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With revenue tumbling almost as fast as market share, Tesla stock is taking a pounding – exactly like CEO Elon Musk predicted! We’ve also got FSD rolling out in China, a German automation acquisition, and more on today’s red candlestick edition of Quick Charge!

We’ve also got some clarifying news at Mercedes-Benz, which is set to ditch its confusing EQ-based model alphanumerics and (God willing) their suppository-based styling language, too. Plus, Rivian launches a new upfit service to make it easier for fleet managers to order ready-to-work EVs, Ram ProMaster EV lives up to its promises with more options and a lower price tag, and a big solar deal goes down.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

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Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

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BMW is selling more EVs than Audi and Mercedes COMBINED – here’s why

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BMW is selling more EVs than Audi and Mercedes COMBINED – here's why

We already know that BMW closed off 2024 with a banner year for its electrified “i” models – but it took a while for the larger picture to become clear. Not only is BMW succeeding with EVs, the Bavarians are outselling their two closest competitors combined. (!)

First things first – we need to look at the numbers: BMW sold delivered 368,523 units to customers globally, representing a nearly 12% growth in EV deliveries for the brand year-over-year (YoY). Perhaps more EVs made up fully 16.7% of the brand’s 2,200,217 unit total for 2024.

Arch-rival Mercedes-Benz, despite their highly publicized EQ branding and bespoke electric vehicle platforms, could only move 185,059 of its lozenge-shaped EQ models in 2024 (down a staggering 23% from 2023, which could be attributed to the cancellation of several German EV incentive programs if it weren’t for its competitor’s growth).

Over at Audi it’s more of the same, with the four rings brand moving 164,480 EVs in 2024 (7.8% less than the 178,429 units they managed to move in 2023).

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Neither of the Bavarians’ German rivals’ EVs cracked 10% of their companies’ overall sales, either – which begs the question: what gives? Are BMW’s electric vehicles really that much better than Audi’s and Mercedes’, or is something else driving the Ultimate Driving Machines’ successful growth in the electric vehicle segment?

BMW is setting, exceeding expectations

BMW Genius bar; via BMW.

The 2025 US Electric Vehicle Experience (EVX) Ownership Study from J.D. Power tells us that more people are more satisfied with their EV experience than last year – and (in the US, at least) the EV owners who are the most satisfied with their rides can be found behind the wheel of the BMW iX, followed closely by the BMW i4.

The reason BMW is consistently pulling ahead comes down to education. “First-time EV buyers are receiving minimal education or training,” explains Brent Gruber, executive director of the EV practice at J.D. Power. “Dealer and manufacturer representatives play the crucial role of front-line educators, but when it comes to EVs, the specific education needed to shorten the learning curve just isn’t happening often enough. The shortfall in buyer education is something we’re seeing with all brands.”

When an average car buyer is told, “this car can add 200 miles of range in 20 minutes” by an enthusiastic salesperson, they’ll expect that to be the case whenever they connect to a public charging station. And why wouldn’t they? If their entire fueling experience has been with gasoline, it’s highly unlikely that they’ve every thought about kW or kWh or amps or volts or what any of those things have to do with one another.

BMW dealers fully explain these things as part of their standard delivery practice through the company’s Genius program. Cunningly cribbed from Apple’s Genius Bar playbook, BMW (and, by extension, Mini) offers the best EV customer training in the car business. “With that in mind,” I wrote, when BMW’s second consecutive J.D. Power win came to light, “it’s hard to imagine this going down any other way.”

This advice applies everywhere

Meme credited to RandysRansom.com

I stand by that, but what do you think? Is this a question of customer service, are BMW’s new EVs really the best in the business, or is Audi’s “expensive Volkswagen” business model simply not viable in 2025? Scroll down to the comments and let us know what you think makes the electrified BMW’s the Ultimate Selling Machines.

On your way there, check out a few of these great deals on new BMW EVs:

Original content from Electrek; source links throughout.

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Tesla Full Self-Driving is stagnating after Elon said it is going exponential

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Tesla Full Self-Driving is stagnating after Elon said it is going exponential

Tesla’s Full Self-Driving (FSD) is stagnating with no real improvement in miles between disengagement in months just as CEO Elon Musk said it is going exponential.

The stagnation of FSD could be explained by Tesla making a pivot and focusing on its geo-fenced ride-hailing service instead of its long-standing promises.

Since 2016, Tesla has claimed that all it vehicles produced onward have all the hardware capable of self-driving at a level enabling a robotaxi service and that a software update would eventually enable it.

For the past six years, CEO Elon Musk has claimed that Tesla would achieve that goal by the end of the year, and he has been wrong every time.

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Lately, Musk has been focused on hyping Tesla’s latest Supervised Full Self-Driving (FSD) updates.

FSD is technically a level 2 advanced driver assist system (ADAS). It requires driver supervision at all times, and Tesla takes no responsibility in the case of a crash.

Miles between critical disengagement is the primary metric used to track progress with each FSD update. Tesla and Musk have both used the metric in the past.

In January, we reported on Musk sharing a crowdsourced FSD dataset, claiming that it showed Tesla had now reached “exponential improvement” with FSD v13. We noted that this was both false since exponential improvement would require an extra data point that he didn’t have and misleading since he focused only on highway miles between disengagement and Tesla had just introduced its long-used city driving neural network stack to highway driving.

FSD v13 has now been out for 3 months, and it received several point updates, but the same data praised by Musk a few months ago shows that it is stagnating – not going exponential:

Musk had previously claimed that v13 would enable “a 5 to 6x increase in miles between disengagement compared to v12.5.”

The data now shows that v13 barely brought a 2x improvement, going from ~200 miles to ~400 miles.

After over 33,000 miles reported through all versions of FSD v13, the datasets now point to 495 miles between critical disengagement on average:

Ashok Elluswamy, the head of FSD at Tesla, has previously stated that for Tesla to enable unsupervised self-driving, Tesla needs to achieve the average in miles per critical intervention “equivalent of human miles between collision,” which stands at 700,000 miles, according to NHTSA.

Musk is moving the goal post on Tesla Full Self-Driving

The current stagnation is disappointing for Tesla fans and surprising even to critics. Even those who don’t believe Musk’s ambitious timelines for Tesla to achieve self-driving believed that the system would improve faster.

It needs to improve faster if Tesla wants to go from ~500 miles between critical disengagement to 700,000 miles – the company’s own goal of being safer than humans.

We believe that a possible reason for the current stagnation is that Tesla is focusing on a new strategy for self-driving.

Last month, we posted a report called ‘Elon Musk is about to masterfully move the goalpost on Tesla Full Self-Driving‘. After years of being wrong about Tesla achieving unsupervised self-driving, Musk badly needs a win on that front.

That’s why instead of delivering on its long-stated promise of consumer vehicles achieving unsupervised self-driving, Tesla is shifting to releasing a ride-hailing service in a geo-fenced area around Austin, Texas in June.

Using an internal fleet of vehicles helped by teleoperation in a limited area is a complete change of plan for Tesla self-driving, and it is a service similar to what Waymo has been offering for years. Musk has even thrown colder water on Waymo’s approach, calling it “too difficult to scale.”

We believe that part of the reason why Tesla FSD is stagnating is that the automaker is currently using its engineering power as well as its training compute toward this new program rather than its broader FSD product.

Electrek’s Take

You know my take on FSD. I think that if it was developed in a vacuum without Tesla selling it as “Full Self-Driving” and Musk promising that it would be unsupervised by the end of every year for the last 6 years, I think it would simply be praised as the best level 2 ADAS system out there.

Unfortunately, it’s not the case.

Instead, Musk has tainted the product with lies and false promises and we are not even getting into HW3 in this post.

I think Musk has been really successful at misleading people with FSD, and now he thinks that this pivot to a Waymo-style product will enable Tesla to claim a win on self-driving without most people realizing that it’s actually a loss for millions of Tesla owners.

He might be able to pull it through, but we are going to keep reporting it for what it is on Electrek.

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As Binance works toward redemption, CEO says Trump has been ‘fantastic’ for crypto

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As Binance works toward redemption, CEO says Trump has been ‘fantastic’ for crypto

Richard Teng, chief executive officer of Binance Holdings Ltd., at an event hosted by the Foreign Correspondents Association in Singapore, on Tuesday, Sept. 17, 2024. 

Ore Huiying | Bloomberg | Getty Images

Binance CEO Richard Teng says the Trump administration has been a “fantastic” reset for the cryptocurrency industry.

“It’s an extremely different environment that we’re operating in,” Teng told CNBC on Tuesday.

In the span of 16 months, Binance has gone from a political outcast to a possible power broker in Washington. Once the poster child for regulatory defiance – Binance was slapped with a record $4.3 billion settlement with regulators and forced to oust billionaire founder Changpeng “CZ” Zhao – the crypto exchange is now navigating a dramatically friendlier political landscape under President Donald Trump’s second administration, Teng said.

“We’ve benefited from this shift,” said Teng, who was appointed Binance’s CEO in November 2023. 

Teng’s comments come as the crypto exchange is in talks to have the Trump family take a financial stake in the company, according to a report by The Wall Street Journal earlier this month. That same day, Bloomberg reported that World Liberty Financial, a Trump-linked crypto bank that has not yet launched, is engaged in talks with Binance to launch a dollar-pegged stablecoin. 

If such deals were reached, it would mark a staggering reversal for a company that was once a pariah in Washington. 

Teng, a soft-spoken former regulator, was careful with his words when addressing the reports.

“I believe both World Liberty Financial as well as CZ himself have tweeted and denied the reports,” said Teng, who runs the exchange’s operations outside the U.S. 

As for the rumors about a Trump stake in Binance.US, Teng demurred. 

“.US and .com are quite different animals, right?” he said. “They have different sets of shareholders, different boards of directors, and different CEOs running the show.”

Binance structured the two exchanges as independent entities in response to regulatory scrutiny, aiming to ring-fence its U.S. operations from the broader international business.

Still, Teng is bullish on what the new political environment means for crypto.

“We went from four years of Operation Choke Point 2.0 to now – you have a very pro-crypto, pro-AI president,” he said. While Binance.com doesn’t operate in the U.S., he said, “We have benefited from all these pro-crypto policies.”

Choke Point 2.0 is how industry insiders refer to an alleged crackdown by legacy banks on digital asset firms during the Biden administration.

Teng described a rapid global expansion that brought Binance from 170 million to 265 million users in just one year.

“We have received a lot of approaches from different governments around the world,” Teng said, citing regulatory progress in Japan, Australia, Hong Kong, Brazil, Argentina and the United Arab Emirates.

Binance is now licensed in 21 jurisdictions, and its influence extends well beyond the reach of any one country. That includes sovereign wealth funds, some of which are starting to quietly allocate to crypto, Teng said.

In the background of all this optimism is the reality of Binance’s checkered past.

Zhao, the company’s founder and former CEO, was criminally charged, forced to step down and served a short prison sentence. Binance paid the multibilllion-dollar settlement – finalized in late 2023 – to resolve a raft of violations with U.S. regulators, including the Department of Justice and the Commodity Futures Trading Commission.

One major front remains open: The Securities and Exchange Commission’s civil case against Binance and Zhao. 

The SEC and Binance in February agreed to a 60-day pause in proceedings as both sides consider a potential resolution. The stay comes amid a broader pullback by the SEC from several high-profile crypto lawsuits—signaling a potential regulatory reset under the new administration.

“We under-invested in compliance in those very early days,” Teng said. “But what’s important as a responsible institution is to acknowledge those early mistakes, make amends for it and invest greatly into compliance, which we are doing now.”

Binance now employs more than 1,300 professionals in compliance, roughly a quarter of its total workforce, Teng said. “The direction of travel is very clear. It’s one of compliance.”

The Nigerian government might disagree. 

One of Binance’s top compliance officers, Tigran Gambaryan, was recently imprisoned under harsh conditions. In Nigeria, Binance faced charges of alleged non-payment of value-added tax and company income tax, failure to submit tax returns and complicity in aiding customers to evade taxes through its platform. 

Alongside Gambaryan, who is a U.S. citizen and a former employee of the Internal Revenue Service, Nigeria has also imprisoned fellow executive Nadeem Anjarwalla, who is British-Kenyan. Both were charged and remanded in custody by Nigerian authorities. Anjarwalla escaped custody in March 2024, and Gambaryan was released several months later.

“The treatment he went through in Nigeria is not warranted,” said Teng about Anjarwalla. “We have always tried to liaise and work cooperatively with governments around the world.”

Since taking over as CEO, Teng has shifted the company from a founder-led startup to a board-governed organization. 

“Now I report to the board of directors,” Teng said. “We have a board of seven members, including three independent directors and an independent chairman.”

For all the scrutiny Binance faces, Teng insists the platform remains dominant.

“At any point in time, we have more than 40% of global market share,” he said.

He dismissed concerns about Coinbase’s growing political clout and the momentum behind crypto exchange-traded funds, arguing that ETFs are a gateway into crypto trading. 

“A lot of users that start trading through ETFs subsequently advance to cryptocurrency platforms,” Teng said, noting that while crypto trades nonstop, ETFs are limited to business hours.

Binance took on its first institutional investment earlier this month in a $2 billion deal with Emirati state-owned investment firm MGX, which is an AI and advanced tech fund that counts BlackRock and Microsoft as partners. It’s the largest investment ever made into a crypto company and the biggest to be fully paid in stablecoins.

Teng said he sees the investment as a way to bridge crypto and AI. 

“We are utilizing AI on an extensive basis,” said Teng, noting that Binance uses artificial intelligence for customer service, security and compliance monitoring.This is the blockchain sector. We have to continue to utilize technology to achieve efficiency.”

Asked what keeps him up at night, Teng rattled off a list: Security, compliance, product innovation and opportunities for mergers and acquisitions.

“We want to make sure we run a very robust, operational, best-in-class platform,” he said.

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Binance staff detained in Nigeria as country claims crypto investments are devaluing its currency

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