However, a few days later, Tesla took a step back with crypto by removing the Bitcoin payment option. The company noted concerns over the energy needs of the Bitcoin network:
Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
This is a concern that many Tesla community members shared when Tesla first announced its Bitcoin investment, and many were angered by the fact that the company didn’t think about it in the first place.
At the time, Tesla noted that it was not selling its stake in Bitcoin and that it planned to resume taking Bitcoin payments once the network showed a higher mix of renewable energy.
The cryptocurrency has since lost much of its value and the automaker’s position suffered greatly, but Tesla also sold gradually throughout the drop – avoiding a lot of the downturn.
With the release of its 10-K annual financial filing with the SEC today, Tesla has released more details about what it has referred to as a “restructuring of its digital assets.”
The company wrote in the filing:
During the years ended December 31, 2022 and 2021, we purchased and/or received an immaterial amount and $1.50 billion, respectively, of digital assets. As of December 31, 2022, we have converted approximately 75% of our purchases into fiat currency. During the years ended December 31, 2022 and 2021, we recorded $204 million and $101 million of impairment losses on such digital assets, respectively. During the years ended December 31, 2022 and 2021, we realized gains of $64 million and $128 million, respectively, in connection with converting our holdings of digital assets into fiat currency. The gains are presented net of impairment losses in Restructuring and other in the consolidated statements of operations. As of December 31, 2022 and 2021, the carrying value of our digital assets held was $184 million and $1.26 billion, which reflects cumulative impairments of $204 million and $101 million, each period, respectively. The fair market value of such digital assets held as of December 31, 2022 and 2021 was $191 million and $1.99 billion, respectively.
In short, Tesla sold most of its Bitcoin in 2022, but it still holds about $184 million worth of Bitcoin while taking an impairment loss of $204 million in 2022.
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Germany, Lower Saxony, Grohnde, Grohnde Nuclear Power Plant.
Westend61
German start-up Proxima Fusion on Wednesday announced it had raised 130 million euros ($148 million) in a record funding round, with investors hopeful the company can soon develop the world’s first commercial nuclear fusion power plant.
The Series A financing round, which was co-led by investors Cherry Ventures and Balderton Capital, represents the largest private fusion investment round in Europe to date.
The buzz around nuclear fusion has kicked into overdrive in recent years. Advocates say the technology, which is the process that powers the sun and stars, can play a pivotal role in the energy transition.
Fusion energy is the process of jamming together two hydrogen atoms to form one helium atom, which releases massive amounts of power. Scientists and engineers have been scrambling to recreate and harness nuclear fusion since the theory was first understood in the 1930s.
“Fusion has become a real, strategic opportunity to shift global energy dependence from natural resources to technological leadership,” Proxima Fusion CEO and co-founder Francesco Sciortino said in a statement.
“Proxima is perfectly positioned to harness that momentum by uniting a spectacular engineering and manufacturing team with world-leading research institutions, accelerating the path toward bringing the first European fusion power plant online in the next decade,” he added.
If nuclear fusion can be replicated at an industrial scale, the International Atomic Energy Agency (IAEA) says the technology could provide virtually limitless clean, safe and affordable energy that meets the world’s demand.
Not everyone is convinced, however. Researchers have suggested the technology is likely still a long way off from being ready to be scaled up for commercial use.
The Series A financing round brings Proxima Fusion’s total funding to more than 185 million euros in private and public capital, accelerating the Munich-based firm’s mission of building the first stellarator-based fusion power plant in the 2030s.
An alternative to the more common tokamak, a stellarator is a device that uses magnetic fields to confine plasma in the shape of a donut, according to the U.S. Department of Energy. These magnetic fields allow scientists to control the plasma particles and allow the right conditions for nuclear fusion.
“Stellarators aren’t just the most technologically viable approach to fusion energy—they’re the power plants of the future, capable of leading Europe into a new era of clean energy,” Daniel Waterhouse, partner at Balderton Capital, said in a statement.
Proxima Fusion was founded two years ago as a spin out from the Max Planck Institute for Plasma Physics (IPP).
Tesla’s driverless robotaxi has been spotted in Austin for the first time, but it is being followed by a trailing car with a driver.
CEO Elon Musk now says that Tesla aims to “tentatively” start its service on June 22.
Tesla now plans to operate its own small internal fleet of vehicles with dedicated software optimized for a geo-fenced area of Austin and supported by “plenty of teleoperation.”
The company has been discussing the launch of its paid service in June, but as we reported, it only officially began the “testing” phase earlier this week, according to Austin’s official website.
In comparison, Waymo tested its system, which was already in operation driverless in other cities, for 6 months with safety drivers and 6 months without safety drivers before launching its service in Austin earlier this year.
Now, a Tesla Model Y without a driver was spotted in Austin for the first time:
From the video, we can see that a second Tesla vehicle is trailing the driverless vehicle, likely with a remote teleoperator ready to take control or activate a kill switch.
As we previously reported, Tesla has been building a team of teleoperators to remotely control its vehicles when needed.
Just this week, days before the planned launch of the service, Tesla has posted a new job listing for engineers to build a teleoperation system with as low latency as possible.
Having a trailing car can address the latency problem.
After sharing the video above, Musk highlighted that these are unmodified Model Ys, like the ones that Tesla delivers to customers. This prompted someone to ask when Tesla plans to deliver unsupervised self-driving to customers, as he promised every Tesla vehicle produced since 2016 would be capable of doing.
Musk didn’t confirm it, but he said that the custom software running on those vehicles have about 4 times more parameters than the current version (FSD v13) in customers vehicles and he could see that being deployed in the customer fleet later this year:
It’s a new version of software, but will merge to main branch soon. We have a more advanced model in alpha stage that has ~4X the params, but still requires a lot of polishing. That’s probably ready for deploy in a few months.
As we previously reported, this fleet deployment in Austin is quite a moving of the goal post for Tesla, which has been promising unsupervised self-driving in all vehicles since 2016.
This service is only going to work in a geo-fenced area where Tesla is optimizing its FSD software to perform better, and it is supported by teleoperation, something that can’t be scaled to the customer fleet.
Electrek’s Take
I don’t know why Musk wants to emphasize that Tesla is using the same vehicles it delivers to customers as if it’s a giant advantage over Waymo.
We know that Tesla’s hardware approach is much cheaper than Waymo. That’s not new. The real question has always been about safety and performance.
I can see this program eventually helping FSD progress, but as you can see, Musk is not stating that unsupervised self-driving in customer vehicles will be achieved when the new customer version of FSD, which comes out of this custom software, reaches the market.
Even if this 10x the miles between disengagement in the current version, which would be impressive, Tesla would still only be at about 5,000 miles. That’s behind the competition and nowhere near what’s needed for level 4 unsupervised self-driving.
At this point, I expect Tesla to start admitting that HW4 will not support unsupervised self-driving in customer vehicles by the end of 2026.
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Porsche is preparing to release its Cayenne EV in the next year or so, but that didn’t stop it from taking the car out in secret to a hillclimb meet, where it utterly destroyed the previous course record previously held by a 12-cylinder Bentley Bentayga.
Hillclimbing is a specialized sort of racing where cars start at the bottom of a hill and then race to the top of it. And it’s a type of racing where electric cars do quite well because of their high amounts of instant torque and fast low-end acceleration.
We’ve covered some other hillclimbs before, such as the famous Pike’s Peak hillclimb, where EVs shattered records last year, and where Ford is running an unrecognizably modified Mach-E this year in just a couple weeks. EVs do well here due to the race’s high altitude, which leads to inefficient combustion from gas-powered cars due to low oxygen in the air, which EVs don’t have to worry about.
And hillclimbing is popular in the UK, where courses are much shorter than the brutal 12.42-mile “race to the clouds” at Pike’s Peak. Most UK courses are more like a mile long, give or take.
Another course, part of the British Hill Climb Championship, is Shelsley Walsh, where this last weekend’s news happened. The race was first contested in 1905, with a length of 1,000 yards (910m, .57mi).
So, it’s just a sprint, and it’s a sprint that a Cayenne EV just absolutely destroyed every other car in its class on – even though the car isn’t out yet. It’s expected to get a full unveil later this year, but that didn’t stop Porsche from flexing its muscles ahead of release.
Porsche took a prototype version of its upcoming EV out to Shelsley Walsh, where it was looking to beat a record previously set by the Bentley Bentayga W12, an absolutely bonkers ultra-luxe SUV with a massive 12 cylinder, 6 liter twin-turbo engine capable of producing 600hp.
But that gigantic engine proved to be no challenge for the Cayenne, which crushed the antiquated dino-burner’s record by several seconds.
On such a short lap, records are often set by tenths or hundreds of a second, but the Cayenne EV beat the Bentayga’s 35.53 second record by more than four whole seconds, setting a new time of 31.28. Watch it below (the Cayenne EV’s part starts at 2:36:30, if the deep-link doesnt work):
(*Porsche told us those engine sounds are from another vehicle near the microphone, not from the Cayenne EV itself)
In the video, the Cayenne is extremely well behaved up the course, exhibiting very little body roll for such a large vehicle. This is owing to the low center of gravity characteristic of many EVs, due to the weight of the car being in the battery at the bottom of the vehicle, and to Porsche’s active suspension.
And on such a short run, the instant acceleration of the Porsche gave it a lasting advantage over the hulking Bentayga W12, allowing it to crush the previous record.
The Cayenne EV was driven by Gabriela Jilkova, Porsche’s development driver for its Formula E team. It even beat the production electric car record which was previously held by another Porsche, the Taycan Turbo. That record was 31.43 seconds, so the Cayenne was just able to pip it.
It isn’t, however, the fastest electric vehicle up the hill – that’s currently a 30.46, set in 2018 by Mitch Evans in a Jaguar Formula E car (from an earlier generation – surely the new Gen 3 EVO cars would be even quicker).
As of now, we still have no final numbers on what sort of specs the Porsche Cayenne will have, as the vehicle is still in prototype form and hasn’t gone through homologation. So, Porsche is still figuring it out like the rest of us, but from these results, it looks like they’ve got something good on their hands.
Electrek’s Take
Now this is just one race, and not a particularly famously-contested one. There are surely cars that haven’t run this hill that would beat the Cayenne up it. But 4 seconds is a huge record on such a short course, and is certainly a shot across the bow, such that we can’t wait to see where else Porsche takes this thing and what other gas SUVs it might be able to embarrass.
It also handled very well for a large vehicle (and it is indeed large – almost twice the weight of my own EV, a Tesla Roadster). An SUV is still not a sportscar, but I had no particular misgivings when driving it… except perhaps that maybe it was too powerful, and that I preferred the 4S since I just never knew when I would need the amount of power the Turbo could put down.
So I’m not surprised that its bigger sibling, the Cayenne EV, would also perform extremely well here. Porsche knows how to make a car and how to make it perform well, and somehow they’ve even brought that magic to a vehicle as big as the Cayenne EV.
So, I’m looking forward to a time that I get to bring the Cayenne EV to a Porsche meetup, just like I did with the Macan, and have another dad tell his child “you wanna see the fastest car here? it’s that one.” And it’ll have the records to prove it.
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