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Korea's-EV-policy
Hyundai IONIQ 5 (Source: Hyundai)

South Korea’s government looks to give domestic automakers Hyundai and Kia a break with its new EV policy. The new EV subsidy policy is in response to price cuts on Tesla’s Model Y and BYD’s models, which use lower-cost LFP batteries.

Targeting Tesla, BYD, and cheaper EV batteries

The revised EV policy is Korea’s attempt to give domestic automakers an edge as they look to level the playing field.

“Tesla dropping prices last year, coupled with the rise of BYD, kicked off a price war in the global EV market,” Yang Jin-Soo, who leads Hyundai’s Business Research Center auto group, explained.

With the market moving past early adopters, “hitting the right price point for the broader market is critical.”

According to The Korea Herald, the new plan sets the maximum grant at around $4,800 (6.5 million won). That’s $225 (300,000 won) less than last year’s policy. The vehicle’s range, price, and battery type determine its eligibility.

The last part, the type of battery, has become a focus of Korea’s new EV policy. Korea announced the changes on Feb 6, including significantly reduced subsidies for EVs with “lower-performance batteries,” like LFP batteries from China.

BYD-Seal
BYD Seal (Source: BYD)

BYD, which surpassed Tesla to become the top-selling EV maker in the last three months of 2023, dominated the LFP battery market.

According to data from the China Automotive Battery Industry Alliance, BYD held over 40% of the LFP battery market through November. Rival CATL was second with nearly 34% of the market. CATL supplies batteries for Tesla’s best-selling Model Y, sold overseas.

Korea's-EV-policy
The 2024 Model Y
(Source: Tesla)

Korea is also targeting higher prices, setting a cap at $41,000, down from roughly $43,000 last year.

Korea’s EV policy gives Hyundai and Kia an edge

After introducing its more affordable Model Y last year (with an LFP battery), Tesla saw sales in the country soar. With prices of $16,000 lower than other variants, Tesla’s sales in September rose nearly 876%. It captured about 10% of Korea’s entire 2023 EV market in four months.

Hyundai-EVs
Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)

The report notes Tesla’s Model Y accounted for about $24 million of Korea’s subsidies granted last year alone.

Meanwhile, subsidies for Hyundai and Kia EVs, like the IONIQ 5 and EV6, remain mostly unchanged. The IONIQ 5 and EV6 Long Range have 458 km (284 mi) and 475 km (295 mi) range, respectively, with prices around $38,000 and $36,000.

Kia-EV6-GT-update
Kia EV6 GT (Source: Kia)

Although below the 500 km (310 mi) benchmark, the models are equipped with NCM batteries, qualifying them for up to $1,300 more than lower-performance alternatives.

Tesla adjusted the price of its Model Y Thursday to $41,000, down from $43,000 and below Korea’s new EV policy threshold. Polestar and VW also dropped prices in response this week.

With the new policy in place, Hyundai’s IONIQ 5 could earn an over $2,800 subsidy gap over the Model Y.

Electrek’s Take

The new EV subsidy plan is viewed as Korea’s response to cheaper foreign models entering the country, like Tesla’s Model Y.

BYD is also planning to begin selling EVs in South Korea within the first half of the year. Sources say the BYD Atto 3 will be the first to roll out. The Atto 3 was BYD’s best-seller last year, with over 100,000 units sold overseas, or 40% of its global EV sales.

The automaker plans to launch other low-cost models like the Dolphin and Seal. BYD’s Atto 3 will compete with the Hyundai IONIQ 5 and Kia EV6.

Hyundai Motor’s outside advisory committee said, “Chinese automobiles are crossing the Great Wall of China and entering the global market like a tsunami.”

Korea’s new EV policy mirrors that of broader international actions like the Inflation Reduction Act in the US and the European Commission’s probe into Chinese EVs.

Meanwhile, others view it as a “band-aid for sales.” Professor Park Chul-wan, a member of the Presidential Commission on 2050 Carbon Neutrality and Green Growth, said, “We could end up only with expensive EVs that hinder mass adoption” by penalizing cheaper batteries.

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When will Tesla cars be capable of unsupervised full self-driving (SAE Level 5)?

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May 8, 2024

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Elon Musk outlines upcoming Tesla Full Self-Driving updates

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May 8, 2024

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Elon Musk outlines upcoming Tesla Full Self-Driving updates

Tesla Full Self-Driving Beta 10.69 barrier

Elon Musk has given an update with an outline for Tesla’s upcoming Full Self-Driving (FSD) software updates.

With FSD v12 and the upcoming launch of Tesla’s dedicated Robotaxi, there’s a lot of excitement around Tesla’s self-driving effort.

Musk is again in the too-familiar position of predicting that the automaker is close to releasing a true self-driving system, but the path to get there is still far from clear.

Now the CEO is providing some new comments on the upcoming release schedule for FSD:

“12.4 has almost completely retrained models. The final touches are for comfort, as it sometimes accelerates or brakes too fast for most people’s taste.”

Tesla FSD drivers are currently on 12.3.6 and the .4 update is expected to be a bigger step change, which Musk appears to confirm by saying that Tesla “completely retrained” the models.

The CEO recently said that Tesla is no longer constrained by training compute power after bringing more capacity online, giving the FSD team more opportunities to retrain neural nets with increasingly cleaner data.

Musk then continued about Tesla’s upcoming updates:

12.5 and 12.6 are in various stages of testing. We’re getting into rare, complex situations, for example: going down a narrow, one-way road, encountering a road closure and having to reverse out to find a new route. That closure also needs to be communicated to the rest of the fleet, so you don’t get a whole bunch of Teslas stuck down a road.

There’s no timeline for these upcoming updates beyond the fact that they are currently in internal testing, but Musk did say that v12.4 could come to the Tesla fleet as soon next week.

Electrek’s Take

Again, I’ve been impressed with v12.3.3-4. I’ve just got v12.3.6, but I haven’t had time to test it yet. I plan to do that this weekend. Also, I’ve been saying that if I start seeing decent improvements with the upcoming updates, I think I’ll start to see a clearer path to Tesla finally delivering on its promise – or at least a level 4 self-driving system.

However, as usual, when talking about FSD and especially when praising the system, I think it’s important to remind everyone that the keyword in ‘Supervised Full Self-Driving’ is ‘Supervised.’ Drivers need to remain attentive at all times and ready to take control.

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Save up to $400 on NIU electric scooters starting from $210, Anker SOLIX C800 Plus, EGO Power+ pole saw, and more

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May 8, 2024

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Save up to 0 on NIU electric scooters starting from 0, Anker SOLIX C800 Plus, EGO Power+ pole saw, and more

Headlining today’s Green Deals is the NIU Mother’s Day sale that is taking up to 46% off a selection of electric scooters, like the KQi1 Pro Electric Kick Scooter at $270. It is joined by Anker’s latest C800 Plus Portable Power Station that’s fallen back to its $499 low, as well as the EGO Power+ 10-inch Telescopic LED Cut Line Indicator Pole Saw Kit at $304. Plus, more hangover Green Deals still alive and well.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

NIU Mother’s Day sale takes up to 46% off electric scooters

NIU has launched a Mother’s Day sale that is taking up to 46% off a selection of its electric scooter models through May 19. The biggest of these discounts and subsequently the most affordable of the models (aside from one for kids) is the NIU KQi1 Pro Electric Kick Scooter for $269.98 shipped. Normally fetching $499, this model saw a handful of discounts over the last year, often to its lowest rates during major sales events, with higher rates being more long-term at other retailers like Best Buy. Most recently we saw it fall to $300 during NIU’s Earth Day sale last month, with this month’s deal coming in as an even greater 46% markdown off the going rate that beats our previous mention by $30, giving you $229 in savings and landing it at the lowest price we have tracked.

Equipped with a 250W motor (450W peak) and a 243Wh battery, the NIU KQi1 Pro can reach top speeds of 15.5 MPH with a range of 15.5 miles on a single charge and it can handle up to a 14% incline. You’ll have four riding modes to choose from (E-save, sport, custom, pedestrian) as well as a dual braking system of a front drum brake with rear regenerative braking alongside pneumatic tires with “excellent shock absorbtion.” It also features a headlight, taillight, a foldable frame, a backlit LED display, and an array of smart capabilities through the NIU app, such as allowing you to lock your scooter, check your riding statistics, and even customize your scooter’s settings.

More NIU Mother’s Day discounts:

Anker’s latest SOLIX C800 Plus Portable Power Station returns to $499 low

The official Anker Amazon storefront is offering its SOLIX C800 Plus Portable Power Station for $499 shipped, after clipping the on-page $150 off coupon. Down from its $649 price tag, this is only the third official discount since the device’s release in March, which saw a similar launch discount down to the $499 low. You can get a full rundown on what to expect from our initial launch coverage, or head below. All-in-all, you’re looking at a repeat 23% markdown off the going rate, which also matches the current discount on Anker’s website as well and returns costs to the all-time lowest price we’ve seen. You’ll also find bundle options available, with it coming with a 100W or 200W solar panel for $698 or $1,048, after clipping the on-page coupons.

The SOLIX C800 Plus sports a compact 768Wh capacity with 1,600W of power output. It can fully recharge in just 58 minutes via a wall outlet, 7.2 hours via your car, or just under three hours when paired with 300W of solar panel input. It features two water-resistant LED camping lights that have three modes to choose from: a candlelight mode that covers up to 10m², a flood light mode that covers up to 20m², and a flashlight mode that covers up to 20m² – all of them lasting up to eight hours.

The lights can be easily recharged by stowing them back inside the top of the power station’s case, and they even come with a versatile retractable pole arm that can be used as a hanger, tripod, or selfie stick when not being used to extend the camping light’s reach. To cover your other devices and appliances, you’ll have five AC ports, two USB-A ports, two USB-C ports, and a car port. You’ll also be able to completely monitor and control its settings through the Anker SOLIX app, including enabling and disabling ports via Bluetooth or Wi-Fi. You can also score the same model without the camping lights for $50 less, after clipping the on-page $150 off coupon.

EGO Power+ 10-inch Telescopic LED Cut Line Indicator Pole Saw Kit now $304

Amazon is offering the EGO Power+ 10-Inch Telescopic LED Cut Line Indicator Pole Saw Kit for $304 shipped. Down from its $399 price tag, it only saw a few discounts over the last year, with four of them dropping costs to the same $299 low – the most recent being in February. Today’s deal comes in as a 24% markdown off the going rate and lands at the second-lowest price we have tracked. This 10-inch pole saw introduces an LED cut line indicator that improves visibility and accuracy when working under dark, shaded canopies and low light conditions. It’s brushless motor gives low vibrations for better control and extended life, while the 56V ARC lithium-ion battery allows it to make up to 100 cuts on a single charge. It features a telescopic carbon fiber shaft that extends out to a maximum length of 16 feet, a 10-inch bar, and 1/4-inch chain which all together can deliver smooth, precise cuts with a chain speed of 20 meters-per-second. It also has a quick-adjust handle and a shoulder strap for added comfort and control.

Spring e-bike deals!

Jackery 2000 Pro portable power station being held by handle within post for NIU electric scooter

Other new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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