Tesla lands three models in Carvana’s Top 5 EV trade-ins for Q2

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Tesla landed three of its models in Carvana’s Top 5 electric vehicle trade-ins for the second quarter of 2024, revealing many gas and EV buyers are turning their cars in for either the Model 3, Model Y, or Model S.

Tesla seems to have a knack for winning over those car owners who choose to trade their vehicles into Carvana, and sales data shows there are even several who trade in one Tesla for another.

The Model 3 and Model Y led the top five, with the Model S falling just behind the Chevrolet Bolt EUV, but in front of the fifth-place Nissan LEAF.

The Model 3 was most commonly bought by those who traded in a Honda Civic, Honda Accord, Toyota Camry, Nissan Altima, or BMW 3 Series, data from Carvana showed as they reported earnings this week.

Model Y buyers most commonly traded in the Model 3, but the Accord, Toyota Corolla, 3 Series, or Lexus IS were also commonly turned in for the all-electric crossover, which became the best-selling vehicle globally last year.

The Model S is where things get interesting. It seems Tesla drivers wanted to stick with sedans, but they also wanted to stay in the company as they bought either a Model 3 or another Model S. The Model 3 was the most common trade-in for the Model S. The Honda Accord, Model S, Mercedes-Benz C Class, and GLC followed.

Brand loyalty amongst Tesla owners has been commonly discussed over the past few years. Many of Tesla’s most loyal fans and owners tend to stay within the company so they can experience new features with a vehicle as it is updated and refreshed.

However, some choose to either size up, as many Model 3 owners did with the Model Y, or choose a more premium vehicle, as Model 3 owners did by trading into a Model S.

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 lands three models in Carvana’s Top 5 EV trade-ins for Q2





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Mexico says Tesla never registered crucial investment application

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Mexico says Tesla never registered a crucial investment application for its planned Gigafactory.

Tesla originally announced its plans to open a new Gigafactory that would produce its electric vehicles in Mexico last year. However, various things, including tumultuous economic conditions and political uncertainty, delayed the construction of the factory, which was coined Gigafactory Mexico and was set to be built in Nuevo Leon.

In October 2023, CEO Elon Musk raised concerns about economic conditions as it planned to build the factory:

“I’m worried about the high-interest rate environment that we’re in. I just can’t emphasize this enough that the vast majority of people buying a car is about the monthly payment…If you can tell me what the interest rates are, I can tell you when we should build the factory.”

Musk did not feel that demand would be high enough to justify the new factory at that time, but things are not really changing, as he highlighted more concern about the political climate during last week’s Earnings Call:

“We’re currently on pause on Giga Mexico. I think we need to see just where things stand after the election…Trump has said that he will put heavy tariffs on vehicles produced in Mexico, so it doesn’t make sense to invest a lot in Mexico if that is going to be the case. So we will kind of need to see how things play out politically.”

Tesla’s next North American Gigafactory ‘paused’ as U.S. election nears

However, a new report from Mexico Now states that Mexican government officials said Tesla never registered a Foreign Direct Investment (FDI), which would be typical for a foreign company planning to build a presence in the country.

Raquel Buenrostro, the Secretary of the Economy, said:

“We have no record of Tesla’s investment…They have made announcements in the media, but they have not made any official, institutional arrangements, in accordance with the Law of Foreign Direct Investment in Mexico.”

She went on to confirm that Tesla’s “pause” in investment has not been matched by other companies just because of a potential Trump presidency:

“You have seen that it doesn’t; we have announcements, historic announcements, and also the records have been historic: in the first quarter, we had $20 billion in FDI, which is 50 percent more than what we had last year. Investment is going very well.”

Tesla did not cancel the plans for Giga Mexico, but it seems the construction will be on pause for a considerable amount of time. If Trump wins the presidency, we could see the entire project take a major turn.

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.

Mexico says Tesla never registered crucial investment application for Gigafactory





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X Takeover event featured first Tesla light show with live performance

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Tesla Owners Silicon Valley held the X Takeover event for Tesla and SpaceX enthusiasts over the weekend, and along with a surprise virtual appearance from Elon Musk, the meetup also included the first Tesla light show with a dedicated live performance and more.

The X Takeover, formerly the Tesla takeover, ran Friday through Sunday in San Luis Obispo, California, featuring thousands of Tesla and SpaceX enthusiasts, keynote speeches from Tesla Chief Designer Franz von Holzhausen and commercial astronaut and entrepreneur Jared Isaacman, a surprise, hour-long interview held virtually with Musk, and more.

On Friday, the event opened with a large, coordinated Tesla light show, and reportedly the first one ever to feature an actual live performance component. The Tesla light show featured DJ Ravi Jakhotia playing electric drums at the center of the set up, along with a unique arrangement of Teslas forming one large circle, two small ones, and a few rows of Cybertrucks and other Tesla vehicles.

Credit: Tesla Owners Silicon Valley | YouTube

Credit: Tesla Owners Silicon Valley | YouTube

Along with being put on by event organizers Tesla Owners Club Silicon Valley, the organization notes that Tesla Club Austria came all the way from Europe to make the conference, and it helped in setting up the formation of the light show. The show was also orchestrated in part by light show regular Simon Pollock, as well as the Tesla Toybox team.

You can watch the full Tesla light show from the 2024 X Takeover below.

The light show feature was originally debuted for the Model X as far back as 2015, though Tesla rolled it out as a feature to its other vehicles in 2022. Since then, several Tesla meetups have included massive organized light shows, some of which have included hundreds or thousands of vehicles.

The largest Tesla light show yet took place in April in Korea, featuring over 1,000 vehicles for a massive display that could easily be seen from high in the air. More recently, a Tesla light show was used as part of a proposal in Austria in May, boasting a sweet, heart-shaped formation comprised of a little over 200 vehicles.

Other notable Tesla light shows include a 687-car light show in Finland, a 255-car show in Germany, and a 170-vehicle Cybertruck-themed light show at last summer’s Tesla takeover, among others still.

Over 1,000 Tesla owners host largest light show yet in South Korea

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.

X Takeover event featured first Tesla light show with live performance





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