On Monday, the Biden administration announced a plan to deploy 30,000 megawatts of offshore wind turbines by 2030, creating tens of thousands of jobs and creating enough energy to power over 10 million homes. To meet that target, the government will speed up the permitting of offshore wind projects off the Atlantic coast. This is a big step for the Untied States, as its renewable energy efforts have not been nearly sufficient, especially under the Trump administration. Many other countries with lots of coastline have had offshore wind projects in the works for many years now, but the US was running behind, even with thousands of miles of coastline. Our country still needs trillions of dollars of investments to be even half powered by renewable energy, but this is a great start.
Early this morning, Tesla CEO Elon Musk tweeted that it is now possible to buy a Tesla car with bitcoin, the famous cryptocurrency. Last month, the company bought around $1.5 billion of bitcoin and announced its plans to start accepting the online currency. The automaker expects about 5% of transactions to be using bitcoin, but they are hoping for this to grow as cryptocurrency use becomes more widespread. It makes sense that Tesla, a futuristic company, would accept such a futuristic currency. But for Tesla, a company that makes such environmentally friendly products, accepting bitcoin seems like a step backwards. With millions of computers mining bitcoin nonstop, the annual carbon footprint of the bitcoin mining industry is larger than all of Argentina’s. And Argentina is a country of nearly 50 million people. Tesla has prevented hundreds of millions of pounds of CO2 from being pumped into the air, but accepting bitcoin as currency goes against what Tesla is as a company.
Governor Tom Wolf of Pennsylvania announced a plan to produce 50% of the state government’s electricity with energy from the sun. The governor said Pennsylvania PULSE (Project to Utilize Light and Solar Energy) will begin operating on January 1, 2023. The project is the largest solar commitment by any US government so far. For the project, seven solar arrays will be built in six Pennsylvania counties. The project is estimated to be a total of 191-megawatts, producing 361,000 megawatt hours of electricity every year. According to Curt Topper, General Services Secretary, when PULSE goes into effect, utilization of solar energy will lower Pennsylvania’s annual carbon emissions by 157,000 metric tons, the equivalent of taking 34,000 gasoline-powered cars off the road. The project will also create over 400 jobs.
A Tesla Model Y driver with a suspended license crashed into a Michigan State Police car parked on the side of I-96 early this morning. The car was on autopilot, Tesla’s famous driver assistance feature.
The police were investigating a crash involving a deer and a car when the Model Y struck their cruiser. Fortunately, no one was injured in the accident. Both vehicles were damaged, however, and the 22-year old man in the Model Y was issued a citation for violating Michigan’s Move Over Law, and for driving with a suspended license.
“Michigan’s Move Over Law requires motorists to slow down and move over for stationary authorized vehicles with flashing, rotating, or oscillating lights activated,” according to the Michigan Office Of Highway Safety Planning.
Crashes like these most often happen when someone puts too much trust into the Tesla Autopilot system. Autopilot is a driver assistance feature, and does not currently offer fully autonomous driving. People are very excited about Autopilot and its features, (it is new technology after all) but it is easy to forget it is not yet meant to be what gets you from Point A to Point B.
Elon Musk has officially given himself the title of ‘Technoking of Tesla,’ with the CFO of the company, Zach Kirkhorn being named ‘Master of Coin.’ They both will keep their positions of CEO and CFO of the company, however. Although it is unclear exactly the inspiration of the new titles, they are probably related to the multi-billion dollar bitcoin purchase the company made last month.
Just days after Tesla lowered the price of both the Model 3 and Model Y Standard Range models by $1000, Tesla has omitted the option for the Standard Range Model Y. The Standard Range Model Y was just introduced a few weeks ago, despite Elon Musk saying the range was impractical. It was likely removed because of low interest, as the company expected.
This is a surprising move, because the low price of the Standard Range Model Y would have made it more of a direct competitor to new EVs, like the redesigned Chevy Bolt, VW ID4, and the Ford Mustang Mach-E. But it makes sense that Tesla would want to streamline the production process with fewer options, to hopefully prevent further quality issues and to continue lowering the production price of its vehicles.
Tesla Inc. (TSLA) is set to join the S&P 500 on Monday, December 21. With the news, which was announced on Monday, November 16, shares of the company spiked 13%, largely because fund managers tracking the S&P 500 had to buy shares of it. When Tesla joins, it will be in the top 10 most valuable companies on the S&P. Tesla has been valuable enough to join for quite some time (the market cap requirement is only $8.2 billion, and Tesla’s is around $387 billion, higher than Toyota, Disney, and Coca-Cola, just to name a few), but is only getting in on it now.
With the presidential election in progress, I’ve been led to wonder what impact it will have on Tesla (TSLA) stock. Tesla shares have been “supercharged” and rallied over 425% since the beginning of 2020, despite the Coronavirus pandemic, and the company is worth more than Toyota, Volkswagen, and Ford combined, and I wonder if they will continue this trend or tank.
What do you think?
Pride Group Enterprises, a truck-leasing company just ordered 150 Tesla Semi Trucks, with the possibility they will order 350 more. This might just be the largest Semi order yet. Depending on how many trucks Pride Group Enterprises orders, Tesla will receive a huge profit, between $22 and $100 million dollars. Pride would have had to place a deposit of at least $3 million. The group operates 12 locations in the US and Canada and plans to make the trucks available based on demand. Tesla will offer the Semi with either 300 or 500 miles of range on a full charge, with the trucks using only 2 kWh per mile. Each semi will cost between $150,000 and $180,000, a comparable price to a gas or diesel semi. Over the life of each semi, Tesla projects that Semi operators will save up to $200,000 in gasoline and maintenance, along with helping preserve the environment.
I’ve done lots of research on the economics of owning a Tesla, because I realize how affordable Teslas can be for normal, middle-class people, especially compared to their gas-powered luxury competitors. When you own a Tesla, you save thousands upon thousands of dollars on gas. You also save money on maintenance. Teslas are so much more reliable than their competitors. Consumer Reports says that the average ICE (Internal Combustion Engine) vehicle costs twice as much to maintain as an EV over 200,000 miles. This is mostly because EVs have so many fewer moving parts. A Tesla drivetrain has 17 moving parts, versus the 200 or so moving parts the average ICE vehicle has. Another large factor is that EV brakes last so much (about 3 times) longer that an ICE vehicle’s because of regenerative braking. Last but definitely not least, driving a Tesla does so much to save the environment – while you may think that just one more Tesla will make no difference, it really does. Driving an ICE car that gets 25 MPG (and many get much worse) for 200,000 miles will pollute 160,000 lbs of Co2 into the air. After all these savings, a Tesla, especially a used one, would cost about the same or less than a new Toyota Highlander or top-of-the-line Camry.
Here’s my proof:
Tesla vehicles are so much more affordable than their luxury ICE competitors, even though their base prices are similar to so many of them. Here are some examples:
|Vehicle||Base Price||Maintenance / repair COst over 200k||Fuel type||mpg*||Fuel Price Over 200K**|
|Tesla Model X||$80,000||Approximately $6,000 USD||Electric||96 MPGe||About|
$8000 or less
|Lexus LX||$86,580||Approximately $12,000 USD||Premium||14 MPG||About $40,000|
|Land Rover Range Rover||$92,000||Approximately $20,000 USD or more||Premium||20 MPG||About $28,000|
|Mercedes-Benz GLS-Class||$76,000||Approximately $20,000 USD or more||Premium||22 MPG||About $25,000|
|Mercedes-Benz G-Wagon||$131,750||Approximately $25,000 USD or more||Premium||15 MPG||About $37,000|
|BMW X7||$74,900||Approximately $20,000 USD or more||Premium||21 MPG||About $27,000|
|Infiniti QX80||$69,050||Approximately $15,000 USD or more||Premium||17 MPG||About $33,000|
|Lincoln Navigator||$76,185||Approximately $12,000 USD||Regular||18 MPG||About $31,500|
|Cadillac Escalade||$76,195||Approximately $20,000 USD or more||Premium||17 MPG||About $33,000|
|Vehicle||Base price||Maintenance / repair Cost Over 200k||Fuel Type||MPG*||fuel price over 200k**|
|Tesla Model S||$69,420 USD||Approximately $5,000 USD||Electric||116 MPGe||$8,000 or less|
|Mercedes-Benz S-Class||$94,250||Approximately $25,000 USD or more||Premium||22 MPG||About $25,000|
|BMW 7-Series||$86,800||Approximately $20,000 USD or more||Premium||25 MPG||About $22,500|
|Audi A8||$86,500||Approximately $18,000 USD or more||Premium||21 MPG||About $26,600|
|Lexus LS||$75,450||Approximately $12,000 USD||Premium||29 MPG||About $19,500|
|Vehicle||Base PRice||Maintenance / repair Cost Over 200k||Fuel type||mpg*||fuel price Over 200K**|
|Tesla Model 3||$35,000||Approximately $5,000||Electric||140 MPGe||Less than $7,000|
|Lexus IS||$39,000||Approximately $12,000||Premium||26 MPG||About $22,500|
|Lexus ES||$39,900||Approximately $12,000||Regular||27 MPG||About $21,000|
|BMW 3 Series||$41,250||Approximately $18,000||Premium||31 MPG||About $18,500|
|Mercedes C-Class||$41,600||Approximately $16,000||Premium||29 MPG||About $19,500|
|Audi A4||$39,100||Approximately $15,000||Premium||27 MPG||About $21,000|
|Volvo S60||$37,750||Approximately $14,000||Premium||28 MPG||About $20,000|
|Vehicle||base price||maintenance / Repair cost over 200k||fuel type||mpg*||fuel price over 200k**|
|Tesla Model Y||$49,990||Approximately $5,000||Electric||120 MPGe||Less than $8,000|
|Lexus RX||$45,070||Approximately $12,000||Regular||22 MPG||About $25,000|
|Lexus NX||$37,510||Approximately $12,000||Regular||25 MPG||About $22,500|
|BMW X4||$51,600||Approximately $16,000 or more||Premium||26 MPG||About $21,500|
|Audi Q5||$43,300||Approximately $15,000 or more||Premium||25 MPG||About $22,500|
|Mercedes-Benz GLE-Class||$54,250||Approximately $20,000 or more||Premium||22 MPG||About $25,000|
|Acura RDX||$37,800||Approximately $12,000||Regular||25 MPG||About $22,500|
|Volvo XC60||$41,700||Approximately $13,000||Premium (Regular for T5)||25 MPG||About $22,500|
Savings with a Tesla:
Model X: Over 200,000 miles, expect to save between $20,000 and $35,000 on fuel. Expect to save between $6,000 and $20,000 on repairs and maintenance.
Model S: Over 200,000 miles, expect to save between $12,000 and $16,000 on fuel. Expect to save between $7,000 and $20,000 on repairs and maintenance.
Model 3: Over 200,000 miles, expect to save between $12,000 and $16,000 on fuel. Expect to save between $7,000 and $13,000 on repairs and maintenance.
Model Y: Over 200,000 miles, expect to save between $14,000 and $18,000 on fuel. Expect to save between $7,000 and $15,000 on repairs and maintenance.
Thanks for reading Our Electric Future! I hope this post may open your mind to buying an electric vehicle instead of an expensive gas-guzzling ICE car!
The All Electric Family is a great YouTube channel I came across earlier in this pandemic looking for Tesla towing videos, something I’ve always been curious about. I’ve seen tests with a Model X towing a horse trailer, or a tiny travel trailer, but I’ve never seen a channel where people tow a camper with a Tesla as not just a test, but somewhat permanently. This family switched from towing a 37′ Travel Trailer with a large truck to towing a 22′ Travel Trailer with a Model X. I recommend checking out this channel. They post great videos very often, and they test all kinds of trailers, from Airstreams to cargo trailers to conventional travel trailers. I also hear they are going to be testing a pop-up trailer sometime in the future. It’s fascinating to watch how consumption can vary so much, between 350 or 400 Wh/Mi towing a 22′ Airstream, to 1000 Wh/Mi towing a 22′ Travel Trailer by Coachmen.
Thanks for reading Our Electric Future! I hope you enjoy this family’s great videos!