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Tesla’s stock (TSLA) is free-falling today as its newly unveiled robot is getting ridiculed, but Elon Musk claims people don’t understand the value.

Tesla’s stock is down 8% today while the Nasdaq is up 2%. This is one of Tesla’s biggest drops of the year, and it comes off of two separate events that happened since the last market close on Friday.

Yesterday Tesla disclosed its Q3 delivery and production results, and it came a bit short of expectations, though it was because of about 20,000 vehicles in transit to customers.

The second event contributing to Tesla’s stock falling is the AI Day event held late on Friday.

The market is still digesting the event, but the general consensus appears to be disappointment, mainly that Tesla didn’t communicate clearly how much closer it is to its goal of delivering a self-driving system.

Tesla did disclose some significant progress with its Dojo supercomputer program and impressive new technologies to improve its self-driving program, but there’s still no clear path to delivering on its promise.

Then there’s the Tesla Bot.

After pulling opinions from analysts and social media, it appears that the consensus is mainly that the two prototypes unveiled were mostly underwhelming.

One of them couldn’t even walk, and the other was barely able to walk and wave to the crowd. Tesla did release some videos of the robot completing other tasks, but those were mostly unimpressive, and it looked like purpose-built robots would make more sense for those tasks.

Musk again said that “only a few people understand the value of Tesla Bot,” and he believes that the humanoid robot can eventually increase economic output by an order of magnitude.

Electrek’s Take

Some of the critics of the Tesla Bot are missing an important point. Yes, it is unimpressive in many ways, especially if you compare the prototypes to what Boston Dynamics has shown so far.

I have seen dozens of comments similar to this one over the last few days:

But Tesla is not trying to make a robot as agile as Boston Dynamics’s products. The company is trying to make a robot that can be useful and manufacturable on a large scale in order to keep the costs down.

We don’t know how much Boston Dynamics’s bipedal robot costs, but we know they’re selling the much smaller dog robot for $75,000, so it’s fair to say that it would be much more expensive than Tesla Bot, which is supposedly going to be “less than $20,000.”

But it’s a fair question to ask about how useful the Tesla Bot could be. I think it’s clear that Tesla is focusing on a fairly high level of dexterity in the hands, the ability to move from one location to the next, and a high level of ability to understand and navigate its environment through Tesla’s computer vision capability.

I do think that there are many use cases for a robot being able to do that.

However, I just don’t understand Musk’s claims that “only a few people understand the value of Tesla Bot,” and I think it comes with a fundamental problem with Musk’s feedback loop.

Anyone who has spent any amount of time thinking about the value of a cheap, useful bipedal humanoid robot understands just how much value it would bring to the economy.

If there’s doubt about the project, there are mainly doubts about Tesla’s ability to deliver such a product, especially because of how behind the automaker is on its self-driving program.

Some skepticism on that front is healthy, but if Tesla can deliver on the product, then yes, the impact is going to be tremendous.

But it looks like Musk needs to reevaluate his own credibility when it comes to that stuff with anyone who is not a superfan. Tesla fans on Twitter telling him how great FSD Beta is and taking everything he says as the gospel is taking a toll.

It results in him thinking that people can’t see his vision just because they have doubts regarding whether or not he can deliver the vision.

Now he has this habit of retweeting people directly quoting him word for word and commenting something like “that’s true” or “exactly,” which is just bizarre.

Musk can deliver on his vision as he has done many times in the past, but he needs to better manage expectations because he has obviously done a terrible job at that with the Tesla Full Self-Driving program.

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Volvo reveals $28,000 EX30 starting price in China as low-cost BYD rival

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Volvo reveals ,000 EX30 starting price in China as low-cost BYD rival

The cheapest Volvo EV so far was officially launched in China over the weekend. Volvo launched the EX30 in China with a low starting price of $27,800 (200,800 yuan) as the automaker takes on BYD head-on in its home market.

In the first quarter of the year, “thousands of customers across Europe got behind the wheel of an EX30,” as Volvo gears up to begin deliveries in key markets, including the US, China, and South Korea.

Volvo is preparing to launch its low-cost EV in over 90 countries by the end of 2024. Although the EX30 is already living up to its promise as a profitable growth driver, Volvo expects even more.

EX30 production began last fall in Zhangjiakou, China, as Volvo prepares to launch an EV offensive. To meet the growing demand for affordable EVs in Europe, Volvo announced it would build the EX30 at its Ghent Plant in Belgium from 2025.

Volvo’s EX30 led to a new global sales record in Q1, but the automaker expects even bigger results as its low-cost EV hits the world’s largest electric car market.

Volvo-EX30-price-China
Volvo EX30 for China (Source: Volvo)

Volvo EX30 price revealed in China starting at $27,800

Volvo officially launched the EX30 in China on Sunday with a starting price of 200,800 yuan ($27,800).

The base RWD core model features up to 410 km (255 miles range). It’s available in four trims: RWD Core, RWD Long Range Plus, RWD Long Range Ultra, and a high-performance AWD Ultra model.

Volvo EX30 trim Range
(CLTC)
Starting Price
RWD Core 255 mi (410 km) $27,800 (200,800 yuan)
RWD Long Range Plus 366 mi (590 km) $30,300 (219,800 yuan)
RWD Long Range Ultra 366 mi (590 km) $32,100 (232,800 yuan)
AWD High-Performance Ultra 335 mi (540 km) $35,400 (255,800 yuan)
Volvo EX30 price and range by trim in China

Powered by either a 49 kWh lithium-ion (RWD Core) or 66 kWh ternary lithium battery, the EX30’s fastest recharge time (10% to 80%) is 26 minutes.

You can see Volvo included new signature design elements like Thor Hammer LED headlights and a closed grille.

The China-made EX30’s rear features the logo “Volvo Asia Pacific,” which indicates where it was built.

Inside, you will find a modern, simplistic layout. Included is a 12.3″ vertical infotainment with hidden air conditioning units. The three-spoke steering wheel includes touch controls for key features. In addition, Volvo used environmentally friendly recycled materials like flax fiber and denim.

At 4,233 mm long, 1,838 mm wide, and 1,555 mm tall, the EX30 will rival BYD’s best-selling Atto 3 SUV (4,455mm X 1,875 mm X 1,615 mm) and Dolphin (4,290 mm X 1,570 mm X 1,770 mm) electric hatch in China.

Electrek’s Take

BYD was the best-selling car brand in China last year after overtaking Volkswagen. After slashing prices and declaring a “liberation battle” against ICE vehicles, BYD hit a new weekly sales record in China earlier this month.

Through May 12, BYD had over 101,300 registrations in China, outpacing rivals Tesla, Li Auto, NIO, and XPeng.

Its cheapest EV, the Seagull Honor Edition, now starts at just $9,700 (69,800 yuan). Perhaps, more importantly, BYD is expanding into new segments like luxury and mid-size SUVs.

BYD launched the Sea Lion 07, its first “mid-size urban smart electric SUV,” this month, undercutting Tesla’s Model Y with starting prices of $26,250 (189,800 yuan).

Volvo is also gearing up for an EV offensive, with its EX30 rolling out into new markets. The EX30 will start at $34,950 (plus a $1,295 delivery fee) in the US, and deliveries are expected to begin this summer.

The company is also launching its first three-row electric SUV, the EX90. In China, Volvo began production of its first luxury electric minivan, the EM90.

Volvo’s lineup will include the EX30, EX40, EC40, EM90, and EX90. With the launch of new EVs, Volvo expects demand to “remain robust” over the next few quarters.

Can Volvo’s new EX30 help it keep up with EV leaders like BYD in China starting under $28,000? Let us know your thoughts in the comments below.

Source: CarNewsChina, Volvo

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Tesla releases update to remove steering wheel nag, shuts down sunglasses loophole

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Tesla releases update to remove steering wheel nag, shuts down sunglasses loophole

Tesla has started pushing its new Full Self-Driving (FSD) v12.4 update, and it confirmed the removal of the “steering wheel nag”, but it improved camera-based driver monitoring, including shutting down the sunglasses loophole.

As usual, Elon Musk has been hyping up the next Tesla FSD update as “mind-blowing”, but this time, he went beyond the superlatives and released a few verifiable details about the update.

Musk said that v12.4 should result in a 5 to 10x improvement in miles per intervention. It’s going to be hard to verify because Tesla never released that data for previous versions of the software, but we do have some crowdsourced data that we could compare it to.

The CEO also said that v12.4 would remove what most people call “steering wheel nag.”

“Steering wheel nag” is what Tesla drivers call the alerts the vehicle sends to remind drivers to apply pressure on the steering wheel. Tesla doesn’t have a way to detect hands on the steering wheel, so it can “confirm” drivers keep their hands on it – by detecting torque being applied on the wheel.

Tesla has started to push the update to its internal fleet this weekend and now we have more details about the changes in driver monitoring.

The automaker wrote in the release notes of the update (via Not a Tesla App):

When Full Self-Driving (Supervised) is enabled, the driver monitoring system now primarily relies on the cabin camera to determine driver attentiveness. This enhancement is available on vehicles equipped with a cabin camera and only when the cabin camera has clear and continuous visibility of the driver’s eyes (e.g., the camera is not occluded, there is sufficient cabin illumination, and the driver is looking forward at the road ahead and not wearing sunglasses, a hat with a low brim, or other objects covering the eyes).

Tesla warns that there will still be some steering wheel nag if outside of the circumstances listed above:

Outside of these circumstances, the driver monitoring system will continue to rely on a combination of torque-based (steering wheel) and vision-based monitoring to detect driver attentiveness.

The automaker also commented on how the camera-based driver monitoring is going to work:

If the camera detects the driver to be inattentive, a warning will appear. The warning can be dismissed by the driver immediately reverting their attention back to the road ahead. Warnings will escalate depending on the nature and frequency of detected inattentiveness, with continuous inattention leading to a Strikeout.

While we have yet to see this in practice, it does sound like Tesla might be relaxing the frequency of alerts on that front, too, as long as the driver is paying attention.

Tesla is trying to reassure everyone that the camera data from the cabin doesn’t leave the vehicle:

Cabin camera images do not leave the vehicle itself, which means the system cannot save or transmit information unless you enable data sharing.

Tesla is expected to start pushing the v12.4 update to the wider fleet this week.

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Oil little changed after Iran’s president dies in helicopter crash

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Oil little changed after Iran's president dies in helicopter crash

Iranian President Ebrahim Raisi looks on during a TV interview, in Tehran, Iran May 7, 2024. 

Iran’s Presidency | WANA | Via Reuters

Crude oil futures were little changed Monday after Iran’s president and foreign minister died in a helicopter crash.

President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian perished in the crash in Iran’s East Azerbaijan province in poor weather.

Here are today’s energy prices:

  • West Texas Intermediate June contract: $79.78 a barrel, down 28 cents, or 0.35%. Year to date, U.S. crude oil is up 11.3%.
  • Brent July contract: $83.77 a barrel, down 21 cents, or 0.25%. Year to date, the global benchmark is up 8.8%.
  • RBOB gasoline June contract: $2.56 a gallon, down 0.54%. Year to date, gasoline futures have gained 21.7%.
  • Natural gas June contract: $2.65 per thousand cubic feet, up 1%. Year to date, gas is up 5.8%.

Policy in OPEC’s third-largest producer is not expected to change, with Vice President Mohammad Mokhber taking over as interim president as the country prepares for new elections within 50 days.

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WTI vs. Brent

In Saudi Arabia, OPEC’s largest producer, King Salman is undergoing treatment for a lung infection.

Oil Prices, Energy News and Analysis

U.S. crude oil and Brent booked modest gains last week, but remain stuck in a narrow range as traders look for a catalyst that could lift prices out of the doldrums.

OPEC and its allies, led by Russia, will hold a meeting on June 1 to review production policy. A coalition of OPEC+ members are voluntarily cutting output by 2.2 million barrels per day to support prices.

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