As Elon Musk ramps up his $1 million-a-day support for Donald Trump, what appears to be a record of progressive harassment of his many companies may explain how the world’s richest man went all-in for Republicans.
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Between safety and reliability issues, as well as a dearth of charging stations, electric vehicle owners have been having quite a bit of buyer’s remorse, and now they may have another reason to go back to gas cars — EVs are rapidly depreciating.
Rental company Hertz announced in 2021 it would buy 100,000 EVs from Tesla, only to find lackluster interest from renters. In January, the Hertz announced it was selling off 20,000 of the vehicles, with prices as low as $25,000. Vehicle depreciation cost the company $588 million in the first quarter of this year compared to the last quarter of 2023.
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Tesla and SpaceX CEO Elon Musk says news reports that he is contributing $45 million a month to a pro-Donald Trump political action committee are false.
“What’s been reported in the media is simply not true. I’m not donating $45 million a month to Trump,” Musk said during an interview Monday with Jordan Peterson, a conservative Canadian psychologist and YouTube star.
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Tesla disclosed a shaky earnings report to the public on Tuesday in the latest sign of weakness in the U.S. electric vehicle (EV) market.
The EV maker’s revenue for the first quarter of this year came in nearly 10 percent below its revenue for the first quarter of 2023, marking the largest decline the company has seen since 2012, according to its quarterly report and CNBC. Tesla’s net income also fell by about 55 percent relative to 2023, and the company warned investors that “volume growth rate may be notably lower than the growth rate achieved in 2023.”
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Electric vehicle (EV) manufacturer Rivian announced its second round of layoffs just this year on Wednesday as consumer demand for EVs stalls.
The layoffs at Rivian will affect around 1 percent of the company’s staff as they continue to look for ways to cut costs to bolster struggling profits due to less-than-expected EV sales, the company confirmed to the Daily Caller News Foundation. Rivian announced in February that it was laying off 10 percent of its workforce after it released its 2024 production forecast, which was well below analyst expectations, according to Reuters.
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Electric vehicle (EV) maker Tesla sent an internal memo notifying staff that the company would be laying off more than 10 percent of its global workforce, Reuters reported Monday.
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Growth in sales for electric vehicles (EV) slowed in the first quarter of the year as consumers remained wary of the product even though growth in sales of new vehicles remained strong, leading to a drop in EV market share, according to The Associated Press.
Sales for new vehicles grew 5 percent in the first three months of the year, but EV sales grew only 2.7 percent as more consumers chose traditional vehicles due to cost and product concerns, according to the AP. The average sales price declined 3.6 percent year-over-year to $44,186 in March as dealers looked to offload built-up inventory.
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The Insurance Institute for Highway Safety says automakers should incorporate new rating programs into their partial driving automation systems to reduce traffic deaths.
The new IIHS ratings aim to encourage safeguards that can help reduce intentional misuse and prolonged attention lapses.
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Detroit placed the U.S. on wheels but if Motor City wants to go electric it faces fierce global competition.
Chinese electric vehicle maker BYD outsold Tesla in the fourth quarter of 2023. The foreign automaker said it produced more than 3 million new energy vehicles in 2023 compared to Tesla’s 1.8 million.
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Tesla is reportedly recalling over 2 million vehicles due to issues with warning lights on instrument panels, according to news reports.
The issue is expected to be resolved with “over-the-air” software, according to The Wall Street Journal. That means owners will not have to take their vehicles to a dealership to resolve the matter.
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