Tesla (TSLA) is again expected to have a difficult quarter for electric vehicle deliveries as estimates are going down.
Last quarter was a rough one for Tesla. The automaker delivered 386,810 vehicles – down 20% quarter-over-quarter and 8.5% year-over-year.
Tesla is so important to the electric vehicle industry that the results dragged the entire EV sales down, especially in the US.
The automaker had some real problems that affected production, like the ramp-up of the new Model 3 at the Fremont factory and shutdowns due to supply chain issues at Gigafactory Berlin.
However, Tesla is also believed to have some demand issues, as these production issues can’t explain the entire 46,000-vehicle discrepancy between production and deliveries last quarter.
Now, the automaker is about to conclude its second quarter, and all eyes are on the upcoming results next week.
Tesla Q2 expectations
The Wall Street estimate consensus is at 450,000 deliveries, which is down from the 466,000 vehicles Tesla delivered during the same period last year.
That alone would be bad, but things could get worse.
Like last quarter, the estimates are expected to go down throughout the week as analysts adjust their expectations.
The more recent estimates from analysts are already significantly below the 450,000 consensus, which should bring it down by the end of the week.
Europe seems to be a problem for Tesla this year. According to registration trackers, Tesla is more than 60,000 deliveries off from its record year in 2023 so far in 2024:
With most of the difference happening over the last few months, Q2 could prove to make it a difficult quarter for Tesla in Europe.
China is still Tesla’s most important market and things are looking up there for the automaker over the last month – thanks to strong new incentives, like reduced interest rates.
We get a lot of news about EV sales crashing lately, but to be fair, it was mostly due to Tesla’s performance in Q1. The automaker is so critical to global EV sales, and especially US EV sales, that a bad quarter affects the entire industry.
It is disappointing to see that we are likely going to have another quarter down year-over-year in deliveries, especially considering that the automaker claimed to have a record number of vehicles in transit at the end of last quarter.
I would have thought that it would have easily helped Tesla beat last year’s 466,000 deliveries in Q2, but it doesn’t sound like it.
What do you think? Where do you think Tesla will land in terms of deliveries in Q2? Let us know in the comment section below.
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Blink Charging (Nasdaq: BLNK) has struck a deal with Hubject to make charging easier for EV drivers across North America.
The agreement will bring Blink into Hubject’s intercharge eRoaming platform as a charge point operator. That means electric mobility service providers (eMSPs) and their customers in the US, Canada, and Mexico will soon have access to Blink’s charging stations through their existing apps. In turn, Blink drivers will gain better access to stations connected through Hubject’s network.
Hubject, which already connects more than 1 million charging points and 2,750 partners worldwide, expects the integration to strengthen its North American presence by adding Blink’s wide-ranging network of chargers, from Level 2 workplace stations to DC fast charging. Blink, meanwhile, anticipates more customers will plug in, thanks to Hubject’s reach.
“Our collaboration with Blink marks an important step in expanding our North American intercharge network,” said Trishan Peruma, CEO of Hubject North America. “By integrating Blink’s network into our eRoaming platform, we aim to help reduce barriers that have historically complicated EV charging and to support the continued growth of EV adoption across the United States, Canada, and Mexico.”
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Blink Charging’s president and CEO Mike Battaglia added, “Connecting the Blink Network to Hubject’s platform will allow more drivers to benefit from interoperable charging while traveling.”
The integration will use the industry-standard OCPI protocol to keep billing and communication between networks secure and reliable. Deployment is planned in phases throughout 2025, with full integration targeted for the end of the year.
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Hyundai wants to make the electric sports car for everyone. Not just those who can afford it. The new Hyundai IONIQ 5 N Essentials trim was launched in Korea on Monday, offering a lower price tag but the same thrilling drive.
Hyundai launches new IONIQ 5 N Essentials in Korea
The IONIQ 5 N is Hyundai’s first EV sports car under the IONIQ series. Initially launched in 2023, the IONIQ 5 N marked a new era for Hyundai’s high-performance N division.
Hyundai’s electric hot hatch not only looks the part with added sporty “N” branded elements scattered inside and out, but it’s also packed with fun features, advanced tech, and a host of drive modes.
Based on a dual-motor all-wheel drive (AWD) powertrain, the IONIQ 5 N delivers up to 641 horsepower when N Grin Boost is engaged. Even without it, the electric sports car packs 601 hp.
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It also draws power from an 84 kWh battery, good for an EPA-estimated range of 221 miles. On the WLTP scale, it’s rated with an official range of 278 miles (448 km). The added power results in a lower range than other IONIQ 5 trims.
The new Hyundai IONIQ 5 Essentials trim (Source: Hyundai)
Although it was already one of the most affordable sports cars, EV or gas-powered, Hyundai is lowering the price even further.
After launching the new Essentials model in South Korea on Monday, Hyundai said the new trim “is characterized by lowering the barrier to entry so that customers can experience the overwhelming driving performance of the IONIQ 5 N at a reasonable price through optimized specifications.”
The new Hyundai IONIQ 5 Essentials trim (Source: Hyundai)
Hyundai focused on core convenience features while including the same high-performance motors, battery, and N-specific elements as the base model.
A Hyundai official said, “The Essential trim of the IONIQ 5 N is a new trim that offers greater cost-effectiveness to lower the barrier to entry for high-performance electric vehicles.”
The Hyundai IONIQ 5 N (Source: Hyundai)
The IONIQ 5 N features advanced driver assistance systems (ADAS), including highway driving assist and navigation-based smart cruise control. Hyundai has also added an exclusive new “Parking Assist Lite” package, offering safety and convenience features such as surround view monitoring and rear parking assistance.
The new Hyundai IONIQ 5 N Essentials trim starts at 74.9 million won ($54,000), including tax benefits. Hyundai said it will continue to make competitive products so more buyers can experience high-performance EVs.
2025 Hyundai IONIQ 5 N (Source: Hyundai)
Although the Essentials trim is not available in the US, the IONIQ 5 N is still more affordable than most sports cars. The 2025 Hyundai IONIQ 5 N starts at $66,200. But, with the $7,500 tax credit, which is set to expire on September 30, leases are currently listed as low as $549 per month.
A federal judge has cleared the way for Ørsted’s nearly complete 704-megawatt (MW) Revolution Wind offshore wind farm to restart construction, overturning a stop-work order imposed by the Trump administration.
Reagan-appointed senior US District Judge Royce C. Lamberth granted a preliminary injunction in Washington, DC, calling the government’s conduct “the height of arbitrary and capricious government conduct.” He added, “If Revolution Wind cannot meet benchmark deadlines, the entire project could collapse. There is no doubt in my mind of irreparable harm to the plaintiffs.”
Ørsted welcomed the ruling and said in a statement, “Revolution Wind will continue to seek to work collaboratively with the US Administration and other stakeholders toward a prompt resolution. Revolution Wind will resume impacted construction work as soon as possible, with safety as the top priority.”
The decision marks a significant setback for the Trump administration’s attempts to stall offshore wind development. Revolution Wind is already about 80% complete, with all turbine foundations and 45 of 65 turbines successfully installed, and expected to power 350,000 homes in Rhode Island and Connecticut. Earlier this month, the two states’ attorneys general announced they were suing the Trump administration to overturn its “baseless” decision to halt Revolution Wind. That underlying lawsuit challenging the stop-work order will continue to progress.
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Oceantic Network CEO Liz Burdock said, “Today’s decision allowing work to resume on Revolution Wind is welcome news for the hundreds of skilled workers who can now return to their jobs while the legal process continues. This Made in America energy project is putting Americans to work building reliable, affordable power to communities across New England that desperately need it.”
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