Tesla’s valuation remains bigger than all other automakers. It’s hard to believe that, at one point (or several points), the company was on the brink of bankruptcy. As Sissi Cao points out in Observer, “Tesla struggled for most of its life, especially during the early years.” Looking back, it’s important to remember just how far Elon Musk has come.
Elon reflected on some dark times in a Twitter conversation with biographer Ashlee Vance recently. According to Vance, “Both Tesla and SpaceX were close to going under. Fast forward to the 2020/2021 global plague, and Tesla is the most valuable car company and SpaceX is the largest rocket and satellite company and flies people too.”
“Tesla financing round closed at 6pm Dec. 24th, 2008, [the] last hour of [the] last day possible or payroll would’ve bounced two days later,” Musk replied. “I gave Tesla last of my remaining cash from PayPal. Didn’t even own a house or anything sellable.”
Tesla financing round closed at 6pm Dec 24th 2008 – last hour of last day possible or payroll would’ve bounced 2 days later. I gave Tesla last of my remaining cash from PayPal. Didn’t even own a house or anything sellable.
Regardless, Musk has always had skin in the game when it comes to his companies. “I thought the probability of success was so low that I provided all of the money,” he said at an event in Paris in 2015. “All of the money just came from me personally. I didn’t want to ask people, other investors, for money if I thought we were going to die because I thought we were. I invested entirely the money that I got from PayPal, all of that got invested into Tesla, SolarCity, and SpaceX.”
And it turns out Tesla continued struggling in the years following the 2008 financial meltdown. “Even as recently as early 2013, we were operating with maybe one to two weeks of money,” Musk said at the Paris event.
“It takes time to optimize a new technology. … The critical point is that you can’t get to low-cost cars unless you start with expensive cars,” Musk said on-camera in 2008, when both his company and himself were drowning in debt. This video clip of a younger Elon Musk (see above) went viral on Twitter earlier this year.
In the end, it all paid off. But it took time. As Cao reports, “Tesla’s real turnaround didn’t come until 2019 when sales of Model 3, its first mass-market EV, allowed the company to post a quarterly profit for the first time. Tesla has been on a meteoric rise since then, seeing its market cap growing over 700 percent in the past 18 months.”
Leading yard operation 3PL YMX Logistics has announced plans to deploy fully twenty (20) of Orange EV’s fully electric Class 8 terminal trucks at a number of distribution and manufacturing sites across North America.
As the shipping and logistics industries increasingly move to embrace electrification, yard operations have proven to be an almost ideal use case for EVs, enabling companies like Orange EV, which specialize in yard hostlers or terminal tractors, to drive real, impactful change. To that end, companies like YMX are partnering with Orange EV.
“This relationship between YMX and Orange EV is a significant step forward in transforming yard operations across North America,” said Matt Yearling, CEO of YMX Logistics. “Besides the initial benefits of reduction in emissions and carbon footprint, our customers are also seeing improvements in the overall operational efficiency and seeking to expand. Our team members have also been sharing positive feedback about their new equipment and highlighting the positive impact on their health and day-to-day activities.”
This Orange looks good in blue
One of the most interesting aspects of this story – beyond the Orange EV HUSK-e XP’s almost unbelievable 180,000 lb. GCWR spec. – is that this isn’t a story about California’s ports, which mandate EVs. Instead, YMX is truly deploying these trucks throughout the country, with at least four currently in Chicago (and more on the way).
“Our collaboration with YMX Logistics represents a powerful stride in delivering sustainable yard solutions at scale for enterprise customers,” explains Wayne Mathisen, CEO of Orange EV. “With rising demand for electric yard trucks, our joint efforts ensure that more companies can access the environmental, financial, and operational benefits of electrification … this is a win for the planet, the workforce, and the bottom line of these organizations.”
We interviewed Orange EV founder Kurt Neutgens on The Heavy Equipment Podcast a few months back, but if you’re not familiar with these purpose-built trucks, it’s worth a listen.
On today’s thrilling episode of Quick Charge, we’ve got the all-new Hyundai IONIQ 9 and its “a “rolling living room” pivoting captain’s chairs, Kia gets a go-fast 7 passenger SUV and an updated EV6, while Honda announces plans to start producing solid-state batteries at its new facility in just a few weeks.
We’ve also got big news for American workers – a Minnesota power company is ditching coal for solar while ExxonMobil and LG Chem get to work extracting thousands of tons of lithium out of Tennessee’s soil.
Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations sitewide. Learn more by clicking here.
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Arevon Energy has kicked off operations at Vikings Solar-plus-Storage – one of the US’s first utility-scale solar peaker plants.
The $529 million project in Imperial County, California, near Holtville, features 157 megawatts of solar power paired with 150 megawatts/600 megawatt hours of battery storage.
Vikings Solar-plus-Storage is designed to take cheap daytime solar power and store it for use during more expensive peak demand times, like late afternoons and evenings. The battery storage system can quickly respond to changes in demand, helping tackle critical grid needs.
Vikings leverages provisions in the Inflation Reduction Act that support affordable clean energy, strengthen grid resilience, boost US manufacturing, and create good jobs.
The Vikings project has already brought significant benefits to the local area. It employed over 170 people during construction, many local workers, and boosted nearby businesses like restaurants, hotels, and stores. On top of that, Vikings will pay out more than $17 million to local governments over its lifespan.
“Vikings’ advanced design sets the standard for safe and reliable solar-plus-storage configurations,” said Arevon CEO Kevin Smith. “The project incorporates solar panels, trackers, and batteries that showcase the growing strength of US renewable energy manufacturing.”
The project includes Tesla Megapack battery systems made in California, First Solar’s thin-film solar panels, and smart solar trackers from Nextracker. San Diego-based SOLV Energy handled the engineering, procurement, and construction work.
San Diego Community Power (SDCP) will buy the energy from the Vikings project under a long-term deal, helping power nearly 1 million customer accounts. SDCP and Arevon have also signed an agreement for the 200 MW Avocet Energy Storage Project in Carson, California, which will start construction in early 2025.
Vikings is named after the Holtville High School mascot, and Arevon is giving back to the local community by funding scholarships for deserving Holtville High students.
Arevon is a major renewable energy developer across the US and a key player in California, with nearly 2,500 MW in operation and more than 1,250 MW under construction.
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