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India’s Ola to begin operations in London in ‘coming weeks’

Indian ride-hailing giant Ola said today it will begin operations in London “in the coming weeks,” a day after the local authorities revoked Uber’s license to operate in one of the world’s most lucrative cities. The Indian firm, which entered portions of the UK last year, has started to sign up drivers in London ahead… Continue reading India’s Ola to begin operations in London in ‘coming weeks’

A new Chicago ride-hailing law reveals for the first time what Uber and Lyft really charge (UBER, LYFT)

Uber and Lyft’s pricing strategies have been revealed for the first time thanks to a new Chicago law. A Reuters analysis of the data shows fares for shared rides in the city have risen significantly over the past year, while fares for single riders have remained stable. The data doesn’t differentiate between companies, but Uber… Continue reading A new Chicago ride-hailing law reveals for the first time what Uber and Lyft really charge (UBER, LYFT)

Valmet Automotive Launches Battery Pack Production In Finland

Valmet Automotive is now producing lithium-ion battery packs for automotive OEMs. Valmet Automotive, as promised, has started large-scale production of automotive lithium-ion battery packs in Salo/Finland, in a former Nokia plant. We know that the company has selected CATL as a lithium-ion battery cell partner, but there is no info about who is are the… Continue reading Valmet Automotive Launches Battery Pack Production In Finland

Singapore’s Grab launches pilot motorbike-hailing service in Malaysia

FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga KUALA LUMPUR (Reuters) – Ride-hailing firm Grab has launched a pilot program for motorbike hailing in Malaysia, barely a month after regional rival Gojek was given the green light to begin limited operations… Continue reading Singapore’s Grab launches pilot motorbike-hailing service in Malaysia

Tesla Cybertruck Reservations ≠ Purchases … But They Mean Something

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Published on November 26th, 2019 |

by Zachary Shahan

Tesla Cybertruck Reservations ≠ Purchases … But They Mean Something

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November 26th, 2019 by Zachary Shahan

Photo by Kyle Field | CleanTechnica

I had this article in drafts before Frugal Moogal wrote a piece similarly trying to address “controversy” around the $100 refundable preorder cost for a Tesla Cybertruck and the news of 200,000 preorders. However, I have slightly different framing — despite seemingly agreeing on the same two core points — so I feel compelled to still put this piece out there.

Most importantly, I think people on both sides are putting too much in their opinions of what the figures mean — or at least it reads like that. I don’t often end up the “moderate” who sticks to the middle of an issue, but I think that’s really the place to be on this one.

Take Preorder Numbers with a Grain of Salt
The first thing to emphasize is that the $100 preorders are definitely not reservations, orders, purchases, or even firm commitments that you want the Cybertruck. I’ve heard from someone who put down a reservation with only a “20% chance” of buying it, and someone else with only a “10% chance.” I’m sure there are many others who put down a reservation with an expectation that there’s less than a 50% chance they’ll get the truck. Why? Because:

it’s only $100
it’s refundable
it locks in the current Full Self Driving price.

On the other hand, I’ve seen repeatedly (so many times) that people are saying the Cybertruck is growing on them, and it has certainly grown on me for several reasons, mostly practical ones.

Nonetheless, I think the preorder numbers should be something that we all take a pure grain of salt. I don’t think there should really be any extrapolation here in terms of expected initial orders or annual sales.

… But They Mean Something!
Despite what I just wrote, preorders do mean something. At the very least, they mean that a ton of people are interested in the Cybertruck. You may not be committing anything with a refundable $100 deposit, but you’re showing some level of interest in the vehicle. I don’t presume there are many people who put down $100 despite having no interest in the vehicle or no possibility of getting it. Why would you do that?

And even considering low interest on average, 200,000 preorders show a lot of interest in this vehicle. That alone shuts down the common argument that no one wants this vehicle. That shuts down the argument that it’s “too hideous” or “too unusual.” It is appealing to hundreds of thousands of people.

In fact, it’s strikingly different visuals has probably kept people from preordering who may well get the vehicle. I haven’t preordered, but in the past couple of days I’ve thought about a couple of very serious reasons why I’m attracted to the vehicle. (No, it’s not because it’s such a manly man-vehicle … I think.)

As another anecdote, my much younger sister who lives in NYC, who doesn’t bring up Tesla much with me, asked me, “So what’s the word on this new truck? Should I get one?” I was quite surprised by that. She doesn’t even have a license! As a followup, she wrote, “I honestly like the aesthetic. It’s like a bat-SUV.” She fits quite squarely in the population Frugal Moogal described here, which may end up being the truck’s #1 demographic. I doubt many of those people put down a $100 preorder even though seem to love the truck. It’s not really how that culture rolls, from my experience.

Anyway, getting back on track, while I wouldn’t make any forecasts based on the preorder number, I do think it shows a strong level of public interest in the vehicle. Combine that with the chatter I’ve seen online about it, the fact that I think the insanely wild Cybertrukk needs some time to grow on people, and the passion with which I’ve seen people from all different groups (with different types of vehicles) expressing their love for the official vehicle of Mars, and I increasingly think this thing is going to be a real hit. But we’ll see. We have ~2 years for conjecture and speculation.

Elon Musk promises Cybertruck vs. Ford F-150 rematch after controversy

A few days after Elon Musk unveiled Tesla’s new Cybertruck, he posted a video of the truck taking part in a tug of war with a Ford F-150, which showed the electric Cybertruck easily overpowering the Ford pickup. But after accusations that the competition was unfair, Musk has agreed to a re-match, saying he’ll aim… Continue reading Elon Musk promises Cybertruck vs. Ford F-150 rematch after controversy

Hyundai gets nod to build South Korea’s tallest skyscraper for Gangnam HQ

FILE PHOTO: Part of Gangnam area is seen in Seoul October 2, 2012. REUTERS/Lee Jae-Won/File Photo SEOUL (Reuters) – The Seoul city government said on Tuesday that it has approved the long-delayed construction of Hyundai Motor Group’s new headquarters in the affluent district of Gangnam, which is set to be South Korea’s tallest skyscraper when… Continue reading Hyundai gets nod to build South Korea’s tallest skyscraper for Gangnam HQ

Chinese new energy startup Neng Lian Tech raises $110m in Series C round

China’s new energy startup Neng Lian Technology has secured 774 million yuan ($110 million) in a Series C round of financing led by Joy Capital and backed by NIO Capital and Korea Investment Partners (KIP), per a company announcement. The financing comes about three months after it gathered 450 million yuan ($64 million) in a… Continue reading Chinese new energy startup Neng Lian Tech raises $110m in Series C round

AutoProtect Group acquires DealTrak and appoints new CEO

AutoProtect Group has appointed former Aviva managing director Matthew Briggs as its new chief executive after extending its portfolio of services with the acquisition of DealTrak. Owned by Correlation Investments Limited (CIL), AutoProtect Group is a leading provider of insurance and warranty products worldwide, and the re-organisation of CIL’s motor assets in December 2018 saw… Continue reading AutoProtect Group acquires DealTrak and appoints new CEO

MG Motor India, Exicom partner for second-life use of ZS EV batteries

MG Motor India, which is all set to launch its first electric vehicle the ZS EV SUV, partners with Exicom Tele-Systems for second-life use of ZS EV batteries. Under the partnership, Exicom plans to re-deploy MG ZS EV batteries at the end of their useful life with the car and put them through a controlled process of… Continue reading MG Motor India, Exicom partner for second-life use of ZS EV batteries