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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.

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Kempower, Proviridis partner on novel electric semi truck charging solution

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Kempower, Proviridis partner on novel electric semi truck charging solution

French infrastructure specialists Proviridis have partnered with EVSE manufacturer Kempower to deliver a novel, underground charging solution for electric semi trucks designed to easily integrate into existing truck depots.

By installing its high-powered charging cabinets underground and integrating the charging cables into a solid metal pipe, Kempower and Proviridis have been able to make room for high-powered charging points in an existing truck depot that didn’t have enough space to install either conventional EVSE or overhead “drop lines.”

For the pilot, the metal pipe is painted in a striking yellow color to make it easier to see while maneuvering the lot, and keeping the dispensers themselves more protected than conventional concrete bollards. The 600 kW power cabinet is positioned a few yards away – a typical space-saving Kempower solution – and connected to the charge points by underground cable.

Proviridis believes their solution provides enough of a competitive advantage that fleet buyers looking to electrify will be eager to give it a try.

“The product is durable across a wide spectrum of temperatures and conditions, requires minimal ventilation, and can cater for a wide range of customer needs,” explains Olivier Verdu, Technical Director at Proviridis. “These are features which perfectly place the Kempower solution for this type of charging configuration in a logistics environment.”

Electrek’s Take

While traditional charging equipment can cause up to 20% of an existing truck depot’s parking capacity to be lost, the Kempower products have already gained recognition for the efficient size footprint of its overground Satellites. If this underground version proves to be even better, you can expect to see a lot more Kempower installations near you.

SOURCE | IMAGES: Kempower.

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For a limited time, save $500 on a Centris folding eBike from Buzz Bicycles

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For a limited time, save 0 on a Centris folding eBike from Buzz Bicycles

In honor of Black Friday and Cyber Monday, eBike specialist Buzz Bicycles is offering an exclusive discount for Electrek readers on its Centris Class 2 Folding Bike.

Table of contents

Buzz Bicycles is back with an exclusive new deal

Buzz Bicycles has been a mainstay on Electrek for a few years now, as we have covered several of its electric bikes, which suit riders of all skill levels and help them “Buzz through life.” Buzz is an omnichannel eBike brand that prioritizes direct-to-consumerism and has found success in its mission to deliver ultimate transportation solutions at an excellent value for its growing base of eBike enthusiasts.

The company strives to deliver riders a “Wow moment,” which is usually brought on as they feel the pedal assist function kick in. This feature delivers all you need to conquer hills and longer rides while enjoying new adventures with friends.

The Buzz team has utilized decades of industry experience into its portfolio of eBikes, all conceived and designed in Dayton, Ohio. The company, which operates under the United Wheels umbrella alongside brands like Huffy Bicycles, Niner Bikes, and Batch Bicycles, has adopted an ethos that the freedom of riding should be fun and accessible for everyone, no matter what adventure lies ahead.

By leveraging the global presence of its parent company, Buzz Bicycles can make good on its promise to deliver affordable eBikes that are comfortable, powerful, and safe, much like the Centris Folding eBike, which is as versatile and compact as it is fun. The exclusive deal Buzz Bicycles is offering on the Centris makes it even more fun. You can take advantage of it below.

But first, you’ll want to learn about the capabilities of this foldable eBike to truly understand its value, as well as what accessories are available to level up your purchase.

Buzz Bicycles

The Buzz Centris is an easy to ride foldable eBike for all

The Buzz Centris is a Class 2 Folding eBike built for comfort and convenience no matter where you take it. At full size, the Centris’ step-through frame offers a low step-over height of just 16 inches, perfect for riders of all sizes, enabling easy transitions from ground to saddle for its riders.

When you’re not riding, the Centris from Buzz Bicycles folds neatly to 34 inches in length and 22 inches in height, making it easy to store at home or to carry in a vehicle on the way to your next ride. Furthermore, the assembled bike only weighs 68 pounds, making it easy to transport.

You can easily navigate tougher terrain on the Centris thanks to the eBike’s 20″ x 4″ knobby tires and front suspension. The bike is powered by a 48V, 500-watt-hour (Wh) battery pack that can propel it to a top speed of 20 mph for an all-electric range of up to 40 miles on a single charge.

Additionally, this folding model from Buzz Bicycles comes equipped with both a front and rear rack, offering versatile cargo-carrying options so you can customize your ride with a variety of Buzz accessories.

Like all Buzz eBikes, the Centris is tested and deemed compliant with the UL2849 standard. This standard covers the entire electric bicycle system, including the motor, battery, controller, and charger, offering the highest safety standards for added peace of mind.

The Centris Class 2 folding bike from Buzz is available in two colors: Gloss White or Matte Black. This $1,199 eBike is currently reduced to $899 – and you can score an additional $200 off with this exclusive promo, but only for a limited time.

With the purchase of any Buzz eBike, including the Centris, you are guaranteed the following:

  • 10-year limited warranty (lightweight aluminum frame protected for full 10 years)
  • 2-year limited warranty (electrical components covered by 2-year warranty for peace of mind)
  • 6-month limited warranty (additional bike components protected by a 6-month warranty)
Buzz Bicycles

Are you interested in the Centris from Buzz Bicycles? You’ve come to the right place. Starting today, while supplies last, you can take advantage of an additional $200 off the sale price by using promo code “ELECTREK200. That’s a $500 discount in total!

Don’t wait, because this deal only runs through 11:59 PM on December 8, 2024.

We highly recommend perusing Buzz’s entire lineup of products. They are designed for commuters and casual riders, with technology and features that help you quickly feel comfortable riding. If you are new to the world of E-transportation, Buzz Bicycles is the brand for you. 

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It begins: Mercedes eActros 600 electric semi truck enters production

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It begins: Mercedes eActros 600 electric semi truck enters production

With up to 500 km (310 miles) of all-electric range, the new Mercedes eActros 600 electric semi truck was designed for long-haul trucking – and now, it’s officially in production at the company’s Wörth plant in Bavaria.

The electrification of Daimler Truck’s Mercedes line is progressing nicely, with the eActros 300 and 400 models handling drayage and short-haul duties, and the eEconic seeing duty in waste disposal and airport refueling. The addition of the new 600 model expands on that work with a truly capable long-haul solution that will help Mercedes’ customers clean up their operations.

“The start of series production of our eActros 600 is a further proof of our ambition to transform the industry,” offers Karin Rådström, CEO of Daimler Truck. “With a range of 500 kilometers on a single battery charge, our eActros 600 is addressing the long-haul segment in Europe which is responsible for two-thirds of CO2 emissions from heavy road freight. Our battery-electric long-haul truck will therefore make a real difference.”

In addition to the 600’s additional range, the newest eActros marks another milestone by becoming the first electric Mercedes semi to be manufactured on a single line (the eActros 300/400 and eEconic leave their standard production lines to have their electric drive components installed at Mercedes’ Future Truck Center in Wörth).

“With the start of series production of the eActros 600, we are expanding our Wörth product portfolio with an important vehicle for the future,” says Andreas Bachhofer, Head of the Wörth site and Production at Mercedes-Benz Trucks. “Construction of this first battery-electric truck made in Wörth will be fully integrated into the existing assembly hall, flexibly alongside the manufacturing of combustion-engine trucks. This means that we are ideally positioned for the production of larger quantities. Our production team is well prepared for the successive ramp-up over the coming months.”

The new electric semi truck features a 600+ kWh battery (hence, eActros 600) that sends power to a new, highly efficient electric drive axle developed in-house by Mercedes-Benz, good enough to “be able to travel significantly more than 1,000 kilometers per day. This is made possible by intermediate charging during the legally prescribed driver breaks – even without megawatt-charging.”

The company claims the massive, 600 kWh battery in the eActros can be charged from 20 to 80 percent in about 30 minutes at a megawatt charging station, which will soon (?) be available across Europe. First deliveries of the new 600 series Mercedes electric semi trucks are expected to begin Q1 of 2025, with production ramping up to full speed soon after.

Electrek’s Take

Holcim, a global leader in building materials and solutions, has recently made a significant commitment to sustainability by placing a purchase order for 1,000 Mercedes electric semi trucks.
Mercedes eActros 600 long-haul electric semi; via Daimler Trucks.

Electric semi trucks are racking up millions of miles as more and more pilot programs being to pay off, leading to more orders for battery electric trucks and more reductions in both diesel demand and harmful carbon emissions. We can’t wait to see more.

SOURCE | IMAGES: Daimler Trucks.

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