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Tesla is now offering heavily discounted 0.99% financing on Model Y for a limited time in an attempt to boost orders.

For the past year, Tesla CEO Elon Musk has mostly blamed the company’s demand issues on high interest rates.

Most people buy new vehicles with loans and the 5 to 7% interest rates are currently adding thousands of dollars to the cost of any new vehicle.

Last month, Tesla brought 0% loans to China in an attempt to boost sales in the critical auto market.

Now, Tesla is doing something similar in the US with the announcement of a new 0.99% APR financing product for Model Y until May 31:

Here are the terms on Tesla’s website with a $4,250 down payment and 72 month-loan:

For the new Model Y Long Range RWD, it comes down to monthly payments of $603 before incentives.

If you are eligible for the Federal Tax Credit (single income $150,000 or under, or $300,000 for joint-fillers), your monthly payment will be just $499. That’s all before gas savings if you are coming from a gas car.

Electrek’s Take

People have been arguing that Tesla should cover the difference in interest rates in financing rather than slash prices, and it looks like the company is finally resorting to that.

A 0.99% APR loan is near free cash. It’s attractive to many. Between $500 and $600 a month for the best-selling vehicle in the world, which also happens to be electric.

Not a bad deal. I think that might enable Tesla to come up with more end-of-quarter incentives this quarter.

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First autonomous electric loaders in North America get to work

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First autonomous electric loaders in North America get to work

Swedish multinational Sandvik says it’s successfully deployed a pair of fully autonomous Toro LH518iB battery-electric underground loaders at the New Gold Inc. ($NGD) New Afton mine in British Columbia, Canada.

The heavy mining equipment experts at Sandvik say that the revolutionary new 18 ton loaders have been in service since mid-November, working in a designated test area of the mine’s “Lift 1” footwall. The mine’s operators are preparing to move the automated machines to the mine’s “C-Zone” any time now, putting them into regular service by the first of the new year.

“This is a significant milestone for Canadian mining, as these are North America’s first fully automated battery-electric loaders,” Sandvik said in a LinkedIn post. “(The Toro LH518iB’s) introduction highlights the potential of automation and electrification in mining.”

The company says the addition of the new heavy loaders will enable New Afton’s operations to “enhance cycle times and reduce heat, noise and greenhouse gas emissions” at the block cave mine – the only such operation (currently) in Canada.

Electrek’s Take

Epiroc announces new approach to underground mining market in North America
Battery-powered Scooptram; image by Epiroc

From drilling and rigging to heavy haul solutions, companies like Sandvik are proving that electric equipment is more than up to the task of moving dirt and pulling stuff out of the ground. At the same time, rising demand for nickel, lithium, and phosphates combined with the natural benefits of electrification are driving the adoption of electric mining machines while a persistent operator shortage is boosting demand for autonomous tech in those machines.

The combined factors listed above are rapidly accelerating the rate at which machines that are already in service are becoming obsolete – and, while some companies are exploring the cost/benefit of converting existing vehicles to electric or, in some cases, hydrogen, the general consensus seems to be that more companies will be be buying more new equipment more often in the years ahead.

What’s more, more of that equipment will be more and more likely to be autonomous as time goes on.

We covered the market outlook for autonomous and electric mining equipment earlier this summer, and I posted an episode exploring the growing demand for electric equipment on an episode of Quick Charge I’ve embedded, below. Check it out, then let us know what you think of the future of electric mining in the comments.

More EVs means more mines, equipment

SOURCE | IMAGES: Sandvik, via LinkedIn.

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Contargo logistics adds 20 Mercedes eActros 600 electric semis to fleet

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Contargo logistics adds 20 Mercedes eActros 600 electric semis to fleet

European logistics firm Contargo is adding twenty of Mercedes’ new, 600 km-capable eActros battery electric semi trucks to its trimodal delivery fleet, bringing zero-emission shipping to Germany’s hinterland.

With over 300 miles of all-electric range, the new Mercedes eActros 600 electric semi truck was designed for (what a European would call) long-haul trucking. Now, after officially entering production at the company’s Wörth plant in Bavaria last month, the eActros 600 is reaching its first customer: Contargo.

With the addition of the twenty new Mercedes, Contargo’s electric truck fleet has grown to 60 BEVs, with plans to increase that total to 90. And, according to Mercedes, Contargo is just the first.

The German truck company says it has plans to deliver fifty (50) of the 600 kWh battery-equipped electric semi trucks to German shipping companies by the close of 2024.

Contargo’s 20 eActros 600 trucks were funded in part by the Federal Ministry for Digital Affairs and Transport as part of a broader plan to replace a total of 86 diesel-engined commercial vehicles with more climate-friendly alternatives. The funding directive is coordinated by NOW GmbH, and the applications were approved by the Federal Office for Logistics and Mobility.

Electrek’s Take

Holcim, a global leader in building materials and solutions, has recently made a significant commitment to sustainability by placing a purchase order for 1,000 Mercedes electric semi trucks.
Mercedes eActros electric semi; via Mercedes.

Electric semi trucks are racking up millions of miles in the US, and abroad. As more and more pilot programs begin to pay off, they’re going to lead to more orders for battery electric trucks and more reductions in both diesel demand and harmful carbon emissions.

We can’t wait to see more.

SOURCE | IMAGES: Contargo, via Electrive.

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Why tech giants such as Microsoft, Amazon, Google and Meta are betting big on nuclear power

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Why tech giants such as Microsoft, Amazon, Google and Meta are betting big on nuclear power

Data centers powering artificial intelligence and cloud computing are pushing energy demand and production to new limits. Global electricity use could rise as much as 75% by 2050, according to the U.S. Department of Energy, with the tech industry’s AI ambitions driving much of the surge.

Data centers powering AI and cloud computing could soon grow so large that they could use more electricity than entire cities.

As leaders in the AI race push for further technological advancements and deployment, many are finding their energy needs increasingly at odds with their sustainability goals.

“A new data center that needs the same amount of electricity as say, Chicago, cannot just build its way out of the problem unless they understand their power needs,” said Mark Nelson, managing director of Radiant Energy Group. “Those power needs. Steady, straight through, 100% power, 24 hours a day, 365,” he added.

After years of focusing on renewables, major tech companies are now turning to nuclear power for its ability to provide massive energy in a more efficient and sustainable fashion.

Google, Amazon, Microsoft and Meta are among the most recognizable names exploring or investing in nuclear power projects. Driven by the energy demands of their data centers and AI models, their announcements mark the beginning of an industrywide trend.

“What we’re seeing is nuclear power has a lot of benefits,” said Michael Terrell, senior director of energy and climate at Google. “It’s a carbon-free source of electricity. It’s a source of electricity that can be always on and run all the time. And it provides tremendous economic impact.”

After nuclear was largely written off in the past due to widespread fears about meltdowns and safety risks — and misinformation that dramatized those concerns — experts are touting tech’s recent investments as the start of a “nuclear revival” that could accelerate an energy transformation in the U.S. and around the world.

Watch the video above to learn why Big Tech is investing in nuclear power, the opposition they face and when their nuclear ambitions could actually become a reality.

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