01 May 2024 | 04:30 UTC — Insight Blog
'Time to reorganize': Tesla reboots after EV sales, profits sputter in Q1
Featuring Staff and Eric Yep
Energy transition highlights: Our editors and analysts bring you the biggest stories from the industry this week, from renewables to storage to carbon prices.
Electric-vehicle maker Tesla is accelerating its new production line of cheaper EVs amid slowed sales growth and a US EV market shakeup.
Tesla plans to debut a new generation of "more affordable" EVs in late 2024 or early 2025, accelerating original plans to launch the models in the second half of 2025. The company will also unveil an autonomous "Cybercab" in August and continue scaling up its energy storage business, CEO Elon Musk told investors and analysts.
"We've updated our future vehicle lineup to accelerate the launch of new models ahead of [our] previously mentioned start of production," the CEO said. "These new vehicles, including more affordable models, will use aspects of the next-generation platform as well as aspects of our current platforms, and we'll be able to produce on the same manufacturing lines as our current vehicle lineup."
Accelerating the launch of the new EVs may lead to "achieving less cost reduction than previously expected," a company statement reads. Tesla added that it "remains committed" to a company-wide cost reduction.
Musk declined to comment on whether Tesla's rollout of new EVs would be more "tweaks on existing models," given the planned repurposing of existing factory lines.
Editor's picks
Costly Australian renewable hydrogen may lose upcoming supply deals to Middle East, US
Australia's renewable hydrogen projects could miss out on large offtake deals due to high production costs and a greater focus on renewable hydrogen in a crucial year when Asian buyers are set to launch tenders for their future needs for environment-friendly fuels.
Enagas to present Spanish hydrogen grid plan as regulatory talks advance
Spain's Enagas expects to present its proposal for a national hydrogen network in the coming days, following confirmation of its inclusion as a European Project of Common Interest. Total Spanish investment in the grid, including underground storage and the H2Med undersea link joining France, is estimated at Eur5.9 billion ($6.29 billion), Enagas CEO Arturo Gonzalo said.
CHINA DATA: Compliance emission allowance prices hit new high of $13.55/mtCO2e on April 22
Weighted average prices of China's compliance emission allowances, or CEAs, hit a record high of Yuan 96.26/mtCO2e ($13.55/mtCO2e) on April 22, up 4.3% on the week, data from Shanghai Environment and Energy Exchange showed.
Everfuel further delays startup of 20-MW Danish electrolyzer to H2 2024
Danish green hydrogen developer Everfuel has further delayed the start of its 20-MW HySynergy electrolyzer project in Fredericia to the second half of 2024, from a previous planned start date of the second quarter. The electrolyzer itself is ready, but the company is still resolving issues with some sub-systems following commissioning tests, including a leakage identified during verification test of a gas holder, it said.