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Electrek can confirm that Tesla indeed put its upcoming ‘$25,000 electric car, sometimes referred to as ‘Model 2’, on the back burner despite what Elon Musk said.

The project was codenamed NV9.

Tesla has been working on its ‘next-generation vehicle platform’ that is expected to enable much cheaper electric vehicles. The automaker has previously talked about two upcoming vehicles on the platform:

  • a model cheaper and smaller than Model 3, sometimes being referred as the “$25,000 Tesla” or “Model 2”
  • Tesla Robotaxi: a new vehicle designed from the ground-up for self-driving.

A few weeks ago, Reuters reported that “Tesla has canceled the long-promised inexpensive car”.

CEO Elon Musk quickly denied the report:

As usual, there’s more to the story. It’s likely that Musk’s blanket denial of the report is due to Reuters claiming that the vehicle was “scrapped” and “canceled”.

Electrek can confirm that the program, which was internally called ‘NV9’, was postponed, according to sources familiar with the matter.

Musk might take issues with claiming that it is “canceled”, but the project is effectively scratched right now as Tesla is putting all resources into its self-driving effort.

According to sources familiar with the matter, Musk told Tesla’s team in Austin in December 2023 that NV9, an expansion of Gigafactory Texas for the new cheaper next-gen model, was a priority for 2024.

However, the project was recently completely defunded, and many people involved in it were laid off as part of the round of layoffs announced today.

Instead, Musk said that he wanted Tesla to focus on the south expansion of Gigafactory Texas, which is going to house a giant data center for the Robotaxi project.

According to people familiar with the project, it is already behind schedule, and there’s serious doubt that it can be completed by the end of August, which is the timeline Musk has been pushing for.

Shortly after denying the report that the cheaper model was canceled, Musk announced that Tesla would unveil its Robotaxi on August 8th.

Electrek’s Take

I have been saying it for a while now. Elon, mister truth seeker, is not above stretching the truth and being misleading. This is a great example.

While we can argue all day about the words scrapped, canceled, postponed, or put on the back-burner, there was certainly more truth than falsehood in that original report.

Effectively, Tesla is not working on this NV9 project anymore, and it is focusing on Robotaxi instead. That’s the truth, which you wouldn’t know if you just read Elon’s denial of the report and moved on. That seems to be Elon’s goal lately, with his constant attacks on the media.

They don’t get everything right, which is impossible to do, so you focus on what they get wrong to bury what they got right but you don’t want people to know.

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Is this the interior of Tesla’s upcoming ‘Robotaxi’?

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Is this the interior of Tesla's upcoming 'Robotaxi'?

Tesla has released a new video that includes some footage of a previously unseen vehicle interior. Could it be an early concept of the interior of the Robotaxi?

For the last few years, Tesla has been working on a vehicle designed from the ground up to be a self-driving vehicles. The company has been referring to it as ‘Robotaxi’.

CEO Elon Musk insists that Tesla is still dedicated to delivering its promised self-driving capability to existing vehicles delivered since 2016 through software update, but it also decided to build a new vehicle designed entirely around the fact that it will be driverless.

Not much is known about the vehicle other than hints that it won’t have a steering wheel or pedals, and that it will be “Cybertruck-like” in terms of design.

Now, Tesla has released a new video, which Musk wanted to make clear he wasn’t involved in, to try to encourage shareholders to vote for his $55 billion compensation package and moving the company’s state of incorporation to Texas:

In the video, many pointed out a shot of the interior of a vehicle that doesn’t match anything Tesla has released to date:

The image shows what appears to be a two-seater vehicle without steering wheel and a center display similar to what is found in current Tesla vehicles.

The seats are unlike what you would find in modern vehicles and something closer to what you would find in public transit, like a train:

Tesla plans to unveil its ‘Robotaxi’ on August 8th. The automaker has recently accelerated its timeline for the vehicle and plans to bring it to market as soon as next year.

Do you think this is an early concept for the Tesla Robotaxi interior? Let us know in the comment section below.

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Mercedes-Benz just opened more DC fast chargers at Buc-ee’s in Texas

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Mercedes-Benz just opened more DC fast chargers at Buc-ee’s in Texas

Mercedes-Benz High-Power Charging just opened more DC fast chargers at Buc-ee’s stores in the Dallas-Forth Worth area.

Three new Mercedes DC fast charging stations are at Buc-ee’s in Fort Worth, Temple, and Royse City. Mercedes asserts that every one of its chargers offers up to 400 kW of power.

It’s also adding 12 more charging stations at Buc-ee’s in the Dallas-Fort Worth, San Antonio, and Houston metro areas – also known as the Texas Triangle, home to 68% of Texans:

Buc-ee’s isn’t your typical convenience store – they’re huge, with some stores covering over 50,000 square feet, and they offer a wide variety of items, including snacks, beverages, fresh food, clothing, home decor, and Texas-themed merchandise. It’s known for its homemade fudge, jerky, and beaver nuggets (caramel-coated corn puffs). Most Buc-ee’s locations are open 24 hours a day, seven days a week.

In November 2023, Mercedes announced it had made an agreement with Buc-ee’s to build EV charging hubs at most of its existing stores. Mercedes is aiming to have around 30 online by the end of the year. There are currently 48 Buc-ee’s locations across the US South, 34 of which are in Texas.

When I spoke to Mercedes-Benz High Power Charging CEO Andrew Cornelia last year, he was passionate about the importance of placing EV chargers near amenities that travelers need.

Mercedes offers open access for all EV drivers, including roaming with other charging networks. Its charging hubs support contactless payments with credit cards or smartphone wallets.

The first Mercedes DC fast charging station came online last November at its headquarters in Sandy Springs, Georgia. Mercedes-Benz plans to deploy 2,500 high-powered chargers in 400 hubs by 2027.

Texas is the US’s No. 1 producer of clean energy and ranks fourth in public EV charging. However, to meet driver demand, the state needs around 95,000 more public chargers by 2027.

Read more: America, Mercedes-Benz wants you to indulge in retail therapy while you’re DC fast charging


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Polestar (PSNY) stock faces potential Nasdaq de-listing after failing to file its annual report

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Polestar (PSNY) stock faces potential Nasdaq de-listing after failing to file its annual report

Another EV stock may be removed from the Nasdaq exchange. After failing to file its annual report, Polestar (PSNY) received a notice from the Nasdaq as the company faces a possible de-listing.

Polestar, Volvo’s former high-performance unit, was established as an EV brand in 2017 under Geely’s control.

Since launching the Polestar 2, its first all-electric vehicle, the brand has expanded into 27 markets globally. The electric car has even become a top seller in several key markets like Norway, Sweden, and Germany.

However, like many EV startups, Polestar has hit its fair share of hurdles. After cutting guidance late last year (from 80K to 60K), Polestar still missed its target, delivering 54,600 vehicles last year.

In February, Volvo announced plans to sell 62.7% of its stake in Polestar as it looks toward its next growth stage. Volvo also confirmed it will “not provide further funding to Polestar” outside of its existing $1 billion outstanding convertible loan.

The news came after Polestar announced plans to cut 15% of its global workforce amid slowing EV sales earlier this year.

Polestar-de-listing
2024 Polestar 2 (Source: Polestar)

Polestar stock facing potential Nasdaq de-listing

After failing to file its annual report for the fiscal year ending December 31, 2023, Polestar received a deficiency notice from the Nasdaq.

The notice states Polestar is not in compliance with its listing rules, which require the timely filing of periodic financial reports.

Polestar-4-price
Polestar 4 (Source: Polestar)

Polestar said the notice has no immediate impact on the company’s listing. However, under the Nasdaq listing rules, Polestar has 60 days to submit an action plan. If Nasdaq accepts it, Polestar could be issued an additional 180 days from the notice date, or until November 2024, to regain compliance.

The company has already received consent from lenders under its nearly $1 billion 3-year loan facility for the late filing. Polestar says it is fully committed to regaining compliance.

Polestar is working to file the annual report “as soon as practicable” and to report Q1 2024 earnings shortly after.

Polestar-de-listing
Polestar (PSNY) stock chart over the past 12 months (Source: TradingView)

Polestar stock was down over 13% on Monday following the potential de-listing notice. PSNY shares are now down over 50% this year, hitting their lowest prices since going public.

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