Tag: Electric vehicles

Samsung’s first Exynos Auto chip is coming to future Audi cars

Audi Samsung’s first Exynos chip for cars will power Audi‘s upgraded in-vehicle infotainment system starting in 2021, the company announced today. The Exynos Auto V9 is based on 8-nanometer (nm) process tech and comes complete with eight ARM Cortex-A76 cores, offering a max speed of 2.1 GHz. As a result, Samsung is promising premium audio… Continue reading Samsung’s first Exynos Auto chip is coming to future Audi cars

Nearly a Third of Norway’s 2018 New Car Sales Were Electric

Climbing Numbers Norway just hit a major milestone on its mission to stop selling gas-powered vehicles by 2025. Over the entire course of 2018, 31.2 percent of all the new cars sold in the country were entirely powered by electricity instead of fossil fuels, according to Reuters. That’s the highest percentage worldwide, with Iceland in… Continue reading Nearly a Third of Norway’s 2018 New Car Sales Were Electric

Tesla cuts U.S. prices on all vehicles, shares drop

(Reuters) – Tesla Inc (TSLA.O) on Wednesday cut U.S. prices for all its vehicles to offset lower green tax credits, and fell short on quarterly deliveries of its mass-market Model 3 sedan, sending shares of the electric vehicle maker down nearly 7 percent on worries of future profitability. Analysts questioned whether the $2,000 price cut… Continue reading Tesla cuts U.S. prices on all vehicles, shares drop

Faraday Future settles dispute with investor, but it’s not out of the woods

Faraday Future, once seen as the main EV startup, had a tough 2018, but it announced that it closed out the year by settling its dispute with its main investor. Though it doesn’t mean that it’s out of the woods just yet. It seemed like the startup was finally out of the woods after a… Continue reading Faraday Future settles dispute with investor, but it’s not out of the woods

Volkswagen’s mobile charging station will help solve a key problem with EVs

Volkswagen has an interesting solution to the dilemma of owning an electric vehicle without a permanent place to charge it: they’ll bring the charging station to you. The German automaker offered a glimpse of its new mobile charging strategy last week, which envisions mobile charging units that can be delivered directly to electric cars in… Continue reading Volkswagen’s mobile charging station will help solve a key problem with EVs

Tesla cuts prices $2,000, almost hit 250,000 vehicles in 2018

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2017 Tesla Model 3
Tesla and its CEO Elon Musk made a multi-layered end-of-year push, focused on Tesla's final days and weeks of $7,500 federal EV tax credit eligibility. And with more than 90,000 vehicle deliveries in the fourth quarter of the year—a new record for the California electric-car maker—it appears to have worked.

According to Tesla, it delivered 90,700 vehicles in Q4 2018—8 percent more than in Q3. That included 63,150 deliveries of its mass-market sedan, the Model 3.

DON'T MISS: What effect will lower tax credits on Tesla and GM plug-ins have in the new year?

Model 3 sales alone, for the full year, added up to more than 145,000 vehicles—not far from the 150,000 level, but falling short of some end-of-year estimates. In all, Tesla delivered 245,240 vehicles, which means the automaker is now in close company with any number of strong-selling established brands.

2018 Tesla Model S

The production rate for Q4 2018 included 86,555 vehicles, with 61,394 Model 3 sedans and 25,161 Model S and Model X vehicles. For the Model 3, that amounts to an average rate of 4,722 vehicles per week over the quarter—a fair amount below the 5,000/week rate that Tesla CEO Elon Musk said would be required to make the car profitable in 2018.

Tesla notes that it's reducing the number of models in transit through improvements to its logistics system. Deliveries exceeded production across both of Tesla's model lines, but the company didn't clarify whether that serves as evidence of the improvement.

CHECK OUT: Tesla offers to cover remainder of full tax credit if it can't deliver by year-end

It may prove easier to build stock this quarter because Tesla's eligibility window for the $7,500 federal EV tax credit has passed. Tesla is countering that, however, with a $2,000 U.S. price reduction for the Model 3, as well as the Model S and Model X. Since customers can still receive a federal tax credit of $3,750 on Tesla vehicles for the next six months, it helps soften what's effectively a price hike.

Tesla claims to have started 2018 with a delivery run rate of 120,000 vehicles and ended it at more than 350,000 vehicles per year. We've heard such claims before—like Musk's original target of 500,000 vehicles in 2020—so just as with the financials on the fourth quarter, we'll just have to wait for the numbers.

Workhorse Group Secures $35 Million in Financing from Marathon Asset Management

Immediate Access to Capital Enables Funding for Existing and Future Purchase Orders, Satisfies Existing Debt Obligations, and Serves as Another Key Step in Workhorse’s Long-Term Capital Strategy CINCINNATI, Jan. 2, 2019 /PRNewswire/ — Workhorse Group Inc. (NASDAQ: WKHS) (“Workhorse”), an American technology company focused on changing the way the world works by providing sustainable and… Continue reading Workhorse Group Secures $35 Million in Financing from Marathon Asset Management

UPDATE 5-Tesla shares drop on price cut, disappointing Model 3 deliveries

(Reuters) – Shares in Tesla Inc (TSLA.O) dropped as much as 9 percent on Wednesday on worries of future profitability, after the electric car maker cut U.S. prices for all its vehicles to offset lower green tax credits, while falling short on quarterly deliveries of its mass-market Model 3 sedan. FILE PHOTO: Rows of new… Continue reading UPDATE 5-Tesla shares drop on price cut, disappointing Model 3 deliveries

UPDATE 1-GM sold 200,000 electric vehicles in U.S. by 2018, triggering tax-credit phaseout – source

FILE PHOTO – The GM logo is seen at the General Motors Assembly Plant in Ramos Arizpe, in Coahuila state, Mexico November 25, 2017. REUTERS/Daniel Becerril WASHINGTON (Reuters) – General Motors Co (GM.N) hit 200,000 total electric vehicles sold in the United States by the end of 2018, reaching a threshold that triggers a phase-out… Continue reading UPDATE 1-GM sold 200,000 electric vehicles in U.S. by 2018, triggering tax-credit phaseout – source