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Right now, as I’ve highlighted briefly before, there’s a hot negotiation underway between almost every other Democrat in the House & Senate and two Democratic Senators — Kyrsten Sinema and Joe Manchin. Republican Party politicians are non-existent in the negotiations*, and since the US Senate is split 50–50, with Vice President Kamala Harris as the deciding vote, we need 100% of Democratic senators onboard in order to pass anything. (Fun.)

The big push right now is to deliver on Biden’s agenda, what Biden promised and what ~99% of Democrats in office (if not 100%) made promises about when they ran for office. Why that’s something that needs to be negotiated within the party may seem like a mystery, but it appears to just come down to the financial interests of Sinema and Manchin. Though, there is some misleading handwaving and muttering going on about the US budget and economy that might confuse some passersby nonetheless. So, I wanted to take a moment to put a few things into perspective, and to also highlight what is actually in the Build Back Better proposal at the moment. (Also, though, let’s be frank — there’s much more on the line than just what’s in the proposal.)

Build Back Better … Over Next 10 Years

First of all, it should be noted that the “$3.5 trillion bill” most Democrats, Biden included, are pushing for is covering a 10-year period, so the actual annual cost is $350 billion. That us half of the annual cost of U.S. defense spending. One would think that the richest nation on Earth could find some money to spend on something other than the military, right?

Even more poignantly, Bill McKibben (who I recently interviewed) highlighted that the “cost” to these investments is peanuts compared to the cost of unchecked climate change/catastrophe. It’s like saying, I don’t want to spend $1 to drive to work, so I’m just not going to work any more. Not intelligent.

But What’s In The Build Back Better Bill?

But I just fell into the same trap others in the media and politics have fallen into with this bill, focusing on the price tag of the bill rather than what’s in it. Let’s look at what 99% of Democrats are trying to get passed, what the majority of the American public has indicated it would like to see passed (large chunks of Republicans as well), and what two seemingly self-serving senators (plus the 50 on the Republican side) are blocking. Who better to explain it than a congressman who knows how to speak in plain English. But he can also start with some perspective on the price tag (I know, I know):

So, let’s recap:

  • modest but important funding to accelerate the adoption of electric vehicles, solar energy, and wind energy
  • giving Medicare the ability to negotiate drug prices so that pharmaceutical companies don’t rip them off as much
  • instituting a long-term version of the current child tax credit so that less wealthy families with young kids can afford food, housing, and a bare minimum quality of life in the richest nation on Earth (note: aside from the fact that this is just the moral thing to do, helping these families to have a basic foundation with regard to the necessities of life will make it more likely the kids will become productive members of society as they grow up)
  • not nearly as much as Europeans get (after all, “we can’t afford” to have the nice things Europeans have), but some guaranteed time off for when people have medical or family needs to take care of
  • dental and vision coverage for seniors on Medicare — because, you know, those are thing that old people may need help with, and we supposedly care for our neighbors in this country.

So, that’s some of the key stuff in this bill. You can see more here as well. How anyone can oppose this is beyond my moral comprehension. The level of selfishness and warped logic required to oppose those things are truly bewildering.

But we’re not done yet. The price tag is supposedly the concern.

How To Pay For The Build Back Better

Again, that make no sense on the surface considering that the annual federal budget is $5 trillion, meaning that $350 billion is a drop in the bucket, but there’s much more to note at all. This is not a check to an alien society on a foreign planet. The “cost” also comes with significant returns on the investment. In actuality, the economic benefit will easily surpass the cost. Here’s a partial explanation from Mr. Casten:

Difficult? No. Risky? No. Completely sensible and good for the United States? Yes!

This is simply about investing in the American people and taking care of our elderly rather than letting the 0.1% continuously explode their wealth to levels they can’t fathom and that don’t even change their lives in any notable way.

Remember, aside from 50 Republicans in the Senate (feel free to call their offices or the companies that fund them if any represent you), there are just two Democratic politicians blocking the above bill — Senator Kyrsten Sinema and Senator Joe Manchin. Contact them and let them know how you feel and how inclined you are to support them in the future. You have contact forms above, and here are the phone numbers:

*Since they have become the party of do-nothing-but-cut-taxes-on-the-richest-of-the-rich robots and authoritarian, brainwashed seditionists (which are enabled by the former). I think the former outnumber the latter, but who knows these days? Look at the detailed history of the rise of Mussolini, Hitler, and other fascist authoritarians.

Featured photo by Gage Skidmore (CC BY-SA 2.0 license)

 

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NIO’s (NIO) new low-cost electric SUV paves the way for a ‘brand revival’ analyst claims

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NIO's (NIO) new low-cost electric SUV paves the way for a 'brand revival' analyst claims

NIO’s (NIO) new Onvo L60, starting at just $21,200, paves the way for a “brand revival,” according to Deutsche Bank analyst Wang Bin’s team. The new low-cost electric SUV is crucial as NIO takes aim at market leaders like Tesla and BYD.

NIO’s new low-cost electric SUV shines in debut

On Thursday, NIO launched the Onvo L60, officially kicking off its new mass-market brand. The electric SUV is considered a true challenger to Tesla’s top-selling Model Y.

The L60 starts at just 149,900 yuan, or around $21,200, for the battery rental model, which includes a monthly subscription fee.

For those who choose the battery subscription model, rentals are $85 (599 yuan) for the 60 kWh and $125 (899 yuan) for the 85 kWh battery per month.

With the battery pack included, NIO’s new electric SUV starts at $26,300 (206,900 yuan), still cheaper than the Model Y, which starts at $34,600 (249,900 yuan) in China. After a successful launch, the Onvo L60 has already garnered the attention of analysts.

“We believe the Onvo L60 SUV’s success paves the way for a Nio brand revival,” Wang’s team wrote in a note to investors on Friday.

NIO's-new-low-cost-SUV
NIO Onvo L60 electric SUV (Source: Onvo)

NIO’s L60 is the first EV based on its new NT 3.0 platform, offering higher performance at a lower cost.

The note added that the (NT 3.0) tech platform will underpin all new Onvo models, unlocking future savings with a cost-competitive supply chain.

NIO's-new-electric-SUV
NIO Onvo L60 electric SUV (Source: Onvo)

Setting the new standard

NIO’s new low-cost electric SUV and NT 3.0 platform enable a path for long-term vehicle gross margin improvement. Wang’s team said “25% for the NIO brand and 15% for the Onvo brand” as guidance.

The Onvo L60 (4,828 mm long x 1,930 mm wide x 1,616 mm tall) is slightly bigger than Tesla’s Model Y (4,750 mm long x 1,921 mm wide x 1,624 mm tall), but its longer wheelbase (2,950 mm vs. 2,890 mm) provides more interior space.

NIO's-new-low-cost-SUV-side
NIO Onvo L60 electric SUV (Source: Onvo)

NIO claims the L60 sets the “new standard for family cars” as a long-range, highly efficient electric SUV at a competitive price.

According to NIO, the L60 has “industry-leading ultra-low CLTC energy consumption of 12.1kWh/100km,” better than the Model Y at 12.5 kWh/100km.

NIO-Onvo-L60-interior
NIO Onvo L60 interior (Source: Onvo)

The interior features a Model Y-like design, with the 17.3″ infotainment screen at the center of an otherwise minimalistic interior. Rear passengers also get an 8″ entertainment screen.

Wang’s team said NIO’s new electric SUV offers a better exterior design, more interior space, at a lower cost.

NIO Onvo L60 vs Tesla Model Y trims Range
(CLTC)
Starting Price
NIO Onvo L60 (Battery rental) 555 km (341 mi)
730 km (454 mi)
149,900 yuan ($21,200)
NIO Onvo L60 (60 kWh) 555 km (341 mi) 206,900 yuan ($29,300)
NIO Onvo L60 (85 kWh) 730 km (454 mi) 235,900 yuan ($33,400)
NIO Onvo L60 (150 kWh) +1,000 km (+621 mi) TBD
Tesla Model Y RWD 554 km (344 mi) 249,900 yuan ($34,600)
Tesla Model Y AWD Long Range 688 km (427 mi) 290,900 yuan ($40,300)
Tesla Model Y AWD Performance 615 km (382 mi) 354,900 yuan ($49,100)
NIO Onvo L60 vs Tesla Model Y in China

Initial dealer feedback has been “very strong,” according to the note. As a result, Wang’s team increased its monthly delivery guidance to 10,000 from 8,000.

With 20,176 vehicles delivered last month, NIO has now crossed the 20K sales mark for four months.

NIO's-new-low-cost-SUV
NIO stock chart over the past 12 months (Source: TradingView)

NIO’s stock is up 32% over the past month as momentum picks up. However, NIO shares are still down 36% in 2024 and 39% over the past 12 months.

Source: CnEVPost

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ZEEKR launches 7X SUV in China for $32,500 after nabbing close to 60,000 pre-orders

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ZEEKR launches 7X SUV in China for ,500 after nabbing close to 60,000 pre-orders

Less than a month after its public unveiling, ZEEKR has officially launched its new family-friendly 7X SUV in China before it makes its way to global markets. Today, we also learned the 7X’s starting pricing, which comes in at RMB 229,900, or about $32,500.

Always one to move quickly, ZEEKR’s progress to today’s launch of the 7X SUV has been steadfast and filled with continuous updates. We first caught wind of a new all-electric SUV model this past July when we saw some camouflaged images of what was initially called “the CX1e.”

Two days later, ZEEKR confirmed the new model is called the 7X and will join the X SUV as the second all-electric model to be sold globally. Shortly after, ZEEKR shared uncamouflaged images and news that the 7X will be its first model to feature its new LFP batteries that can recharge from 10-80% in 10.5 minutes.

At that time, ZEEKR shared that the dual-motor version of the 7X can accelerate from 0 to 100 km/h (0 to 62 mph) in four seconds. However, after its official unveiling in China last month, we learned the 7X is faster than initially stated and would begin rolling out to customers overseas by the end of September.

As we enter the latter part of September, ZEEKR has officially launched the 7X SUV in China, with much excitement from customers who have shown up in droves to place their orders.

ZEEKR 7X SUV

ZEEKR 7X SUV deliveries to begin in China this month

Per ZEEKR, the five-seat 7X SUV has officially launched in China and was “crafted to disrupt the status quo, masterfully blending high-end comfort with robust capabilities for off-road exploration, making it ideal for both urban and rugged environments.”

Although it has continuously been advertised as a family-friendly SUV, the 7X is equipped with impressive off-road capabilities, including a double wishbone and air suspension that enable a ground clearance of 230mm (9 inches). ZEEKR also shared that the 7X is the world’s first all-electric SUV to climb Bilutu Peak – the highest fixed dune on the planet.

As we mentioned last month, the 7X can accelerate from 0-100 km/h (0-62 mph) in 3.8 seconds and is available in two battery configurations. Consumers can opt for a 75 kWh lithium-iron-phosphate (LFP) battery that offers a (CLTC) range of 605 km (376 miles) or a 100 kWh nickel manganese cobalt (NMC) variant that delivers up to 780 km (485 miles) of CLTC range.

As mentioned above, today’s launch of the ZEEKR 7X SUV offered the first glimpse at pricing. While we don’t yet know the pricing difference between the two battery variants, we have learned that the new model will start at RMB 229,900 ($32,500).

That’s an enticing price for an electric vehicle of this size in any market, and the consumers in China agree so far. ZEEKR shared that since opening pre-orders 20 days ago, the 7X SUV has secured 58,000 orders.

Deliveries are expected to begin in China before the end of September, followed by a launch in other global markets, such as Europe, within a year.

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Russian warlord claims Tesla Cybertruck used in combat was remotely disabled by Elon Musk

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Russian warlord claims Tesla Cybertruck used in combat was remotely disabled by Elon Musk

Chechen leader and self-proclaimed “Putin’s foot solider” Ramzan Kadyrov claimed that his Tesla Cybertruck used in combat in Ukraine was remotely disabled by Elon Musk.

Last month, we reported on Kadyrov, who has been ruling over the Chechen Republic for more than a decade, taking delivery of a Cybertruck and outfitting it with a machine gun.

The report was controversial for a few reasons.

First off, it’s unclear how Kadyrov got a Cybertruck as sanctions against Russia and him specifically should have prevented it. Also, the Chechen leader claimed that he was sending the Tesla Cybertruck to Ukraine to join the Russian war effort.

Finally, Kadyrov insinuated that the Cybertruck was gifted to him by Elon Musk – something the Tesla CEO quickly denied.

A few weeks later, Kadyrov claimed that the Cybertruck joined the war effort in Ukraine, but he posted on Telegram today that it was “remotely disabled by Elon Musk”. This time, he also more clearly claimed that Musk gifted him the Cybertruck:

“Now, recently, Musk remotely disabled the Cybertruck. That’s not a nice thing for Elon Musk to do. He gives expensive gifts from the bottom of his heart and then remotely switches them off. That’s not manly. We had to tow the iron horse. How could you do that, Elon?”

RT, which acts as a propaganda arm for Russia, reported that the “remote deactivation has been defeated” and that the Chechen leader is sending two more Cybertrucks to Ukraine.

They had footage of two Cybertrucks driving around with machine guns:

Any report from RT should be taken with a grain of salt as they obviously care more about propaganda than the truth.

Electrek’s Take

Who to believe? Elon Musk or a Russian warlord. To be honest, I have a tough time believing either. However, in this case, I doubt that Elon was dumb enough to give Kadyrov a Cybertruck.

It’s not impossible to remotely shut down a Cybertruck, especially if you can prove the owner broke the law to get it into Russia.

However, it is also very likely that it simply broke down and Kadyrov decided to claim it was remotely disabled. It wouldn’t be the first time he was lying.

Either way, what does it say of your army if it is using Cybertrucks? Let us know in the comment section below.

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