Crypto fans are celebrating the results of the Ohio Senate race, where blockchain entrepreneur Bernie Moreno has defeated Senate Banking Chair Sherrod Brown, a three-term incumbent, in a contest that was key in the battle for control of the U.S. Senate.
Some $40 million of crypto money was directed at defeating Brown, with one PAC paying for five ads designed to boost awareness of Moreno, a businessman who worked as a luxury car dealer and had virtually no name recognition going into the contest.
The race was also a litmus test for whether the more than $245 million raised by the crypto industry this cycle would prove effective at the ballot box. The Ohio contest drew more ad spending than any Senate race in history, and was the biggest single target of crypto money this cycle.
Brown was unpopular with crypto fans, in part because he backed Sen. Elizabeth Warren, D-Mass., in holding hearings on whether digital tokens were tied to terrorism. He voted against pro-crypto legislation, called for more regulation of the sector, and regularly posted anti-crypto rhetoric on social media.
Ripple’s billionaire co-founder Chris Larsen told CNBC Tuesday night that Brown’s loss is “more fallout from the disastrous decision by President Joe Biden to outsource financial regulation to Sen. Warren.”
“Tonight I’m sad, but I’m never giving up,” Brown said in brief concession remarks Tuesday evening.
In December, Brown told journalists that he wasn’t concerned about the crypto industry’s rumblings against him.
“Bring ’em on,” Politico quoted Brown as saying to a crowd of reporters last year.
His antagonists are now taking a victory lap.
Tyler Winklevoss, one of the top individual crypto contributors this election cycle, called Brown a “crypto public enemy,” a “co-conspirator” to Sen. Warren, and a “Gary Gensler crony,” referring to the chair of the SEC. In a post on X, Winklevoss wrote, “The crypto army is striking!”
“Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” Armstrong wrote in a post to X.
Armstrong called it the “most pro-crypto Congress ever” with more than 219 crypto-friendly candidates elected to the House and Senate.
The Stand With Crypto Alliance, launched by Coinbase last year, started a “Live election results” lander for crypto investors to keep track of the results. According to the tracker, 224 pro-crypto candidates have been elected to the House, against 106 anti-crypto House candidates that have won. In the Senate, 14 pro-crypto candidates have been elected, while nine anti-crypto candidates have been victorious.
NBC News hasn’t yet called all of these races.
Coinbase gave more than $75 million to Fairshake and its affiliated PACs, including a fresh pledge of $25 million to support the group in the 2026 midterms. Armstrong personally was among crypto’s top individual donors, giving over $1.3 million to a mix of candidates up and down the ballot.
Coinbase has been battling Gensler in court for more than a year over claims it sells unregistered securities.
The industry hopes that a pro-crypto Congress will pass rules that will apportion more of the regulatory responsibilities to the Commodities Future Trading Commission, which has traditionally been softer on its approach to policing the sector.
“Americans disproportionately care about crypto and want clear rules of the road for digital assets,” Armstrong wrote. “We look forward to working with the new Congress to deliver it. Thank you to everyone who stood with crypto today. We did it!”
The Fairshake affiliated PAC Defend American Jobs, which donated more than $40 million in support of Moreno, released a statement on Tuesday night, saying that Brown was a “top opponent of cryptocurrency.”
“Senator-Elect Moreno’s come-from-behind win shows that Ohio voters want a leader who prioritizes innovation, protects American economic interests, and will ensure our nation’s continued technological leadership,” the group said.
The political victories were reflected in the market.
German automaker Volkswagen has presented a world premiere of a new all-electric show car called the ID. EVERY1. This new entry-level Volkswagen BEV model will evolve into a production version soon and is expected to start at an MSRP of 20,000 euros ($21,500).
Despite its past follies in EV development, particularly on the software side, Volkswagen continues to demonstrate a steeled focus on electrification and expanding its “ID” lineup of BEVs. The automaker’s flagship ID.4 has found success in Europe and the US and has since been joined by additional models such as the ID.3 and ID.Buzz van—another fan favorite (aside from the decision not to offer a camper variant… huge miss, guys).
In addition to those production models on the market, Volkswagen has previewed other BEVs in its pipeline, including the ID.2all and an SUV variant, all part of the brand’s goal to deliver nine new models by 2027, four of which will sit atop VW’s new FWD MEB platform.
One of those new models in the pipeline is Volkswagen’s most compact and affordable BEV to date. In concept form, Volkswagen calls this model the ID. EVERY1, nodding at its affordability and small size in which most everyone can use it… as long as you live in Europe.
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To date, we’ve only seen sketches of the ID. EVERY1 and confirmation from Volkswagen that the production version will start at around 20,000 euros. The German automaker echoed those plans during a global premiere event for the ID. EVERY1 in Germany today. Check out the full video below.
Volkswagen ID.EVERY1 set to hit production in 2027
Per a detailed press release from Volkswagen today, the ID. EVERY1 show car makes its global debut as a sporty, compact show car that offers a preview of the production version, slotted to launch sometime in 2027.
The production version will follow the ID.2all, which should arrive in Europe as early as 2026 and is expected to start at around 25,000 euros ($27,000). Both the Volkswagen ID.2all and ID. EVERY1 (official production name pending) will launch as part of a new “Electric Urban Car Family” designed in Europe, for Europe and will feature the automakers FWD MEB platform technology.
The release did not mention software, but considering that vital component for EV success has been a hurdle for the brand, we’d expect at least some of Rivian’s technology to make its way into these Euro models following a $5.8 billion partnership announced last summer. According to Volkswagen Brand CEO Thomas Schäfer, the ID. EVERY1 will help complete a diverse portfolio of electrified models of all sizes for Europe and other markets:
The ID. EVERY1 represents the last piece of the puzzle on our way to the widest model selection in the volume segment. We will then offer every customer the right car with the right drive system—including affordable all-electric entry-level mobility. Our goal is to be the world’s technologically leading high-volume manufacturer by 2030. And as a brand for everyone—just as you would expect from Volkswagen.
Volkswagen shared that the production version of the ID. EVERY1 will be the first model in the entire Group lineup to use a “fundamentally new and particularly powerful software architecture.” Does it start with an “R” and end with an “ivian?” There is no confirmation over here, but that sounds like it! Okay, back to the concept. Here are some brief specs:
The concept can reach a top speed of 81 mph
The newly develop FWD motor offers 70kW (94 hp) of power
The current range is 250 km (155 miles)
It offers seating for four, plus 10.8 cubic feet (305 liters) of cargo volume
Its overall length is 3,880mm (152.8 in)
It’s longer than the VW Up! (41.7 in/3,600 mm) but shorter than the ID.2all (159.4 in/4050 mm)
Looking ahead, Volkswagen said it intends to offer the public a more robust preview of its new “Electric Urban Car Family,” including the ID. EVERY1 and ID.2all this coming fall. For now, here’s a closer look at the ID. EVERY1 show car.
Source: Volkswagen
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The Tesla Model 3, once the most popular EV in the critical Chinese EV market, has been quickly surpassed by the Xiaomi SU7, and now they are going after Tesla’s Model Y.
Is the mystical prophecy of the “Tesla killer” finally coming true?
As impressive as Tesla’s entry into the Chinese market was, Xiaomi’s own EV venture in China has been even more remarkable.
Tesla was the first foreign automaker to secure a wholly-owned car factory in China. It built it and started production at the plant in record time, an incredible moment for the EV industry in China and globally.
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Within the first 6 months of Model 3 production at Gigafactory Shanghai in 2020, Tesla built around 50,000 vehicles, which was unprecedented.
Xiaomi, better known for its electronics, produced 70,000 SU7 EVs in the first six months of production last year.
In its first full year of production, Xiaomi came out of nowhere and outsold Tesla’s Model 3 in the critical Chinese market.
In January, Tesla sold about 8,000 Model 3s in China, while Xiaomi delivered more than 22,000 SU7 EVs. This trend is expected to continue.
It’s not too surprising to see why. The base Xiaomi SU7 starts at 20,000 Yuan cheaper (~$2,500 USD) than the Model 3 and offers a bigger battery pack with 10% more range, as well as many tech features that Tesla doesn’t provide, like a heads-up display.
It even has a rear mini fridge, and since we are comparing it to Tesla, it also has a turn signal stalk.
The most unambiguous indication that the SU7 has taken over the Model 3 is the wait times.
Despite SU7 production already being higher than Model 3, you can get a Model 3 within “1-3 weeks” of ordering, while you have to wait “31-34 weeks” for a new SU7, according to Xiaomi’s online configurator:
If anything, the long wait times on the SU7 are helping Tesla as some can’t wait that long for a new car. However, Xiaomi is still ramping up production.
Speaking of production, Xiaomi took clear inspiration from Tesla. The SU7 is using large casting parts, which Tesla calls “gigacasting” and Xiaomi calls “hypercasting.”
The Chinese company is also using a similar design as what Tesla calls “structural battery pack”, where the pack is a structural part of the vehicle’s chassis.
Interestingly, Tesla uses these features on the Model Y but hasn’t transferred them to the Model 3 yet. Xiaomi uses them on the SU7, its Model 3 competitor – giving it an advantage, and it will do the same on its upcoming Model Y competitor.
That’s where Tesla needs to worry.
Model Y is by far Tesla’s best-selling car, and China is the world’s biggest EV market by a wide margin. What the SU7 did to Model 3, Xiaomi’s upcoming YU7 is likely to do to Model Y.
Xiaomi is going to start production of the YU7 this summer and it is expected to ramp up production just as quickly as it did with the SU7.
It compares similarly to Model Y as SU7 compares to Model 3.
As I was writing and researching this article, by the way big hat tip to Troy Teslike for helping a ton with research for this, I was reminded of the legend of the “Tesla killer.”
It’s a term that the media loved to use every time a legacy automaker launched a new EV in the early days of Tesla. We laughed at them for even suggesting it, as they would apply it to vehicles that didn’t match Tesla’s performance, production volumes, or profitability.
Sure enough, none of them came even close to negatively affecting Tesla, let alone “killing” the company.
But Xiaomi is coming as close as I’ve ever seen in my 15 years of covering Tesla (coming on 10 years full-time professionally).
Let’s be clear: Xiaomi owes Tesla quite a bit for its EV success. The automaker pioneered gigacasting and structural battery packs, and Xiaomi followed suit to great success. I am sure these are not the only Tesla features that inspired Xiaomi.
With that said, this is the reality now, and Tesla is getting left behind.
Tesla benefited from being a foreign brand in China. Buyers saw it as a luxury brand, but the company is now a victim of its own success. The cars became so popular that the brand deteriorated, and it is not seen as premium or exclusive anymore.
At the same time, Chinese manufacturers became much better at making EVs, and now, several of them have achieved a better reputation from buyers in China than Tesla.
Furthermore, with the new Model Y, Tesla went with design accents that are already popular in China. As we previously reported, the new Model Y looks very similar to Xpeng’s vehicles. This is making Tesla “like any other brand in China.”
In my opinion, Chinese competition, especially Xiaomi, will hurt Tesla badly in China this year.
The automaker is planning to roll out cheaper models in the second half of the year. This should help, but the entry EV market is already quite crowded in China, and Tesla is likely to cannibalize itself more than anything.
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Who are we to judge the needs of folks who have $133K burning a hole in their pocket? Certainly, a longer Escalade IQL is better as a huge electric vehicle rather than a gas version? Well, here we are…
Let’s have a look a the eye candy first:
I think objectively, it is a good looking vehicle and maybe even ironically looks smaller as a longer vehicle. Is that a station wagon with a child driving it? The extra $40K worth of increased length is almost entirely added to the rear, providing extra 3rd-row seating space and a larger cargo area(seen above).
Elevating the spaciousness of the vehicle, the 3rd row benefits from more than 4 inches of additional legroom (36.7″ vs. 32.3″), and an additional inch of headroom (38.2″ vs. 37.2″) contributing to more comfortable seating throughout the cabin.
As a reminder, Cadillac changed the Frunk name and says the large eTrunk compartment under the hood offers an additional 12.2 cubic feet of secure storage which is the same as the Escalade IQ.
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As for the specs, this is GM’s Ultium 205kWh battery, shared between the Escalade IQ, GMC Hummer/Sierra and Chevy Silverado and it delivers the same 460 miles of range. Also, 350kW charging can deliver up to 116 miles of range in just 10 minutes. The 800V charging curve degrades slightly from there but it is still respectable.
750 hp and 785 lb-ft of torque (with driver-selectable Velocity Max10 estimate)
A Cadillac-estimated max towing capacity of 7500 lbs,
Magnetic Ride Control 4.0 and Air Ride Adaptive suspension isolate passengers from undesirable road surfaces while providing precise steering and feel
Isolated Precision, Cadillac’s ride and handling philosophy – quiet, smooth and effortless with a strong connection to the road
Independent front and rear suspension
24-inch wheels and 35-inch tires
Suite of standard active safety and driver assistance features
Standard Super Cruise5, the industry’s first truly hand-free driver assistance technology (with three years of OnStar connected service)
GM outlines some of the standout features of the Escalade IQ/L lineup:
A curved pillar-to-pillar 55-inch total diagonal display for an immersive and personalized infotainment experience with voice control, navigation, an app store and dedicated ESCALADE IQL graphics.
Seating available for up to seven total passengers, with a power folding third-row, which folds flat for more storage
Standard AKG 4 Studio 21-speaker audio system, with available AKG Studio
Reference 38-speaker system, which increases to 42 speakers with available Executive Second Row package. The AKG audio system also features custom-tuned speakers and amplifier content Dolby Atmos® for deeper depth, clarity, and detail when listening to music and entertainment
Standard Super Cruise5 driver assistance technology on all trims (3 years OnStar Super Cruise plan6)
Available 5G Wi-Fi® hotspot capability7 connected by OnStar, along with a comprehensive suite of OnStar safety and connected services that enhances each journey and delivers extra peace of mind
Ample passenger entertainment options, including HD streaming and browser compatibility, so customers can log into any streaming app and watch
The Escalade IQL also comes equipped with vehicle-to-home (V2H) bidirectional charging capabilities, which when paired with the GM Energy V2H Bundle, allows for the transfer of energy between the vehicle and a properly equipped home during times of need
The ESCALADE IQL will be offered in four trims – Luxury, Sport, Premium Luxury, and Premium Sport with MSRP starting at $132,695. The IQL will be sold globally, including in the U.S. and Canada, with production starting in mid-2025 at General Motors’ Factory ZERO plant in Detroit.
Electrek’s take
Sure, you could make about four small EVs with the 205kWh battery or 10 PHEVs with 50 miles of electric range with one of these batteries. But people are going to buy huge luxury SUVs and it is better to buy an EV than a gas version, right?
Also with GM’s V2L options, this huge 205kWh battery could back up a home for weeks or be used in emergencies.
For those who prize the decadence of an Escalade but also need some extra third row space for that ski trip to Aspen or Jackson Hole, you have your vehicle. Or, most likely, those ballers who want to have the biggest, most expensive, luxurious SUV on the market.
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