After confirming its European expansion plans, NIO CEO William Li said EVs “should never be used as a political target.” The warning comes as the EU weighs tariffs on Chinese EVs.
Expanding in Europe despite tariff talk
NIO officially opened the doors to its largest showroom in Europe this week. The new NIO House is located in the heart of Amsterdam. The new showroom is its second in the Netherlands and seventh in Europe.
With eight floors (NIO Houses are typically two floors), the new NIO House is a bold testament to the Chinese EV maker’s European expansion plans. NIO uses the “Houses” to showcase and sell its lineup of electric vehicles.
The expansion comes despite the European Commission launching an investigation over Chinese EV subsidies last year.
China is now threatening to retaliate with tariffs of up to 25% on imports. Despite this, NIO is standing by its growth plans in Europe. Li confirmed to reporters this week that NIO will continue its EU expansion plans amid growing tension.
NIO’s new showroom in Amsterdam, its largest in Europe (Source: NIO)
NIO says EVs should not be used as a political target
Li added, “Electric vehicles are very important for positive development of the environment, they should never be used as a political target.”
NIO’s boss said the EV maker would consider an EU plant with a regional partner. However, that’s if NIO can sell around 100,000 EVs annually. NIO only sold 2,404 vehicles in Europe last year, according to Dataforce (via Automotive News China).
NIO’s new showroom in Amsterdam (Source: NIO)
The brand’s new showroom, where about 10,000 people pass daily, could help spearhead NIO’s expansion.
EV sales in the Netherlands tripled last year, reaching 128,000, compared to the 43,000 sold in 2019. According to BOVAG, that’s about 30% of new vehicle sales.
NIO Onvo L60 launch event (Source: NIO
NIO launched the first EV under its new Onvo mass-market brand last week. Starting at $30,500 (219,900 yuan), the Onvo L60 electric SUV undercuts Tesla’s Model Y in China.
Tesla’s base RWD Model Y starts at $34,500 (249,900 yuan) with up to 554 km (344 mi) CLTC range. The new NIO Onvo L60 gets up to 555 km (341 mi) CLTC range.
NIO Onvo L60 electric SUV (Source: NIO)
At 4,828 mm long, 1,930 mm wide, and 1,616 mm tall, the Onvo L60 will directly compete with Tesla’s best-selling Model Y (4,750 mm long X 1,921 mm wide X 1,624 mm tall) in China.
However, in Europe, that would likely be a different story. NIO’s mass-market Onvo brand is expected to launch a larger electric SUV next year. Meanwhile, four new NIO brand cars are expected to hit the market next year: the ET9 sedan, ET6 sedan, ES8 SUV, and ES7 SUV.
NIO Onvo L60 vs Tesla Model Y trims
Range (CLTC)
Starting Price
NIO Onvo L60 (60 kWh)
555 km (341 mi)
219,900 yuan ($30,500)
NIO Onvo L60 (90 kWh)
730 km (454 mi)
TBD
NIO Onvo L60 (150 kWh)
+1,000 km (+621 mi)
TBD
Tesla Model Y RWD
554 km (344 mi)
249,900 yuan ($34,600)
Tesla Model Y AWD Long Range
688 km (427 mi)
290,900 yuan ($40,300)
Tesla Model Y AWD Performance
615 km (382 mi)
354,900 yuan ($49,100)
NIO Onvo L60 vs Tesla Model Y in China
NIO delivered 15,620 EVs last month, up 135% year over year. The EC6 (+53%), ES6 (+48%), and ET5 (+52%) all achieved double-digit growth month over month.
“If the product is done right, a single model could sell enough, as Tesla BYD has proven,” Li said.
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With President Donald Trump’s private dinner for top meme coin holders less than a week away, the leaderboard is awash with crypto wallets that are effectively anonymous.
On May 22, the top 220 $TRUMP holders are invited to a dinner with the president at his Virginia golf club outside of Washington, D.C. The event was announced last month, and the tally closed Monday night.
The nature of the pseudonymous wallets raises questions about the true identities and motivations of the token’s largest holders, who have bought a seat at the table with a U.S. president.
Documents from blockchain analytics firm Inca Digital that were reviewed by CNBC show where the top 275 $TRUMP token holders send and receive the token. Many are heavily tied to international exchanges like Binance that don’t service U.S. customers, an indication that they’re likely not U.S. citizens.
An analysis by Bloomberg revealed that 19 of the top 25 wallets are almost certainly owned by individuals operating outside the U.S.
Justin Sun, who openly shared that he bought $75 million worth of the Trump family’s World Liberty Financial token — a digital coin where 75% of proceeds go to Trump-related entities — is believed to be at the top of the $TRUMP meme token leaderboard.
Sun, who was born in China, is the crypto entrepreneur behind the Tron blockchain and is in talks with the SEC to resolve civil fraud charges.
A wallet called Sun currently holds more than $18 million worth of $TRUMP, with $4.5 million bought after the dinner contest announcement, according to Bloomberg.
Multiple reports point to the wallet being tied to the Tron founder. A representative for Sun didn’t respond to CNBC’s request for comment or confirm whether Sun is the wallet owner.
MemeCore, a Singapore-based crypto network that was vocal in its quest to secure a spot at the Trump dinner, landed in second place with an investment of $18 million. An Australian crypto entrepreneur also reportedly made the cut.
The leaderboard points to the token’s extreme volatility.
Inca Digital told CNBC that while 560,376 wallets have made a combined $5.2 billion in realized gains on the $TRUMP token, an even larger number — 592,962 wallets — have collectively lost $3.9 billion.
The figures underscore the massive wealth transfer within Trump’s crypto ecosystem, where early buyers have seen windfalls while the majority have suffered losses.
Chainalysis and Elliptic, two leading blockchain analytics firms, initially tracked $TRUMP token movements and trading fees. But days after CNBC published a story on the number of crypto wallets that had lost money on the meme coin, the firms said they were too busy with existing clients to continue blockchain analysis of the president’s self-branded meme token.
Sen. Richard Blumenthal, D-Conn., the ranking member of the Senate Subcommittee on Investigations, warned that the Trump family’s growing crypto holdings may serve as a backdoor for foreign and corporate interests seeking access to the president.
Freight Technologies, a Houston-based logistics firm that trades on the Nasdaq and has a market cap of just over $2.3 million, bought $2 million worth of the $TRUMP tokens to influence U.S.-Mexico trade policy, according to a release. CEO Javier Selgas described the move as a strategic push to “champion fair and free trade” across the U.S.-Mexico border.
Freight Technologies finished in 250th place, missing the cut for the dinner.
The update incentive applies to Tesla’s entire lineup of new vehicles.
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Tesla also introduced a new incentive for Lyft drivers. They are eligible to $1,000 in Tesla credits when taking delivery and $1,000 from Lyft if they complete 100 deliveries by July 13.
The automaker wrote on its website:
Eligible Lyft drivers who purchase a new Tesla vehicle can receive $1,0001 in Tesla Credits upon taking delivery and a $1,000 incentive from Lyft after completing 100 trips on or before July 13, 2025. Tesla Credits can be used toward Supercharging, a new Tesla vehicle, service appointments or select Tesla Shop or upgrade purchases. Offer available to active Lyft drivers in good standing.
Tesla also started reaching out to Cybertruck reservation holders to let them know that they only have a month before they can’t take advantage of lower FSD prices.
The automaker wrote in the email:
As an early reservation holder, you have access to a reserved Full Self-Driving (Supervised) price of $7,000. To keep this price, you’ll need to take delivery by June 15, 2025. After June 15, 2025, FSD (Supervised) will be available at the latest price, which is currently $8,000.
When Tesla started taking Cybertruck reservations in 2019, Tesla said that by reserving the truck, reservation holders were locking in the then $7,000 price for its ‘Full Self-Driving’ package.
It looks like Tesla is now putting a deadline to take advantage of this deal to boost orders of the Cybertruck, which has proven to be a commercial flop.
On top of all these incentives, Tesla is also subsidizing interest rates to offer 0% financing on Model 3, and 1.99% financing on Model Y.
All those incentives in place point to Tesla having significant demand issues in the US.
Tesla’s global sales came about 50,000 units below expectations, which the company blamed on the production changeover of Model Y, its most popular model by far.
However, production is now back up to normal in Q2, and Tesla is clearly having issues selling the updated Model Y.
The automaker has no backlog of orders for the new Model Y and vehicles are already piling up in inventory:
We reported last week that Tesla employees wrote an open letter calling for Elon Musk’s removal as CEO due to the damage he has caused to the brand.
This is not a great sign for Tesla. These are end-of-quarter level incentives when we are just about halfway through the quarter.
And that’s just in the US, where Tesla’s sale performance is more opaque.
In Europe and China, where we know for a fact that Tesla is struggling with sales, the automaker is virtually offering 0% financing on its entire lineup.
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The electric box van experts at Harbinger announced a new, EREV version of their medium-duty van that pairs a big battery with a small, gas-powered ICE engine to offer fleets that are hesitant to electrify a massive 500 miles of autonomy on a single charge + tank.
The American truck brand is putting its latest $100 million raise to good use, developing a cost-competitive EREV chassis that marries a low-emissions 1.4L inline four-cylinder gas engine with a close coupled 800V generator sending power to a 140 or 175 kW battery for up to 500 miles of fully loaded range. More than enough, in other words, to meet the needs of just about any fleet you can think of.
That’s a good thing, too, because medium-duty trucks are put to work in just about any circumstance you can think of, as well – a fact that’s not lost on Harbinger.
“Medium-duty vehicles serve an incredibly diverse range of applications, just like the fleets and operators that rely on them, ” explains John Harris, Co-founder and CEO, Harbinger. “There are some fleets whose needs simply can’t be met with a purely electric vehicle—and we recognize that. Our hybrid is designed for use cases and routes that go beyond what an all-electric system typically supports. The series hybrid delivers the benefits of an electric drivetrain, along with the added confidence of a range extender when needed.”
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In addition an up-front cost that should make it an attractive prospect for fleet buyers, the new Harbinger EREV pack performance that should made it attractive for its drivers, too. The new chassis’ electric powertrain delivers 440 hp and 1,140 lb-ft of tq for quick acceleration into traffic and smooth running, even under load. Charging performance is also quick, with the ability to get the big battery from 10-80% charge in just under an hour on a 150 kW port.
You’ve heard all this before
Thor hybrid RV concept; via Thor.
If that sounds familiar, that’s because it is. This medium-duty chassis was first shown last year, making its debut under a Thor Class A motorhome concept that we covered in September. That vehicle promised the same great EREV range and capability to a market that values independence and spontaneity more than most, and bringing those values to a medium-duty commercial market that’s lapping up “messy middle” propaganda from Shell NACFE is just smart business.
The new Harbinger chassis’ batteries are manufactured by Panasonic. No word on who is making the 1.4L ICE generator, but my money’s on the GM SGE four-cylinder last seen in the gas-powered Chevy Spark. You guys are smart, though – if you have a better guess who the supplier might be, let us know in the comments.
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