Connect with us

Published

on

Elon Musk has sold another tranche of Tesla shares, this time worth $3.6 billion, amidst ongoing chaos related to his twitter takeover. The sale was announced in a Form 4 filing with the SEC on Wednesday night.

The sale represents almost 22 million shares of TSLA sold over the course of the last three trading days, at share prices between $156-$176. TSLA stock has fallen about 20 points in that time period, losing more than 10% of its value.

This has resulted in Musk losing his title as world’s richest man, a title he had first obtained in early 2021. He was supplanted by Bernard Arnault, the CEO of luxury goods conglomerate LVMH.

Yesterday Musk took to twitter to reassure Tesla shareholders that they would “benefit long term” from his twitter ownership. We now know that, at the time, he was currently in the process of offloading tens of millions of shares.

This is not the first time Musk has sold TSLA shares since he first announced his bid to take over Twitter. The first was last December after running a twitter poll about whether he should purchase the company or not, after which he claimed to have sold roughly enough of his stake in Tesla to fund the purchase.

But that’s not the only time he said he was done selling Tesla stock related to the twitter acquisition. In August, we reported on him selling $6.9 billion in stock, after which he explicitly said “Yes” when asked if he was “done selling.”

Musk then went on to sell another $3.9 billion in stock this November, after both of these pronouncements. He told Twitter employees in an all-hands meeting that this was necessary to “save” the site.

Today’s sale is Musk’s fourth major sale of Tesla stock related to the acquisition, now totaling about $16 billion worth. Musk purchased Twitter for $44 billion, though he did gain additional funding in the form of loans from outside sources. Those loans have a total interest bill of about $1 billion yearly – a significant cost for a company that had heretofore lost on the order of $200 million per quarter, while it was publicly run.

While we don’t know about Twitter’s current financial situation as it is now private, available external signs point to trouble. There has been a drastic dropoff in advertising revenue, with advertisers pulling ads from the platform, and desktop visits to their ad manager software dropping by up to 85%.

Between additional costs for twitter and dropping revenue, Musk seems to have seen the necessity of freeing up more funding for his new company. While twitter’s new paid verification option may make up some of that revenue, it is unlikely to make a huge difference compared to the additional debt and loss of revenue that twitter is currently facing.

In the past, Musk had repeatedly stated that he would be the last person to sell Tesla stock.

Electrek’s Take

Yesterday’s message that Tesla shareholders would “benefit long term” from Musk’s twitter ownership led us to wonder: “but how?” In hindsight, it perhaps had something to do with preparing shareholders for today’s large stock sale announcement.

In the Electrek’s Take section for that article (which I encourage you all to read), Fred mentioned the echo chamber that Musk has created around himself, and that even the superfans allowed into that echo chamber are currently questioning whether Musk is fit to lead Tesla.

He certainly seems distracted, spending so much of his time on Twitter issues, and very little on Tesla issues. And now, more Tesla stock is being sold to “throw into the twitter dumpster fire,” as Fred so succinctly wrote. This puts downward pressure on Tesla stock, which makes it difficult to believe that the twitter takeover is helping TSLA shareholders or Tesla’s mission as a whole.

We here at Electrek are obviously interested in the electric vehicle revolution, as it is the one of the most significant ways that we can decarbonize society. As such, we support Tesla’s mission and think that the leading company in automotive electrification should have competent leadership paying attention to the needs of the company.

It is clear that this distraction is harming the company’s perception in the public eye, and we would like to see less distraction from Tesla leadership.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

A wind farm in Texas will help power Rivian’s Adventure Network

Published

on

By

A wind farm in Texas will help power Rivian's Adventure Network

Rivian will power its DC fast-charging network with renewable energy company RWE’s Champion Wind farm in Texas.

The two companies just signed a 15-year power purchase agreement (PPA) for electricity from RWE’s repowered Champion Wind in Nolan and Mitchell counties, west of Abilene.

The 127-megawatt (MW) Champion Wind is getting new turbine nacelles and blades, which will extend the wind farm’s lifespan. Originally commissioned in 2008, the wind farm is expected to be fully upgraded by mid-2025. When the wind farm is back online, it’ll be capable of generating enough electricity to power nearly 1 billion miles of renewable driving every year for Rivian, or the equivalent of powering 36,000 homes annually in Texas.

This wind power is set to support Rivian’s DC fast-charging Adventure Network with renewable energy. Rivian has set a specific goal to enable 7 billion miles of renewable driving.

Paul Frey, Rivian’s VP of propulsion, charging & adventure products, said, “Champion Wind is a powerful enabler for Rivian drivers to become active participants in building a cleaner grid every time they charge their vehicle. This project shows the potential to meaningfully decarbonize the grid and support a more circular economy through reuse and recovery of existing infrastructure, all while maintaining highly competitive economics.”

Siemens Gamesa is supplying 41 turbines with new nacelles and blades on existing towers. The nacelles and blades are being manufactured in the US. In addition, as part of the repowering project, six new Siemens Gamesa turbines rated at 3.1 MW each will also be added to the wind farm.

The decommissioned wind turbine blades from Champion will be repurposed. RWE is working with REGEN Fiber, an Iowa-based company that recycles wind turbine blades to make reinforcement fibers for the construction industry. Those fibers are then used in concrete to add strength and durability, extending the lifespan of infrastructure.

RWE is the third-largest renewable energy company in the US.

Read more: This renewables giant is going to use wooden wind turbine towers


To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Rivian offers $3k discount to buyers switching from a gas car, with a catch

Published

on

By

Rivian offers k discount to buyers switching from a gas car, with a catch

Rivian is bringing back its “All-Electric upgrade offer” from now until November 30th, but with some changes to the program.

Earlier this year, Rivian offered $1k-$5k off a new Rivian if you trade in an old gas car, from April to June. The offer was available for specific vehicles, and with a sliding discount scale based on which Rivian vehicle you order.

Now the program has come back, but with quite a few changes from the previous version.

As of today, October 31, if you buy a new Rivian R1T or R1S new inventory vehicle from the R1 Shop, you can get a $3,000 discount if you also prove that you own or lease a qualifying gas-powered vehicle.

This is simultaneously simpler, more lenient, and more restrictive than the previous offer, in various ways.

First, the discount is a flat $3k (or $4,100 CAD), rather than having a scale based on what model you order, which is more streamlined.

Second, the discount applies to every gas or hybrid vehicle owner – you don’t have to trade in your vehicle, and you’re not limited to a specific list of vehicles. Just prove that you own or lease a gas car (copy of registration, proof of insurance, etc), and you get the discount.

However, third, it’s more restrictive as to what vehicles you can purchase. The current offer applies only to Rivian new inventory vehicles in the R1 Shop, and excludes demo vehicles, pre-owned vehicles, or custom build vehicles. It also does not apply to Rivian’s base Dual Standard models, but everything else is fair game.

In order to qualify, you need to place your order between today and November 30, and you must take delivery of the vehicle before December 31. Check out all the specifics of the offer on Rivian’s site here.

Electrek’s Take

Rivian is clearly trying to round out its yearly numbers with this offer, as the market for pricy cars is somewhat soft with increased interest rates. It just slightly lowered its annual delivery guidance, now planning to see roughly similar deliveries this year than last.

But its R1 vehicles just got a huge refresh to help the company with costs and to offer new features. The R1S is still one of the most popular high-priced vehicles in the US, and the company’s products earn universal acclaim from owners.

The interesting thing is that Rivian had a similar offer earlier this year, before the refresh, to help clear out inventory of older vehicles. It didn’t see it fit to offer the discount last quarter, perhaps buoyed by the updated model, but after a rough Q3 of deliveries it now brought the offer back.

Rivian is still guiding to reach a slight gross profit in Q4, though we’re sure we’ll hear more about that in its upcoming quarterly earnings next week.

If our coverage of Rivian has helped inform you about the brand, feel free to use our Rivian referral code to get 6 months of free charging or 750 Rivian Rewards points with your purchase.


Charge your electric vehicle at home using rooftop solar panels. Find a reliable and competitively priced solar installer near you on EnergySage, for free. They have pre-vetted installers competing for your business, ensuring high-quality solutions and 20-30% savings. It’s free, with no sales calls until you choose an installer. Compare personalized solar quotes online and receive guidance from unbiased Energy Advisers. Get started here. – ad*

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Hyundai Casper EV Cross spotted for the first time with new design upgrades [Video]

Published

on

By

Hyundai Casper EV Cross spotted for the first time with new design upgrades [Video]

Hyundai’s new low-cost EV is getting a bold design upgrade. The Hyundai Casper EV Cross was spotted for the first time in public, revealing new design elements.

Although we knew a rugged “Cross” variant was headed to Europe, this was the first time the domestic model was spotted with an upgraded design.

Hyundai unveiled the Inster EV Cross earlier this month, giving the electric city car an off-road new look.

The Inster EV is Hyundai’s overseas version of its domestic Casper Electric model. In Korea, Hyundai’s Casper EV starts at around $20,000 (27.4 million won). Hyundai said its new EV can be bought for under $8,000 (10 million won) with subsidies.

In Europe, it starts at under $27,000 (25,000 euros). The Cross variant is built for “those looking for an EV with a more adventurous look,” Hyundai said.

Although it offers the same versatility as the standard model, the Inster EV Cross gains rugged design elements, including new front and rear bumpers, black claddings, skid plates, a roof rack, and more.

Hyundai-Casper-EV-Cross
Hyundai Inster EV Cross (Source: Hyundai)

Here’s our first look at the Hyundai Casper EV Cross

After a rugged new variant with the Casper EV logo was spotted in Korea for the first time, a Cross model is expected to debut shortly.

The new video from HealerTV reveals added design elements, including the roof rack and more aggressive black trim.

Hyundai Casper EV Cross spotted for the first time (Source: HealerTV)

The reporter notes that the Hyundai Casper EV Cross has a “much more mechanical and futuristic feel than the existing model.”

It almost appears “robot-like” with an added off-road feel. The Inster EV Cross gets up to 223 mi (360 km) WLTP driving range. In Korea, the Casper Electric is rated with up to 195 miles (315 km) driving range.

Hyundai-Casper-Electric
Hyundai Casper Electric (Source: Hyundai)

Although Hyundai Casper (Inster) EV is not expected to launch in the US, the low-cost model was spotted driving in California for the first time this month.

In the meantime, off-road fans can get in line for Hyundai’s upgraded 2025 IONIQ 5, which will be available with a rugged XRT trim. The 2025 IONIQ 5 XRT model was also recently caught testing ahead of deliveries.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending