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☆ Tesla may be pushing back its big robotaxi reveal, throwing doubt on one of Elon Musk's biggest promises
  + stars: | 2024-07-11 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +1 min
Tesla is reportedly pushing back its robotaxi day to October. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla is reportedly pushing back its robotaxi event to the fall, according to a report from Bloomberg on Thursday. Elon Musk's automaker had been aiming to host investors at an event detailing its long-awaited robotaxi business plans on August 8, less than a month from now. Bloomberg reported that the company will now need more time to work up prototypes for the event, pushing the date back to October.
Persons: Tesla, —, Elon Organizations: Service, Bloomberg, Elon Musk's, Business
☆ EVs aren't exciting anymore. Investors want to hear about software.
  + stars: | 2024-07-07 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +5 min
That leaves Wall Street investors looking for something else to set an electric vehicle maker apart: software. Rivian, which has been facing its own issues with a falling stock price and disappointing financial results, is now riding high after announcing a software joint venture with Volkswagen. Related storiesThe companies said that Volkswagen will make an initial $1 billion investment in Rivian as part of a software development deal. The first was a $500 million investment from Ford to build EVs in a joint venture Rivian struck before it had even started production. While Volkswagen's stock price hasn't enjoyed the same ride as Rivian's, investors are pleased to see the German automaker focusing on improving its software development programs.
Persons: —, Tesla, Elon, Dan Ives, Ives, It's, Rivian, John Murphy, Murphy, hasn't, Morgan, Jose Asumendi Organizations: Service, Business, Volkswagen, Ford, VW, EV, Bank of America, Rivian, VW Group Locations: Wedbush, FSD, Rivian, Normal, Georgia
☆ Elon Musk and Tesla are on the rise after a brutal start to the year
  + stars: | 2024-07-03 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
In today's big story, a tough sales report for Tesla can't slow the EV maker's turnaround . After a dreadful start to the year, the EV maker has been running on all cylinders on a full charge. Tesla's polarizing CEO also notched a massive victory when investors approved Elon Musk's $55 billion pay plan . But what is new at Tesla, and what sparked the company's recent market rally, are big promises from its CEO. As automakers reconsider their EV strategy , Tesla has figured out how to build cars cheaper than anyone else .
Persons: —, I'm, Tesla, Jordan Strauss, Chelsea Jia Feng, Insider's Nora Naughton, BI's Filip De Mott, hasn't, Karol Serewis, Musk's, Nora, it's, he's, Musk, Apu Gomes, Steve Cohen's Point72, Ken Griffin's, Mark O'Hare, Larry Fink, execs, Marc Benioff, trouncing, It's, Jenny Chang, Rodriguez, they've, Morgan Stanley, Beryl, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Amanda Yen Organizations: Service, Business, Chelsea, Wall, Elon Musk's, Getty Images, Getty, Ken Griffin's Citadel, BlackRock, EU, Google, YouTube Locations: Wick, Jamaica, New York, London
☆ Hybrids are having a moment. Here's what you need to know if you're in the market.
  + stars: | 2024-06-30 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +1 min
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 . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. These shoppers are turning to bridge technologies like hybrids and plug-in hybrids, reviving a segment once thought by some to be a relic of the pre-Tesla automotive industry. This story is available exclusively to Business Insider subscribers.
Persons: — Organizations: Service, Business
☆ EV charging is so bleak in the US that 46% of owners are considering going back to gas-powered cars
  + stars: | 2024-06-28 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +3 min
Read previewIssues with charging has nearly half of electric-vehicle owners in the US considering going back to fossil fuels — the latest bad sign for the EV transition. A recent consumer study conducted by McKinsey found that 46% of US EV owners surveyed were likely to switch back to a gas-powered vehicle, compared to a global average of 29% of EV owners who said they would likely switch back to an internal-combustion engine. Respondents said the top reason for ditching their EVs was a lack of charging infrastructure. Though a push from the automotive industry to fund charging infrastructure has led to a boom in public charging stations in the last two years, these have largely been money-losing ventures. The Biden administration has set aside $7.5 billion for charging infrastructure and has said it would add 500,000 EV charging stations by 2030.
Persons: —, Tesla, Biden Organizations: Service, McKinsey, EV, Business Locations: Australia
☆ The lack of EV charging infrastructure is so bad it's driving owners back to gas-powered cars
  + stars: | 2024-06-28 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +3 min
Read previewIssues with charging have nearly half of electric vehicle owners in the US considering going back to fossil fuels – the latest bad sign for the EV transition. The top reason respondents listed for ditching their EV was a lack of charging infrastructure. Charging infrastructure here has long been a hot-potato issue, which has held back efforts to build more chargers. While a push from the automotive industry to fund charging infrastructure has led to a boom in public charging stations in the last two years, these have largely been money-losing ventures. On the government side, the Biden Administration has set aside $7.5 billion for charging infrastructure with a vow to add 500,000 EV charging stations by 2030.
Persons: —, Tesla, Biden Organizations: Service, McKinsey & Co, EV, Business, Biden Administration Locations: Australia
☆ Tesla still has one massive leg up on every automaker
  + stars: | 2024-06-25 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +1 min
Tesla is building EVs for cheaper than anyone else. Lower input costs allow Tesla to set prices lower in a price-sensitive EV market. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla is building EVs for cheaper than anyone else, and it's giving Elon Musk's car company a leg up even as more competition floods the market. This story is available exclusively to Business Insider subscribers.
Persons: Tesla, — Organizations: Service, Elon, Bank of America, Business Locations: Elon Musk's
☆ People are delaying buying new cars, creating a deflationary 'spiral' that's bad news for the auto industry
  + stars: | 2024-06-15 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +1 min
Delayed purchases can lead to a "deflationary spiral" for the automotive industry. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . High interest rates remain a big deterrent for many car shoppers, and price volatility has some car shoppers delaying their purchases in hopes they can get an even better deal in a month or two. That's creating a big problem for the automotive industry, according to one economist. This story is available exclusively to Business Insider subscribers.
Persons: —, It's Organizations: Service, Business
☆ Ford will no longer require dealers to invest $500,000+ just to sell EVs
  + stars: | 2024-06-13 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +1 min
Ford is ending a controversial program that required dealers to invest between $500,000 and $1 million to sell EVs. EV sales are now open to all Ford dealers without certification requirements. The change comes after Ford over-estimated EV sales growth. AdvertisementFord dealers no longer need to invest up to $1 million in order to sell electric vehicles. Ford dealers will no longer be required to invest in certification to get EVs on their lot, opening battery-electric sales to Ford's entire dealership network — a move Gjaja said is designed to grow Ford's EV sales.
Persons: Ford, —, Marin Gjaja, Gjaja Organizations: Ford, Service, EV, CNBC, Business
☆ I spent a day with Chevrolet's two new electric cars. They may not be enough to turn the EV tide.
  + stars: | 2024-06-01 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +4 min
Read previewChevy's electric aspirations are about to meet their toughest test yet with the launch of the Silverado EV and the Equinox EV. All of this adds up to the security that today's EV shopper is looking for, Majoros told me in an interview. The RST First Edition Silverado EV, which is on sale now, goes for $94,500. Equinox EV is a step in the right direction, but can it beat a hybrid? That could be bad news for Chevy dealers and Equinox EV, which might lose out in a comparison with Ford's or Toyota's hybrids.
Persons: —, Steve, Majoros, you've, it's, Ford's, Elon Organizations: Service, Silverado EV, GM, Business, Chevrolet, Motors, Silverado, Equinox Locations: Detroit
☆ I drove Chevy's new Equinox EV. It's a much-needed addition to the electric crossover market.
  + stars: | 2024-05-30 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +1 min
The Equinox EV is a solid addition to the electric crossover market. The Equinox EV is priced and designed to compete directly with Tesla's mass-market cars. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThere's another electric Chevrolet crossover on the market as the bowtie brand leans into EVs while others are pulling back. Two trims of the Equinox EV are available on dealer lots today, with a starting price of $43,295.
Persons: — Organizations: Service, Metro Detroit, GM, Business
☆ EV range is making huge strides, but there still aren't enough places to charge.
  + stars: | 2024-05-28 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +5 min
But despite the vast improvements in battery technology, EV charging still can't hold a candle to the 5-minute stop to fill a gas tank. Related storiesCar companies hoped the public charging infrastructure would improve along with them as they built more range into their vehicles. AdvertisementWhat no one can seem to agree on is who is responsible for building out public charging infrastructure. All these industry efforts have helped to feed an EV charging infrastructure boom in recent years. The Biden Administration has set aside $7.5 billion for charging infrastructure with a vow to add 500,000 EV charging stations by 2030.
Persons: —, Biden Organizations: Service, Business, EV, GM, Pew Research, Department of Energy, Biden Administration, University of Michigan Transportation Research Institute
☆ I drove the electric Chevrolet Silverado. It's a beast that could convince truck people to love EVs.
  + stars: | 2024-05-23 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +2 min
Read previewAfter a long wait, the Chevrolet Silverado EV has officially entered the electric truck wars. On this first drive with the truck, two things struck me immediately: its size and handling. Ultimately, I came away with the impression that the Silverado EV is built for people who love trucks — because of course it is. Trucks have always been Detroit's crown jewel, but big trucks and SUVs are going out of style in the EV segment. AdvertisementIn the end, the Silverado EV was fun to drive and handled well, but it's just too beefy for my taste.
Persons: —, let's, you'll, Tesla, it's Organizations: Service, Chevrolet Silverado EV, Business, EPA, Detroit, Silverado
☆ Ford begs suppliers to help stem EV losses: 'We will all win or lose together'
  + stars: | 2024-05-17 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +4 min
Read previewFord is asking its suppliers to help them cut electric vehicle manufacturing costs, soliciting money-saving ideas in a new memo sent to suppliers this week. "We have all invested heavily in the success of the EV business, and we will all win or lose together." These shoppers are more practical, frugal, and more likely to be considering electric, hybrid, and gas-powered options at the same time. In these matchups, hybrids have been winning as of late, a phenomenon that Musk has said is detrimental to the electric vehicle market. Industry experts, however, say hybrids are a good bridge technology for future EV adopters.
Persons: —, Ford, Elon, Liz Door, Tesla Organizations: Service, Detroit Business, Business, Ford, Industry, Crosstown, GM Locations: Detroit, North America
☆ How Chevrolet thinks it can beat Tesla in the new EV market
  + stars: | 2024-05-17 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +3 min
Read previewChevrolet is just getting started on its takeover of the electric car market, says Steve Majoros, the brand's chief marketing officer. It's not exactly a great time to put more electric vehicles on sale. But the tides finally are turning in Chevrolet's favor, Majoros said, as EV shoppers gravitate to more practical options and legacy brands. Recent studies on a new cohort of electric car shoppers show that they are more inclined to consider purchasing an electric car from a legacy brand. After years of a virtual monopoly on the EV market, shoppers are growing tired of Tesla and looking for fresher options.
Persons: —, Steve Majoros, Majoros, musing, Elon Musk, Elon Musk's Tesla, Tesla, We've Organizations: Service, longtime, Business, Silverado, Tesla, Chevrolet, Elon, EV, Detroit, GM Locations: Chevrolet's
☆ Tesla's easy ride in China may be coming to an end
  + stars: | 2024-05-09 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +4 min
Elon Musk appears focused on reinforcing Tesla's China business. AdvertisementTesla is facing tougher years ahead in the Chinese market, and it couldn't come at a worse time for the company. AdvertisementAfter years of steady growth in China, Tesla's sales are slippingTesla sold 62,167 cars in China in April, down 18% from a year ago, according to data released Tuesday by the China Passenger Car Association. Inexpensive Chinese cars are also competing with Tesla in important European and Scandinavian markets, a traditional stronghold for Musk. After his latest visit to the region, Musk appears to be sending reinforcements to the Chinese market.
Persons: Tesla, Elon Musk, —, Elon, BYD, China couldn't, Musk, Tom Zhu Organizations: Service, Elon Musk's, Shanghai Gigafactory, China Passenger Car Association, China, Tesla, BYD's, Ford, GM Locations: China, Shanghai, California, Mexico, Tesla's
☆ The EV market isn't in peril. It's just changing.
  + stars: | 2024-05-08 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +4 min
The rate of EV sales has been slowing for about a year, major automakers have pulled back on their previously lofty EV goals, and even electric car-giant Tesla is faltering. Demand for electric vehicles hasn't dried up completelyDemand for expensive EVs has softened significantly, but an opening exists in the affordable market. A new generation of electric car shoppers are looking for different options than their early-adopting counterparts. Essentially every major automotive company at this point has built its future around selling more electric vehicles. The real divide here is not between hybrids and EVs, but between legacy car companies and EV-only startups.
Persons: —, it's, Power, It's, Elon Musk Organizations: Service, Business, EV, Companies, Ford, GM Locations: EVs
☆ 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
☆ 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
☆ 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
☆ 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
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