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Former reality TV contestant Sean Duffy. Photo by Gage Skidmore

Sean Duffy, who was just confirmed as Secretary of Transportation on the back of the transportation “expertise” he showed as a contestant on Road Rules: All Stars, a reality TV travel game show, wasted no time in promising to raise your fuel costs by at least $23 billion on his first day.

The memo, signed yesterday, promises a review of all existing fuel economy standards, which require manufacturers to make more efficient vehicles which save you money on fuel.

Specifically, the memo targets the Corporate Average Fuel Economy standard (CAFE), which was just improved last year by President Biden’s DOT, saving American drivers $23 billion in fuel costs by meaning they need to buy less fuel overall. The savings could have been higher, but were softened from the original proposal due to automaker lobbying.

However, the new DOT memo says it targets all similar standards, rather than just the improvements made last year – so in fact, our headline likely underestimates how much higher fuel costs would go if the DOT follows through on this memo.

A recent analysis by Consumer Reports shows that fuel economy standards are enormously popular with Americans, and that maintaining the current standards could result in lifetime savings of $6,000 per vehicle, compared to current costs, by 2029. And that fuel economy standards implemented since 2001 have already saved $9,000 per vehicle. Now, imagine the net effect of removing all of those standards, which Duffy has directed the DOT to examine doing.

The Sierra Club responded to the decision with this statement: “These common-sense, popular fuel economy standards save drivers money at the pump and reduce dangerous pollution from vehicles. Drivers spend excessive amounts of money to fuel their cars, and it’s often a large part of household expenses. Wasting no time at all as the new Transportation Secretary, Sean Duffy is selling American families out to Big Oil, burdening us with higher fuel prices and more polluting gas-guzzlers that harm our health.” 

Mr. Trump signaled he intended to raise your fuel costs during the 2024 US Presidential campaign, when he asked oil executives for $1 billion in bribes in return for killing off more efficient vehicles. Now, after he finally received more votes than his opponent for the first time (after three tries, and despite committing treason in 2021 for which there is a clear legal remedy), he’s already following through on causing the inflation he promised during the campaign.

As we’ve already seen to be the case often with Trump’s allies, the DOT memo lies about its intentions. Just like his EPA nominee, who said he wants to make the air cleaner by making it dirtier, Duffy, known for being a former reality TV contestant, says he wants to make fuel costs lower by making them higher. The memo attempts to argue that your car will be cheaper if it has lower fuel economy, even though it wont, because buying more fuel will mean you spend more on fuel, not less.

Unequivocally, over here in the real world, dirtier air is actually dirtier, and higher fuel costs are actually higher.

The result of this increased fuel usage also inevitably means more reliance on foreign sources of energy. The more oil America uses, the more it will have to import from elsewhere. Other countries looking to exercise power over the US could certainly choose to raise prices as they recognize that the US has just become more reliant on them.

And, as we know from the most basic understanding of economics, adding more demand means prices will go up, not down. Reducing demand for a product in fact forces prices down, and EVs are already displacing oil demand which depresses oil prices.

Meanwhile, Biden’s higher fuel economy standards would mean that automakers need to provide a higher mix of EVs, which inherently get all of their energy to run not just domestically, but regionally as well. Most electricity generation happens regionally or locally based on what resources are available in your area, so when you charge a car, you’re typically supporting jobs at your local power plant, rather than in some overseas oil country.

Biden’s standards would have stood to benefit US-based EV makers, the most prominent of which is Tesla. However, Tesla CEO Elon Musk gave hundreds of millions of dollars to Mr. Trump, despite it being very clear during the campaign that he intends to harm EVs, which his DOT is now following through on.

Musk has also thrown his support behind policies that will harm Tesla’s business (and Tesla recognizes this to be the case overseas), and thus its shareholders’ pocketbooks (though the shareholders are also doing that on their own, by pledging an illegal $55B payday to a bad CEO).

Some claimed that the result of this support would go towards ending NHTSA investigations into Tesla’s FSD technology, which the agency has heretofore taken a rather light touch on, and which are primarily focused on ensuring that the technology be implemented safely, which is something that everyone, including Tesla investors, should favor. But Duffy himself said that he would not intervene in those investigations.

Also, whiplash changes in regulatory regimes are typically seen as bad for business. Above all, businesses desire regulatory certainty so they can plan products into the future, and there are few businesses with longer planning timelines than automakers.

This is why automakers want the EPA to retain Biden’s emissions rules, because they’re already planning new models for the EV transition. They went through this once before, in the chaos of 2017-2021, where they originally asked for rollbacks but then realized their mistake, and now still complain about the broken regulatory regime caused by the last time a former reality TV host squatted in the White House.

The new DOT memo is just one of many inflationary steps that Mr. Trump has indicated his interest in. He’s also thrown around tariffs and tariff threats willy-nilly, which have the effect of increasing costs, harming growth and reducing innovation. (This is also the case with President Biden’s tariffs on Chinese EVs, and you can read more about why they’re the wrong answer here)

Finally, the most important problem with this memo is that it will increase emissions, which harms your health and increases climate change. Much like the other trends we’ve seen here, this administration doesn’t know much about the basics of climate science, which is already costing America $150 billion a year in increased infrastructure costs related to damage from natural disasters. Just yesterday, a new study came out showing how climate change created conditions that made the LA wildfires, which will be the costliest in US history by far at $20B, more likely.

And that’s not even counting health costs, which will be even higher. The aggregate of these damages could cost each American born today $500,000 over their lifetime.

But all of these harms will happen to real people. This isn’t reality television, where the intent is to make up drama for views. This is actual harm that’s actually going to be done to Americans, who are having a rough time as the global economy continues to grapple with the long-term disruptions resulting from a pandemic that was exacerbated by the same reality TV host, and of course the ever-present worsening climate change.

And so, Mr. Trump is doing his best to follow through on his campaign promises – which, in so many ways, will only make your life costlier, more unhealthy, less stable, and less secure from foreign influence. This is what 49% of America voted for.

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A quarter of Tesla’s earnings were due to recongnizing a $600 million gain on Bitcoin

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January 30, 2025

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A quarter of Tesla's earnings were due to recongnizing a 0 million gain on Bitcoin

Roughly a quarter of Tesla’s earnings last quarter were due to recognizing a $600 million gain on Bitcoin. Tesla still came short of expectations.

Tesla and Bitcoin

Tesla is among the few large public companies that invested some of their cash into cryptocurrency.

Early in 2021, Tesla invested $1.5 billion in Bitcoin. Shortly after, the automaker started accepting the cryptocurrency as payment on new vehicles.

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.

Last year, Tesla made some moves that pointed to starting to take Bitcoin payments again, but it has yet to happen.

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.

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Range Rover’s first EV now has 57,000 buyers on the waitlist

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January 30, 2025

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Range Rover's first EV now has 57,000 buyers on the waitlist

Range-Rover's-first-EV-waitlist

The wait is almost over. The Range Rover electric SUV will finally hit showrooms this year. As one of the most anticipated launches of 2025, Range Rover’s first EV already has 57,000 buyers on the waitlist. Here’s what you can expect from the luxury electric SUV.

Range Rover’s first EV secures 57,000 on the waitlist

After announcing third-quarter earnings this week, Jaguar Land Rover (JLR) said demand continues building for the Range Rover Electric SUV.

Ahead of its official debut later this year, JLR confirmed Range Rover’s first EV now has 57,000 clients on the waitlist. That’s up from around 48,000 in November.

With sales of Range Rover’s plug-in hybrid (PHEV) models surging 163% in Q3, JLR said more buyers are taking the steps toward electrification.

The company promises that the Range Rover Electric will be “the most capable luxury SUV” on the market. In November, we got our first look at the new model undisguised during extreme weather testing. JLR is putting it through “the most intensive testing any Range Rover vehicle has ever endured” ahead of its arrival.

Range-Rover's-first-EV-waitlist
Range Rover Electric SUV testing (Source: JLR)

According to Range Rover’s executive director of product engineering, Thomas Müller, the EV is already outperforming its iconic gas-powered models.

After driving the Range Rover Electric up 328 ft (100 meters) on fine sand, Müller said, “Range Rover Electric matches the performance of its ICE equivalents; in some instances, even surpassing them.”

Range-Rover-Sport-EV
Range Rover Electric prototype testing (Source: JLR)

Range Rover’s first EV will hit showrooms later this year. The brand claims its new in-house electric powertrain will enable Range Rover to “exceed its already renowned performance on low-grip surfaces, ensuring all-terrain, all-weather, and all-surface capability.”

Following the Range Rover Electric, a smaller Sport model will be introduced, which was caught at testing at Nurburgring (Check it out here). Next year, Range Rover will launch a mid-size electric SUV, likely the Velar.

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Velotric Valentine’s sale offers $800 in e-bike savings from $999, EcoFlow DELTA 2 Max and RIVER 3 Plus flash sales, more

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January 30, 2025

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Velotric Valentine's sale offers 0 in e-bike savings from 9, EcoFlow DELTA 2 Max and RIVER 3 Plus flash sales, more

velotric discover 1 plus

We have a condensed selection of solid savings in today’s Green Deals, with Velotric’s Valentine’s Day sale taking the lead with up to $700 in initial e-bike price cuts, as well as an additional $100 taken off orders of any two models. It’s the perfect chance to fall in love with the popular 2024 Discover 1 Plus e-bike while it’s down at $1,199, among others. There’s also a one-day-only flash sale running as part of EcoFlow’s ongoing Game Day Power sale, which provides up to $1,099 in savings on two power station bundles – one for the DELTA 2 Max and and an 800W alternator charger at $1,399, and the other for the RIVER 3 Plus with a 45W solar panel and a protective bag for $269. We also have the second-ever discount on Greenworks’ latest 60V 17-inch Cordless Electric Push Lawn Mower at $300. Plus, all the other hangover Green Deals are in the links at the bottom of the page, like yesterday’s $200 launch discount on Aiper’s new Surfer S2 Solar Pool Skimmer, Segway’s Valentine’s Day offers, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Fall in love with Velotric’s 2024 Discover 1 Plus e-bike at $1,199 during Valentine’s Day sale

Velotric wants to celebrate the love with its latest Valentine’s Day sale that is taking up to $700 off its e-bike lineup alongside 30% off accessories, as well as an additional $100 in savings on orders of any two models. One of the best options from under Velotric’s flag is the 2024 Discover 1 Plus e-bike that is down at $1,199 shipped. This model usually carries a $1,599 price tag most days, with sales often taking things down to $1,299, though we’ve seen it go as low as $1,099 occasionally in 2024 – most recently during Black Friday. This is a $400 markdown from its full price, which gives you the chance to hop aboard your own at the third-lowest price we have tracked – $100 above the Black Friday low.

Velotric’s updated 2024 Discover 1 Plus e-bike comes stocked with a 500W motor (peaking at 900W), a 692Wh battery, and five levels of PAS to support your commute up to 65 miles on a single charge at up to 28 MPH top speeds (after unlocking the capabilities above its standard 20 MPH speed). Of course, there is a throttle to go full electric when you want but keep in mind that this will reduce its travel distance. While it doesn’t have some of the fancier bells and whistles of the new Discover 2, like the upgraded parts, higher power ratings, and Apple Find My integration, this predecessor does offer some solid features, especially when considering the affordable price.

Velotric’s 2024 Discover 1 Plus e-bike sports other features like the Shimano 7-speed derailleur, an integrated 60 lux LED headlight, a taillight with braking functionality, double hydraulic disc brakes, larger 26-inch puncture-resistant tires, an increased IPX7 waterproof rating, fenders above both tires, and a 3.5-inch LCD display. There’s a USB-A port on the display to charge your phone as you ride, and it even has a walk assist mode for when you are forced to stop your ride to get it up extreme inclines.

Velotric’s other Valentine’s Day sale offers:

  • Fold 1 Lite e-bike: $999 (Reg. $1,099)
    • 28 MPH for up to 48 miles
    • 30% off accessories with e-bike purchase
  • Go 1 Utility e-bike: $999 (Reg. $1,699)
    • 25 MPH for up to 55 miles
    • 30% off accessories with e-bike purchase
  • Fold 1 Step-Thru e-bike: $1,199 (Reg. $1,399)
    • 28 MPH for up to 55 miles
    • 30% off accessories with e-bike purchase
  • T1 ST Plus Lightweight e-bike: $1,299 (Reg. $1,549)
    • 28 MPH for up to 70 miles
    • 30% off accessories with e-bike purchase
  • Nomad 1 Plus Step-Thru e-bike: $1,399 (Reg. $1,799)
    • 28 MPH for up to 55 miles
    • 30% off accessories with e-bike purchase
  • Packer 1 Cargo e-bike: $1,699 (Reg. $2,199)
    • 25 MPH for up to 52 miles
    • 30% off accessories with e-bike purchase
  • Discover 2 e-bike: $1,799 (Reg. $1,899)
    • 28 MPH for up to 75 miles
  • Summit 1 e-bike: $1,899 ($1,999)
    • 28 MPH for up to 70 miles
EcoFlow DELTA 2 Max Portable Power Station

EcoFlow flash sale takes up to $1,099 off on-the-go DELTA 2 Max and RIVER 3 Plus power station bundles from $269

As part of its ongoing Game Day Power sale, EcoFlow is offering flash savings for the rest of the day on two power station bundles, with the first being the brand’s DELTA 2 Max Portable Power Station that comes with an 800W alternator charger for $1,399 shipped. Sadly the sale’s sitewide 5% off coupon doesn’t apply to flash sale offers. This package would normally cost you $2,498 in full, with costs dropping lowest back in October when a similar flash sale dropped things to $1,299. Today you can score it at the second-lowest price we have tracked, saving you $1,099 in the process – but it only lasts until tonight so don’t dawdle. This deal is also matching over at Amazon, as well.

A nice middle-ground option for folks needing a backup power solution for trips out of the house while also wanting a reliable means for some home backup in cases of emergency, EcoFlow’s DELTA 2 Max delivers a 2,048Wh LiFePO4 capacity that you can expand further to 6,144Wh with the addition of expansion batteries. Its 2,400W power output (surging to 4,800W) should handle most of your appliance needs through its 15 port options, though you can always activate its X-Boost mode to bump that to 3,400W output for larger ones. It allows for two solar inputs to be hooked up to reach a maximum of 1,000W for recharging, or you can take advantage of its dual-charging capabilities using solar alongside a standard wall outlet for 80% battery in 43 minutes, among the other options. The alternator charger is rated for 1kWh per every 1.3 hours of driving while the station is hooked up to your car – so you can regain a full battery in around 2.6+ hours of travel.

The second offer during this flash sale is the smaller, more personal RIVER 3 Plus Portable Power Station bundled with a 45W solar panel and a protective bag for $269 shipped. It provides a more compact 286Wh LiFePO4 capacity that dishes up to 600W of output power (surging to 1,200W) through its seven port options. Like the above model, there are some extra battery options that can expand the station’s battery capacity to a maximum of 858Wh. Equipped with the brand’s X-Boost and X-Stream tech, you’ll get a full battery from a wall outlet in just one hour, while connecting its maximum 220W solar input gives you the same in 1.5 hours.

Be sure to browse EcoFlow’s full Game Day Power sale while it continues through February 5, with up to $2,999 in initial discounts, 3x EcoCredits on select offers, a 15% accessory discount, and 5% off sitewide savings through the sale’s promo code.

Greenworks 60V 17-inch Cordless Electric Push Lawn Mower

Greenworks’ latest 60V 17-inch cordless electric push lawn mower returns to its $300 low in second-ever discount

Amazon is offering the second-ever chance to save on Greenworks’ new 60V 17-inch Cordless Electric Push Lawn Mower for $299.99 shipped, after clipping the on-page $100 off coupon. This new model of the brand’s affordable mowers starts things at a $400 full price, with only one previous discount on the books, which first brought things to the $300 low a few weeks ago. That same deal is returning today, slashing $100 off the tag and returning the costs to the lowest price we have tracked.

Alongside some of the brand’s pricier mowers, like the CrossoverZ riding model, for example, Greenworks also puts out some solid budget-friendly options for folks. This new 60V push mower is one such option, with the included 4.0Ah battery providing it with a 40-minute runtime for smaller yards (though if you own other batteries, you can certainly cover more ground). The 17-inch lightweight deck comes rust-resistant and lightweight for more effortless maneuverability and control. Equipped with a brushless motor, it features a six-position cutting height adjustment from 1.5 to 3.15 inches while also offering rear bagging and mulching functionality.

Best New Year EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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