Austin, TX

Tesla teases new vehicle in latest earnings report

Published

10 months ago

January 24, 2024

Tesla teases new vehicle in latest earnings report

Tesla’s next generation vehicle will be made in Austin, the company announced Wednesday.

The Austin-based company, which shared its fourth quarter 2023 earnings report Wednesday, teased that it would be making its next vehicle platform in Austin, but gave little detail beyond that.

The company listed the vehicle as “in development” in the earnings report but disclosed no real details on the vehicle itself, including what the price points, name or vehicle type would be. Tesla also did not mention a timeline for its launch.

“We are focused on bringing the next generation platform to market as quickly as we can, with the plan to start production at Gigafactory Texas,” Tesla said in the report. “This platform will revolutionize how vehicles are manufactured.”

On a call with investors Wednesday, CEO Elon Musk said more details on the platform will come later.

“Perhaps the most important competitive characteristic for Tesla in the future will be manufacturing technology and you will really see that come to bear with our next gen vehicle,” Musk said. “The first manufacturing location for this will be at our gigafactory and headquarters in Austin, Texas and then we will follow that up with other locations around the world.”

Tesla also warned that its growth rate “may be notably lower” in 2024 as it works towards launching the vehicle. In the report Tesla noted it is “currently between two major growth waves,” saying the next wave could be driven by its next-generation vehicle platform.

The warning came as competition in the electric vehicle market heats up. Chinese automaker BYD was the world’s largest seller of electric vehicles in the fourth quarter, unseating Tesla for the first time, according to a report by Reuters. During the fourth quarter BYD sold 526,000 vehicles compared to Tesla’s 485,000. However, Tesla still made the most electric vehicles overall in 2023.

The company also listed its second-generation Roadster sports car as “in development” on its earnings report. The new version, a successor to a limited production vehicle originally made from 2008 to 2012, has delayed production multiple times, but is available to reserve on Tesla’s website for an initial $50,000 reservation.

The new platform announcement follows a Wednesday morning report from Reuters that said Tesla was working on producing a new mass market electric vehicle codenamed “Redwood” in mid-2025. The report, which cited sources familiar with the matter, said the vehicle could be a compact crossover and production could begin in July 2025.

Musk has previously promised the company would work on more affordable electric vehicles, including a sub-$25,000 vehicle and self-driving robotaxis, which have yet to come to fruition.

Musk confirmed on the investor call the company expects to start production in the second half of 2025, but noted he is typically optimistic about timelines and it would include a lot of new “revolutionary” manufacturing technology.

Musk added that he wants the vehicles to start production in Austin because it “will be a challenging ramp,” and likely will have engineers sleeping and “living” on the production line to make it possible.

“We really need engineers to be living on the line,” Musk said. “This is not the sort of ‘off the shelf, just works’ sort of thing. I am confident that once it is going it will be head and shoulders above any other manufacturing technology that exists in the world.”

The company most recently released a new vehicle late last year when it delivered its first handful of its long-anticipated Cybertrucks. In its earnings report Tesla said it has ramped up capacity to build over 125,000 Cybertrucks a year in Austin.

The company noted in the earnings report it expects the production ramp up to be longer than other vehicles because of Cybertrucks’ “manufacturing complexity.” CEO Elon Musk has repeatedly warned of difficulties scaling up production for the vehicle and the company has not said how many it initially delivered nor how many it expects to in 2024.

Tesla also produces Model Y vehicles and batteries at its Austin gigafactory, Giga Texas. In the report Tesla said in now has capacity to produce 375,000 Model Y SUVs a year in Austin.

Tesla shares fell about 3% after hours as the company missed Wall Street expectations with the company reporting revenue of $25.17 billion in the fourth quarter, compared to the $25.6 billion expected by FactSet analysts. The revenue was a 3% increase overall from the same time last year.

The company had already released its fourth quarter and full year delivery and production numbers earlier this month, reporting that it delivered 1.8 million vehicles in 2023 including 485,000 in the fourth quarter. Deliveries are Tesla’s closest approximation to vehicle sales.

The earning’s report also comes as Musk demanded more control of Tesla this month if the company is to be a leader in AI or robotics. The CEO, who already has a number of other companies including SpaceX, xAI, Neuralink and The Boring Company, said he would rather focus on building products at another company if he doesn’t get his way.

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Austin, TX

Texas Longhorns LB Anthony Hill Jr. Named Semifinalist for Major Award

Published

6 hours ago

November 4, 2024

Press Room

Texas Longhorns LB Anthony Hill Jr. Named Semifinalist for Major Award

AUSTIN — Texas Longhorns linebacker Anthony Hill Jr. is officially being recognized as one of the best at his position in college football.

Hill Jr. was announced as a semifinalist for the Dick Butkus Award Monday, joining a group of 14 other players. The Butkus Award is given annually to the best linebacker in college football.

Former Texas linebacker Jaylan Ford was also a semifinalist for the award last season.

Here’s the full list of semifinalists:

Jihaab Campbell, Alabama

Deontae Lawson, Alabama

Shaun Dolac, Buffalo

Barrett Carter, Clemson

Jalon Walker, Georgia

Aiden Fisher, Indiana

Jay Higgins, Iowa

Chandler Martin, Memphis

Chris Paul Jr., Ole Miss

Sean Brown, N.C. State

Sonny Styles, Ohio State

Danny Stutsman, Oklahoma

Anthony Hill Jr., Texas

Carson Schwesinger, UCLA

Shae Suiaunoa, Wyoming

This season, Hill Jr. has posted 28 total tackles, 5.5 sacks, one forced fumble, one pass breakup and one interception.

He was recently added to the watch list for the Chuck Bednarik Award, which is given annually to the best defensive player in college football.

After the loss to Georgia, Hill Jr. said that the Longhorns are staying confident. They bounced back with a win over Vanderbilt before heading into the bye week.

“Nobody wants to lose but we’re gonna look at the film, we’re gonna get better,” Hill Jr. “Our heads are up. We’re not gonna just be sad and look all disappointed. We’re happy and we’re gonna get better and look at the film. We needed this, I feel like we need some adversity and it’s gonna be good to see how we bounce back next week.”

No. 5 Texas and Florida will kick off from Austin on Saturday at 11 a.m. CT. The game will be broadcast live on ABC.

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Other Texas Longhorns News:

MORE: SEC Rooting Guide For Texas Longhorns During Bye Week

MORE: Carolina Panthers Debut Could Be on Horizon For Texas Ex Jonathon Brooks

MORE: Steve Sarkisian ‘Really Proud’ of Texas Longhorns TE Gunnar Helm

MORE: ‘Very Mature:’ Texas WR DeAndre Moore Jr. Continues to Fill Jordan Whittington Role

MORE: Texas Longhorns Rise in AP Top 25 Poll

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Austin, TX

Vote and vibe: Where to toast (or mope) at 2024 election night watch parties in Austin

Published

14 hours ago

November 4, 2024

Press Room

Vote and vibe: Where to toast (or mope) at 2024 election night watch parties in Austin

Whether you’re ready for a celebration, dreading the results or eager for the election cycle to be over, it’s best not to spend election night 2024 alone. Several Austin venues will host watch parties with food, friends and foes as you get ready for the results Tuesday.

Hold hands and cross fingers at Hotel Vegas and Volstead’s watch party

Need a strong pregame for the results? The adjacent East Austin bars are teaming up to host a joint watch party with themed cocktails served all night.

Guests can watch the results roll in on big screens on the patio. There will also be televised analysis inside Volstead Lounge. Enjoy live DJs, election night games and tacos from El Borracho Tacos starting at 5 p.m.

The party is free to attend. Guests can RSVP on Facebook.

Down some patriotic shots at Star Bar’s Texas-style watch party

The West Austin bar will host a free election night watch party, Texas-style. Customers can catch election updates from open to close and snag limited-edition Quinn-Arch buttons ($3) and hats ($20) touting University of Texas quarterbacks Quinn Ewers and Arch Manning. Election results will be shown on TVs across the bar.

Enjoy some blue and red jello shots as well as pizza from VIA 313.

The party will start at 4 p.m. and run until close at 2 a.m. No ticket or RSVP is needed for the event. More information is at starbartexas.com.

Ride the emotional roller coaster at Cheer Up Charlie’s election night carnival

Cheer Up’s is bringing the Election Day feel to the Red River Cultural District. The election night extravaganza will include drag and stand-up comedy shows, tarot and astrology readings, and a petting zoo for voters needing some animal comfort.

Want to dance it out? There will be live DJs. Voters can also eat their feelings. A bake sale will be happening, alongside a sock and blanket drive for the unhoused.

The party will run from 6 p.m. to midnight. Tickets start at $19 and can be purchased online.

Watch the results at Travis County Republicans’ election night party

Voters are invited to swing by and catch the election results with fellow Republicans in Travis County. National news as well as the county clerk’s website will be monitored for key races. Candidates and local leaders are also expected to deliver remarks. There will also be surprise guests throughout the evening.

The event will run from 7 to 10:30 p.m.

Guests must register online to get the address for the event. Security officers will check photo IDs for entrance.

Join the Travis County Democratic Party at the Driskill

Democrats from across the county will watch the election results unfold at the historic Driskill hotel. Attendees will get a chance to rub elbows with some elected officials and candidates. Who better to share the suspense with than the folks on the ballot?

The watch party will happen from 7 to 11 p.m.

Interested in attending? You can register for the event online.

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Austin, TX

Texas high school football 2024: Central Texas week 10 rankings

Published

22 hours ago

November 4, 2024

Press Room

Texas high school football 2024: Central Texas week 10 rankings

AUSTIN, Texas – The tenth week of the 2024 Texas high school football season is in the books.

Check out our rankings for the tenth week of the season, which featured matchups like Bowie vs Austin High, Taylor vs LBJ, Cedar Park vs Leander, Lake Belton vs Georgetown , and the FOX 7 Game of the Week, Bastrop vs Pflugerville .

View the highlights and scores for Week 10 here.