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Tesla is only valuing its Full Self-Driving package high when it’s convenient for the company. When it’s not, like for trade-ins, the automaker is not as optimistic about the value.

Elon Musk famously said that Tesla vehicles have become “appreciating assets” due to the Self-Driving (FSD) package.

The logic behind the claim is that he believes as Tesla improves its FSD package through software updates, it would increase the value of Tesla vehicles. To reflect that, he said that Tesla would incrementally increase the price of the FSD package.

Musk suggested that the value of FSD could end up closer to $100,000 to $200,000 once fully autonomous, but those claims have yet to materialize, and Tesla has missed several of Musk’s public timelines to achieve self-driving.

Instead, the automaker has released FSD Beta and kept increasing the price of the package, which now sells for $15,000 in the US and $19,500 CAD in Canada. That’s when you add the package to a new order or an existing vehicle, but that’s the only time Tesla values the FSD package that high.

Several Tesla owners have reached out to Electrek, frustrated with the process of upgrading their cars with Tesla because of the trade-in value the automaker would assign to their existing Tesla vehicles.

The automaker has started to list its trade-in estimates with the mention that it “includes the value of Full Self-Driving.”

Tesla owners reported that Tesla appears to value the package for trade-ins at a fraction of what it sells it for.

Having a Model 3 with FSD, I checked this out for myself, and sure enough, I was surprised to find out that Tesla was offering me only $41,200 CAD for my car:

That includes the FSD package, which Tesla sells for $19,500 in Canada – about half of the value Tesla is assigning to the whole car.

For reference, a new Model 3 Performance starts at $73,000 CAD in Canada, and it would cost $96,000 when configured like mine with FSD.

If we compare to trade-in estimates Tesla gave to buyers with similar Model 3 Performance without FSD, it would appear that Tesla values the package at well below $10,000. That’s despite not having delivered on the promises of the functionality of the package – aka full autonomy.

Electrek’s Take

What is so frustrating about this is that Elon is always raving about how incredible FSD is and how most people “don’t understand its value,” but yet, Tesla itself heavily devalues it in used cars, despite not delivering on its promises.

I think most people know the solution to this – other than giving a higher value – and that’s letting Tesla owners transfer FSD to new cars.

It would encourage current Tesla owners with FSD to upgrade to new cars without feeling like they bought FSD for nothing, or barely anything, on their previous vehicles.

I don’t understand why Tesla doesn’t do that. It wouldn’t be expensive, and it would help sales while creating some goodwill around FSD.

What do you think? Let us know in the comment section below.

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777 hp electric overland concept from Italdesign bows in Beijing [video]

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777 hp electric overland concept from Italdesign bows in Beijing [video]

The all-new, all-electric Italdesign Quintessenza concept is a high-tech Italian take on the Porsche Dakar concept that’s just begging to be put into production.

Making its debut at the Beijing Auto Show, the Italdesign Quintessenza concept embodies both the dynamic prowess of a GT and the versatile adaptability of a pick-up truck. At least, that’s what its makers say. And, if your idea of a pickup truck leans more towards “Subaru Brat” than “Ford F-150 Lightning,” that’s probably right!

The rear section of the Quintessenza converts from a “hatchback” to an open “pickup” bed in true Brat fashion. The rear seats are designed to flip 180-degrees backwards, providing a rear-facing, panoramic “stargazing” mode that promises, “(the) experience and feeling of connection with nature and the outside world.”

Stargazing mode

In its more conventional GT “mode,” the Quintessenza is arguably the best-looking Italdesign concept to come out in years, with vertical lighting elements up front and aggressively-sculpted rear haunches that this writer thinks would be a natural for Audi.

Those design elements aren’t just aesthetic – they’re loaded with electronics. “Two aerodynamic fins that integrate the ADAS systems are present on the upper back of the roof, at the level of the C-pillars,” reads the official release. “They map the surrounding environment when the satellite signal is poor, and offer multifunction lights indicating the car’s driving mode and braking when the hard top is removed.”

Quintessenza vertical elements

So, what kind of vehicle is the Italdesign Quintessenza? Is it a true overland GT, in the style of the Porsche Dakar or 911 SC/RS (the rally car that became the 959)? Is it a high-end spin on the classic Subaru Brat? A futuristic Ute for traversing the Australian outback? Or is it something else entirely?

That’s above our pay grades – but you, dear readers? You guys know what’s up, so check out the official Quintessenza launch video (below), then let us know what you think of Italdesign’s latest in the comments section at the bottom of the page.

Italdesign Quintessenza

DIMENSIONS

  • Length 5561 mm
  • Height 1580 mm
  • Width (front/rear) 2200 mm
  • Wheelbase 3240 mm
  • Front overhang 1003 mm
  • Rear overhang 1318 mm
  • Number of passengers 2+2
  • Body Lightweight Aluminum structure
  • Ground height Adjustable 200-280 mm

POWERTRAIN + PERFORMANCE

  • Battery 150kWh/800V
  • Power 580kW (approx. 777 hp)
  • Range 750 Km (approx. 465 miles)
  • 0-100 Km/h < 3 seconds
  • 1 Electric Drive Unit Front axle
  • 2 InWheel motor rear axles

SOURCE | IMAGES: Italdesign.

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The new Momentum Cito E+ dares you to leave the car at home [Video]

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The new Momentum Cito E+ dares you to leave the car at home [Video]

All the cool suburbanites are already taking their kids to school, loading up at the farmers’ market, and making deliveries on clever and capable cargo e-bikes, but the new Momentum Cito E+ from Giant raises the cargo bike bar even higher — and makes leaving the car at home easier than ever.

Momentum is a new brand of “lifestyle” e-bikes from Giant Group designed to deliver premium features to customers while still hitting that $3,000-4,000 market “sweet spot.” Their latest bike, the all-new for 2024 Cito E+ utility bike, does just that, coming to market with a premium battery, Bluetooth technology, a suite of high-end safety features, and a $3,200 starting price.

Premium battery

Getting the most out of your e-bike often means getting the most out of your battery — and Momentum absolutely gets that. The Cito E+ ships with a 780 Watt-hour Panasonic battery pack with 22700 cells that have been optimized for e-bike use.

Compared to other ebike batteries with similar power ratings, the Momentum’s Panasonic battery promises to be lighter and more durable, with superior IPX7 weather protection, thermal regulation, and other safety features built-in (in fact, Panasonic was the first e-bike supplier to score a UL safety rating for its batteries).

The battery is easily removable for charging at home or in an office, but it can be charged while it’s in the bike, too. Either way, charging won’t take long — from 0 to 80% of charge (approx. 60 miles) of range is available in 3.5 hours, while a full (75 mile) charge takes less than 5 hours.

Connected cargo bike

As our test rider highlights in the video (above), the Momentum Cito E+ uses a proprietary battery management system, or BMS, to monitor the battery pack for maximum efficiency and reliability down to the individual cell level.

The BMS uses Bluetooth connectivity to transfer battery health data, state of charge, and other important information straight to the RideControl app, which enables the bike’s owner to get an in-depth look at the overall state of their e-bike and provides valuable diagnostic data to both the technicians tasked with servicing the bike and Giant themselves, to help develop even better e-bikes in the future.

2024 Giant Group dealership map; via ScrapeHero.

That connection to Giant Group is a huge potential benefit to Momentum Cito E+ buyers, by the way, as it gives them access to support from more than 1,200 brick and mortar Giant dealers across the US alone (above).

That’s a serious advantage that online-only bike brands simply can’t match.

Safety first … and maybe second, too

Momentum’s commitment to safety doesn’t stop at the battery. The Cito E+ features confidence-inspiring 4 piston hydraulic disc brakes and a heavy duty suspension for predictable handling even under heavy loads — important if you have to suddenly haul the bike down from its electronically assisted 28 mph top speed with precious kids and cargo on the back.

LED head and taillights with a lever-activated taillight ensure Cito E+ riders will be seen, too, helping you stay safer after hours.

Accessories and add-ons

Momentum Cito E+ top tube accessory and Momentum front basket shown; image by Electrek.

Momentum’s Cito E+ offers a comprehensive selection of accessories to help optimize it for each rider’s unique use case — whether that’s hauling up to 132 lbs. of cargo on the rear rack and 33 lbs. on the optional front basket (shown, above), or adding 2 Thule Yepp Maxi seats and getting the little ones to school five times a week.

You can find out more about the Momentum Cito E+ and the brand’s available accessories by clicking here.

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‘This is a unique time’: ARK Invest’s chief futurist tackles tech innovation from AI to robotics

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‘This is a unique time’: ARK Invest’s chief futurist tackles tech innovation from AI to robotics

Private lives – why hot tech is shying away from IPOs

ARK Invest’s chief futurist lists five groups that should give tech investors an edge.

According to Brett Winton, robotics, artificial intelligence, multi-omics sequencing, public blockchain and energy storage are key areas because they’re all entering the marketplace at the same time.

“We believe that this is a unique time in technological economic history,” he told CNBC’s “ETF Edge” this week.

Winton collaborates with ARK Invest CEO Cathie Wood to maintain the ARK Venture Fund (ARKVX), which allows investors to buy into the private technology space.

According to the firm’s website, the goal of the fund is to make venture capital offerings of innovative spaces in the market accessible to individual investors. As of April 10, it shows the fund’s top holdings include Epic Games, known for online video game Fortnite, and biotech companies Freenome and Relation Therapeutics.

“Our emphasis is that we are investing in innovation over the long term and going to support management teams,” said Winton.

He contends it’s a strategy that’s often not prioritized.

“That’s a real challenge a lot of public market investors don’t have that long-term view,” Winton added.

The ARK Venture Fund is down more than 7% so far this year. However, it’s up almost 39% percent over the past 52-weeks.

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