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.
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.
Tesla’s Bitcoin move in Q4 2024
Last quarter, Tesla moved its bitcoins around into new wallets, triggering a lot of speculation. We suspected that Tesla might be moving things around to comply with the latest crypto accounting regulations.
Sure enough, with the release of Tesla’s Q4 2024 earnings yesterday, the automaker confirmed that it moved the Bitcoin to comply with the adoption of ASU 2023-08.
The move enabled Tesla to record a $600 million mark-to-market gain, accounting for a significant part of its $2.3 billion net income in Q4, which was already down 70% year-over-year.
Tesla disclosed in a SEC filing today:
Other income (expense), net, changed favorably by $523 million in the year ended December 31, 2024 as compared to the year ended December 31, 2023 primarily due to remeasurement of our bitcoin digital assets to fair value in 2024 (see above), partially offset by unfavorable fluctuations in foreign currency exchange rates on our intercompany balances.
If it wasn’t for Bitcoin, Tesla’s net income would be down 78% in Q4 2024 compared to Q4 2023.
If you remove regulatory credit, it would be down 86% and Tesla’s earnings would add up to barely more than $1 billion compared to its more than $1 trillion valuation.
Electrek’s Take
Bitcoin literally saved Tesla’s quarter. Unless there’s another major run-up in Bitcoin, that won’t happen again because Tesla has benefited from not measuring Bitcoin’s value for more than a year.
It was great timing for Tesla, but it won’t be able to save the company in Q1 2025, which is expected to be more challenging as it transitions its Model Y to the new version.
But based on the stock price today, it appears that Elon still has strong shareholders support as they still believe in his AI-related predictions.
FTC: We use income earning auto affiliate links.More.
Kia confirmed it will launch the EV4 this year as it fills out “a full lineup of popular EVs.” According to Kia, the EV4 is “an entirely new type of EV sedan with a distinct style and sports car-like proportions. However, it’s expected to be much cheaper than your average sports car. With its official debut around the corner, we are getting a closer look at what we can expect from the Kia EV4, including the inside. Check it out below.
The EV4 was revealed as a concept in October 2023 alongside the EV3 and EV5 as part of Kia’s new mass-market electric vehicle lineup.
After launching the EV3 in Korea, it’s now arriving in Europe and other overseas markets. The EV5 was initially launched in China, but Kia will bring the lower-priced electric SUV to Europe, Korea, Australia, and other regions in 2025.
Kia announced earlier this week that “the sedan-type electric vehicle EV4 will be launched sequentially around the world” after reporting Q4 and full-year 2024 earnings.
The EV4 will join the EV3, EV5, EV6, and EV9 to complete Kia’s “EVs for all,” with prices ranging from around $30,000 to upwards of $80,000. At the time, Kia said it plans to “significantly” and “rapidly” expand its electric car lineup, and it’s already making good on its promise.
Check out the Kia EV4, inside and out
Although we’ve already seen it a few times in public, including in the US late last year, a new video from HealerTV gives us a better idea of what to expect from the Kia EV4, including its interior.
One of the first things you will notice is the unique exterior profile. It appears to maintain much of the concept’s design with bold character lines and a streamlined silhouette.
Although not shown, the EV4 will feature Kia’s new ccNC (connected car Navigation Cockpit) infotainment system with dual 12.3″ driver display and infotainment screens.
The video shows what appears to be a spacious interior despite its expected smaller size. You can see how a car seat fits in the back seat with plenty of space.
Although prices and other specs will be revealed closer to launch, the EV4 is expected to start at around $30,000 to $40,000, depending on the market. Like the EV3, it’s also based on Hyundai’s E-GMP platform, which should deliver around 375 miles (WLTP) range, if not more, with the larger 81.4 kWh battery.
A hatchback EV4 model was also spotted out in public last year. The variant will likely be aimed at the European market.
Would you buy Kia’s electric sedan for around $35,000? Let us know in the comments below.
FTC: We use income earning auto affiliate links.More.
Not-for-profit power cooperative Great River Energy, which serves 1.7 million people across Minnesota and Wisconsin, has partnered with Prisma Photonics to roll out real-time monitoring technology across 90 miles of transmission lines in northern Minnesota. Prisma Photonics will provide its PrismaPower system to track threats like wildfires, ice, wind, and physical damage to the Minnesota grid.
The multi-year project will install PrismaCircuit and PrismaClimate across five key transmission lines connected to four substations using existing fiber optic lines. The goal is to strengthen the grid ahead of Minnesota’s next winter season. These lines, spread across central and northern Minnesota, will now be under constant surveillance without the need for traditional sensors.
“We’re leveraging innovative new technologies that maximize our existing infrastructure investments,” said Priti Patel, vice president and chief transmission officer at Great River Energy. “This solution allows us to utilize our current fiber optic network in a new way to increase resilience in areas of northern and central Minnesota.”
Instead of installing physical sensors on power lines, Prisma Photonics’ technology taps into fiber optic cables already in place, transforming them into an advanced sensing system. Here’s how the company’s works:
Prisma Photonics Fiber Sensing works by connecting an optical interrogator unit into a standard single-mode optical fiber. It is one fiber, part of a cable laid alongside the monitored asset, probably for communications purposes. The Interrogator transmits optical pulses that propagate down the fiber. A minute fraction of the light is reflected from each point along the fiber. The Interrogator measures the reflected light to determine the strain, temperature, pressure, and other quantities over hundreds of kilometers of fiber with sub-meter resolution. The fiber is turned into a continuous acoustic sensor – as if there were tens of thousands of microphones spanning hundreds of kilometers.
Prisma Photonics says this means faster deployment, no service interruptions, and no need for specialized crews in all weather conditions.
Dr. Eran Inbar, CEO of Prisma Photonics, said, “Our partnership with Great River Energy demonstrates how utilities can extract additional value from their existing infrastructure to enhance grid resilience while avoiding traditional sensor-based solutions’ complexity and maintenance requirements.”
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you 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 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.
Mitsubishi confirmed plans to finally launch its first EV in the US in 2026. The new electric car is expected to look similar to Nissan’s next-generation LEAF, which will debut later this year.
Mitsubishi plans to launch its first EV in the US in 2026
After notching its highest sales in the US since 2019 last year, Mitsubishi intends to keep the momentum going with a revamped lineup, including its first electric vehicle.
Mitsubishi told US dealers during a meeting earlier this week (via Automotive News) that the brand’s first EV will arrive in the US in 2026 alongside a new Outlander model.
According to sources, it will be a small electric crossover, similar to what the next-gen Nissan LEAF is expected to look like. Nissan is updating the iconic hatch with a new style closer to the Ariya, its electric SUV.
The new LEAF will use the same CMF-EV platform that underpins the Nissan Ariya. Nissan said its Chill-out concept from 2021 previewed the next-gen LEAF model. It will be more of a crossover coupe rather than the hatchback we are used to seeing.
Nissan is expected to unveil the new model later this year. Earlier this month, the new LEAF was spotted testing in the US, giving us our best look at the new EV so far.
Although RC Hill, chairman of the Mitsubishi National Advisory Board, said US dealers would “embrace” the brand’s first EV, it’s not expected to replace the Mirage. “It’s probably a solution to the OEM problem, but not a solution to move volume,” he explained.
The Mirage was the brand’s second-best-selling model in the US last year, behind the Outlander, but Mitsubishi ended production in December. To make up for it, Mitsubishi may cut Outlander Sport prices and introduce a new lower-priced trim ahead of its first EV arriving.
Although Mitsubishi was initially included in Nissan and Honda’s EV merger plans, the automaker is reportedly considering backing out.
With a wave of new electric crossovers and SUVs arriving in the US from Hyundai, GM, Volvo, Rivian, and several others, will Mitsubishi be able to stand out? Would you buy a Mitsubishi EV? Let us know in the comments below.
FTC: We use income earning auto affiliate links.More.