Tesla is continuing its discounts on its electric vehicles in several markets as inventory has piled up, which is abnormal for the automaker this early in the year.
While Tesla has a policy not to offer discounts on its vehicles, it has often broken that policy at the end of quarters in order to deliver as many vehicles as possible.
It reduces the number of vehicles in inventory, which looks good on the balance sheet for the quarterly results.
Normally, the discounts end with the end of the quarter, but this time, Tesla has continued to offer discounts in the new year.
We already reported on Tesla slashing prices in China, but we have now learned that the automaker is also offering reduced prices in several other markets, including Australia, Singapore, South Korea, and Japan.
In Singapore, Tesla is offering a discount of $5,000 for people who trade in an existing internal combustion vehicle and another $5,000 credit to help cover the cost of the certificate to operate a car in Singapore.
That’s for existing inventory vehicles.
Tesla is also offering a free Wall Connector to new buyers.
The discount and price reductions are coming as Tesla happens to have some inventory build-ups, which is unusual for the automaker at the start of a new quarter.
Tesla’s inventory is typically low in most markets early in a quarter, especially overseas where markets are waiting for new shipments.
But Tesla has had around a 50,000-vehicle discrepancy between vehicles produced and vehicles delivered over the last two quarters.
This has resulted in some markets, especially outside the United States, having Tesla vehicle inventory early in the new year.
Electrek’s Take
We were already seeing some signs of demand issues for Tesla at the end of last quarter. Now, this pretty much confirms it.
Tesla has significantly increased its production capacity over the last year, and it looks like demand doesn’t quite match yet at the current prices.
Personally, I am not overly concerned for the automaker as I believe it will adapt and pull on some demand triggers to balance things out.
Obviously, the situation will affect its gross margin, but the automaker has some room to play there.
However, it’s going to be essential to see if these demand issues continue throughout the year because it could become a problem over time.
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With a massive, 240 ton payload and a host of new features, the first of Caterpillar’s next-generation CAT 793 XE Early Learner battery electric trucks has arrived at Newmont’s Cripple Creek and Victor (CC&V) mine in Teller County, Colorado.
“In less than two years, we went from retrofitting an existing piece of equipment at our proving ground to designing a ruggedized solution ready for validation at our customers’ sites,” explains Caterpillar Vice President, Brian Weller. “This was not a small change. Just about everything in the powertrain has been enhanced while still leveraging proven components of our Cat 793 model. With these changes, we still have learning to do with our customers in real-world applications.”
The next phase of Caterpillar’s Early Learner program will see the company attempt to integrate multiple electrified trucks at a single site with remote operators, validating the integration of a battery electric fleet with CAT’s existing autonomous and fleet management systems.
The Newmont gold mining operation has a long-standing “strategic alliance” with Caterpillar (signed in 2021) that aims to deliver a fully connected, automated, zero carbon emitting, end-to-end mining operation by 2050 while reducing downtime and operating costs.
Electrek’s Take
As I’ve said before, EVs and mining to together like peanut butter and jelly. In confined spaces, the carbon emissions and ear-splitting noise made by conventional, ICE-powered mining equipment can create dangerous circumstances that can lead to serious injuries (or worse), and that’s just going to make it even harder for a mining operation to keep people working and minerals coming out of the ground.
By working with companies like Caterpillar to prove that forward-looking electric equipment can do the job as well as well as (if not better than) their internal combustion counterparts, Newmont will go a long way towards converting what’s left of the ICE faithful.
Chinese electric truck maker JAC has shipped 100 MD electric trucks (cab and chassis) from Hefei, China to a single customer in Mexico, marking a major milestone in the commercial vehicle brand’s growing North American ambitions.
“We call on all interested parties to share the best international practices to contribute to a better development of electromobility and bring its benefits to all Mexican cities,” says Shirley Wagner, president of Mexico’s Electro Movilidad Asociación (EMA), a coalition of companies that includes Kia, Volvo, Tesla, JAC, and BYD that is working to help reduce Mexico’s vehicular carbon emissions by going “100% electric” by 2035. “We believe that those of us living in Mexico deserve cleaner air, and it is possible to achieve it if we work together to make previously made commitments a reality.”
JAC N55 electric truck
JAC Motors entered the Mexican market in 2012, and has built out a nationwide sales and service network there, earning enough local trust to support this single 100-unit order.
It doesn’t seem to matter if we’re talking about the low-end or the high-end of the EV market, the Chinese are there with solid products that seem poised to seriously challenge Western automakers in their home turf. The electric truck market seems to be no exception.
ALSET Auto doesn’t protect cars; it protects EVs. This year, the Tesla customization company expanded its services to include all EV owners and offers services such as tint, ceramic coatings, paint protection film (PPF), and colored wraps. As ALSET Auto’s business grows, the company is offering new franchise opportunities to help expand its services to EV owners in the US and Canada.
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Founded by EV owners for EV owners
ALSET Auto was founded in Portland, Oregon in 2018 by Phil Bunting and Marcus Brown after they each purchased Teslas and were dissatisfied with their experience in their search for viable exterior protection options.
I called a half dozen shops in my area and got the same runaround. They loved to disparage Tesla’s soft paint, but no one wanted to give me a firm price for paint protection over the phone,
recalls ALSET CEO, Phil Bunting:
They all wanted me to bring my Tesla into their shop first, refused to provide a firm estimate over the phone, and declined to list their all-in prices on their website. I remember thinking, if I can build, price, and purchase a $100,000 Model X on my iPhone in five minutes, why should getting my Tesla protected be any different?
Thus, the idea for ALSET (Tesla spelled backward) was born. The company envisioned offering customers an experience similar to buying a Tesla, where the price is transparent, and there is no upselling, bait-and-switch tactics, or pricing gimmicks. Instead of selling Tesla owners on the fear of what could happen to their EV’s unprotected paint, ALSET set out to build a lasting connection with customers based on a shared passion for the cars they love.
Over the past five years, ALSET Auto has quickly become a leading provider of paint protection and personalization services. Operating in 15 markets across North America, ALSET has protected and personalized more than 7,000 EVs.
Aside from Cybertruck wraps, ALSET Auto’s three core services appeal to the broader market of owners who are looking to protect, preserve and enhance the look of their EVs. The company forged a partnership with XPEL Inc. to offer its customers a suite of best-in-class protective film and coating options, which include:
ALSET Auto offers a suite of options to protect, preserve and personalize your EV
Tesla Cybertruck wraps have quickly become a significant portion of ALSET Auto’s expanding business. The company offers the largest selection of colored PPF in the industry with more than 250 options in gloss, matte, metallic, and color shifting. The company is currently wrapping about 100 Cybertrucks per month, with several locations wrapping as many as five per week. Bunting elaborated:
The demand for colored paint protection film in recent years has surged because most EVs are offered in limited colors. Unlike flimsy vinyl wraps, colored PPF offer durable protection, self- healing properties and longer warranty coverage. It is the best of both worlds for protection and aesthetics. For Cybertrucks, we are finding that it’s a matter of when their owners will purchase wraps, not if.
The company has received nearly 1,000 five-star reviews for offering highly specialized customer service along with an industry-leading, lifetime warranty. In addition, ALSET services are CARFAX certified so that all upgrades appear on CARFAX reports to increase resale value and assist in insurance claims.
Paint Protection Film (PPF) – This durable self-healing film is offered in a clear or matte finish and is most commonly applied to the entire car or the front impact zones which include the full hood, fenders, bumper and mirror caps. PPF protects the vehicle’s paint from unsightly rock chips, scratches and abrasions. In many instances, scratches in the film can be removed with heat from the sun or blowdryer, or by using hot water.
Nano Ceramic Coatings – When fully cured, ceramic coatings are up to three times harder than factory clear coat. ALSET Auto’s full interior and exterior ceramic package uses four different ceramic formulas which are applied to the paint and trim, wheels, windshield, as well as the interior. While these coatings are not intended to prevent rock chips, they help protect from light scratches and swirls, environmental contaminants, and etching from bug guts and bird droppings. They also make your EV extremely shiny and hydrophobic, which makes washing and maintenance a breeze.
Ceramic Window Film – Available in a variety of shades, ceramic window tint offers unrivaled heat rejection as well as protection from harmful UVA and UVB rays. It also provides a sleeker look and enhanced security and privacy. EVs with ceramic window tint can expect to get more range from their battery due to lower cabin temps and less use of their EV’s air conditioning.
ALSET Auto also participates in XPEL’s OEM referral programs, which include Tesla and Rivian.
ALSET Auto plans to award 12 new franchises in 2025
After successfully opening corporate locations in Portland and Seattle, ALSET Auto launched the company’s first franchise in 2021 in Dallas, Texas. In doing so, ALSET Auto completed a rigorous franchise registration process with iFranchise Group, Inc., an industry-leading consultancy group that has worked with Massage Envy, Denny’s, Vitamin Shoppe, Shelf Genie and other name brands.
Since then, ALSET Auto has expanded to 15 locations with several more franchises currently in the pipeline.
Locations:
Atlanta, GA
Austin, TX
Dallas, TX
Jacksonville, FL
Las Vegas, NV
Orange County, CA
Portland, OR
Raleigh, NC
Richmond, VA
San Diego, CA
Sacramento, CA (ALSET Affiliate)
Seattle, WA
Tampa, FL
Vancouver, BC, Canada
The average annual revenue for ALSET Auto locations open at least 12 months was $1 million in 2023, according to the company’s 2024 Franchise Disclosure Document (FDD).
ALSET Auto provides franchisees a wide range of ongoing support including training, site selection assistance, coaching, access to proprietary software systems, in-house marketing and advertising, vendor partnerships, and dealer programs. These services are critical to setting up news franchise operators for success.
Current ALSET franchisees joined the company without any prior experience in the industry. They come from various backgrounds, including the restaurant and entertainment industries, sales, technology, sports, and finance.
Ideal franchise candidates are EV owners and enthusiasts who are passionate about the booming EV market and seeking financial freedom and independence from a typical 9-to-5 job. Candidates should be well-capitalized, business-minded, passionate about the EV industry, and committed to actively working in their business.
To learn more about franchising with ALSET Auto and receive the company’s franchising e-brochure, visit their website here.
If you’re interested in learning more about their services, visit their retail site at www.alsetauto.com.
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