Tesla (TSLA) warns of ‘notably lower’ growth in 2024
Tesla (TSLA)has released its guidance for the year, and it warns of “notably lower” growth of its auto business in 2024.
The automaker is notoriously not a fan of providing clear guidance despite having a probably better view into its own business than any other automaker because it owns its entire distribution business, unlike other automakers who use the third-party dealer model.
Instead, Tesla has been guiding a “roughly 50%” average annual growth rate for vehicle deliveries.
Today, Tesla released its Q4 and full-year 2023 financial results. With the results, companies often released guidance for the year ahead.
The automaker included only the following paragraph for guidance:
Our company is currently between two major growth waves: the first one began with the global expansion of the Model 3/Y platform and the next one we believe will be initiated by the global expansion of the next-generation vehicle platform. In 2024, our vehicle volume growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next generation vehicle at Gigafactory Texas.
To be fair, Tesla has previously warned institutional investors of this situation.
We reported on Martin Viecha, Tesla’s head of investor relations, saying that Tesla “is now in an intermediate low-growth period” at an investor conference.
Now, Tesla is a bit clearer in noting that it will likely see a “notably lower” growth rate than in 2023.
In 2023, Tesla’s vehicle deliveries grew 38% year-over-year.
On the other hand, Tesla is guiding better performance for its energy storage business:
In 2024, the growth rate of deployments and revenue in our Energy Storage business should outpace the Automotive business.
Tesla’s energy storage business grew an astonishing 125% in 2023.
Electrek’s Take
I think that was to be expected. Tesla’s current vehicle programs are starting to achieve their peaks, and Cybertruck can’t be ramped to a level that would make a significant difference in 2024.
Personally, I think a 20% growth in deliveries in 2024 would be a major win for Tesla, but it will likely be lower than that, in my opinion.
What do you think? Let us know in the comment section below.
FTC: We use income earning auto affiliate links. More.
Australian logistics company Linfox is making big moves to electrify its heavy-duty semi fleet with the addition of thirty new Volvo FH and FM Electric semi trucks as the Swedish brand works to begin production at its Brisbane facility.
Volvo Trucks is expecting to begin full scale production of its FH and FM Electric semi trucks at the Brisbane factory in early 2026, just in time to fill the Linfox order – which happens to be the company’s largest in Australia. So far.
“We are very proud to continue our close partnership with Linfox. The order for 30 Volvo electric trucks is proof of their trust in our company and in zero-emissions transport as a viable solution here and now,” said Roger Alm, President Volvo Trucks. “Our commitment to start building electric trucks in Australia demonstrates our confidence in this technology, and means we can offer an industry-leading range of purpose-built electric trucks all around the world.”
With the production kickoff of electric trucks in Australia, it means Volvo Trucks is building its big HDEVs and prime movers in five countries on three continents. Which, as the company’s electric fleet approaches the 100 millionth mile logged mark, probably means they’re pulling well ahead of some of the other guys.
“Linfox is excited to partner with Volvo in driving the future and leading sustainable logistics in Australia,” explains Peter Fox AM (Member of the Order of Australia), Executive Chairman of Linfox. “Further electrifying our fleet sets the standard for us and our customers and the entire industry.”
Linfox’ latest order includes 29 Volvo FH Electric and one FM Electric semi. The company currently has four electric Volvo trucks in its fleet of 195 semis, with plans to continue to electrify as ICE-powered assets reach retirement.
Electrek’s Take
Now counting miles in operation in the tens of millions and rolling out its third generation of electric semi trucks, Volvo (and, by extension, Mack and Renault) continue to build a huge lead in the commercial trucking space. The competition, meanwhile, seems content to post pictures of its first factory while trucks that have been on order for years still haven’t reached customers.
I can’t see how they (Tesla) catch up from here.
SOURCE | IMAGES: Volvo Trucks.
FTC: We use income earning auto affiliate links. More.
Oakland International Airport (OAK) in Alameda, California is helping stressed-out air passengers breathe a little bit easier with the introduction of five new battery-electric K9MD shuttle buses to its ground equipment fleet.
Global EV leaders BYD aren’t coming to America – the Chinese brand is already here. The company has been building EVs in its $250 million, 106,000 square foot production facility in Lancaster, California since 2014, delivering hundreds of battery-electric buses to fleets across the world. With this order of five new K9MD buses, OAK becomes the latest airport to turn to BYD Ride to help electrify its ground operations.
“We applaud Oakland Airport and their commitment to electrifying its fleet,” said Jason Yan, Vice President of Sales, West Region and National Account at Ride. “[BYD] Ride is thrilled to partner with OAK to offer sustainable transportation solutions that benefit both the environment and the community.”
The K9MD buses seat up to 42 passengers and have a 208 mile operating range from a 352 kWh lithium iron phosphate battery. That battery is backed by a 12-year warranty to help keep fiscally conservative fleet buyers at ease, while the smooth, quiet, and electric drive keeps the fleet’s operators happy, too.
Oakland International Airport is operated by the Port of Oakland, and is scheduled to electrify its entire ground operations fleet by 2030.
Electrek’s Take
The people live and work near airports are exposed to more emissions than most – and that includes kids, the elderly … even their pets. Electrifying the assets that operate in those spaces pays huge and immediate dividends in terms of the public health of some of the most vulnerable populations.
It’s as good a place as any to start. Let’s go.
SOURCE | IMAGES: BYD.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. 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. It has 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 Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
Environment
Trump meme coin dinner likely to include mostly non-Americans based on top $TRUMP holders
Jonathan Raa | Nurphoto | Getty Images
With President Donald Trump’s private dinner for top meme coin holders less than a week away, the leaderboard is awash with crypto wallets that are effectively anonymous.
On May 22, the top 220 $TRUMP holders are invited to a dinner with the president at his Virginia golf club outside of Washington, D.C. The event was announced last month, and the tally closed Monday night.
The nature of the pseudonymous wallets raises questions about the true identities and motivations of the token’s largest holders, who have bought a seat at the table with a U.S. president.
Documents from blockchain analytics firm Inca Digital that were reviewed by CNBC show where the top 275 $TRUMP token holders send and receive the token. Many are heavily tied to international exchanges like Binance that don’t service U.S. customers, an indication that they’re likely not U.S. citizens.
An analysis by Bloomberg revealed that 19 of the top 25 wallets are almost certainly owned by individuals operating outside the U.S.
Justin Sun, who openly shared that he bought $75 million worth of the Trump family’s World Liberty Financial token — a digital coin where 75% of proceeds go to Trump-related entities — is believed to be at the top of the $TRUMP meme token leaderboard.
Sun, who was born in China, is the crypto entrepreneur behind the Tron blockchain and is in talks with the SEC to resolve civil fraud charges.
A wallet called Sun currently holds more than $18 million worth of $TRUMP, with $4.5 million bought after the dinner contest announcement, according to Bloomberg.
Multiple reports point to the wallet being tied to the Tron founder. A representative for Sun didn’t respond to CNBC’s request for comment or confirm whether Sun is the wallet owner.
MemeCore, a Singapore-based crypto network that was vocal in its quest to secure a spot at the Trump dinner, landed in second place with an investment of $18 million. An Australian crypto entrepreneur also reportedly made the cut.
The leaderboard points to the token’s extreme volatility.
Inca Digital told CNBC that while 560,376 wallets have made a combined $5.2 billion in realized gains on the $TRUMP token, an even larger number — 592,962 wallets — have collectively lost $3.9 billion.
The figures underscore the massive wealth transfer within Trump’s crypto ecosystem, where early buyers have seen windfalls while the majority have suffered losses.
Chainalysis and Elliptic, two leading blockchain analytics firms, initially tracked $TRUMP token movements and trading fees. But days after CNBC published a story on the number of crypto wallets that had lost money on the meme coin, the firms said they were too busy with existing clients to continue blockchain analysis of the president’s self-branded meme token.
Sen. Richard Blumenthal, D-Conn., the ranking member of the Senate Subcommittee on Investigations, warned that the Trump family’s growing crypto holdings may serve as a backdoor for foreign and corporate interests seeking access to the president.
Freight Technologies, a Houston-based logistics firm that trades on the Nasdaq and has a market cap of just over $2.3 million, bought $2 million worth of the $TRUMP tokens to influence U.S.-Mexico trade policy, according to a release. CEO Javier Selgas described the move as a strategic push to “champion fair and free trade” across the U.S.-Mexico border.
Freight Technologies finished in 250th place, missing the cut for the dinner.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway