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An employee looks out over the petroleum-cracking complex at the Lukoil-Nizhegorodnefteorgsintez oil refinery in Nizhny Novgorod, Russia.

Andrey Rudakov | Bloomberg | Getty Images

This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

It feels like markets are reliving the worst of 2022. But investors still hope for a fresh start this year.

What you need to know today

  • PRO With its earnings beat and vast restructuring plan, Disney has been making the news lately. But is it wise entering the Magic Kingdom? Two investors make their case for and against buying the stock.

The bottom line

A selloff in the U.S. markets, rising oil prices and escalating U.S.-China tensions — it feels like we’re back in the worst part of 2022.

U.S. stocks had a terrible week. The Nasdaq dropped 0.61% on Friday, giving it a 2.41% loss for the week. The Dow gained 0.5% and the S&P rose 0.2%, but they still ended the week lower, with the S&P turning in its worst weekly performance in nearly two months.

Higher energy prices are back, too. The Brent contract for April, which covers oil from Europe’s North Sea, hit $86.39 a barrel, having risen more than 8% for the week. U.S. West Texas Intermediate crude futures rose to $79.72 a barrel, an 8.63% increase for the week — its best since October. Those prices spiked about 2% each on Friday after Russia said it would cut oil production next month to retaliate against Western sanctions.

Relations between the United States and China are fraying. After the U.S. shot down a suspected spy balloon last week, the Commerce Department imposed sanctions on six Chinese aerospace companies that it said support China’s espionage program. On Sunday, the U.S. military shot down a fourth unidentified object — following a second object downed on Friday and a third over the Yukon on Saturday. Though the objects’ origins are still unclear, it’s increasingly likely more sanctions will come.

Amid all that, investors are focusing on the upcoming U.S. consumer price index reading for January with renewed intensity. The numbers will indicate whether we’ll be forced to relive the dark days of 2022, or if there’s hope in at least one part of the economy — America’s consumers.

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Tesla quietly removes range extender battery option on Cybertruck

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Tesla quietly removes range extender battery option on Cybertruck

Tesla has quietly removed the Cybertruck’s range extender from the options in its online configurator.

Does Tesla still plan to bring the product to market?

When Tesla unveiled the production version of the Cybertruck in late 2023, there were two main disappointments: the price and the range.

The tri-motor version, which was the most popular in reservation tallies, was supposed to have over 500 miles of range and start at $70,000.

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Tesla now sells the tri-motor Cybertruck for $100,000 and only has a range of 320 miles.

As for the dual-motor Cybertruck, it was supposed to cost $50,000 and have over 300 miles of range. The reality is that it starts at $80,000, and it has 325 miles of range.

However, Tesla had devised a solution to bring the range closer to what it originally announced: a separate battery pack that sits in the truck’s bed. Tesla called it a “range extender.” It costs $16,000 and takes up a third of the Cybertruck’s bed.

Even though the Cybertruck has been in production for a year and a half at this point, the range extender has yet to launch.

Initially, Tesla said that it would come “early 2025”, but we reported that it was pushed to “mid-2025” late last year.

At the time, Tesla also reduced the range that the removable battery pack adds to the Cybertruck to “445+ miles” rather than “470+ miles” for the dual motor – a ~25-mile reduction in range.

Now, Tesla has removed the option from its online Cybertruck configurator. It used to take reservations for the range extender with a “$2,000 non-refundable deposit”, as seen on the image above, but now it’s not in the configurator at all at the time of writing.

It’s unclear if Tesla is not planning to launch the product anymore or if it is just pausing reservations.

In its specs page, Tesla still lists the achievable range of both versions of the Cybertruck with and without the range extender battery:

Electrek’s Take

I’m curious. Is it dead, or does Tesla just want to stop taking reservations for it?

At first, I was curious about the product even though I didn’t think it would make up for Tesla’s significant miss on Cybertruck specs.

However, after it was confirmed that it takes up 30% of your bed and that it needs to be installed and removed by Tesla at a service center, I think it’s pretty much dead on arrival at $16,000.

It’s going to be a product limited to only a few people at best. And now that’s if it makes it to market.

With the option being removed from the configurator, there’s no production timeline available. Again, the last one was “mid-2025”, which is soon.

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EcoFlow members can save up to 65% on power stations while supporting disaster relief during the 2025 Member’s Festival

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EcoFlow members can save up to 65% on power stations while supporting disaster relief during the 2025 Member's Festival

Portable power station specialist EcoFlow is kicking off its third annual Member’s Festival this month and is offering a unique new rewards program to those who become EcoFlow members. The 2025 EcoFlow Member’s Festival will offer savings of up to 65% for its participating customers, and a portion of those funds will be allocated toward rescue power solutions for communities around the globe through the company’s “Power for All” fund.

EcoFlow remains one of the industry leaders in portable power solutions and continues to trek forward in its vision to power a new tech-driven, eco-conscious future. Per its website:

Our mission from day one is to provide smart and eco-friendly energy solutions for individuals, families, and society at large. We are, were, and will continue to be a reliable and trusted energy companion for users around the world.

To achieve such goals, EcoFlow has continued to expand its portfolio of sustainable energy solutions to its community members, including portable power stations, solar generators, and mountable solar panels. While EcoFlow is doing plenty to support its growing customer base, it has expanded its reach by giving back to disaster-affected communities by helping bolster global disaster response efforts the best way it knows how– with portable power solutions.

EcoFlow Member
Source: EcoFlow

EcoFlow and its members look to provide “Power for All”

Since 2023, EcoFlow has collaborated with organizations worldwide as part of its “Power for All” mission. This initiative aims to ensure access to reliable and timely power to disaster-affected communities across the globe, including rescue agencies, affected hospitals, and shelters, to support rescue and recovery efforts.

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This fund most recently provided aid for communities affected by the recent Los Angeles wildfires, assistance to the Special Forces Charitable Trust (SFCT) in North Carolina following severe hurricanes, and support for non-profits engaged in hurricane preparedness in Florida and the Gulf Coast. Per Jodi Burns, CEO of the Special Forces Charitable Trust:

In the wake of devastating storms in Western North Carolina, reliable power was a critical need for the families we serve. Thanks to EcoFlow’s generous donation of generators, we were able to provide immediate relief, ensuring these families and their communities had access to power when they needed it most. We are so impressed with EcoFlow’s commitment to disaster response through their ‘Power for All’ program. It has made a tangible impact, and we are deeply grateful for their support and partnership in helping these families recover and rebuild.

In 2024, the US experienced 27 weather and climate events, each causing losses exceeding $1 billion, marking the second-highest annual total on record, according to National Centers for Environmental Information. The increasing frequency and severity of natural disasters underscore the critical need for reliable and timely power solutions during emergencies, much like EcoFlow and its members are helping provide through the “Power For All” initiative.

To support new and existing EcoFlow members, the company is celebrating its third annual Member’s Festival throughout April to offer a do-not-miss discount on its products and donate a portion of all sales to the “Power for All” fund to provide rescue power to those in need in the future. Learn how it all works below.

Source: EcoFlow

Save big and give back during the 2025 Member’s Festival

As of April 1st, you can now sign up to become an EcoFlow member to participate in the company’s exclusive 2025 Member Festival.

As a member, you can earn “EcoFlow Power Points” by completing tasks like registration, referrals, and product purchases and tracking your individual efforts toward disaster preparedness and recovery.

Beginning April 4, EcoFlow members will also be able to take advantage of exclusive discounts of up to 65% off select portable power stations, including the DELTA Pro Ultra, DELTA Pro 3, DELTA 2 Max, DELTA 3 Plus, RIVER 3 Plus, and more. However, these sale prices only last through April 25, so you’ll want to move quickly!

Click here to learn more about EcoFlow’s “Power for All” campaign. To register for EcoFlow’s 2025 Member Festival in the US, visit the EcoFlow website. To register as a member in Canada, visit here.

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Tesla loses another top talent: its long-time head of software

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Tesla loses another top talent: its long-time head of software

Tesla is losing another top talent: its long-time head of software, David Lau, has reportedly told co-workers that he is exiting the automaker.

Tesla changed how the entire auto industry looks at software.

Before Tesla, it was an afterthought; user interfaces were rudimentary, and you had to go to a dealership to get a software update on your systems.

When Tesla launched the Model S in 2012, it all changed. Your car would get better through software updates like your phone, the large center display was responsive with a UI that actually made sense and was closer to an iPad experience than a car.

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Tesla also integrated its software into its retail experience, service, and manufacturing.

David Lau deserves a lot of the credit for that.

He joined Tesla in 2012 as a senior manager of firmware engineering and quickly rose through the ranks. By 2014, he was promoted to director of firmware engineering and system integration, and in 2017, he became Vice President of software.

Lau listed the responsibilities of his team on his LinkedIn:

  • Vehicle Software:
    • Firmware for the powertrain, traction/stability control, HV electronics, battery management, and body control systems
    • UI software and underlying Embedded Linux platforms
    • Navigation and routing
    • iOS and Android Mobile apps
  • Distributed Systems:
    • Server-side software and infrastructure that provides telemetry, diagnostics, over-the-air updates, and configuration/lifecycle management
    • Data engineering and analytics platforms that power technical and business insights for an increasingly diverse set of customers across the company
    • Diagnostic tools and fleet management, Manufacturing and Automation:
  • Automation controls (PLC, robot)
    • Server-side manufacturing execution systems that power all of Tesla’s production operations
  • Product Security and Red Team for software, services, and systems across Tesla

Bloomberg reported today that Lau told his team he is leaving Tesla. The report didn’t include reasons for his stepping down.

Electrek’s Take

Twelve years at any company is a great run. At Tesla, it’s heroic. Congrats, David, on a great run. You undoubtedly had a significant impact on Tesla and software advancements in the broader auto industry.

He is another significant loss for Tesla, which has been losing a lot of top talent following a big wave of layoffs around this time last year.

I wonder who will take over. Michael Rizkalla, senior director of software engineering and vehicle firmware, is one of the most senior software engineers after Lau. He has been at Tesla for 7 years, and Tesla likes to promote within rather than hire outsiders.

There are also a lot of senior software execs working on AI at Tesla. Musk has been favoring them lately and he could fold Lau’s responsibilities under them.

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