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US smashes solar records in 2023 – but 2024 will bring road bumps [Update]
The US added a record-setting 32.4 gigawatts (GW) of solar capacity in 2023, according to a new report, but 2024 will bring challenges to the industry.
March 5, 2024: That’s a 37% increase from the previous record set in 2021 and a 51% increase from 2022.
It’s the first time in 80 years that a renewable electricity source has accounted for over half of annual capacity additions to the grid.
According to the US Solar Market Insight 2023 Year-in-Review released today by the Solar Energy Industries Association (SEIA) and Wood Mackenzie, solar accounts for 53% of all new electric generating capacity added to the grid last year. This marks the first time in 80 years that a renewable electricity source has accounted for over 50% of annual capacity additions.
Every solar market segment saw year-over-year growth in 2023, bringing total installed solar capacity in the US to 177 GW. The utility-scale sector alone added 22.5 GW of new capacity, while nearly 800,000 Americans added solar to their homes.
SEIA president and CEO Abigail Ross Hopper said:
The Inflation Reduction Act is supercharging solar deployment and having a material impact on our economy, helping America’s solar module manufacturing base grow 89% in 2023.
We must protect and optimize the policies that are driving these investments and creating jobs, and the stakes in the upcoming election couldn’t be higher.
December 6, 2023: The SEIA and Wood Mackenzie released their report, “US Solar Market Insight Q4 2023,” in which they report that third-quarter (Q3) additions of new solar totaled 6.5 gigawatts (GW) – a 35% year-over-year increase – as federal clean energy policies begin to take hold.
California and Texas led the US for new solar installations in Q3, and Indiana ranked third with 663 megawatts (MW) of new capacity as several large utility-scale projects came online. Fourteen states and Puerto Rico installed more than 100 MW of new solar capacity in Q3.
While economic challenges are beginning to impact the solar and storage industry, solar is still expected to be the largest source of generating capacity on the US grid by 2050.
SEIA president and CEO Abigail Ross Hopper said:
Solar remains the fastest-growing energy source in the United States, and despite a difficult economic environment, this growth is expected to continue for years to come.
To maintain this forecasted growth, we must modernize regulations and reduce bureaucratic roadblocks to make it easier for clean energy companies to invest capital and create jobs.
The residential solar segment installed a record 210,000 systems in Q3. However, the California Public Utilities Commission’s disastrous decision to gut the state’s rooftop solar incentives –resulting in an 80% drop in installations – and elevated US interest rates are expected to lead to a brief decline next year before growth resumes in 2025.
Elevated financing costs, transformer shortages, and interconnection bottlenecks are also impacting the utility-scale segment, which saw its lowest level of new contracts signed in a quarter since 2018.
However, improvements in the module supply chain have led to a record 12 GW of utility-scale deployment in the first nine months of 2023.
Solar accounts for 48% of all new electric generating capacity in the first three quarters of 2023, bringing total installed solar capacity in the US to 161 GW across 4.7 million installations. By 2028, US solar capacity is expected to reach 377 GW – enough to power more than 65 million homes.
Michelle Davis, head of solar research at Wood Mackenzie and lead author of the report, said:
The US solar industry is on a strong growth trajectory, with expectations of 55% growth this year and 10% growth in 2024.
Growth is expected to be slower starting in 2026 as various challenges like interconnection constraints become more acute. It’s critical that the industry continue to innovate to maximize the value that solar brings to an increasingly complex grid.
Interconnection reform, regulatory modernization, and increasing storage attachment rates will be key tools.
Electrek’s Take
Solar breaking capacity records in 2023 doesn’t surprise me – thank you, Inflation Reduction Act – but it certainly makes me happy to hear it from the SEIA. The solar industry is still going to grow in 2024, just not as quickly as it did last year.
There are a lot of moving parts in this revolutionary transition to clean energy, and next year, the industry and its supply chain is going to have to recalibrate on some important stuff.
There’s nothing it can do about the interest rates, and I don’t know how California is going to sort out its mess. But there are innovative startups coming up with better ways to calibrate the power on the grid, and those ideas are being launched commercially. As Davis says, interconnection reform and regulation improvements are needed to help ease the clean energy bottlenecks. Hopefully those bottleneck issues will be improved by government sooner rather than later.
Read more: Here’s what the US needs to do right now to upgrade the grid
Photo: A worker watches the sunrise by US Department of Energy is licensed under CC-CC0 1.0
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Tesla has launched a new software update for its vehicles that includes the anticipated integration of Grok, but it doesnt even interface with the car yet.
Earlier this week, CEO Elon Musk said that Tesla would integrate Grok, the large language model developed by his private company, xAI, into its vehicles.
Today, Tesla started pushing the update to the fleet, but there’s a significant caveat.
The automaker wrote in the release notes (2025.26):
Grok (Beta) (US, AMD)
Grok now available directly in your Tesla
Requires Premium Connectivity or a WiFi connection
Grok is currently in Beta & does not issue commands to your car – existing voice commands remain unchanged.
First off, it is only available in vehicles in the US equipped with the AMD infotainment computer, which means cars produced since mid-2021.
But more importantly, Tesla says that it doesn’t send commands to the car under the current version. Therefore, it is simply like having Grok on your phone, but on the onboard computer instead.
Tesla showed an example:
There are a few other features in the 2025.26 software update, but they are not major.
For Tesla vehicles equipped with ambient lighting strips inside the car, the light strip can now sync to music:
Accent lights now respond to music & you can also choose to match the lights to the album’s color for a more immersive effect
Toybox > Light Sync
Here’s the new setting:
The audio setting can now be saved under multiple presets to match listening preferences for different people or circumstances:
The software update also includes the capacity to zoom or adjust the playback speed of the Dashcam Viewer.
Cybertruck also gets the updated Dashcam Viewer app with a grid view for easier access and review of recordings:
Tesla also updated the charging info in its navigation system to be able to search which locations require valet service or pay-to-park access.
Upon arrival, drivers will receive a notification with access codes, parking restrictions, level or floor information, and restroom availability:
Finally, there’s a new onboarding guide directly on the center display to help people who are experiencing a Tesla vehicle for the first time.
Electrek’s Take
Tesla is really playing catch-up here. Right now, this update is essentially nothing. If you already have Grok, it’s no more different than having it on your phone or through the vehicle’s browser, since it has no capacity to interact with any function inside the vehicle.
Most other automakers are integrating LLMs inside vehicles with the capacity to interact with the vehicle. In China, this is becoming standard even in entry-level cars.
In the Xiaomi YU7, the vehicle’s AI can not only interact with the car, but it also sees what the car sees through its camera, and it can tell you about what it sees:
Tesla is clearly far behind on that front as many automakers are integrating with other LLMs like ChatGPT and in-house LLMs, like Xiaomi’s.
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Robinhood stock hit an all-time high Friday as the financial services platform continued to rip higher this year, along with bitcoin and other crypto stocks.
Robinhood, up more than 160% in 2025, hit an intraday high above $101 before pulling back and closing slightly lower.
The reversal came after a Bloomberg report that JPMorgan plans to start charging fintechs for access to customer bank data, a move that could raise costs across the industry.
For fintech firms that rely on thin margins to offer free or low-cost services to customers, even slight disruptions to their cost structure can have major ripple effects. PayPal and Affirm both ended the day nearly 6% lower following the report.
Despite its stellar year, the online broker is facing several headwinds, with a regulatory probe in Florida, pushback over new staking fees and growing friction with one of the world’s most high-profile artificial intelligence companies.
Florida Attorney General James Uthmeier opened a formal investigation into Robinhood Crypto on Thursday, alleging the platform misled users by claiming to offer the lowest-cost crypto trading.
“Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive,” Uthmeier said in a statement.
The probe centers on Robinhood’s use of payment for order flow — a common practice where market makers pay to execute trades — which the AG said can result in worse pricing for customers.
Robinhood Crypto General Counsel Lucas Moskowitz told CNBC its disclosures are “best-in-class” and that it delivers the lowest average cost.
“We disclose pricing information to customers during the lifecycle of a trade that clearly outlines the spread or the fees associated with the transaction, and the revenue Robinhood receives,” added Moskowitz.
Robinhood is also facing opposition to a new 25% cut of staking rewards for U.S. users, set to begin October 1. In Europe, the platform will take a smaller 15% cut.
Staking allows crypto holders to earn yield by locking up their tokens to help secure blockchain networks like ethereum, but platforms often take a percentage of those rewards as commission.
Robinhood’s 25% cut puts it in line with Coinbase, which charges between 25.25% and 35% depending on the token. The cut is notably higher than Gemini’s flat 15% fee.
It marks a shift for the company, which had previously steered clear of staking amid regulatory uncertainty.
Under President Joe Biden‘s administration, the Securities and Exchange Commission cracked down on U.S. platforms offering staking services, arguing they constituted unregistered securities.
With President Donald Trump in the White House, the agency has reversed course on several crypto enforcement actions, dropping cases against major players like Coinbase and Binance and signaling a more permissive stance.
Even as enforcement actions ease, Robinhood is under fresh scrutiny for its tokenized stock push, which is a growing part of its international strategy.
The company now offers blockchain-based assets in Europe that give users synthetic exposure to private firms like OpenAI and SpaceX through special purpose vehicles, or SPVs.
An SPV is a separate entity that acquires shares in a company. Users then buy tokens of the SPV and don’t have shareholder privileges or voting rights directly in the company.
OpenAI has publicly objected, warning the tokens do not represent real equity and were issued without its approval. In an interview with CNBC International, CEO Vlad Tenev acknowledged the tokens aren’t technically equity shares, but said that misses the broader point.
“What’s important is that retail customers have an opportunity to get exposure to this asset,” he said, pointing to the disruptive nature of AI and the historically limited access to pre-IPO companies.
“It is true that these are not technically equity,” Tenev added, noting that institutional investors often gain similar exposure through structured financial instruments.
The Bank of Lithuania — Robinhood’s lead regulator in the EU — told CNBC on Monday that it is “awaiting clarifications” following OpenAI’s statement.
“Only after receiving and evaluating this information will we be able to assess the legality and compliance of these specific instruments,” a spokesperson said, adding that information for investors must be “clear, fair, and non-misleading.”
Tenev responded that Robinhood is “happy to continue to answer questions from our regulators,” and said the company built its tokenized stock program to withstand scrutiny.
“Since this is a new thing, regulators are going to want to look at it,” he said. “And we expect to be scrutinized as a large, innovative player in this space.”
SEC Chair Paul Atkins recently called the model “an innovation” on CNBC’s Squawk Box, offering some validation as Robinhood leans further into its synthetic equity strategy — even as legal clarity remains in flux across jurisdictions.
Despite the regulatory noise, many investors remain focused on Robinhood’s upside, and particularly the political tailwinds.
The company is positioning itself as a key beneficiary of Trump’s newly signed megabill, which includes $1,000 government-seeded investment accounts for newborns. Robinhood said it’s already prototyping an app for the ‘Trump Accounts‘ initiative.
WATCH: Watch CNBC’s full interview with Robinhood CEO Vlad Tenev
Korean auto giants Hyundai and Kia think lower-priced EVs will help minimize the blow from the new US auto tariffs. Hyundai is set to unveil a new entry-level electric car soon, which will be sold alongside the Kia EV2. Will it be the IONIQ 2?
Hyundai and Kia shift to lower-priced EVs
Hyundai and Kia already offer some of the most affordable and efficient electric vehicles on the market, with models like the IONIQ 5 and EV6.
In Europe, Korea, Japan, and other overseas markets, Hyundai sells the Inster EV (sold as the Casper Electric in Korea), an electric city car. The Inster EV starts at about $27,000 (€23,900), but Hyundai will soon offer another lower-priced EV, similar to the upcoming Kia EV2.
The Inster EV is seeing strong initial demand in Europe and Japan. According to a local report (via Newsis), demand for the Casper Electric is so high that buyers are waiting over a year for delivery.
Hyundai is doubling down with plans to introduce an even more affordable EV, rumored to be the IONIQ 2. Xavier Martinet, CEO of Hyundai Motor Europe, said during a recent interview that “The new electric vehicle will be unveiled in the next few months.”
The new EV is expected to be a compact SUV, which will likely resemble the upcoming Kia EV2. Kia will launch the EV2 in Europe and other global regions in 2026.
Hyundai is keeping most details under wraps, but the expected IONIQ 2 is likely to sit below the Kona Electric as a smaller city EV.
More affordable electric cars are on the way
Although nothing is confirmed, it’s expected to be priced at around €30,000 ($35,000), or slightly less than the Kia EV3.
The Kia EV3 starts at €35,990 in Europe and £33,005 in the UK, or about $42,000. Through the first half of the year, Kia’s compact electric SUV is the UK’s most popular EV.
Like the Hyundai IONIQ models and Kia’s other electric vehicles, the EV3 is based on the E-GMP platform. It’s available with two battery packs: 58.3 kWh or 81.48 kWh, providing a WLTP range of up to 430 km (270 miles) and 599 km (375 miles), respectively.
Hyundai is expected to reveal the new EV at the IAA Mobility show in Munich in September. Meanwhile, Kia is working on a smaller electric car to sit below the EV2 that could start at under €25,000 ($30,000).
According to the report, Hyundai and Kia are doubling down on lower-priced EVs to balance potential losses from the new US auto tariffs.
Despite opening its new EV manufacturing plant in Georgia to boost local production, Hyundai is still expected to expand sales in other regions. An industry insider explained, “Considering the risk of US tariffs, Hyundai’s move to target the European market with small electric vehicles is a natural strategy.”
Although Hyundai is expanding in other markets, it remains a leading EV brand in the US. The IONIQ 5 remains a top-selling EV with over 19,000 units sold through June.
After delivering the first IONIQ 9 models in May, Hyundai reported that over 1,000 models had been sold through the end of June, its three-row electric SUV.
While the $7,500 EV tax credit is still here, Hyundai is offering generous savings with leases for the 2025 IONIQ 5 starting as low as $179 per month. The three-row IONIQ 9 starts at just $419 per month. And Hyundai is even throwing in a free ChargePoint Home Flex Level 2 charger if you buy or lease either model.
Unfortunately, we likely won’t see the entry-level EV2 or IONIQ 2 in the US. However, Kia is set to launch its first electric sedan, the EV4, in early 2026.
Ready to take advantage of the savings while they are still here? You can use our links below to find deals on Hyundai and Kia EV models in your area.
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