Hey everybody Rob Maurer here, happy Friday, today we've got some pricing updates from Tesla, a little bit of news on the Cyber Truck delivery event, updates on autonomous driving services and a few other items as well. Right, looking at the stock, a little bit stronger close to the week this week for Tesla and for the markets, the markets up, or the NASDAQ up about 4.5% of a percent, Tesla doing a little bit better, up 3.5% to close out the week at $207.30. We did get the PCE or Personal Consumption Expenditures report this morning, largely in line with expectations I would say a little bit higher, we can see from Bloomberg's recap here, headline number came in 1.10th of a percent higher at 4.10th of a percent versus the estimate of 3.10th of a percent core coming in line, but a little bit higher than what we have seen recently if I recall that correctly. However, not much of a change to the expectations for the FOMC meeting next week, so if we just take a quick look at the calendar ahead of time normally we grab up the episode with that, but big thing next week, going to be of course continued earnings and the FOMC meeting on Wednesday. So we're coming up on that already. That'll be midday on Wednesday. And then back to these expectations, actually starting to see a little bit of a percent chance in terms of expectations for a rate cut. I don't think that's pretty likely. So most of what we'd be looking for since the market seems pretty unanimous on no increase this time around would be commentary from the Fed statement and Jerome Powell's commentary afterwards. So we keep an eye on that next week. Definitely will have an impact getting into the news for Tesla.
Tesla has today shared a Cybertruck delivery event raffle on the investor relations page so you can find this at IR.Tesla.com. And if you are a verified shareholder or if you have pending verification status, you can enter the raffle. Tesla has said that they will confirm active shareholding with those that win the raffle. So we've seen this from Tesla before. Looks like they are going to be having this, the deadline for the raffle run through November 3rd, so next Friday. And then they expect to begin communicating selections during the week of November 6th. Sometimes we see those run a little bit later though. So you know, we'll obviously keep an eye on this. But exciting to see that there will be another opportunity here for some people to get invited to the event. Of course, we did have the referral program process that allowed for that as well, but a little bit of a different path here, which should allow some additional people to attend. So exciting to see that.
And then we did get some pricing updates from Tesla seems to be the Thursday cadence that they've been on now for a while. Just small changes here. So a minor $500 increase on the Model Y only to the long range version. So this version now starts at $48,990 from $48,490 previously. But nevertheless, nice to see a little bit of an increase. Hopefully that'll reflect positive, you know, more positive demand. We're not seeing a move in the estimated delivery dates yet. Still October and November for this long range version. So tough to put too much meaning to this relative to order rate. But obviously this will be a little bit better for profitability if this holds. We've seen Tesla do this before. And it actually has stayed at, you know, these higher increases. Sometimes the speculation is that Tesla is just doing that to send a signal that prices are not going to continue to drop. So maybe people need to convert on their orders now. And what we've seen Tesla do before is increase these and then start doing inventory discounting. That was, you know, the big speculation after Tesla removed those inventory discounts with the price cuts early this quarter. We still have not seen those come back. So there are demo vehicles that are discounted, of course, that's normal practice, but still not seeing the inventory discounts return. So we'll see. This could be a prelude to that. But hopefully things will stay pretty stagnant. I don't keep an eye on it.
And then Tesla has also increased the performance Model Y version pricing in China. By 14,000 RMB, so roughly 1900 US dollars. So a pretty significant increase, but again, just on the performance version there in China. Also in the design studio, Tesla has now updated the Model S and the Model X to change the gray color from midnight silver metallic up to stealth gray. So stealth gray as well as ultra red. These were the new colors for the Highland Model 3 update. These have now made their way, of course, the ultra red previously to the Model S. I think that was actually first before the highland, but now we're seeing stealth gray introduced on these two vehicles as well as the gray paint color. Still seeing midnight silver metallic on the Model Y. So you can kind of see the comparison here. Stealth gray looks a little bit darker. We'll have to wait and see these in person, but notably very different than the quick silver that we see on the Model Y from Giga Rulin. And then alongside the render updates on these new colors for the Model X, some people have noticed that there is something a little bit different about the front of the Model X for the stealth gray render. It seems to maybe have that front camera hidden away there, sort of beneath the hood. If we look at one of the other colors, we'll notice that that goes away. So with the updated render, maybe Tesla, including what will eventually be that location for that hardware for camera, we've seen Tesla show these in renders and seem to have included this for hardware for but not actually shift the cameras yet. So we'll keep an eye on that, but definitely a difference in terms of what these are showing and something that does look a little bit abnormal in that area of the vehicle. So somebody keep an eye on there.
And then also relating to hardware for Tesla scope has said that they are pleased to share that the all new redesign Tesla Model 3 has been detected on their platform and they can confirm that they do have autopilot for hardware on board. So no surprise on that. And again, we'll have to see there's no front cameras on these vehicles yet, at least to my knowledge, we'll have to see exactly what this hardware for suite looks like as this can, you know, there seems to be a little bit of staggering happening, but at least good to have that sort of confirmation from Tesla scope.
And then we've also got an update on Tesla and Indonesia. We haven't talked about this for a while, but news today from Bloomberg, excuse me, news today from Bloomberg that says that Tesla is still in discussions with Indonesia about investing in Indonesia, according to the president. So alongside this, they actually linked to an article here that I think we had missed back in early September. And this had given an update, as we can see here, on Tesla status in Indonesia said that Indonesia does not expect Tesla to invest in the country anytime soon after their coordinating minister met with Elon Musk in August. According, apparently the minister said, you know, I said, fine, we're doing okay. If you cannot invest in Indonesia for the moment, no problem. They also said that speaking at a Bloomberg forum, they said that Musk was concerned about the global economic outlook and oversupply in the electric vehicle industry. So somewhat similar to what we heard, more of the former part of this, to what we heard on the earnings call and apologies again, I don't recall maybe we did cover this, but I don't recall covering it. So apologies if we didn't miss this. But kind of interesting to have these similar, excuse me, these similar Friday, these similar thoughts shared back in September. Nevertheless, though, the update here, Tesla still in discussions with Indonesia. I would imagine that they're trying to do something a little bit smaller scale, maybe not something like a full vehicle factory, which I think is Indonesia's preference. I think Tesla is more interested in certainly the nickel that would be available there and probably more of the battery materials supply chain rather than something quite as significant as a full giga factory.
And then we've also got an update in Sweden. So apparently today began a small strike for Tesla mechanics in Sweden with mechanics walking off the job today, relating to the company or Tesla's refusal to sign a collective wage agreement policy for Tesla is that they don't do that anywhere. So although 90% of Sweden workers, I believe are unionized, Tesla's still not wanting to go down that path. Although interestingly here, there's also been a report that not all workers walked off. So it's not, you know, not quite as coordinated as maybe what we have seen from from the UAW recently. So several car mechanics, you know, still going into the workplace. One of them actually spoke to the press here saying that the strike is unnecessary. And that quote, I don't think we get better wages with a collective agreement. We are above the minimum wages in the agreement, but if Tesla were to sign an agreement, I think we will receive the minimum wage end quote. So I'm not sure of the percentages, which, you know, what percent of workers are striking and what percent are actually going into work. But it'll be interesting to see this play out. It does sound like this strike is set to expand next week, next Friday, to cover all workshops that repair Tesla cars, which seems like a really aggressive amount of coordination, but potentially the path this is heading down. So we'll keep an eye on that for next week. They're in Sweden.
All right. And then of course we talked recently about crews and the situation in California with the DMV suspending their operations, forcing their suspension of operations for their autonomous vehicles. We used today providing an update on X or I guess late last night. Just reasonably early last night. But last night saying that the most important thing for us right now is to take steps to rebuild public trust.
Part of this involves taking a hard look inwards and at hard look inwards and at how we do work at crews, even if it means doing things that are uncomfortable or difficult. In that spirit, we have decided to proactively pause driverless operations across all our fleets while we take time to examine our processes, systems and tools to reflect on how we can better operate in a way that will earn public trust. This isn't related to any new on road incidents and supervised autonomous vehicle operations will continue. We think it's the right thing to do during a period when we need to be extra vigilant when it comes to risk, we're only super focused on safety and taking steps to rebuild public trust.
So pretty interesting and aggressive move here from crews for a normal business. This would seemingly have significant economic impact. Obviously, if you're pausing all of your services, you're not going to continue to generate revenue. But as we talked about with GM's earnings a couple of days ago, there's really no significant revenue for Jews right now. Less than $50 million this quarter when they're burning, I believe over a billion or I think it was $700 million this quarter. So their revenue is actually pretty insignificant to their cash burn right now. So something like this is not going to have that big of an impact on their revenue or their profitability. But it's a big step in terms of like they're talking about here, public relations and just their progress as a business. So interesting to see this, they talk, they mentioned here earning public trust, rebuilding public trust. I don't know if that's in the first part here too, but yeah, rebuild public trust. So all three of these segments of this post talk about building public trust. Everything given that they just denied that they had not shared this full video with the DMV and that was really the DMV's reason for pushing the suspension there in San Francisco because they claimed that the crews had not shown the part of the video where the autonomous vehicle pulled off to the side. So that was the big problem. And crews, although they denied that focusing on public trust here so many times, you know, certainly interesting to see. So tough spot for crews right now, you know, we'll see if they can kind of bounce back from this.
They'd also had been learned yesterday that they also received a letter from NHTSA last week that talked to them about instances of hard breaking inappropriately, inappropriately hard breaking that resulted in crews vehicles becoming roadway obstacles. I'm sure we've all seen the videos on X of crews vehicles being stopped many times, just kind of in the middle of the street. So they had received a letter from NHTSA about this last week saying that since they started an investigation, they've received multiple different reports of these types of incidents. So this could be a contributing factor alongside what we're hearing from them. And of course, the result of the DMV action last week or earlier this week.
Now contrasting with that, we've got an update from Waymo today that says that they are actually kind of expanding their, their offering a bit. So they are going to be, or they have previously partnered with Uber, but for the first time in the Phoenix Metro area, they are going to be integrating with the Uber app. So when a customer requests an Uber X, Uber green, Uber comfort or Uber comfort electric ride, there may be the option for them to confirm a ride with a Waymo vehicle. So we can see a little mock up of that hero, zoom in a bit. So when you request one of these rides, if there's a Waymo vehicle that's available and could accept that ride, they'll have the option of, of matching to that vehicle. And having it pick them up. So interesting to see that and should, you know, I would assume result in a lot more utilization of Waymo vehicles. Since you won't have to go to a separate app, it would just be sort of integrated into people's process already when they're getting into Uber. So again, kind of a tale of two stories from what we're seeing here with Cruz and with Waymo this week.
And then the last couple of things, or I guess the last thing, yeah, last couple of things here. So GM and Stellantis, no surprise, they have agreed to match for its 25% pay increase. Sounds like there are still some parts of the negotiation with other parts of the contract that are continuing between the UAW and these companies. So I would imagine that this will be done soon, but those negotiations are still continuing with this increased offer. So keep an eye on that, although probably done soon.
And then we've got a report here from automotive news that on dealership profitability. So we actually talked about this towards the end of Q2. But we're starting to get Q3 results. So for AutoNation, which is one of the biggest dealers in North America, they reported revenue increasing in the third quarter slightly, 6.9 billion versus 6.6, sorry, 6.7 billion dollars a year ago. But their net income declined 31% down to $244 million from last year's result. So I think this is interesting to keep an eye on as we just look at the context of the automotive industry right now. Dealer profits are getting pushed down. Now they definitely bubbled up. So we're starting from a high base. That's what we had talked about in Q2. So this is what we had talked about previously.
You can kind of see a chart of historical profitability where, you know, automotive or AutoNation last year, this is a Q2 number. They were coming off $6,000 of profit per new vehicle. That declined in the second quarter to 4,600. But if you look from 2019, these numbers are all significantly higher than they were previously. So this quarter, their average sale price or their average profit for a new vehicle dropped to $4,000. So down 31% in terms of net income year over year, if we look at just that change in new vehicle profit, that was down 12 and a half percent quarter over quarter down about 23 or 24% I believe from the first quarter of this year. But still obviously significantly higher than pre pandemic. So it's an interesting trend dealers have been pretty adamant that they are not going to go back to this 2019 level of profitability, which is what we talked about before. But obviously these declines are happening quite rapidly. So interesting space to keep an eye on alongside the rest of the automotive industry.
All right, that are up it up for today and for the week. So as always, thank you for listening. Make sure you're subscribed and signed up for notifications. You can also find me on X at Tesla podcast and we'll see on Monday for the October 31st. Sorry, the October 30th episode of Tesla Daily. Thank you.