Tesla has been moving around a lot of Bitcoin to a new wallet, a first for the automaker who first cot into crypto a few years ago before getting cold feet.

What does this mean? Probably not much.

Tesla is among the few large public companies that invested some of their cash into cryptocurrency.

Early in 2021, Tesla invested $1.5 billion in Bitcoin. Shortly after, the automaker started accepting the cryptocurrency as payment on new vehicles.

However, a few days later, Tesla took a step back with crypto by removing the Bitcoin payment option. The company noted concerns over the energy needs of the Bitcoin network:

Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.

This is a concern that many Tesla community members shared when Tesla first announced its Bitcoin investment, and many were angered by the fact that the company didn’t think about it in the first place.

At the time, Tesla noted that they were not selling their stake in Bitcoin and that they planned to resume taking Bitcoin payments once the network showed a higher mix of renewable energy.

Last year, Tesla made some moves that pointed to starting to take Bitcoin payments again, but it has yet to happen.

A year after the initial investment, Tesla’s Bitcoin holding increased to $2 billion, but the cryptocurrency lost a lot of its value in 2022 and the automaker’s position suffered – though the automaker also divested about 75% of its Bitcoin position during that time.

Tesla reported over $1.2 billion in proceeds from selling Bitcoins, but the automaker still sits on a good amount.

Bitcoin Treasuries reports that Tesla is the company with the fourth largest Bitcoin holding with 9,720 Bitcoins – even ahead of Coinbase.

Now, over the last few hours, Tesla has moved nearly all of its bitcoins into new unknown wallets.

The reason behind the move is unclear.

The accounting and tax rules regarding cryptocurrencies are constantly evolving and therefore, Tesla might be moving things around in preparation for that.

The crypto world is already buzzing about whether this means that Tesla is going to sell its Bitcoin or buy more, but there’s no clear evidence pointing either way so far.

Again, it’s possible that Tesla is also planning to start accepting crypto payments for its vehicles, as evidenced in its software last year.

This story is still developing. Refresh for more details.

If you have any idea why Tesla is moving around its bitcoins, let us know your theories in the comment section below.

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Elon Musk announced that the Tesla Semi class 8 electric truck will be available worldwide, but they need to bring it to production.

Tesla Semi is getting some momentum lately.

Many people didn’t believe a 500-mile range class 8 truck would be feasible, and some still have issues believing it as Tesla is struggling with credibility issues on the autonomy front.

However, as we reported yesterday, Tesla’s claims regarding its semi-trucks are starting to be confirmed by third-party testing, as in a recent trial with DHL.

These trials come as the much-delayed vehicle program, which was first supposed to come to production in 2019, is finally about to enter volume production.

Tesla already has a low-volume production line in a building near its Gigafactory in Nevada outside of Reno, but it is now building another plant next to the factory to produce the Tesla Semi in volume starting next year. The plan is to start ramping up production in 2025 with the goal of eventually producing as many as 50,000 trucks per year.

The Tesla Semi program has always been focused on the North American market, but CEO Elon Musk did say earlier this year that it could also be produced in Europe at Gigafactory Berlin.

Last month, Tesla brought the vehicle to Europe to give a presentation at IAA, and it showcased a slightly modified version to fit EU regulations.

Now, the Tesla Semi paid a visit to its possible future home at Gigafactory Berlin and Musk confirmed that the plan is to make the vehicle “available worldwide”:

Honda’s electric SUV was the 5th best-selling EV in the US after sales surged in the third quarter.
As the electric SUV rolls out to dealers nationwide, the Honda Prologue is winning over buyers.

Honda Prologue becomes the 5th best-selling EV in Q3

The Prologue set a new quarterly US sales record with over 12,600 models sold over the last three months.

According to Cox Automotive’s latest data, the Honda Prologue was the 5th best-selling EV in the third quarter. Honda sold 12,644 Prologue’s in Q3, topping Hyundai’s IONIQ 5 (11,590) and the Rivian R1S (7,245).

Honda’s electric SUV trailed only Tesla’s Model Y (86,801), Model 3 (58,423), Cybertruck (16,692), and the Ford Mustang Mach-E (13,392).

The sales surge is impressive, given Honda didn’t sell a single EV in the US a year ago. Including the luxury Acura ZDX, Honda America sold over 15,000 EVs.

Higher incentives and discounts helped boost EV sales in the US last quarter. According to the report, EV incentives averaged over 12% over the average transaction price (ATP) in Q3, significantly higher than the industry average of around 7%.

Honda’s Prologue was among the most discounted. After introducing a new Labor Day Dealer Cash bonus, the electric SUV featured up to $14,250 in incentives.

Honda outpaces rivals with significant discounts

Based on GM’s Ultium platform, the Prologue gets up to 296 miles driving range. Honda claims it has the “highest standard driving range in its class.”

Despite sharing underpinnings with the new Chevy Equinox and Blazer EVs, Honda differentiated the electric SUV by adding multi-link front and rear suspensions for a more “sporty” drive.

The Honda Prologue also has built-in Google for Wireless AppleCarPlay and Android Auto support, which GM no longer offers.

Honda’s electric SUV starts at $50,400, while premium trims cost upwards of $57,900. With all models eligible for the $7,500 tax credit, Prologue prices fall potentially as low as $39,900 (not including destination).

The Acura ZDX is also heavily discounted. After introducing a new $4,000 conquest cash offer on all 2024 models, Acura’s electric SUV featured nearly $30,000 in leasing discounts.

Electrek’s Take

With Chevy’s new electric Equinox and Blazer gaining momentum, it will be interesting to see how the list turns out at the end of 2024.

Hyundai is also launching the new US-made IONIQ 5 later this year, which will likely help boost demand. It features more range, a rugged new XRT trim, and a Tesla NACS charging port.

Meanwhile, Rivian is dealing with supply issues, which caused it to cut its production goal for 2024. The shortage is impacting R1T, R1S, and electric delivery van output.

Ready to see what all the hype is about? You can use our links below to find deals on the Honda Prologue and Acura ZDX electric SUVs in your area.