The <a href="https://www.dailywire.com/topic/ford-motor-co" target="_blank" rel="noopener">Ford Motor Company</a> is going full throttle toward <a href="https://www.dailywire.com/news/death-of-the-muscle-car-dodge-reveals-final-gas-powered-challenger-as-company-shifts-to-ev-production" target="_blank" rel="noopener">electric vehicle</a> manufacturing, but that decision will cost the <a href="https://www.dailywire.com/topic/michigan" target="_blank" rel="noopener">Michigan</a>-based carmaker billions this year alone.
Ford said Thursday that it expects its EV division will lose $3 billion in 2023 as it pushes to produce more vehicles and build electric battery plants in Kentucky, Tennessee, and Michigan, The Financial Times <a href="https://www.ft.com/content/d91c5e89-b84c-4870-b1f4-a580ded4d428" target="_blank" rel="noopener">reported</a>. The carmaker wasn’t surprised by the massive loss of money as it views its EV division, known as Model e, as a “start-up.” 
“Ford Model e is an EV start-up within Ford and, as everyone knows, EV start-ups lose money while they invest in capability, develop knowledge, build volume and gain share,” said John Lawler, Ford’s chief financial officer.
Despite the losses, Ford continues to push forward and hopes to manufacture two million EVs a year by 2026 and hit an 8% profit margin for its EV division. The company is chasing Elon Musk&#8217;s Tesla for EV sales in the U.S. and remains far behind the electric car giant. Tesla, which started in 2003, lost money for ten years before finally turning a profit in 2013. Musk&#8217;s company made $12.6 billion in 2022, an impressive jump from $5.5 billion in 2021.
Ford plans to explain its financials in more detail to investors and how it will stick to its goal of selling only zero-carbon emission vehicles by 2040, according to The Financial Times. Ford is relying on Ford Blue, its gas-powered vehicle production, to fund the carmaker’s transition to EVs. 
Ford Blue is expected to rake in $7 billion this year, and the company’s commercial vehicles division, Ford Pro, is expected to double last year’s earnings to $6 billion this year. Lawler blamed spending on new battery plants and battery technology for the carmaker’s EV losses. 
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Last month, the carmaker was <a href="https://www.dailywire.com/news/ford-slammed-for-teaming-up-with-chinese-company-to-build-batteries-becoming-a-national-security-threat" target="_blank" rel="noopener">criticized</a> for collaborating with a Chinese company to build a battery plant in Michigan. In its proposal, Ford said it would partner with the Chinese company Contemporary Amperex Technology on the plant that would employ 2,500 people when it begins production in 2026. 
Virginia Republican Gov. Glenn Youngkin <a href="https://www.dailywire.com/news/youngkin-spurns-fords-proposed-3-5b-virginia-plant-over-china-concerns" target="_blank" rel="noopener">withdrew</a> his state from consideration for the new battery plant because of Ford’s partnership with the Chinese company. Michigan Democratic Gov. Gretchen Whitmer, however, has pushed for the battery plant to come to the Great Lakes State and <a href="https://www.freep.com/story/news/politics/2023/02/13/whitmer-celebrates-ford-battery-plant-in-michigan/69898177007/" target="_blank" rel="noopener">celebrated</a> Ford&#8217;s decision to build the plant in Michigan. 
&nbsp;

Ford

Ford Projects Its EV Division Will Lose Billions This Year

electric vehicles

Ford Motor Co.

Michigan

Technology

U.S.

Dodge introduced the latest and final version of its Challenger on Monday as the carmaker <a href="https://www.dailywire.com/news/dodge-ending-production-of-iconic-muscle-cars-to-push-forward-with-electric-vehicles" target="_blank" rel="noopener">shifts</a> from wowing drivers with its iconic gas-powered muscle cars to producing <a href="https://www.dailywire.com/topic/electric-vehicles" target="_blank" rel="noopener">electric vehicles</a>.  
The 2023 Challenger SRT Demon will be the last V8 car that Stellantis, which owns Dodge, will produce, and it will also be its most powerful, CNBC <a href="https://www.cnbc.com/2023/03/20/dodge-challenger-srt-demon-resurrected.html">reported</a>. The new Challenger boasts a 6.2 liter supercharged V8 with 1,025 horsepower and 945 foot-pounds of torque, ripping to 60 mph in 1.66 seconds, making it the fastest production car in the world, according to Dodge.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
2023 Dodge Challenger SRT Demon 170 reveal <a href="https://t.co/DQWuJOiABE">pic.twitter.com/DQWuJOiABE</a>
&mdash; Autoblog (@therealautoblog) <a href="https://twitter.com/therealautoblog/status/1638186367216766981?ref_src=twsrc%5Etfw">March 21, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Dodge <a href="https://www.dailywire.com/news/dodge-ending-production-of-iconic-muscle-cars-to-push-forward-with-electric-vehicles">announced</a> last summer that it would begin to transition away from gas-powered vehicles and toward EVs by the end of this year due to strict government emissions regulations. CNBC <a href="https://www.cnbc.com/2022/08/15/dodge-challenger-charger-to-be-discontinued-in-2023.html">reported</a> that Dodge’s parent company Stellantis, formerly known as Fiat Chrysler, ranks at the bottom among U.S. car manufacturers for fuel economy and carbon emissions.
Dodge said goodbye to the muscle cars that helped give the company a name by selling seven special-edition Dodge models, the last of which is the 2023 Challenger SRT Demon. The SRT Demon will hit the market at $96,666 but could cost up to $120,000 once fees and options and accessories are factored in. 
Dodge CEO Tim Kuniskis was brutally honest about the car’s fuel economy, calling it “horrible,” but he later said the SRT Demon would be “eco-friendly” because it will run on E85 ethanol blend fuel. Because of the immense power the SRT Demon produces in its rear wheels, the car will be capable of popping wheelies, CNBC reported. 
Kuniskis said that while making the car, engineers were “blowing up” engines as they tried to get the best possible performance, resulting in the SRT Demon’s reveal being pushed back. 
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“You have to celebrate this end,” the carmaker’s CEO told CNBC.  
Car enthusiasts or those who want to get in on the end of the Dodge muscle car era can order the Challenger SRT Demon on March 27. Potential buyers will have to move fast as Stellantis only plans on building 3,000 vehicles for the U.S. and another 300 for Canada.

Dodge

Death Of The Muscle Car: Dodge Reveals Final Gas-Powered Challenger As Company Shifts To EV Production

Dodge Reveals Final Gas-Powered Challenger As Company Shifts To EV Production

Cars

<a href="http://dailywire.com/topic/ford" target="_blank" rel="noopener">Ford</a> submitted a patent application for a self-driving <a href="https://www.dailywire.com/topic/cars" target="_blank" rel="noopener">vehicle</a> that would repossess itself if the owner misses car payments.
The application, initially filed two years ago but <a href="https://image-ppubs.uspto.gov/dirsearch-public/print/downloadPdf/20230055958" target="_blank" rel="noopener">published</a> last week by the United States Patent and Trademark Office, involves a series of computer interactions that would initiate a “multi-step repossession procedure” in the case of delinquency. Banks could send drivers or leaseholders multiple warnings about missed payments before the vehicle is eventually locked or made to cooperate with repossession processes initiated by the financial institutions.
“When an acknowledgment is not received within a reasonable period of time, the first computer may disable a functionality of a component of the vehicle or may place the vehicle in a lockout condition,” the patent application said, referencing the computer controlled by the lending agency. “The lockout condition may be lifted momentarily in case of an emergency to allow the vehicle to travel to a medical facility.”
The technology could theoretically be implemented in several vehicle classes, including both electric and internal combustion vehicles. In the event of missed payments, the technology could also begin to deactivate vehicle features such as the air conditioning system, remote key fobs, and automated locks to “cause an additional level of discomfort to a driver and occupants of the vehicle” and encourage payment submissions. The technology could alternatively activate chimes, beepers, or radios to “emit an incessant and unpleasant sound every time the owner is present in the vehicle.”
With more unheeded car payment warnings, the driver could also be subjected to a “geofence” outside of which systems needed to drive the car would be deactivated. The system could also lock the vehicle outside of work hours to avoid “adversely affecting a livelihood of the owner of the vehicle,” thereby “hampering the owner’s ability to make payments.”
Lack of action from the driver could result in the vehicle calling for a tow truck company; semi-autonomous vehicles could move themselves to a location “more convenient” for the tow truck operators, while fully autonomous vehicles could be moved “from the premises of the owner” to the premises of a repossession agency or lending institution without a tow truck.
Vehicles with high mileage could be directed to automatically drive themselves to a junkyard if repossession costs are substantially high. In another situation, a vehicle could call the police if the driver attempts to “foil a repossession procedure” and block the vehicle’s path.
The patent application comes as more consumers default on their automotive loans due to economic turmoil and inflationary pressures. The number of debtors delinquent by more than 60 days increased 26.7% year-over-year as of December 2022, according to a <a href="https://www.coxautoinc.com/market-insights/auto-market-weekly-summary-january-13/" target="_blank" rel="noopener">report</a> from Cox Automotive. Some 1.84% of loans were severely delinquent, marking the highest rate since the aftermath of the financial crisis.
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Over the past two years, inflation has prompted consumers to use more debt while financing their transactions. Higher economy-wide interest rates induced by the Federal Reserve are meanwhile translating to record car payments: average annual percentage rates on new financed vehicles increased from 5.7% in the third quarter of 2022 to 6.5% in the fourth quarter of 2022, according to <a href="https://www.edmunds.com/industry/press/rising-auto-loan-interest-rates-drive-share-of-1000-monthly-payments-to-record-levels-in-q4-according-to-edmunds.html" target="_blank" rel="noopener">data</a> from the car review website Edmunds, while the rate for used financed vehicles increased from 9% to 10%.
Despite the higher amounts of indebtedness and resultant delinquency levels, financial institutions have previously carried out abuses by repossessing vehicles. Wells Fargo agreed to a $3.7 billion <a href="https://www.dailywire.com/news/bank-will-fork-over-3-7-billion-after-thousands-wrongly-lose-homes-and-vehicles" target="_blank" rel="noopener">settlement</a> with the Consumer Financial Protection Bureau last year after the bank illegally assessed fees on various loans and wrongly repossessed cars.

New Ford Mondeo Automobile Production Line At Ford Inc.’s Russia Plant

Ford Submits Patent For Car That Repossesses Itself Or Locks Drivers Out Of Features If Payments Missed

Ford Submits Patent For Car That Repossesses Itself

Business

The <a href="https://www.dailywire.com/topic/united-states-postal-service-usps" target="_blank" rel="noopener">United States Postal Service</a> announced the purchase of 9,250 <a href="http://dailywire.com/topic/electric-vehicles" target="_blank" rel="noopener">electric vehicles</a> and 14,000 charging stations on Wednesday as the <a href="http://dailywire.com/topic/biden-administration" target="_blank" rel="noopener">Biden administration</a> continues efforts to phase internal combustion vehicles out of the federal fleet.
Officials unveiled the move as an early stage of a broader electrification <a href="https://about.usps.com/newsroom/national-releases/2022/1220-usps-intends-to-deploy-over-66000-electric-vehicles-by-2028.htm" target="_blank" rel="noopener">strategy</a> that will involve the purchase of 66,000 electric vehicles by 2028. The agency also awarded contracts for 9,250 conventional internal combustion vehicles due to the urgent need for new equipment.
&#8220;We are moving forward with our plans to simultaneously improve our service, reduce our cost, grow our revenue, and improve the working environment for our employees. Electrification of our vehicle fleet is now an important component of these initiatives,&#8221; Postmaster General Louis DeJoy said in a <a href="https://www.prnewswire.com/news-releases/usps-moves-forward-with-awards-to-modernize-and-electrify-the-nations-largest-federal-fleet-301758734.html" target="_blank" rel="noopener">statement</a>. &#8220;We have developed a strategy that mitigates both cost and risk of deployment, which enable execution on this initiative to begin now.”
The total investment in the electrification program is slated to reach $9.6 billion, which includes roughly $3 billion from the Inflation Reduction Act. A previous <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/12/20/biden-%e2%81%a0harris-administration-announces-historic-investment-to-electrify-u-s-postal-service-fleet/" target="_blank" rel="noopener">statement</a> from the White House said that roughly three-quarters of the agency’s Next Generation Delivery Vehicles will therefore run on batteries instead of internal combustion engines.
The Biden administration has established the goal of procuring only 100% zero-emission light-duty vehicles by 2027 and will extend the same standard to all vehicles in the federal fleet by 2035, according to a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/09/fact-sheet-biden-harris-administration-proposes-new-standards-for-national-electric-vehicle-charging-network/" target="_blank" rel="noopener">document</a> from the White House.
The purchase of electric vehicles by the Postal Service follows a similar <a href="https://www.dailywire.com/news/kamala-harris-unveils-5-billion-for-electric-school-buses-as-nation-sees-largest-learning-decline-in-decades" target="_blank" rel="noopener">initiative</a> led by Vice President Kamala Harris to electrify the nation’s school buses. The project will use nearly $1 billion from the Bipartisan Infrastructure Law for rebates awarded to school districts that buy the vehicles, while the White House plans to spend a total of $5 billion on the program.
Policy under the Biden administration has indeed favored nascent electric vehicle technology. Individuals who purchase certain electric cars can receive tax credits between $4,000 and $7,500 under the Inflation Reduction Act. “The climate crisis doesn’t care if your state is red or blue. It is an existential threat,” President Joe Biden <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/02/07/remarks-of-president-joe-biden-state-of-the-union-address-as-prepared-for-delivery/" target="_blank" rel="noopener">commented</a> during his recent State of the Union address. “We have an obligation to our children and grandchildren to confront it. I’m proud of how America is at last stepping up to the challenge.”
The state governments of California, Massachusetts, Washington, and Virginia have meanwhile subscribed to <a href="https://www.dailywire.com/news/california-expected-to-ban-sale-of-new-gas-cars" target="_blank" rel="noopener">new rules</a> from the California Air Resources Board requiring 35% of new vehicles to produce zero emissions by 2026, a standard that will progressively rise to 100% by 2035. The Biden administration has likewise <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/12/13/fact-sheet-the-biden-harris-electric-vehicle-charging-action-plan/" target="_blank" rel="noopener">set</a> the “ambitious target” of ensuring that electric vehicles constitute 50% of car sales in the United States by 2030.
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Researchers have nevertheless said that the electric grids in California and elsewhere will require significant upgrades before a rapid transition away from internal combustion vehicles can occur. “Today, most people charge their electric cars when they come home in the evening,” according to a <a href="https://www.ece.cornell.edu/spotlights/prepare-grid-now-power-electric-vehicles" target="_blank" rel="noopener">report</a> from Cornell University. “If left unmanaged, the power demanded from many electric vehicles charging simultaneously in the evening will amplify existing peak loads, potentially outstripping the grid’s current capacity to meet demand.”

USPS

Postal Service Buys Nearly 10,000 Electric Vehicles As Biden Pushes For Electrified Federal Fleet

Postal Service Buys Thousands Of Electric Vehicles As Biden Pushes For Electrified Federal Fleet

Biden Administration

Energy

United States Postal Service (USPS)

President <a href="https://www.dailywire.com/topic/joe-biden">Joe Biden</a> was slammed Monday after touting his $7,500 tax credit for electric vehicles while promoting an electric truck that costs over a hundred thousand dollars and has been plagued with issues.
The photo was taken back in 2021 when Biden test drove an electric Hummer while touring the General Motors Factory ZERO electric vehicle assembly plant in Detroit, Michigan.
&#8220;On my watch, the great American road trip is going to be fully electrified,&#8221; Biden claimed. &#8220;And now, through a tax credit, you can get up to $7,500 on a new electric vehicle.&#8221;
Biden&#8217;s claims about the tax credit are misleading as the overwhelming majority of new electric vehicles, approximately 70%, do not qualify for the tax credit, Reuters <a href="https://www.reuters.com/business/autos-transportation/us-auto-trade-group-warns-ev-tax-proposal-would-make-70-ineligible-2022-08-05/">said</a>.
The electric Hummer that Biden showed off in the tweet <a href="https://twitter.com/DavidZipper/status/1620192537591025665">does not</a> qualify for the tax credit because it is significantly more expensive than the maximum MSRP (manufacturer&#8217;s suggested retail price) allowed.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
On my watch, the great American road trip is going to be fully electrified.
And now, through a tax credit, you can get up to $7,500 on a new electric vehicle. <a href="https://t.co/n3iZ9etL4A">pic.twitter.com/n3iZ9etL4A</a>
&mdash; President Biden (@POTUS) <a href="https://twitter.com/POTUS/status/1620138541937205250?ref_src=twsrc%5Etfw">January 30, 2023</a></blockquote>
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The lowest level electric Hummer has an <a href="https://www.motortrend.com/features/how-much-is-a-gmc-hummer-ev-pickup-suv?slide=11">MSRP</a> of $86,645, however, with the continued supply chain issues, consumers will have a very difficult time finding even the base-level model for under $100,000 due to market demand.
Higher-level trim models of the electric Hummer have an MSRP of $112,595 but sell for significantly higher sums. The <a href="https://insideevs.com/news/596221/gmc-hummer-ev-edition-1-sells-for-324500-usd-auction-new-record/">most</a> amount of money that an electric Hummer has been sold for is $324,500.
The electric Hummers have had <a href="https://www.thestreet.com/investing/gmc-hummer-ev-recalled-over-battery-problem#:~:text=The%20automaker%20is%20issuing%20recalls,leaking%20into%20the%20battery%20packs.&amp;text=General%20Motors%20(GM)%20%2D%20Get,a%20battery%20pack%20sealing%20problem.">significant issues</a> that have plagued GM&#8217;s relaunch of brand, including recalls over water leaking into the battery packs, and the vehicle randomly dying <a href="https://www.hotcars.com/gmc-hummer-ev-breaks-down/">on road</a> and <a href="https://www.washingtonexaminer.com/news/electric-hummer-off-roading-trip-fails-middle-desert">off road</a>.
Rep. Ashley Hinson (R-IA) responded, &#8220;How out of touch can you be?&#8221;
&#8220;Great example of an out-of-touch Green New Deal policy thrown into Biden&#8217;s so-called Inflation Reduction Act last Congress,&#8221; Rep. Ron Estes (R-KS) tweeted. &#8220;That vehicle costs about $100,000 – Kansas families dealing with rising prices shouldn&#8217;t be forced to subsidize Americans buying any luxury EVs.&#8221;
David Zipper, Visiting Fellow at Harvard Kennedy School, responded, &#8220;Biden is giving free publicity to the Hummer EV, a 4.5-ton behemoth so inefficient that it pollutes more per mile than a *gas-powered* sedan.&#8221;
&#8220;As if that POTUS tweet wasn’t bad enough, the Hummer EV isn&#8217;t even eligible for a $7,500 federal credit,&#8221; Zipper added. &#8220;The Hummer EV costs ~$110k, and the credit is capped at $80k.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Biden is giving free publicity to the Hummer EV, a 4.5-ton behemoth so inefficient that it pollutes more per mile than a *gas-powered* sedan.
Source: <a href="https://t.co/93TnWu8MFf">https://t.co/93TnWu8MFf</a> <a href="https://t.co/wg1OovwYM4">https://t.co/wg1OovwYM4</a>
&mdash; David Zipper (@DavidZipper) <a href="https://twitter.com/DavidZipper/status/1620165707257499650?ref_src=twsrc%5Etfw">January 30, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Others, like Rep. Guy Reschenthaler (R-PA), responded by mocking Biden.
Reschenthaler tweeted out a meme of Biden and Vice President Kamala Harris&#8217; faces superimposed on cast from &#8220;Pawn Stars.&#8221;
&#8220;AMERICANS: We can&#8217;t afford to fill up our gas tanks. Please help us,&#8221; Reschenthaler tweeted.
The tweet then said &#8220;BIDEN:&#8221; and pointed to the meme while showed Biden saying, &#8220;best I can do is a $110,000 electric car.&#8221;
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AMERICANS: We can&#39;t afford to fill up our gas tanks. Please help us.
BIDEN: <a href="https://t.co/8euOUqKIWB">https://t.co/8euOUqKIWB</a> <a href="https://t.co/droIwMVumN">pic.twitter.com/droIwMVumN</a>
&mdash; Rep. Guy Reschenthaler (@GReschenthaler) <a href="https://twitter.com/GReschenthaler/status/1620203574641971207?ref_src=twsrc%5Etfw">January 30, 2023</a></blockquote>
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US-POLITICS-BIDEN-AUTOMOBILE-ENVIRONMENT-GM-ENERGY

Biden Blasted After Touting Tax Credit To Help Americans Purchase Electric Truck That Costs Six-Figures

Electric cars

Executive

Joe Biden

<a href="http://dailywire.com/topic/tesla" target="_blank" rel="noopener">Tesla</a> reported record financial performance that exceeded expectations despite concern over the recent purchase of <a href="http://dailywire.com/topic/twitter" target="_blank" rel="noopener">Twitter</a> by <a href="http://dailywire.com/topic/elon-musk" target="_blank" rel="noopener">Elon Musk</a>, the <a href="http://dailywire.com/topic/electric-vehicles" target="_blank" rel="noopener">electric</a> automaker’s chief executive.
Tesla boasted revenues of $24.32 billion for the fourth quarter, surpassing analysts’ expectations of $24.16 billion and reflecting a 37% year-over-year increase. Total gross profits were $5.78 billion, marking a 19% year-over-year increase. The metrics increased by 51% and 53%, respectively, for the full year.
“In the last quarter, we achieved the highest-ever quarterly revenue, operating income and net income in our history,” the company said in an <a href="https://tesla-cdn.thron.com/static/GZR0GS_TSLA_Q4_2022_Update_PVPJAG.pdf?xseo=&amp;response-content-disposition=inline%3Bfilename%3D%22b7871185-dd6a-4d79-9c3b-19b497227f2a.pdf%22" target="_blank" rel="noopener">earnings report</a>. “As we progress into 2023, we know that there are questions about the near-term impact of an uncertain macroeconomic environment, and in particular, with rising interest rates. The Tesla team is used to challenges, given the culture required to get the company to where it is today.”
Shares for Tesla rose 8.6% as of Thursday afternoon; the company released the earnings report after the bell on Wednesday. Shares have nevertheless fallen nearly 50% over the past year, underperforming the S&amp;P 500 Index and the technology-heavy NASDAQ Composite.
“In the near term we are accelerating our cost reduction roadmap and driving towards higher production rates, while staying focused on executing against the next phase of our roadmap,” the company continued. “In any scenario, we are prepared for short-term uncertainty, while being focused on the long-term potential of autonomy, electrification and energy solutions.”
The robust earnings news comes after Musk faced significant <a href="https://www.dailywire.com/news/tesla-investors-are-worried-that-elon-musks-work-with-twitter-could-hurt-automaker" target="_blank" rel="noopener">pressure</a> from investors over his acquisition of social media company Twitter. Some believe the move distracted the billionaire entrepreneur from his work at the publicly traded automaker and linked the firm to considerable political controversy. Net favorability for Tesla among Democrats decreased 20.3% between October and November, the time frame of the acquisition, according to a <a href="https://morningconsult.com/2022/11/17/elon-musks-politically-polarizing-effect/" target="_blank" rel="noopener">survey</a> from Morning Consult, while net favorability among Republicans rose 3.9% over the same period.
One investor <a href="https://app.saytechnologies.com/tesla-2022-q4" target="_blank" rel="noopener">asked</a> during an earnings call whether brand damage from the acquisition has impacted demand for Tesla vehicles. Musk responded by checking his Twitter account and noting that he now has 127 million followers, claiming he is “reasonably popular” apart from “a few people” complaining. “I think Twitter is actually an incredibly powerful tool for driving demand for Tesla,” he asserted. “And I would really encourage companies out there of all kinds, automotive or otherwise, to make more use of Twitter and to use their Twitter accounts.”
Tesla previously <a href="https://ir.tesla.com/press-release/tesla-vehicle-production-deliveries-and-date-financial-results-webcast-fourth-quarter" target="_blank" rel="noopener">announced</a> that vehicle production in the fourth quarter surpassed 439,000 as vehicle deliveries reached 405,000. The metrics grew 47% and 40%, respectively, for the full year despite “supply chain related challenges.” Musk recently <a href="https://www.dailywire.com/news/elon-musk-makes-bold-predictions-about-tesla-performance-global-recession-twitter-deal" target="_blank" rel="noopener">said</a> that Tesla has “excellent demand” and expects to “sell every car that we make for as far into the future as we can see.”
The brand&#8217;s strong performance comes despite logistics <a href="https://www.dailywire.com/news/elon-musk-laments-tesla-factories-becoming-gigantic-money-furnaces-thanks-to-supply-chain-issues" target="_blank" rel="noopener">bottlenecks</a> that have increased production costs worldwide. Musk said last summer that the past two years have been an “absolute nightmare” for disruptions and called the company’s Berlin and Austin facilities “gigantic money furnaces.” Tesla has also been buoyed by public policies such as the Inflation Reduction Act, which <a href="https://www.dailywire.com/news/energy-sec-granholm-families-should-use-ev-tax-credits-weatherize-their-homes-finance-solar-panels-to-cope-with-inflation" target="_blank" rel="noopener">includes</a> $7,500 tax credits for some new domestically produced electric vehicles and $4,000 tax credits for used ones.

GERMANY-ECONOMY-AUTOMOBILE-TESLA

Tesla Posts Highest Profits Ever Despite Concerns About Musk’s Twitter Purchase Causing Brand Risk

Tesla Posts Highest Profits Ever 

Economy

Elon Musk

Tesla

Twitter

<a href="http://dailywire.com/topic/tesla" target="_blank" rel="noopener">Tesla</a> unveiled intentions to build two more factories and hire thousands of people in the state of <a href="http://dailywire.com/topic/nevada" target="_blank" rel="noopener">Nevada</a>.
The company has invested some $6.2 billion in the Silver State over the past nine years, according to a <a href="https://www.tesla.com/blog/continuing-our-investment-nevada" target="_blank" rel="noopener">press release</a> from the <a href="https://www.dailywire.com/topic/electric-vehicles" target="_blank" rel="noopener">electric</a> automaker. The new investment of $3.6 billion will allow for updates to Gigafactory Nevada, one of the world&#8217;s highest volume <a href="https://www.tesla.com/giga-nevada" target="_blank" rel="noopener">plants</a> for electric motors and batteries, as well as a cell factory capable of producing enough batteries for 1.5 million vehicles each year and the first high-volume Tesla Semi factory.
“Thank you to the Tesla team, our supply chain partners and the local community that has made accelerating the world’s transition to sustainable energy possible at Gigafactory Nevada,” the company’s statement said.
The new facilities will employ an additional 3,000 individuals; Tesla hired 6,500 full-time employees and 17,000 construction workers over the previous decade to build and run Gigafactory Nevada, which currently spans 5.4 million square feet and produces 7.3 billion battery cells per year.
“Nevada is open for business, effective immediately,” Gov. Joe Lombardo (R-NV) <a href="https://twitter.com/JosephMLombardo/status/1618046041349316610" target="_blank" rel="noopener">said</a> on social media. “This is an incredible investment in our state.”
Tesla CEO Elon Musk <a href="https://twitter.com/elonmusk/status/1557236629412007937" target="_blank" rel="noopener">announced</a> last year that the Tesla Semi, which was unveiled in 2017 and originally scheduled to begin production in 2019, would begin by the end of 2022. The first completed vehicles were <a href="https://www.dailywire.com/news/elon-musk-announces-start-of-tesla-semi-production-will-reach-clients-within-two-months" target="_blank" rel="noopener">delivered</a> to Pepsi in December.
The Tesla Semi can accelerate from a standstill to 60 miles per hour within 20 seconds, according to a <a href="https://www.tesla.com/semi" target="_blank" rel="noopener">webpage</a> from Tesla. Charging the vehicle is considerably cheaper per mile in comparison to diesel alternatives, resulting in an estimated $200,000 in cost savings within the first three years, while fewer moving parts and software updates reduce the need for repairs.
On the other hand, diesel trucks can travel 2,100 miles on a single tank, according to <a href="https://driveknight.com/blog/trucker-lifestyle/fun-facts-about-semi-trucks-the-trucking-industry/#:~:text=How%20Far%20Can%20The%20Average,around%20seven%20miles%20per%20gallon" target="_blank" rel="noopener">data</a> from Knight Transportation, while the Tesla Semi will have a range of 500 miles. During the launch event six years ago, however, Musk asserted that drivers could recharge while taking periodic breaks already required by law.
Musk recently <a href="https://www.dailywire.com/news/elon-musk-makes-bold-predictions-about-tesla-performance-global-recession-twitter-deal" target="_blank" rel="noopener">said</a> that Tesla has “excellent demand” and expects to “sell every car that we make for as far into the future as we can see.” The company’s third quarter automotive revenue constituted a 55% increase from the previous year, while executives expect to maintain 50% annual growth in vehicle deliveries. “The factories are running at full speed and we’re delivering every car we make, and keeping operating margins strong,” Musk remarked.
The robust performance for the brand comes despite <a href="https://www.dailywire.com/news/elon-musk-laments-tesla-factories-becoming-gigantic-money-furnaces-thanks-to-supply-chain-issues" target="_blank" rel="noopener">supply chain bottlenecks</a> and is spurred by new tax incentives for electric vehicle ownership. A recent set of guidelines from the California Air Resources Board mandates that all new cars sold in the state must produce zero emissions by 2035, while the governments of Massachusetts, Washington, and Virginia have <a href="https://www.dailywire.com/news/ridiculous-edict-virginia-gov-glenn-youngkin-blasts-californias-gas-car-phase-out" target="_blank" rel="noopener">enacted legislation</a> adopting the standards. President Joe Biden’s Inflation Reduction Act <a href="https://www.dailywire.com/news/energy-sec-granholm-families-should-use-ev-tax-credits-weatherize-their-homes-finance-solar-panels-to-cope-with-inflation" target="_blank" rel="noopener">includes</a> $7,500 tax credits for some new domestically produced electric vehicles and $4,000 tax credits for used electric vehicles.
Musk has nevertheless faced <a href="https://www.dailywire.com/news/tesla-investors-are-worried-that-elon-musks-work-with-twitter-could-hurt-automaker" target="_blank" rel="noopener">pressure</a> from investors and policymakers over his acquisition of social media company Twitter, as some believe the move distracted the billionaire entrepreneur from his work at the publicly traded automaker. The purchase also caused considerable political controversy: net favorability of Tesla among Democrats decreased 20.3% between October and November, the time frame of the acquisition, according to a <a href="https://morningconsult.com/2022/11/17/elon-musks-politically-polarizing-effect/" target="_blank" rel="noopener">survey</a> from Morning Consult, while net favorability among Republicans rose 5.5% over the same period.

US-ECONOMY-TRANSPORT-TESLA-TRUCK

‘An Incredible Investment’: Tesla Announces Two New Factories, $3.6 Billion Investment In Nevada

Tesla Announces Two New Factories In Nevada

Nevada

Supply Chain

<a href="http://dailywire.com/topic/wyoming" target="_blank" rel="noopener">Wyoming</a> lawmakers introduced a resolution to ban new <a href="http://dailywire.com/topic/electric-vehicles" target="_blank" rel="noopener">electric car</a> sales in the state by 2035.
The <a href="https://wyoleg.gov/Legislation/2023/SJ0004" target="_blank" rel="noopener">joint resolution</a> argues that the “oil and gas industry in Wyoming has created countless jobs” and says internal combustion vehicles have “enabled the state&#8217;s industries and businesses to engage in commerce and transport goods and resources more efficiently throughout the country” since their invention. Environmental concerns regarding the procurement of minerals for vehicle batteries are another primary concern of the resolution.
“The expansion of electric vehicle charging stations in Wyoming and throughout the country necessary to support more electric vehicles will require massive amounts of new power generation in order to sustain the misadventure of electric vehicles,” the resolution continues. “The proliferation of electric vehicles at the expense of gas-powered vehicles will have deleterious impacts on Wyoming&#8217;s communities and will be detrimental to Wyoming&#8217;s economy and the ability for the country to efficiently engage in commerce.”
State Sen. Ed Cooper (R-WY), a sponsor of the resolution, said in an <a href="https://thehill.com/policy/energy-environment/3816093-wyoming-lawmakers-say-they-got-what-they-wanted-with-proposal-to-ban-evs/" target="_blank" rel="noopener">interview</a> with The Hill that the proposal was intended to start a nationwide conversation about the absurdity of phasing out gas-powered cars and clarified that he does not support an actual ban on electric alternatives. “I think the thought of an electric vehicle ban is truly completely ludicrous, but it’s no more ludicrous than a ban on gasoline powered vehicles,” he told the outlet.
California, Massachusetts, Washington, and Virginia are following <a href="https://www.dailywire.com/news/california-expected-to-ban-sale-of-new-gas-cars" target="_blank" rel="noopener">new rules</a> from the California Air Resources Board requiring 35% of new vehicles to produce zero emissions by 2026, a standard that will progressively rise to 100% by 2035. The decision came days before a heatwave forced officials in California to <a href="https://www.dailywire.com/news/california-asks-residents-to-avoid-charging-electric-vehicles-due-to-blackout-risk-days-after-unveiling-new-gas-car-ban" target="_blank" rel="noopener">ask</a> residents to refrain from charging their electric vehicles in the interest of protecting the state’s power grid.
Experts have warned that the California power system will require significant upgrades before a rapid transition away from internal combustion vehicles occurs.
“Today, most people charge their electric cars when they come home in the evening,” according to a <a href="https://www.ece.cornell.edu/spotlights/prepare-grid-now-power-electric-vehicles" target="_blank" rel="noopener">report</a> from Cornell University. “If left unmanaged, the power demanded from many electric vehicles charging simultaneously in the evening will amplify existing peak loads, potentially outstripping the grid’s current capacity to meet demand.”
The Wyoming resolution also noted that “the batteries used in electric vehicles contain critical minerals whose domestic supply is limited and at risk for disruption.”
China controls some 97% of rare earth element production, according to a <a href="https://www.fpri.org/article/2020/10/chinas-monopoly-on-rare-earth-elements-and-why-we-should-care/" target="_blank" rel="noopener">report</a> from the Foreign Policy Research Institute, presenting serious national security concerns as policymakers advocate for increased reliance on electric vehicles. China also accounts for 70% of global electric vehicle battery production capacity, according to a <a href="https://crsreports.congress.gov/product/pdf/R/R47227" target="_blank" rel="noopener">report</a> from the Congressional Research Service, which noted that the United States is “heavily dependent” on mineral imports.
Biden administration officials are nevertheless encouraging a nationwide transition away from internal combustion vehicles. The White House has <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/12/13/fact-sheet-the-biden-harris-electric-vehicle-charging-action-plan/" target="_blank" rel="noopener">set</a> the “ambitious target” of ensuring that electric vehicles constitute 50% of car sales in the United States by 2030.
The recent Inflation Reduction Act accordingly greenlit electric vehicle tax credits of $7,500 for new cars and $4,000 for used cars, as well as 30% tax credits for home solar energy systems, according to a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/16/fact-sheet-how-the-inflation-reduction-act-builds-a-better-future-for-young-americans/" target="_blank" rel="noopener">fact sheet</a>. The White House has established the goal of procuring only 100% zero-emission light-duty vehicles by 2027 and will extend the same standard to all vehicles in the federal fleet by 2035, according to another <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/09/fact-sheet-biden-harris-administration-proposes-new-standards-for-national-electric-vehicle-charging-network/" target="_blank" rel="noopener">document</a> from the White House.

Electric Vehicle

‘The Misadventure Of Electric Vehicles’: Wyoming Lawmakers Introduce Resolution To Ban New Electric Car Sales

Wyoming Lawmakers Introduce Resolution To Ban New Electric Car Sales

California

Minerals

Wyoming

The driver of a 2021 <a href="https://www.dailywire.com/topic/tesla" target="_blank" rel="noopener">Tesla</a> told police that his vehicle’s self-driving software malfunctioned, causing an eight-car pileup on <a href="https://www.dailywire.com/topic/san-francisco" target="_blank" rel="noopener">San Francisco</a>’s Bay Bridge last month.
The crash that occurred on Thanksgiving Day resulted in two juveniles being transported to the hospital for minor injuries. According to a police report obtained by <a href="https://www.usnews.com/news/technology/articles/2022-12-21/tesla-driver-in-multi-car-crash-told-police-self-driving-software-malfunctioned#:~:text=Dec.%2021%2C%202022%2C%20at%207%3A45%20p.m.&amp;text=WASHINGTON%20(Reuters)%20%2D%20The%20driver,police%20report%20made%20public%20Wednesday." target="_blank" rel="noopener">Reuters</a> and made public Wednesday, the Tesla Model S made an unsafe lane change and then began slowing to a stop. The vehicle behind the Tesla then rammed into the back of the braking Tesla, resulting in a chain of crashes on the bridge. 
After the pileup, the Tesla driver told police that he had put his car in Full-Self Driving (FSD) mode, but authorities could not determine if the FSD software had malfunctioned, Reuters reported. Police also noted that if the FSD mode had malfunctioned as the driver claimed, the driver should have manually taken control of the vehicle. 
Tesla offers customers FSD mode as a $15,000 add-on to the electric vehicle. FSD software allows the vehicle to change lanes and park on its own while its autopilot mode gives the Tesla the ability to steer, accelerate, and brake autonomously within its lane, but the company warns that these features do not make the vehicle fully autonomous. 
“Autopilot, Enhanced Autopilot and Full Self-Driving Capability are intended for use with a fully attentive driver, who has their hands on the wheel and is prepared to take over at any moment,” Tesla <a href="https://www.tesla.com/en_eu/support/autopilot" target="_blank" rel="noopener">states</a>. “While these features are designed to become more capable over time, the currently enabled features do not make the vehicle autonomous.”
Reports of the alleged Tesla malfunction come as the car maker&#8217;s stock has seen its largest decline in Tesla&#8217;s history after reaching an all-time high in 2021. The EV company stock was down 8% Thursday, bringing its year-to-date losses to 64%, Yahoo Finance <a href="https://finance.yahoo.com/news/teslas-largest-ever-decline-has-short-sellers-sitting-on-15-billion-in-profits-morning-brief-110021261.html" target="_blank" rel="noopener">reported</a>. 
Financial analysts expressed concern about Tesla after company CEO Elon Musk purchased Twitter for $44 billion in late October. Dan Ives of Wedbush <a href="https://finance.yahoo.com/news/elon-musk-promised-tesla-benefit-210427354.html">wrote</a> that Musk’s purchase of Twitter scared investors because Musk was using “Tesla as his own ATM machine to keep funding” Twitter. 
Gene Munster of Loup Ventures echoed Ives’ concern about Musk’s divided attention between Tesla and Twitter. 
&#8220;Elon is Tesla&#8217;s brand. He needs to pull it together. He&#8217;s made these mistakes about running off on the mouth many times, and he needs to tighten up his message because he&#8217;s going to cause some long-term damage if he doesn&#8217;t right the ship,&#8221; Munster <a href="https://markets.businessinsider.com/news/stocks/elon-musk-twitter-takeover-tesla-stock-price-fall-gene-munster-2022-12?utm_medium=referral&amp;utm_source=yahoo.com" target="_blank" rel="noopener">told</a> CNBC last week. 
Musk recently <a href="https://www.dailywire.com/news/breaking-elon-musk-stepping-down-as-the-ceo-of-twitter-reveals-what-hell-do-next" target="_blank" rel="noopener">polled</a> Twitter users on if they want him to step down as the social media platform’s CEO. The poll received over 17 million votes with 57.5% of users saying Musk should step down. After the poll, Musk confirmed he would abide by its results. 
“I will resign as CEO as soon as I find someone foolish enough to take the job!” he tweeted. “After that, I will just run the software &amp; servers teams.”

Tesla Causes 8-Car Pileup On San Francisco Bridge. Driver Tells Police Self-Driving Mode Malfunctioned.

Police

San Francisco

The United States <a href="https://www.dailywire.com/topic/united-states-postal-service-usps" target="_blank" rel="noopener">Postal Service</a> announced a plan to spend $9.6 billion over the next five years to transition toward more <a href="http://dailywire.com/topic/electric-vehicles" target="_blank" rel="noopener">electric</a> delivery vehicles.
Funding for the initiative will come from regular Postal Service budgets and $3 billion from the Inflation Reduction Act, a piece of legislation <a href="https://www.dailywire.com/news/biden-signs-740-billion-inflation-reduction-act" target="_blank" rel="noopener">signed</a> by President Joe Biden to allocate more than $430 billion toward renewable energy programs.
“A key focus of our modernization effort is to reduce inefficient transportation and improve distribution operations, resulting in far less air cargo and far fewer truck trips,” Postmaster General Louis DeJoy said in a <a href="https://about.usps.com/newsroom/national-releases/2022/1220-usps-intends-to-deploy-over-66000-electric-vehicles-by-2028.htm" target="_blank" rel="noopener">press release</a>. “When combined with our substantial commitment to the electrification of our delivery vehicles, the Postal Service will be at the forefront of our nation’s green initiatives.”
A <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/12/20/biden-%e2%81%a0harris-administration-announces-historic-investment-to-electrify-u-s-postal-service-fleet/" target="_blank" rel="noopener">statement</a> from the White House added that the funding will provide for the electrification of 66,000 delivery vehicles and the installation of charging stations at Postal Service facilities. Roughly three-quarters of the agency’s Next Generation Delivery Vehicles will therefore run on batteries instead of internal combustion engines.
Lawmakers recently passed a reform bill that will exempt the agency from pre-funding retiree health benefits while requiring future Postal Service retirees to enroll in Medicare, producing $50 billion in savings, according to a <a href="https://www.peters.senate.gov/newsroom/in-the-news/senate-passes-postal-reform-bill-sending-it-to-bidens-desk" target="_blank" rel="noopener">statement</a> from Sen. Gary Peters (D-MI).
Among other measures, the Inflation Reduction Act greenlit electric vehicle tax credits of $7,500 for new cars and $4,000 for used cars, as well as 30% tax credits for home solar energy systems, according to a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/16/fact-sheet-how-the-inflation-reduction-act-builds-a-better-future-for-young-americans/" target="_blank" rel="noopener">fact sheet</a>. The White House has established the goal of procuring only 100% zero-emission light-duty vehicles by 2027 and will extend the same standard to all vehicles in the federal fleet by 2035, according to another <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/09/fact-sheet-biden-harris-administration-proposes-new-standards-for-national-electric-vehicle-charging-network/" target="_blank" rel="noopener">document</a> from the White House.
“The $3 billion provided by Congress has significantly reduced the risk associated with accelerating the implementation of a nationwide infrastructure necessary to electrify our delivery fleet,” DeJoy added. “While most of the electric vehicle funding will continue to come from Postal Service revenues, we are grateful for the confidence that Congress and the administration have placed in us to build and acquire what has the potential to become the largest electric vehicle fleet in the nation.”
The announcement from the Postal Service follows a similar <a href="https://www.dailywire.com/news/kamala-harris-unveils-5-billion-for-electric-school-buses-as-nation-sees-largest-learning-decline-in-decades" target="_blank" rel="noopener">initiative</a> spearheaded by Vice President Kamala Harris to electrify the nation’s school buses. The project will use nearly $1 billion from the Bipartisan Infrastructure Law for rebates awarded to school districts that purchase electric school buses; the White House plans to spend $5 billion on the program.
The $913 million provided by the <a href="https://www.epa.gov/cleanschoolbus/awarded-clean-school-bus-program-rebates" target="_blank" rel="noopener">first funding round</a> was used for 2,463 electric buses, implying an average cost of more than $370,000 per vehicle, which is <a href="https://www.audacy.com/kywnewsradio/news/local/philadelphia-district-electric-school-buses" target="_blank" rel="noopener">twice as expensive</a> as the typical diesel school bus, according to the Philadelphia School District, which added five new electric buses to its fleet earlier this year. Officials in the city expect annual fuel savings of $5,000.
Biden administration officials have also encouraged electric vehicle adoption in the private sector. Transportation Secretary Pete Buttigieg said during a <a href="https://www.texastribune.org/2022/09/22/pete-buttigieg-texas-tribune-festival/" target="_blank" rel="noopener">keynote address</a> at the Texas Tribune Festival earlier this year that residents of the Lone Star State could save on fuel by purchasing the new technology.
“Some of the best use cases for electric vehicles are in places like Texas,” Buttigieg said, “places where people spend more time in their vehicles, where you drive longer distances than in a dense coastal city and therefore spend more money on gas and therefore would save more money, provided you can afford an electric vehicle, which is why we’re fighting to make electric vehicles cheaper.”

Biden Administration Will Spend Nearly $10 Billion On Electric Vehicles For The Postal Service

Postal Service Spending Nearly $10 Billion To Electrify Delivery Fleet

Politics

U.S. Postal Service

Switzerland is considering banning electric vehicles for non-essential travel this winter as the continent deals with an energy crisis sparked by Russia&#8217;s war in Ukraine.
The Telegraph <a href="https://www.telegraph.co.uk/world-news/2022/12/03/electric-car-journeys-could-restricted-switzerland-plan-deal/">reported</a> that government officials have already drafted plans to conserve energy that could include limiting heat in buildings to no more than 68 degrees Fahrenheit and reducing the number of hours stores can be open.
Stricter measures could be enacted, including banning large indoor gatherings like sporting events, concerts, and theatre events, the report said.
Switzerland relies heavily on hydroelectric power, which constitutes nearly two-thirds of its energy supply, the excess of which it exports during the time of year that it can generate the most electricity from rain and snowfall, the report said. It then typically is forced to import energy during the rest of the year as its nuclear resources, which it has been working to phase out, and its fossil fuel resources are not enough to meet demand.
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The country has created a two-tier system for dealing with the energy shortage: emergency and crisis.
When in the &#8220;emergency&#8221; tier, there are three levels of restrictions, and in the &#8220;crisis&#8221; tier, there are two levels.
Electric vehicles would face restrictions in the third level of the emergency tier.
In late August, officials in <a href="http://dailywire.com/topic/california" target="_blank" rel="noopener">California</a> unveiled a plan to phase out new <a href="http://dailywire.com/topic/oil-and-gas" target="_blank" rel="noopener">gas</a>-powered cars and days later asked residents to avoid charging their <a href="https://www.dailywire.com/topic/electric-cars" target="_blank" rel="noopener">electric vehicles</a> in the interest of not overwhelming the <a href="http://dailywire.com/topic/energy" target="_blank" rel="noopener">power</a> grid during a heat wave.
The warnings of low grid capacity came days after the California Air Resources Board <a href="https://www.dailywire.com/news/california-expected-to-ban-sale-of-new-gas-cars" target="_blank" rel="noopener">issued new rules</a> requiring 35% of new vehicles to produce zero emissions by 2026 — a standard that will rise to a 68% benchmark by 2030 and a 100% level by 2035. Yet experts have warned that the state’s electric grid will require significant upgrades to manage a rapid transition away from internal combustion vehicles.
“Today, most people charge their electric cars when they come home in the evening — when electricity demand is typically at its peak,” according to researchers at Cornell University’s <a href="https://www.ece.cornell.edu/spotlights/prepare-grid-now-power-electric-vehicles" target="_blank" rel="noopener">College of Engineering</a>. “If left unmanaged, the power demanded from many electric vehicles charging simultaneously in the evening will amplify existing peak loads, potentially outstripping the grid’s current capacity to meet demand.”
Ben Zeisloft contributed to this report.

Luxury Mercedes-Benz AG Automobile Assembly

European Country Considers Banning Electric Vehicle Travel Amid Energy Crisis: Report

Switzerland

Ukraine-Russia War

World

<a href="https://www.dailywire.com/topic/tesla" target="_blank" rel="noopener">Tesla</a> is set to deliver its first <a href="https://www.dailywire.com/topic/electric-vehicles" target="_blank" rel="noopener">all-electric</a> semitrailer trucks to PepsiCo on Thursday after a three-year delay in the company’s expansion beyond passenger vehicles.
The electric carmaker, run by billionaire Elon Musk, initially planned to reveal the Tesla Semi in 2019. The company struggled to mass produce its Model 3 sedan in 2017, the same year Musk introduced plans for the electric semi, The Wall Street Journal <a href="https://www.wsj.com/articles/tesla-set-to-deliver-semi-truck-to-pepsico-expanding-beyond-passenger-vehicles-11669899360?mod=hp_lista_pos2" target="_blank" rel="noopener">reported</a>.
Tesla says the semi can travel 500 miles on a single charge and recharge up to 70% within 30 minutes, cutting costs for customers compared to diesel trucks. The semi also features a unique “central seating position” that puts the driver in the middle of the cab. The truck was previously listed for $180,000, but the price has been removed from the automaker&#8217;s website, and Tesla&#8217;s prices have <a href="https://www.reuters.com/business/autos-transportation/musk-delivers-first-tesla-semi-trucks-2022-12-02/" target="_blank" rel="noopener">increased</a> since the semi was first unveiled in 2017.
“Charging with electricity is approximately 2.5 times cheaper per mile than refueling with diesel,” Tesla says on its <a href="https://www.tesla.com/semi" target="_blank" rel="noopener">website</a>. “Operators can see estimated fuel savings of up to $200,000 within their first three years of ownership. With remote diagnostics, over-the-air software updates and fewer moving parts to maintain, operators will spend less time at service centers and more time on the road.”
Tesla’s long-delayed jump into the commercial vehicle market comes as the <a href="https://www.dailywire.com/news/bidens-inflation-bill-made-7500-electric-vehicle-tax-credits-ford-and-gm-just-raised-their-prices-by-the-same-amount" target="_blank" rel="noopener">federal</a> government and some <a href="https://www.dailywire.com/news/two-more-states-follow-californias-ban-on-new-gas-cars" target="_blank" rel="noopener">states</a> push for an electric vehicle (EV) future. In August, President Joe Biden signed the Inflation Reduction Act, which includes tax credits for commercial EVs of up to $40,000. Starting in 2023 and continuing for 10 years, business owners can receive the <a href="https://www.cnbc.com/2022/10/21/why-an-electric-vehicle-tax-credit-for-business-owners-may-be-relatively-easy-to-get.html" target="_blank" rel="noopener">tax credit</a> if they purchase trucks that meet the Biden administration’s EV standards.
Tesla Board Chair Robyn Denholm said the company will only make 100 electric semis before the end of this year, but in October, Musk said he wants to produce 50,000 semis in 2024.
&#8220;As I think everyone knows at this point, it takes about a year to ramp up production. So, we expect to see significant &#8212; we&#8217;re tentatively aiming for 50,000 units in 2024 for Tesla Semi in North America,&#8221; Musk remarked during a third-quarter earnings call in October, <a href="https://www.foxbusiness.com/lifestyle/first-tesla-semis-delivered-thursday" target="_blank" rel="noopener">according</a> to Fox News.
Last month, Tesla board members discussed their concern over their CEO&#8217;s time and attention being diverted away from the car company after the billionaire purchased Twitter in a $44 billion deal. Musk said he plans to &#8220;reduce [his] time at Twitter and find somebody else to run Twitter over time&#8221; as Tesla’s stock has tumbled nearly 45% this year.
PepsiCo said the first delivery of the all-electric Tesla Semis will be used at a Frito-Lay plant in Modesto, California, and a PepsiCo plant in Sacramento, California. Neither Tesla nor PepsiCo revealed how many semis will be a part of the deal. Tesla will hold an event marking the first delivery of its electric semi on Thursday evening at a plant in Reno, Nevada, where the semi was produced.

Tesla Semi

Tesla To Deliver Its First All-Electric Semis, Three Years Later Than Planned

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