At the identical time, Musk stated Tesla was persevering with to work on design and software program modifications to its electrical automobiles that might decrease restore prices and insurance coverage premiums usually, Reuters first reported.
“We need to decrease the price of repairing a Tesla if it is in a collision,” he stated.
Despite the tag worth on their restore, Tesla’s electrical automobiles have loved persistently excessive demand, which Musk described as effectively forward of Tesla’s potential to supply them.
In 2022, we produced & delivered 1.3M+ automobiles 💪
In This fall we achieved our highest-ever quarterly income, working revenue & internet revenue → https://t.co/6WkUryAhKO pic.twitter.com/aOzmL76uja
— Tesla (@Tesla) January 25, 2023
But new knowledge evaluation from Reuters reveals one other facet of the story, the place crashed, low-mileage Teslas comparable to Tesla Model Ys steadily present up at salvage public sale homes.
Data confirmed that insurers had totaled greater than 120 Model Ys after they met collisions – which means the insurers determined it will be cheaper to scrap the Tesla EV altogether and reimburse the proprietor relatively than pay for its restore. These insurers then listed them at public sale from December 2022 to early January this 12 months.
Copart and IAA, two of the nation’s largest salvage public sale homes, scanned the odometers of salvaged and offered Tesla EVs and located {that a} ‘vast majority’ of them had executed lower than 10,000 miles earlier than the collision and totaling, Reuters reported.
The retail costs of Tesla’s electrical automobiles ranges from about $60,000 to greater than $80,000. An Austin-built 2022 Model Y lengthy vary EV concerned in a entrance collision and listed by IAA earlier this 12 months had a retail worth of $61,388 and an estimated restore price of $50,388.
A second Austin-built Model Y, this time concerned in a facet collision and listed by IAA, had a retail worth of $72,667 and estimated restore price of $43,814.
Copart and IAA public sale listings solely notice the situation of collision on the physique of the automobile – whether or not on the entrance, rear, or facet of the automobile – usually accompanied by a post-crash photograph of the automobile. While the listings don’t usually disclose different particulars on the harm suffered by the automobile, Copart typically embrace the names of the businesses that purchased again the crashed automobiles and listed them for public sale. Companies that totaled and listed Tesla EVs included insurers State Farm, Geico, Progressive, and Farmers, Reuters reported.
Of the 15 Tesla Model Y lengthy vary automobiles constructed within the firm’s Austin, Texas plant from June by way of November 2022 earlier than being totaled in crashes and auctioned off, all however one had fewer than 10,000 miles on the odometer, Reuters stated.
Tesla debuted its personal insurance coverage arm, Tesla Insurance, final 2019 with the promise of insurance coverage charges nearly a 3rd (30%) decrease than rivals. Chief monetary officer Zachar Kirkhorn stated Tesla Insurance was producing $300 million value of premiums yearly, rising quicker than Tesla’s personal automobile enterprise.