Tesla Cancels New Orders Due To Backlog

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The House of the US Congress passed a bill that will give a $7,500 credit for EV purchase. This is happening when production cannot keep up with demand.

In this video I discuss how Tesla is backordered to the point they are now not taking any new orders for the Model 3 LR. This is how far out their demand is.

We can expect price increases due to this down the road. So much for bringing down inflation.

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I saw that and from a breakdown, I think Tesla would have to focus on a few cars to get those credits. Most of it can't really be applied to the higher costs cars and I think people still need to wait months before they their Tesla.

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Summary:
In this video, Task discusses Tesla's recent performance in Q2 and the impact of a temporary shutdown of the Shanghai plant on their production numbers. He mentions the upcoming AI Day in September, as well as the planned upgrades in production lines to increase output. Furthermore, he criticizes the Inflation Reduction Act, particularly the $7,500 tax credit for EV purchases, arguing that it is unnecessary due to the high demand for EVs and the backlog of orders faced by manufacturers like Tesla and Ford.

Detailed Article:
Task starts the video by addressing Tesla's recent challenges in terms of production numbers, highlighting the impact of the temporary shutdown of the Shanghai plant due to COVID and planned upgrades. He explains that despite the shutdown aimed at improving efficiency, it led to reduced car production during that period. Task mentions the upcoming AI Day in September, hinting at a potential boost in interest and activity for Tesla towards the end of the quarter.

The discussion then shifts towards the Inflation Reduction Act and the controversial $7,500 tax credit for EV purchases. Task expresses skepticism about the necessity of this incentive, pointing out that demand for EVs already exceeds production capacity. He emphasizes that Tesla, as the leading EV manufacturer, has a backlog of orders extending to 2023, indicating no need for additional stimulation of demand through tax credits. Task uses the example of Ford's F-150 electric version, mentioning the high number of pre-orders that far surpass the production capacity for the next few years.

Moreover, Task criticizes the government's approach to increasing demand for EVs as a wasteful initiative that could potentially drive up prices due to the fundamental economic principle of supply and demand. He argues against the logic of offering tax credits to boost demand for products that are already in high demand and facing supply constraints. Task concludes by highlighting the contradictory actions of the government and the Federal Reserve in respectively increasing and decreasing demand in different sectors of the economy, questioning the effectiveness and rationale behind such policies.

In conclusion, Task's analysis of Tesla's performance, the impact of the Inflation Reduction Act, and the implications of tax credits for EV purchases provides valuable insights into the current dynamics of the automotive industry and the broader economic landscape. He offers a critical perspective on government interventions and their potential consequences on market dynamics and consumer behavior.

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