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Elon Musk appears to confirmed and even clarify what can be seen as a threat to Tesla shareholders: give me 25% of the company or I won’t build AI and robotic products at the company, after making clear that the company is worthless without those.

In recent years, Musk has repeatedly stated that Tesla is an AI and robotics company. He has even said that Tesla is worth virtually nothing without self-driving, its main AI product.

More recently, the CEO has not only said that but has also been making moves to ensure that this is the only path for Tesla, like canceling the cheaper Tesla vehicle on the unboxed platform in favor of its upcoming Robotaxi.

That’s why it was really concerning when the CEO suggested that he is “uncomfortable” building AI products at Tesla unless he has “25% control over the company” – something he doesn’t have right now – partly because he decided to sell tens of billions of dollars worth of Tesla shares to buy Twitter.

Musk currently owns about 13% of Tesla’s shares. If his 2018 compensation package goes through, he will be closer to 18% – assuming that he sells some shares to pay for taxes. It means that he would need another compensation package worth tens of billions or a new share class at Tesla to give him more control.

In a new post on X, the CEO now appears to confirm his previous threat and even makes the quiproquo clearer by approving this message:

If Elon gets 25% voting power, Tesla is reincorporated in Texas, and compensation package is approved, then AI & Robotics stays within Tesla and the company can march on forward to become the largest company in the world.

Screenshot

By approving of this post, the CEO appears to say that these conditions are needed for him not to divert AI and robotics products away from Tesla:

  • get 25% voting power over Tesla
  • Reincorporate Tesla in Texas
  • reapprove his 2018 compensation package

Electrek’s Take

This is bizarre. The CEO of a major public company is publicly threatening to move products he himself claims are critical to Tesla’s success if he doesn’t a greater percentage of the company.

I can say “move” here because Elon agreed with this idiotic comment that mentions “AI and robotics staying within Tesla”. This is a clearer threat than what he previously made, which was about being “uncomfortable building AI products” at Tesla.

Wild. I don’t even know how he could legally do that, but as CEO, he could do a lot of damage if he wanted to.

The guy would already have about 25% of the company with his 2018 compensation package and if he didn’t sell stocks to buy Twitter. You can’t have your cake and eat it too.

Speaking of the 2018 compensation package, the reason it was rescinded was because a judge found that Elon had too much undue influence on the board. The board is now proving the judge’s point, as they are not doing anything about the CEO making this threat. It’s ridiculous.

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Home Hardware adds Volvo VNR Electric semi trucks to its fleet

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Home Hardware adds Volvo VNR Electric semi trucks to its fleet

The Canadian home improvement chain picked up a pair of Volvo VNR Electric semi trucks, and it’s putting them to work on last-mile delivery routes in the Greater Toronto Area.

This month, the Canadian home improvement retailer Home Hardware began operating two Volvo electric semi trucks out of its St. Jacobs, Ontario truck depot. The pair of trucks will fulfill last-mile deliveries throughout the area, and mark the company’s first step towards transitioning its entire fleet to zero-emission vehicles.

The Volvo VNR trucks have an operating range of 442 km (about 275 miles). Their delivery routes will take them from Home-brand stores within a 100-150 km (about 90 miles) radius of the St. Jacobs distribution centre.

“We are proud to introduce our new battery-electric trucks to our privately-owned fleet,” said Kevin Macnab, president and chief executive officer, Home Hardware Stores Ltd. “Recognized by the Private Motor Truck Council as Safest Large Fleet, as well as Trucking HR Canada as a Top Fleet Employer and a Fleet of Distinction, Home Hardware Stores, Ltd. is committed to forward-thinking logistics that evolve our supply chain to best support our dealers so they can serve their communities.”

Home Hardware debuted their new Volvo VNR Electric trucks at the company’s 60th anniversary celebration and annual franchise event, the Home Hardware Homecoming, held last week in Toronto, Ontario, Canada.

Electrek’s Take

Volvo VNR Electric at 2024 Home Hardware Homecoming; via Volvo.

Home Hardware is the latest in a growing list of companies – and they’re already adding to the tally of tens of millions of all-electric, zero emission miles driven by Volvo customers. By the time Volvo rolls out its next-generation VNL and FH electric semis next year, it will be the company’s third generation of Class 8 EVs, and it will be backed by more than 100,000,000 miles of real-world data collected by thousands of trucks across dozens of companies.

Is that an insurmountable head start for companies like Tesla to make up? It’s hard to know (and my brain is broken, anyway), but I invite you to check out this episode of Quick Charge recorded a few weeks ago (below) talking about Volvo Truck’s lead, and then share your take on the state of the electric semi truck market in the comments.

Quick Charge

SOURCE | IMAGES: Volvo Trucks.

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Lion Electric delivers the first electric tow truck in North America

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Lion Electric delivers the first electric tow truck in North America

The newest edition to the CAA-Quebec roadside fleet is a fully electric Lion5 flatbed – and the CAA says it’s the first 100% electrique tow truck in service in North America!

Based on the Lion5 medium-duty truck and upfit with a flat bed body developed by XpaK Industries, CAA-Quebec (think AAA, but in Quebec) is marking an important milestone in its 80-history with the deployment of the first electric tow truck in Canada.

“Roadside assistance has always been in CAA-Quebec’s DNA, and it goes without saying that we are taking the lead in electric towing. We have a responsibility to set an example and take a leadership role in protecting the environment,” said Marie-Soleil Tremblay, president and CEO.

As far as the truck itself goes, the Lion5 chassis is packed with 210 kWh of in-house, 800V battery packs. Those are good for a range of up to 310 km (a touch over 190 miles) courtesy of an energy-efficient, high-torque electric motor putting 315 hp that Lion Electric claims can eliminate between 75 and 100 metric tons of greenhouse gas per year compared to a comparable diesel truck.

What’s more, the Lion5-based tow truck promises to reduce CAA-Quebec’s energy (read: fuel) costs by about 80%, and regular maintenance costs by about 60% compared to gas or diesel vehicles in the same class.

“With this new 100% electric, made-in-Quebec tow truck, we are helping to redefine the future of the towing industry,” said Patrick Gervais, VP Trucks and Public Affairs at Lion. “We are proud to be part of a cleaner and more sustainable future with players like CAA-Quebec and XpaK.”

The Lion5 tow truck was delivered in July, and will spend a year being put through its paces in a multitude of towing situations and extreme weather conditions. CAA-Quebec’s roadside assistance service will share its experience with partners throughout Canada and the AAA in the US.

Electrek’s Take

Lion5 electric tow truck; via Lion Electric.

“Electrek’s Take” is where we put our industry experience to use interpreting the news we report. Here, in an article about a “first ever” new commercial segment being entered by a highly visible EV, I probably should be talking about operating costs, “dollars and sense,” and the importance of stabilized costs for a fleet manager’s projections.

Instead, I’m just going to picture some bro-dude’s lifted 4×4 Ram pickup getting hauled out of a parking spot he’s ICE’d and giggle a bit. You try it, too, and let me know if it made you smile in the comments section.

SOURCE | IMAGES: Lion Electric, via TowCanada.

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IVECO announces new electric cargo van, will it come to US as a Nikola?

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IVECO announces new electric cargo van, will it come to US as a Nikola?

Best known in the US as the OEM behind Nikola, Italian truck brand IVECO entered the 2.5 to 3.5 ton medium duty commercial van segment at this week’s IAA Transportation conference with this: the eMoovy electric chassis cab.

Co-developed with Hyundai and riding on a modified platform of the Korean brand’s Staria ST1 van, the IVECO eMoovy is entering a red-hot commercial EV space with a 215 hp electric motor and either a 63 kWh or 76 kWh battery good for up to 199 miles of range.

The IVECO version leverages the Hyundai’s excellent 800V architecture. That means the eMoovy supports ultra-fast 350 kW charging and V2x functionality, so it can be used to back up a job site, supply power to workers, or even power a home (presumably).

A long time coming

IVECO eMoovy gets plugged in; via IVECO.

We’ve known than a commercialized IVECO version of the Hyundai van (which isn’t sold as an EV, that I’m aware of) has been in the works for some time. In fact, Peter Johnson wrote about the 2022 deal way back in February.

In that article, Peter wrote that, while Hyundai would develop and build the chassis, IVECO would customize the electric vans to suit broader commercial markets and distribute the vehicles throughout its network. If that sounds familiar, that’s because (on the surface, at least) the deal seems pretty similar to the one IVECO has with Nikola … which begs the question: will Nikola get an eMoovy variant to sell in the US?

The new electric van will directly target Ford E-Transit customers in Europe, so there’s no reason to believe it won’t be an attractive alternative for commercial fleets on this side of the pond, as well – especially with the “big rig” street cred that could come with the Nikola association.

Electrek’s Take

The commercial EV market is driven by dollars and cents. If EVs have a lower total cost of ownership (TCO) than their gas or diesel counterparts? They’ll continue to sell, and their market share will continue to grow. The only question Hyundai and IVECO need to answer is whether North American truck buyers be more likely to buy a Hyundai-branded van, or a Nikola one.

We asked a similar question to Kia’s James Bell on Quick Charge a few weeks back. Listen to his response to those questions, below, then share your thoughts in the comments section at the bottom of the page.

Kia’s James Bell on Electrek Quick Charge

SOURCE | IMAGES: IVECO, CarScoops.

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