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Will Woz Ditch Tesla Motors (TSLA) Model S for Chevy Bolt?

Tesla Motors  Inc has enjoyed much unpaid publicity from the fact that Apple Inc. co founder Steve Wozniak owns and drives a Model S. Now, breaking news culled out directly The Woz’ Facebook page revealed that Wozniak might soon ditch Model S in favor of the Chevrolet Bolt  EV from GM. By the way, Woz is not ditching the Model S because a Dutchman died in another Model S crash yesterday.

The Woz became a loyal Model S owner in 2013 after Elon Musk reprimanded him for buying a car that runs on gas. In the last two years, The Woz has helped Musk to drive discussions about EVs, the future of transport. Of course, he has racked up an unholy number of speeding tickets just to show that EVs can run as fast as gas-powered cars and in order buy Tesla a spot on the nighttime news.

Tesla Motors Inc (NASDAQ:TSLA) Model S Steve Wozniak

Here’s why the Woz is ditching Tesla Model S

On Tuesday, Woz posted a picture of himself standing next to a Chevy Bolt on Facebook with the caption “I expect to be switching cars soon”.  Woz is a vocal and loyal Tesla Motors Model S owner; hence, the people in his network were surprised with the post and they asked Woz to clarify if he was getting the Chevy Bolt in addition to the Model S or otherwise. What followed was a series of comments in which the Woz explained that he was trading his Model S for a Chevy Bolt.

Woz started by saying the Model S will have to make room for the Chevy Bolt.  He says” Knowing myself, it may replace the Tesla. A lot of complaints about the Tesla that my wife and I have are solved in this car (Chevy Bolt)… The user conveniences are well thought out and the functionality is great… I don’t need top-of-the-line luxury. We have a Tesla but there is no other EV choice that’s good for road trips… Otherwise, it’s what we want. Extra features aren’t the big picture, or we’d have skipped the Tesla for a Mercedes.”

Woz and his wife had originally planned to buy a Mercedes Benz before Elon Musk forced Woz to change his mind in 2013. However, it appears that Elon Musk didn’t do a good job of selling the car to Janet Wozniak. Now, the Model S must go because the Chevy Bold appears to be the better option for Woz’s wife in terms of price, technology, and range anxiety.

Woz would rather own the Chevy Bolt than wait for Model 3

From the foregoing, one can posit that Woz’s sole reason for wanting to drop the Model S is that he doesn’t want a top-of-the line luxury ride. However, if Woz doesn’t want a luxury EV, he could have waited for Tesla’s mass-market Model 3. Tesla Model 3 starts at $35,000 potential buyers can access different financing options to purchase the car after the $1000 refundable deposit.

However, it appears that he opted for the Chevy Bolt because it would be available much sooner than the Model 3. More so, the Woz observes that “after seeing the insides and the UI, Tesla will have a difficult time selling me a Model 3. A lot of things wrong with the Tesla model S are done correctly (my opinion) in this car. But it’s still missing a place to put your sunglasses”

Woz’s sudden switch from supporting Tesla Motors to backing GM’s Chevy Bolt is alarming and disconcerting. In August, Woz was still praising the Model S as the ‘biggest disrupter” in the U.S. auto market. He went on to say that “Tesla is probably the one I think of personally… “You can own it and feel like ‘I’m an owner. I can go wherever I want to go just like in a gas car… That’s changed my life a lot”.

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Victor Alagbe is a seasoned business and finance writer with a specialty in writing about how to invest for the long-term in healthcare, pharmacology, energy and tech stocks. His long-term focus is on stocks that provide a nice mix of growth and income. For the short term, he passionately writes about trading stock options for the excitement and leverage that stock options offer.

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