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☆ Demand for BYD's cars is so nuts the company had to create its own shipping fleet to export them around the world
▼ + stars: | 2024-02-01 | by ( Lauren Steussy | Nora Naughton | ) www.businessinsider.com time to read: +1 min

The world's largest EV maker BYD is getting into the shipping business. The company has purchased its first vessel to ship cars around the world. The BYD Explorer No.1 set sail on its maiden voyage this month with 5,000 BYD cars. AdvertisementBYD, the world's biggest electric vehicle maker, isn't just hitting roads in a major way — it's hitting the open seas. The Chinese company and Tesla rival set sail in January with 5,000 cars on its first vehicle carrier, named "BYD Explorer No.1."

Persons: —, isn't, it'll Organizations: BYD, Service, Business

☆ Jeep revealed its first EV: See inside the sleek, electric Wagoneer S
▼ + stars: | 2024-01-31 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Driver and passenger each get a screen in the Wagoneer S.The all-electric Wagoneer gets a sleeker design than the gas-powered SUV. Wagoneer S is expected to go on sale this fall. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe first all-electric Jeep is on its way to dealer lots in 2024, and we just got our first look inside the swanky SUV. Jeep released the first interior shots of the electric Wagoneer S this week, which appears to be packed to the gills with tech.

Persons: —, Stellantis's BEV Organizations: Service, Jeep, Business

☆ GM's plan to bring back hybrids is a win for dealers and shoppers
▼ + stars: | 2024-01-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

A new crop of electric car shoppers is showing interest for plug-in hybrids. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This about-face for GM , which has loudly touted its commitment to an all-electric future, is a good sign for dealers and shoppers heading into this year. AdvertisementIt may also be the first domino to fall as demand for hybrid vehicles reaches new highs. More options are likely to ease some of this pricing pressure and open up the hybrid market to more shoppers.

Persons: —, Mary Barra, Barra, Ford, Jeremy Korst Organizations: Service, GM, Dealers, GBK, Toyota, Tesla Locations: North America

☆ Despite the bad press, half of America is still considering an EV or hybrid car — they just want them to be cheaper
▼ + stars: | 2024-01-25 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

"These are not the same kind of customers who created the initial EV market," GBK President Jeremy Korst told Business Insider in an interview. A new wave of EV shoppers is hitting the market, and the industry appears to be unprepared to meet their needs. Among the group of EV considerers surveyed, Toyota was the most considered brand, with 47% showing a preference for the Japanese automaker compared to 41% favoring Elon Musk's Tesla. Plug-in hybrids ranked very high on EV considerer's preference lists in GBK's study. GBK's study found that EV considerers are willing to pay $7,650 more on average for an EV than a gas-powered car with similar features.

Persons: —, Jeremy Korst, they're, Korst, Tesla, Elon Musk's Tesla, GBK Organizations: Service, GBK, Business, EV, Toyota, EV considerers, Elon, Ford, considerers

☆ Not even Tesla can dodge the EV sales slowdown
▼ + stars: | 2024-01-25 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

While EV sales are continuing to grow, they are doing so at a slower pace, research shows. Elon Musk warned a slowdown in sales growth was coming when Tesla reported earnings on Wednesday. The Warren Buffett-backed EV maker, which sells its vehicles in more than 60 countries and recently overtook Tesla on global EV sales, put an early focus on affordable models such as the $10,000 Seagull. EV sales surged 40% year-on-year in the last three months of 2023 —a "strong result by any measure," as the industry research noted. Aran Waid, senior analyst at Benchmark Mineral Intelligence, said growth in EV sales globally was continuing but that it had "fallen short of automaker expectations."

Persons: Tesla, —, Elon Musk, Musk, China's BYD, Warren Buffett, BYD, Kelley, Aran Waid, Josh Lefkowitz, Mary Barra, Nora Naughton, Suzuki Organizations: EV, Service, Tesla, Getty Images, Benchmark Mineral Intelligence, Ford, General Motors, Hertz, BMW, Toyota, Honda, Nissan Locations: Europe, Japan

☆ This chart shows how Tesla can keep cutting prices and stay ahead of the competition
▼ + stars: | 2024-01-24 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

The price cuts have helped Tesla stay ahead of the competition. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The average cost of building a Tesla in the fourth quarter fell once again, according to the company's earnings report released Wednesday. AdvertisementOn average, Tesla spent just over $36,000 per vehicle it sold in the October to December period, down from over $37,000 per vehicle in the same quarter in 2023. A chart from Tesla's Q4 earnings deck shows the cost of goods per vehicle sold steadily decreasing.

Persons: Tesla, —, Elon, Carlos Tavares, Jim Farley, Henry Ford, Farley, Musk Organizations: Service, Ford, General Motors, Tesla

☆ Apple, Zuck, Elon, and the lesson of Microsoft Windows
▼ + stars: | 2024-01-24 | by ( Alistair Barr | ) www.businessinsider.com time to read: +9 min

However, this person has been investing for more than 2 decades and sold a startup to a big tech company in the first dot-com boom. "The lesson of Microsoft Windows"Then this hedge funder schooled me on the "lesson of Microsoft Windows." He also pointed out that if you don't own a big platform, your life kinda sucks. AdvertisementThe biggest betsThis is why big tech companies are investing 100s of billions of dollars to find the next big platforms. Big Tech is all about winning our attention and being the first "funnel" that sends us out into the world.

Persons: Mark Zuckerberg, —, Apple, Tesla, it's, Mark Gurman, I've, Matthew Ball, Zuckerberg, Ball, OpenAI, Nora Naughton, Elon Musk Organizations: Apple, Service, Apple's, Microsoft, Microsoft Windows, Android, Amazon, Google, Big Tech, Tesla, Software, GM, Ford, Meta Locations: American

☆ Inside Tesla's make-or-break earnings report
▼ + stars: | 2024-01-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're previewing Tesla's make-or-break earnings report. And then there's the ultimatum Elon Musk issued to Tesla's board about wanting more voting rights or taking his AI projects elsewhere. Business Insider's Jennifer Sor has a roundup of what five Wall Street firms expect ahead of Tesla's earnings report. TeslaHow Musk pitches Tesla's year ahead will also be a telling signal, Nora told me.

Persons: —, Donald Trump, Stephen Lam, Elon Musk, Jennifer Sor, Nora Naughton, BI's, Tesla, Nora, Kiran Raichura, Raichura, Goldman Sachs, Kraft Heinz, Sam Altman, it's, Glenn Harvey, Eddie Trunk, Brooks Kraft, Staples Organizations: Service, New Hampshire Republican, Tesla, Reuters, Capital Economics, Monster Beverage, Google, Google Google, Netflix, BI, of Fame, Apple, IBM, Brooks, Brooks Kraft LLC, Getty

☆ Morgan Stanley warns EV momentum is 'stalling' — and lists 7 reasons Tesla should be worried
▼ + stars: | 2024-01-22 | by ( Nora Naughton | ) www.businessinsider.com time to read: +5 min

Morgan Stanley expects a conservative year-ahead outlook from Tesla when it reports earnings this week. Jonas points to German Tesla price cuts as a warning sign for the year ahead. Electric cars already have some of the worst resale values in the automotive industry, though Tesla leads this pack with the Model 3's residual value. "Any potential rollback of EV incentives would be an impediment for the pace of EV adoption," Jonas wrote. Slowing EV exports out of ChinaRelated to China's looming overcapacity issue, the country's government said this month it would rein in EV exports and crack down on "blind" production of electric cars.

Persons: Tesla, Morgan Stanley, —, Elon Musk, Adam Jonas, Jonas, Price, EVs, Biden, Donald Trump Organizations: Service, Tesla, EV, Hertz, Biden Administration Locations: Berlin, China, EVs

☆ I'm an autos reporter who's driven plenty of EVs. My first experience with a Tesla was still eye-opening.
▼ + stars: | 2024-01-21 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Driving a Tesla is unlike any other experience I've had behind the wheel. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIn the more than 10 years I've been covering the automotive industry, I've driven plenty of cars — electric, hybrid, and gas-powered. AdvertisementAlong the way, I found that much of my past experience didn't serve me in a Tesla. Musk's cars are a wholly unique experience, from the drive and feel of the car down to the way you can interact with the technology.

Persons: I've, I'm, —, Teslas, Elon, didn't Organizations: Service, Hertz . Business Locations: Teslas

☆ You can rent a Cybertruck on Turo — if you can cough up $1,000 a day
▼ + stars: | 2024-01-17 | by ( Nora Naughton | Alistair Barr | ) www.businessinsider.com time to read: +2 min

AdvertisementThe Tesla Cybertruck is starting to pop up on the vehicle rental app Turo. For about $1,000 a day, in either San Jose, California, or Austin, you can test drive early versions of the Cybertruck. Tesla Cybertruck listing on Turo Business InsiderIt's worth noting that off-roading is restricted by both Turo and the renter in this case. Photo of the Cyberbeast decal in a Turo listing for the Cybertruck Business InsiderThere has already been chatter among Cybertruck fans online about renting out Cybertrucks on Turo, with one posting their experience on TikTok earlier this month. Have you rented a Cybertruck or listed your own Cybertruck on Turo or through another service?

Persons: —, Tesla, Elon Musk Organizations: Service, Turo, Cybertruck Locations: San Jose , California, Austin, Texas, San Jose, San Francisco

☆ Americans bought a record number of EVs last year. These were the 10 most popular electric models.
▼ + stars: | 2024-01-17 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Tesla Model Y and Model 3 were the two most popular models in 2023. The most popular EVs last year were also some of the most inexpensive. EV sales surpassed one million units for the first time in 2023. That pushed EVs sales up to nearly 1.2 million last year, according to Kelley Blue Book. This story is available exclusively to Business Insider subscribers.

Persons: —, Kelley Organizations: Tesla, EV, Service, Business

☆ Hertz dumping 20,000 EVs is a warning to electric-car owners everywhere
▼ + stars: | 2024-01-12 | by ( Graham Rapier | Nora Naughton | ) www.businessinsider.com time to read: +4 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The car-rental firm said it's selling 20,000 EVs — about one-third of its electric fleet of Teslas, Volvos, Polestars, and more — partly due to repair and maintenance costs. AdvertisementIt's also a warning about the cost of EV ownership to drivers thinking about switching from gas to electric. Mitchell, which supplies data for insurance and repair companies, has found EVs — and particularly Teslas — are more expensive than gas-powered cars to repair. Among all EVs, Tesla's Model 3 has the best resale value, falling by only 42.9% in five years.

Persons: Hertz, —, Adam Jonas, Morgan Stanley, It's, Jonas, Mitchell, Kelley, Power, iSeeCars Organizations: EV, Service, Automotive, Energy Innovation, Insurance, quicken Locations: West Coast

☆ Elon Musk teases new details about Tesla's next car after the Cybetruck
▼ + stars: | 2023-12-05 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

The next Tesla after Cybertruck will be more affordable, Musk said. Musk said his company is "quite advanced" in its work on the affordable Tesla, and that he is reviewing production plans weekly. "The revolution in manufacturing that will be represented by that car will blow people's minds," Musk said. "It is not like any car production line that anyone's ever seen." Many car companies have responded to this change in demand by pulling back production plans while dealers lather on discounts to move these cars off their lots.

Persons: Musk, Tesla, —, Elon Musk, Sandy Munro, Munro Organizations: Texas, Service, YouTube, EV, Ford, Tesla Locations: Mexico, Detroit

☆ Some Tesla Cybertruck reservation-holders were underwhelmed by Elon Musk's big launch party – but many say they'll still buy one
▼ + stars: | 2023-12-03 | by ( Grace Kay | Nora Naughton | ) www.businessinsider.com time to read: +5 min

It lasted 30 minutes and fans later found the truck had a lower range and higher price on their own. AdvertisementAfter a four-year wait, the official Cybertruck launch party lasted about 30 minutes and left some order-holders wanting more. CEO Elon Musk stood in the bed of the Cybertruck listing off its specs – many of which had been leaked ahead of the launch . Following the launch party, all of the specs and prices for the three Cybertruck variations were posted to Tesla's website. AdvertisementThe Cybertruck launch was always going to be a difficult tightrope for Musk to walk , said Martin French, managing director at automotive consultancy Berylls.

Persons: —, Elon Musk, Zack Nelson, Christopher Bowe, there's, Bowe, Nelson, we'd, Elon, Martin French, doesn't, Tesla, Matthew Donegan, Ryan, Donegan, Eric Locke, he's, Locke Organizations: Service, Porsche, Ford, Business, YouTube, nab

☆ Can't afford a Cybertruck? You can get a great deal on any other Tesla right now.
▼ + stars: | 2023-12-02 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Cybertruck order holders can get $1,000 off a different Tesla order. Even if the Cybertruck is more expensive, Tesla has the most affordable options right now. AdvertisementIt's a great time to buy anything other than a Cybertruck from Tesla. pic.twitter.com/Q3y0bo302S — Gort (@d4t4wr4ngl3r) December 1, 2023Even if you're not a Cybertruck order holder, you can take advantage of Tesla's year-end deals. Earlier this month, the company slashed prices of the Model 3, Model Y, Model S, and Model X but as much as $6,300.

Persons: Tesla, —, It's, Q3y0bo302S —, Elon, Martin French Organizations: Service, Tesla Locations: Q3y0bo302S — Gort, @d4t4wr4ngl3r

☆ Tesla finally released the Cybertruck's official specs. Here's how it measures up.
▼ + stars: | 2023-11-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

The truck outdoes the F-150 Lightning with up to 11,000-pound towing capacity for higher-end models. AdvertisementHere's everything else we know about the Cybertruck after its official reveal:How much the Tesla Cybertruck costsTesla now lists estimated purchase prices for all Cybertruck models on its website, before any tax credits. The all-wheel drive, 340-mile range Cybertruck costs an estimated $79,990 before tax credits, while the "Cyberbeast" 320-mile range model will run you an estimated $99,900 before any incentives. Steel bodyThe Cybertruck's steel body is made from Tesla-designed "stainless steel super alloy," according to the company. This super-rigid steel — which Tesla claims is bullet-proof — would break a traditional stamping machine, which is used to give vehicle bodies their shape.

Persons: Tesla's Cybertruck, —, Tesla, Elon Musk's, Musk Organizations: Tesla, Service, Porsche

☆ Car dealers are worried about an EV reckoning. I asked our transportation reporter what's going on.
▼ + stars: | 2023-11-30 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +6 min

Car dealers sent a letter urging Biden to "tap the brakes" on an electric vehicle mandate. Two-thirds of new cars must be EVs by 2032 — but dealers say EV sales are slumping, and hurting them. Local car dealers have a lot of political influence; Biden could look to expand tax incentives. AdvertisementCar dealers aren't happy with President Joe Biden's mandate to have two-thirds of all new cars be electric vehicles by 2032. I was surprised to hear about this letter from car dealers, because I thought that electric vehicles were in hot demand.

Persons: Biden, —, Joe Biden's, Axios, Nora Naughton, Biden —, Tesla, There's, Bolt, That's Organizations: Local, Service, EV, Business, Government, National Automotive Dealers Association, Car, Tesla, Ford Locations: Detroit, Washington ,

☆ Tesla appears to pause Cybertruck orders ahead of launch party
▼ + stars: | 2023-11-29 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

Tesla's Cybertruck launch party is set for Thursday afternoon. AdvertisementIf you wanted to make a last-minute Cybertruck order, you may be out of luck. Tesla's Cybertruck landing page is no longer taking orders, displaying only a countdown clock for the truck's Thursday launch event. Tesla Cybertruck reservation page showing a countdown clock ahead of the delivery event on Thursday. The Tesla Cybertruck launch event will be livestreamed at 3 p.m.

Persons: —, Tesla Elon, Tesla Organizations: Service, Business Locations: Texas

☆ 2 days before delivery, Cybertruck buyers still don't know what they're getting — or how much it'll cost
▼ + stars: | 2023-11-28 | by ( Nora Naughton | Tim Levin | ) www.businessinsider.com time to read: +6 min

Would-be Tesla Cybertruck buyers still don't know how much they're spending. Apart from the few remaining details listed and the occasional cryptic tweet from Musk, there isn't much information to tell Cybertruck buyers what they're getting into. Tesla Cybertruck. That makes it even more important to give loyal truck buyers some details to work with. "If you're looking to convert average pickup truck buyers to something different, that's a little harder," Fiorani said.

Persons: Tesla, —, Elon, It's, Musk, Cybertruck, William Huston, he's, Ed Kim, AutoPacific, Sam Fiorani, Fiorani Organizations: Service, Ford, Chevrolet, Toyota, AutoForecast Locations: San Francisco

☆ Here's everything we know so far about Tesla's Cybertruck
▼ + stars: | 2023-11-26 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

New videos of the Tesla Cybertruck feature a show-stopping interior with a full glass roof. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The Tesla Cybertruck was first revealed to much fanfare in 2019, and its release has been pushed back several times since then. From what we've seen of the dashboard so far, much of the interior of the Cybertruck is surprisingly barebones. Those prices vanished from the Cybertruck website in 2021, and an official price has still been difficult to pin down.

Persons: frunk, —, Tesla, we've, what's Organizations: Service, Texas

☆ Inside the EV reckoning
▼ + stars: | 2023-11-23 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Tesla's price war rocked the EV market this year. AdvertisementOverall, the price war has brought down the average price paid for an EV by more than 17% this year. Read more about the EV price war:Tesla just started an electric car price war, and it's bad news for Ford and GMIt's becoming increasingly clear Tesla is just another car companyAdvertisementFord and Tesla are locked in a nasty EV price war. But dealers are starting to warn about a change in the average EV shopper that could bring a plateau to the segment. AdvertisementRead more about the changing EV customer:The EV plateau is coming.

Persons: —, Elon Musk, Tesla, GM It's, it's, It's Organizations: Service, Tesla, Ford, GM, Auto Locations: wean

☆ Rivian is the real winner in Elon Musk's latest drama
▼ + stars: | 2023-11-21 | by ( Nora Naughton | Grace Kay | ) www.businessinsider.com time to read: +5 min

Some Tesla owners said they'd ditch his car company in favor of Rivian as a result. AdvertisementAs Tesla CEO Elon Musk once again courts controversy on his social media platform X, rival EV startup Rivian stands to gain from the fallout. Other angry Tesla owners we spoke with also mentioned considering legacy brands like Ford's Mustang Mach-E or Volkswagen's ID.4. AdvertisementIn response, earlier this year some Tesla owners began putting bumper stickers on their EVs denouncing the CEO . In January, a handful of Tesla owners told Business Insider they'd ditched Tesla over Musk's antics .

Persons: Elon Musk, Tesla, —, Musk, Ross Gerber, Robert Kuhn, Kuhn, I've, Rivian, Joe Biden, they'd, Dan Ives, Ives, – Organizations: Rivian, Service, EV, Business, Tesla, Bloomberg, Twitter

☆ These dealers love their EVs. They just don't know how to convince shoppers.
▼ + stars: | 2023-11-18 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

These dealers who switched to EVs love their cars. Being an EV owner helps these dealers talk to their staff and customers about the cars. "People know what electric vehicles are, they know the pluses and the minuses – we're past that," Ricart said. The changing EV shopperDealers like Sheehy and Ricart have started warning manufacturers that a big shift in EV customers is going to change their business. While there may be interest in an electric car, these shoppers almost always land on a hybrid or a gas-powered car.

Persons: —, Rhett Ricart, he's, Ricart, Vince Sheehy, Sheehy Organizations: Service, Business, Depot Locations: Ohio, Washington, DC, Washington ,

☆ A top Tesla investor said he plans to ditch his Model Y for a Rivian after Elon Musk agreed with antisemitic post
▼ + stars: | 2023-11-16 | by ( Grace Kay | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Ross Gerber said he plans to ditch his Model Y for a Rivian over Elon Musk's agreement with an antisemitic post on X. "Getting a flood of messages from clients wanting out of tesla and anything to do with Elon Musk," he wrote on X. Gerber, Musk, and a spokesperson for Tesla did not immediately respond to a request for comment. Gerber's comments came after Barron's reported that Musk's name had been dropped from the APEC CEO Summit speaker list on Thursday. "Elon Musk had a schedule change that prevented him from joining the APEC CEO Summit 2023," a spokesperson told Barrons.

Persons: Ross Gerber, Musk, —, Elon Musk, Gerber, Tesla, Gerber's, Barron's, Barrons, Elon Organizations: Elon, Service, Rivian, Gerber Kawasaki Wealth, Investment Management, APEC, Business, The New York Times, Dealbook Locations: LA

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