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☆ GM and Ford's gas-powered profits and hybrid successes show how hard it will be for Tesla to weather an EV slowdown
▼ + stars: | 2024-04-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Tesla finally has to deal with the EV slowdown. The EV company can't rely on hybrids and gas cars like competitors. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Both Ford and GM exceeded analyst expectations for the first quarter thanks to cost cutting and stronger demand for gas-powered cars. But the tables have turned now as traditional automakers are able to tap into a newly popular segment unoccupied by Tesla: hybrids.

Persons: Tesla, Musk, —, Elon, Mary Barra, Barra, ruffle Musk Organizations: EV, Service, Ford, GM Locations: North America

☆ It's already hard to get your Fisker fixed. Bankruptcy could make it impossible.
▼ + stars: | 2024-04-27 | by ( Grace Kay | Nora Naughton | ) www.businessinsider.com time to read: +6 min

AdvertisementBusiness Insider spoke with seven Fisker Ocean owners who shared their anxieties about what will happen to their cars if Fisker is no more. AdvertisementSome Fisker owners said they are already struggling to get service and parts. Three Fisker ocean owners described instances where the vehicle was bricked for days after their 12-volt battery died. What Fisker's failure would mean for its competitorsIf Fisker files for bankruptcy, there are likely to be ripple effects for other EV startups, Fiorani said. "If Fiskers start falling off the side of the road in the next few months because there's no one to update them, that's going to put fear into a lot of electric vehicle owners — not just Fisker owners," Fiorani said.

Persons: —, Henrik Fisker teeters, Sam Fiorani, Kurt Mechling, Mechling, Fisker, Chris Salvo, Salvo, Henrik Fisker, Mario Anzuoni, Fiorani, Patrick Burrell, Tesla Organizations: Service, Business, AutoForecast Solutions, BI, Reuters, EV Locations: California

☆ The stark contrast between Meta and Tesla earnings reactions reveals the uncanny power of Musk's promises
▼ + stars: | 2024-04-25 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

The Tesla CEO keeps it cool and keeps investors on his side. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Tesla quelled weeks of investor angst with Musk's word on two important future products: a long-awaited affordable model and the eventual activation of a self-driving ride-hailing fleet. This story is available exclusively to Business Insider subscribers.

Persons: Elon Musk, Musk's, —, Tesla Organizations: Elon, Service, Business

☆ You can get a crazy good deal on a used Tesla from Hertz right now — but know these risks
▼ + stars: | 2024-04-25 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Screenshot of used Tesla listing from Hertz Car Sales website. Hertz Car SalesIt's a screaming deal for shoppers in the market for a used Tesla or any budget-minded EV shopper, a demographic slowly making up most of the electric car market. AdvertisementMileage and battery usageA used Tesla that has been in a rental fleet is likely to used much more frequently than one that's been personally owned. You can see that in the difference in mileage when you look on Kelley Blue Book for a used Model 3. Screenshot of a used Tesla Model 3 listing on KBB Business InsiderAnother $20,125 Model 3 we found on the Hertz website in January, a 2021 model, was listed with 92,789 miles.

Persons: —, Hertz, Kelley, Tesla, iSeeCars Organizations: Service, Hertz, Business, Tesla, KBB, EV, quicken Locations: Southeast Michigan

☆ Tesla reveals what its Uber-like robotaxi app would look like
▼ + stars: | 2024-04-23 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Tesla hasn't said when it would launch a ride-hailing service. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla on Tuesday released more details about its planned launch of an Uber-like ride-hailing service. The service would live inside the Tesla app, which Tesla owners can already use for almost all vehicle functionality, the company said. Tesla CEO Elon Musk announced earlier in April that the company would reveal a long-awaited robotaxi in August.

Persons: Tesla, Elon, Tesla hasn't, —, Elon Musk Organizations: Elon Musk's, Service

☆ Tesla is blaming struggling EV sales on hybrid craze
▼ + stars: | 2024-04-23 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

Tesla is blaming hybrids for stealing EV sales. Inexpensive hybrid cars have become a popular choice for green-car shoppers. That's a real problem for Tesla, which doesn't sell hybrids. In the opening page of its first-quarter earnings presentation Tuesday, Tesla blamed an industry-wide prioritization of these partially battery-powered cars for putting pressure on global EV sales and — by extension — Tesla's sales. After years of wealthy early adopters clamoring for expensive new technology, today's EV shopper is more frugal and practical — and more interested in hybrid models that fit their everyday needs.

Persons: Tesla, —, Elon Musk's Tesla, Tesla's Organizations: Service, Toyota, Musk's EV

☆ The last thing Elon Musk wants right now is barrelling toward Tesla
▼ + stars: | 2024-04-20 | by ( Nora Naughton | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +4 min

The United Auto Workers union won a critical vote at a plant in Tenessee. The union's white whale is Tesla, workers of which have never been represented by a union. The warm-up for TeslaConquering the South is just a warm-up for the big event for the UAW: Organizing Tesla. Tesla has never held a union vote at any of its US facilities. Many Tesla workers already make more per hour than their unionized counterparts.

Persons: aren't, —, Shawn Fain, Fain, Tesla, Elon Musk, Elon Organizations: United Auto Workers, Service, UAW, National Labor Relations Board, Reuters, unionizing, Detroit, Volkswagen, Mercedes, Tesla, Organizing, New York Times Locations: Tenessee, Tennessee, Chattanooga, Detroit, Alabama, Sweden

☆ Anything but Tesla: US shoppers want more EV options
▼ + stars: | 2024-04-09 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

EV shoppers want more choices than Tesla. This is the latest sign that the EV slowdown is catching up to Elon Musk. Well over half of the EV shoppers surveyed by UBS in an annual study said they would prefer to buy an electric car from a legacy carmaker over a new manufacturer such as Tesla. On top of that, the bank found that the likelihood a US shopper would buy an EV increased with brands other than Tesla. This story is available exclusively to Business Insider subscribers.

Persons: Elon Musk, — Organizations: Service, EV, UBS, Business

☆ Tesla can't outrun the EV slowdown
▼ + stars: | 2024-04-02 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

AdvertisementElectric-vehicle leader Tesla is finally starting to feel the pinch of a slowdown in EV sales that is already rocking the rest of the industry. This rough quarter is the first sign that the EV leader is not immune to a slowdown in electric vehicle sales that has dogged its competitors since the latter half of 2023. Related storiesSo far, Tesla has largely been able to keep up with a changing demographic of electric vehicle shoppers by flexing its hefty profit margins to lower prices. Is Tesla ready for the next wave of EV buyers? For the newest electric car shoppers in the market, simply lowering prices may not be enough to win them over.

Persons: —, Tesla, Elon, Deutsche Bank's Emmanuel Rosner Organizations: EV, Service, Boston Consulting Group, Deutsche

☆ Tesla Q1 sales miss Wall Street expectations — and clock the first year-over-year quarterly decline since 2020
▼ + stars: | 2024-04-02 | by ( Graham Rapier | Nora Naughton | ) www.businessinsider.com time to read: +3 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla delivered fewer cars to customers in the first three months of 2024 than Wall Street expected, it said Tuesday, marking the company's first year-over-year sales drop in nearly four years. It's also the first year-over-year decline in quarterly deliveries since 2020, as well as the company's lowest quarterly performance since 2022. Over the past year, Tesla has cut the prices of its cars significantly, hurting its profits in pursuit of sales. During an earnings call last year, Musk said that Tesla could theoretically sell its cars for no profit because of the technology.

Persons: Tesla, —, It's, Elon, Musk, I'm, I've Organizations: Service, Wall, UBS, That's, Elon Musk's, Deutsche Bank Locations: U.S, China

☆ Detroit went all-in on big, expensive EVs nobody wants. Here's what the data shows they'd rather buy.
▼ + stars: | 2024-03-31 | by ( Nora Naughton | ) www.businessinsider.com time to read: +5 min

Read previewWhen the automotive industry started looking toward an electrified future, Detroit automakers decided to throw their hat in the ring with what they do best: Pickup trucks. Electric pickup truck pioneer Rivian has also warned of slowing growth, and Elon Musk's Tesla already appears to be offering some purchase incentives for the Cybertruck. Only four EVs sell in that range at the moment, according to Edmunds, and none of them are sold by Detroit automakers. On average, EVs sold for around $61,700 last year, $14,250 more expensive than the typical price paid for non-electric vehicles, Edmunds said. AdvertisementGM is taking another approach, pulling back on EV production as the company plans to bring more hybrids (a segment that has seen demand increase while EV demand wanes) to the North American market later this year.

Persons: —, Ford, Rivian, Elon Musk's Tesla, Edmunds, Jessica Caldwell, EVs, BCG, Jim Farley Organizations: Service, Detroit, Ford, Business, GMC, EV, Associated Press, Edmunds, Detroit automakers, Leaf, Fiat 500e, Hyundai Kona Electric, Boston Consulting Group, Bloomberg, North Locations: Detroit, Edmunds

☆ Fisker cuts $24,000 off the price of its Ocean SUV in an attempt to stay alive
▼ + stars: | 2024-03-27 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

The most expensive Fisker Ocean is now cheaper than the average car. The embattled electric-vehicle startup said Tuesday it would reduce the price of the most expensive Ocean by nearly 40% to $37,499. That brings the price of the Ocean Extreme nearly $6,700 below the average price paid for any new vehicle this month. Cheaper trims are also discounted, with the most affordable Ocean now selling for $24,999, Fisker said in a press release. That's a price point you can't often find on any new car lot these daysThis story is available exclusively to Business Insider subscribers.

Persons: —, Fisker Organizations: Service, Business

☆ Mercedes-Benz unveiled hybrid versions of its famous G-Wagen — see the new G550 and G63
▼ + stars: | 2024-03-26 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Both new models have 48-volt hybrid systems. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The G550 swaps its previous V8 rumbler for a new turbo six-cylinder, with a 48-volt mild hybrid system, which reduces emissions when accelerating from a full stop. The G63, on the other had, retains the V8 and adds the same 48-volt hybrid system. Both models feature better technology inside and out, including an adaptive cruise control system known as AMG Active Ride Control for the G63 — a first for the G-class.

Persons: —, Mercedes Organizations: Benz, Service, Control

☆ Elon Musk says Tesla and SpaceX are collaborating on the new Roadster
▼ + stars: | 2024-03-25 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

The long-awaited Tesla Roadster return is going to have "some rocket technology." Musk has dangled a return for the Roadster since 2017. AdvertisementThe long-awaited second-generation Tesla Roadster is engineered to go where no car has gone before, CEO Elon Musk said. In a recent interview with ex-CNN anchor Don Lemon, Musk revealed that Tesla is collaborating with SpaceX on the reincarnation of the Roadster, Tesla's iconic electric sports car. Musk wouldn't directly answer questions about whether the Roadster could fly, only saying such a feature is not "out of the question."

Persons: —, Elon Musk, Don Lemon, Musk, Tesla Organizations: Tesla, SpaceX, Service, CNN, Business

☆ It's actually a good time to buy a new car
▼ + stars: | 2024-03-16 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

New car prices are on the way down. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIf you've been waiting to buy a new car until prices start to fall, your patience over the last few years might be paying off. This story is available exclusively to Business Insider subscribers.

Persons: —, you've Organizations: Service, Cox Automotive, Business

☆ Hybrids are more popular than ever as shoppers cool on EVs
▼ + stars: | 2024-03-13 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

Fewer new-car shoppers are considering EVs for their next vehicle, according to JD Power, with shoppers citing a lack of access to charging infrastructure as a main reason for ruling out EVs. Brands that have leaned into hybrids saw better sales results in February. "Hybrids are just rockin,'" Toyota Motor North America's sales chief David Christ told Automotive News after it released its sales results last week. The Toyota RAV4 SUV is one of the more popular hybrids on dealer lots. Among American brands, Ford notched a 31.5% increase in hybrid sales, as these vehicles lured more new customers to the Blue Oval.

Persons: —, Power, David Christ, Ford, Jim Baumbick Organizations: Service, Tesla, Business, Brands, Toyota, Automotive, Blue, Ford

☆ The new Chinese EV that wants to take on Tesla and Porsche is coming this month
▼ + stars: | 2024-03-12 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Chinese smartphone maker Xiaomi designed the SU7 to challenge Tesla and Porsche. The EV claims a top range of 500 miles — about 95 miles more than the Tesla Model S, per Xiaomi. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChinese smartphone maker Xiaomi is launching a new Tesla fighter later this month, marking yet another competitor for CEO Elon Musk in the critical Chinese EV market. The SU7 model, a high-end electric car, is set to launch on March 28 in China, CEO Lei Jun said in a Tuesday post on X.

Persons: Xiaomi, Tesla, —, Elon Musk, Lei Jun Organizations: Porsche, Tesla, Service, Apple, Business Locations: Beijing, China

☆ Your car might be secretly recording every drive you take — and sending it to your insurance company
▼ + stars: | 2024-03-11 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

Read previewYour driving habits aren't as private as you think they are, according to a recent report from The New York Times. Internet-connected vehicles can gather data on driving habits, including hard braking and rapid accelerations, and share that information with data broker LexisNexis, which works with insurance companies to create personalized coverage. AdvertisementGeneral Motors's OnStar Smart Driver service is a focus of the Times report. Some drivers who were enrolled in Smart Driver told the Times that their insurance costs went up. If you own a GM car (Chevrolet, Cadillac, Buick, or GMC) with OnStar services, you can check on whether you're enrolled in Smart Driver in your car's app — MyChevrolet, MyBuick, etc.

Persons: —, Motors's OnStar Organizations: Service, The New York Times, LexisNexis, Business, Chevrolet Bolt, The Times, Smart Driver, Times, GM, Smart, Chevrolet, Cadillac, Buick, GMC Locations: OnStar

☆ Rivian R2 vs Tesla Model Y: How the two electric SUVs stack up
▼ + stars: | 2024-03-10 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

The R2 SUV will go head-to-head with the ultra-popular Tesla Model Y. The boxy R2 looks more rugged than the Model Y. AdvertisementRivian is taking aim at Tesla with the R2, a smaller and more affordable SUV that will compete with the Model Y. The Model Y will be stiff competition for Rivian's R2. Here's how Rivian's R2 stacks up against its top competitor, the Tesla Model Y.

Persons: — Organizations: Tesla, Service, Elon Musk's EV

☆ Ford's secret weapon in the fight against Tesla: hybrids
▼ + stars: | 2024-03-08 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Ford's hybrids are bringing new customers to the brand amid the EV sales slowdown. Ford's middle-of-the-road approach to hybrids and EVs is paying off for now. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElectric vehicle sales aren't going the way Ford expected when CEO Jim Farley took direct aim at Elon Musk's Tesla in 2022. This story is available exclusively to Business Insider subscribers.

Persons: —, Jim Farley, Elon Musk's Tesla, Elon Musk, Ford Organizations: Ford, Service, Elon, Business

☆ Cybertruck reviews are in, and the complaints are just as unique as Tesla's truck itself
▼ + stars: | 2024-02-29 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Reviews for the Tesla Cybertruck are positive — so far. AdvertisementOfficial reviews for Tesla's Cybertruck are rolling in, and so far, the hulking stainless steel truck is largely living up to the hype. The complaints, much like the truck itself, are rather unique compared to a typical pickup-truck review. "You'll need thick skin if you own one, especially if you post photos of it online where the trolls are especially toxic," Elliot wrote. AdvertisementHave you driven the Tesla Cybertruck yet?

Persons: —, Tesla's, hangups, there's, Hannah Elliot, WSJ's Dan Neil, Neil, 4x4s, Elliot Organizations: Tesla, Service, Bloomberg Locations: Hollywood

☆ The auto industry owes Toyota an apology on hybrids
▼ + stars: | 2024-02-28 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Toyota, the originator of the hybrid car craze in the early 2000s, is poised to reclaim its crown as the king of green cars. This, paired with the success of Tesla and overall investor enthusiasm for EV technology, left Toyota looking like a laggard. AdvertisementDespite years of criticism, it appears that Toyota might have had the right idea after all. Shoppers in the market for a hybrid are also much more likely to pony up more cash for these cars. Toyota has spent the last several years releasing more hybrids and plug-in hybrids, while refusing to give up on the nascent hydrogen fuel cell technology that many of its competitors have largely abandoned.

Persons: Elon Musk's Tesla, Jeremy Korst, Korst, Akio Toyoda, Toyoda, Tesla, Toyota's, Mary Barra Organizations: Toyota, Business, EV, Elon, Ford, EV technology, Cox Automotive, Cox, Shoppers, Companies, GM Locations: Detroit, North America

☆ The Apple car's apparent death is another grim sign for EVs
▼ + stars: | 2024-02-28 | by ( Hayley Peterson | Nora Naughton | ) www.businessinsider.com time to read: +3 min

Apple appears to be tapping out as car companies scramble to adjust EV plans. AdvertisementThe Apple car is dead (apparently). The scrapped plans would be a grim sign for the EV market in the US, which has suffered from flagging demand. As BI reported earlier this month, car companies are rethinking EV plans in response to softening demand for pure electric cars. Automakers shift EV plansLike Apple, US auto companies have been shifting plans to account for softer EV demand.

Persons: —, Apple's, BYD, We're, Stella Li, Li, Mary Barra, Elon Musk's Tesla, Musk, Harald Wilhelm, Mercedes Organizations: Apple, Service, EV, Bloomberg, Yahoo Finance, General, Volvo, Polestar, Benz Locations: North America

☆ The Apple car is the latest casualty in the brutal EV market
▼ + stars: | 2024-02-28 | by ( Hayley Peterson | Nora Naughton | ) www.businessinsider.com time to read: +2 min

Read previewThe Apple car is dead (apparently). The scrapped plans would be a grim sign for the EV market in the US, which has suffered from flagging demand. As BI reported earlier this month, car companies are rethinking EV plans in response to softening demand for pure electric cars. Apple's "Project Titan" car was also supposed to be an autonomous, expensive technology that most car companies have already put on the back burner. Automakers shift EV plansLike Apple, US auto companies have been shifting plans to account for softer EV demand.

Persons: —, Apple's, BYD, We're, Stella Li, Li, Mary Barra, Elon Musk's Tesla, Musk, Harald Wilhelm, Mercedes Organizations: Service, EV, Apple, Bloomberg, Business, Yahoo Finance, General, Volvo, Polestar, Benz Locations: North America

☆ The 10 most deeply discounted electric cars right now
▼ + stars: | 2024-02-25 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

Discounts are getting bigger after it got harder to qualify for the $7,500 tax credit. In order to deal with a slowdown in demand for big, expensive electric cars — and dwindling federal incentives — dealers and manufacturers are pouring on discounts. By the end of last year, electric cars were seeing some of their highest discounts ever, according to Kelley Blue Book. Changes to requirements for a $7,500 electric vehicle tax credit have also put more responsibility on the dealer and the manufacturer to discount prices. We asked Edmunds for a list of the most discounted electric cars in January.

Persons: —, Elon, Kelley, Edmunds Organizations: EV, Service, Tesla

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