Unplugged Tesla Model S and Model 3 win double podium finishes at Gridlife Laguna


A Tesla Model S Plaid and a reengineered Model 3 Performance from EV tuning house Unplugged Performance participated in the Gridlife Laguna Festival at the Weathertech Raceway Laguna Seca. The twin Teslas ended the event with a rare double podium finish. 

The Gridlife Laguna Festival did not have a lot of electric vehicles that participated in the event. In a comment to Teslarati, Unplugged Performance development driver and experienced EV racer Craig Coker mentioned that there were fewer than five electric cars at Gridlife Laguna. Both vehicles competed in Gridlife’s TrackBattle series, which features practice, qualifying, and a final podium sprint. The team’s Model S Plaid, a Pikes Peak sub-10-minute club member called Dark Helmet, competed in the Unlimited Class, and the Model S Performance, called Red Rocket, competed in the Street GT Class. 

Unique Racers

What is interesting about Unplugged Performance’s twin Tesla racers is the fact that they are very different from what one might expect from a vehicle that’s built to be competitive in a racing event. While Dark Helmet features aggressive aero and a stripped-out interior, it still features a stock drivetrain, battery, and software from Tesla. Conventional racecars powered by the internal combustion engine are typically modified so they can put out more power. 

Such a statement is even more accurate for Red Rocket. The reengineered Model 3 Performance competed in the Street GT Class, which is a category for production cars with restrictions on tire width and factory aero components. Similar to Dark Helmet, whose modifications are mostly comprised of Unplugged Performance’s Apex-S Model S series, Red Rocket’s modifications are comprised of the EV tuner’s Ascension-R parts

In a comment to Teslarati, Craig Coker noted that Red Rocket is easily daily driven, so much so that the vehicle was driven by the Unplugged team to the event, unlike Dark Helmet, which was transported to Laguna Seca via trailer pulled by a Tesla Cybertruck. That speaks to the reengineered Model 3 Performance’s capabilities, and it also highlights how the EV tuner’s parts could still be useful for everyday use. 

“The 2024 Model 3 Performance we competed with, I would definitely take to the streets, get groceries and take my kids to school. In fact, we drove it to Laguna Seca from LA. Then we competed in it and then drove it back to LA,” Craig Coker said. 

The Podium Sprint

The twin Teslas both qualified for the podium sprint in their respective classes, despite some challenges such as Dark Helmet spinning out in one lap. Despite spinning out, Dark Helmet still qualified for the event’s podium sprint. Red Rocket accomplished the same thing, placing second in its class and qualifying for the podium sprint. The Model 3 Performance’s podium sprint ended with a 1:35.666 lap, allowing the vehicle to place second overall in the Gridlife Street GT Class. Dark Helmet completed its podium attempt lap in 1:28.465, allowing the all-electric racer to place third overall in the Unlimited Class. Both vehicles also set all wheel drive records for Street GT for Red Rocket and the Unlimited Class for Dark Helmet.

Craig Coker shared a comment about this year’s Gridlife event, as well as the performance of the twin Unplugged Teslas. “These events are always interesting as we are one of the few EV’s to compete. There are 100’s of vehicles on track over the weekend but less than five EVs in the mix. Sometimes we are hated, sometimes we are made fun of, and sometimes people love what we do. 

“But there is one thing no one can deny. When we show up to the track we are consistent in setting records, or a podium, or occasionally both. At Gridlife Laguna this year we went beyond and surprised many with not one but two podiums with two different vehicles in two separate classes. This is a very rare achievement. It could only be achieved with a hardworking and talented pit crew by my side,” he said.

Unplugged Performance CEO Ben Schaffer celebrated the twin Tesla’s achievements at the event.

“The UP Race team, along with our development driver Craig Coker, did a fantastic job. We brought out two Laguna Seca record-holding vehicles: the production EV lap record-holding Model S Plaid, ‘Dark Helmet,’ and our 2024 Model 3 Performance, ‘Red Rocket,’ which holds the lap record for the Model 3 Performance class. Both cars performed reliably against a highly competitive grid of the fastest ICE vehicles and drivers in the country. 

“The Model 3 set the Gridlife Laguna Seca fastest lap record for Street Class AWD, while the Model S continues to hold the Unlimited Class AWD lap record. Craig secured two podium finishes, demonstrating the true driving performance of Tesla engineering when paired with the same Unplugged Performance catalog parts our clients enjoy worldwide. EVs deserve a place in motorsports and we remain thrilled to be a rare representative of EV performance in challenging the fastest ICE vehicles at events globally,” Schaffer stated. 

The Next Stop

With Gridlife Laguna now complete, the Unplugged Performance team is now focused on the upcoming race at Thunderhil, which is expected to be held next month. 

“Gridlife announced a new west coast championship for 2024 called FCP Euro Pacific Championship. It’s a 3 stop event. Willow Springs, Laguna Seca and Thunderhill. So far we have captured 1st at Willow Springs Raceway, 3rd at Laguna Seca in the Unlimited Class. We are currently P1 in overall points. If we do well at Thunderhill next month we can win the championship. That would be a huge accomplishment for an EV to win this inaugural championship!” Coker said. 

There are only a few cars in the hyper-competitive world of automotive racing that are capable of changing the perception of what is possible for a production car. At the track, where victory and defeat are separated by milliseconds, few cars could make an impact large enough that even critics are silenced. As it turns out, the Model S Plaid and the Model 3 Performance—improved by bolt-on parts—could be these vehicles. 

Watch a video of the Unplugged Tesla team at the Gridlife Laguna Seca event below. 

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

Unplugged Tesla Model S and Model 3 win double podium finishes at Gridlife Laguna





Source

Tesla to raise $783 million with sale of prime auto leases: Bloomberg


Tesla is set to raise additional funding by selling debt backed by automotive leases, and a report says that the debt sale could price as soon as next week.

On Thursday, Bloomberg reported that Tesla is already pre-marketing a $783 million debt sale backed by leases from prime borrowers, citing a person familiar with the matter who asked to remain anonymous. The sale is reportedly being led by French firm Societe Generale, and it’s expected to be officially priced next week.

Bloomberg also explains that Tesla priced a $750 million ABS deal with a 5.53 percent coupon on its top tranche.

Asset-backed security (ABS) sales are increasingly common with automakers, and this particular debt sale would be Tesla’s second such transaction this year. This deal lets Tesla access liquid finances without taking on other debts that could otherwise cost the company more.

Why Tesla CIO’s exit might be a good sign for Robotaxi: Opinion 

Last year, Tesla securitizations totaled around $4 billion, though the company hasn’t utilized securitizations quite as often as many legacy automakers. Ford, for example, priced a $1.7 billion deal just on Thursday.

The news also comes ahead of Tesla’s Robotaxi unveiling event on Thursday, dubbed “We, Robot,” which many expect to be a pivotal moment for the company. Tesla has been teasing a Robotaxi platform based on its camera-based Full Self-Driving (FSD) software for years, and the company earlier this year highlighted early looks at a ride-hailing Robotaxi platform.

Tesla will also hold its Q3 earnings call on October 23, though the company already reported delivering 462,890 vehicles in the third quarter earlier this week. The company also said it deployed 6.9 GWh of its Megapack and Powerwall energy storage products, meaning that Tesla has also surpassed its full-year 2023 energy deployments with another full quarter to go.

You can follow along with Tesla’s upcoming Q3 earnings report at the company’s Investor Relations site here.

Tesla’s ‘big week’ set to get automaker back on track with big picture story: firm

What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send us tips at tips@teslarati.com.

Tesla to raise $783 million with sale of prime auto leases: Bloomberg





Source

Tesla set for ‘pivotal’ moment that marks ‘new chapter’ in company’s history


Tesla Robotaxi Day is set to be the company’s “pivotal” moment that will launch a “new chapter” in the story of the world’s most valuable automaker.

Wedbush analyst Dan Ives says Tesla’s upcoming event, which is now less than a week away, is one that will be pivotal and change the outlook for the company.

No longer will analysts look at just deliveries and production figures and an expanding lineup for bullish sentiments.

Now, there will be more focus on self-driving, something Tesla investors have long been waiting for the market to recognize as one of the company’s biggest strengths.

Ives says Wedbush is expecting “key updates around the company’s projections on Cybercab scaling, overall cost per mile, a Tesla ride-share app, and a Generation 1 demo on the premises of the breakthrough technology designed to revolutionize transportation.”

Tesla expected to unveil ‘game changing’ autonomous tech next week: Wedbush

If Tesla comes through on these things, it will make for an event that can widely be considered a success.

Although expectations are relatively tempered, and some are even expecting a more technical event, it is still likely that enough will be revealed that investors should be encouraged.

Ives said in his note to investors on Friday morning:

“We believe this is a pivotal time for Tesla as the company prepares to release its years of Robotaxi R&D shadowed behind the curtains while Musk & Co. lay out the company’s vision for the future. We remain confident in the Tesla story, which has proven successful many times over the years, and we look forward to this long-awaited event as the next evolution of transportation unfolds. There are clearly a number of hurdles and questions the industry/investors want to hear about, including insurance, cost of the vehicle, timing, regulatory approval timeline, and overall operations, among other issues.”

What value Tesla can bring shareholders is another looming question of the Robotaxi event. Wedbush says it is still under the firm belief that autonomy, AI, and Full Self-Driving (FSD) are Tesla’s true path to a $1 trillion value, and this is without any other portions of its business.

Factor in an energy business that has reported two quarters that are outliers compared to past ones, with Q2 seeing the biggest deployment in company history and Q3 being lower but still outpacing other quarters by a long time, and Tesla is looking truly strong.

Tesla bull makes bold claim, says three cars will be unveiled at Robotaxi event

The only true concern among investors could potentially be when they will see growth annually.

Tesla is on pace to match what it delivered in 2023, and although it was transparent that things will slow down as it focuses on the next-gen platform, people will be anticipating 2 million annual deliveries and subsequent growth starting in 2025 or 2026.

Wedbush maintained its ‘Outperform’ rating and a $300 price target.

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

Tesla set for ‘pivotal’ moment that marks ‘new chapter’ in company’s history





Source