Many people expect electric vehicles to be fixtures in a future world that relies on renewable energy. But not many EV companies started out as renewable energy companies.
One company trying to pull off that feat is Bangkok-based Energy Absolute. The biodiesel producer and renewable energy company branched into the commercial EV business in 2019.
In March of this year, Thailand set a goal of 1 million electric vehicles on its roads by 2025 — and it hopes that figure will grow to 15 million a decade later. That would include not just private automobiles but commercial vehicles — delivery vans, trucks, buses and the like.
A former securities trader, Somphote Ahunai, started Energy Absolute in 2006. He took the company public in Thailand in 2013 and began expanding into energy storage in 2016, when the company acquired shares in Taiwan-based Amita Technologies, an energy storage manufacturer. It’s now in the final stages of building a $3 billion battery gigafactory project to make lithium-ion batteries.
Ahunai told CNBC’s “Managing Asia” that the government’s efforts to promote EV adoption in Thailand have helped him to start the project, and now he says he’s urging the government “to open up the market and create a favorable policy for the EV market.”
However, the pandemic has affected the company’s foray into EVs. An order for 3,500 five-seater hatchbacks was canceled by a local taxi company as tourism dried up. Ahunai made a quick pivot to focus on commercial vehicles and battery storage instead.
“Many manufacturers, they are focusing on the passenger car. Not many people are focusing on the commercial vehicle yet, because they cannot overcome how to make the vehicle charge faster and make the battery last longer,” Ahunai said.
Ahunai’s plan is to install 1,000 charging stations nationwide in the next few years.
A charging sign sits at an Energy Absolute Anywhere charging station in Bangkok, Thailand, 2019.
Nicolas Axelrod | Bloomberg | Getty Images
“We have rolled out almost 500 charging stations nationwide, mainly in Bangkok and vicinity,” Ahunai said, adding that the company holds almost 80% market share for charging stations in Thailand.
His focus on commercial vehicles is in line with Thailand’s policy to put some 70,000 commercial electric vehicles on the road annually.
“If we successfully secure [the commercial electric vehicle] segment … then we create economies of scale for us to go into the other segments,” such as passenger cars, Ahunai said.
Japanese, American and German automakers all have manufactured vehicles in Thailand, but despite the country’s auto-making expertise, it doesn’t have an internationally recognized vehicle brand of its own. Ahunai said he believes EVs could change that. He wants Energy Absolute to be front and center on that effort.
“We believe that by using [our] technology and Thailand’s [auto-making] infrastructure, we can use that to be the springboard to the global market,” Ahunai said. “At least, we can go into the ASEAN market, which has almost 600 million population. So, that is a good market for us at the beginning, to start with.”
Right now, the bulk of the company’s revenue still comes from renewable energy such as wind and solar, but Ahunai said his foray into commercial EVs will be an important source of future revenue.
“If you look at what we are investing [in] now,” he said, “it will totally change the revenue structure of the company in a few years’ time.”
GM vehicles will soon offer eyes-off driving, starting with the Cadillac Escalade IQ. The company introduced two new AI advancements that GM says won’t just move you, but adapt and improve over time.
GM introduces eyes-off driving and conversational AI
Starting in 2028, GM will introduce eyes-off driving on highways. The feature will debut on the Cadillac Escalade IQ before rolling out to other GM vehicles.
GM announced two new AI advancements that will serve as the foundation for its next-gen intelligent vehicles: eyes-off driving and conversational AI.
Both will run on a new centralized computing platform that controls the vehicle’s propulsion, steering, braking, infotainment, and safety features through a “high-speed Ethernet backbone.” According to GM, the platform delivers 35 times more AI performance and 1,000 times more bandwidth than its previous systems.
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Since its launch in 2017, GM said that Super Cruise has proven that advanced driver-assist systems (ADAS) can scale safely.
Super Cruise, which is now offered on 23 GM vehicles, has already enabled over 700 million hands-free miles without a single crash.
Cadillac Escalade IQL interior (Source: GM)
The eyes-off system will combine Super Cruise with GM’s Cruise Technology Stack. Unlike vision-only systems, GM will use LiDAR, radars, and cameras that will be integrated directly into the vehicle’s design.
GM’s setup is based on sensor fusion, which combines information from the various sensors to create a detailed view of the vehicle’s surroundings and what’s on the road ahead.
The result, according to GM, is “a vehicle designed to handle the drive when you want it to, with the safety and precision you expect from its vehicles.”
That’s not all. Starting next year, GM vehicles will feature conversational AI, powered by Google Gemini. The service delivers a more human-like experience. Drivers will be able to create and send messages, plan trips, and more.
Looking ahead, GM plans to introduce its own custom-built AI, which the company said will be more personalized with new capabilities.
GM is among several automakers planning to launch eyes-off over the next few years, including Rivian, Ford, Mercedes-Benz, BMW, Stellantis, and others.
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You’ll be getting far more extensive backup support with this HomePower 3000 bundle, which starts things off at a 3,072Wh LiFePO4 capacity that is supported by an upgraded battery management system alongside the ChargeShield 2.0 tech we’ve seen in all the brand’s second-generation variants. This station puts out a steady power stream of up to 3,600W, with the capability to surge as high as 7,200W, making it quite capable of home backup support, as well as short-term off-grid support during trips. There are 12 output port options here, with RV rovers able to benefit from the TT-30R port too.
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There are five main ways to recharge the battery here, with the bundle providing you 400W of its max 1,000W solar input for charging in the sun, while you could also top it off with a standard AC outlet, a gas generator, your car’s auxiliary cigarette lighter port, or by using both AC and DC together for the shortest charge time of 1.7 hours.
***Note: The prices below have not had the bonus savings factored in, so be sure to use the code OFFER5 on orders over $1,300 and OFFER7 on orders over $2,500 for the best deals – but keep in mind these codes do not work on the HomePower 3000 units.
Jackery’s Halloween Sale deals for individual appliance power:
Autel’s MaxiCharger Home AC Elite 40A smart AI level 2 EV charging station gets rare discount to $392
By way of the official Autel Amazon storefront, you can pick up the rarely discounted MaxiCharger Home AC Elite 40A Smart AI Level 2 EV Charger at $392.30 shipped, with two plug options to choose from: either a NEMA 14-50 plug or a NEMA 6-50 plug. Both models are coming down from their full $559 tags here, with the brand’s website offering them still at full price. This model only saw one previous discount over the year, which dropped the price $1 lower way back in January, and otherwise keeping at its full price. Now, we’re getting the second price cut of the year, with the 30% markdown cutting $167 off the going rate for the third-lowest overall price that we have tracked.
Prime Day pricing returns to Anker’s solar-charging eufy SoloCam S220 for a $60 low
Coming to us through the official eufy Amazon storefront, Anker is bringing back Prime Day pricing on the SoloCam S220 Solar Security Camera for $59.99 shipped, after clipping the on-page coupon. While this single-camera unit carries a $100 MSRP, we’ve been seeing it keep down at $70 here at Amazon, with the cost taken down to this low rate for the first time during the recent Prime Day event two weeks ago. Now, it’s coming back around to give folks another chance at upgrading their home security with $40 off the MSRP at the best price we have tracked. While this price beats out the two and three-pack values, you can pick up four of these cameras at $229.99 shipped right now, saving you $10 over buying four separate cameras.
Get up to 615 CFM of clearing power with this EGO 56V cordless electric leaf blower at $150
Amazon is offering the EGO Power+ 56V 615 CFM Cordless Leaf Blower with 2.5Ah battery at $149.91 shipped. While you can find it listed at various retailers as high as $220, we’ve seen it keeping down at $199 since the end of August, with the only discount from 2025 that beats this rate being a fall to the $140 low back from March. Aside from that, you’re otherwise looking at the next-best price of the year, with $49 cut from the tag here.
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
A new campaign is adding to the growing chorus of pushback against Tesla CEO Elon Musk’s absurdly large proposed $1 trillion pay package, this time led by unions and public interest groups. The campaign encourages individuals to get in contact with their pension or retirement funds and ask them to vote against Musk’s payday.
In September, Tesla’s board proposed a stock award worth up to $1 trillion for CEO Elon Musk. It includes several milestones regarding Tesla stock and product performance, each of which unlocks tens of billions of dollars for Musk.
It’s the largest award proposed for any CEO of any company by multiple orders of magnitude – with previous proposed Musk awards holding the second and third place positions as well.
In addition to that much-reported proposal, another proposal is up for a vote which would create a special share reserve of 208 million shares (current value $92 billion) which the Tesla board can give to Elon Musk with no strings attached.
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Both proposals will be voted on by TSLA shareholders at Tesla’s shareholder meeting on November 6.
Many groups have chimed in to raise the alarm about these proposals and how they’re bad for Tesla shareholders. Most recently, the two largest advisory groups, ISS and Glass Lewis, recommended that shareholders vote against. Earlier, a group of public pension funds including the comptrollers of several US states, the American Federation of Teachers, and a Swedish insurance group.
Now a new group has joined the chorus, calling itself “Take Back Tesla.” It’s led by unions, encouraging individuals with pension or retirement funds to get in touch with the controllers of those funds and ask them to vote no on Musk’s pay package.
Take Back Tesla consists of the American Federation of Teachers (who signed the previous pension fund letter) and the Communication Workers of America, who represent around 2.5 million workers combined.
Several public interest groups have joined on, including Public Citizen, Stop the Money Pipeline, Americans for Financial Reform, Ekō, and People’s Action Institute. These groups are generally focused on reducing the power of corporations in politics, reducing wealth concentration, and opposing the corrupting and polluting power of the fossil fuel industry.
The groups bring up some of the same points that have been brought up before, but are more focused on public advocacy and Musk’s recent political actions, in addition to protecting value for the common shareholder.
Rather than talking about dilution (which the proposals will increase, removing rights and value from shareholders), Take Back Tesla focuses more on the inequity involved in the plan. It points out that the proposed pay package for Musk tops out at a Tesla market cap of $8.5 trillion, about 2x the current market cap of the most valuable company on Earth, NVIDIA. However, Musk would be paid 2,000x as much as NVIDIA’s CEO Jensen Huang, who made $50 million last year.
It also asserts that a Tesla employee making the median Tesla salary would need to work 1.7 million years to match a single year of Musk’s yearly compensation under the plan (we checked the salary numbers, and it seems Take Back Tesla might be using a low estimate or not counting stock-based compensation – but that doesn’t change the point too much, especially since Tesla just drained its employee stock reserve to give it all to Elon Musk).
The groups are also particularly interested in the effects that Musk himself has had on employees around the country. AFT president Randi Weingarten said:
The Tesla board, instead of upholding basic governance standards, wants to green light an outrageous $1 trillion pay package for a CEO who has spent most of the year engaged in childish political brawls, rather than working to create shareholder value. To reward this destructive behavior with an obscene salary is a slap in the face—not only to the federal workers he’s fired, but to the retirees whose pensions are invested in Tesla stock. We urge shareholders to join with us and demand their state pension officials reject Musk’s money grab and confiscate the Tesla board’s rubber stamp.
The reason Take Back Tesla is interested in pension funds is because, beyond individual Tesla shareholders, many people in the US are invested in TSLA via their 401(k) or IRA. Since TSLA is one of the largest companies on the market, almost every fund will hold some exposure to it. Which means that this issue isn’t just of interest to those who directly hold TSLA shares, but to almost everyone with any exposure to the stock market – all of whom would be better off with more stable leadership at the top of one of the largest companies in America.
It could seem strange that groups looking to stop the fossil fuel industry would target Elon Musk, CEO of the largest American electric car company. But Musk has recently proven himself to be one of the fossil fuel industry’s greatest political allies.
Take Back Tesla urges institutional shareholders to “oppose excessive CEO compensation and demand that any proposed pay package for Musk be reasonable and rationally benchmarked to the compensation of CEOs at other similarly sized companies.” The groups also oppose “the election of any Tesla Board of Directors members who do not demonstrate appropriate independence from the CEO and adherence to corporate governance best practices.”
For more information and to sign a petition which will be delivered to fund managers, visit takebacktesla.com.
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