Tesla China sees 12.8k insurance registrations in August’s first week

Posted on

Tesla’s insurance registrations in China saw a recovery in the week ending August 6. With its results, the electric vehicle maker became one of the few automakers in China which saw an uptick in insurance registrations last week. 

Weekly sales data are not reported by Tesla China, though the trend in the company’s vehicle sales per week could generally be inferred through insurance registrations across the country. Insurance registration figures are then tracked and reported by industry watchers in China to provide a general overview of automakers’ weekly performance in the country’s automotive segment. 

As per industry watchers, Tesla China saw 12,800 insurance registrations from July 31 to August 6, 2023. That’s a 20.75% improvement from the 10,600 registrations that were tracked for the electric vehicle maker in the week ending July 30. It should also be noted that in the week ending July 23, Tesla China only saw 7,700 insurance registrations across the country. 

Data from the China Passenger Car Association (CPCA) has indicated that Tesla sold 64,285 Gigafactory Shanghai-made vehicles in July. The number included Model 3 sedans and Model Y crossovers that were exported and sold in China’s local auto market. Tesla China’s July results represent a 31.38% drop from the 93,680 units that were sold in June. It also represented the lowest monthly sales for Tesla China this year so far. 

While Tesla China’s results in July are quite low, it may also not be unexpected. During the second quarter earnings call, CEO Elon Musk highlighted that Tesla is still looking to hit 1.8 million vehicle deliveries this year, but production in the third quarter will be a bit low due to shutdowns for factory upgrades. Giga Shanghai, which produces vehicles for China and several other countries, could be receiving some of these upgrades. 

“We continue to target 1.8 million vehicle deliveries this year, although we expect that Q3 production will be a little bit down because we’ve got some shutdowns to for — a lot of factory upgrades. So, just probably a slight decrease in production in Q3 for sort of global factory upgrades,” Musk said. 

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

Tesla China sees 12.8k insurance registrations in August’s first week

Source

Tesla CEO Elon Musk comments on CFO Zach Kirkhorn’s departure

Posted on

Tesla CEO Elon Musk commented on CFO Zach Kirkhorn’s departure from the company.

“I would like to thank Zach Kirkhorn for his many contributions to Tesla over the course of 13 often difficult years,” Musk said in a Tweet. “Much appreciated and best wishes for the next stage of his career.”

Yesterday, it was revealed that Kirkhorn, who has been with Tesla since 2010, decided to leave his post as the automaker’s Chief Financial Officer. Speculation from many media outlets over the past year indicated that Kirkhorn might be the person to succeed Musk in taking the reigns of the all-electric automaker.

Tesla CFO Zach Kirkhorn steps down but will remain until end of 2023

Instead, Kirkhorn will do something else.

Why Kirkhorn left Tesla is still not known, and while the automaker said in its 8-K filing, which announced his decision to leave, that it was grateful for his service, there does not seem to be any indication of termination.

A later comment made by Musk indicates it might have been burnout for Kirkhorn that led to his decision.

Musk said:

“13 years is a long tour of duty. Zach will spend time with friends & family, then do something else.”

Analysts that follow Tesla believe that this is also the case. Comments from Deepwater Asset Management managing partner Gene Munster, who has covered Tesla for years, said that working that many years for someone with the vision and demands of Elon Musk “is like working 50 years for anyone else.”

Kirkhorn has the assets to take a bit of a hiatus from his professional life, as well. Bloomberg reports that his network is somewhere in the range of $590 million.

It sounds like Kirkhorn, who will help Tesla transition new CFO Vaibhav Taneja, who acted as the company’s Chief Accounting Officer since 2019, to the role.

“Being a part of this company is a special experience and I’m extremely proud of the work we’ve done together since I joined over 13 years ago,” Kirkhorn said in a statement on LinkedIn. “As I shift my responsibilities to support this transition, I want to thank the talented, passionate, and hard-working employees at Tesla, who have accomplished things many thought not possible. I also want to thank Elon for his leadership and optimism, which has inspired so many people.”

Please email me with questions and comments at joey@teslarati.com. I’d love to chat! You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Tesla CEO Elon Musk comments on CFO Zach Kirkhorn’s departure

Source

Tesla introduces mobile Megacharger for Semi in Las Vegas

Posted on

Tesla introduced a Megacharger in Las Vegas for a few hours before it was evident it was actually a mobile Megacharger, as the unit was packed up and moved.

The Megacharger is the dedicated charging unit for the Tesla Semi and features a 750 kW charging rate for the Class 8 all-electric truck.

Tesla Megacharger sighting prompts Cybertruck compatibility speculations

The Megacharger is not a widely available charging unit as the product is currently confined to various areas in the western portion of the United States. It is used by PepsiCo. and Frito-Lay at their distribution plants in Northern California.

Last week, we covered PepsiCo. and their use of the Semi, as well as how their Megacharger setup at their plant in Sacramento, has complemented their business.

It appears Tesla is using a mobile Megacharger unit, and it briefly appeared in Las Vegas sometime yesterday:

Just a few hours after it was first spotted, it was packed and moved:

In the past, Tesla has used mobile Superchargers to add more charging stalls at certain locations. They were first used in November 2019 near San Luis Obispo, California.

Last week, it was reported by Bloomberg that Tesla was seeking nearly $100 million in funding from the U.S. government to build a corridor of Megachargers from California to Texas.

Tesla seeks $100M in funding for Semi charging route from TX to CA: Bloomberg

Please email me with questions and comments at joey@teslarati.com. I’d love to chat! You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Tesla introduces mobile Megacharger for Semi in Las Vegas

Source