The stock dropped 5% on the news, but it quickly regained, and it is now up 4% â seemingly on Tesla painting a pretty outlook for 2025.
Teslaâs growth died in 2024.
Vehicle deliveries are down, income from operations is down -20%, and EPS is down 153% (122% non-GAAP).
It was objectively a bad year, yet Teslaâs stock is up 112% over the last 12 months.
Most of that has been attributed to shareholders trusting Elon Musk that Tesla will finally deliver its unsupervised self-driving this year and the CEOâs link to President Trump leading to presumed help in getting regulations out of Teslaâs way.
In its shareholders deck today, Tesla said that it plans a return to growth in 2025 thanks to new models and autonomy:
With the advancements in vehicle autonomy and the introduction of new products, we expect the vehicle business to return to growth in 2025.
The ânew productsâ are the previously announced Model 3/Y based vehicles that are expected to be in the $30,000 to $40,000 range. They are expected to be unveiled soon as Tesla is still guiding a start of production in the first half of 2025.
Many people are still confused as to why we havenât seen these vehicles yet, considering how soon they are supposed to be in production, but these are expected to very closesly resemble Model 3/Y and therefore, they might be hard to differentiate.
This time, Tesla is not putting any number on its anticipated return to growth in its automotive business and it linked the growth rate to the following:
The rate of growth will depend on a variety of factors, including the rate of acceleration of our autonomy efforts, production ramp at our factories and the broader macroeconomic environment. We expect energy storage deployments to grow at least 50% year-over-year in 2025.
Musk also linked his last growth prediction to Tesla advancing autonomy. His latest prediction, for what it is worth considering his track record, is that Tesla will finally deliver its unsupervised self-driving in California and Texas around Q2 2025.
Virtually every expert disagree with this and Tesla never shared any data suggesting that this is a possibility.
In fact, crowdsourced data about Teslaâs FSD program points to the company being years away from achieving its goal.
Electrekâs Take
This time! This time is the right one.
To be fair, I do believe that more affordable Tesla models are coming. However, I have doubts about how much they can contribute to Teslaâs growth. I anticipate significant canabilization of the Model 3 and Model Y programs.
I also have concerns about how smooth the production ramp will go after Tesla lost a lot a talent over the last year.
As for autonomy, I donât think I need to get too much into it. Elonâs track record on it talks for itself.
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From the ashes of Elon Muskâs decision to fire the whole Supercharger team last year, a new company has risen: Hubber, which will take its foundersâ expertise at setting up Tesla Superchargers and apply that to addressing the lack of high-speed urban charging for taxis and other commercial vehicles.
In the immediate aftermath of this decision, a lot of questions were asked around the industry â and a lot of companies started snatching up talent from the best EV charging team in the world.
Or, alternately, some of that talent went to form their own companies. Thatâs the case for Harry Fox, Connor Selwood and Hugh Leckie, who met at Tesla and together oversaw the rollout of 100 Supercharger sites with 1,200 total chargers across the UK & Ireland. And after the shakeup of the Supercharger team, they set off to charge a new path of their own.
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The three formed Hubber, which pitches itself as a new type of EV charging company, focused on solving âthe urban charging gap.â
Hubber describes itself as âthe UKâs leading specialist in urban high-powered EV charging, addressing one of the most urgent constraints in the energy transition: the shortage of fast, reliable charging in major cities.â Â It âacquires and develops prime urban sites into large-scale charging hubs, combining deep grid-connection know-how with a proven ability to deliver complex infrastructure at speedâ.
A large amount of the traffic in UK cities is taken up by taxis and last-mile, and these vehicles tend to see higher utilization than commuter cars, so they need to charge more often. Hubber says that taxis charge five times as often as a private vehicle, which means theyâll need more access to fast EV charging.
This is further exacerbated in urban environments, where EVs might not park in a place they can charge. Lots of urban homes donât have garages, and while there are street EV chargers available in London, theyâre not everywhere yet. So convenient fast charging is essential.
And the needs for commercial drivers are different than those of other commuters. While nicely-appointed charging plazas (like Roveâs âfull serviceâ EV charger in Santa Ana, CA) are great for the average consumer, commercial EV drivers put more of a premium on speed and affordability, and donât mind if a site is a little further off of a main thoroughfare, or not as close to food or shopping as other drivers might want.
So Hubber is looking at sites that other developers might pass over â like old warehouses or gas stations â and figuring out how to turn them into an ideal site for high-throughput charging.
With its cofoundersâ experience at Tesla, Hubber will buy sites, transform them into a charger-ready location, and essentially provide the dream location that they would have liked to see during the site selection processes they went through in their previous jobs.
The charging hubs could still have some amenities, like restrooms and vending machines, of the type that would be useful for taxi or ride-hailing drivers to grab during a quick stop. But the main focus would be on getting people in and out and back on the road.
Hereâs a rendering of what a potential site might look like. In this sample location, there would be room for light-duty vehicles up front, with an area for larger last-mile delivery vehicles with larger charging bays. A small covered area could provide restrooms and vending, and another portion of the site could be dedicated to transformers, batteries and the like.
Hubber is also thinking ahead to a possible autonomous future, where driverless ride-hailing vehicles like those from Waymo could have a place to charge. Although given that there arenât currently great solutions for autonomous charging, an attendant might have to be involved for the foreseeable future.
The company would also like to expand beyond the UK and Ireland, but theyâre sticking to home base for the time being. After all, things are just getting off the ground â but the ÂŁ60 million (~$81m) investment that Hubber just secured is certainly a big boost towards getting the project moving.
Speaking of projects, Hubberâs first facility is opening this coming week, on August 20th. The site is at Forest Hill in South London, near Forest Hill Station. It will have 12 EV charging bays, with 3 150kW and 3 300kW dual-head chargers. The site will be operated by RAW charging, which will offer free fast charging for its first week of operation.
The silver lining, at least for the rest of the industry, is that it allowed this talent to be distributed around to other companies. This isnât beneficial for Tesla and did cause chaos which has likely affected the rollout of NACS, slowed EV charging site development in the US, and so on, but it has been beneficial for other companies who managed to snatch up talent.
Or, for companies like Hubber, which were formed by that talent.
Itâs an interesting idea, and I like the angle of focusing on taxis in order to increase utilization of the site. EV charging is potentially an interesting business long term, but currently a lot of chargers see low usage because itâs so easy for most of the people who own EVs to charge at home.
But weâre going to have to move beyond the market of people who can easily charge in a garage attached to a single family home, especially in cities. Getting an easy way for the cars that get used the most in a city to charge is a really important move, and weâre looking forward to seeing how Hubber can help with this. And having a leadership team consisting of people who formerly worked at the best charging team in the industry isnât a bad start.
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Indian ag and automaker Mahindra has launched a limited-run Batman Edition of its BE 6 Electric Origin SUV, calling it, âa production car that brings to life a rare fusion of cinematic heritage and modern luxury, inspired by Christopher Nolanâs critically acclaimed The Dark Knight Trilogy from Warner Bros. Pictures.â
And, you guys â the new Mahindra BE 6 is. So. Serious.
Someone at Mahindra is very taken with American culture it seems. After launching the Willys MB Jeep-inspired Mahindra Roxor a few years ago, the company followed it up by building a credible line of EVs co-developed with VW. Now, theyâre building a limited edition of one of those EVs inspired by another American cultural icon.
âBatman is more than a pop-culture icon â he represents innovation, resilience, and an unyielding drive to push boundaries,â says Vikram Sharma, Senior Vice President, Warner Bros. Discovery Global Consumer Products, APAC. âThis collaboration brings that spirit to the road in a bold, electric way. With this limited-edition range, fans in India can now experience the thrill of Batman every time they drive. Itâs a collectorâs statement on wheels.â
Pinstripe graphic and The Dark Knight Trilogy Bat Emblem across the passenger dashboard panel
Race car inspired open straps with Batman Edition Branding Batman Edition welcome animation on the infotainment display
Custom Batman inspired exterior engine sounds
Despite all the Batman branding, the end result is almost tasteful. I could do without the custom Batman decal on the front quarter panels, but the rest of the mods are far less offensive. I even like the little âBat Signalâ puddle lights on the wing mirrors.
Mahindra Batman BE 6
As a car, the special edition Batman Mahindra is based on the top-shelf version of the BE 6, fitted with a 79 kWh battery good for 550 km (about 340 miles) of range according to its WLTP rating. That battery sends power to a rear-mounted 282 hp (210 kW / 286 PS) electric motor generating and 380 Nm (about 280 lb-ft) of torque that sends power to the rear wheels.
The BE6 also features a modern Level 2 ADAS tech and screens everywhere, including in the steering wheel hub â which seems like it might get particularly nasty in an airbag deployment (but no one asked me).
Pricing starts at âč27.79 lakh (a little under $27,500, as I type this), and production will be limited to just 300 units. Order books are set to open 23AUG.
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Electric bike and scooter safety is now part of the curriculum in some schools â and surprisingly, itâs happening in Florida.
Yes, Florida. The state thatâs better known for keeping education out of schools, banning everything from books to the word âgay.â But now, a Central Florida nonprofit is stepping in to make sure students are at least learning how to ride responsibly.
The group Best Foot Forward for Pedestrian Safety has partnered with local police departments and Orange County Public Schools to bring e-bike and e-scooter safety programs directly into middle schools and high schools. The initiative is focused on addressing the growing number of crashes and injuries involving students riding electric two-wheelers.
The safety course covers basics like wearing helmets, obeying traffic laws, and making yourself visible to drivers â skills that are important for the many young riders who are increasingly taking to electric bikes as a form of independent transportation around their cities and neighborhoods. One of the main topics of the program is said to be speed management. The program addresses the importance of keeping speeds reasonable and the impacts of faster riding.
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Like much of the US, Florida has seen a surge in e-bike and e-scooter popularity among kids and teens, especially in suburban and coastal areas. While many embrace them as a fun and fast way to get around, the sudden rise has also come with a worrying spike in injuries and deaths, prompting calls for improvements in both infrastructure and education.
With e-bike usage exploding across the US, more schools and communities are exploring steps to increase rider education. Itâs a sign that Americaâs transportation habits are changing â and our education systems are beginning to catch up.
Electrekâs Take
I think programs like this are great because they teach kids things that theyâd otherwise have to learn through trial and error. We donât just hand cars to sixteen-year-olds and say, âfigure it out.â So it follows that some form of organized rider education would be important as more youths take to e-bikes than ever before.
In cycling-intensive cities in Europe, all schools teach kids to ride bikes, often giving the kids some form of cute little cycling diploma to demonstrate that theyâve passed the course and can safely ride a bike.
But at the same time, this makes me wonder if weâre still missing the point. Responding to an increase in e-bike rider deaths with lessons about bicycle speed management is a bit like responding to mass shootings by lecturing innocent passersby about why they shouldnât run into bullets.
Educating riders is always great and Iâll always support it. But in parallel, perhaps we should also be addressing the root cause of all of these tragics deaths. At the end of the day, most electric bike-related deaths arenât a result of an e-bike rider doing too much fast riding; theyâre a result of a car driver doing too much running over a cyclist.