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Tesla cuts prices on all models by $2,000 to offset reduction in federal tax credit

Tesla's fourth quarter deliveries 'a big disappointment,' says Gene Munster
9:11 AM ET Wed, 2 Jan 2019 | 07:22

Tesla is cutting the prices on all of its models by $2,000 to help offset a reduction in federal tax credits for drivers who buy electric vehicles.

The $7,500 federal tax credit for electric cars was cut in half as of Tuesday.

The company announced the price cut Wednesday as it released delivery results for the fourth quarter that disappointed investors and sent shares south by more than 9 percent.

Tesla said it made the move to soften the impact of falling federal tax credits. But some bearish investors are likely interpreting it as a move to stimulate demand, said Wedbush analyst Dan Ives.

“It was a move that was within the realm of possibility, but it caught investors off guard,” he said.

Reuters | Stephen Lam
A tent is seen at the Tesla factory in Fremont, California, U.S. June 22, 2018.

General Motors’ US sales slip as it places big bet on pickup trucks

Daniel Acker | Bloomberg | Getty Images
Attendees stand under a General Motors Co. 2017 Sierra 2500 Denali HD pickup truck during the Chicago Auto Show in Chicago, Illinois, U.S., on Thursday, Feb. 9, 2017.

General Motors' sales slipped in the U.S. during the fourth quarter, but the automaker said Thursday there's still strong demand for pickup trucks, sport utility vehicles and crossovers.

The largest U.S. automaker said its Chevrolet and GMC brands led the industry in pickup sales for the fifth-consecutive year.

Overall, U.S. sales fell 2.7 percent during the fourth quarter of 2018 from a year earlier, the Detroit automaker said.

“We feel confident heading into 2019 because we have more major truck and crossover launches coming during the year and the U.S. economy is strong,” said Kurt McNeil, U.S. vice president of sales operations at GM.

The sales figures are the automaker's first such report since GM announced plans to cut 14,000 jobs amid waning consumer demand for passenger cars. GM plans to shift more of its production toward trucks, SUVs and crossovers, which are currently more popular than ever among buyers. These vehicles tend to fetch higher prices (and bigger profits) for automakers, which GM desperately needs as it sinks money into new businesses such as ride sharing, and new technologies such as self-driving cars.

Toyota’s safety technology guardian to be available in the 2020s

FILE PHOTO: Gill Pratt, CEO of the Toyota Research Institute, speaks during the Toyota press conference at CES in Las Vegas, January 4, 2017. REUTERS/Rick Wilking LAS VEGAS (Reuters) – Toyota Motor Corp’s safety technology “Guardian” will be available “in the 2020s”, a top executive of the Japanese carmaker’s research and development unit said. The… Continue reading Toyota’s safety technology guardian to be available in the 2020s

Uber’s IPO may not be as eye-popping as we expected

Uber is expected to raise $10 billion later this year in one of the largest U.S. initial public offerings in history. The float will value the ride-hailing giant somewhere between $76 billion — the valuation it garnered with its last private financing — and $120 billion — a sky-high figure assigned by Wall Street bankers… Continue reading Uber’s IPO may not be as eye-popping as we expected

With cease-fire agreement, spark flickers toward Faraday’s Future

Faraday Future FF91 prototype
Like a prizefighter listening to counts of “eight” and “nine,” Chinese electric-car startup Faraday Future, has started groaning, sputtering, and trying to stand.

The company, which sputtered to a start building prototype electric luxury cars last year, then was abruptly knocked out when its new Chinese financial backer withheld funds in a contract dispute, has reached a new agreement with its benefactor, with each side agreeing to retire lawsuits against each other, and Faraday receiving the green light to seek new investment.

The company controls a leased factory in California and has several prototype vehicles, but furloughed most of its staff last year after it ran out of money in a power-control plot that looked cut from the script of a cheesy wrestling show.

READ THIS: Faraday Future loses final founding executive (Updated)

Along with that staff went all five of the company's founding executives, including Peter Savagian, a member of the original GM EV1 team, and Dag Reckhorn, the former head of Model S manufacturing at Tesla. The only founder left is the company's original financial backer, Jia Yueting, a collegial fellow known with affection within the company's ranks, but who sits at the center of many of its controversies.

In November, Faraday received permission from a Hong Kong court to seek up to $500 million in new investment as it worked to settle its differences with its primary backer, Evergrande Health group, a health insurance company in Hong Kong.

Evergrande agreed last June to invest up to $2 billion in Faraday Future, and the company went on a hiring spree and produced several prototypes at its new factory. In October, Evergrande announced it would withhold future payments on the funds after Faraday failed to meet certain contractual milestones.

CHECK OUT: Faraday Future sues investor claiming takeover “plot”

Faraday Future accused Evergrande of trying to bankrupt the company to steal its patents.

In the latest settlement, Evergrande and Faraday Future have agreed to drop those lawsuits and stop fighting for now, while Faraday seeks new funding.

What is less clear is where any new funding might come from for a company with a few roughly assembled prototypes and a leased factory, but no experienced executives to run it. Many of the furloughed factory workers may well still wish to come back to Faraday, but many others will have to be replaced by new workers who would have to be trained from scratch.

Which company will sell the first personal-use electric pickup? Take our Twitter poll

Rivian R1T electric pickup concept
If electric cars are going to take over from internal combustion machines, they will need to be offered in the most popular types of vehicles—and that means pickups.

Electric-car fans seem to be clamoring for electric pickups, and some startup automakers—along with Tesla—are starting to respond.

READ THIS: Rivian R1T all-electric pickup revealed: 400-mile range, 160-kw DC fast charging

At November's LA auto show, Michigan-based startup Rivian showed a concept version of its R1T electric pickup, which it says it plans to sell starting in 2021.

Tesla CEO Elon Musk has said the company plans to design an electric pickup to follow its Model Y SUV, which was originally scheduled to go on sale in 2019. With production of the Model 3 just getting into full swing, though the company hasn't mentioned a start date for the Model Y recently.

Bollinger B2

Ford has confirmed it plans to build a hybrid version of its F-150 starting in 2020, and, speaking in October at the 100th anniversary of Ford's giant Rouge factory, chairman Bill Ford hinted that the company will eventually build an all-electric F-150 “when the time comes.”

CHECK OUT: Bollinger Motors announces B2 electric pickup alongside SUV

New York startup Bollinger Motors, which has shown a concept version of a heavy-duty SUV it plans to build, also showed a pickup design in October. Like Bollinger's SUVs, it would be a heavy-duty pickup, likely a one-ton, so heavier than most personal-use pickups, but designed more for off-roaders, hunters, or campers, rather than contractors. The company did not release a timeline.

With all these electric pickups in the works, we thought we'd ask our followers which one they think might arrive on the market first. Our official Twitter poll this week asks: “Which company will sell the first personal-use electric pickup?”

Those are the choices: Rivian, Tesla, Ford, or Bollinger.

Click on over to the poll to let us know which electric pickup you're most optimistic about. And remember that our Twitter polls are unscientific, because of low sample size and because our respondents are self-selected.

Tesla factory and screen interface, Byton back at CES: Today’s Car News

Byton M-Byte concept
Patent filings show new features that may be coming to updated Model S and Model X cars later this year. Chinese startup automaker Byton makes another appearance at CES. And our latest Twitter poll asks readers which electric pickup they think may hit the roads first. All this and more on Green Car Reports.

On Sunday night, Musk took to Twitter to announce that the company would break ground on its much-needed second factory on Monday. The new plant in China will produce “affordable” Model 3s and Model Ys for the Chinese and surrounding markets.

A patent filing late last year shows a new Windows-like control interface that may be coming to updated Model S and Model X cars later this year. The screen will allow drivers to see four functions at once.

Chinese startup automaker Byton will make its second appearance at the CES show in Las Vegas this week, after giving rides in its M-byte SUV last year. This year, an updated M-byte that's closer to production will have a curved screen across the dashboard, more screens for rear passengers, and even a few actual buttons for driver controls.

If 2019 is the year of the electric SUV, it's also the year of electric pickup concept announcements. Our latest Twitter poll asks readers which company they think will get an electric pickup on the market first: Rivian, Tesla, Ford, or Bollinger.

A spy photographer in Germany caught photos of the upcoming BMW iX3, due out in 2020, testing on public roads. Lest there be any doubt that it was the electric version of the X3, the test car had signs emblazoned on the front doors proclaiming, “Electric Test Vehicle.”

Finally, Jay Leno got a chance to test drive the new Mercedes-Benz EQC 400 prototype and released a new video on “Jay Leno's Garage” to rave about the experience.

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Porsche Claims Tesla Owners Are Leading A Taycan Sales Stampede

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Published on January 7th, 2019 |

by Steve Hanley

Porsche Claims Tesla Owners Are Leading A Taycan Sales Stampede

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January 7th, 2019 by Steve Hanley

At the LA Auto Show last month, Klaus Zellmer, president of North American operations for Porsche, had some interesting things to say to Tim Stevens of CNET Road Show. His company has had a “pretty amazing” level of interest in its upcoming Taycan 4 door electric sports car, he said.

In particular, the number of people willing to plunk down a $2,500 deposit to pre-order one has exceeded all expectations. “If all the people [who preordered] buy this car, then we are sold out for the first year,” Zellmer said, and 20,000 sales would make the Taycan one of Porsche’s best selling models. However, it would not approach the ~50,000 Tesla Model S sedans sold each year.

“More than half of the people that are signing up for the Taycan have not owned or do not own a Porsche,” Zellmer added, which led to this question: What car do they own? “Typically, if we look at our source of business — people coming from other brands — it’s Audi, BMW, or Mercedes. The no. 1 brand now is Tesla. That’s pretty interesting, to see that people that were curious about the Tesla for very good reasons obviously don’t stop being curious.”

Is that surprising? Maybe not. Most existing Tesla owners are early adopters. If they jumped on the Tesla bandwagon early, why wouldn’t they want to try the new new thing? Especially in California, where car culture has been dominant ever since Harry Truman took the train back to Independence, well heeled buyers are always on the hunt for what’s next.

Green Car Reports speculates that current Tesla owners may be attracted to the Taycan’s 800 volt drivetrain, which can reportedly recharge in half as much time as a Tesla (assuming you can find an ultra-fast charger). Or they may think the Porsche will offer a more luxuriously appointed interior.

Is Porsche worried that the Taycan — and its soon to appear first cousin, the Cross Turismo — will compete head to head with Audi models that are based on the same chassis? Not really. The Audi e-tron GT will share a chassis with the Taycan, but people will be able to tell the difference by the way the two cars drive.

“When it’s about being competitive,” he said, “it’s something that really has to fully speak Porsche. If you drive a Macan, you know that we share a platform [with Audi], but it’s a completely different car. And that’s exactly what has to happen and I’m sure Audi has followed a same path.”

Should Tesla be worried that some of its current owners may make the switch to an all-electric Porsche? Probably not. There are tens of millions of people who would give their eye teeth to own a Tesla. The other upside is that if some of those Tesla owners do change horses midstream, that will mean more pre-owned Teslas for sale to those who don’t have the resources to buy a new one.

When it comes to the electric car revolution, the more competitive cars available — new and used — the better for us and for the Earth.

About the Author

Steve Hanley Steve writes about the interface between technology and sustainability from his home in Rhode Island and anywhere else the Singularity may take him. His motto is “Democracy is socialism.” You got a problem with that?

You can follow him on Google + and on Twitter.

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Toyota says it doesn’t worry about Tesla’s lead, shuns all-electric and goes ‘electrified’ by 2025

Despite its early effort in electrification with the Prius and a partnership with Tesla, Toyota has famously been looking down on battery-electric vehicles in favor of hybrid and fuel cell vehicles. Yet, the Japanese automaker says that all its models will be ‘electrified’ by 2025, but it’s being vague about what it means and it still… Continue reading Toyota says it doesn’t worry about Tesla’s lead, shuns all-electric and goes ‘electrified’ by 2025

General Motors names long-time insider Mark Reuss as its president

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Mark Reuss, General Motors Executive Vice President Global Product Development, speaking last January.

General Motors named long-time insider Mark Reuss as its president, effective immediately.

Reuss formerly led GM's global product group and Cadillac. His duties will now include overseeing GM's quality organization.

GM reported fourth-quarter sales on Thursday that fell more than 2 percent over the the same period last year.

Shares of GM were down more than 1 percent in premarket trading.