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Tesla’s (TSLA) stock dropped this morning due to a report that automakers are reducing their electric vehicle output at Gigafactory Shanghai because of lower demand.

Bloomberg says that Tesla removed one and a half day of work at Gigafactory Shanghai:

The US carmaker earlier this month instructed employees at its Shanghai facility to lower production of both the Model Y and Model 3 — the two vehicles Tesla makes in China — by working five days a week instead of the usual 6 1/2 days, the people said, asking not to be identified because they’re not authorized to speak publicly.

The change reportedly happened earlier this month and Tesla hasn’t communicated to employees when it plans to go back to full capacity.

This comes after indications that Tesla clearly had more difficulty than usual selling vehicles in China lately.

Earlier this week, Electrek reported how Tesla has been offering deeper discounts and incentives than usual for customers to take delivery by the end of the month.

The Bloomberg report also claims that the reduction in production capacity extends to other parts of the factory beyond Model 3 and Model Y production:

Some of the production lines at Tesla’s Shanghai plant, including the battery workshops, are subject to longer suspensions, one of the people said. Tesla has told staff and some suppliers to be prepared for extended production limits through April. In early April, China will celebrate Tomb Sweeping Day, a holiday that’s typically a quiet time for consumption.

On top of the difficulties selling its current inventory, Tesla’s sales of China-made vehicles are also down this year.

According to China’s Passenger Car Association show, Tesla delivered 131,812 vehicles in the first two months of 2024, a 6% drop year-over-year. Furthermore, only 53% of these China-made vehicles were sold in China. Tesla exported the rest.

The competition in China is extremely high, with Chinese EV manufacturers offering cheaper EVs and increasing their quality.

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Coterra’s smart pivot to oil from natural gas leads to an excellent first quarter and sweeter outlook

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Coterra's smart pivot to oil from natural gas leads to an excellent first quarter and sweeter outlook

Permian Basin rigs in 2020, when U.S. crude oil production dropped by 3 million a day as Wall Street pressure forced cuts.

Paul Ratje | Afp | Getty Images

Coterra Energy topped Wall Street expectations Thursday with first-quarter results that further proved the Club holding’s nimble production strategy is the right one for shareholders.

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A fully-electric 10,000 ton container ship has begun service equipped with over 50,000 kWh in batteries

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A fully-electric 10,000 ton container ship has begun service equipped with over 50,000 kWh in batteries

Chinese state-owned company COSCO Shipping has launched what it calls the “world’s largest” river-to-sea electric container ship. The Green Water 01 is a 10,000-ton+ fully electric vessel that sets a new benchmark in sustainability in the marine logistics industry.

China Ocean Shipping (Group) Company, or COSCO for short, is a state-owned multinational conglomerate headquartered in Shanghai specializing in marine transport. Not to be confused with Costco, COSCO Shipping was founded as a subsidiary in 2016 following an approved merger between COSCO and China Shipping.

The COSCO Group is the largest liner carrier in China, transporting hundreds of container vessels daily while also providing ships to Chinese automakers to help them export their electric vehicles to new markets overseas, including Europe.

To adapt to the times, COSCO has developed a massive, fully electric container ship, which has now officially begun service in China.

Electric container ship
Source: COSCO/WeChat/CCTV

COSCO’s electric container ship begins service in China

According to a WeChat post from COSCO Shipping, which features reports from China’s CCTV, the company’s Green Water 01 electric container ship arrived safely and was berthed in the Port of Yangshan by the local maritime safety administration.

The Green Water 01 sails at a total length of 119.8 meters, a molded width of 23.6 meters, a molded depth of 9 meters, a design draft of 5.5 meters, and a maximum speed of 19.4 km/h (12 mph). COSCO Shipping says the Green Water 01 electric container ship presents multiple firsts for the marine industry, including total length, width, container capacity, deadweight tonnage (10,0000 tons), and battery capacity (50,000+ kWh).

Speaking of batteries, the electric container ship is powered by a large-capacity battery combining for over 50,000 kWh. However, COSCO says the number of battery modules can be configured depending on the length of the voyage at sea. For example, additional 20-foot battery boxes offering 1,600 kWh of electricity can be loaded onto the container for extra range.

This ship’s captain, Wang Jun, told CCTV that when the Green Water 01 is equipped with 24 battery boxes, the electric container ship can complete trips that consume 80,000 kWh of energy, equivalent to approximately 15 tons of fuel for a similar journey in a traditional container ship.

COSCO Shipping also shared that the new Green Water 01 can save 3,900 kg (8,600 pounds) of fuel for every 100 nautical miles traveled, cutting carbon dioxide emissions by 12.4 tons. Following the successful launch, the Green Water 01 has commenced weekly service between Shanghai and Nanjing.

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The 2024 Chevy Blazer EV has a quirky $4k discount for Tesla drivers

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The 2024 Chevy Blazer EV has a quirky k discount for Tesla drivers

Chevy is offering a $4,000 discount for owners and lessees of Teslas and other EVs for the 2024 Blazer EV but with some quirky conditions.

Chevrolet’s conquest bonus cash offer doesn’t require a trade-in and can be transferred to household members, so that’s nice.

The $4,000 discount applies to both 2024 Chevy Blazer EV leases and purchases and according to CarsDirect, it can be stacked with other deals, such as the $7,500 tax credit and the $1,000 Costco member-only incentive.

Chevy also offers a $2,500 EV Loyalty Cash Allowance for current owners or lessees of a 2017 or newer Chevy Bolt or Bolt EUV.

All of that adds up to a nice price reduction for an EV with a base price in the mid-$50s.

But here’s where it gets a little quirky. As for which EVs you or your household members drive to qualify for the $4,000 discount, Tesla, of course, is on the list. So are Lucid, Rivian, and Fisker. CarsDirect notes that the Honda Fit EV qualifies, but the Hyundai IONIQ Electric doesn’t. Okayyy. So you’ll have to check with a dealer for your EV’s eligibility.

The $4,000 offer is also only being offered in what seems to be a somewhat random list of cities:

  • Albuquerque
  • Birmingham, Alabama
  • Charleston, West Virginia
  • Charlotte
  • Chicago
  • Dallas
  • El Paso, Texas
  • Greensboro, North Carolina
  • Greenville, South Carolina
  • Harrisburg, Pennsylvania
  • Huntsville, Alabama
  • Jacksonville
  • Little Rock
  • Mobile, Alabama
  • Norfolk, Virginia
  • Orlando
  • Richmond, Virginia
  • San Antonio, Texas
  • San Francisco
  • Savannah, Georgia
  • Tampa
  • Washington, D.C. 

So if you want this deal and you don’t live in any of the above, then a road trip may be on the cards. (Atlanta and Santa Fe folks, I’m looking at you.)

And if that’s not possible, you’re not out of luck. If you want to lease, Chevy is offering $3,250 in lease cash for the Blazer EV in other parts of the US, and that’s open to everyone, regardless of what you or your household members drive.

The $4,000 conquest bonus cash deal is available from May 1 to June 3, 2024.

Read more: Chevy Blazer EV first drive – is it worth its $56k base price?

Click here to find a local dealer that may have the Chevy Blazer EV in stock. –affiliate*


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