Latest news with #Electrek
Yahoo
a day ago
- Automotive
- Yahoo
New report reveals major roadblock for new Tesla service just weeks from planned launch: 'There are many doubts'
More bad news for Tesla: As the date nears for its autonomous robotaxi service launch, it has yet to operate the vehicles unsupervised in the Texas capital. "Tesla has reportedly yet to start testing its robotaxi service in Austin without a safety driver behind the wheel — just weeks before the planned launch," Electrek reported, citing The Information. The electric vehicle pioneer was planning on a June rollout. The latter outlet said Tesla had used human safety drivers until at least April, and the former noted Waymo tested its autonomous taxi service without supervision for six months before taking that next step. Tesla CEO Elon Musk has touted the service for years, though he has made similar pie-in-the-sky promises in the past that have not come to fruition. Recently, his assurances that Cybertrucks would be cheap range monsters and otherwise groundbreaking were met with the reality of expensive price tags more than double the original estimates, recalls, the cancellation of a range extender add-on, and widespread criticism. Electrek pointed out that the robotaxi launch is "disappointing" because all Teslas since 2016 have been "capable of self-driving." The problem is that the company has had to clarify its models must be supervised by an attentive driver; the robotaxis are supposed to be autonomous, so the current tech would at best require the passenger to be a licensed driver sitting in the driver's seat. That may be a non-starter for ride-hailing services, so the company understandably wants to at least replicate what Waymo has achieved, with an intention to be even better. That may be difficult, though, without adopting the more expensive safety mechanisms Waymo employs with additional lidar and radar detection for its AI driving tech to cross-reference. "Even with the significant downgrade in self-driving capabilities promised with this project, there are many doubts about Tesla's ability to achieve the lesser goal," Electrek's Fred Lambert also wrote, adding that other companies have been there and done that. He said a letdown with the robotaxi service "would be disastrous" but might open the eyes of shareholders who have not flinched in the face of previous broken promises. In March, Electrek detailed this issue: "Tesla's upcoming launch in Austin is extremely similar to what Waymo has been operating for years, with the main difference being that Tesla only uses cameras while Waymo uses a full array of different sensors, including lidar." YouTuber Mark Rober recently demonstrated the problem with Tesla's approach, showing the camera system could be fooled by a wall that was made to look like a road. Though Rober only tested it on Tesla's lesser Autopilot feature (albeit in its most conservative settings) instead of Full Self-Driving, the debacle made headlines, putting the camera-only system into question. More broadly, Tesla's struggles — which include massive drops in sales and its stock price (which has since regained a big chunk of its losses) on the heels of Musk spending big on the 2024 presidential election campaign and becoming involved in government cuts to programs and jobs — signal a difficult path ahead. In response, Musk has said robotaxis and robotics would be the future of the company and help it again reach the heights it has climbed. Would you ride in a self-driving Tesla Robotaxi? Heck yes Probably Not anytime soon No way Click your choice to see results and speak your mind. "My main concern now is for public safety," Electrek's Fred Lambert stated. "I have little hope of U.S. regulators being able to stop Tesla considering [President Donald] Trump is firing anyone who got in Musk's way after he gave him over $250 million. If Tesla brings its cowboy approach to this, it could get bad quickly." A commenter added: "Cab drivers are still cheaper than a team of engineers, remote operators, and supercomputers, and the taxi business has low profit margins. This means Tesla will be losing money on every ride for years to come." This claim is realistic for the short term, though Musk and Co. surely are aware that the project is an investment for longer-term profitability. In general, electric vehicles help consumers save about $1,500 annually on gas and maintenance. They also reduce the production of planet-warming pollution, which is driving rising global temperatures that threaten human health, plant and animal biodiversity, and stable weather systems. No matter Tesla's struggles, you can contribute to a cleaner, cooler future. Make your next car an EV, or take public transportation instead of driving. Walking and cycling are even better alternatives that will help you pad your bank account, get exercise, and boost everyone's well-being in addition to that of Earth. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
2 days ago
- Business
- Yahoo
Tesla Insider Sales Increase Ahead Of Robotaxi Launch: Kimbal Musk, Ira Ehrenpreis Sell $190M
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Two Tesla Inc (NASDAQ:TSLA) board of directors members have sold nearly $200 million in stock ahead of the company's highly anticipated robotaxi launch in Texas. These sales add to a history of board members cashing out and could be a red flag ahead of the key potential stock catalyst. What Happened: Tesla insiders are no strangers to cashing out their compensation of options and stock, with Chairwoman Robyn Denholm recently filing to sell 112,390 shares for $32 million. Trending: Start investing with eToro's CopyTrader — . Denholm has been one of the largest sellers of Tesla stock in recent years, with sales filings coming in February, March and April this year, along with multiple sales in 2024. The most recent sales come from Ira Ehrenpreis and Kimbal Musk. Ehrenpreis, who is the founder of venture capital firm DBL Partners, filed Form 144 for the sale of 477,572 Tesla shares worth around $162.1 million. The sale comes from the exercise of options. Musk, who is the brother of Tesla CEO Elon Musk and a long-time board member, filed Form 144 for the sale of 91,588 Tesla shares worth around $31.1 million. Musk's sale comes from the exercise of options. Why It's Important: It's good to note that both of these sales are part of Rule 10b5-1 plans that are pre-approved and based on provisions such as time and/or the price of the stock. Electrek, which reported the insider sales, said Ehrenpreis' term on the Tesla board ends this year and the sale could be his way of exiting his position. Ehrenpreis' Rule 10b5-1 plan was adopted in December 2024, while Musk's was adopted in July 2024. These plans are less than a year old and could have been put into place based on the timeline of current and future Tesla catalysts, including launching robotaxis in timing of the sales ahead of the robotaxi launch could instill less confidence in investors, as highlighted by Electrek. "Isn't it strange that the board would sell hundreds of millions of dollars worth of stocks just weeks and months ahead of launching an autonomous ride-hailing service, which is supposed to usher in a new era of growth for Tesla?" Electrek asks in its story. A history of insider sales before and after key events could signal that this isn't a concern over the timing ahead of the robotaxi launch, but also shows the company's long history of insiders taking profits and rarely making insider purchases. An insider buy from board member Joe Gebbia of $1 million earlier this year was celebrated by Tesla fans, but is one of the few insider buys in recent history. The insider sales also come after board members were previously accused of being overcompensated. The board reached a settlement to return hundreds of millions of dollars in cash and options to the company in response to these allegations. Read Next: Nancy Pelosi Invested $5 Million In An AI Company Last Year — Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000. Invest Where It Hurts — And Help Millions Heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold. Photo: Shutterstock Send To MSN: Send to MSN This article Tesla Insider Sales Increase Ahead Of Robotaxi Launch: Kimbal Musk, Ira Ehrenpreis Sell $190M originally appeared on Sign in to access your portfolio
Yahoo
4 days ago
- Automotive
- Yahoo
Can I trade-in my Cybertruck? Tesla owners say trucks quickly depreciated in value
It's been a rough go for Tesla since the release of their Cybertruck in 2023. The electric pickup truck has had a string of recalls, and the company has had its share of political pushback due to Tesla CEO Elon Musk's association with the current White House administration. The Cybertruck is also collecting dust at dealerships. According to Tesla-Info, Tesla currently has an unprecedented surplus of its flagship Cybertruck, with inventory levels soaring to 10,000 units, as reported by Electrek. The Cybertruck has seen steep depreciation, with some models losing the majority of their value in just over a year. Trade-in values have been particularly harsh. According to Business Insider, owners who purchased a $100,000 Cybertruck have received offers as low as $63,100, reflecting a 37% depreciation. If you're an owner of a Cybertruck, you can now trade in your truck for credit toward a new Tesla. Here's how: Tesla initially restricted trade-ins, but that policy has now been lifted. Here is how you can trade in your Cybertruck, as per information from Tesla's website: Submit your vehicle details: Log into your Tesla account and provide information such as mileage, condition, and VIN. Receive a trade-in estimate: Tesla will generate an offer based on your Cybertruck's current market value. Accept the offer: If you agree to Tesla's valuation, the trade-in amount will be applied toward your next Tesla purchase. Complete the trade-in: Tesla will collect your Cybertruck during the delivery of your new vehicle. According to reports, the Tesla Cybertruck has experienced steep depreciation, with some models losing up to 50% of their value in just over a year. Several factors contribute to this trend: Quality control issues: Reports of mechanical problems, including runaway gas pedals and falling trim pieces, have further impacted consumer confidence. Tesla's resale restriction: Initially, Tesla banned Cybertruck resales for a year, limiting market flexibility and potentially delaying depreciation trends. Oversupply and limited demand: According to a study by iSeeCars, electric vehicles typically lose 58.8% of their value over a five-year period. However, the Cybertruck has already suffered nearly 50% depreciation in just over a year. This sharp decline raises concerns for prospective buyers and investors, indicating that the Cybertruck may not retain its value as well as other electric vehicles. In a 2019 interview, Musk did say that Tesla vehicles are an appreciating asset. "If you buy a Tesla today, I believe you are buying an appreciating asset, not a depreciating asset." he said. "You can think of every car we sell or produce that has full autonomy capability as something that in the future may be worth five times what it is today." This article originally appeared on Austin American-Statesman: Tesla accepting trade-ins for Cybertrucks, but value has depreciated
Yahoo
5 days ago
- Business
- Yahoo
Lawmakers introduce controversial proposal targeting new energy efforts: 'Obviously going to cause immediate disruption'
A bill recently proposed in the United States House of Representatives threatens to end residential clean energy tax credits as soon as December 31, according to Electrek. If passed, the legislation would cut this 30% tax credit nearly a decade earlier than it was set to expire. Reflective of President Donald Trump's legislative agenda, the so-called One Big Beautiful Bill Act primarily aims to extend tax cuts from the 2017 Tax Cuts and Jobs Act while eliminating existing incentives like the residential clean energy tax credit and the electric vehicle tax credit. The bill as drafted would also cut federal assistance for food stamps and include work requirements for Medicaid. The New York Times reported in mid-May that it would "slash taxes, while providing the biggest savings to the wealthy, and steer more money to the military and immigration enforcement." The clean energy and EV tax incentives currently on the chopping block originated as part of the Inflation Reduction Act — or IRA — and they were intended to support more widespread adoption of cleaner alternatives that also increase the country's energy independence from requiring as much foreign oil. Taking a closer look at the clean energy tax credit — also known as the Investment Tax Credit, or ITC — as one example, Electrek explained that this incentive was aimed at supporting homeowners with essentially a 30% discount on solar installation costs. It was then meant to be phased out over time until finally ending in 2035, rather than being suddenly shuttered, as proposed in the new bill. Aaron Nichols of Exact Solar said, per Electrek, "If Congress eliminates the ITC without a reasonable phase-down, that's obviously going to cause immediate disruption within the solar industry." It also has the potential of cutting off many from a more affordable pathway to cleaner, cheaper energy that is more resilient to intensifying weather events capable of knocking out other power sources. These tax credits have been key in helping homeowners make upgrades that can benefit savings at home, individual resilience to power outages, community preparedness, and the planet as a whole. Continuing to take the example of solar panels, though they can save residents thousands of dollars over their lifespans, the upfront installation costs can be intimidating. The 30% savings through the IRA's tax credit have done a lot to address this challenge, along with companies like EnergySage, which functions like an for solar panels. Should the government continue to give tax incentives for energy-efficient home upgrades? Absolutely No Depends on the upgrade I don't know Click your choice to see results and speak your mind. While many residents have already leveraged the incentive to make the switch since the IRA was enacted in 2022, ostensibly many more — plenty of them only now becoming homeowners and standing to benefit from the credit — might be able to afford a transition to residential solar systems with another decade of the ITC in effect. That additional 10 or so years is also critical because increasing the number of people able to make the switch to solar and other renewables could lower the amount of heat-trapping pollution produced on our planet. This can mitigate Earth's overheating, with the potential to curb destructive weather events, reduce costly infrastructural damage, and improve human health. In mid-May, the Associated Press reported, "Environmental groups warned the proposals would pave the way for more oil and gas industry activity on public lands and increase planet-warming greenhouse gas emissions in the United States." House Republicans advanced the One Big Beautiful Bill out of the Budget Committee on May 18 with a vote of 17-16, with four holdouts, according to PBS. The day after it advanced through the Budget Committee, NPR reported that the nonpartisan Committee for a Responsible Federal Budget has "[estimated] that the House bill is shaping up to add roughly $3.3 trillion to the debt over the next decade." Meanwhile, the bill must still be approved by the full House and Senate to become law. The AP previously reported that House Speaker Mike Johnson "set a Memorial Day deadline to pass President Donald Trump's big bill of tax breaks and spending cuts." This means there's still time to advocate for cost-cutting, pro-environment policies by sharing your opinion with elected representatives, regardless of your preferred political party. Taking local action like this can create ripple effects to highlight the economic and climate benefits of clean energy tax credits and rebates. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
5 days ago
- Automotive
- Yahoo
Tesla employees make shocking demand of Elon Musk: 'We are now at a crossroads'
A group of Tesla employees believes Elon Musk has done major damage to the company's brand and issued a request to oust him as CEO, according to Electrek. Musk has become one of the United States' most polarizing figures. Not only is he the world's richest person and the public face of the company that pioneered more eco-friendly electric vehicles, but he is also a prominent political figure. He spent hundreds of millions of dollars on the 2024 presidential election and significant time campaigning for Donald Trump. When Trump took office, Musk became the de facto head of the Department of Government Efficiency. In that role, Musk has overseen sweeping cuts to public programs and the workforce while also attacking without proof Democrats who expressed concerns with Trump administration policies or its approach to governing. For instance, Musk called Arizona Sen. Mark Kelly a "traitor" after Kelly took issue with Trump's handling of Russia's war in Ukraine. That hasn't sat well with many people, and it has led to protests at Tesla dealerships and factories. It also prompted a group of current and former Tesla employees to speak out against Musk. Electrek reported on a letter written by this cohort, which says that Musk's actions have damaged the Tesla brand and caused sales to slip. Because of that, they say, Musk should be removed as CEO. "The damage done to Elon's personal brand is now irreversible, and as the public face of Tesla, that damage has become our burden," the employees wrote. "We are now at a crossroads: continue with Elon as CEO and face further decline as customers abandon the brand, or move forward without him and allow our products and mission to succeed or fail on their own." One Tesla employee says he was fired from the company because of his association with the letter, per Electrek. Though Tesla sales have fallen this year, EV sales are trending up worldwide as more and more drivers decide to ditch polluting gas-powered vehicles, which are also generally more expensive to maintain and operate than EVs. Installing solar panels in your home can make EVs even more eco-friendly and cost-effective, as they can help you charge your vehicle without relying on the grid — the U.S. uses dirty fuels as a big part of its energy mix — or public charging stations. EnergySage offers a free service that can help you save thousands of dollars on solar by comparing quotes from local, vetted installers. What do you think of Tesla and Elon Musk? Elon is the man Love the company; hate the CEO I'm not a fan of either I don't have an opinion Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet. Sign in to access your portfolio
