Tesla Model 3 police car makes an appearance at law enforcement tech conference

A Tesla Model 3 police car made an appearance at the Accelerate Policing conference, an event hosted by law enforcement tech company Axon. The symposium was held in Phoenix, AZ, and it featured presentations and discussions on recent innovations for the law enforcement industry.

Images taken of the Model 3 police vehicle suggest that the electric car was specifically modified by Axon itself, as well as Tomar, a manufacturer of police car equipment. Wrapped in matte silver and white and emblazoned with the words “Police” in classic Tesla font, the Model 3 looked every bit like a police cruiser. Modifications such as a lightbar inside the cabin and police lights on the side mirrors also give the electric cruiser a distinctly futuristic look.

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Quite interestingly, the Model 3 police car was fitted with what appeared to be 20″ wheels, which are great for performance but not really practical for police duty. The vehicle also appears to be a non-performance Model 3, due to the absence of red brake calipers.

While Axon’s Model 3 police car appears to have been built simply as a concept, the idea of using the electric sedan for law enforcement actually makes a lot of sense. Teslas have been used by police for years, though the high costs of the Model S and Model X have largely prevented their widespread use. This issue is not present with the Model 3, which costs significantly less than the premium sedan and SUV.

Axon’s Tesla Model 3 police car. (Photo: t0mmyr/Reddit)

The Tesla Model 3 is quick on its feet thanks to the instant torque of its electric motors, and it’s durable thanks to its rigid aluminum frame. Being an electric vehicle, the Model 3 requires far less maintenance than a comparable gas or diesel-powered police car, and its operating costs are also significantly lower. The Model 3’s 1-million-mile drive unit and long-lasting battery pack further ensure that the vehicle could remain in service for a long time.  

Police vehicles are subjected to a lot of use and abuse during their years of service. According to the Fremont PD, police cruisers drive around 40-70 miles a day on average, and each vehicle is driven hard on a consistent basis. From these requirements, it appears that the Standard Plus Model 3 could be a perfect fit for police duty, since it’s affordable enough for mass deployment while including all the advantages of its more expensive siblings. Axon’s Tesla Model 3 police car definitely looks the part. Perhaps, in the future, the Model 3 could even be as ubiquitous as the Crown Vic. One can only hope.

Tesla Model 3 police car makes an appearance at law enforcement tech conference

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Tesla (TSLA) rises as capital raise gets boost from Elon Musk, support from Moody’s

Tesla stock (NASDAQ:TSLA) continued its momentum on Friday amidst news that the electric car maker’s capital raise could reach up to $2.7 billion, higher than the initial $2 billion announced on Thursday. Together with this update was an announcement that Elon Musk will be buying more TSLA stock than initially expected, as well as a statement from Moody’s Senior Vice President supporting the capital raise.

Tesla’s updated filing noted that it had raised its offer to 3.1 million shares, rising to 3.5 million including a tranche for underwriting banks. The filing revealed that Tesla will be placing convertible debt worth $1.6 billion, up from an initially planned $1.35 billion announced the day before. Elon Musk, who expressed an intention to purchase $10 million worth of TSLA stock on Thursday, doubled down on his commitment on Friday, stating that he will be buying $25 million worth of shares instead.

Tesla’s capital raise was received well by the company’s shareholders. Following an initial dip after its capital raise announcement on Thursday, Tesla stock rebounded after news broke of Elon Musk’s intent to purchase $10 million in TSLA shares. The company’s momentum continued well into Friday, with shares trading up 4%. In a statement to Reuters, Geoffrey Dancey, managing partner and portfolio manager at Cutler Capital Management, predicted that Tesla’s convertible bonds would likely see a lot of takers.

“With this new bond, you have five years until the bond is supposed to pay off. They don’t have to be successful; they don’t have to hit a home run. They just have to stay in business to refinance this in five years. The terms of the convertible look reasonable, and I don’t think they’ll have any issue selling,” Dancey said.

Moody’s Investors Service, which downgraded Tesla last year amidst the Model 3 production ramp, took a positive stance on the electric car maker as well. The financial firm posted a statement from Senior Vice President Bruce Clark in Moody’s official Twitter account, which described how Tesla’s capital raise could help keep the company afloat as it pursues its numerous projects.

“Tesla’s offering of $2 billion in common stock and convertible notes is credit positive as it will boost the company’s liquidity profile by taking its cash position to over $4 billion. This will provide Tesla with adequate capacity to: 1) repay the November maturity of $566 million to outstanding convertible notes, 2) fund the cash requirements arising from the expansion of Model 3 shipments into Europe, and 3) cover the cash burn that might result from any softening in demand for the Models 3, S, and X in the US,” Clark noted.

As of writing, Tesla stock is trading 4.38% at $254.76 per share.

Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.

Tesla (TSLA) rises as capital raise gets boost from Elon Musk, support from Moody’s

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Tesla owners have highest average credit rating among car buyers, says study

A recent study has found that Tesla owners are likely to have the highest average credit scores among customers looking to purchase a vehicle. The study, which was published this week by online lending firm LendingTree, noted that Tesla buyers on average have a credit score of 740, putting them on top of the research’s rankings.

LendingTree’s study analyzed more than 35,000 auto loans that were made on its platform. Closely behind Tesla was Porsche, whose owners had an average credit score of 727. Japanese luxury carmaker Lexus came in third, with its vehicles’ buyers having an average credit score of 699.

At the bottom of LendingTree’s list is Chrysler, whose buyers’ average credit score is a conservative 656. Traditionally budget-friendly brands from Asia such as Kia and Nissan were ranked just a bit above Chrysler, with their customers’ average credit scores listed at 659 and 665, respectively.

Tesla’s electric cars compete in the premium segment; hence, the auto loans that customers take out for the vehicles generally require a high credit score. The high monthly premiums that Teslas attract from insurance providers also drive up the cost of owning the company’s electric cars. Some of these costs are set to be addressed by Tesla in the near future, as it rolls out its own insurance solution, a service announced by Elon Musk during the first-quarter earnings call.

Beyond their premium upfront cost, Tesla’s electric cars are actually among the most practical and cost-effective vehicles on the road today. Thanks to their all-electric construction, Teslas don’t require as much maintenance as comparable internal combustion vehicles. Parts such as brake pads also last longer, due to features like regenerative braking.

Perhaps one of the usually-neglected advantages of Tesla’s electric cars is their capability to charge their batteries from their owners’ home. The costs of recharging an electric vehicle are generally more affordable than the cost of refueling the tank of a gas or diesel-powered car. EV owners that charge their vehicles from home also enjoy the advantage of leaving their garages every day with a “full tank.”

Tesla has already started dipping its feet into the mass market with the Model 3’s affordable variants like the Standard Plus version, which allows the company to tap into a broader demographic of car buyers. With Tesla’s constant state of optimization, there is a good chance that the company could improve and potentially lower its vehicles’ costs further in the near future.

Tesla owners have highest average credit rating among car buyers, says study

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