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Volkswagen Group is radically overhauling its business strategy to save money and stay afloat, and it may axe its Tesla-inspired direct-to-consumer retail model for EVs in major European markets.

In a press release, VW said that selling EVs through direct-to-consumer models while also selling ICE vehicles via traditional retail operations was too complex in Europe’s weak auto market, pointing to what it says is the slow pace at which consumers are buying EVs.

“Given challenging framework conditions, we will have to reevaluate if our current agency model for all-electric vehicles delivers the best possible customer experience,” Marco Schubert, the VW Group board member responsible for sales, said in a statement. Still, he added that direct-to-consumer sales will remain a “long-term target” for the automaker.

Tesla’s revolutionary direct-to-consumer model, which bypasses traditional dealerships in favor of selling cars directly through its own network of stores and online, has completely disrupted the way in which cars are sold in Europe, with many legacy automakers trying their best to follow suit in a highly regulated auto market. In VW’s case, its EVs can be purchased via dealers, and the dealer earns a fixed, lower margin without needing to take on marketing costs or carrying costs for inventory.

Audi-Q8-e-tron-Dakar
Audi-Q8-e-tron-Dakar

The possible retail revamp includes VW brand vehicles but also Audi, Skoda, and VW commercial vehicles in France, Germany, Poland, Spain, and the UK.

In 2020, VW introduced its direct-sales model for EVs, and the results from its review are expected to be released in March of next year. VWs’s Cupra brand, however, will continue to sells its EV under the direct-to-consumer model, as will all VW vehicles sold in Ireland and Sweden, regardless of drivetrain.

This comes at a time when VW is radically restructuring its business to cut costs, and plans to close down three factories in Germany – the first time in the company’s 87-year history that it is closing factories on its home turf. The plan includes cutting tens of thousands of jobs and slashing pay for 10% of its remaining staff.

The brand is also seeking to streamline production and development processes, shaving off months on the development cycles of specific projects to help tighten the belt, reports Automotive News Europe.

VW is closing its Audi plant in Brussels where it makes soon-to-be-retired Audi Q8 E-Tron – an €80,000 electric SUV that suffered from low sales –  in a few months. The company announced that it will close the factory on February 28, 2025, with 3,000 workers losing their jobs in the Brussels area.

Photo credit: Volkswagen Group

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Thanksgiving and Black Friday Green Deals: EVs, power stations, tools, smart devices, appliances, more

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3 hours ago

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November 28, 2024

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Thanksgiving and Black Friday Green Deals: EVs, power stations, tools, smart devices, appliances, more

Happy Thanksgiving y’all! With the holiday officially here and bellies being filled throughout the day, we’ve got our annual collection of Black Friday Green Deals coming right along with it. The savings train has long been in full swing across multiple online marketplaces, and to help out with your seasonal shopping needs, we’ve rounded up all the deals we’ve spotted into this hub for your browsing pleasure. Many of the savings you see here are the biggest of the year as prices are being slashed left and right to their lowest rates. There’s plenty of opportunities to save big bucks on eco-friendly devices, equipment, and more from your favorite brands, with EVs, power stations, electric tools, ENERGY STAR appliances, smart outdoor gear, wood-burning grills, fire pits, and more all benefitting from sales. Enjoy all that we’ve collected here for you today, but don’t sit on decisions too long, there’s no telling how long stocks or these prices may last.

Black Friday Green Deals and more

Featured deal: Buzz Bicycles is bringing readers an exclusive promotion this Black Friday to save $400 on its Centris class 2 folding e-bike that drops costs to the best price of the year on top of including a free accessory – all for $799, after using the promo code ELECTREK200 at checkout. Featuring a step-thru and folding frame, you’ll enjoy cruising through the streets at 20 MPH top speeds for up to 40 miles, making it a great entry-level model for new riders as well as veteran riders seeking a more affordable option. There are two colorways here to choose from, and plenty of solid features like the 4-inch fat tires, front suspension, front and rear lighting – and even front and rear cargo racks too. Adding an electric solution to your commuter needs doesn’t have to break the bank with this deal.

Black Friday Green Power Station Deals

Featured deal: With more than 130 years in the bicycle business, Huffy is well-known across the market, especially for its large lineup of kid-friendly models. For Black Friday, the brand is providing some exclusive savings on its iconic Electric Green Machine Trike at $419, after using the promo code ELECTREKGM at checkout for 30% off. Ideal for riders aged 8+ and falling under the 180-pound max weight, it gives kids the chance to experience 15 MPH top speeds thanks to its 250W front hub motor alongside the 36V battery. This model will also grow with your child, as its seat provides three different adjustable settings to keep them safe while they tear up the pavement with plenty of spins and drifts.

Black Friday Green EV Deals

Featured deal: Mokwheel Bikes is offering up to $900 in savings across its e-bike lineup this Black Friday, with free gear coming along with select purchases too. You can buy any two ebikes and get a FREE accessory or FREE Gift Package ($499.99~$699). The biggest of these deals comes in on the brand’s latest models, the Obsidian and Obsidian ST Power Station e-bikes at $2,099, down from $2,999, with a choice between three different gifts, all worth $599. Coming with either the standard high-step or step-thru fames, what makes these newer models stand out is their built-in power station capabilities when you choose to receive the 1,000W inverter as your free gift, providing on-the-go juice for your devices using the bike’s 940W battery (on top of solar charging functionality too)

Black Friday Green Garden/Lawn Care Deals

Black Friday Green Appliance Deals

Apple Watch 

AirPods

Apple Pencil, Mac accessories, more

Google Black Friday deals

Samsung Black Friday Week deals

Smart Home Black Friday deals

PC gaming and more

PC, Snapdragon, Copilot+, Chromebook deals

Speakers and headphones

General Tech

iPhone and Apple Watch accessories

Amazon gear deals

Kindle 

Echo Spot, Dot, and Pop smart speakers

Echo Show smart displays

Fire TV Stick

Echo Buds

Fire Tablets

Smart TVs

Our master roundup of Black Friday smart TVs is waiting for you right here – there’s far too many to drop down in here, but we will leave you with some highlights below. The complete list awaits right here.

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OPEC+ postpones meeting to decide oil production strategy to Dec. 5, sources say

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10 hours ago

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November 28, 2024

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OPEC+ postpones meeting to decide oil production strategy to Dec. 5, sources say

A view shows the logo of Organization of the Petroleum Exporting Countries (OPEC) during the United Nations climate change conference COP29, in Baku, Azerbaijan November 13, 2024. 

Maxim Shemetov | Reuters

The OPEC+ oil alliance postponed a meeting to decide the next steps of its crude production strategy to Dec. 5, two delegate sources told CNBC.

The sources did not want to be named given the sensitivity of discussions.

The coalition, made up of the Organization of the Petroleum Exporting Countries and its allies, was initially scheduled to meet on Dec. 1. They will now confer virtually next week.

The OPEC+ coalition is currently operating three sets of separate oil production cuts, in response to an uncertain demand outlook.

Under its formal output strategy, member nations are curtailing their combined production to 39.725 million barrels per day (bpd) into next year. Eight OPEC+ members are meanwhile voluntarily reducing by 1.7 million barrels per day throughout 2025, along with a second set of 2.2 million bpd of cuts that they are currently due to begin phasing out in December.

The OPEC Secretariat later in the session said that the meeting was rescheduled as several ministers of member nations will be attending the Dec. 1 Gulf Summit in Kuwait City, Kuwait.

OPEC always plays the long game, Energy Aspects' Amrita Sen says

It remains to be seen whether this second voluntary 2.2 million bpd production trim will be extended, after global oil prices once more came under pressure earlier this week, as the implementation of a cease-fire between Israel and Lebanon reduced the risk of production disruption in the oil-rich Middle Eastern region.

Iran, one of the largest producers of the OPEC contingent, has backed Lebanon’s Hezbollah, Yemeni Houthi and Palestinian Hamas militant groups throughout the year-long conflict with Israel, as well as exchanged missile fire with the Jewish nation. Markets have been watching whether a continuation or escalation of the conflict could ultimately lead to hostilities targeting Iran’s key oil infrastructure — the backbone of its sanctioned economy.

The Ice Brent contract with January expiry was trading at $72.68 per barrel at 07:39 a.m. London time, down 0.2% from the Wednesday settlement. Front-month January Nymex WTI futures were meanwhile trading at $68.58 per barrel, also down 0.2% from the Wednesday close price.

Adding to uncertainty is the January White House return of President-elect Donald Trump, who has previously championed a “drill, baby, drill” approach to bolstering U.S. oil production. Trump has also in the past deployed a hardline policy of enforcing sanctions against Iran because of its nuclear program, which could deter the few remaining buyers of Tehran’s crude — including China, the world’s largest crude importer.

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Tesla now offers lease buyouts – after saying it would keep cars as robotaxis

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15 hours ago

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November 28, 2024

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Tesla now offers lease buyouts – after saying it would keep cars as robotaxis

EV-registrations-June-2024
Photo: Courtesy of Tesla Inc.

Tesla has started offering lease buyouts on all its vehicles, allowing customers who lease a Tesla to purchase their vehicle at the end of the lease term. But this represents a pullback from its previous autonomous vehicle ambitions.

In yet another end-of-week (well, at least in the US, due to Thanksgiving) release of Tesla news, Tesla has updated its webpage for lease-end options to describe a new option for Tesla leasers: the ability to purchase your car at the end of your lease term.

The new policy applies to all of Tesla’s vehicles, including Cybertruck, Model S, Model 3, Model X and Model Y, starting today, November 27, 2024 (though not in Iowa or Louisiana). Third-party dealerships are allowed to purchase the vehicles, and there is a $350 purchase fee.

Many other companies offer something similar, with owners treating the lease as somewhat of a “trial term” before purchasing the vehicle. There are also potential financial benefits – for example, leasing makes it easier to get the US EV tax credit, and as a result some companies that don’t qualify for the purchase credit have created unique insta-buyout lease options to make use of this exception.

But Tesla hasn’t offered this option for some time. Ever since the Model 3 started leasing, Tesla said that it would not allow lease buyouts at the end of the term, and instead that it would retain ownership of the vehicles and put them into work in a massive robotaxi fleet, taking advantage of Tesla’s Full Self-Driving technology.

But that didn’t just apply to the Model 3, as Tesla ended lease buyouts for all models in 2022, after having previously offered them on Model S/X. This happened during a strange period in the new vehicle market, with lots of vehicles experiencing price spikes due to COVID-related supply disruptions, but also falls in line with Tesla’s previous ambitions and statements about wanting to retain vehicles for an autonomous robotaxi fleet.

Needless to say, this hasn’t panned out exactly as Tesla might have hoped. Tesla’s Full Self-Driving capability, despite being promised “next year” every year for almost the last decade, is not yet able to fully drive the car without a driver.

So this change could represent a pullback for Tesla’s autonomous vehicle ambitions. Tesla CEO Elon Musk has said in the past that its vehicles would become appreciating assets due to their ability to be used as autonomous robotaxis. The theory goes, you could send out your car to pick up passengers and drive them around, making you money on the side when you aren’t otherwise using the vehicle.

Because of this, Musk even once said that Tesla would stop selling cars once it solves autonomy, since it would be able to make more money providing autonomous rides than by selling cars.

Since then, Tesla has pivoted from talking about its regular cars as potential robotaxis to offering a whole separate robotaxi product, in the form of the Cybercab, which was unveiled last month. Though Musk also said during that unveiling that Tesla’s other vehicles would still be usable as robotaxis (well, most of them anyway).

That product is supposed to come out within two years, which means any standard 3-year lease term that starts today would end after Tesla has solved self driving – if you take their word for it. If that’s the case, then starting a lease buyout option for cars leased today wouldn’t make a lot of sense if you’re confident that they could be used as robotaxis in less than three years.

So it’s hard to think of this news as anything but a pullback in Tesla’s self-driving plans. If it’s true that Tesla thinks vehicles can make more money as robotaxis, and it’s true that Tesla thinks it will solve self-driving in the next two years, then why would Tesla suddenly start allowing buybacks that said it wouldn’t do specifically because of those two things?

So – either Tesla thinks it can’t make much more money with robotaxis, or it thinks it can’t solve self-driving before today’s lease terms are up.

Of course, there’s one other explanation – Tesla just wants to end this quarter strong. The company has already pulled several demand levers lately, with 0% financing, lower lease prices, and a “one-time” FSD transfer scheme for the fourth time as it’s trying to make up for a bad start to the year. It’s one of the few EV companies whose sales are down year to date as the rest of the industry continues to grow, and is trying to end the year flat-to-positive on sales compared to 2023.

It has some work to do to catch up, so we’re not surprised to see more demand levers being pulled. Nevertheless, this change still doesn’t jive with Tesla’s previous self-driving ambitions – and that’s notable.

If you’re looking to take advantage of Tesla’s new lease buyback policy, you can use our Tesla referral code for up to $36/mo off your lease price, or up to $2,000 off purchase (depending on vehicle).

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