Tesla dominates top four spots in most-driven EVs survey

Tesla dominated the top four spots in a new survey from iSeeCars, which showed the twelve most-driven electric vehicles on average per year, with the Model X leading the way.

The Model X averaged 10,378 miles per year, leading the Model Y with 10,199, the Model 3 with 9,960, and the Model S in fourth with 9,340.

It appears EV drivers prefer a larger cabin for the more miles driven in a given year, as the two Tesla models that led the pack were an SUV and a Crossover, respectively.

Interestingly, the Model Y and Model 3, which are Tesla’s two most popular vehicles, were unable to out-mile the Model X, which appears to be the most suitable for longer distances.

Among the rest of the data is the Hyundai Kona in 5th (8,260), Chevrolet Bolt in 6th (7,753), and the Audi e-tron Sportback (7,210).

iseecars most driven evs

Credit: iSeeCars

The Porsche Taycan was the least-driven EV in the survey, placing 12th with only 4,846 miles driven per year, which makes sense and aligns with its average price tag of $117,484. Many people wouldn’t drive something as sporty for long distances.

However, the true factor does not appear to be space in the cabin, but range.

Analyst Karl Brauer said that range anxiety “continues to impact how consumers utilize their EVs. Looking at three-year-old electric cars, we see EV owners willing to drive an additional 23 miles per year for every additional mile of range their vehicle offers. That means EVs, on average, need an additional 161 miles of range to get them to the 12,578-mile annual driving distance we see from traditional, gasoline-powered vehicles.”

It also has to do with overall infrastructure.

Gas-powered vehicle drivers have plenty of options for refilling, but EV drivers aren’t as lucky, at least not yet.

Tesla drivers enjoy the most robust infrastructure in terms of EV charging, and a vast majority, over 99 percent, of U.S.-based chargers are specific to Tesla drivers. This presents a great advantage for Tesla owners, which seems to be the biggest factor in this study.

“In a gasoline car, regardless of how far you’re going, there are always plenty of refueling options, and the process takes five to ten minutes. Until EVs can offer that level of convenience at a comparable cost, they will be at a distinct disadvantage in terms of use and market demand,” Brauer said.

Tesla can offer the most comparable experience in terms of recharging or “refueling,” which is most likely why it dominated yet another survey.

“Tesla drivers come the closest to matching the driving behavior of traditional car owners,” Brauer added. “Without Tesla, the average miles per year for EV drivers would drop from 9,059 to 6,719. It’s also interesting to see the Porsche Taycan, a direct competitor to the Model S, being the least-driven electric car.”

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at . You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at .

Tesla dominates top four spots in most-driven EVs survey

Source

Tesla SVP Automotive Tom Zhu adds 339k TSLA shares

Tesla SVP Automotive Tom Zhu has acquired an additional 339,060 TSLA shares. The update was listed in a Form 4 filing with the United States Securities and Exchange Commission.

As can be seen in the Form 4 filing, Zhu acquired 2,775 TSLA shares as an incentive stock option and 336,285 TSLA shares as a non-qualified stock option. Both transactions were listed with a May 18, 2023 date.

Considering that TSLA ended Tuesday at $185.77 per share, the 339,060 shares that the executive acquired are worth about $62.98 million today. The “A” transaction code in the Form 4 filing indicates that the shares Zhu acquired were a “grant, award, or other acquisition,” as per the SEC on its official website.

The document also explains that “1/48th of the aggregate shares subject to the option became vested and exercisable on May 19, 2023, and 1/48th of the shares subject to the option shall become vested and exercisable each month thereafter.” This suggests that all shares that are part of the option will be fully vested on April 2027.

Reports from earlier this year suggest that Tom Zhu has been rising up Tesla’s ranks. Tesla China is arguably one of Tesla’s most efficient and effective branches, and Zhu is a big reason behind its performance. As per an SEC filing from the electric vehicle maker, Zhu started serving as the senior vice president of Tesla’s automotive business in April.

This effectively made Zhu one of the most important employees of the company, alongside other key individuals like CEO Elon Musk, SVP of Powertrain and Engineering Andrew Baglino, and CFO Zachary Kirkhorn. Prior to the SEC filing, reports already suggested that Zhu had been brought in from China to help ramp up Gigafactory Texas, a facility that produces the Model Y and the Cybertruck. 

The Teslarati team would appreciate hearing from you. If you have any tips, contact me at maria@teslarati.com or via Twitter @Writer_01001101.

Tesla SVP Automotive Tom Zhu adds 339k TSLA shares

Source

Elon Musk to participate in Wall Street Journal’s CEO Council Summit

Tesla, SpaceX, and Twitter CEO Elon Musk is expected to kick off The Wall Street Journal’s CEO Council Summit in London on Tuesday at 2 p.m. ET. He is expected to attend the event virtually.

At the event, Musk is expected to face questions about his leadership of several companies, from EV leader Tesla to social media platform Twitter. His insights would be quite interesting considering that he has been extremely busy over the past months, particularly as he attempts to turn Twitter into a profitable business.

Musk’s upcoming virtual appearance comes less than two weeks after he disclosed plans to step down from his role as Twitter’s CEO. He will be replaced by NBCUniversal’s former head of advertising, Linda Yaccarino, an industry veteran. At the WSJ event, Musk is expected to be asked about his plans for the social media platform, among other topics.

Musk’s involvement with Twitter has had a mixed reception from investors and analysts. Some have praised his willingness to shake up the company, while others, including longtime TSLA bulls, have expressed concern that he is spreading himself too thin. Based on Musk’s comments, however, it would appear that he is making some headway toward his goals for his companies.

For example, Musk has noted that Twitter is now on track to break even. And with Yaccarino as its new CEO, the social media platform might have a shot at becoming profitable, a feat that Twitter has not been able to accomplish since 2019. Over at Tesla, Musk has also gained some approval from the company’s shareholders following the successful 2023 Cyber Roundup, the EV maker’s annual shareholder meeting.

During the event, Musk noted that Tesla would be implementing third-party audits on its battery suppliers to ensure that the materials used for the company’s car batteries do not use child or forced labor. He also confirmed that Tesla has two products in its portfolio that have the potential to see an output of 5 million units per year together. More importantly, Musk also noted that Tesla would start advertising to reach a broader consumer base.

Apart from Musk, The Wall Street Journal’s CEO event is expected to host a number of other key personalities. These include Treasury Secretary Janet Yellen, Bank of England Governor Andrew Bailey, UBS Chairman Colm Kelleher, and former Google CEO Eric Schmidt, among others. 

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

Elon Musk to participate in Wall Street Journal’s CEO Council Summit

Source