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Ark Invest, arguably Tesla’s biggest bull with a $2,000 price target on the TSLA stock, put together a weighted average prediction for when Tesla would launch its robotaxi service.

Recently, Tesla has made it clear that it is virtually betting the house on self-driving.

CEO Elon Musk even went as far as to say that Tesla solving self-driving is the difference between Tesla being worth trillions or “basically nothing.”

As we have previously reported, Musk believes that not many are seeing the value in Tesla eventually pushing self-driving capability to its fleet of millions of vehicles through over-the-air software updates. However, we think he might be confusing people not understanding the value with people having serious doubts about Tesla being able to do it in the first place.

One group that does believe it is Ark Invest, an investment firm that has long held one of the highest price targets on Tesla’s stock.

The firm, which owns over $1 billion worth of Tesla shares, has a $2,000 price target on the stock, which represents a massive upside over the current $160 price.

But a majority of that upside is based on Tesla delivering its long-held promise of releasing its robotaxi service to its existing fleet.

In a recent update to its Tesla model, Ark says that it is confident Tesla will soon launch its robotaxi service and even puts a prediction that it should happen in late 2024:

ARK has grown increasingly confident that Tesla will launch a robotaxi service soon. Our updated Monte Carlo model includes a range of launch dates, with late 2024 as the weighted average of all cases, as shown below.

That’s based on a simulation of the commercialization of Tesla’s robotaxi service:

Musk himself said just last week that he expects Tesla to achieve “full autonomy” this year, but as we reported, it’s not clear what he means by “full autonomy.”

Ark’s definition is clearer. They are talking about Tesla releasing a software update making its whole fleet of millions of cars produced since 2016 fully self-driving and offering robotaxi services through a new Uber-like app.

Electrek’s Take

That would indeed be a game changer that would create a lot of value for Tesla, and the end of 2024 still leaves more than a year to achieve it.

But as an FSD beta tester, I have difficulties imagining Tesla going from the current FSD beta to a robotaxi service only through software updates.

It’s not impossible, but I find it hard to believe. Although, the “start of commercialization” would only mean that – the start. I can see Tesla achieving some level of self-driving capacity that could enable robotaxi services in some geofenced areas by then, but that isn’t likely to be pushed to millions of vehicles like Musk has promised for years.

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Watch Kia’s new EV4 hatch carve up the Nurburgring, nearly on two wheels [Video]

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Watch Kia's new EV4 hatch carve up the Nurburgring, nearly on two wheels [Video]

Kia’s upcoming entry-level EV has finally made its way to the famous Nurburgring for testing. The EV4 hatch was spotted ripping across the track, nearly on two wheels at one point, as Kia preps for its big debut.

According to Kia, the EV4 is “an entirely new type of EV sedan. ” It was first unveiled last October during Kia’s first annual EV Day, alongside the EV3 and EV5 as part of its new low-cost lineup.

The EV5 launched in China last year, while the EV3 is already rolling out in Korea and Europe. Next up, we will finally see the production version of the EV4.

Although its four-door format suggests it’s a sedan, Kia said the EV4’s bold design is a symbol of the company’s innovation. Its low nose, long-tail silhouette, and added roof spoiler give it an almost racecar-like feel.

With its official debut approaching, Kia’s EV4 has been spotted out in the wild several times. Last week, it was caught testing in the US for the first time.

A hatchback model has also been spotted. It was first caught on European roads this summer and in the US earlier this month.

Kia-EV4-Nurburgring
Kia EV4 (back) showcased alongside EV9 (left) EV3 (middle), and EV5 (right) (Source: Kia)

Kia EV4 hatch takes on the Nurburgring as debut looms

After the EV4 was spotted racing across the Nurburgring for the first time, we are getting our best look yet at the upcoming Kia model.

The video from CarSpyMedia shows the EV4 hatch carving up sections of the track. Several times, you can see the EV4 is being pushed to the limits, nearly going up on two wheels.

Kia EV4 hatch testing at Nurburgring (Source: CarSpyMedia)

However, with a low center of gravity and likely added stabilization tech, the EV4 appears to handle it with ease. You can also see the difference between the sedan model and the hatchback, with the bulky backside.

As it takes on the track, it almost looks like the 576 hp EV6 GT, Kia’s fastest and most powerful car. At least for now.

Kia-EV4-hatchback
Kia EV4 sedan concept (Source: Kia)

Kia is expected to officially reveal the EV4 by the end of the year, with deliveries starting in 2025. Prices are expected to be in the $30,000 to $40,000 range. The hatchback model is likely aimed at Europe, but it could also find a market in the US as buyers drift toward more efficient options.

Ahead of the LA Auto Show later this week, Kia is teasing five new vehicles for the US, at least one being an EV. Will it be the EV4? EV3?

Source: CarSpyMedia

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Elon Musk hints at Tesla making bigger electric cars, but don’t hold your breath

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Elon Musk hints at Tesla making bigger electric cars, but don't hold your breath

Elon Musk is hinting at Tesla making bigger electric cars, but you shouldn’t hold your breath as it’s not the first time he said that.

In the last few hours, Musk responded to two fans on X, asking Tesla to build bigger vehicles to support larger families.

Musk often promotes the idea of having bigger families as he is afraid of declining populations due to low birth rates in some countries.

With the first one, the CEO responded with a simple “OK,” and with the other, he elaborated a bit more by referencing the recently unveiled Tesla Robovan and “some other things”:

Musk appears to be hinting at Tesla’s work on a bigger electric vehicle that has yet to be unveiled.

While interesting, it’s hard to give too much weight to the comment, considering Musk claimed that Tesla has been working on a higher passenger capacity vehicle for years.

A “high passenger-density urban transport” vehicle has been in Tesla’s official product roadmap since 2016 and has yet to be unveiled, unless you count the Robovan unveiled last month, but that’s completely attached to Tesla’s self-driving effort as the vehicle has no steering wheel or pedals.

As part of Tesla’s shift toward autonomous driving, the automaker has pulled back plans for several new electric vehicle programs in favor of those without any driver inputs, like Cybercab and Robotvan.

Musk has also discussed the possibility of Tesla making an electric van on several occasions in the last few years.

Tesla is expected to soon unveil two new vehicles to be launch next year, but those are based on the Model 3 and Model Y and therefore, they aren’t likely to be bigger vehicles.

Electrek’s Take

Like most things Elon says lately, it goes in my “I’ll believe it when I see it” folder.

That said, I think an electric van that can be configured for cargo, camper, or passenger, would make a ton of sense in Tesla’s vehicle lineup.

Of course, it’s harder to get the greenlight for a vehicle program like that if your CEO is perpetually convinced that the company is on the verge of achieving self-driving and making steering wheels obsolete.

I’m more of the opinion that Tesla should have played it more careful and continue working on growing its human-driveable EV lineup while working on self-driving.

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Penske Truck Leasing kicks off a US rooftop solar rollout in Illinois

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Penske Truck Leasing kicks off a US rooftop solar rollout in Illinois

Penske Truck Leasing is rolling out rooftop solar on its US truck leasing, rental, and maintenance buildings, starting in Illinois.

Penske Truck Leasing, which offers an electric truck fleet leasing program, wants to cut emissions and save energy, so it’s activated its first rooftop solar system at its new facility in Channahon, Illinois (pictured). The 200 kW system is expected to generate about 80% of the building’s energy needs, and the rest will be supplied by the local utility.

The next Penske Truck Leasing rooftop solar system to come online will be in Grand Rapids, Michigan, “in the coming months,” followed by another in Linden, New Jersey, in 2025. All three of these new buildings are part of Penske’s LEED building program, which is designed to reduce energy use and promote sustainability.

Seven of Penske’s existing facilities in California will also get solar retrofits. These locations, which include Fresno, Hayward, La Mirada, National City, Riverside, San Diego, and San Leandro, are expected to generate about 600 kW of renewable energy in total.

Penske has teamed up with Sunrock Distributed Generation under a power purchase agreement to make the California upgrades happen. The company is also working with ForeFront Power, based in San Francisco, as its lead consultant for the solar rollout.

On average, these solar-powered Penske facilities will generate around 1 million kWh of renewable energy each year, preventing about 442 metric tons of CO2 emissions annually. That’s equivalent to the amount of energy needed to power nearly 90 homes for a year.

Drew Cullen, senior vice president of fuels and facility services at Penske, highlighted the significance of this move, noting:

Our solar program is an important piece of our renewable energy strategy, and ForeFront Power continues to be an outstanding partner in helping us bring these projects to fruition.

These investments will allow us to directly generate our own renewable energy to power our locations and continue to support our customers with sustainable solutions.

Penske Truck Leasing, part of Penske Transportation Solutions, is headquartered in Reading, Pennsylvania, and operates over 437,000 vehicles across North America, with nearly 1,000 maintenance facilities and more than 2,500 rental locations. Its investment in solar power is a key part of its broader sustainability strategy to cut emissions and reduce reliance on traditional energy sources.

Read more: Penske and Hitachi just launched a big electric truck charging pilot


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