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As the UIM E1 World Championship Series gears up to kick off its first-ever electric boat racing season later this year, it has offered a Q&A with its cofounder and CEO Rodi Basso, who shares several progress updates. With at least eight teams expected to compete in season one, we are certain to see the series grow soon and now have a better idea of what continents the electric boats will be racing on in 2023.

If you haven’t heard of it yet, the UIM E1 World Championship is a nascent electric boat racing league created by Formula E and Extreme E founder, Alejandro Agag, and Rodi Basso – a former director of Motorsport at McLaren with a background in Formula 1 engineering.

We’ve been following this upcoming league’s progress since early last year when it began testing of the all-electric foiling boats its teams will be racing in, called RaceBirds. The E1 team has explained that its inaugural season will consist of 8 to 12 teams representing various cities and countries around the world, competing across 10 different marine tracks in various climates.

So far, we have three official E1 teams in place – Team Venice, Team Mexico owned by Formula 1 driver Sergio Perez, and the latest team to join – Team Spain, owned by Tennis legend Rafael Nadal. These big names bring attention to the budding racing league, but E1 is still five teams short of having an actual series.

According to E1’s cofounder, there are plenty of talks with big names going on and in order to remain sustainable, the electric boat racing league won’t travel around as much in its first season.

E1 racing season
E1 cofounder and CEO Rodi Basso / Credit: E1

Inaugural E1 season will be racing in Europe and Middle East

In the league’s latest blog post, CEO Rodi Basso participates in an extensive interview, discussing everything from Rafa and Perez signing on, to the progress of the RaceBird electric boats, and plans for this coming season.

When speaking to the need for at least eight teams, Basso elaborated on the number of inquiries from potential owners, including names from sports, entertainment, motorsports, and even entrepreneurs – all looking to establish a team that represents a particular area or city. He went on:

Of course there’s a strategy behind the decision who to partner with, however, it’s our vision and mission first and foremost that is enabling us to attract high-profile sports personalities like Nadal and Perez. Having a clear purpose matters to people and our purpose is to accelerate electrification in the marine industry. Just like our electric cousins at Formula E and Extreme E have done in the automotive industry, we’re trying to do the same with recreation and leisure boats. Taking this approach with having recognisable team owners, it allows us to dramatically expand our reach and grow E1’s fanbase.

When asked about the progress of RaceBird development, Basso explained that everything remains on track for the start of the first E1 racing season. He went on to say that the boats themselves have already broken a top speed of 50 knots (57.5 mph), which was its original target.

That said, Basso said E1 is only planning to have one group of RaceBirds for season 1 and a second group of electric racing boats ready to join for season 2. Due to this fact, plus the league’s goal to limit its carbon footprint, E1 plans to compete across just two continents this year before expanding in its second season. Basso explains:

Given we’ll be shipping the RaceBirds and freight around the world to reduce our footprint, it restricts us to racing in two regions of the world in Season 1. The focus for the first season will be to host races in the Middle East and Europe, and then expanding out further to North America and Asia in Season 2. E1 is a World Championship and we’re getting a lot of interest from a number of cities. Some conversations are well advanced and we should be ready to publish the provisional calendar soon.

Another method of combating freight emissions is to establish hubs around the globe where the RaceBirds and their respective equipment can be stored. E1’s CEO says that’s the plan for future racing seasons, and hub conversations are already underway in Venice, Florida, and Asia – hinting to where we may see electric boat competitions in the future, at least in North America.

Lastly, Basso spoke to E1’s racing format, which is still expected to be a knockout competition in its first season. He explained that the championship series is also targeting a unique time of day to compete to attract as many spectators as possible:

We’re still keen on pursuing the knockout style format. Not only is it exciting, I think it naturally lends itself to the characteristics of racing on water. Head-to-head races and multiple sprint races will offer a continuous dose of adrenaline for fans locally or those following the action on TV. We’re also taking a similar path to Extreme E with teams having mixed gender pilots. This format means each pilot has plenty of time behind the wheel and each can contribute to the success of the team. Races will be in the late-afternoon and there will be more activities happening around the event into the evening. This will allow E1 to become more of a ‘city event’ that appeals to as many people as possible.

While we’ve gotten plenty of exciting updates about the first-ever E1 racing season, we still do not know when it will begin. Basso once again said “later this year,” adding that the series is targeting one race per month through to autumn next year. Ten races, ten months, well into 2024 – we’d wager the UIM E1 World Championship will begin season 1 pretty late into 2023.

Before then however, E1 has already inked a deal to race multiple electric boats as a launch event to season 1 during World Port Days in Rotterdam, Netherlands sometime this fall. Stay tuned for that. In the meantime, check out supermodel Cara Delevingne experiencing a RaceBird up-close in Venice.

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Tesla hires celebrity ambassador despite Elon Musk saying they don’t pay for endorsements

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Tesla hires celebrity ambassador despite Elon Musk saying they don't pay for endorsements

Tesla has hired a celebrity ambassador, a departure from Elon Musk’s policy of not paying for celebrity endorsements.

Musk has often bragged about the fact that Tesla doesn’t pay for celebrity endorsements in contrast to other automakers who hire celebrity brand ambassadors to promote their cars.

Much like advertising, Musk seems to be abandoning this strategy.

Tesla announced that it hired Olympic shooter Kim Ye-ji, whose performance at the Paris Olympics this summer went viral, to be the automaker’s brand ambassador in Korea.

Kim said about her new partnership with Tesla:

I’m very excited to work with Tesla, who have recognized me. I hope to convey a positive message together with Tesla.”

Here are a few pictures released to announce her new partnership with Tesla:

Kim’s agency said that her relationship with Tesla started from CEO Elon Musk tweeting about her viral performance at the Olympics:

“The relationship between Kim Ye-ji and Tesla developed after Elon Musk mentioned her. The company said that Kim is Tesla Korea’s first brand ambassador.”

She is not only Tesla Korea’s first ambassador, but she is the first known paid celebrity ambassador for Tesla globally.

The policy change is not entirely surprising since the policy of Musk not paying celebrities to endorse Tesla’s products was often attached to the automaker’s strategy not to advertise.

Musk went as far as to say that he “hates advertising,” and Tesla started advertising last year.

The change in strategy coincidently, or not, came after Musk bought Twitter, a company relying on advertising, and Tesla even started to advertise on Twitter, now called X.

Tesla sales in Korea haven’t been amazing, but the country’s auto market greatly favors domestic brands. The American automaker does fairly well for a foreign brand with the Model Y becoming the best-selling imported vehicle in Korea during the first half of 2024.

Although, it amounted to just over 10,000 units.

Electrek’s Take

It’s a change of strategy, and Elon certainly can’t claim that Tesla doesn’t pay for celebrities to endorse its products, but it is probably a smart move due to the fact that Koreans prefer domestic brands.

Kim could help create a deeper level of attachment to the Tesla brand, but I don’t really know. I’m just speculating.

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Kia smashes US sales record again in October with surging demand for EVs

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Kia smashes US sales record again in October with surging demand for EVs

Kia just broke its October sales record as its impressive US sales run continues. After another record-breaking month, Kia said the growth is fueled by “strong demand” for its electric vehicles.

Kia sets new October sales record in the US

Kia sold 69,908 vehicles in the US last month, up 16% from its previous October sales record in 2023.

According to Kia, higher demand for its electric models is charging up sales in the US. Kia’s electrified sales (EVs, PHEVs, and HEVs) reached its highest ever in October.

All-electric vehicles (EVs) led the way, with sales surging 70% year-over-year (YOY). Plug-in hybrid (PHEV) and hybrid (HEV) sales were up 65% and 49%, respectively, from October 2023.

Kia’s first dedicated electric model, the EV6, set a new October sales record with 1,941 units sold. Through the first ten months of 2024, Kia has now sold over 17,700 EV6 models in the US. Meanwhile, its first three-row electric SUV, the EV9, continues to defy expectations.

With another 1,941 models sold last month, Kia EV9 sales reached 17,911 through October. That’s even more than the EV6 despite costing +$12,000 more.

Kia-sales-record-October
2024 Kia EV9 GT-Line (Source: Kia)

Kia’s first US-made EV9 rolled out of its West Point, GA plant this summer. Although the EV9 is expected to qualify for the full $7,500 federal tax credit next year, Kia is matching it for now through incentives.

Next year, we will also finally see the EV9 GT, which Kia promises will have “enormous power.” Ahead of its official debut, we got our first look at the sporty electric SUV with an active spoiler last month.

2025 Kia EV9 Trim Starting Price*
Light Standard Range $54,900
Light Long Range $59,900
Wind $63,900
Land $69,900
GT-Line $73,900
2025 Kia EV9 price by trim (*excluding $1,325 destination fee)

Earlier this month, we learned that the 2025 EV9 will start at $54,900 (not including the destination fee), which is only $700 more than the 2024 model.

With prices dropping to potentially under $50,000, Kia’s three-row electric SUV is a steal. If you’re ready to experience the EV9 for yourself, we can help you get started. You can use our links below to view deals on Kia’s electric vehicles in your area.

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Exxon CEO on U.S. election: ‘Not sure how drill, baby, drill translates into policy’

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Exxon CEO on U.S. election: 'Not sure how drill, baby, drill translates into policy'

Exxon Mobil CEO Darren Woods on Q3 results: Company transformation is beginning to manifest itself

The outcome of the U.S. presidential election on Nov. 5 won’t affect oil production levels in the short- to medium term, Exxon CEO Darren Woods told CNBC on Friday.

Former President Donald Trump has called for unconstrained oil and gas production to lower energy prices and fight inflation, boiling his energy policy down to three words on the campaign trail: “Drill, baby, drill.”

“I’m not sure how drill, baby, drill translates into policy,” Woods told CNBC’s “Squawk Box” Friday after the largest U.S. oil and gas company reported third-quarter results.

Woods said U.S. shale production does not face constraints from “external restrictions.” The U.S. has produced record amounts of oil and gas during the Biden administration.

Over the past six years, the U.S. has produced more crude oil than any other nation in history, including Saudi Arabia and Russia, according to the Energy Information Administration.

Output in the U.S. is driven by the oil and gas industry deploying technology and investment to generate shareholder returns based on the break-even cost of production, the CEO said.

“Certainly we wouldn’t see a change based on a political change but more on an economic environment,” Woods said. “I don’t think there’s anybody out there that’s developing a business strategy to respond to a political agenda,” he said.

While shale production has not faced constraints on developing new acreage, there are resources in areas like the Gulf of Mexico that have not opened up due to federal permitting, the CEO said.

“That could, for the longer term, open up potential sources of supply,” Wood said. In the short- to medium term, however, unconventional shale resources are available and it’s just a matter of developing them based on market dynamics, he said.

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Exxon Mobil shares in 2024.

The vast majority of shale resources in the U.S. are on private land and regulated at the state level, according to an August note from Morgan Stanley. About 25% of oil and 10% of natural gas is produced on federal land and waters subject to permitting, according to Morgan Stanley.

Vice President Kamala Harris opposed fracking during her bid for the 2020 Democratic presidential nomination. She has since reversed that position in an effort to shore up support in the crucial swing state of Pennsylvania, where the natural gas industry is important for the state’s economy.

Don’t miss these energy insights from CNBC PRO:

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