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$47.7 Million — The Cash Norwegians Have Put Down For Electric Car Reservations

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Published on November 2nd, 2018 |

by Zachary Shahan

$47.7 Million — The Cash Norwegians Have Put Down For Electric Car Reservations

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November 2nd, 2018 by Zachary Shahan

There’s no secret about it in the electric car world — Norway is the world’s premier country for viewing the electric revolution. As I wrote recently, 60% of new car sales in the country are now plug-in car sales. The country has risen up the tech adoption S-curve and has a far higher number of EV drivers per capita than any other country on earth.

Norwegians are also eagerly waiting for all the hot new electric models, to the tune of 400 million Norwegian kroner (or $47.7 million).

Well, I presume that is a low estimate. I was told by someone at the Norwegian EV association () that no one outside of Tesla really knows how many Norwegian Model 3 reservations are sitting behind tesla.com/teslaaccount. The findings reported in a Norwegian paper put the Model 3 as second in line on the reservation list, behind the Audi e-tron quattro, and I have to say that’s hard to believe.

Other popular electric models Norwegians have put down money to reserve include the Porsche Taycan (formerly called the Mission E), which is a high-end car in the range of the Model S; the Kia Niro Electric, one of the first affordable electric CUVs on the market; the Mercedes-Benz EQC, a fully electric SUV entry from the well known German brand; the Jaguar I-PACE, a CUV/SUV that is helping to lead Jaguar into an electric future even thought it doesn’t quite stack up to the similarly priced Model X in several regards; and the BMW iX3, which is BMW’s coming attempt to finally get back into the electric game.

“Over 30,000 Norwegian kroner are in line to buy one of the new electric cars that are on the way to the market, as many buyers have paid to stand there,” a Google translation of the NRK article about the news states. [Update: That translation has been modified for accuracy. It initially said “Over 30,000 Norwegians are in line” but that was apparently an unfortunate auto translation.]

Again, Tesla’s numbers are an estimate rather than official figures from the automaker, and I have a hard time believing they aren’t much higher.

Learn more about Norway’s EV adoption background if you haven’t done so before.

Top image via Elbilfestival i Geiranger and Norsk Elbilforening (some rights reserved), second image via NRK

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About the Author

Zachary Shahan Zach is tryin' to help society help itself (and other species). He spends most of his time here on CleanTechnica as its director and chief editor. He's also the president of Important Media and the director/founder of EV Obsession and Solar Love. Zach is recognized globally as an electric vehicle, solar energy, and energy storage expert. He has presented about cleantech at conferences in India, the UAE, Ukraine, Poland, Germany, the Netherlands, the USA, and Canada.

Zach has long-term investments in TSLA, FSLR, SPWR, SEDG, & ABB — after years of covering solar and EVs, he simply has a lot of faith in these particular companies and feels like they are good cleantech companies to invest in. But he offers no professional investment advice and would rather not be responsible for you losing money, so don't jump to conclusions.

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Tesla Coverage: High Speed, Low Quality

Original Article

Tesla expects to invest up to $6 billion over next two years in factories and equipment

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Workers assemble cars on the line at the Tesla's factory in Fremont, California.

Tesla expects to spend up to $6 billion on factories and equipment over the next two years as it ramps up production and develops new vehicles, the company said in a regulatory filing Friday.

The electric car maker said it expects to spend just under $2.5 billion in capital investments for 2018 and $2.5 billion to $3 billion annually over the next two years.

Tesla is also planning to build a factory in China, which it is calling Gigafactory 3, where it hopes to eventually produce 3,000 of its popular Model 3 sedans a week. The filing cautioned that the time frame on its production targets was “subject to a number of uncertainties, including regulatory approval, supply chain constraints, and the pace of bringing the factory online.”

Gigafactory 1 is the company's plant near Clark, Nevada, where it makes batteries and parts of the Model 3 drive train. Gigafactory 2 is its solar power plant in Buffalo, New York.

Tesla is planning to start producing Model 3s in Shanghai to reduce the impact of tariffs. Because Tesla currently exports all of its vehicles to China, it has been hurt by stiff tariffs, some of which result from the trade war between China and the U.S.

Shares of Tesla were flat Friday morning.

In the filing, the company also revealed that the Justice Department and SEC are investigating Model 3 production targets.

The company has been burning through cash as it ramps up production and deliveries of its Model 3 midsize sedan, and it has big plans for the years ahead. Tesla unveiled an electric semi-truck last year but has not said much since then about when and how the company will produce the vehicles.

It is also planning a crossover sport utility vehicle called the Model Y, and a second-generation version of the Tesla Roadster that CEO Elon Musk has said will be quicker and faster than any other car on the road. Musk has also talked about his desire to make a pickup truck.

It also is attempting to build a business in rooftop solar power systems. In 2016, Musk revealed a planned roof tile that could collect solar power, but the company has so far shipped only a few systems.

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Elon Musk says Tesla ‘probably would not’ take money from Saudi Arabia now

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Tesla “probably would not” take money from Saudi Arabia in the wake of the death of Saudi journalist Jamal Khashoggi, Chief Executive Elon Musk said.

Musk and his electric car manufacturer hit headlines in August after the billionaire put out a tweet sayingthat he was considering taking the firm private at $420 per share.

Later explaining his tweet in a blog post, Tesla's boss said he had been approached by Saudi Arabia's sovereign wealth fund “multiple times” about the prospect of taking Tesla private, and that it has bought a nearly 5 percent stake in Tesla through the public market. Plans for a take-private deal were subsequently shelved.

In an interview with Recode's Kara Swisher, which was published early Friday morning, Musk was asked directly about his thoughts on the death of Khashoggi, an outspoken critic of the Saudi regime.

“Yeah, I mean, that sounds pretty bad. So … that is not good. That is bad,” he said.

Asked whether he would accept Saudi money now, following Khashoggi's death, Musk said: “I think we probably would not.”

Saudi Arabia's public prosecutor last week acknowledged for the first time that Khashoggi's killing at the Saudi consulate in Istanbul, Turkey was “premeditated,” deviating from previous claims that his death was unintended.

The Arab kingdom initially denied any involvement in his disappearance, saying the Washington Post journalist had left the consulate unharmed. Saudi Crown Prince Mohammed bin Salman has said he is cooperating with Turkey over Khashoggi's killing, and that those found guilty will be brought to justice.

Musk, asked about the influence of the Saudi sovereign wealth fund in Silicon Valley, added that it was important to recognize that not all Saudi cash is the same.

He said: “I think we should just consider that there is a whole country, and there's, you know … There are a lot of good people in Saudi Arabia, and Saudis who are outside of Saudi Arabia. So I think you cannot paint an entire country with one brush.”

Saudi Arabia's Public Investment Fund (PIF) is a major backer of SoftBank's $100 billion Vision Fund, which has been ploughing cash into Silicon Valley's start-up economy. The PIF has already committed $45 billion to the fund, and Saudi Arabia's crown prince said last month the PIF plans to invest another $45 billion into the Japanese firm's second major fund.

The relationship between SoftBank and Saudi Arabia appears to have become increasingly uncertain, however, following the controversy surrounding Khashoggi. Masayoshi Son, the firm's chief executive, reportedly backed out of the country's high-profile Future Investment Initiative business conference last month.

Various other tech executives withdrew from the investment conference, including Uber's Dara Khosrowshahi, Google's Diane Greene and Simon Segars of Arm Holdings — which is fully owned by SoftBank.