Extreme E, the off-road electric racing championship which races in exotic locations to highlight conservation efforts, starts its third season this weekend with a race in Saudi Arabia along the coast of the Red Sea.
The first two seasons of Extreme E brought us an abundance of chaotic racing, with purpose-built electric vehicles showing their incredible capabilities in difficult terrain.
Every Extreme E race location is picked to bring awareness to one aspect of how humans are affecting the world around us. This one, the Desert X Prix, brings desertification into focus. As the climate changes and gets warmer due to human activity (from carbon emissions, which Saudi Arabia itself plays a large part in emitting), fertile land can degrade and shrink, turning into desert terrain due to drought and higher average temperatures (or due to over-farming).
This has famously happened in the “fertile crescent” – the area in the Middle East, not too far North of the Desert X Prix’s race location, where human civilization first flourished due to the region’s exceptional fertility. That fertility has waned over time due to human activity, turning formerly fertile lands into desert.
The four other race locations this season focus on issues related to their locations as well. Races are given names related to the environmental issues they plan to focus on, though further details of each race are yet to be announced:
Hydro X Prix, May 13-14 in Scotland
Island X Prix, July 8-9 in Sardinia
TBC, September 16-17 in Amazon or USA (theme and location has not yet been announced, but we’ll guess it’s about forests/rainforests)
Copper X Prix, December 2-3, Antofagasta, Chile
The series is expanding this year, with a new format that consolidates each race down to a one-day affair. In place of time trials, qualifying sessions are now five-car races of two heats each, and the top 5 combined placements go on to the finals, with positions 6-10 going on to a separate race for placement.
Since races are now one day each, this means that the format has turned each race weekend into a doubleheader, thus doubling the number of total races in the season from 5 to 10.
A few drivers have shuffled teams and some new ones have been added, the most famous of which is Heikki Kovalainen, a former Formula One driver and race winner who has since been dabbling in various rallying series. The series also sees a new team this season owned by DJ Carl Cox.
Each session includes equal participation from a team’s two drivers. In contrast to other motorsports which are almost entirely male-dominated, Extreme E requires that each team have one male and one female driver, and that they share driving duties equally over the weekend, in order to advance equality and encourage opportunities for women in motorsport.
Sara Price (USA) / Kyle Leduc (USA), Chip Ganassi Racing
The teams are also equal in the equipment they use, with all teams racing in the same Odyssey 21 racecar from Spark Racing Technology. The cars are the same this year at last, though the standard Continental CrossContact tires used by Extreme E now include an increased percentage (43%) of sustainable materials in their construction.
The Odyssey 21 weighs 1,650 kg (3,637 lbs) and puts out 400kW (550hp), allowing it to race to 0-100 km/h (0-62) in 4.5 seconds. But this is an off-roader, not a track car, and with its niobium-reinforced steel frame, raised suspension, and huge tires, it can conquer rough roads and gradients of up to 130% (over 52º). And that 0-62 time supposedly applies on any surface, whether it be road, sand, or gravel.
As with last season, this season starts with a race in Neom, Saudi Arabia, site of a planned city concept in the country’s Northwestern Tabuk province. While the city is not built yet, plans call for the $500 billion city project to be powered entirely by renewable energy – which probably influenced Extreme E’s choice of it as a race location. Though the plans are not without controversy.
Neom made waves this year with a… let’s say “optimistic” video describing “The Line,” a concept for a 170km-long, 500m-tall branch of the city that could house nine million people in a car-free environment.
But the course will be different than the last two years. Rather than racing through rocks and sand dunes as we’ve seen before, this race will take place in a flatter environment along the Red Sea. Extreme E has raced in similar locations before, when it went to Senegal for the Ocean X Prix in season 1.
The change from desert sand to beach sand could help mitigate one of the problems we’ve seen before in the desert, where large plumes of fine desert dust get kicked up behind cars, making it hard to follow closely which results in it being near-impossible to pass a leading vehicle. Ocean sand tends to be coarser and results in less persistent plumes, improving racing.
In keeping with the series’ message to focus on conservation efforts with each race, Extreme E participates in a “legacy program” at each race location. The intent is to leave a lasting positive impact on each local community and environment with some relevant conservation effort.
Lance Woolridge (ZAF), Veloce Racing, and Timmy Hansen (SWE), Genesys Andretti United Extreme E, helping with regreening during 2022’s legacy event
For this year’s Desert X Prix, Extreme E will assist in the release of Arabian Oryx, Red Neck Ostriches and Arabian Sand Gazelles into the 25,000 square kilometer NEOM nature reserve. These three species used to be common in the area, but went extinct or near-extinct in the wild over the last century, saved by captive breeding efforts.
Extreme E will also plant more trees in the area, expanding on its regreening efforts from last year’s legacy program.
These sustainable practices will hopefully bleed over into viewers through Extreme E’s “Count Us In” challenge, which encourages fans to take concrete steps towards more sustainable practices in their own lives. Fans can then pledge these steps to their favorite team for extra brownie points.
The last two seasons have basically been two-horse races, with teams RXR and X44, owned by former Formula 1 teammates Nico Rosberg and Lewis Hamilton respectively, in close competition for the championship. RXR won season 1, and X44 won season two, both with extremely slim margins. But X44 has lost its star driver this year, Sebastian Loeb, who is widely considered among the best rally drivers of all time, while RXR continues with its line up of Johan Kristofferson and Mikaela Åhlin-Kottulinsky from their second-place showing last season.
Extreme E says, however, that this will be the “closest season yet” – we’re not sure how they know this, but we’re ready to tune in and see a double dose of the wild electric off-road racing that excited us so much in the first two seasons.
To find out how and when to watch the races in your country, head on over to Extreme E’s Broadcast Information site. Final races start at 12 p.m. UTC (3 p.m. local Saudi time) on each day, which translates to 4 a.m. PST/7 a.m. EST on Saturday and 5 a.m. PDT/8 a.m. EDT on Sunday, since Daylight Saving Time starts on Sunday morning. In the US, the final race program will be aired delayed on Fox Sports 2 at 6:30PM EST on Saturday and 6PM EDT on Sunday (but check your local listings – and your clocks – due to the time change). Last season, races were available to watch after the fact on Extreme E’s website, though we don’t know yet if they’ll be available there this season as well.
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Most Wall Street analysts covering Tesla’s stock (TSLA) badly misread the automaker’s delivery volumes this quarter. Some of them have started releasing notes to clients following Tesla’s production and delivery results.
Here’s what they have to say:
According to Tesla-compiled analyst consensus, the automaker was expected to report “377,592 deliveries” in the first quarter.
Truist Securities maintained its hold rating on Tesla’s stock, but it greatly lowered its price target from $373 to $280 a share. They insist that while their earnings expectations have crashed because they overestimated deliveries, investors should focus on Tesla’s self-driving effort, which they see as “much more important for the long-term value of the stock.”
Goldman Sachs lowered its price target from $320 to $275 a share. The firm expected 375,000 deliveries from Tesla in Q1 and therefore had to adjust its earnings expectations with almost 40,000 fewer deliveries.
Wedbush‘s Dan Ives, one of Tesla’s biggest cheerleaders, called the delivery results “disastrous”, but he reiterated his $550 price target on Tesla’s stock.
UBS has reiterated its $225 price target which it had lowered last month after adjusting its delivery expectations in Q1 to 367,000 – one of the more accurate predictions on Wall Street.
CFRA‘s analyst Garrett Nelson reduced his price target from $385 to $360 a share.
Electrek’s Take
I find it funny that most of them are maintaining or barely changing their expectations after they were so wrong about Tesla in Q1.
If you were so wrong in Q1, you should expect to be incorrect also for the rest of the year, and readjust accordingly.
But Cantor is invested in Tesla, and the firm is owned by Elon’s friend, who happens to now be the secretary of commerce. Truist still believes Elon’s self-driving lies, Goldman Sachs overestimated Tesla’s deliveries by the equivalent of $2 billion in revenues, and Dan Ives is Dan Ives.
Covering Tesla over the last 15 years has confirmed to me that most Wall Street analysts have no idea what they are doing – or at least not when it comes to companies like Tesla.
Do you know any who have been consistently good lately? I’d love suggestions in the comment section below.
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The global market rout on Thursday, sparked by President Donald Trump’s announcement of widespread tariffs, had an outsized effect on fintech companies and credit card issuers that are closely tied to consumer spending and credit.
Affirm, which offers buy now, pay later purchasing options, plunged 19%, while stock trading app Robinhood slid 10% and payments company PayPal fell 8%. American Express and Capital One each tumbled 10%, and Discover was down more than 8%.
President Trump on Wednesday laid out the U.S. “reciprocal tariff” rates that more than 180 countries and territories, including European Union members, will face under his sweeping new trade policy. Trump said his plan will set a 10% baseline tariff across the board, but that number is much higher for some countries.
The announcement sent stocks reeling, wiping out nearly $2 trillion in value from the S&P 500, and pushing the tech-heavy Nasdaq down 6%, its worst day since the start of the Covid-19 pandemic in 2020.
The sell-off was especially notable for companies most exposed to consumer spending and global supply chains, including payment providers and lenders. Fintech companies that rely on transaction volume or installment-based lending could see both revenue and credit performance deteriorate.
“When you go down the spectrum, that’s when you have more cyclical risk, more exposure to tariffs,” said Sanjay Sakhrani, an analyst at Keefe, Bruyette & Woods, citing PayPal and Affirm as businesses at risk. He said bigger companies in the space “are more defensive” and better positioned.
Dan Dolev, an analyst at Mizuho, said bank processors such as Fiserv are less exposed to tariff volatility.
“It’s considered a safe haven,” he said.
Affirm executives have previously said rising prices might increase demand for their products. Chief Financial Officer Rob O’Hare said higher prices could push more consumers toward buy now, pay later services.
“If tariffs result in higher prices for consumers, we’re there to help,” O’Hare said at a Stocktwits fireside chat last month. Affirm CEO Max Levchin has offered similar comments.
However, James Friedman, an analyst at SIG, told CNBC that delinquencies become a concern. He compared Affirm to private-label store cards, and pointed to historical trends in credit performance during downturns, noting that “private label delinquency rates run roughly double” in a recession when compared to traditional credit cards.
“You have to look at who’s overexposed to discretionary,” he said.
Affirm did not provide a comment but pointed to recent remarks from its executives.
Wait, Mazda sells a real EV? It’s only in China for now, but that will change very soon. The first Mazda 6e built for overseas markets rolled off the assembly line Thursday. Mazda’s new EV will arrive in Europe, Southeast Asia, and other overseas markets later this year. This could be the start of something with a new SUV due out next.
Mazda’s new EV rolls off assembly for overseas markets
The Mazda EZ-6 has been on sale in China since October with prices starting as low as 139,800 yuan, or slightly under $20,000.
Earlier this year, Mazda introduced the 6e, the global version of its electric car sold in China. The stylish electric sedan is made by Changan Mazda, Mazda’s joint venture in China.
After the first Mazda 6e model rolled off the production line at the company’s Nanjing Plant, Mazda said it’s ready to “conquer the new era of electrification with China Smart Manufacturing.”
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The new global “6e” model will be built at Changan Mazda’s plant and exported to overseas markets including Europe, Thailand, and other parts of Southeast Asia.
Mazda calls it “both a Chinese car and a global car,” with Changan’s advanced EV tech and Mazda’s signature design.
Mazda 6e electric sedan during European debut (Source: Changan Mazda)
Built on Changan’s hybrid platform, the EZ-6 is offered in China with both electric (EV) and extended-range (EREV) powertrains. The EV version has a CLTC driving range of up to 600 km (372 miles) and can fast charge (30% to 80%) in about 15 minutes.
Mazda’s new EV will be available with two battery options in Europe: 68.8 kWh or 80 kWh. The larger (80 kWh) battery gets up to 552 km (343 miles) WLTP range, while the 68.8 kWh version is rated with up to 479 km (300 miles) range on the WLTP rating scale.
At 4,921 mm long, 1,890 mm wide, and 1,491 mm tall, the Mazda 6e is about the size of a Tesla Model 3 (4,720 mm long, 1,922 mm wide, and 1,441 mm tall).
Mazda said the successful rollout of the 6e kicks off “the official launch of Changan Mazda’s new energy vehicle export center” for global markets.
The company will launch a new SUV next year and plans to introduce a third and fourth new energy vehicle (NEV).
Although prices will be announced closer to launch, Mazda’s global EV will not arrive with the same $20,000 price tag in Europe as it will face tariffs as an export from China. Mazda is expected to launch the 6e later this year in Europe and Southeast Asia. Check back soon for more info.
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