Latest / Elon Musk Podcast / The EV Price Shift: How Tesla Model 3 is Redefining the Used Car Market

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The EV Price Shift: How Tesla Model 3 is Redefining the Used Car Market · Elon Musk Podcast

• 0:06
  Welcome back to the Elon Musk podcast where we delve into the
• 0:09
  fascinating world of innovation technology and the
• 0:12
  entrepreneurial spirit that drives one of the most
• 0:15
  influential figures of our time. I'm your host will weld in and
• 0:19
  each episode. We'll explore the latest
• 0:21
  developments projects and breakthroughs from elon's
• 0:24
  diverse Ventures from SpaceX to Tesla neural, link to the boring
• 0:29
  company and everything in between.
• 0:32
  How in today's episode, we're going to discuss Tesla's real.
• 0:36
  Recent acquisition of a second massive nine thousand ton Giga.
• 0:40
  Press for its gigafactory in Texas.
• 0:44
  Will explore how this cutting-edge technology is set
• 0:47
  to revolutionize, cyber truck production and examine the
• 0:50
  impact, large casting technology has had on the automotive
• 0:54
  industry. Now just recently Tesla is
• 0:59
  making headlines as it has received another of the world's
• 1:03
  largest casting presses. Gigafactory Texas with both
• 1:08
  machines expected to play a pivotal role in cyber truck
• 1:12
  production last year, edra Tesla's, large casting, press
• 1:16
  manufacturer unveiled. A new nine thousand ton Giga
• 1:20
  press, which now holds the world title as the largest now given
• 1:26
  Tesla's close relationship with addres.
• 1:28
  It was widely speculated that this new machine would be
• 1:31
  destined for the electric vehicle pioneer.
• 1:35
  Now, Tesla CEO Elon Musk has since confirmed that the Giga
• 1:39
  press will indeed be utilized for the production of the Cyber
• 1:43
  Truck Body at gigafactory in Texas.
• 1:46
  This development comes after the company's successful,
• 1:49
  integration of large casting technology into the model.
• 1:53
  Why production process, prompting other automakers to
• 1:56
  explore similar Technologies. Now, Tesla's investment in
• 2:01
  larger castparts has proven to be a game changer for the maker
• 2:06
  for the model. Y Tesla employee to single rear
• 2:09
  body piece to replace, 70 distinct components in the
• 2:12
  vehicle. Additionally the company adopted
• 2:15
  the same approach for the front underbody.
• 2:18
  This Innovation move has its Amplified and simplified the
• 2:22
  manufacturing process and reduced costs around the board.
• 2:27
  Tesla's successful implementation of large casting
• 2:30
  technology. Has captured the attention of
• 2:33
  numerous other automakers. As well.
• 2:36
  According to Indra at least half a dozen companies are currently
• 2:39
  in discussions to adopt that technology.
• 2:42
  However integrating this technology into vehicle programs
• 2:47
  may take years for these manufacturers and they'll be
• 2:51
  playing catch-up to Tesla who has been doing this already.
• 2:56
  Now test the continues to push the boundaries of large casting
• 3:00
  tech. Companies.
• 3:01
  Gearing up to integrate this Innovation into the Cyber truck
• 3:04
  which is set to feature even larger single casting Parts.
• 3:08
  When January test the receive the first massive, nine thousand
• 3:12
  ton casting press, the largest of its kind in the world and
• 3:15
  since then, it has been hinting at the shipment of another nine
• 3:20
  ton press with Tesla. Once again, rumored to be the
• 3:23
  recipient. Now, recent come from, Nation is
• 3:26
  verified. That the new press is indeed
• 3:29
  headed for Tesla and it's arrived in Texas and cyber Truck
• 3:33
  forum user. Greg truck, discovered, a bill
• 3:36
  of lading that confirms Tesla as the client in the Press has
• 3:40
  arrival at the part in Houston. Now, the second Giga press is
• 3:45
  destined for installation and Giga, press gigafactory, Texas
• 3:50
  in Austin with both of the world's largest casting press
• 3:54
  has in his possession. Tesla's.
• 3:56
  Well, positions to revolutionize its cyber truck technology and
• 4:01
  production and move it along fast.
• 4:04
  The automaker also operates several six thousand ton Giga,
• 4:08
  press units for model, y production at the same facility.
• 4:12
  Now test, the plans to initiate cyberduck cyber truck
• 4:16
  production. This summer with volume
• 4:18
  production slated for 2024 however it remains uncertain
• 4:23
  whether both 9,000 tons An Giga press units will be required for
• 4:28
  the commencement of production or if the second use it is
• 4:31
  intended to facilitate higher production volumes in the
• 4:35
  future. That was test.
• 4:37
  The takes delivery of another record-breaking.
• 4:39
  Nine thousand ton Giga. Press it reinforces the
• 4:42
  company's commitment to large, casting technology, and its
• 4:46
  potential to transform vehicle manufacturing with two of the
• 4:49
  world's largest casting presses, Tesla's poised to bring us
• 4:53
  revolutionary, cyber truck to Market, It further solidifying.
• 4:57
  The company's position as a leader in electric vehicle,
• 5:00
  Innovation is other, automakers, follow suit, the adoption of
• 5:04
  large. Casting Tech will likely
• 5:06
  continue to shape the future of the Auto industry in the future.
• 5:11
  Continuing from our discussion on Tesla cyber truck production.
• 5:15
  Let's now turn our attention to the latest developments in the
• 5:18
  used vehicle Market. Specifically concerning the
• 5:21
  Tesla Model 3 emerging data reveals that the model 3 is
• 5:25
  leading the ongoing decline in used vehicle prices particularly
• 5:29
  within the used. EV segment.
• 5:32
  The used car market is experienced dramatic changes
• 5:35
  over the past 12 months, at one point vehicle prices, soared,
• 5:39
  mainly due to the limited production, Of new vehicles.
• 5:42
  However, as new vehicle inventories for many leading
• 5:45
  brands have now substantially recovered, the used Market has
• 5:49
  begun to react causing a collapse in prices and according
• 5:53
  to pricing data released by iseecars.
• 5:56
  The Tesla Model 3 has been on the Forefront of this price
• 5:59
  collapse over the past six months.
• 6:02
  I see cars discovered that use vehicles have seen their prices
• 6:06
  shrink by 4.7 percent over the past six months and Two by eight
• 6:12
  point seven percent over the past 12 months leading.
• 6:16
  This trend is the Tesla Model 3, which is experienced in everage
• 6:19
  used price. Drop of 21.5 percent over the
• 6:23
  past six months, the fastest of any model for any automaker in
• 6:27
  the industry and over the past 12 months, the model 3 ranked as
• 6:31
  the fourth most rapidly du prik depreciating vehicle with prices
• 6:37
  declining by 19.3% interestingly, IE the average
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  used model 3, sold for forty one thousand three hundred and
• 6:45
  thirty seven dollars in February.
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  And despite the Swift price, drop this figure remains higher
• 6:51
  than the cost of a new base model model 3.
• 6:55
  Now in comparison the entry-level Tesla was one of the
• 6:58
  four vehicles. The saw their prices dropped by
• 7:00
  more than 13% joining the ranks of the Nissan Armada Infiniti
• 7:05
  QX80 in the Land Rover, Discovery not all vehicle
• 7:10
  segments. An equal to kind of prices in
• 7:13
  fact, some have continued to appreciate.
• 7:16
  Even as new inventory has returned.
• 7:19
  The Mercedes S-Class was the fastest appreciating model over
• 7:22
  the past six months with its average use price increase by
• 7:27
  11.8% and the Mercedes GL es and Porsche 911 follow closely
• 7:33
  growing by 11.2% and 10.9 percent respectively overall
• 7:40
  vehicles from Premium German, automakers were the most likely
• 7:44
  to see prices rise over the past six months.
• 7:47
  Now, in contrast, the used vehicle segment has followed the
• 7:51
  Tesla Model 3 is lead with prices Contracting by 13.9%,
• 7:57
  since September the average used EV now sells for forty, six
• 8:01
  thousand three hundred and fifty-three dollars.
• 8:03
  U.s. prompting many to expect prices to continue following,
• 8:07
  especially given that this figure is significantly higher
• 8:10
  than the Price of a new base model 3.
• 8:14
  Now the implications of these trends for Tesla, the leading
• 8:18
  American EV Brandt run clear on one hand rapidly, decreasing
• 8:22
  prices mean that more people can afford a Tesla even if it's
• 8:26
  used. And on the other hand, some
• 8:29
  buyers might be deterred from purchasing a new Tesla Model 3,
• 8:33
  due to the rapid depreciation. They now face.
• 8:38
  Now, one thing certain the overall decline in new EV
• 8:40
  prices, Has his led to use TVs, becoming more affordable by the
• 8:44
  day. It seems increasingly likely
• 8:47
  that a used model 3 could become a dominant Force.
• 8:50
  Within the used car market. In the meantime, we can only
• 8:53
  hope that this trend continues to incentivize car buyers to
• 8:57
  consider R Electric options with renewed interest in the model. 3
• 9:01
  is playing a pivotal role driving down prices in the used.
• 9:04
  EV Market making electric vehicles, more accessible to a
• 9:09
  broader audience. This development.
• 9:11
  Aunt. Well, it could help establish
• 9:13
  the model 3 as a significant player in the used car world.
• 9:21
  Thank you for tuning in to the Elon Musk podcast brought to you
• 9:24
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• 9:28
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• 9:30
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