00:00Another story we're keeping our eye on is Tesla.
00:02The company had teased a big product announcement.
00:04We got it.
00:05The shares fell.
00:06A lower, basically a revamp of some of their models to basically, well, lower the price just a bit.
00:11Max Schafkin joins us right now.
00:13He's the host of Musk, Inc., and he joins us right now.
00:15So let's just cut to the chase here.
00:17You're basically taking the Model Y, the Model 3, basically cutting the price.
00:20Yeah, making it a little bit cheaper.
00:21I'd say this was a small announcement, kind of posing as a big announcement.
00:24I believe there is...
00:25It's sort of like the LeBron announcement where everybody thought he was going to retire and apparently selling Michelob or something.
00:30To the LeBron announcement.
00:32Cloth seats instead of leather seats.
00:34Most of the Model 3s and Ys have glass roofs.
00:37That's kind of one of the distinctive features.
00:39This new, cheaper version does not.
00:41It's really all about making the car a little bit cheaper.
00:44Which is always awkward, those glass roofs, like when there's a big bus going by and you look up and everyone's staring down at you.
00:48I'm not a fan, but I guess people like them.
00:51It does create kind of a luxury feeling, I guess.
00:53And this is going to definitely be something else, right?
00:56This is a lower-end model.
00:58It's going to be priced that way.
00:59I think what's difficult, one of the reasons the price is going down, is Tesla investors, you know, they have very high expectations.
01:05You're talking about a retail community that really believes in Elon Musk.
01:09They wanted more.
01:10And let's just be clear, Katie.
01:11When everyone saw that, those cryptic exes, ex posts, or whatever you call them,
01:15I mean, everyone assumed this was going to be a new big model of some kind, a new roadster or something even bigger than that.
01:21I mean, I'd say that people who are following the company closely, including readers of our journalism, knew very well what it was.
01:27But among the kind of retail community, the Reddit community, you're absolutely right.
01:32Roadster, there were even speculation, oh, he was going to have a GPU, Tesla's going to compete with NVIDIA, or maybe it's going to fly.
01:37There were all of these kind of wild thoughts going around on the Internet and again.
01:44And in the newsroom, too, Max.
01:45Don't cut us out.
01:46We're conspiracy theorists, too.
01:48Just to wrap a bow on this, it sounds like you're saying that Tesla, in some ways, it's a victim of its own hype cycle, that this was two hypes.
01:55Well, I mean, look, Tesla is wildly overvalued as a car company.
01:59And so any time Elon Musk does anything that makes it look like a car company, it's sort of bound to hurt the stock price.
02:05Because if you compare it to Toyota or GM or any other sort of normal car company, it looks very, very expensive.
02:11If you compare it, if you think of it as a futuristic AI company that makes flying GPUs, well, then maybe you can justify, you know, the high premiums that it's trading at right now.
02:20Yeah, all right.
02:21Well, Tesla shares, you can see that disappointment right now getting a little bit less expensive.
Be the first to comment