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Elon Musk made new comments about Tesla’s Full Self-Driving effort, saying he believes that only some “smart retail investors” understand the value that Tesla is going to create.

During Tesla’s conference call for the release of its Q4 2022 financial results yesterday, CEO Elon Musk made some comments about Tesla’s self-driving effort.

The CEO claimed that most people are missing the value that he believes Tesla is going to create with Full Self-Driving:

Something that I think some of these smart retail investors understand but I think a lot of others maybe don’t – is that every time we sell a car, it has the ability, just from uploading software, to have full self-driving enabled, and full self-driving is obviously getting better very rapidly. So that’s actually a tremendous upside potential because all of those cars, with a few exceptions, only a small percentage of cars don’t have Hardware 3, so that means that there are millions of cars where full self-driving can be sold at essentially 100% gross margin. And the value of it grows as the autonomous capability grows. And then, when it becomes fully autonomous, that is a value increase in the fleet. That might be the biggest asset value increase of anything in history. Yes.

Musk has previously stated that when Tesla finally delivers on its self-driving promises, it will unlock tens of thousands in value in each Tesla vehicle through the capacity to turn them into robotaxis.

However, the CEO hasn’t mentioned that service in a long time as Tesla missed several previously announced timelines. Now Musk has been mainly focusing comments on improvements to Tesla FSD Beta. He has stayed away from offering a timeline to deliver on the promised capabilities.

Electrek’s Take

I always like to be careful when I talk negatively about Tesla FSD because I do believe that on its own the product is impressive and the people developing it are doing an incredible job – for the most part.

My main problem with the situation is the discrepancy between the current capacity of the product and what Tesla, and more specifically Musk, has been promising for now seven years. There’s that, and there’s the constant moving of the goalpost.

At first, it was 1 million robotaxis by the end of the year, then it was 1 million people on FSD Beta, and now it’s just 400,000 people on FSD Beta and no word on an actually useful full self-driving product.

What Musk doesn’t seem to understand is that every single investor on earth understands that a company delivering full self-driving capability in millions of vehicles would be a massive assets value increase and, yes, potentially the biggest of any in history, as Musk says.

You don’t need to be that smart to understand that.

The doubts that Musk is hearing, and I assume what is leading him to say something like this, are not due to a lack of understanding of the value of self-driving but about whether Tesla will ever deliver that capability on these millions of cars.

Musk and Tesla have lost a lot of credibility on that front due to the previously mentioned missed deadlines and moved goalposts. There’s certainly room for doubts.

The CEO said yesterday that “full self-driving is obviously getting better very rapidly,” but that’s not my experience after a year of using it in my car, nor is it the experience of most FSD Beta users I know who are not primarily pandering to Musk or trying to justify to themselves having purchased the expensive feature or Tesla stocks.

Musk has been known to block critics on Twitter, and he has surrounded himself with yes-men and sycophants who keep telling him how amazing FSD Beta is.

And again, I think it is amazing that Tesla achieved what it did with FSD Beta if the feature lived in a vacuum without the many promises made. If Tesla had never promised anything and just unveiled this through software updates in its cars, we would all be impressed.

But compared to the promises of a robotaxi service, it is a disappointing product with no clear path to achieving the company’s promises on the current hardware.

If I go into my Tesla right now and activate FSD Beta, I feel more like a driver-ed instructor trying to teach a confused 16-year-old first-time driver than someone being driven around by a robotaxi. It doesn’t make for a better driving experience.

I’d be OK with that if there were a clear path for Tesla to achieve the robotaxi capability, but with Musk believing that the progress has been incredible when it’s hard to see any meaningful improvement from a user basis over the last year, it’s becoming harder to believe him or to believe in the product.

I think that’s the disconnect between Musk believing people don’t understand the value of self-driving through software updates and people actually starting to have serious doubts about Tesla delivering it.

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A wind farm in Texas will help power Rivian’s Adventure Network

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A wind farm in Texas will help power Rivian's Adventure Network

Rivian will power its DC fast-charging network with renewable energy company RWE’s Champion Wind farm in Texas.

The two companies just signed a 15-year power purchase agreement (PPA) for electricity from RWE’s repowered Champion Wind in Nolan and Mitchell counties, west of Abilene.

The 127-megawatt (MW) Champion Wind is getting new turbine nacelles and blades, which will extend the wind farm’s lifespan. Originally commissioned in 2008, the wind farm is expected to be fully upgraded by mid-2025. When the wind farm is back online, it’ll be capable of generating enough electricity to power nearly 1 billion miles of renewable driving every year for Rivian, or the equivalent of powering 36,000 homes annually in Texas.

This wind power is set to support Rivian’s DC fast-charging Adventure Network with renewable energy. Rivian has set a specific goal to enable 7 billion miles of renewable driving.

Paul Frey, Rivian’s VP of propulsion, charging & adventure products, said, “Champion Wind is a powerful enabler for Rivian drivers to become active participants in building a cleaner grid every time they charge their vehicle. This project shows the potential to meaningfully decarbonize the grid and support a more circular economy through reuse and recovery of existing infrastructure, all while maintaining highly competitive economics.”

Siemens Gamesa is supplying 41 turbines with new nacelles and blades on existing towers. The nacelles and blades are being manufactured in the US. In addition, as part of the repowering project, six new Siemens Gamesa turbines rated at 3.1 MW each will also be added to the wind farm.

The decommissioned wind turbine blades from Champion will be repurposed. RWE is working with REGEN Fiber, an Iowa-based company that recycles wind turbine blades to make reinforcement fibers for the construction industry. Those fibers are then used in concrete to add strength and durability, extending the lifespan of infrastructure.

RWE is the third-largest renewable energy company in the US.

Read more: This renewables giant is going to use wooden wind turbine towers


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Rivian offers $3k discount to buyers switching from a gas car, with a catch

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Rivian offers k discount to buyers switching from a gas car, with a catch

Rivian is bringing back its “All-Electric upgrade offer” from now until November 30th, but with some changes to the program.

Earlier this year, Rivian offered $1k-$5k off a new Rivian if you trade in an old gas car, from April to June. The offer was available for specific vehicles, and with a sliding discount scale based on which Rivian vehicle you order.

Now the program has come back, but with quite a few changes from the previous version.

As of today, October 31, if you buy a new Rivian R1T or R1S new inventory vehicle from the R1 Shop, you can get a $3,000 discount if you also prove that you own or lease a qualifying gas-powered vehicle.

This is simultaneously simpler, more lenient, and more restrictive than the previous offer, in various ways.

First, the discount is a flat $3k (or $4,100 CAD), rather than having a scale based on what model you order, which is more streamlined.

Second, the discount applies to every gas or hybrid vehicle owner – you don’t have to trade in your vehicle, and you’re not limited to a specific list of vehicles. Just prove that you own or lease a gas car (copy of registration, proof of insurance, etc), and you get the discount.

However, third, it’s more restrictive as to what vehicles you can purchase. The current offer applies only to Rivian new inventory vehicles in the R1 Shop, and excludes demo vehicles, pre-owned vehicles, or custom build vehicles. It also does not apply to Rivian’s base Dual Standard models, but everything else is fair game.

In order to qualify, you need to place your order between today and November 30, and you must take delivery of the vehicle before December 31. Check out all the specifics of the offer on Rivian’s site here.

Electrek’s Take

Rivian is clearly trying to round out its yearly numbers with this offer, as the market for pricy cars is somewhat soft with increased interest rates. It just slightly lowered its annual delivery guidance, now planning to see roughly similar deliveries this year than last.

But its R1 vehicles just got a huge refresh to help the company with costs and to offer new features. The R1S is still one of the most popular high-priced vehicles in the US, and the company’s products earn universal acclaim from owners.

The interesting thing is that Rivian had a similar offer earlier this year, before the refresh, to help clear out inventory of older vehicles. It didn’t see it fit to offer the discount last quarter, perhaps buoyed by the updated model, but after a rough Q3 of deliveries it now brought the offer back.

Rivian is still guiding to reach a slight gross profit in Q4, though we’re sure we’ll hear more about that in its upcoming quarterly earnings next week.

If our coverage of Rivian has helped inform you about the brand, feel free to use our Rivian referral code to get 6 months of free charging or 750 Rivian Rewards points with your purchase.


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Hyundai Casper EV Cross spotted for the first time with new design upgrades [Video]

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Hyundai Casper EV Cross spotted for the first time with new design upgrades [Video]

Hyundai’s new low-cost EV is getting a bold design upgrade. The Hyundai Casper EV Cross was spotted for the first time in public, revealing new design elements.

Although we knew a rugged “Cross” variant was headed to Europe, this was the first time the domestic model was spotted with an upgraded design.

Hyundai unveiled the Inster EV Cross earlier this month, giving the electric city car an off-road new look.

The Inster EV is Hyundai’s overseas version of its domestic Casper Electric model. In Korea, Hyundai’s Casper EV starts at around $20,000 (27.4 million won). Hyundai said its new EV can be bought for under $8,000 (10 million won) with subsidies.

In Europe, it starts at under $27,000 (25,000 euros). The Cross variant is built for “those looking for an EV with a more adventurous look,” Hyundai said.

Although it offers the same versatility as the standard model, the Inster EV Cross gains rugged design elements, including new front and rear bumpers, black claddings, skid plates, a roof rack, and more.

Hyundai-Casper-EV-Cross
Hyundai Inster EV Cross (Source: Hyundai)

Here’s our first look at the Hyundai Casper EV Cross

After a rugged new variant with the Casper EV logo was spotted in Korea for the first time, a Cross model is expected to debut shortly.

The new video from HealerTV reveals added design elements, including the roof rack and more aggressive black trim.

Hyundai Casper EV Cross spotted for the first time (Source: HealerTV)

The reporter notes that the Hyundai Casper EV Cross has a “much more mechanical and futuristic feel than the existing model.”

It almost appears “robot-like” with an added off-road feel. The Inster EV Cross gets up to 223 mi (360 km) WLTP driving range. In Korea, the Casper Electric is rated with up to 195 miles (315 km) driving range.

Hyundai-Casper-Electric
Hyundai Casper Electric (Source: Hyundai)

Although Hyundai Casper (Inster) EV is not expected to launch in the US, the low-cost model was spotted driving in California for the first time this month.

In the meantime, off-road fans can get in line for Hyundai’s upgraded 2025 IONIQ 5, which will be available with a rugged XRT trim. The 2025 IONIQ 5 XRT model was also recently caught testing ahead of deliveries.

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