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E-commerce giant Amazon joined Detroit-based automaker Ford in reporting significant losses from an investment in electric vehicle startup Rivian, as the company’s stock tanked from all-time-highs it reached around its IPO. Amazon reported during its Earnings Call on Thursday that it lost $7.6 billion on its Rivian investment. Shares of Rivian reached prices as high as $179.47 per share but have fallen over 75 percent since then. Currently trading at around $31.77, Rivian’s losses come as the automaker struggles to ramp its vehicles during supply chain shortages. Amazon shares (NASDAQ: AMZN) were down over 12 percent on Friday. Rivian has done a tremendous job of remaining resilient through an extremely difficult time. The company is dealing with a growing order bank due to high demand for EVs, but chip and parts shortages have plagued the automaker from avoiding a tumultuous ramp-up process of its first few vehicle models. Amazon has stood by Rivian for several years, investing ...

Volkswagen will partner with bp to launch a strategic partnership to roll out up to 4,000 fast-charging electric vehicle charge points in Germany and the United Kingdom within the next two years. The first charger was unveiled in Dusseldorf, Germany on Thursday, which will be the first of perhaps 8,000 total charging points across Germany, the UK, and other European countries by 2024. Initially, the Dusseldorf fast charger is now live and is the first of at least 4,000. The partnership will utilize Volkswagen’s Flexpole 150kW charging units, which each offer two charge points and have an integrated battery system, which enables a high-powered grid connection to make fast charging possible. The Flexpole units can be connected to a low voltage grid, which removes the need for a dedicated substation and costly and time-consuming construction projects. The Flexpole chargers can provide up to 160 kilometers, or roughly 100 miles of driving range in as little as 10 minutes, depending on ...

Elon Musk confirmed that he sold about $8 billion worth of Tesla (TSLA) shares over the last few days, which sent the automaker’s stock spiraling down, but now he says he is done selling Tesla stocks. Yesterday, we reported that Tesla’s stock was down 16% since the announcement that Twitter has accepted Musk’s offer to be acquired for roughly $44 billion. We speculated that was either due to confusion among Tesla investors about Musk’s plan to finance the acquisition by selling more Tesla stocks or even Musk already selling stocks, which could be putting pressure on the stock. Now Musk revealed through SEC filings with Tesla that he has indeed been selling shares on April 26 and 27 for a total of 8.4 million or about $8 billion worth. Update: another filing shows that Musk also sold shares on April 28 – bringing the total to about $8 billion. In a tweet following the disclosure, the CEO said that he doesn’t plan to sell more Tesla shares at this moment: No further TSLA sales...

SpaceX has successfully launched and landed the same Falcon 9 booster twice in three weeks, smashing the current record for orbital-class rocket turnaround. The existing record was also held by Falcon 9 and set in early 2021 when booster B1060 launched a Turkish communications satellite and a batch of Starlink spacecraft just 27 days and 4 hours apart. Now, just under 15 months later, a new Falcon 9 booster has decisively taken the crown. B1062 just aced its second launch and landing in just 21 days. (SpaceX) At 5:27 pm EDT, Falcon 9 B1062 lifted off as planned from SpaceX’s Cape Canaveral Space Force Station (CCSFS) Launch Complex 40 pad. Flying for the sixth time, the reused booster carried an expendable Falcon upper stage, fairing, and a batch of 53 Starlink V1.5 satellites most of the way out of Earth’s atmosphere to a velocity of 2.2 kilometers per second (Mach ~6.5) before separating and landing on a SpaceX drone ship. (Richard Angle) Just 21 days and 6 hours prior, ...

Tesla has sent some Powerwalls to Ukraine in order to help power some “ambulant clinics” in Irpin and Borodyanka. Power has been unreliable since the Russian invasion – making battery packs like Powerwalls super useful. Mykhailo Fedorov, vice prime minister of Ukraine and minister of digital transformation, announced on Twitter: “Tesla Powerwall tech will power up two ambulant clinics in Irpin and Borodyanka. New solar panels and integrated battery systems will not only use renewable energy, but also store it for backup protection. We are grateful to Tesla and Elon Musk for this continuous support.” He shared a few images of the Ukrainian forces unloading the solar equipment: Tesla Powerwall tech will power up two ambulant clinics in Irpin and Borodyanka. New solar panels and integrated battery systems will not only use renewable energy, but also store it for backup protection. We are grateful to @Tesla and @elonmusk for this continuous support. pic.twitter.com/7MYvCPA1yB ...

West Virginia Democrat Joe Manchin blasted a potential expansion of the electric vehicle (EV) tax credit on Thursday, while also calling for the development of the hydrogen sector to decarbonize the transportation industry. Manchin, who called a Biden administration proposal to broaden the EV tax credit program “ludicrous,” said the waiting period for EVs right now is already so long that there is no point to offering more money to incentivize consumers to buy a battery-powered car. “There is a waiting list for EVs right now, with the fuel prices, but they still want us to throw a $5,000, or $7,000 or $12,000 credit for us to buy electric vehicles,” said during a Thursday Senate budget hearing. Manchin added that production volumes of EVs are far away from fulfilling current demand levels, so it would be ridiculous to offer additional funding to the programs. It is evident that EVs are becoming more popular, and with automakers in nearly all situations relating to EVs still workin...

Tesla has issued another “over-the-air recall,” and this time it’s on more than 48,000 Model 3 Performance vehicles over a problem with “track mode.” Lately, Tesla has had to issue a lot of recalls, but most of them were minor issues that were fixed by simple over-the-air software updates. For example, the automaker issued a recall that was reported as a “massive” recall on over 800,000 vehicles due to “a seat belt issue,” which sounds pretty bad, but, in fact, it had to do with a reminder alert to buckle the seat belt that sometimes wouldn’t appear under very specific conditions. It is creating a situation where the media sensationalizes major “recalls” when, in fact, a simple over-the-air software update is needed, and no owner actually needs to bring back the car to a dealership or service center, as is the case with traditional recalls. It actually highlights one of Tesla’s biggest advantages over the rest of the industry: the high level of connectivity in its vehicle...

Ukraine Deputy Prime Minister and Minister of Digital Transformation Mykhailo Fedorov recently revealed that Tesla Powerwalls will be used with solar energy to power two ambulant clinics in the country. The clinics are located in Irpin and Borodyanka.  Fedorov noted that the Tesla Powerwalls are particularly useful since the batteries help store energy. This is a critically important advantage considering that both Irpin and Borodyanka have been heavily damaged by the war. In a post on Twitter, the official extended his gratitude to both Tesla and Elon Musk for their continuous support of Ukraine.  Tesla Powerwall tech will power up two ambulant clinics in Irpin and Borodyanka. New solar panels and integrated battery systems will not only use renewable energy, but also store it for backup protection. We are grateful to @Tesla and @elonmusk for this continuous support. pic.twitter.com/7MYvCPA1yB — Mykhailo Fedorov (@FedorovMykhailo) April 29, 2022 “Tesla Powerwall...

Posted on April 29, 2022 by Zachary Visconti As electric vehicles take hold of the larger auto market, Tesla trails vehicle sales across Europe by a somewhat narrow margin. However, the U.S. automaker’s new Gigafactory Berlin-Brandenburg could be set to change that, some say. Above: Tesla vehicles (Source: EVANNEX) Tesla could take back EV market share in Europe overall with its new Gigafactory Berlin, according to a report from The Wall Street Journal . For now, it’s still just getting started, but once it ramps up production at the Grünheide, Germany facility, many believe it could give Tesla an unfair advantage in the European auto market. EVs are gaining traction across Europe, with new EV sales accounting for around one in six light vehicles sold in Europe in Q4 2021. Tesla led EV sales in Europe as early as 2019, though it has largely trailed Volkswagen and Stellantis ever since, save for a few individual countries. In 2021, Tesla held a 14-percent share of EV ma...

The Boring Company’s (TBC) Vegas Loop is expected to transport nearly 2,000 passengers per hour between its Resorts World station and the Las Vegas Convention Center, which has its own LVCC Loop.  “We can run about 2,000 people an hour from Resorts world to the Convention [C]enter. Right now, it’s in one tunnel, so eight cars will come in, pick up passengers, take them to the Convention Center, [and] come back through. It’s about 2,000 people per hour we can transport,” Resorts World President Scott Sibella told  Fox5 .  The Vegas Loop is expected to have 51 stops throughout Sin City, including stations at the Harry Reid International Airport, the Allegiant Stadium, and several along the Strip. Vegas Loop fares are expected to cost between the price of public transportation or a rideshare.  The Boring Company already has a running tunnel system at the Las Vegas Convention Center (LVCC). For reference, the Las Vegas Convention and Visitors Authority (LVCVA) told...

Recently, Tesla updated its order page, allowing customers to purchase chargers while ordering their custom vehicles. Tesla is charging $400 for a Wall Connector and $200 for a Mobile Connector.  Tesla’s Wall Connector comes with a 24-foot cable and allows owners to charge their vehicles at home. According to Tesla’s description, the Wall Connector needs to be installed, but installation is not included. Then there is the Mobile Connector, which will come in handy on long trips away from home. “Using a standard household outlet can provide charging speeds of up to 3 miles of range per hour. Using a 240 V outlet provides up to 30 miles of range per hour depending on vehicle model. Includes a NEMA 5-15 Adapter and a NEMA 14-50 Adapter,” noted Tesla.  Earlier this month, Tesla announced that orders after April 17 would not include a Mobile Charging Connector. The decision received pushback and criticism from some Tesla owners and enthusiasts. “Usage statistics were s...

Elon Musk reported selling about 4.4 million Tesla shares amounting to around $4 billion recently, according to several Form 4 SEC filings.   According to the SEC filings, Elon Musk filed five Form 4s. The filings were split into five forms due to the volume of transactions. The Form 4s covers 138 individual transactions that occurred on two separate dates, April 26 and 27, 2022. Musk has announced that there would be no further TSLA sales planned for today.   No further TSLA sales planned after today — Elon Musk (@elonmusk) April 29, 2022 Tesla shares fell 12% earlier this week on Tuesday, resulting in a $126 billion loss. The drop occurred after Elon Musk revealed he would be selling some Tesla shares to fund his part of the $44 billion Twitter acquisition deal.   “The $21 billion in equity financing for Twitter will result in some piece of Musk’s Tesla ownership being sold over the coming year even though a core piece of this financing is likely held as co...

SpaceX appears to have opened the floodgates and begun shipping upgraded ‘Raptor V2’ engines to Starbase en masse in preparation for crucial Starship and Super Heavy testing. The first functional Raptor engine delivery in around half a year and the first Raptor V2 delivery ever appeared to arrive at Starbase on March 30th. About a month and a half prior, SpaceX brought an early Raptor V2 prototype damaged during testing to serve as a backdrop for CEO Elon Musk’s February 10th Starship presentation, marking the first time the public was allowed to see or photograph the engine up close. Less than three months later, Raptor V2 engines that passed proof testing without damaging or destroying themselves have begun to rapidly pile up inside one of Starbase’s three main production tents. Though Raptor V2 has plenty in common with its Raptor V1 and V1.5 predecessors and, for the most part, looks very similar, Musk has repeatedly stated that the engine represents a major evolution from pa...

Elon Musk’s Twitter deal puts increased pressure on Tesla stock (NASDAQ: TSLA) and its shareholders, as the automaker’s price per share continues to spiral downward after losing nearly 13 percent of its value this week. Analysts are trying to decipher where Tesla’s long-term outlook points because of the deal, as short-term pressure is being applied due to Musk’s imminent stock sale, which will fund his portion of the Twitter merger deal. Despite Tesla’s positive Earnings Report from last week, which detailed its best automotive operating margin and delivery figures in a single quarter, the automaker is still sparing with a selloff of its stock from investors. Just three hours into Thursday’s session, trading volume on Tesla shares had reached its daily average of 24.7 million shares, changing hands every day. At the time of writing, Tesla shares were trading around $887, up less than 1 percent. In mid-March, shares traded around this level but rebounded later, crossing levels as ...

A judge sided with Elon Musk in a court case brought by investors over Tesla’s acquisition of SolarCity, which they claimed was pushed by Musk to bail out the solar installer. The court found that Musk was more involved than he should have been in the acquisition considering his interest on both sides, but the judge ultimately determined that Tesla didn’t overpay for SolarCity. In 2016, Tesla’s board and shareholders approved a $2.6 billion acquisition of SolarCity with a strong majority, but not everyone was happy. Several Tesla shareholders ended up filing lawsuits against Tesla’s board and Musk specifically. They claimed that Musk initiated the acquisition to bail out SolarCity, which he was heavily invested in and was having financial difficulties at the time. Some investors were also concerned about potential conflicts of interest because of all the relationships between Musk, his family and friends, and the two companies. SolarCity was led by Musk’s cousins, and several boar...

A lawsuit between Tesla Shareholders and Elon Musk ended on Wednesday with a Delaware court ruling in favor of CEO Elon Musk. Shareholders believed Tesla’s acquisition of SolarCity in 2016 was a bailout of a company owned by two of Musk’s cousins, which was unfair to them. The trial started in July 2021, and within the first few days, Musk had made remarks that it was a stock-for-stock transaction that resulted in “no financial gain.” Shareholders requested that Musk repay the $2.6 billion price tag for the acquisition of SolarCity after they claim he applied heavy pressure on Tesla’s board to purchase the company. Tesla stock fell over 10 percent after the acquisition of SolarCity was announced, which made investors skeptical of the benefits of the deal. The plaintiffs argued that Musk was able to convince Tesla’s board to acquire the company by misrepresenting the financial situation of SolarCity. Musk claimed the company could be cash-flow positive within six months, but the sha...

Dallas County has authorized the purchase of three Tesla Model 3 vehicles to be used by the local police. It’s the latest example of electric vehicles gaining popularity with law enforcement. Tesla vehicles have become the go-to EV for police departments around the world. Many have started adding Tesla Model 3s to their fleets, most recently the NYPD. Last year, the Model Y started to gain momentum. Fremont police and the Spokane Police Department both bought Model Ys to use as patrol vehicles, and Boulder’s police department also went with the electric SUV. Any type of use that requires a lot of mileage is going to benefit greatly from the gas and maintenance savings of going electric. Police patrol vehicles fit that use case. Last week the Dallas County Commissioners approved the purchase of three Tesla Model 3 Performance vehicles for use by the local police. They want to use them as police vehicles, but they haven’t had the time to validate the Tesla ...

Ford (NYSE: F) reported $34.5 billion in revenue through Q1 2022, with a net loss of $3.1 billion “primarily attributable to valuation of investment in Rivian.” The Detroit-based automaker said demand for its vehicles was strong in the first quarter, but deliveries were tempered by supply chain issues. “The appeal of these products – Bronco, Bronco Sport, Maverick, Mustang Mach-E, E-Transit, and now the F-150 Lightning – is undeniable,” Ford CEO Jim Farley said. “That’s translating into orders, typically with rich configurations that deliver great experiences to those customers and healthy pricing for us. Now, we’re breaking constraints wherever they exist to get more Ford vehicles – including our innovative EVs – to more customers as quickly as possible.” Ford launches F-150 Lightning production at Rouge Electric Vehicle Center Ford’s $34.5 billion in first-quarter revenue is a 9 percent decrease from Q1 2021, with wholesale shipments of nearly 970,000 vehicles during the firs...

A judge shut down Elon Musk’s effort to cancel the part of his settlement with the SEC over his ‘funding secured’ tweet that basically gave the agency the right to act as a sort of ‘Twitter police.’ It happened all the way back in 2018, but it’s still in the news today for a bunch of different reasons, ranging from Musk buying Twitter, civil lawsuits over the matter, and Musk’s own effort to walk back part of the settlement. Earlier this month, Musk brought up the whole situation in an interview at TED and insisted that he didn’t lie about the funding being secured, and that he was forced to settle with the SEC to save Tesla. Musk’s lawyers have petitioned the court to cancel the ‘Twitter police’ part of the deal after claiming that the SEC has been using the power to “harass” Tesla and Musk and “impede on his first amendment rights.” Now, U.S. District Judge Lewis Liman in Manhattan has released his opinion on the matter and has shut down the effort (via Bloomberg): Musk ca...

Posted on April 27, 2022 by Zachary Visconti BMW’s i3, a compact electric vehicle, was an early-mover in the battery-electric vehicle market. However, a BMW spokesperson confirmed last month that the i3 would cease production in July 2022, after an impressive nine years in world markets and over 200,000 units sold by October 2020, as reported by Hot Cars .  Above: A look at the BMW i3 (Flickr: Jakob Harter) The i3 was a significant success story for the early adoption of EVs, and the compact EV is set to be replaced by the BMW iX1 and a full lineup of BEVs. However, despite the success, BMW CEO Oliver Zipse warned last month of switching away from internal combustion engines too quickly, emphasizing that the market wouldn’t be going anywhere anytime soon, according to Observer .   “Combustion engine is the largest [automobile] market segment in absolute terms by far in Germany, also in Europe and worldwide. Before you simply switch off something like...

Ford CEO Jim Farley teased a second electric pickup truck during the launch event for the F-150 Lightning recently.  “I wish we could bring you all down there, but we’re already pushing dirt down in Blue Oval City in Tennessee for another electric pickup truck that’s different from this one,” Farley teased.  Farley referred to Ford’s $5.6 billion mega campus in Stanton, TN, which sits on a nearly 6-square-mile site. The TN campus, named Blue Oval City, is expected to generate approximately 6,000 new jobs a build electric F-Series pickups. Based on Farely’s speech, Ford is already working on a second electric pickup truck to follow the F-150 Lightning in Tennessee.  Blue Oval city will be instrumental in Ford’s goals. The legacy OEM plans to make Blue Oval City a vertically integrated ecosystem. It will include a Blue Oval battery plant build with Korean supplier SK Innovation. Ford also announced a collaboration with Redwood Materials for a closed-loop domestic batte...

On Tuesday, April 26, the opposition to legislation that would allow direct sales of electric vehicles discussed the ongoing efforts to pass the so-called “Tesla bill” in Connecticut.  The proposed bill would conflict with Connecticut’s franchise law which requires car manufacturers to sell their products through third-party dealerships. The United Auto Workers (UAW) union, CT car dealers, and Senator Julie Kushner presented their arguments against the Tesla bill at the conference.  “I’m really a strong believer that we need to move to electric vehicles, and I think we’re doing that on many levels in the state, and I see the car manufacturers are moving in that direction as well,” said Sen. Kushner, a Danbury Democrat. “I don’t see the need to do a Tesla bill. I don’t see the need to advance Elon Musk, who is already, you know, ruler of the world,” the Senator added. Despite its nickname, the bill would allow any vehicle manufacturers without an existing presence in the ...

Lucid Group announced today that it had reached an agreement with the Government of Saudi Arabia to purchase up to 100,000 electric vehicles from the automaker over ten years. The deal will start with an initial commitment of at least 50,000 vehicles with the option to purchase 50,000 additional cars over the same period. “Delivering up to 100,000 Lucid electric vehicles in Saudi Arabia represents another pivotal moment in our acceleration of sustainable transportation worldwide,” Lucid Group CEO Peter Rawlinson said. “We are delighted to be supporting Saudi Arabia in achieving its sustainability goals and net-zero ambitions, as outlined by Saudi Vision 2030 and the Saudi Green Initiative, by bringing our advanced luxury EVs to Saudi Arabia.” #LucidMotors announces deal with Government of Saudi Arabia for purchase of up to 100,000 vehicles over a ten-year period. #DreamAhead https://t.co/xPt6Goad3D pic.twitter.com/aDKgUxDfIo — Lucid Motors (@LucidMotors) April 26, 2022 Lucid a...

Prices of used Tesla vehicles are out of control, as some used vehicles with over 30,000 miles on the odometer are selling for higher prices than new ones. The used car marketplace has been wild over the last two years. With new car production and sales being down amidst supply chain issues, many people turned to the used car market, and it pushed prices higher across the industry. This has been especially true for electric vehicles, which are more rare on the used car market, and Tesla vehicles are the most popular in the US as the Texas-based automaker still owns about 75% of the new EV market in the country. Over the last year, we even started seeing used prices creeping over new vehicle prices, but that started being less true as Tesla increased prices of new vehicles again over the last few months. Now, used prices are up again, and we are seeing many vehicles listed for higher than brand new Tesla Model Y and Model 3 vehicles. There are many people testing the market with h...