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During its annual press conference earlier today, Porsche AG is reporting four new financial records for 2022 following a successful IPO last fall. With record revenues for the previous year, Porsche now looks ahead toward its goal of delivering 80% electrification throughout its entire vehicle lineup by 2030 and has updated the public on what and when we will see new EV models, including a bespoke SUV prototype.

Porsche AG is coming off a big year in 2022. After Porsche chief Oliver Blume took over as CEO of parent company Volkswagen Group last summer, he immediately got to work in boosting the Group’s transition to EVs.

The German automaker saw its 100,000th Taycan EV roll off its assembly lines last fall, while Porsche simultaneously began teasing additional EVs to come, including the all-electric Macan SUV. Over the past year, we’ve also learned of an EV version of the 718 on the way, which has been spotted out of roads testing.

To build hype head of its planned IPO, Blume and the Porsche team had also begun promising an entirely new SUV codenamed “K1” which will be positioned above both the Macan and Cayenne EVs in the sales pipeline.

After completing the largest IPO in Europe by market capitalization last September, Porsche is now reporting encouraging financial figures on its way toward full electrification. Here’s the latest.

Porsche EV
Credit: Porsche AG

Porsche aims for huge sales return on wings of new EVs

During its annual press conference earlier today, Porsche’s chairman of the executive board Oliver Blume relayed 13.6% revenue growth in 2022 (37.6 billion euros compared to 33.1 billion in 2021). Operating profit was also up 1.5 billion euros compared to a year prior (+27.4%) alongside record highs in vehicle deliveries and net-cash flow (+0.2 billion euros). Blume elaborated:

In difficult conditions, we achieved the strongest result in the history of Porsche, by some distance. We were also able to offer our customers exciting new products yet again in 2022. This is the result of a great team performance.

Fresh off its successful public offering, Porsche AG looks to carry momentum into 2023 with lofty new targets. The new year kicked off the group’s new “Road to 20” program, which aims to achieve an operating return of sales over 20% in the long term. Porsche deputy chairman and member of the executive board for finance and IT Lutz Meschke, spoke to the group’s goals and newfound freedom to achieve them:

With the Road to 20 we are making Porsche even more resilient and our brand stronger than ever. And we’re going to take a fresh look at everything, from our product range and pricing to our cost structure. We want to increase the quality of our contribution margins and make our products even more attractive.

We can now become even more focused and pick up even more speed. The newly attained autonomy gives us additional entrepreneurial freedom. We will strengthen specific capabilities in key areas such as software and battery technology.

According to consulting firm Brand Finance, Porsche sits as the most valuable luxury brand in the world right now, and it looks to transition that reputation over into a complete lineup of new EVs to join the Taycan. According to the Group’s latest production timeline, that will begin with the all-electric Macan in 2024, followed by the aforementioned 718 by mid-decade.

Next will come a fourth generation, EV version of Porsche’s larger Cayenne SUV, followed by the entirely new “K1” SUV, positioned at a price point above all its other large EVs. Porsche shared that the new model will offer strong performance and automated driving functions while atop the Group’s SSP sport EV platform. With the new chassis, Porsche is also promising on-road performance and range combined with off-road capabilities in some models.

Looking ahead, Porsche is still working to reach a net carbon neutral value chain for its vehicles by 2030, including a net carbon neutral use phase for the BEV models mentioned above. The group also began researching and developing e-fuels at a pilot plant with partners in Chile last year – a hot topic of debate in the EU as its commission has delayed a final vote to completely ban new sales of combustion vehicles by 2035. Porsche was one of the German automakers requesting guidance on the use of those fuels in the future before the vote is finalized.

Meschke states that Porsche expects an operating return on sales between 17-19% in 2023 based on projected sales revenue around 40-42 billion euros.

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No, Trump’s Big Beautiful Bill doesn’t mean it’s too late to benefit from home solar

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No, Trump's Big Beautiful Bill doesn't mean it's too late to benefit from home solar

The Trump Administration’s “Big Beautiful Bill” (BBB) is doing a lot of damage to America’s health, economy, and global standing – but one thing it certainly has not done is make it “too late” for US homeowners to benefit from a rooftop solar system.

Companies like Tesla and Rivian are reeling from the double-whammy of Trump’s BBB ending the $7,500 Federal EV tax credit early and killing the market for carbon tax credits, which provides EV car brands with hundreds of millions of dollars, almost overnight. Still another part of the bill that’s getting a lot of publicity is the death of the 30% tax credit for home solar systems at the end of 2025, which has led many Americans who have been “on the fence” about adding a solar or solar + storage solution to their home to believe they waited too long to go solar.

The good news? It’s not too late. Homeowners who get solar installed and operational by December 31st can still claim a full 30% federal tax credit for 2025, and any unused portion of that credit rolls over to the next tax year.

The better news? Even without the solar tax credit, adding a home solar system with battery backup storage can still deliver a positive ROI.

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Solar benefits go beyond tax credits


home solar storage prices
Home solar installation, via Sunrun.

The most obvious benefit of home solar plus battery storage is that you can produce your own energy (or, if you’ve been following along for a while, electric fuel) for less than it would cost you to buy that energy from your local utility. That’s been true for a while, but it’s about to become even more true.

Outlets like The Washington Post and The Guardian are predicting that household energy bills in Republican-leaning states could rise by more than $600 next year, based on their analyses of the BBB. One study, by energy and climate think tank Energy Innovation, showed energy prices rising by much as 18% by 2035 as a result of Trump’s policies.

Energy Innovation’s analysis skews left, and tends to focus on “left of zero” outcomes. Still, when the corporatist rags start quoting bad numbers and bear markets, you should probably pay attention. Some of the key takeaways of the EI study include:

  • Power generation capacity will fall 340 gigawatts by 2035, raising costs to meet growing demand and damaging industrial competitiveness
  • Wholesale electricity prices will increase 25 percent by 2030 and 74 percent by 2035; electricity rates paid by consumers will increase between 9-18 percent by 2035
  • Household energy costs will increase $170 annually by 2035
  • America loses $980 billion in cumulative GDP through the budget reconciliation window
  • Florida, Texas, Kentucky, and both North and South Carolina stand to be hit the hardest by rising energy costs over the next ten years

Beyond insulating your household budget from rising energy costs, a home solar system can help to insulate your home, too – which means you’ll need less of that lower cost electricity you’re generating to keep it cool in the summer and warm in the winter.

That’s not just me saying that. A study by the Jacobs School of Engineering at UC San Diego study found that during the day, ceilings under tilted solar panels were about 5°F cooler than exposed ceilings, thanks to the panels acting as a shade and creating an air gap that helps dissipate heat. In cool weather, the panels helped homes retain heat, leading to a dual benefit across multiple seasons.

“There are more efficient ways to passively cool buildings, such as reflective roof membranes,” explains Jan Kleissl, a professor of environmental engineering at UC San Diego. “But, if you are considering installing solar photovoltaic, depending on your roof thermal properties, you can expect a large reduction in the amount of energy you use to cool your residence or business.”

Keeping your own personal costs at bay while putting clean, excess energy that’s not stored in your home batteries back into the grid is a win-win that not only reduces your own energy bills but also puts downward pressure on wholesale electricity prices.

What’s more, because the rising costs of energy prices are outpacing interest rates, it might even make sense to finance a solar package – but definitely don’t take my word for that. Talk to a certified financial planner or someone with a fiduciary interest in your money to work the numbers before you start signing stuff.

Original content from Electrek.

READ MORE: It’s time to start recommending some Tesla Powerwall alternatives.


If you’re considering going solar, it’s a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get any annoying calls. No will will call until you select an installer and you share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here

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Not enough: Corvette concept falls 1,000 hp short of Chinese hypercar hype [video]

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Not enough: Corvette concept falls 1,000 hp short of Chinese hypercar hype [video]

The Corvette CX making its debut at this weekend’s The Quail, a Motorsports Gathering, generates more than 2,000 combined hp from its four, individually controlled and torque-vectoring electric motors. It’s staggering power, draped in beautiful bodywork, at a point in time when Corvette is rapidly climbing through the supercar ranks. There’s only one problem with this latest rendition of America’s motorsports icon: China’s has 1,000 more hp.

The specs for the Yangwang U9 Track Edition that leaked last week in BYD filings with the Ministry of Industry and Information Technology (MIIT) read like something out a middle schooler’s journal. 3,000 hp. 0-60 in one second. An electric motor for each wheel. A top speed approaching 300 mph. If it’s real (and there is absolutely zero reason to believe that it isn’t), the BYD will be the performance car benchmark against which all others are measured, like the Ferrari F40 of the 1980s, McLaren F1 of the 1990s, or Bugattis of the twenty-first century.

And that 3,000 hp BYD? That’s a production car, if limited. Meanwhile, the latest no production intent, pie-in-the-sky, no-holds-barred, you can just say shit and no one will ever question it electric hypercar concept from GM falls more than 1,000 hp short, at “just” 2,000 hp.

But don’t count the Corvette out.

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More grease, bigger hammer


Callaway Sledgehammer, via Mecum Auctions.

Whatever you may think of poster-era supercars like the Lamborghini Diablo, Porsche Carerra GT, or Pagani Huayra – or even modern electric hypercars like the Tesla Model S Plaid and Xiaomi SU7 – the one thing they all have in common is that they are all objectively slower than the 255 mph Callaway Corvette Sledgehammer from 1988, above.

I won’t go into the specs of that car (this isn’t that kind of car blog), but the point is that while the Corvette is often overlooked, there is a reason GM’s top-shelf sporty car carries that “King of the Hill” nickname – and the new Corvette CX concept is similarly, undoubtedly, more than just a list of specs in a magazine.

And those specs are seriously impressive. The new Corvette CX concept packs four independent electric motors putting out a combined 2,000 hp and some ungoldy amount of Earth-moving torque under advanced software controls that enable four-wheel torque vectoring for maximum grip and cornering performance, as well as precise steering control under even the heaviest of braking.

Power to those motors comes from the Corvette CX’ 90 kWh lithium-ion battery that’s centrally mounted low in the chassis, giving the car a low center of gravity and, crucially, ideal 50/50 front-rear weight distribution.

Plus: it’s gorgeous


The Corvette team says the CX concept draws from more more than seventy (!) years of Corvette heritage while being a forward looking concept, not a retro piece. Stylistically, the concept seems more visually mature and subdued than its in-production C8 cousin, and seems to promise a return to the C3-5 eras’ cleaner, less busy aesthetics.

Phil Zak, executive design director for Chevrolet, is very rightly proud of the CX’ design. “While the shape of a Corvette has always been expressive and forward-looking, each crease and line has its roots in the generations that came before it. It is aspirational, it is cultural, it is the reason people want to come and work at Chevrolet,” says, Zak. “The CX … demonstrate(s) our design teams stepping away from the constraints of production vehicles and unleashing their creativity. Through this exercise, we’ve added to Corvette and defined the design direction for Corvette moving forward.”

The rest of the official GM press release copy highlights the aviation-inspired canopy, jet-age interior, and an underbody fan system not entirely unlike the system leaked in Tesla patent filings earlier this week. You can see that here:

Aggressively futuristic, yet unquestionably a Corvette, the CX concept shows what an uncompromised future sports car can be. The athletic exterior design, highlighted by the fighter-jet-inspired cockpit canopy, isn’t just about looking powerful – it was shaped in collaboration with the GM Motorsports Aero Group. Every angle was designed with ultimate performance in mind.

On the inside, every aspect of the CX concept was designed to provide an unmatched driving experience. The forward-opening fighter-jet-style canopy automatically raises as you approach. Driver and passenger settle into seating finished in Inferno Red ballistic textile, bolstered to help hold occupants in place during high-g cornering maneuvers. Premium silicone leather, milled aluminum, and low-gloss forged carbon fiber accents give an elevated feel to the driver-focused cabin.

The digital windscreen transforms the windshield into an immersive surround display with real-time performance data. Every major control is elegantly integrated into the steering wheel, keeping the driver’s focus on the road ahead.

The innovations continue underneath the skin with the Vacuum Fan System. Built-in fans draw air through the open-channel bodywork, generating massive downforce and adjusting the airflow over the rear diffuser to refine aerodynamic balance in real-time. The front diffuser and rear wing are both active, adjusting automatically in response to the driver’s inputs to generate maximum grip. The integrated understructure of the CX concept is visible through the aero channels in the bodywork, and the suspension A-arms are wing-shaped to enhance airflow and reduce front-end lift.

CHEVROLET

All in all, the new Corvette CX concept is an impressive piece of engineering and rolling art. It’s also a statement from GM that, while the Corvette may very well be going all-electric in its next iteration, it won’t be going any slower. In fact, the first electric Corvette might even be the best one ever – but don’t say that one too loud (you’ll upset the New Balance crowd).

That said, as a pure concept that almost no one will ever drive and which might never get publicly strapped on to a dyno, it is absolutely baffling that Chevy wouldn’t have just claimed 3,000 hp. Even if it was just to match BYD’s claims and continue to build on a century of hype for American exceptionalism, you know?

That’s my take, anyway – what’s yours? Watch the Corvette CX Concept hype video from Chevrolet, below, then let us know what you think of the latest GM concept in the comments.

Electric Corvette CX concept


SOURCE | IMAGES: GM, Mecum.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Tesla raises Model S/X prices, but bundles ‘Full Self-Driving’ and brings back free Supercharging

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Tesla raises Model S/X prices, but bundles 'Full Self-Driving' and brings back free Supercharging

Tesla has raised Model S and Model X prices by $10,000, but it decided to include its ‘Full Self-Driving’ package, free Supercharging for life, ‘Premium Connectivity’, and a new ‘Premium Service’ for 4 years.

For the last few years, Model S and Model X have been in a free fall, and the latest mild update to the two flagship vehicles doesn’t appear to be helping much.

The automaker is now updating pricing and included features to try to shake things up.

Tesla is now making a new ‘Luxe Package’ standard on all Model S and Model X vehicles:

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Full Self-Driving (FSD), previously priced at $8,000, is now included in all Model S and Model X vehicles. The automaker claims that FSD will eventually result in unsupervised autonomous driving, but for the meantime, it is a level 2 driver assistance system.

Tesla is also introducing a new “Four-year Premium Service”:

Includes tire and windshield protection plan plus maintenance. Covers scheduled services including wheel alignment, tire rotations, front camera cleaning and replacement of HEPA filter, cabin filter and wiper blades.

The automaker is also bringing back included Supercharging for life.

Tesla used to offer free Supercharging for life as a perk on Model S and Model X vehicles.

In 2018, Tesla discontinued the perk after claiming it was unsustainable – although it temporarily reinstated it as a sales incentive at times. For example, it was offered as recently as December as an end-of-year incentive.

In the new terms, Tesla mentioned that it can’t be used for commercial purposes, such as if you use the vehicle as an Uber, and it is not transferable to a new owner if you sell the vehicle:

Charge for free at 70,000+ Superchargers worldwide. You are still responsible for Supercharger fees, like idle and congestion fees, when applicable. May only be redeemed at Tesla-owned Superchargers. Cannot be used for commercial purposes (e.g., taxi, rideshare or delivery services). If Tesla determines in good faith at its sole discretion that the vehicle is being used for commercial purposes, Tesla may remove the free Supercharging from the vehicle. The vehicle will then default to Pay Per Use Supercharging. Not transferable to subsequent vehicle owners or to another vehicle.

Initially, free Supercharging was tied to the vehicle rather than the owner, but this was later changed.

Finally, Tesla is also including ‘Premium Connectivity’, which enables Tesla owners to use some features that require more bandwidth, such as live traffic visualization, satellite-view maps, and video streaming, amongst other things.

It usually is $10 per month or $100 per year.

All of that comes with a significant price increase. The Model S now starts at $94,990 and $109,990 for the Plaid version.

Model X now starts at $99,990 and goes up to $114,990 if you want the quicker Plaid version.

Electrek’s Take

As the name implies, this looks like Tesla is trying to position Model S and Model X more as luxury vehicles.

A $10,000 price increase is significant, but the added features offer considerable potential value, depending on whether you plan to utilize them.

FSD sells for $8,000, but it only has an impact if you want FSD. If you don’t, Model S and Model X likely became a bad deal for you.

Free Supercharging is hard to value because it depends on how often you need to fast charge on the road.

Personally, I do it a couple of times a month, a little more when I go on road trips. It can take a while to accumulate $1,000 in Supercharger costs like that, but if you are someone who relies more on Supercharger, you can make it worth it fairly quickly.

However, you should take into account that this doesn’t add any resell value to your vehicle as you can transfer the inlcuded Supercharging.

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