploy Robotaxis with safety drivers in California and Texas next year.

Elon Musk’s primary focus remains on Tesla despite involvement in other ventures, with contingency plans in place for all regulatory scenarios and optimism that IRA PEV tax credits will remain. Tesla believes competitors would be more adversely affected if the $7,500 IRA EV buyer credits are removed.

Wells Fargo also received an update on Tesla’s upcoming affordable model, priced under $30,000 with IRA subsidies and expected to launch in the first half of 2025. The model will share platforms with Model 3 and Y but feature distinct styling to minimize the risk of cannibalization.



Read more at Investing.com: Wells Fargo visited Tesla’s GigaTexas factory. Here are the key takeaways By Investing.com