Wheels

The vehicles that outlasted the Model S are still operating in its shadow 

by HANNAH ELLIOTT 

THE first time I saw a Tesla Model S was also the first time I met Elon Musk. 

It was 2011 and he had brought an early Model S to the West Side Highway in Manhattan, where we met to go for a drive. It didn’t strike me as a crucial meeting. In the course of my work as an automotive reporter, I met with plenty of people shilling new cars, and back then Musk was just the founder of a company that merged with another company that became PayPal Holdings Inc. Only the wonkiest of tech nerds might have recognised him by name. 

The sedan he brought that day was the opposite of the big-spoiler sports cars I was used to seeing, like the Porsche 911 GT3. Completely smoothed to maximise air flow, the Model S was simultaneously lowkey and unique. 

When I first got inside, it felt weird that there was no sound or vibration to indicate that anything had turned on, but the car felt surprisingly fast as we headed up the highway. So fast, Musk said, that it could beat 

an Aston Martin. He claimed it would change the world. I took that with genuine curiosity and a big pinch of salt; no one I knew at the time was asking for a laptop on wheels. 

Fifteen years later, Tesla Inc has sold hundreds of thousands of that smooth sedan I first saw in New York. (The company doesn’t break out sales numbers between the Model S and X, but their cumulative sales total is higher than 630,000. A spokesperson didn’t respond to a request for comment.) By 2023, the Model S had helped make Tesla the only automaker in the “Magnificent 7,” a term coined to describe seven stocks leading gains in the S&P 500 index: Alphabet Inc, Amazon. com Inc, Apple Inc, Meta Platforms Inc, Microsoft Corp, Nvidia Corp — and Tesla. 

Things have shifted since those heady days. Its first-mover advantage long gone, the Model S has grown outdated among the wide range of electric vehicles (EVs) now available in the US. These cars every other automaker had developed to keep up with Tesla. Today Tesla is the only member of the Magnificent 7 whose reported earnings have declined since 2023 and Musk said Tesla will now emphasise robots rather than passenger vehicles, sales of which have suffered because of a stagnant product lineup and the loss of federal incentives. 

On Jan 28, he announced Tesla will discontinue the Model S (and X). 

But that doesn’t diminish the impact of this revolutionary vehicle. Love it or hate it, the success of the Tesla Model S forced every legacy automaker to jump into the race that Musk created — to fill the world with EVs. It changed everything else along the way — and will continue to drive what comes next. 

The Model S offered over-the-air updates that kept its infotainment capabilities feeling practical and current

First Among Peers 

The Model S wasn’t the first car Tesla developed. (That was the two-door Roadster built on a Lotus chassis, which arrived in 2008 and sold fewer than 2,500 units.) But it was the first car that Tesla created from scratch and the one that catapulted the company to become the most valuable automaker in the world by 2020. 

I racked my brain for some other vehicle from this century making as much of an impact. In 2013, Porsche’s 918 Spyder and Ferrari’s LaFerrari, each a symphony of engineering and design, proved that hybrid electric technology could provide superior driving performance, not just better efficiency. BMW’s athletic i8 hybrid arrived that year, too. Along with the diminutive i3, it proved that a legacy automaker could wrap electric power in ingenious designs that were well-suited for consumers worldwide. But none of those reached the production numbers or status of Tesla’s star. 

Nissan’s Leaf could qualify as car of the century. The world’s first series production battery EV, the Leaf launched in 2010 and outpaces the Model S with more than 650,000 sold worldwide. It was great for its affordability, convenience and fuel savings. But the Leaf lacks the cultural and ideological heft of the Model S, the flagship of a pure-play EV brand that spawned 75,000 Superchargers, a rabid following and a host of imitators. 

“Without the Model S, we wouldn’t be where we are today,” said Stephanie Valdez Streaty, director of industry insights at Cox Automotive Inc. “It was the performance, the range and the design. It created like this awareness of EVs that was something totally different than what we got with the Leaf.” 

Another contender: The Porsche Cayenne. It belonged to the first wave of premium SUVs, now the most profitable segment in the industry. The Cayenne generated a tonne of cash that allowed Porsche to attempt a historic (failed) takeover of Volkswagen and it proved that Porsche could make SUVs without losing its core sports car customers. 

But the Cayenne’s impact was limited primarily to Porsche. Even then, the soccer mom rig did not become the bedrock of a brand’s cultlike status the way the Model S did: Favoured by millions who cheered the CEO online. At Porsche, that’s the 911’s job. 

Others have suggested that a car from BYD Co Ltd might qualify as most important. After all, the Chinese automaker beat Tesla as the world’s biggest seller of EVs in 2025. But it’s too early to hand the crown to a Seal or Qin L just yet. They aren’t sold in the US, the world’s biggest auto market by revenue. Even though many analysts said it’s only a matter of time before BYD sells here, the US still deters Chinese companies with steep tariffs and bans software systems developed or controlled by them. Check back in a few years. 

Musk with a Model S in Tokyo in 2014

A Mule For Disruption 

The Model S surprised people from the start. When I first slid into the passenger seat and gazed up at Manhattan’s skyscrapers through its panoramic glass roof, my overwhelming impression from the inside was that here was something unlike anything we’d seen before. 

It took me years to fully grasp how disruptive it was. Even Musk himself was still driving the sporty Roadster as his daily. I rode in it with him soon after the Model S drive as part of further reporting in Los Angeles. He likened driving these EVs to sailing, marvelling at how you could enjoy the sounds of nature without the roar of a combustion engine. 

“We need to figure out how to have the things we love and not destroy the world,” he told me. 

When the Model S arrived, people went gaga for the minimalist cabin, its front trunk, or frunk and flush-mounted automatic door handles (currently undergoing a redesign because of safety concerns). The large vertical touchscreen mounted inside was what made the car feel the most futuristic. 

Unlike the quirky Leaf, the Model S felt like a proper automobile for adults, and it had the range 260 miles (418.4km) and charging capacity to back it up. It was undoubtedly the most progressive EV, with the biggest potential for mass appeal, anyone had ever seen. But the Model S also forced changes in the car industry that had nothing to do with its being electric. It was the reason Tesla became the first all-new mainstream automaker to enter and survive in the US market since Hyundai Motor Co did in the 1980s.

The Model S busted the myth that people wouldn’t buy a new car online. Musk wanted to show the model in proprietary retail shops, not franchised dealerships. So he went to court against the franchise laws and dealer associations that stipulated vehicles must be sold in traditional showrooms. He won and the Model S became the first car you inspect in a 

mall and then buy with the click of a button. It was also the first mainstream vehicle to offer comprehensive, over-the-air software updates to improve technology and fix bugs, which simultaneously kept it feeling cutting-edge and reduced the need for maintenance. Now legacy automakers like Mercedes-Benz Group AG and Porsche offer a host of similar software upgrades and Lucid Group Inc, Afeela and Rivian Automotive Inc all copy the direct-to-consumer method Tesla pioneered with the Model S as the vanguard. Then there’s Autopilot, which Tesla put in the Model S in 2016. Its advanced driver-assistance systems, like traffic-aware cruise control, were the precursors to the company’s current Full Self-Driving (Supervised) system that allows Level 2 self-driving.

“Nothing has transformed the reputation of the Model S as much as Tesla’s pursuit of self-driving,” Keith Barry wrote in a consumer reports analysis of the car a decade after its launch. “The car’s story is now forever entwined with Musk’s promises about vehicle autonomy.” 

Many Tesla acolytes today said that what they want most in a new car is real self-driving. Musk has been promising that since at least 2013 and analysts like Anthony Salerno, senior VP of automotive analytics at JD Power, told me they still believe he’ll eventually deliver. 

In the meantime, the autonomous Tesla Cybercab, which you can hail via smartphone, is expected later this year. Call it the latest indicator that Tesla is shifting further away from making consumer cars altogether. It’s almost like EVs were just technology mules — a means to an end toward Musk’s more far-fetched goals. Tesla is converting factory space where the Model S and Model X were made in Fremont, California, into a manufacturing hub for the Optimus robot. 

“I can see the day where Tesla has morphed into this other thing that is not a passenger vehicle company anymore,” said Kevin Tynan, director of research for the Presidio Group. “So that the only thing that’s left ultimately would be a robotaxi.” 

Musk announced earlier this month that he will combine SpaceX and xAI as he works to generate cash to fund future dreams while simultaneously deemphasising the very things that bring in the cash: Cars. 

But even when Tesla’s passenger cars disappear altogether, the legacy of the Model S will continue. The sleek sedan that catapulted EVs into our consciousness was more than cutting-edge. It was the key that unlocked a whole new world. — Bloomberg

• This article first appeared in The Malaysian Reserve weekly print edition

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GEELY Automobile Holdings Ltd’s full-year profit beat analyst estimates and climbed to a record as China’s second-largest carmaker closed in on market leader BYD Co’s sales, thanks to the popularity of its EX2 hatchbacks and Zeekr sport utility vehicles. 

Net income rose to 16.85 billion yuan (US$2.40 billion or RM9.56 billion) in 2025, compared with 16.81 billion yuan the previous year, the Hong Kong-listed arm of billionaire Li Shufu’s auto empire said in a statement on Wednesday. That topped the 16.5 billion yuan average of 31 analyst estimates compiled by Bloomberg. Revenue climbed 25% to 345.2 billion yuan.

Geely gained market share on BYD in China last year, and has even outsold the world’s biggest electric vehicle maker in 2026. The company is aiming for sales to increase 14% this year as it pursues its goal to become one of the world’s top five carmakers by the end of the decade.

The stock had fallen 3.6% to HK$18.16 at 2pm on Wednesday in Hong Kong, largely unchanged from where the shares were before the company reported earnings.

“Investors were already expecting good numbers,” said Eugene Hsiao, a strategist at Macquarie Capital Ltd In Hong Kong. “So this feels like a ‘sell-the-news’ sort of moment.”

Excluding items such as gains from foreign exchange and the disposal of subsidiaries, profit rose 36%, it said.

Vehicle sales, including its Zeekr and Lynk & Co brands, rose nearly 40% to three million units last year. The Xingyuan, known as the EX2 overseas, became China’s top-selling model for 2025 and the Zeekr 9X luxury SUV has also been topping sales of vehicles priced at 500,000 yuan and above the past several months, according to Chinese media reports.

The carmaker is just over a year into a major overhaul it began in late 2024. Under its “Taizhou Declaration” strategy, Geely group turned its focus toward consolidation and cost cuts, merging brands such as Zeekr, which delisted from the New York Stock Exchange, and Lynk & Co back into the Hong Kong-listed entity of Geely Auto.

These moves appear to be bearing fruit as Hangzhou-headquartered Geely outsold BYD globally during the first two months of 2026, its largest lead since 2022. Still, Geely was far behind BYD in terms of revenue and profits as BYD’s larger volumes last year gave it better economies of scale and the company’s vertically integrated supply chain helps to control costs.  

Still, exports, which have become increasingly important for Chinese carmakers recently, were weak last year. With falling demand in Russia, Geely’s total overseas shipments reached 420,097 units in 2025, largely unchanged from the year prior, according to the statement. By comparison, BYD’s overseas sales surged 150% to 1.05 million units. —Bloomberg

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MUNICH — Profits for German carmaker Audi rose by 10 per cent in 2025, in what marked a surprise improvement as fellow German brands struggled heavily last year, according to full-year results released on Tuesday, reported German Press Agency (dpa).

Profit after tax increased to €4.6 billion (US$5.29 billion) from the €4.18 billion (US$4.79 billion) seen in 2024, Audi said in a statement.

However, besides a strong fourth quarter, the improvement was largely due to a compensation payment made by parent company Volkswagen of hundreds of millions of euros, according to chief financial officer Jürgen Rittersberger.

The Audi Group’s 2025 financial result came in at €2.2 billion (US$2.5 billion), while operating profits dropped by some 14 per cent  to €3.3 billion (US$3.78 billion).

“We ended a challenging year with robust finances. The key now is to seize all operational and financial opportunities to make Audi more efficient, competitive and profitable,” Rittersberger was quoted as saying.

New US tariffs weighed on the result, costing Audi, €1.2 billion (US$1.4 billion) last year. Another €0.4 billion (US$0.46 billion) was spent each on measures related to CO2 compliance and job cuts announced a year ago.

Like most German carmarkers, Audi, which also includes the Ducati, Bentley and Lamborghini brands, has also struggled with fierce competition from China, with Rittersberger highlighting a price war in the electric vehicle and hybrid segment.

The results mean Audi is closing in on its domestic rivals again, after BMW saw a slight drop in profits to €7.5 billion (US$8.6 billion) last year, while Mercedes’ earnings plummeted to €5.3 billion (US$6.1 billion). — BERNAMA-dpa

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KUALA LUMPUR — Banks in Malaysia will introduce key amendments to hire-purchase financing practices following the implementation of the Hire-Purchase (Amendment) Act 2026 (HPAA), which takes effect on 1 June 2026.

As part of the transition to the new framework, banks will offer goodwill discounts to eligible customers who choose to early settle their existing fixed-rate hire-purchase financing that applies the Rule of 78 method.

The amendments, an industry-led initiative, are supported by the Association of Banks in Malaysia (ABM), Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) and Association of Development Finance Institutions of Malaysia (ADFIM).

In a joint statement today, the associations said this reflects the banking industry’s commitment to supporting customers during the transition while ensuring transparency in hire-purchase financing.

The Domestic Trade and Cost of Living Ministry (KPDN) confirmed that the HPAA will take effect on June 1, 2026, with a transition period until March 31, 2027, for banks to perform necessary systems, processes and infrastructure enhancements.

“During this period, banks may continue to provide new hire-purchase financing under the Rule of 78 method while updating their systems and processes.

“Nevertheless, some banks will also be ready to offer the reducing balance method during this transition period,” the statement said.

Under the HPAA, several key changes will be introduced to fixed-rate hire-purchase financing. 

The amendments include abolishing the Rule of 78 calculation method for early settlement, the flat interest rate structure currently used in hire-purchase financing.

All hire-purchase financing will transition to a reducing balance method, together with the usage of the effective interest rate, enabling customers to better understand the true cost of financing.

These changes aim to empower consumers to make informed decisions and facilitate easier comparison of hire-purchase financing products across banks, the joint statement said.

The associations said each bank will calculate goodwill discounts based on features of the customer’s existing agreement, including the financing tenure and the timing of early settlement, with the exact discount provided when customers request early settlement.

Individuals and micro and small businesses with fixed-rate hire-purchase agreements that apply the Rule of 78 method will be eligible for goodwill discounts if the agreements were entered into before June 1, 2026, or during the transition period ending March 31, 2027, or if the customer chooses to settle early before maturity.

The customer’s account must, nonetheless, meet certain conditions. 

A list of banks ready to offer the reducing balance method during the transition period is available on the websites of the associations, namely, www.abm.org.my, www.aibim.com, and www.adfim.com.my. — BERNAMA

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BYD Co shares surged Monday, leading Chinese electric-vehicle stocks higher, with investor sentiment boosted by signs of an improving overseas sales outlook.

The Chinese EV leader’s Hong Kong-listed stock jumped 7.8%, the most in 13 months. It was the top performer on the Hang Seng Tech Index, followed by peers Nio Inc and Xiaomi Corp, which climbed around 5%. 

Sentiment is getting a lift from local Chinese news reports that BYD’s Brazil plant received an export order for about 100,000 units from Argentina and Mexico, said Eugene Hsiao, a strategist at Macquarie Capital Limited.

“This is positive for the broader BYD thesis, which is that overseas sales will become the core growth and profit driver over time,” he said.

A Shenzhen-based BYD representative didn’t respond to a Bloomberg request for comment.

Overseas sales are playing an increasingly important role for the Shenzhen-based automaker, which has been losing ground in its home market as local competition gets tougher. BYD’s overall sales for the first two months of the year fell 36% to 400,241 units, although exports gained momentum and the company now aims to sell 1.3 million cars abroad in 2026.

The stronger pricing action in Chinese EV and battery stocks is also driven by expectations of stronger adoption of new energy vehicles given higher oil prices, according to a trader desk note by Goldman Sachs Group Inc. Lower lithium prices are also seen as a tailwind. 

Chinese battery makers also climbed on Monday, with sector leader Contemporary Amperex Technology Co Ltd’s Hong Kong-listed shares up 7.9%. Eve Energy Co shares increased more than 2% in Shenzhen.

“A higher gas price would potentially drive demand in European market, which would benefit Chinese automakers that export to that market such as BYD,” said Vincent Sun, an analyst at Morningstar. “For Chinese market, gas bill is not as big a driver to EV demand as in overseas market.”

Stella Li, the company’s executive vice president, said at an event in Brazil last week that Argentina and Mexico each ordered 50,000 cars from the plant, according to IT Home. The plant, in northeastern Brazil, has an annual production capacity of 150,000 vehicles and will be gradually expanded in phases to 600,000, it said. — BLOOMBERG

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by SHAHRIN AIZAT NOORSHAHRIZAM

ONLY about 20% of heavy vehicles in Malaysia have complied with the requirement to install speed limitation devices (SLD) since enforcement began last October.

Transport Minister Anthony Loke Siew Fook said the devices, which cap vehicle speeds electronically, were made mandatory as part of the government’s effort to improve road safety and reduce accidents involving heavy vehicles.

According to Loke, enforcement operations conducted by the Road Transport Department have found that a large number of lorries and buses have yet to install the system.

“From what we have seen so far, compliance is only around 20%. So there are still many vehicles that have not installed the SLD,” he said at a press conference today.

Vehicles found without the required certification during inspections will be issued a notice and ordered to report to the Road Transport Department (JPJ) within 14 days to prove that the device has been installed.

Loke said enforcement operations will continue while the ministry works with industry players to improve compliance.

One challenge faced by operators is the limited number of authorised workshops capable of installing and certifying the devices.

“We are increasing the number of workshops nationwide to make it easier for companies to install and verify the SLD,” he said.

The policy requiring speed limiters for heavy vehicles was introduced following a series of fatal road accidents involving lorries and buses in recent years.

Malaysia records thousands of road fatalities annually, with the government frequently identifying speeding and heavy vehicle accidents as major safety concerns.

The Transport Ministry has therefore pushed for technological solutions such as speed limiters alongside stricter enforcement measures to improve road safety across the country.

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by SHAHRIN AIZAT NOORSHAHRIZAM

OWNERS of private pickup trucks are allowed to transport their own goods without requiring a permit or facing enforcement action, provided the load is carried safely and within the vehicle’s weight limit.

Transport Minister Anthony Loke Siew Fook (picture) said the clarification was necessary following complaints from pickup truck owners who were fined while transporting personal items.

“I myself have received many complaints from pickup truck owners who were fined, even for carrying a couple of boxes, a ladder or construction materials,” he said in a press conference today.

The guidelines, issued through the Road Transport Department (JPJ), aim to provide clearer understanding to motorists, vehicle owners and industry players regarding the legal use of de-controlled goods vehicles and pickup trucks.

Under the guideline, individuals may carry their own goods in privately registered pickup trucks as long as the load does not exceed the manufacturer’s permitted weight, protrude from the cargo area or pose a danger to other road users.

However, Loke stressed that using such vehicles to transport goods belonging to third parties for payment would be considered a commercial freight service.

“Taking payment to transport other people’s goods or offering paid delivery services using a private vehicle without a permit is not allowed,” he said.

In such cases, operators must obtain a Carrier Permit A from the Land Public Transport Agency (APAD) under the Land Public Transport Act 2010.

The guideline also clarifies that goods vehicles with a maximum laden weight (BDM) of up to 7,500kg are classified as de-controlled vehicles and may be used by companies to transport their own goods related to business activities without requiring an operator permit.

Additionally, the government will maintain an administrative flexibility allowing holders of a Class D driving licence to operate de-controlled vehicles with an unladen weight (BTM) of up to 4,000kg, above the original 3,500kg threshold, to account for additional weight from cargo body installations.

The guideline will take effect on April 1, 2026, with MOT saying it hopes the clarification will ensure goods transportation activities are conducted safely and in accordance with the law.

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KOTA KINABALU — The Hire Purchase (Amendment) Act 2026, aimed at strengthening consumer credit fairness and modernising hire purchase agreements, will come into force on June 1, four months after it was gazetted on Jan 30, 2026.

Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali said a transition period may be given to hire purchase providers that require time to adjust their systems, documentation and processes to meet the new requirements.

“However, providers that are ready may begin offering hire purchase agreements under the new amendments once the law takes effect on June 1, 2026,” he told reporters at the National Consumer Day 2026 celebration here today, which was officiated by Prime Minister Datuk Seri Anwar Ibrahim.

Armizan said the amendments also abolish the flat interest rate and the Rule of 78 method, under which a large portion of early loan instalments is used to pay interest while only a small portion goes towards the principal.

“This results in borrowers who wish to settle their loans earlier having to bear a high outstanding balance that does not reflect the actual cost of the loan,” he said.

The amendments also support digital transformation by allowing the use of technology in hire purchase agreements, including digital signatures and electronic submission of documents to improve efficiency in the agreement process.

Armizan said the amendments form part of the consumer movement agenda for 2026, which focuses on legal reforms related to consumer rights and interests, including the implementation, amendment and development of relevant legal frameworks.

Among the measures introduced since last year is the strengthening of the legal framework governing the consumer credit ecosystem.

“This includes the enactment of the Consumer Credit Act 2025 (Act 873), which was passed by the Dewan Rakyat on July 21, 2025 and the Dewan Negara on Sept 4, 2025.

“Act 873, which is regulated by the Ministry of Finance, came into force on March 1, 2026,” he said.

He added that the legal reforms reflect the government’s commitment to creating a more transparent and accountable credit ecosystem, improving industry governance and safeguarding the rights and interests of consumers nationwide. — BERNAMA

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SEREMBAN — The Ministry of Transport (MOT) is willing to consider implementing incentives for the disposal of old motorcycles, but the initiative can only proceed with cooperation from local motorcycle manufacturers.

Its minister, Anthony Loke, said the programme would require active participation from the industry, similar to old vehicle disposal initiatives implemented by national car manufacturers such as Proton Holdings Bhd and Perusahaan Otomobil Kedua Sdn Bhd (Perodua).

“So far, there is no incentive for the disposal of old motorcycles. I recently received a letter from the Malaysian Motorcycle and Scooter Association (MMSDA), but manufacturers themselves need to take the initiative.

“We introduced programmes for old cars because there were initiatives from manufacturers. If manufacturers come forward, the condition is that the vehicles must be locally assembled (CKD); imported vehicles will not be included. Assistance is only given to local manufacturing companies,” he told reporters today.

Loke said the proposal for a motorcycle scrappage programme is still new, but the ministry is open to discussions if local manufacturers express interest. 

Earlier, the Seremban Member of Parliament officiated the 28th Balik Kampung Road Safety Campaign, themed “Pakai Lengkap, Balik Selamat,” which was also attended by Road Transport Department Director-General Aedy Fadly Ramly.

Loke was responding to a proposal for a motorcycle disposal programme similar to the government’s initiative that offers a matching grant of up to RM4,000 to encourage owners to scrap vehicles over 20 years old that are no longer economical and may pose safety risks.

Meanwhile, he advised motorcyclists to prioritise safety by using helmets that meet required standards and not to wait for the free helmet replacement programme before replacing unsafe helmets.

He said helmets remain the most important safety equipment for motorcyclists, but observations from helmet replacement campaigns over the years found that many riders were still using helmets that no longer provided adequate protection.

In another development, Loke said the implementation of smart lanes on several highways is aimed at reducing traffic congestion, particularly during peak hours, but safety considerations must remain a priority.

He noted that the matter would need further study, including collecting data on accidents involving the lanes, before any proposal is submitted to the Ministry of Works.

“A study needs to be carried out before the matter is brought to the Works Ministry. The smart lane falls under the jurisdiction of the Malaysian Highway Authority, which is an agency under the Works Ministry,” he said. — BERNAMA

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