Connect with us

Published

on

Tesla has started offering lease buyouts on all its vehicles, allowing customers who lease a Tesla to purchase their vehicle at the end of the lease term. But this represents a pullback from its previous autonomous vehicle ambitions.

In yet another end-of-week (well, at least in the US, due to Thanksgiving) release of Tesla news, Tesla has updated its webpage for lease-end options to describe a new option for Tesla leasers: the ability to purchase your car at the end of your lease term.

The new policy applies to all of Tesla’s vehicles, including Cybertruck, Model S, Model 3, Model X and Model Y, starting today, November 27, 2024 (though not in Iowa or Louisiana). Third-party dealerships are allowed to purchase the vehicles, and there is a $350 purchase fee.

Many other companies offer something similar, with owners treating the lease as somewhat of a “trial term” before purchasing the vehicle. There are also potential financial benefits – for example, leasing makes it easier to get the US EV tax credit, and as a result some companies that don’t qualify for the purchase credit have created unique insta-buyout lease options to make use of this exception.

But Tesla hasn’t offered this option for some time. Ever since the Model 3 started leasing, Tesla said that it would not allow lease buyouts at the end of the term, and instead that it would retain ownership of the vehicles and put them into work in a massive robotaxi fleet, taking advantage of Tesla’s Full Self-Driving technology.

But that didn’t just apply to the Model 3, as Tesla ended lease buyouts for all models in 2022, after having previously offered them on Model S/X. This happened during a strange period in the new vehicle market, with lots of vehicles experiencing price spikes due to COVID-related supply disruptions, but also falls in line with Tesla’s previous ambitions and statements about wanting to retain vehicles for an autonomous robotaxi fleet.

Needless to say, this hasn’t panned out exactly as Tesla might have hoped. Tesla’s Full Self-Driving capability, despite being promised “next year” every year for almost the last decade, is not yet able to fully drive the car without a driver.

So this change could represent a pullback for Tesla’s autonomous vehicle ambitions. Tesla CEO Elon Musk has said in the past that its vehicles would become appreciating assets due to their ability to be used as autonomous robotaxis. The theory goes, you could send out your car to pick up passengers and drive them around, making you money on the side when you aren’t otherwise using the vehicle.

Because of this, Musk even once said that Tesla would stop selling cars once it solves autonomy, since it would be able to make more money providing autonomous rides than by selling cars.

Since then, Tesla has pivoted from talking about its regular cars as potential robotaxis to offering a whole separate robotaxi product, in the form of the Cybercab, which was unveiled last month. Though Musk also said during that unveiling that Tesla’s other vehicles would still be usable as robotaxis (well, most of them anyway).

That product is supposed to come out within two years, which means any standard 3-year lease term that starts today would end after Tesla has solved self driving – if you take their word for it. If that’s the case, then starting a lease buyout option for cars leased today wouldn’t make a lot of sense if you’re confident that they could be used as robotaxis in less than three years.

So it’s hard to think of this news as anything but a pullback in Tesla’s self-driving plans. If it’s true that Tesla thinks vehicles can make more money as robotaxis, and it’s true that Tesla thinks it will solve self-driving in the next two years, then why would Tesla suddenly start allowing buybacks that said it wouldn’t do specifically because of those two things?

So – either Tesla thinks it can’t make much more money with robotaxis, or it thinks it can’t solve self-driving before today’s lease terms are up.

Of course, there’s one other explanation – Tesla just wants to end this quarter strong. The company has already pulled several demand levers lately, with 0% financing, lower lease prices, and a “one-time” FSD transfer scheme for the fourth time as it’s trying to make up for a bad start to the year. It’s one of the few EV companies whose sales are down year to date as the rest of the industry continues to grow, and is trying to end the year flat-to-positive on sales compared to 2023.

It has some work to do to catch up, so we’re not surprised to see more demand levers being pulled. Nevertheless, this change still doesn’t jive with Tesla’s previous self-driving ambitions – and that’s notable.

If you’re looking to take advantage of Tesla’s new lease buyback policy, you can use our Tesla referral code for up to $36/mo off your lease price, or up to $2,000 off purchase (depending on vehicle).

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

This new solar + storage site will help power the Las Vegas Strip

Published

on

By

This new solar + storage site will help power the Las Vegas Strip

The Escape Solar and Storage project in Lincoln County, Nevada, will send clean power to big resort customers on the Las Vegas Strip. 

Reno-based Estuary Power, Escape’s developer, closed a $340 million financing package for the solar and storage project in late December 2024. 

Escape includes 185 megawatts (MW) of JinkoSolar PV capacity and 400 megawatt-hours (MWh) of Tesla battery storage capacity. 

Escape will supply 115 MW of solar and 400 MWh of battery energy storage to MGM Resorts International, 25 MW to Caesars Entertainment, 20 MW to Wynn Las Vegas, and 25 MW to Overton Power District under long-term agreements.

MGM Resorts International has set a goal to source 100% of its energy from renewables by 2030. Las Vegas resorts are required to comply with Nevada’s Renewable Portfolio Standard (RPS), which aims to increase the percentage of renewable energy to 50% by 2030. However, many resorts have already exceeded the 40% renewable energy requirement set by the state. The Venetian and Sands Expo and Convention Center partnered with NV Energy to procure renewable energy certificates to cover 100% of its electricity use.

Jill Daniel, CEO of majority woman-owned Estuary Power, said, “We look forward to supplying renewable energy to the iconic Las Vegas Strip and to our valued partner Overton Power District. We are thankful for the support of our financing partners in making the Escape project a reality.”    

The project is the first utility-scale solar project to be developed in Lincoln County, just north of Las Vegas, where it will generate nearly $80 million in tax revenue for the county over its life span. It’s currently under construction and will begin operating in 2025.

Las Vegas is second in the US for solar capacity per capita.

Read more: This Florida solar farm is supplying clean energy to 12 cities


To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Aptera signs LG as battery supplier for its solar electric car

Published

on

By

Aptera signs LG as battery supplier for its solar electric car

Aptera has signed a memorandum of understanding with LG Energy Solutions to supply batteries for its solar EV, which it says will start deliveries later this year.

Aptera is at CES this week, showing off it’s production-intent solar EV. We stopped by the booth for a few pictures, but beyond that, there wasn’t a lot new to announce.

But that changed today, as Aptera has now officially announced that it’s partnering with LG Energy Solutions as the exclusive supplier for battery cells for the Aptera solar EV, and CTNS for battery pack assembly.

Aptera said this partnership accomplishes three goals:

  • Enhance Aptera’s production capacity through a reliable and scalable battery supply chain. 
  • Solidify LG Energy Solution’s market presence as a trusted supplier.   
  • Strengthen CTNS’s reputation as a key manufacturing partner in the U.S. market. 

The agreement runs from 2025 to 2031, with LG supplying 2170-format cylindrical cells for battery modules and packs that will be assembled by CTNS and designed by Aptera.

The agreement covers 4.4GWh of battery capacity supply. Given that the Aptera has a 44kWh, 400-mile battery pack (at least at launch, other options might be available at some point), that’s enough for a total of 100,000 vehicles – quite a lofty goal for a rather small company that is relying on crowdfunding and has not yet shipped a car.

“This partnership represents a significant milestone in bringing our solar electric vehicles to market with the reliability and performance our customers expect. LG Energy Solution and CTNS bring unparalleled expertise, and we’re excited to work together to power the future of sustainable transportation.”

-Chris Anthony, Co-CEO of Aptera Motors

LG is one of the largest EV battery cell manufacturers in the world, and the largest outside China. The largest is CATL, but that company has found itself on a US blacklist.

As part of Aptera’s CES announcements, it reaffirmed that it plans to deliver its first vehicles by the end of this year, showed off the production configuration of its solar panels covering the hood, dash, roof and hatch of the vehicle, and said that it drove the car for 20 miles on a Las Vegas winter day and ended up with more charge than it had when it started. You can read more about Aptera’s CES show presence on our previous coverage here.

Aptera says it has 50,000 reservations for its vehicle, at $100 a pop (or $70, if you use our Aptera referral link). You can reserve an Aptera over at Aptera’s website.


But if you have an EV that *isn’t* covered with solar panels, maybe you can install solar panels on your home’s roof and charge your vehicle through solar anyway. Find a reliable and competitively priced solar installer near you on EnergySage, for free. They have pre-vetted installers competing for your business, ensuring high-quality solutions and 20-30% savings. It’s free, with no sales calls until you choose an installer. Compare personalized solar quotes online and receive guidance from unbiased Energy Advisers. Get started here. – ad*

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Mazda is bringing this $20,000 Chinese EV overseas, but prices will be much higher

Published

on

By

Mazda is bringing this ,000 Chinese EV overseas, but prices will be much higher

The electric Mazda 6 predecessor is headed for Europe this summer. Mazda’s EV starts at around $20,000 in China, but prices are expected to be significantly higher in Europe. Here’s what we know about the Chinese-made EV so far.

When will Mazda launch its $20,000 EV overseas?

Mazda unveiled the EZ-6 at the Beijing Auto Show alongside the Arata SUV last April. The EZ-6 is the all-electric predecessor to the Mazda 6 sedan.

Mazda’s Chinese joint venture, Changan Mazda, has been selling the EZ-6 in China since October. The electric sedan, which starts at just 139,800 yuan, or around $19,200, is already off to a hot sales start.

With nearly 2,500 models sold in November, its first sales month, Changan Mazda said the EZ-6 was among the top three mid-size new energy vehicle (NEV) sedans of joint ventures sold in China. According to Nikkei, Mazda will export the $20,000 EV to Europe starting this summer.

Based on Changan Auto’s hybrid platform, the EX-6 is available in EV and extended-range configurations in China. The all-electric version has a CLTC range of up to 600 km (372 miles).

Mazda-$20,000-EV
Mazda EZ-6 (Source: Changan Mazda)

The electric Mazda EZ-6 is 4,921 mm long, 1,890 mm wide, and 1,485 mm tall with a wheelbase of 2,895 mm, or about the size of a Tesla Model 3 (4,720 mm long, 1,922 mm wide, and 1,441 mm tall with a 2,875 mm wheelbase).

Inside, the EZ-6 has a modern cabin setup with 14.6″ infotainment and 10.1″ driver display screens. It also includes premium features like a 50″ AR head-up display and zero-gravity reclining seats.

Mazda-$20,000-EV-interior
Mazda EZ-6 interior (Source: Changan Mazda)

The imported model will feature improved stability and control for high-speed driving on European roads. Mazda will showcase the updated EZ-6 at the Brussels Motor Show, which kicks off on Friday.

Like many automakers, Mazda is looking to meet the EU’s Zero Emission Vehicle (ZEV) mandates and avoid heavy fines. However, after the EU increased tariffs on Chinese EV imports to as much as 45.3%, Mazda will still have to pay the price.

Mazda-$20,000-EV
Mazda EZ-6 electric sedan (Source: Changan Mazda)

China’s SAIC was hit the hardest with an extra 35.3% duty, while Geely (18.8%) and BYD (17%) were at the lower end. Other cooperating companies are subject to a 20.7% tariff, while non-cooperating automakers will have a duty of 35.3%.

Earlier this week, we learned Mazda will build a new module battery plant in Japan to supply its first dedicated EV. Although no details were revealed about the dedicated EV, Mazda said it will be powered by a new electric vehicle platform. The company aims to launch the new platform in 2027. Stay tuned for more.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending