Main Topic: Seven major automakers are joining forces to build a North American electric vehicle charging network to rival Tesla's and increase the number of fast-charging plugs in the U.S. and Canada.
Key Points:
1. The automakers, including General Motors, BMW, Honda, Hyundai, Kia, Mercedes, and Stellantis, will invest in building "high power" charging stations with 30,000 plugs in urban areas and along travel corridors.
2. The goal is to speed up the adoption of electric vehicles and address concerns about the availability of chargers for long-distance travel.
3. The network will be public, open to all electric vehicle owners, and will include connectors for both Tesla's North American Charging Standard plugs and the Combined Charging System plugs used by other automakers.
Tesla has received approval to launch two virtual power plants in Texas, allowing Powerwall owners to aggregate their power capacity and sell surplus power to the electric grid while being compensated, with the initial phase limited to 80 MW but expected to increase due to the significant energy storage capacity in the state.
Wedbush analyst Dan Ives predicts that Tesla's Supercharger network will generate $10 to $20 billion in annual revenue by 2030, representing 3% to 6% of Tesla's total revenue.
The US Department of Energy plans to provide $12 billion in loans and grants to support the auto industry's transition to electric vehicles, with $2 billion in grants and $10 billion in loans to convert US automaker and supplier facilities into manufacturing centers for hybrids and EVs and build or refurbish factories in communities with existing auto manufacturing facilities.
Tesla plans to install 20,000 electric vehicle charging stations across 2,000 Hilton properties in the U.S., Mexico, and Canada, in an effort to increase mass adoption and meet the growing demand for EV charging from leisure and business travelers.
Tesla's upcoming $25,000 electric car and dedicated robotaxi vehicle will have a futuristic design similar to the Cybertruck, according to details revealed in an authorized biography of Elon Musk.
Tesla is set to release a new $25,000 electric car, potentially revolutionizing the world of EVs with its affordable price and expected range of 250-300 miles on a single charge.
Tesla is planning to build another factory and is being sought after by various locations around the world.
Ford's decision to halt the construction of a $3.5 billion battery plant in Michigan highlights the challenge for Tesla's competitors in the US market, as most of these automakers are struggling to sell enough electric vehicles at high volumes to support profitable assembly plants, according to Reuters analysis.
Tesla announced third-quarter deliveries of just over 435,000 vehicles, slightly lower than the previous quarter, but the company remains on track to meet its 2023 delivery target of 1.8 million vehicles.
Despite falling short of delivery expectations in Q3, Tesla plans to include an estimated 20,000 units in their Q4 figures as part of their expansion strategy, with analysts predicting better days ahead for the company as they prepare for increased production and the launch of new models.
Ford delivered 500,504 vehicles in the U.S. in the third quarter, including 20,962 all-electric vehicles and 34,861 hybrids, edging out GM in electric-vehicle sales but still falling short of Tesla.
Tesla Inc. has once again reduced the prices of its popular models in the US to boost demand and take advantage of improved supply conditions, with the company offering discounts of up to $2,250 on certain models.
