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Teslarati is your #1 source of news for everything Tesla. The world of SpaceX
Over 3,000 car dealers sent a letter to President Biden expressing their concerns about his administration’s push toward electric vehicles (EVs). Car dealers have informed the President that enthusiasm for electric vehicles has stalled, hinting at concerns over the demand for EVs.
“Last year, there was a lot of hope and hype about EVs. Early adopters formed an initial line and were ready to buy these vehicles as soon as we had them to sell. But that enthusiasm has stalled. Today, the supply of unsold BEVs is surging, as they are not selling nearly as fast as they are arriving at our dealerships — even with deep price cuts, manufacturer incentives, and generous government incentives.
“While the goals of the regulations are admirable, they require consumer acceptance to become a reality. With each passing day, it becomes more apparent that this attempted electric vehicle mandate is unrealistic based on current and forecasted customer demand. Already, electric vehicles are stacking up on our lots, which is our best indicator of customer demand in the marketplace,” wrote the car dealers to President Biden.
The main concern auto dealers wanted to express was the demand for electric vehicles. The dealers explained that the number of battery-powered electric vehicles (BEVs) arriving at dealerships outweighs the demand.
“BEVs are stacking up on our lots,” noted the auto dealers.
The auto dealers enumerated the reasons customers are delaying the purchase of BEVs, listed below. The group also noted that today’s technology cannot support customers’ needs.
Customers are not ready for change
Concerns over BEVs being unaffordable
No home charging or easy access to public charging stations
Range Anxiety
Loss of range during cold or hot weather
Loss of range when towing
Auto dealers aren’t the only groups concerned over the demand for BEVs. Battery suppliers have also hinted at declining demand for BEVs in the near future. For example, LG Energy Solution and SK On have laid off and furloughed workers recently, citing concerns over the demand for BEVs.
German automaker Volkswagen is airing warning signals amidst high costs and low productivity at its vehicle plants, which one executive says has made the company’s main brand fall behind the competition.
On Monday, Volkswagen Group announced plans for a $10 billion euro (~$10.9 billion) cost-cutting measure at the VW brand, including job cuts, in a statement from managers to staff, according to an Automotive News report. The statements followed brand chief Thomas Schaefer’s warnings, in which he said the brand was “no longer competitive.”
“With many of our pre-existing structures, processes and high costs, we are no longer competitive as the Volkswagen brand,” Schaefer said during a staff meeting in Wolfsburg.
In the past, Volkswagen has shared similar warnings, though the automaker previously said it wouldn’t carry out plans for the staff reductions until 2029.
During the Monday meeting, however, VW human resources board member Gunnar Kilian said efforts to reduce staff would primarily be conducted through partial or early retirement offers. The vast majority of the savings, Kilian explained, would come from cost-cutting measures other than job cuts, and the company plans to share more details by the end of 2023.
“We need to finally be brave and honest enough to throw things overboard that are being duplicated within the company or are simply ballast we do not need for good results,” Kilian said.
The automaker is also set to work with Austria-based manufacturer Magna Steyr on its Scout Motors re-brand, with an order for roughly 450 million euros ($492 million). Volkswagen Group CEO Oliver Blume also said earlier this month that he believes the 20,000 euro (~$21,987) EV will be coming in the second half of this decade.
Despite seeing increases in EV deliveries this year, Volkswagen’s EV sales still fall far behind those of dominant market leader Tesla. The Tesla Model Y is expected to become Europe’s best-selling vehicle this year, if not the world’s top-seller soon after.
After a seemingly rare five-day break for Thanksgiving, SpaceX jumped right back into it with a launch of 23 Starlink satellites to low Earth orbit from Space Launch Complex 40 at Cape Canaveral Space Force Station in Florida.
Launching at 11:20 pm ET (04:20 UTC), the Falcon 9 launched to the Southeast and inserted into a 43-degree orbital inclination. This is Group 6-30, and over the next couple of months, the satellites will undergo checkouts and raise their orbits as they become fully operational.
The 23 Starlink satellites were deployed just over an hour after launch. These 23 satellites are the V2 mini variant that uses argon Hall thrusters for better maneuvering in orbit and the ability to handle four times more bandwidth than the previous V1.5 Starlink.
Previously SpaceX was only launching 22 at a time from Florida, but recently they have been able to add one more as they fine-tune the performance of the Falcon 9. The V2 mini Starlink variant weighs in at 800 kg ( 1,800 lbs), whereas the V1.5 satellites weigh just ~306 kg (675 lbs).
This was the 87th orbital mission and the 83rd of the year for the Falcon 9. SpaceX could still hit 100 launches this year as long as no unexpected delays occur, but it will be very close.
This was the 17th flight for this Falcon 9, Booster 1062, which had previously launched 9 Starlink missions, 8 astronauts on the Inspiration 4 and Axiom 1 missions, 2 communications satellites, 2 GPS III satellites, and the OneWeb internet satellite constellation that carried 40 satellites to orbit.
Falcon 9’s first stage has landed on the Just Read the Instructions droneship pic.twitter.com/MPTdwUzOIr
B1062 successfully landed on the droneship Just Read the Instructions just over eight and half minutes after liftoff, and fairing recovery vessel Bob will attempt to retrieve the fairing halves a bit further downrange before returning to Port Canaveral and eventual refurbishment.
Next up for SpaceX will be a Falcon 9 launch from California no earlier than December 1st with a reconnaissance satellite for South Korea. This launch will feature a return to the landing site following its mid-morning launch.
Stellantis CEO Carlos Tavares has expressed concerns surrounding major upcoming elections in the U.S. and the United Kingdom (UK) next year, warning that the political climates could play a role in the sale of electric vehicles (EVs).
Tavares noted the possibility for a slowed electrification ramp at a press conference outside of Stellantis’s Mirafiori plant in Italy in a statement to Automobilwoche (via Automotive News). He highlighted that a climate of public opinion shifting away from EVs could result in slowed sales, though he didn’t specify what he thought could happen if emissions regulations are reversed in the coming years.
The executive said that Stellantis may need to make adjustments to its strategy “if political and public opinion tends toward fewer EVs.”
“One of my tasks is to prepare the company for new framework conditions. We have plans prepared for this,” Tavares added.
Stellantis is currently still planning to move forward with the Dare Forward 2030 plan, in which the company has committed to reaching 100 percent battery-electric vehicle (BEV) sales in Europe and 50 percent in the U.S. by the start of the new decade.
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However, despite the fact that the first units will be handed over to customers in roughly 48 hours from the time this article was published, Tesla has yet to release any concrete information on what the Cybertruck will cost. Although the unveiling event four years ago listed three trims and priced them at $39,990, $49,990, and $69,990 for the Single, Dual, and Tri-Motor configurations, respectively, pricing information was removed from the website a few years ago.
Inflation would increase the prices of the trims considerably, and we examined this in an article earlier this month.
However, Ives writes in a note to investors that he believes the configurations could be priced between $50,000 and $80,000:
“We believe updated pricing will come out at Thursday’s event on each of the trim levels as the company scales the Cybertruck production story to give more clarity to the Street. Whisper numbers for the single motor are in the ~$50k range, with prices for the dual and tri-motor variants likely to be in the $60k – $80k range.”
Tesla will likely omit the Single Motor configuration of the Cybertruck altogether, as it was the least ordered and sought-after trim level, according to the Cybertruck Reservation Tracker that had slotted roughly 2 million orders for the pickup.
Ives’ note also suggests that the Cybertruck has the large potential to be a catalyst for Tesla over the next eighteen months as production ramps. Tesla will lean on the Cybertruck to “expand the Tesla halo effect as more consumers head down the EV path over the coming years.” Admittedly, Ives said to investors that Cybertruck “does not significantly move the financial needle for Tesla in FY24, it further shows the innovation and mind share lead” the company has built as competitors from large companies like Ford and GM.
The Cybertruck is further proof that Tesla is holding a substantial lead and expanding its product like while others are just trying to stay afloat.
I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.
Tesla has sent emails with official tickets to those invited to this week’s Cybertruck delivery event, as seen in a few screenshots on social media.
The upcoming Cybertruck delivery event is to be held on Thursday, and those who have been invited are reportedly receiving emails with official ticket stubs, as posted on X by several who are expected to attend. Separate ticket screenshots were shared on X on Tuesday from Sawyer Merritt, Omar of Whole Mars Blog, Dirty Tesla and others, still.
In the screenshot from Merritt and those from others, you can see that the tickets show how attendees got access to the limited-capacity Cybertruck event in the “Pass Type” section, with many, including Sawyer, getting in through referral credits. The ticket includes a small divet like in a real ticket stub, as well as the fact that the event will be held at Tesla’s Gigafactory in Austin, Texas.
You can see the screenshots from the aforementioned attendees below, as sent to each individuals’ emails.
Credit: Sawyer Merritt | X
Credit: Whole Mars Catalog | X
Credit: Dirty Tesla | X
The event is set to get started around 1:00 p.m. CT on Thursday, according to Investor Relations head Martin Viecha, while the main presentation is expected to start at about 2:00 p.m. CT, per a post from Tesla’s Cybertruck page on X.
It’s still unclear how Tesla plans to price the Cybertruck, and the automaker has yet to share pricing or configuration information about the vehicle, all of which are now expected to be unveiled at the event.
Ahead of the event and amidst speculation as to how many Cybertrucks Tesla plans to deliver, around 25 of the vehicles have been spotted at Giga Texas. The unique electric pickups have also been appearing at Tesla showrooms across the U.S., drawing in massive crowds as individuals await their chance to see the Cybertruck in person.
General Motors (GM) is expected to announce significant spending cuts on its self-driving unit Cruise this week, following a series of bad news for the subsidiary after an incident with one of its robotaxis last month.
Currently, GM has invested a quarterly average of around $700 million, though how much it plans to cut Cruise’s operations is not yet clear. The automaker has spent billions of dollars on the startup self-driving company, last year spending $2.1 billion to buy out Softbank’s minority stake in the company. GM also had a long-term revenue target of about $80 billion by 2030, though the announcement is also expected to affect this outlook.
Part of Cruise’s pitch has been based on a goal of “zero crashes, zero emissions, zero congestion,” though it has said it is currently focused on rebuilding public trust.
GM recently said its “strategy is to relaunch in one city and prove our performance there, before expanding… [once] we have taken steps to improve our safety culture and rebuild trust.”
A letter was sent to the NHTSA that had been signed by 26 different transportation labor organizations, highlighting “grave safety concerns about the expanded testing and operation of automated driving system-equipped vehicles,” according to Transportation Trades Department chief of staff Matthew Colvin.
Some have questioned how the company’s finances will look in the wake of the incident, especially as it moves away from tangible returns that possible investors can justify investing in. Barclays auto analyst Dan Levy thinks will be front and center in the minds of investors keeping tabs on the announcements this week.
“The big question is to what extent ‘Zero Zero Zero’ also hinged on zero rates,” Levy said. “This has been a big theme this year in auto; everyone has had to step back from the euphoria.”
Along with being concerned about returns, GM investors are also hesitant about the startup’s safety following the accident, as expressed by some in the weeks since.
“The problem for Cruise as a business is GM is dependent on it for all the software [revenue] targets the company has set,” said one GM investor. “We don’t see a path to profit, but we do see they will burn a lot of cash trying. GM would be better placed winding back its bet, and returning the money to shareholders.”
“The public are also recognising that being unwitting guinea pigs to unproven tech that’s desperately underregulated is not what anybody has signed up for,” the investor added, noting that a move to reduce spending “as much as possible” at Cruise would constitute an “easy win.”
We are just two days away from Tesla’s Cybertruck Delivery Event, and here’s how you can watch the all-electric pickup make its way to customers for the first time.
Tesla first unveiled the Cybertruck four years ago, and on Thursday, the automaker will show the first units making their way to customers on X and on YouTube.
Tesla just posted the link to the YouTube stream of the event here.
Event Expectations
Tesla is expected to hand over somewhere between 10 and 30 units on Thursday. The exact number is still up in the air, but that is not the only thing that is uncertain regarding the Cybertruck.
Wall Street is anticipating the details, along with a potential boost to the automaker’s outlook for 2024.
Dan Ives of Wedbush said in a note to investors today that updated pricing is one of the key details that will need to be announced during the event, and it seems like a virtual certainty that Tesla will finally shed information on that:
“We believe updated pricing will come out at Thursday’s event on each of the trim levels as the company scales the Cybertruck production story to give more clarity to the Street. Whisper numbers for the single motor are in the ~$50k range, with prices for the dual and tri-motor variants likely to be in the $60k – $80k range.”
Ives and Wedbush reiterated their price target of $310 and held their ‘Outperform’ rating on the automaker’s stock.
Rivian has “recalled” 1,463 R1T and R1S vehicles to fix a defroster bug, as a recent update may have deactivated both the defroster and defogger system controls.
We use the quotations around the word “recall” because this issue will be fixed with an Over-the-Air software update and is a continuation of the intense debate around terminology, as many companies are able to fix vehicle issues through software downloads.
The issue affects 2022-2023 vehicle models and was affected by the 2023.42 Software Update that was pushed on November 13. “Within two hours of the OTA push, Rivian identified it as impacting the vehicles’ infotainment system. Upon realizing the issue, Rivian immediately canceled the OTA update. The suspect population is the vehicle count for which the update was installed before Rivian canceled it,” documents describing the issue from the NHTSA state.
There have been no instances of crashes, injuries, or fatalities related to the condition, the agency also writes in its Safety Recall Report.
The issue has already been remedied and a new software update labeled as version 2023.42.02 has been rolled out. Rivian said it is “committed to reimbursing owners for previous out-of-pocket repairs.”
The issue is one of many instances where people are calling for an update in terminology with the word “recall,” as a software update has fixed many issues with Tesla vehicles as well.
CEO Elon Musk said that recall terminology is in need of modernization on several occasions. In February, he said:
“Definitely. The word “recall” for an over-the-air software update is anachronistic and just flat wrong!”
He has also referred to “recall” for software updates as “outdated and inaccurate.”
But the NHTSA says differently. The agency told Teslarati in early 2022 that recall can apply to any repair, including a software update. The agency’s description of a recall, unfortunately, still includes something that can be fixed without the vehicle ever having to leave its garage or parking spot and can be remedied through a simple download and installation.
I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.
Tesla has had a unique strategy with the all-electric Cybertruck since it was first unveiled four years ago in Los Angeles. It might be the best advertisement there is.
For the past few years, Tesla has not tipped its hand with certain details regarding the pickup, and some might argue they are the most crucial parts of a vehicle’s buildup, especially for an EV: price, trim levels, and range.
It is an ongoing strategy that has been keeping the Cybertruck in the public discussion of the entire automotive sector for the last few years as the prices have gone from $39,990, $49,990, and $69,990, to whatever your best guess is.
A company that has been headstrong against the prospect of advertising, Tesla knows how to stimulate consumer discussion around itself. After all, its CEO Elon Musk also owns X, which less than a year ago was known as Twitter. Musk is no stranger to being in a headline, and he knows how to get people talking. Perhaps a genius in advertising, too, the CEO has everyone buzzing about what the Cybertruck will cost and how long it will go on a single charge.
But this might be exactly the buzz Tesla and Musk want, even if it is keeping the most loyal fans in the dark about the particulars of what is its most unique vehicle yet. Even those who are not EV enthusiasts and have no interest in the Cybertruck want to know what a stainless steel-covered pickup will cost and what its capabilities are.
Instead of spending hundreds of thousands of dollars on ads and millions more on an general advertising budget, there is the advantage of curiosity that Tesla has shamelessly adopted and used to its advantage, all leading up to this Thursday. It is no secret that pricing is likely going to be different than what it was in 2019. Too much has changed from a macroeconomic perspective.
But the jury is still deliberating on what this strategy entails. Has it worked on creating buzz? Obviously. Is it fair to the consumer? Not necessarily.
Tesla CEO Elon Musk unveils futuristic Cybertruck in Los Angeles, Nov. 21, 2019 (Photo: Teslarati)
There are no products that come to mind for me when I think of an imminent launch and lack of details in terms of pricing and capabilities. Imagine if Apple reworked the iPhone and decided to keep the price a secret, at least until hundreds of people lined up outside of their stores and showed up to buy it, only guessing what their credit card bill would be the following month.
With a car, it’s obviously different. It’s a long-term payment structure because the truck is going to cost tens of thousands, much more than an iPhone. Even still, this argument can be used to support the counterargument: if people are going to spend this much on a vehicle, isn’t there a reason for them to have an idea of how much they will pay?
This leads to several ideas about the delivery event this Thursday in Austin. As the Cybertruck’s Certificate of Conformity, Certificate Information, and Application have yet to be published by the EPA, it is interesting to think about who exactly will be taking delivery of the Cybertruck this week. It might be influencers who were sworn to secrecy by an NDA, it could be employees, and of course, it could be regular people who just happened to place a reservation very early, perhaps just moments after the configurator was launched.
Credit: Joe Tegtmeyer | X
Whoever does get their hands on an early Cybertruck build will be lucky, as rumors of between 10 and 30 units being delivered on Thursday have both circulated. There are at least a million orders for the Cybertruck, Musk said on the most recent Earnings Call.
No matter what happens, the Cybertruck has been an advertisement in itself, and it has concentrated the entire automotive industry’s attention this week. All eyes are on Tesla and the Cybertruck, as a vehicle four years in the making is finally here, and it is perhaps the best advertisement the automaker could have ever had for itself.
