Weekly News

Record Tesla and Rivian Production

In Q2 2023, Tesla reported an all-time high in global production:

• Production: 479,700

• Deliveries: 466,140

Tesla beat Wall Street's projected deliveries 448,599 units and the previous quarter's total of 422,875.

Tesla's price cuts, which were implemented earlier this year, have proved successful in driving demand both domestically and internationally. Although these price reductions have stimulated production and sales, we will get a closer look at the margin impact when Tesla reports earnings on July 19th. Tesla now edges closer to a 2 million annual production run rate, underscoring the strength of Tesla's manufacturing ramp.

Rivian also came out with strong Q2 numbers, reporting production of 13,992 trucks and vans, exceeding Wall Street expectations of 11,000.

Shares of Tesla and Rivian closed up 6.9% and 17.4%, respectively, following the release in a shortened trading session on Monday ahead of Independence Day.

Tesla and Chinese EV OEMs Sign Pact In Attempt To End Price War

Tesla and major Chinese automakers have reached an agreement to maintain fair competition and prevent “abnormal pricing” in the world's largest EV market. This agreement signals a potential end to the industry-rattling price war that emerged earlier this year when Tesla, along with other prominent brands, began slashing prices due to slowing sales.

In a signing ceremony at the China Auto Forum, executives from 16 companies, including BYD, Nio, Xpeng, Geely, Chery, and Tesla, pledged to adhere to four key points: regulate marketing activities, not to disrupt competition with abnormal pricing, focus on improving product and service quality, and fulfill their social responsibilities.

These measures come in response to weak demand in China, partially resulting from the aftermath of the pandemic and the expectation of continually falling car prices. This situation led to a surplus of inventory and heightened discounts, amplifying concerns in the government as they try to promote EV adoption, especially in rural areas.

While the agreement is non-binding, it could mark a significant shift in the Chinese EV market dynamics. As the price war comes to a pause, companies are expected to rely more on new models to boost sales, marking a renewed focus on innovation and quality.

Mercedes Adopts NACS

Mercedes-Benz announced that it will integrate the North American Charging Standard (NACS) into its EVs starting from 2025. With this, Mercedes becomes the first German automaker to adopt NACS, joining the ranks of Ford, GM, Volvo, Polestar, and Rivian.

Mercedes EV drivers will gain access to over 12,000 Tesla Superchargers across North America from 2024, expanding charging options significantly. An adapter will be initially provided for existing Mercedes EVs with CCS charging ports to utilize the NACS network.

In addition, Mercedes-Benz will be establishing its own High-Power Charging Network with more than 2,500 chargers across North America. The first of these charging hubs are expected to be operational by the end of 2023. They will accommodate EVs of all brands, with both CCS1 and NACS plugs.

Education Corner

Unpacking Types of Tesla’s Superchargers

Tesla's Superchargers, revered for their speed and efficiency, come in different versions. The V3 Superchargers currently offer the fastest charging speeds of up to 250 kW, though rumors suggest an upgrade could soon increase this to 324 kW. The older V1 and V2 Superchargers offer speeds of up to 150 kW.

These speeds are visually represented on your Tesla's screen by one, two, or three bolts alongside the kW speed. Charging costs can vary based on location and time of day, and may be calculated per minute or per kWh used.

There are four pricing tiers based on charging speed, with Tier 1 being at or below 60 kW, Tier 2 from 60 to 100 kW, Tier 3 from 100 to 180 kW, and Tier 4 over 180 kW. However, the charging speed—and therefore cost—is also influenced by your battery level. Even at a V3 charger, if your battery is over 80% full, the charging speed will decrease, and you'll be charged accordingly.

Supercharging can replenish a significant portion of your Tesla's range in just 15 minutes: up to 200 miles for a Model S, 175 miles for Model 3 and X, and 162 miles for Model Y. The lower your battery's current charge, the faster it will supercharge. But once you hit 80%, charging slows dramatically—so much so that it's usually more time-efficient to unplug and hit the road than to wait for a full charge.

Moreover, if you use your Tesla's navigation to indicate you're heading to a Supercharger, your car will precondition your battery for optimal charging. This process starts automatically about 10-20 minutes before you reach the Supercharger.

For V1 and V2 Superchargers, power is shared between paired stalls (A and B stalls with the same number), with the first car to start charging receiving the majority of the power.

If you're planning an extended stay at a location, consider using Tesla's Destination Chargers, which provide slower but still considerable charging rates, perfect for charging while you dine or shop. The charging rates for these are as follows: Model 3 and Model Y at 44 miles per hour, Model S at 41 miles per hour, and Model X at 35 miles per hour.