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Tesla (TSLA) confirmed that it is increasing its planned capital spending to $10 billion this year as it tries to achieve its next growth phase.

Lately, Tesla has described itself as being “between two major growth waves”. The first wave was the ramp-up of Model 3 and Model Y production, which appears to be now plateauing.

The second wave is expected to be the ramp-up of its next-generation vehicles, which are coming in late 2025.

In the meantime, Tesla is stuck with its current lineup, which can still grow a bit, but at nowhere near the pace of Model 3/Y.

In order to prepare for this next phase of growth and other products in the work, Tesla has disclosed upcoming record spending, according to a new SEC filing.

In its 10-K SEC filing today, Tesla confirmed that it spent $8.9 billion in capital expenditure in 2023:

Capital expenditures amounted to $8.90 billion in 2023, compared to $7.16 billion in 2022, representing an increase of $1.74 billion. Sustained growth has allowed our business to generally fund itself, and we will continue investing in a number of capital-intensive projects and research and development in upcoming periods.

That was a new record of spending for Tesla in 2023, but now the company says that it will be even higher this year.

Tesla disclosed that it plans to spend more than $10 billion this year:

Owing and subject to the foregoing as well as the pipeline of announced projects under development, all other continuing infrastructure growth and varying levels of inflation, we currently expect our capital expenditures to exceed $10.00 billion in 2024 and be between $8.00 to $10.00 billion in each of the following two fiscal years.

The company doesn’t disclose exactly where this money is going to go, but the automaker is always heavily investing in manufacturing operations and it is still growing Gigafactory Texas and Berlin.

It’s possible that Tesla will start spending more on Gigafactory Mexico this year – although the company is not committing to a start of construction any time soon.

One of the categories that could be driving Tesla’s higher spending this year is EV infrastructure. Tesla is growing the Supercharger network at an incredibly fast pace, and it’s a capital-heavy category. You have to build the stations and install them at full cost while seeing the return over years, if not decades, as EV drivers start to use these stations.

In 2024, Tesla needs to grow the Supercharger network faster and bigger than ever, especially in North America where it will finally start to on-board non-Tesla drivers in a more meaningful way for the first time.

Tesla also continues to invest billions in computing power to support its AI initiatives. The company recently disclosed a new $500 million Dojo computer cluster coming to New York. CEO Elon Musk also confirmed that Tesla will spend even more money on NVIDIA and AMD processors this year.

Interestingly, the company guides that spending will go down in 2025-2026 compared to 2024.

Where else do you think Tesla will spend a lot of money in 2024? Let us know in the comment section below.

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Uber chooses first market to deploy its Lucid Gravity robotaxis featuring Nuro Driver

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Uber chooses first market to deploy its Lucid Gravity robotaxis featuring Nuro Driver

Three months after Uber, Lucid Motors, and Nuro announced a partnership that would enable Gravity SUV robotaxis, the rideshare network has shared where the public will first be able to hail one. Spoiler alert, it’s easy to guess if you give it half a thought.

As we reported in July, Uber Technologies committed to a $300 million investment in Lucid Group (parent company of American EV automaker Lucid Motors), to deploy at least 20,000 Lucid vehicles as robotaxis over the next six years.

Those Lucid vehicles, which will consist of the automaker’s flagship Gravity SUV to begin, will hit public roads equipped with a Level 4 autonomous system called Nuro Driver. Nuro, the third partner in this equation, is a robotics company specializing in zero-occupant delivery vehicles, which garnered an existing partnership with Uber Eats as well as a “hefty” (yet undisclosed) investment from Uber Technologies.

Last month, Lucid delivered its first Gravity SUV to Nuro to begin the retrofitting process of the Nuro Driver system to support Uber’s hopes for a luxe robotaxi fleet. While the partners continue to work toward building an exciting new fleet of Lucid Gravity Robotaxis, Uber has shared the location where they will first go into service… Casper, Wyoming.

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Just kidding!

It’s the San Francisco Bay Area, of course.

Lucid-first-EV-Uber
Lucid Gravity SUV fitted with Nuro’s self-driving tech (Source: Lucid)

Uber to deploy Lucid Gravity EVs in Bay Area in 2026

Today’s update from Uber expands upon the ongoing partnership with Lucid Group and Nuro. According to the companies, the San Francisco Bay Area will be the first market where riders will see this next-generation autonomous robotaxi program in operation. That milestone is expected sometime in 2026.

Uber has shared that it has been updating policymakers and regulators at every level on the progress of its exclusive Lucid Robotaxis and continues to meet the operational requirements. Notably, Uber has shared that on-road development with the Lucid Gravity robotaxi engineering fleet is already underway in the Bay Area.

Furthermore, Nuro and Lucid intend to be operating over 100 Gravity robotaxis as part of the test fleet “in the coming months.” Lucid interim CEO, Marc Winterhoff, spoke about today’s announcement:

Lucid has always celebrated its California roots, and we’re thrilled to make the San Francisco Bay Area the first market for our new robotaxi on the Uber platform, powered by the Nuro Driver. Beginning next year, riders will experience a level of convenience, safety, and comfort unlike anything else on the road. We can’t wait to bring this service to life and expand it to communities across the country.

To build this fleet of Uber-exclusive robotaxis, the required hardware will be integrated into Lucid Gravity SUVS while they are still on Lucid’s assembly line in Arizona. Those builds will then be integrated with Nuro’s proprietary software when Uber officially commissions them.

All eyes on 2026 as we now know that residents around the Bay Area will be able to hail a driverless Lucid Gravity through the Uber platform. I’m very much looking forward to seeing this fleet in action.

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Quiet confidence: Bobcat announces new EA line of industrial air compressors

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Quiet confidence: Bobcat announces new EA line of industrial air compressors

With its new EA line of variable speed industrial air compressors and superior energy efficiency from their advanced electric motors, industrial equipment Bobcat is setting a new standard for job site performance.

Designed for top-tier flow rates and maximum energy efficiency, Bobcat says its new EA lineup of variable speed compressors – the EA30VS, EA50VS, EA75VS, and EA100VS – is built to meet the demanding needs of modern industrial operations. But, crucially, the new EA line is about more than efficient motors, quiet running, and precise speed variation. It’s about tech.

To that end, the EA Series is equipped with a full range of “smart” operational features controlled through a 7″, full color LED controller display for intuitive operation. This system allows connection to, and intelligent optimization of, up to three additional compressors, ensuring the entire compressed air system operates at peak performance based on demand so perators can easily customize performance with programmable scheduling by date, time and pressure bands – delivering precision control with minimal effort.

And, of course, the whole system is backed by Bobcat’s global warranties, international parts and dealer networks, and commitment to durability and service. 

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“The new EA Series represents a leap forward in industrial air compression technology for Bobcat,” said Cody Blythe, Bobcat product manager. “These machines offer exceptional flow rates paired with peak energy efficiency, providing our customers with a powerful solution that lowers their total cost of ownership through reduced electricity usage.”

Bobcat says its new EA line of variable speed compressors are available now at select Bobcat distributors, contact your local dealer for pricing.

Electrek’s Take


Bobcat is leading the charge to decarbonize job sites, delivering quiet, smooth-running machines for operators who value safety, performance, precision, and sustainability. The company is also among the few manufacturers replacing hydraulic systems with fully electric ones, further reducing oil use and eliminating idle warm‑up time.

You love to see it.

SOURCE | IMAGES: Bobcat.


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LiveWire reveals more details on its new lowerer cost S4 Honcho electric motorcycle

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LiveWire reveals more details on its new lowerer cost S4 Honcho electric motorcycle

LiveWire, the electric motorcycle brand spun out of Harley-Davidson, has just given us a closer look than ever at its upcoming lower-cost, smaller-format electric motorcycles ahead of their larger unveiling at the Milan Motorcycle Show (EICMA) next week.

While we got our first glimpse of the new machines earlier this summer, spotting a street and trail version of the smaller electric motorbikes, now we have a name for the models and a few more details.

Officially called the S4 Honcho, the new model will be a 125-cc equivalent that will be available in both a street-legal version capable of being operated by riders who possess a moped/light motorcycle license in Europe or a motorcycle license in the US, and a license-free off-road version.

“The S4 Honcho Street will qualify for A1 licenses in Europe and the UK and M-endorsement in the U.S., offering lightweight, urban-friendly electric mobility with intuitive performance and removable batteries,” explained the company.

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The bikes appear to be powered by a centrally-mounted, chain-driving electric motor and a pair of removable batteries accessed by flipping up the seat.

LiveWire has remained fairly tight-lipped regarding the major tech specs for the bikes, as well as the price, but we do get a look at the dual removable batteries thanks to a new image posted to the company’s website.

There, we can see what appears suspiciously similar to a pair of KYMCO Ionex batteries, which would make sense given LiveWire’s close partnership with the Taiwanese scooter giant.

A couple years ago at EICMA I had the chance to check out KYMCO’s new Ionex batteries and e-scooter platform firsthand, which you can see in the video below.

While excitement has been building for LiveWire’s smaller electric motorcycles, the full unveiling of the bikes’ performance figures as well as the price tag will prove critical for gauging whether or not the mini-bikes could be a major turning point for LiveWire’s elusive profitability.

But the company isn’t betting it all on one horse, or one Honcho. Also in attendance at the show will be LiveWire’s full-scale concept of an electric maxiscooter built on the same S2 architecture that powers the company’s currently best-selling models, the S2 Del Mar, S2 Mulholland, and S2 Alpinista.

That scooter, built in partnership with KYMCO, will leverage the company’s fully developed S2 platform to create a more comfortable, high-performance urban and suburban-oriented model.

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