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Elon Musk is starting to realize, or at least admit, that Trump and the GOP are going to hurt Tesla greatly by removing battery and solar incentives without removing incentives for fossil fuels.

Many people were shocked when Elon Musk decided to back Donald Trump and the Republican Party, considering they have consistently attacked clean energy and electric vehicles, which are Tesla’s main products.

The GOP has been undermining renewable energy for years, and it doesn’t look like Musk’s $300 million donation to Trump and influence on the GOP were able to change that, as the latest budget to pass the GOP controlled-Congress undoes a lot of progress made by the Biden administration on clean energy and electric vehicle adoption.

The budget removes the $7,500 tax credit for electric vehicles, which is a big part of Tesla’s success in the US. It also kills incentives to build batteries in the US – another incentive that greatly benefited Tesla.

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It also removes 30% tax credit on battery storage and solar, which greatly helped Tesla’s energy division.

Yesterday, Tesla issued a statement calling for the Trump government to gradually phase out those incentives rather than removing them altogether:

Abruptly ending the energy tax credits would threaten America’s energy independence and the reliability of our grid – we urge the senate to enact legislation with a sensible wind down of 25D and 48e. This will ensure continued speedy deployment of over 60 GW capacity per year to support AI and domestic manufacturing growth.

Musk shared the statement and then added that while the government that he helped elect is removing incentives for electric vehicles and clean energy, it is not removing those for oil and gas:

The US is incentivizing the oil and gas industry at a rate of hundreds of billions of dollars per year.

Before backing Trump and the Republican Party, Musk had stated that he would be for the removal of EV and clean energy incentives if incentives for fossil fuels were also removed.

Musk has officially exited the Trump administration this week.

Electrek’s Take

It’s interesting to see Musk finally speaking out, albeit weakly, against some of Trump’s policies for the first time. He did note that the budget bill would increase the deficit, and now this.

A quick reminder that Musk said that Trump was the “only one who could save the Western world” and that if he is not elected, the US is basically done.

His stated goals with Trump were to “kill the woke mind virus” and get the deficit and debt under control.

The US has never been more divided, and Trump is pushing a budget that would add about $4 trillion to the US debt over the next few years. His backing of Trump hasn’t achieved anything meaningful toward those goals. Of course, Musk’s real goal in backing Trump was likely to get federal regulators and agencies that were closing in on him and his businesses off his back.

He was successful in doing that, but at what cost?

The EV tax credit is a significant factor in maintaining Tesla’s demand in the US, which is essentially its last primary market where it sells vehicles at a profit.

The removal of the 30% ITC for solar and energy storage would significantly slow down Tesla’s energy storage business, which has been its only growing business for the last two years.

In short, the budget would greatly weaken Tesla’s business in the US, which was its last remaining market that wasn’t doing too badly. Canada is gone. Europe is gone, and Tesla is facing tremendous pressure from competition in China.

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Rivian is rolling out update 2025.18 to employees before going wide. Here’s what we know

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Rivian is rolling out update 2025.18 to employees before going wide. Here's what we know

Rivian is reportedly rolling out its latest update, 2015.18, internally to employees, meaning it should be available to R1S and R1T owners in the next couple of weeks. It includes several new features, like Multi-factor Drive charging optimizations. You can learn more below.

Like most software-defined vehicles, Rivians receive occasional updates available over-the-air (OTA). Unlike more traditional OEMs that can only deliver updates to things like navigation and infotainment, Rivian is able to roll out more robust upgrades, adding new features or abilities to existing components, and increasing various efficiencies (and of course, fixing bugs).

In the past, we’ve seen Rivian roll out features like Camp Mode, Kneel Mode, and Launch Mode. Oftentimes, Rivian will publish details of bigger software updates to its “Stories” page, like 2025.10, which rolled out to the public in early April.

As a Rivian R1S owner, I was more excited about update 2025.14, which updated the BEV’s Highway Assist feature. Today, RivianTrackr shared that software update 2025.18 is rolling out internally before launching widely, and we have a preview of what to expect when it arrives.

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Rivian Q1 2025

What to expect in Rivian update 2025.18

Per the report, update 2025.18 was noticed on May 30, 2025, and is rolling out to early access Rivian drivers (employees). The update applies to Gen 1 (2021-2024) and Gen 2 (2025) Rivian models, and the first four pieces of the latest update are the same for both, so we will start there.

Multi-factor Drive

The first major update is the addition of Multi-factor Drive. When enabled, this feature will require two-factor authentication for your Rivian R1S or R1T to start. When you enter your BEV, hit the brake, and shift out of park, a new authenticator will pop up on the screen, which can be verified through the Rivian app (version 3.1 or later) or your smartwatch. Some additional notes:

  • Only the user registered as the Rivian’s vehicle owner can enable or disable Multi-factor Drive. The setting applies to all drivers and keys associated with the vehicle.
  • When Multi-factor Drive is enabled, a driver cannot drive the vehicle using the key fob or key card without completing the second authentication.
  • To approve a driver, the driver must have a Rivian account associated with the key and the key must be paired with the vehicle.
  • Drivers can also access a time-based passcode on their smartphone. Tap to “Security and access” then “View time-based passcode.”
  • To use Multi-factor Drive, all drivers must have Rivian app 3.1 or later.

Rivian Energy App update

A new Rivian Energy app features new ways to monitor and control your R1S or R1T’s energy consumption, whatever state of motion the vehicle is in. You can also precondition your battery on demand ahead of a fast charging session and view your charge curve within the vehicle with an interactive graph. The update also includes improved charge time accuracy.

You can view the Ebergy app on your Rivian’s center display, or in the automaker’s app 3.1 or later.

Charging and additional improvements (Gen 1)

  • Optimized charging algorithms to reduce charge time from 10% to 80% (Max Pack only)
  • Expanded capabilities across a wider range of temperatures (Max Pack only)
  • Enhanced vehicle visualizations with more detailed vehicle models on driver display
  • Improved responsiveness of Go Chime (fewer random chimes)
  • Improved stability and responsiveness of infotainment system
  • Improved performance and stability of media apps

Charging and additional improvements (Gen 2)

  • All Gen 2 battery packs get improved charge times and expanded capabilities across a wider range of temperatures.
  • Optimized charging algorithms to reduce charge time from 10% to 80% (Standard and Max Pack)
  • Optimized charging algorithms in Large pack to improve peak charge rates, reduced 10% to 80% charge times, and increase number of miles replenished in the first 15 minutes of a charge session
  • Rivian update 2025.18 fixes a rare issue that caused camera views and recorded videos to be unavailable in the Gear Guard app
  • Enhanced vehicle visualizations with more detailed vehicle models on driver display
  • Enhanced driver display to show a greater number of vehicles across five lanes and more diverse situations (cross-traffic, oncoming traffic, parked vehicles)
  • Improved the stability and responsiveness of infotainment system
  • Improved performance and stability of media apps
  • Optimized low-voltage battery management to improve long-term battery health

One thing I’m not seeing mentioned is a bug I noticed in my Gen 2 R1S after installing the 2025.14 update. When using navigation, my route map zooms out to a view of all of North America every time I make a turn. It’s super annoying.

I hope that big issue is fixed with Rivian’s 2025.18 update, which should be rolling out to individual owners in the next week or two.

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Saylor’s bitcoin buying strategy is ‘exploding’ globally, but Wall Street is skeptical

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Saylor's bitcoin buying strategy is 'exploding' globally, but Wall Street is skeptical

Watch CNBC's full interview with Strategy's Michael Saylor from Bitcoin 2025

LAS VEGAS — The bitcoin treasury play that lifted Strategy’s market cap past $80 billion is now being mimicked by meme stock companies, media firms, and multinational conglomerates. But Wall Street isn’t buying all the hype.

This week, Trump Media announced plans to raise $2.5 billion to buy bitcoin, and GameStop revealed a $500 million allocation. Meanwhile, Tether, SoftBank, and Strike’s Jack Mallers unveiled Twenty One, a bitcoin-native public company expected to launch with more than 42,000 bitcoin on its balance sheet, enough to make it the third-largest corporate holder of the asset globally.

For now, the market doesn’t see the next Strategy in any of them. Trump Media shares have dropped more than 20% since the announcement, while GameStop is down nearly 17%. Strategy, formerly known as MicroStrategy, has multiplied by 26 times since the end of 2022, amassing a bitcoin stake worth over $60 billion.

“Maybe the market wanted them to buy more bitcoin,” said Strategy Chairman Michael Saylor in an interview at Bitcoin 2025 in Las Vegas. “But these are short-term dynamics. Over the long term, bitcoin on the balance sheet has proven to be extraordinarily popular.”

Saylor called Trump Media’s move “courageous, aggressive, and intelligent” — and said the flood of similar announcements marks a global shift in corporate finance.

Everywhere I go at this conference, someone says, you know, I’m working on a bitcoin treasury company in Hong Kong. I’m doing this thing in Korea. I’ve got this thing I’m working on in Abu Dhabi. We’re going to do this in the Middle East, you know, we’ve got this in the U.K., he said. “There’s an explosion of interest right now.”

Saylor said bitcoin ambassadors are “planting the orange flag everywhere on earth.”

Trump sons, top lawmakers descend on Bitcoin 2025 ahead of key legislation

What began as a fringe financial maneuver is quickly becoming a geopolitical race. Under the Biden administration, corporate bitcoin adoption was often treated as a regulatory red flag. But under President Donald Trump, the tone has changed.

In March, Trump signed an executive order establishing a U.S. Strategic Bitcoin Reserve, instructing federal agencies to treat bitcoin as a long-term store of value. The reserve will be funded entirely through bitcoin seized in criminal and civil forfeiture cases, according to White House Crypto and AI Czar David Sacks. The order also empowers the government to explore additional budget-neutral mechanisms for acquiring more bitcoin.

For the first time, the federal government will conduct a full audit of its digital asset holdings, currently estimated at more than 200,000 bitcoin. The order explicitly prohibits the sale of any bitcoin from the reserve, cementing its role as a permanent sovereign asset.

‘No force on Earth’

Vice President JD Vance this week became the first sitting vice president to address the bitcoin community directly, framing crypto as a hedge against inflation, censorship, and “unelected bureaucrats.” And in a further move to boost bitcoin, the Department of Labor rolled back guidance that had discouraged bitcoin investments in retirement plans.

“No force on Earth can stop an idea whose time has come,” Saylor said. Bitcoin is digital capital and maybe the most explosive idea of the era.

Some corners of the corporate world are still resistant. Late last year, Microsoft shareholders rejected a proposal to use some of the software company’s massive cash pile to follow Saylor’s lead. In a video presentation supporting the effort, Saylor told investors that “Microsoft can’t afford to miss the next technology wave.”

While Strategy has reaped the rewards of early adoption, Saylor suggested the market’s cooler reaction to Trump Media and GameStop may stem more from structural financing dynamics than from skepticism toward bitcoin itself.

He pointed to GameStop’s initial announcement that it was considering a bitcoin strategy, which led to a 50% pop in the stock and tenfold increase in trading volume. The company quickly capitalized on the momentum with a $1.5 billion convertible bond raise — a move he described as “extraordinarily successful.” Trump Media took a similar approach, raising capital through a large convertible bond offering.

Saylor said those financing methods can create short-term downward pressure, but that over time investors will benefit.

When it comes to Strategy, Saylor said there’s no ceiling to his bitcoin accumulation plans. His company is already by far the largest corporate holder of the cryptocurrency.

“We’ll keep buying bitcoin,” he told CNBC. “We expect the price of bitcoin will keep going up. We think it will get exponentially harder to buy bitcoin, but we will work exponentially more efficiently to buy bitcoin.”

For critics who worry that state and media actors embracing bitcoin will undermine its decentralized ideals, Saylor argues the opposite.

The network is very anti-fragile, and there’s a balance of power here,” he said. “The more actors that come into the ecosystem, the more diverse, the more distributed the protocol is, the more incorruptible it becomes, the more robust it becomes, and so that means the more trustworthy it becomes to larger economic actors who otherwise would be afraid to put all of their economic weight on the network.”

WATCH: Bitcoin heads for winning month despite return of trade war fears: CNBC Crypto World

Bitcoin heads for winning month despite return of trade war fears: CNBC Crypto World

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$14B in EV, renewable projects scrapped as tax credit fears grow

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B in EV, renewable projects scrapped as tax credit fears grow

More than $14 billion in US renewable and EV investments and 10,000 new jobs have been scrapped or put on hold since January, according to a new analysis from E2 and the Clean Economy Tracker. The reason: growing fears that the Republican-majority Congress will pull the plug on federal clean energy tax credits.

In April alone, companies backed out of $4.5 billion in battery, EV, and wind projects right before the House passed a sweeping tax and spending bill that would gut the federal tax incentives fueling the clean energy boom. E2 also found another $1.5 billion in previously unreported project cancellations from earlier in the year.

Now, with the Senate preparing to take up the so-called “One Big Beautiful Bill Act,” E2 says over 10,000 clean energy jobs have already vanished.

“If the tax plan passed by the House last week becomes law, expect to see construction and investments stopping in states across the country as more projects and jobs are cancelled,” said Michael Timberlake, E2’s communications director. “Businesses are now counting on Congress to come to its senses and stop this costly attack on an industry that is essential to meeting America’s growing energy demand and that’s driving unprecedented economic growth in every part of the country.”

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Ironically, it’s Republican-led congressional districts – the biggest beneficiaries of the Biden administration’s clean energy tax credits passed in 2022 – that are feeling the most pain. So far, more than $12 billion in investments and over 13,000 jobs have been canceled in GOP districts.

Through April, 61% of all clean energy projects, 72% of jobs, and 82% of investments have been in Republican districts.

Despite the rising number of cancellations, some companies are still forging ahead. In April, businesses announced nearly $500 million in new clean energy investments across six states. That includes a $400 million expansion by Corning in Michigan to make solar wafers, which is expected to create at least 400 jobs, and a $9.3 million investment from a Canadian solar equipment company in North Carolina.

If completed, the seven projects announced last month could create nearly 3,000 permanent jobs.

To date, E2 has tracked 390 major clean energy projects across 42 states and Puerto Rico since the Inflation Reduction Act passed in August 2022. In total, companies plan to invest $132 billion and hire 123,000 permanent workers.

But the report warns that momentum could grind to a halt if the House tax plan becomes law. Since the clean energy tax credits were signed into law, 45 announced projects have been canceled, downsized, or closed entirely, wiping out nearly 20,000 jobs and $16.7 billion in investments.

What’s more, Trump’s Department of Energy announced today that it was killing more than $3.7 billion in funding for carbon capture and sequestration (CCS) and decarbonization initiatives. Eighteen out of 24 projects were awarded through DOE’s Industrial Demonstrations Program (IDP), which was made law in the Inflation Reduction Act. It aimed to strengthen the economic competitiveness of US manufacturers in global markets demanding lower carbon emissions, while supporting US manufacturing jobs and communities.

Executive Director Jason Walsh of the BlueGreen Alliance said in a statement in response to today’s DOE announcement:   

The awarded projects that DOE is seeking to kill are concentrated in rural areas and red states. American manufacturers are hungry to partner with the federal government to bolster US industry. The IDP saw $60 billion worth of applications during the program selection process, a ten-times oversubscription. 

President Trump claims to be a champion of American manufacturing, but today’s announcement is further evidence that he and his Secretary of Energy are liars.

Read more: Global energy giant RWE halts US offshore wind because of Trump


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