New DOT Sec/reality TV contestant signs memo to increase US fuel costs by $23B
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Sean Duffy, who was just confirmed as Secretary of Transportation on the back of the transportation “expertise” he showed as a contestant on Road Rules: All Stars, a reality TV travel game show, wasted no time in promising to raise your fuel costs by at least $23 billion on his first day.
The memo, signed yesterday, promises a review of all existing fuel economy standards, which require manufacturers to make more efficient vehicles which save you money on fuel.
Specifically, the memo targets the Corporate Average Fuel Economy standard (CAFE), which was just improved last year by President Biden’s DOT, saving American drivers $23 billion in fuel costs by meaning they need to buy less fuel overall. The savings could have been higher, but were softened from the original proposal due to automaker lobbying.
However, the new DOT memo says it targets all similar standards, rather than just the improvements made last year – so in fact, our headline likely underestimates how much higher fuel costs would go if the DOT follows through on this memo.
A recent analysis by Consumer Reports shows that fuel economy standards are enormously popular with Americans, and that maintaining the current standards could result in lifetime savings of $6,000 per vehicle, compared to current costs, by 2029. And that fuel economy standards implemented since 2001 have already saved $9,000 per vehicle. Now, imagine the net effect of removing all of those standards, which Duffy has directed the DOT to examine doing.
The Sierra Club responded to the decision with this statement: “These common-sense, popular fuel economy standards save drivers money at the pump and reduce dangerous pollution from vehicles. Drivers spend excessive amounts of money to fuel their cars, and it’s often a large part of household expenses. Wasting no time at all as the new Transportation Secretary, Sean Duffy is selling American families out to Big Oil, burdening us with higher fuel prices and more polluting gas-guzzlers that harm our health.”
Mr. Trump signaled he intended to raise your fuel costs during the 2024 US Presidential campaign, when he asked oil executives for $1 billion in bribes in return for killing off more efficient vehicles. Now, after he finally received more votes than his opponent for the first time (after three tries, and despite committing treason in 2021 for which there is a clear legal remedy), he’s already following through on causing the inflation he promised during the campaign.
As we’ve already seen to be the case often with Trump’s allies, the DOT memo lies about its intentions. Just like his EPA nominee, who said he wants to make the air cleaner by making it dirtier, Duffy, known for being a former reality TV contestant, says he wants to make fuel costs lower by making them higher. The memo attempts to argue that your car will be cheaper if it has lower fuel economy, even though it wont, because buying more fuel will mean you spend more on fuel, not less.
Unequivocally, over here in the real world, dirtier air is actually dirtier, and higher fuel costs are actually higher.
The result of this increased fuel usage also inevitably means more reliance on foreign sources of energy. The more oil America uses, the more it will have to import from elsewhere. Other countries looking to exercise power over the US could certainly choose to raise prices as they recognize that the US has just become more reliant on them.
And, as we know from the most basic understanding of economics, adding more demand means prices will go up, not down. Reducing demand for a product in fact forces prices down, and EVs are already displacing oil demand which depresses oil prices.
Meanwhile, Biden’s higher fuel economy standards would mean that automakers need to provide a higher mix of EVs, which inherently get all of their energy to run not just domestically, but regionally as well. Most electricity generation happens regionally or locally based on what resources are available in your area, so when you charge a car, you’re typically supporting jobs at your local power plant, rather than in some overseas oil country.
Biden’s standards would have stood to benefit US-based EV makers, the most prominent of which is Tesla. However, Tesla CEO Elon Musk gave hundreds of millions of dollars to Mr. Trump, despite it being very clear during the campaign that he intends to harm EVs, which his DOT is now following through on.
Musk has also thrown his support behind policies that will harm Tesla’s business (and Tesla recognizes this to be the case overseas), and thus its shareholders’ pocketbooks (though the shareholders are also doing that on their own, by pledging an illegal $55B payday to a bad CEO).
Some claimed that the result of this support would go towards ending NHTSA investigations into Tesla’s FSD technology, which the agency has heretofore taken a rather light touch on, and which are primarily focused on ensuring that the technology be implemented safely, which is something that everyone, including Tesla investors, should favor. But Duffy himself said that he would not intervene in those investigations.
Also, whiplash changes in regulatory regimes are typically seen as bad for business. Above all, businesses desire regulatory certainty so they can plan products into the future, and there are few businesses with longer planning timelines than automakers.
This is why automakers want the EPA to retain Biden’s emissions rules, because they’re already planning new models for the EV transition. They went through this once before, in the chaos of 2017-2021, where they originally asked for rollbacks but then realized their mistake, and now still complain about the broken regulatory regime caused by the last time a former reality TV host squatted in the White House.
The new DOT memo is just one of many inflationary steps that Mr. Trump has indicated his interest in. He’s also thrown around tariffs and tariff threats willy-nilly, which have the effect of increasing costs, harming growth and reducing innovation. (This is also the case with President Biden’s tariffs on Chinese EVs, and you can read more about why they’re the wrong answer here)
Finally, the most important problem with this memo is that it will increase emissions, which harms your health and increases climate change. Much like the other trends we’ve seen here, this administration doesn’t know much about the basics of climate science, which is already costing America $150 billion a year in increased infrastructure costs related to damage from natural disasters. Just yesterday, a new study came out showing how climate change created conditions that made the LA wildfires, which will be the costliest in US history by far at $20B, more likely.
And that’s not even counting health costs, which will be even higher. The aggregate of these damages could cost each American born today $500,000 over their lifetime.
But all of these harms will happen to real people. This isn’t reality television, where the intent is to make up drama for views. This is actual harm that’s actually going to be done to Americans, who are having a rough time as the global economy continues to grapple with the long-term disruptions resulting from a pandemic that was exacerbated by the same reality TV host, and of course the ever-present worsening climate change.
And so, Mr. Trump is doing his best to follow through on his campaign promises – which, in so many ways, will only make your life costlier, more unhealthy, less stable, and less secure from foreign influence. This is what 49% of America voted for.
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After canceling the upcoming Airflow electric crossover and killing its popular 300 sedan, Chrysler only has one nameplate left in its lineup – but it doesn’t have to be this way. Stellantis already builds a full-size electric sedan that could prove to be a badge-engineered winner.
And, yes – it really should have been the new Chrysler 300. Meet the DS No. 8.
Stellantis’ US brands have had a tough go of the last few years, with Jeep trying and failing to bait luxury buyers willing to part with six-figure sums for a new Grand Wagoneer or generate excitement for the new electric Wagoneer S. The Dodge brand is doing to better with the Charger, a confusing electric muscle car that has, so far, failed to appeal to enthusiasts of any kind. Meanwhile, the lone Chrysler left standing, the Pacifica minivan, made its debut back in 2016. Nearly ten long model years ago.
All the while, Stellantis’ European brands have been forging ahead with desireable EVs – most recently launching the new DS No. 8 high-riding sedan, shown here, back in December … and I’m here to tell you that it really SHOULD have been the new Chrysler 300.
This, but with rich Corinthian leather
With a different grille, a Chrysler badge on the steering wheel, and a few different plastichrome numbers on the back, the DS Automobiles No. 8 could easily be a new-age Chrysler 300. Heck, even the interior’s avant-garde styling and architecturally-inspired stitching could tie-in to the Art Deco-style Chrysler Building in New York, further strengthening the big No. 8’s Chrysler-brand credibility.
Spec-wise, the DS meets the bill, as well. With a 92.7 kWh battery and the standard 230 hp electric motors on board, the electric crossover is good for 750 km (466 miles) of range on the WLTP cycle. With the same battery and a 350 hp dual-motor setup that sacrifices about 40 miles of range for a more sure-footed AWD layout and a 5.4 second 0-60 time that compares nicely to the outgoing Chrysler 300 V8.
The DS offers reasonably rapid 150 kW charging, too, enabling a 10-80% charge (over 300 miles of additional driving range) in less than thirty minutes.
Why it would work
Think of all the reasons the Wagoneer S and Charger Daytona EVs have failed to reach an audience. From the confusing Wagoneer “sub-branding” to the fact that no one was really asking for either an eco-conscious muscle car or a loud EV. On the flip side of that, the 300 is something different.
Since its first iteration seventy years ago, the Chrysler 300 (called the “C-300” back in 1955) has been a forward-looking vehicle. Even the most recent versions, developed off the Mercedes-Benz W210 platform Chrysler inherited while it was part of the “merger of equals” with Mercedes-Benz, looked forward from the malaise-era K-car brand to a bright, Mercedes-infused future.
With the DS No. 8, Chrysler could do it again. It could revive its classic American nameplate on a European-designed platform that wasn’t designed to be a Chrysler, doesn’t look like a Chrysler, and shouldn’t work as a Chrysler, but somehow does. The fact that it could also be the brand’s first successful electric offering in the US would just be a bonus.
Original content from Electrek.
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Powered by tech giant Huawei 5G-Advanced network, a fleet of over 100 Huaneng Ruichi all-electric autonomous haul trucks and heavy equipment assets have been deployed at the Yimin open-pit mine in Inner Mongolia.
With more than 100 units on site, China’s state-backed Huaneng Group officially deployed the world’s largest fleet of unmanned electric mining trucks at the Yimin coal plant in Inner Mongolia this past week. The autonomous trucks use the same Huawei Commercial Vehicle Autonomous Driving Cloud Service (CVADCS) powered by the ame 5G-Advanced (5G-A) network that powers its self-driving car efforts. Huawei says it’s the key to enabling the Yimin mine’s large-scale vehicle-cloud-network synergy.
Huawei is calling the achievement a “world’s first,” saying the new system has improved operator safety at Yimin while setting new benchmarks for AI and autonomous mining.
The autonomous mine project aligns with a broader push by Chinese government and industry to integrate AI and advanced connectivity into traditional industries – an approach we’ve already seen meet with great success in port environments by Hesai and Westwell.
And, if technology like Rocsys’ charging robots take off, these autonomous haul trucks won’t even need anyone to plug them in at the end of their shifts!
For their part, Huaneng Ruichi claims its cabin-less electric offer an industry-leading 90 metric ton rating (that’s about 100 imperial tons) and the ability operate continually in extreme cold temperatures as low as -40° (it’s the same, C or F), while delivering 20% more operational efficiency than a human-driven truck.
The Huawei-issued press release is a bit light on truck specs, but similar 90 tonne electric units claim 350 or 422 kWh LFP battery packs and up to 565 hp from their electric drive motors and some 2,300 Nm (1,700 lb-ft) of tq from 0 rpm.
Huawei executives said the Ruichi trucks reflect the company’s vision for smarter mining operations, with the potential to introduce similar technologies in markets like Africa and Latin America. The 100 asset electric fleet marks the first phase of a plan to deploy 300 autonomous trucks at the Yimin mine by 2028.
Electrek’s Take
From drilling and rigging to heavy haul solutions, companies like Huaneng Group are proving that electric equipment is more than up to the task of moving dirt and pulling stuff out of the ground. At the same time, rising demand for nickel, lithium, and phosphates combined with the natural benefits of electrification are driving the adoption of electric mining machines while a persistent operator shortage is boosting demand for autonomous tech in those machines.
The combined factors listed above are rapidly accelerating the rate at which machines that are already in service are becoming obsolete – and, while some companies are exploring the cost/benefit of converting existing vehicles to electric, the general consensus seems to be that more companies will be be buying more new equipment more often in the years ahead – and more of that equipment will be more and more likely to be autonomous as time goes on.
SOURCES | IMAGES: Huawei, South China Morning Post, and Supply Chain Digital.
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Tesla has started accepting Cybertruck trade-ins, something that wasn’t the case more than a year after deliveries of the electric pickup truck started.
We are starting to see why Tesla didn’t accept its own vehicle as a trade-in: the depreciation is insane.
The Cybertruck has been a commercial flop.
When Tesla started production and deliveries in late 2023, the vehicle was significantly more expensive and had less performance than initially announced.
At one point, Tesla boasted having over 1 million reservations for the electric pickup truck, but only about 40,000 people ended up converting their reservations into orders.
Now, Cybertruck inventory is sitting unsold for months and Tesla is having to offer heavy discounts to move them.
We previously reported that Tesla refused to accept the Cybertruck, its own vehicle, as a trade-in more than a year after starting deliveries.
Tesla didn’t share an explanation at the time, but we assumed that the automaker knew the Cybertruck was depreciating at an incredible rate and didn’t want to be stuck with more trucks than it was already dealing with.
Now, Tesla has started taking Cybertruck trade-ins, at least for the Foundation Series, and it is now providing estimates to Cybertruck owners (via Cybertruck Owners Club):
Tesla sold a brand-new 2024 Cybertruck AWD Foundation Series for $100,000. Now, with only 6,000 miles on the odometer, Tesla is offering $65,400 for it – 34.6% depreciation in just a year.
Pickup trucks generally lose about 20% of their value after a year and 34% after about 3-4 years.
It’s also wroth nothing that Tesla’s online “trade-in estimates” are often higher than the final offer as noted in the footnote o fhte screenshot above.
Electrek’s Take
This is already extremely high depreciation, but Tesla is actually trying to save face with estimates like this one.
As Tesla wouldn’t even accept Cybertruck trade-ins, used car dealers also slowed down their purchases as they also didn’t want to be caught with the trucks sitting on their lots for too long.
On Car Guru, the Cybertruck’s depreciation is actually closer to 45% after a year and that’s more representative of the offers owners should expect from dealers.
That’s entirely Tesla’s fault. The company created no scarcity with the Foundation Series. They built as many as people wanted. In fact, they built too many and ended having to “buff out” the Foundation Series badges on some units to sell them as regular Cybertrucks and as of last month, Tesla still had some Cybertruck Foundations Series in inventory – meaning they have been sitting around for up to 6 months.
Now, Tesla is stuck with thousands of Cybertrucks, early owners are already getting rid of their vehicles at an impressive rate, and the automaker had to slow production to a crawl.
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