Global wind turbine orders hit a new high at 69.5 GW in the first half of 2023
Global wind turbine order intake reached new highs in the first half of 2023 with 69.5 gigawatts (GW) of activity, a 12% increase year-over-year, according to new analysis from Wood Mackenzie.
Orders from outside of China, which saw more than 25 GW of order demand for a 47% increase year-over-year through the first half, were a big driver of this activity.
North America saw orders reach 7.7 GW, more than quadrupling the first half of 2022’s total of 1.9 GW, with two offshore orders accounting for 49% of the total. China overwhelmingly remains the largest market, with 44 GW of activity in the first half, but demand was flat year-over-year.
In total, global wind turbine orders accounted for $25.3 billion in the second quarter, and $40.5 billion in the first half of 2023.
“We’ve seen strong demand outside of China this year, which is really encouraging,” said Luke Lewandowski, vice president, global renewables research at Wood Mackenzie:
Supply chain challenges remain, but conditions have improved enough to spark procurement decisions. Momentum from the Inflation Reduction Act in the US has helped to motivate order activity, although increasing clarity and market certainty will drive an even larger volume.
China’s intake continues to be incredibly impressive as well, even with activity remaining flat through the first half of the year. Demand in the global offshore market, particularly in the US and Europe, has been one of the main drivers of this growth.
Offshore wind order intake increased 26% year-over-year in the first half to a record 12 GW of activity and 17% of all order capacity. Quarterly, offshore order capacity was up 48% year-over-year, totaling 9.1 GW, also setting a record.
Offshore wind developers like Ørsted and Siemens Gamesa are having some serious difficulties lately, but Lewandowski also noted:
We saw several really big deals officially reach a final investment decision in Q2, including orders of 2,640 MW and 1,176 MW in North America, which helped drive the record numbers and breathe some life into these markets.
The fact that these deals became firm during a difficult time for OEM financials and amid the cancellation of several offtake agreements for large projects is both encouraging and significant.
Despite its problems, the surge in offshore activity pushed Spanish-German wind giant Siemens Gamesa Renewable Energy (SGRE) to the top spot in new order capacity across both the onshore and offshore sectors – 5.9 GW – in the second quarter, as it set an offshore intake quarterly record with its SG 14.X DD turbine.
China’s Goldwind had the second-highest amount of total order intake activity in the second quarter with 4.9 GW, followed by China’s Windey, with 4.4 GW.
For the first half, the overall order intake leaders were China’s Envision at 9.7 GW, China’s Windey 8.7 GW, and SGRE at 8.2 GW.
Photo: Siemens Gamesa; Chart: Wood Mackenzie
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The Stripe logo on a smartphone with U.S. dollar banknotes in the background.
Budrul Chukrut | SOPA Images | LightRocket via Getty Images
Stripe cut 300 jobs, representing about 3.5% of its workforce, mostly in product, engineering and operations, CNBC has confirmed.
The payments company, valued at about $70 billion in the private markets, still expects to increase headcount by 10,000 by the end of the year, which would be a 17% increase, and is “not slowing down hiring,” according to a memo to staff from Chief People Office Rob McIntosh. Business Insider reported earlier on the cuts and the memo.
A Stripe spokesperson also confirmed to CNBC that a cartoon image of a duck with text that read, “US-Non-California Duck,” was accidentally attached as a PDF to emails sent to some of the employees who were laid off. Some of the emails mistakenly provided affected employees with an incorrect termination date, the spokesperson said.
McIntosh sent a follow-up email to staffers apologizing for the “notification error” and “any confusion it caused.”
“Corrected and full notifications have since been sent to all impacted Stripes,” he wrote.
In 2022, Stripe cut roughly 1,100 jobs, or 14% of its workers, downsizing alongside most of the tech industry, as soaring inflation and rising interest rates forced companies to focus on profits over growth. The Information reported that Stripe had a few dozen layoffs in its recruiting department in 2023.
Stripe’s valuation sank from a peak of $95 billion in 2021 to $50 billion in 2023, before reportedly rebounding to $70 billion last year as part of a secondary share sale. The company ranked third on last year’s CNBC Disruptor 50 list.
In October, Stripe agreed to pay $1.1 billion for crypto startup Bridge Network, whose technology is focused on making it easy for businesses to transact using digital currencies.
Brothers Patrick and John Collison, who founded Stripe in 2010, have intentionally steered clear of the public markets and have given no indication that an offering is on the near-term horizon. Total payment volume at the company surpassed $1 trillion in 2023.
WATCH: Early Bridge investor weighs in on $1.1 billion Stripe deal
Thinking about upgrading your EV? Rivian (RIVN) launched a new promo on Tuesday, offering up to $6,000 to upgrade your R1S or R1T. Here’s how you can snag some savings.
Rivian R1S and R1T upgrade deal offers up to $6,000
Rivian delivered over 51,500 vehicles last year as the EV maker gains momentum. Although it was only slightly higher than the ~50,100 delivered in 2023, Rivian is expected to see even more growth this year.
After shutting down its Normal, IL manufacturing plant last April and renegotiating supplier contracts, Rivian has seen “significant cost improvements,” according to CEO RJ Scaringe.
Rivian also began delivering its next-gen R1S and R1T models last year. The new Large and Max battery packs have redesigned modules and more efficient packaging, “making them easier to manufacture and service.” For example, Rivian’s new EVs use seven ECUs, down from 17 in the first-generation R1T and R1S.
With new plant upgrades, reworked supplier contracts, and more efficient vehicles, Rivian is now passing the savings on to customers.
Rivian introduced a new promo on Tuesday, offering up to $6,000 to upgrade your R1T or R1S. The bonus amount varies by trim:
- Tri with Max battery: $6,000 USD / CAD 8,600
- Dual with Max battery and Performance upgrade: $4,500 USD / CAD 6,500
- Dual with Max battery: $3,000 USD / CAD 4,300
The offer is for current R1T or R1S owners or lessees in the US and Canada. Rivian launched the new promo on January 21, and it runs through March 31, 2025.
After you purchase or lease a qualifying vehicle, Rivian will apply a discount toward the MSRP. You must take delivery by March 31, 2025. In the fine print, Rivian stated, “You must request a trade-in estimate to qualify for this offer, but trade-in of a vehicle is not required.”
Any other models are excluded from the offer. These include Dual Standard configurations, Dual with Large battery configurations, custom builds, demo vehicles, and pre-owned vehicles.
The new offer follows Rivian’s previous upgrade promo introduced last October, giving qualifying gas-powered vehicle owners or lessees up to $3,000.
Check out the Rivian R1 Shop to view eligible models. You can see eligible Rivian R1S here and R1T models here.
Electrek’s Take
Rivian’s R1S was already the tenth best-selling electric vehicle in the US last year, with nearly 27,000 models sold. With more driving range and power at a lower cost, the electric SUV could see even more demand in 2025.
Then again, with the arrival of new luxury electric SUVs, like the Jeep Wagoneer S and Volvo EX90, Rivian will face more competition in the US.
Rivian’s latest promo comes as the Company looks to carry the momentum from the end of 2024 into the new year. The EV maker is offering other deals, including 1.99% APR for 60 months on the R1 Dual with a Max Battery and Performance upgrade.
Even if you are not eligible for the promo, we can still help you find deals on Rivian’s electric SUV in your area. You can use our links below to view offers on the Rivian R1S and R1T near you today.
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