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☆ 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 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 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 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

☆ Rivian's future hinges on its upcoming R2 — here's what we know about the EV and why it's so important
▼ + stars: | 2024-02-22 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

We'll learn more about the R2 at Rivian's March 7 reveal event. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Debuting next month, the R2 is a crucial piece of Rivian's future as a smaller and cheaper option for a new wave of EV customers. The R2 is currently slated to sell for between $45,000 and $55,000 — which Scaringe called a "really important sweet spot" in the EV market. DeliveriesAfter the March 7 reveal, Rivian will open up pre-orders for the vehicle and begin taking deposits.

Persons: —, RJ Scaringe, Rivian, Rivian hasn't, Scaringe Organizations: Rivian's, Service, Tesla, Volkswagen Locations: Georgia

☆ This Chinese EV can shake off snow like a puppy
▼ + stars: | 2024-02-20 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

The Nio ET9 EV can toss off that snow for you. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Chinese EV company Nio recently shared a new video of its ultra-premium ET9, which is still about a year out from final production, independently tossing off a few inches of snow. In the video, the camouflaged ET9 pulls off what can only be described as a puppy shake to clear large chunks of snow off the windshield, roof, and rear window in just a few seconds. This story is available exclusively to Business Insider subscribers.

Persons: Nio, — Organizations: Service, EV, Nio, Business

☆ Capital One to acquire Discover for $35 billion, merging 2 of the US' largest credit-card companies
▼ + stars: | 2024-02-19 | by ( Nora Naughton | Huileng Tan | ) www.businessinsider.com time to read: +1 min

Capital One is set to acquire Discover Financial Services in a $35.3 billion all-stock deal. The deal would merge two of the largest credit-card issuers in the US. Capital One Financial is set to acquire Discover Financial Services in an all-stock deal valued at $35.3 billion, the two companies announced on Monday. The deal — first reported by the The Wall Street Journal — would merge two of the largest credit-card issuers in the US. "Our acquisition of Discover is a singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments companies," Richard Fairbank, Capital One's founder, chairman and CEO said in the statement.

Persons: —, Richard Fairbank Organizations: Discover Financial Services, Discover, Capital, Capital One's, Business

☆ The 10 cheapest electric cars you can buy in 2024
▼ + stars: | 2024-02-11 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Car companies are scrambling to offer more affordable EV options amid demand slump. There are still some EV options in the $30,000 to $40,000 range. Affordable electric models are becoming a key piece of the auto industry's transition away from fossil fuels as demand for the more expensive models falls. Ford, for example, announced earlier this week it would be prioritizing smaller, more inexpensive EVs going forward. AdvertisementWhile customers wait for these less expensive models to show up, we asked car-shopping website Edmunds for a list of the 10 cheapest electric vehicles going on sale this year.

Persons: —, Edmunds Organizations: Service, EV Locations: North America

☆ Tesla workers still make less than those at Ford and GM, despite recent raises
▼ + stars: | 2024-02-09 | by ( Nora Naughton | Grace Kay | ) www.businessinsider.com time to read: +5 min

Even with a raise, Tesla workers don't make as much as union-represented workers. AdvertisementTesla recently gave some of its factory workers raises, but union-represented workers at Detroit’s Big Three will still make a lot more per hour. According to internal documents reviewed by Business Insider, new pay guidelines for Tesla workers were implemented on January 8. Why some Tesla workers aren’t focused on UAW payDespite the pay discrepancy, some Tesla workers previously told BI they’d be hesitant to join a union. But the German union IG Metall said last year that some Tesla workers at the company's Brandenburg plant had joined its union.

Persons: —, Tesla, Stellantis, aren’t, Elon, “ It’s, Musk, Metall Organizations: unionizing, UAW, NEW, Service, Business, United Auto Workers, Ford, GM, EV, National Labor Relations Board, NLRB Locations: Buffalo , New York, rehire, company's Brandenburg

☆ Polestar's CEO just hinted at a looming problem in the EV market: Tanking used values
▼ + stars: | 2024-02-06 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Polestar agreed to let Hertz out of a deal to buy its cars for now. Stipulations in the agreement protect Polestar's resale values. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOne piece of a new agreement to pause sales to Hertz by EV-maker Polestar hints at a larger concern in the electric-car market. As Hertz sheds a third of its electric-car lineup , executives are beginning to worry the deluge of used EVs could tank resale values.

Persons: Polestar, Hertz, —, Thomas Ingenlath Organizations: Service, Hertz, EV, Financial Times

☆ Car companies are going back to the drawing board with their EV plans
▼ + stars: | 2024-02-05 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Car companies are struggling to adjust to a new era in the EV transition. Companies are turning to hybrids and EV demand softens. 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 . AdvertisementA new era of the transition to electric vehicles is on the horizon, and car companies are scrambling to adjust accordingly.

Persons: — Organizations: Service, EVs, Business

☆ Tesla owners share their tips on how to deal with extreme cold
▼ + stars: | 2024-02-04 | by ( Grace Kay | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Read previewDriving an electric vehicle in the cold looks a lot different than driving a gas-powered car, but some Tesla owners — often among the most seasoned EV owners — say there are easy ways to avoid disaster. Last month, Tesla made headlines when dozens of EVs clogged a supercharging station in Chicago as Tesla owners struggled to charge in temperatures below zero degrees. AdvertisementInsider spoke with eight Tesla owners who shared some tips on how to own an EV during a bitter winter. Here's what Tesla owners say about how to deal with the cold. UCGOther Tesla owners say it's key to have a charger at home.

Persons: —, Tesla, Dennis Duncan, Leonard Zuga, he's, Zuga, I've, Richard Samuels, Nick Caracciolo, Caracciolo, Robbie Mack, Mack Organizations: Service, EV, Business, MediaNews, Orange, Register Locations: Chicago, Irvine , California, Washington, Ohio, Oregon, Canada

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