Tesla (TSLA) continues discounts in several markets as inventory piles up
Tesla is continuing its discounts on its electric vehicles in several markets as inventory has piled up, which is abnormal for the automaker this early in the year.
While Tesla has a policy not to offer discounts on its vehicles, it has often broken that policy at the end of quarters in order to deliver as many vehicles as possible.
It reduces the number of vehicles in inventory, which looks good on the balance sheet for the quarterly results.
That’s exactly what happened last quarter when Tesla offered more significant discounts than ever in several markets, leading several analysts to believe Tesla was having some demand issues.
Normally, the discounts end with the end of the quarter, but this time, Tesla has continued to offer discounts in the new year.
We already reported on Tesla slashing prices in China, but we have now learned that the automaker is also offering reduced prices in several other markets, including Australia, Singapore, South Korea, and Japan.
In Singapore, Tesla is offering a discount of $5,000 for people who trade in an existing internal combustion vehicle and another $5,000 credit to help cover the cost of the certificate to operate a car in Singapore.
That’s for existing inventory vehicles.
Tesla is also offering a free Wall Connector to new buyers.
The discount and price reductions are coming as Tesla happens to have some inventory build-ups, which is unusual for the automaker at the start of a new quarter.
Tesla’s inventory is typically low in most markets early in a quarter, especially overseas where markets are waiting for new shipments.
But Tesla has had around a 50,000-vehicle discrepancy between vehicles produced and vehicles delivered over the last two quarters.
This has resulted in some markets, especially outside the United States, having Tesla vehicle inventory early in the new year.
Electrek’s Take
We were already seeing some signs of demand issues for Tesla at the end of last quarter. Now, this pretty much confirms it.
Tesla has significantly increased its production capacity over the last year, and it looks like demand doesn’t quite match yet at the current prices.
Personally, I am not overly concerned for the automaker as I believe it will adapt and pull on some demand triggers to balance things out.
Obviously, the situation will affect its gross margin, but the automaker has some room to play there.
However, it’s going to be essential to see if these demand issues continue throughout the year because it could become a problem over time.
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A battery pack manufacturer has released a new solution for Tesla Roadster with aging battery packs. It would slash the car’s weight by about 400 lbs, but it’s not cheap.
In many ways, the Tesla Roadster sparked the electric vehicle revolution.
It was the first commercially available consumer EV with lithium battery cells – enabling over 200 miles of range on a single charge.
The vehicle had comparable or better performance than many other gas-powered vehicles in its segment.
The Roadster had its problem. It was a suboptimal solution as it was still heavily based on the Lotus Elise and not designed from the ground up to be electric, but it did its job as a proof-of-concept.
Tesla only manufactured about 2,000 of them between 2008 and 2011 before moving on to the Model S and other vehicle programs that were built to be electric from the ground up.
Despite being 13 to 16 years old, many Roadsters are still doing well. Electrek’s own Jamie Dow drives his daily. That’s despite Tesla not doing anything with the Roadster program since 2017 when it launched the Roadster 3.0 replacement pack.
Battery technology has improved a lot since then, and a company has decided to take advantage of that and offer a new battery pack for Tesla Roadster owners.
re/cell, a Texas-based supplier of remanufactured battery packs for EVs, has unveiled a new Roadster battery pack that aims to slash hundreds of pounds off of the sports car.
Unlike Tesla’s latest vehicles, which are equipped with skateboard-like platform battery packs, the Roadster has a pack that sits behind the seats in the back and the modules are in the shape seen above.
It does cause problems with balancing the weight of the vehicle.
The pack is able to achieve the Roadster’s peak power output, but it should be a lot more fun to drive by shaving up to 400 lbs off of the car’s original 2,877 lb (1,305 kg) weight.
It does come with a lower energy capacity than the original 53 kWh, but you should be able to achieve very similar range (over 220 miles) thanks to the efficiency gain from the weight loss.
Here are the full specs of re/cell’s new Roadster battery replacement pack:
- Peak Power Output: 260 kW / 285 kW
- Weight Savings: up to 400 lbs / 180 kg
- Volume Savings: 3.7 cu ft / 100 liters
- Energy Capacity: 38 kWh / 47 kWh
- Rated Range: 220-240 miles / 350-390 km
- Cell Type: 18650 / 3500 mAh
- Cell Configuration: 31p99s / 39p99s
re/cell describes some of the improvements that they were able to make to the pack:
The revolutionary cooling-block design is a single-piece molded core with Palladium-class cooling ribbons for improved cooling and temperature management. The contact area for heat transfer is 50x larger than the cooling tubes used in the original Roadster sheets and the overall surface area for cooling and heating is now more than double. No more vacant cooling voids allowing for hot spots or uneven cooling or heating – the entire cell is now fully encapsulated and temperature controlled!
However, this offer is not going to be for everyone since Roadster owners need to be willing to invest $28,000 in their aging vehicle, which is the price of the pack if you give your existing pack to re/cell.
Interestingly, the company is also thinking about offering other upgrades that can be enabled by space freed up by the new pack.
For example, re/cell believes it would be easier to make the pack capable of DC fast-charging. liquid cooling for the PEM and Motor
Electrek’s Take
I really enjoyed driving the Roadster 3.0, and I’d be curious to see how much better it would handle with 14% less weight.
There are just no other electric vehicles out there that weigh just 2,400 lbs. Even a Fiat 500e weighs nearly 3,000 lbs.
I can’t wait for small electric sports cars around 2,500 lbs. They should be so much fun and it sounds like this, despite not being designed from the ground up for it, could be an interesting preview.
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GM is honoring those who served our country with a new incentive to go electric. For Veterans Day and through November, GM is offering $1,000 off select Chevy, Cadillac, and GMC EV models. Here’s how you can score some savings this month.
GM EV offers for Veterans Day and November 2024
GM launched a new military appreciation offer this month, offering $1,000 off on select electric models to those who served.
The offer is good on most 2023, 2024, and 2025 electric models from GM’s Chevy, GMC, and Cadillac brands. Electric models included in the deal include the following:
- 2023, 2024, and 2025 GMC Hummer EV
- 2023, 2024, and 2025 Cadillac Lyriq
- 2024, 2025 Chevy Blazer EV
- 2024, 2025 Chevy Equinox EV
- 2024, 2025 Chevy Silverado EV
- 2024, 2025 GMC Sierra EV
Those interested can select their vehicle on GM’s Military Appreciation page. You will then be sent an authorization number, which you can use at a GM dealer.
The program includes Active Duty, Reservists, National Guard members, and Retirees of the US Army, Navy, Air Force, Marine Corps, and Coast Guard. To validate your military status, you will need to register through ID.me.
GM claims it has “the most inclusive military offer from any car company.” After selling a record 32,000 EVs last quarter, GM topped Ford to become America’s number two seller of electric vehicles.
Earlier today, GM announced EV sales in the US broke the 300,000 mark last month since 2016. The company said the sales surge is due to key new models rolling out.
With the lower-priced 2025 Chevy Equinox EV and Silverado EV LT models now arriving at dealerships, GM is poised to see even more demand going into next year.
For non-military members, GM still offers some of the most affordable EVs on the market. You can use our links below to find the best deals on GM’s all-electric models at a dealer near you.
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Environment
Coinbase, a16z and others pour more than $78 million into pro-crypto PAC for 2026 election
With one day to go until the U.S. general election, crypto companies have already poured tens of millions of dollars into the upcoming 2026 cycle. The pro-crypto and bipartisan super PAC Fairshake said Monday that the committee and its affiliates have raised $78 million for the 2026 midterm elections.
That $78 million breaks down to more than $30 million raised, plus another $48 million in new commitments from centralized crypto exchange Coinbase and Silicon Valley venture fund Andreessen Horowitz, among other companies.
Early Monday, a16z general partner Chris Dixon, who heads up the fund’s crypto book, published a note explaining why the company contributed another $23 million to Fairshake.
“Regardless of what happens in the 2024 elections, we’re committed to supporting policymakers, irrespective of party affiliation, who will work to establish a practical regulatory framework that protects consumers while allowing the industry to grow,” the letter read.
Dixon added that “supporting a PAC like Fairshake is just one crucial part of the strategy needed to achieve our larger policy goals” and that a16z would continue to meet with policymakers on both sides of the aisle to advocate for the industry.
All in, a16z has given $70 million to Fairshake as the VC looks to support the PAC’s larger mission of building a Congress comprised of pro-crypto legislators.
On Wednesday, Coinbase announced it would give another $25 million to Fairshake.
Coinbase, the largest U.S. crypto exchange, was sued by the Securities and Exchange Commission over claims that it engaged in unregistered sales of securities. It’s among Fairshake’s top contributors this cycle. The exchange has given more than $75 million to Fairshake and its affiliated PACs.
“We know we need to have pro-crypto legislation passed in this country,” Coinbase CEO Brian Armstrong said during the company’s third-quarter earnings call. Coinbase shares plummeted 15% after the company reported a miss on the top and bottom lines.
Ripple Labs is another major political donor this cycle that has given around $50 million to Fairshake. A spokesperson said the company committed $25 million both this year and last year and intends to remain a strong force in DC for years to come.
Fairshake told CNBC it’s raised around $170 million this cycle and disbursed approximately $135 million.
The majority of the group’s funds can be traced to Coinbase, Andreessen Horowitz and Ripple Labs. The remaining balance comes from a mix of companies and individual donors. Armstrong, for example, gave $1 million, while the Winklevoss twins put in $5 million.
Fairshake was launched last year by a consortium of crypto firms and is one of the top-spending PACs in 2024, even against oil companies and banks, which have historically been big political contributors. Nearly half of all the corporate money flowing into the election has come from the crypto industry, according to a report from the nonprofit watchdog group Public Citizen.
Fairshake’s spending, which has targeted House and Senate races in the 2024 cycle, is effective. Public Citizen’s report found that of the 42 primary races that attracted money from crypto-backed super PACs, 36 were won by the candidate supported by the crypto industry.
Fairshake’s corporate and individual donors want crypto laws passed in the U.S.
Dixon and others say they’re looking for comprehensive market structure legislation for digital assets and a law to govern stablecoins, tokens pegged to the value of a real-world asset that are now virtually synonymous with U.S. dollar-pegged coins.
“Many industries come to DC asking to roll back rules, and we have come to DC asking to establish them,” Dixon wrote in his post Monday.
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