Posts tagged with "TESLA"

Concentric Q×A

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In the current age of digital technology, car owners are being forced to consider their vehicle’s susceptibility to ransomware attacks. These malicious cyber-attacks can expose your personal data to online hackers. However, there are certain measures that car owners can take to help prevent security breaches. Proactive car owners are utilizing services like Concentric to safeguard their technology and online identity. 360 Magazine spoke with Laura Hoffner, Chief of Staff at Concentric, and Sam Connour, Concentric Intern, about how to best practice car system security.

What steps can proactive car owners take to protect their vehicles from security threats and hackers?

First, understand that all digital property can be hacked.

Second, as a result, be conscious of what personal technology you connect to or tether with. Understand that if you connect your phone to your car via Bluetooth, someone hacking into your car will then result in vulnerability to your phone (and everything else connected to your phone such as your home Wi-Fi, addresses, credit cards.)

Third, ensure your vehicle’s software is up today. Car makers, like Tesla and Jeep, are known to push out patches for these potential holes hackers can access. Keeping your vehicle up to date will aid in that effort.

Finally, protect that vulnerability by being aware of the modifications you’re making to your vehicle’s software. Don’t let unknown devices connect to your car, and be wary of who has physical access to your vehicle

What makes a car susceptible to ransomware attacks?

Cars are now equal [in terms of susceptibility] to computers as a result of their connectivity capabilities both to the internet and to Bluetooth. If a car is connected to an insecure and unprotected internet connection, hackers are capable of installing malware into a vehicle’s operating or infotainment systems.

What models of cars are the most likely to encounter hacking/privacy issues?

Cars with self-driving capabilities, or features such as lane assist or automatic braking, are particularly at risk. But practically any vehicle made in the past 20 years can be hacked. Generally, vehicles [from] 2007 or newer run a higher risk of personal information being compromised. Car makers, with a warning from the FBI, are taking steps to beef up cybersecurity within their vehicles.

Should customers be weary of certain car brands when buying technology systems for their vehicles? How can consumers find quality retailers with safe car products?

Rather than it being a concern about specific car brands, consumers should instead educate themselves on the risk associated with these vulnerabilities and take proper protocol to mitigate those risks.

Can Concentric offer any services for car owners looking to safeguard their vehicles?

Concentric offers holistic security solutions for our clients. Included in that is a residential risk assessment that can identify specific concerns and vulnerabilities. This is where personal risk associated with property would be assessed, [as well as] physical and behavioral recommendations.

How did your experience as a Naval Intelligence Officer and in the Naval Reserves translate into your current role at Concentric?

Understanding the threat landscape both nationally and internationally– as well as the acknowledgement that we make both micro and macro decisions about risk daily– ultimately prepared me to understand the corporate security landscape. Holistically viewing a problem set and identifying creative solutions are [at] the core of Naval Intelligence, thus it wasn’t a large leap to bring that mindset over with me from the government side.

As Concentrics’ Chief of Staff, what is your best advice regarding car related security?

Car-related security advice is the same as all other security advice we have: educate yourself, your family, and your team to know what risk decisions you are making that have vast implications across your security vulnerability spectrum. Additionally, security is not something to think about when you’re in a crisis. Avoid or better prepare yourself for the crisis beforehand by taking steps to vastly reduce, or eliminate, your vulnerabilities to exploitation.

Tesla Outperformed Rival Stocks

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Tesla is among the notable growth stocks that have recorded significant returns for investors. Despite the electric vehicle manufacturer’s stock slumping in 2021, it has maintained an edge over competitors.

According to data acquired by Finbold, Tesla stock registered an ROI of 224.93% between June 2021 and June 2020, outperforming some of its major competitors. Among the selected vehicle manufacturers, Tesla only trailed China-based NIO, which had almost double returns at 539.13%. Ford Motor ranks third with returns of 152.28%, followed by General Motors at 141.08%, while Volkswagen AG ranks fifth at 116.62%.

Other stocks with key returns include XPeng (75.47%), Oshkosh (74.08%), Navistar (60.29%), Toyota 42.19%), and Honda (25.22%)

Between the period, Tesla also maintained a superior stock price growing from $191.95 in 2020 to $623.71 in 2021. Elsewhere, last year, NIO’s stock price was at $6.9, while in June 2021, the stock stood at $44.1.

Tesla benefiting from green energy debate

Having established its position as a leader in electric vehicle manufacturing, Tesla stock benefitted from some of the initiatives around environmental conservation. According to the research report:

“In the wake of a new focus towards the climate change agenda, Tesla has been at the center of attention, with more investors betting on the company. Some jurisdictions are also enacting legislation favouring consumers opting for electric vehicles, and as a leader in the sector, Tesla stands to gain.”

Based on the Tesla returns, it is clear the massive gains made in 2020 were enough to sustain profitability for investors despite the stock slumping in 2021. The growth was mainly guided by fundamental factors like greater retail investor interest in the stock and the inclusion of the S&P 500 index.

However, for Tesla to remain with the upper hand, the company needs to look out for competition.

Read the full story with statistics here.

Starting A Car That Has Been Sitting For Months

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Whether you’re going on vacation for a while or temporarily relocating to another location for work, you may need to leave your vehicle for an extended period of time without using it.

If you are in this situation, it’s important to know how not driving your car for a month or more will affect its performance, including its ability to safely start.

What Happens If You Don’t Start Your Car For A Month?

Cars are designed to be driven, not to sit idle for months. When left unused, engine fluids start to break down and parts that aren’t getting lubricated begin to corrode. Even worse–animals may move in, chewing on anything they can reach. Rodents often chew through wiring harnesses or other car parts that are made out of organic materials, which can cause substantial damage.

Tires are also affected by inactivity. When a car is not being used, the air will slowly start to leak out of its tires, especially in the cold weather. The weight of the vehicle will press down onto the deflating tires, which can cause flat spots. Filling the tires with air often solves this problem, but sometimes flat spots become permanent.

Moisture can also start to accumulate in the gas tank if the car is left unused for a long period of time. Over time, this can lead to corrosion.

How long can a car be left unused? In general, the longer a car sits, the worse these problems can become. But, it’s not all bad news.

Leaving A Car Unused For 3 Months? Here’s What to Do Before Starting It

If you plan on leaving your vehicle unused, it’s important to know how to start a car that has been sitting for two weeks, two months, or even two years.

Even after a few months, most modern cars can still be safely started. That is, providing the battery still holds a charge. However, there are a few simple checks you should make first. This will help you quickly identify problems while making sure your car is safe to start.

Here’s what to do:

Check The Engine Oil

Check the oil level using your vehicle’s dipstick. If you’re not sure where the dipstick is located, refer to your owner’s manual for a diagram. The correct oil level should be between the two indicator marks on the dipstick.

Be sure the engine is cooled off for at least ten minutes before you check the oil. When you go to check the oil not only should you take notice of the level, but also you should observe the color and consistency. If this oil is thick and gritty and the color is dark, then it’s likely time for an oil change. Be aware that if your oil level is low, you should not drive your vehicle until you have topped it off to the recommended level with the recommended oil.

Check All Exterior Lights

Check that your headlights, fog lights, high-beam lights, brake light s, reverse lights, and indicators are all working before you head out on the road. The easiest way to do this is to grab a friend or family member, so one person can activate the various lights and the other can check if they’re working.

Check For Signs Of Leaks

Before you check the engine oil and coolant levels, take a look at the floor under the car to see if there are any signs that something has been leaking. As a general rule, you can typically narrow down the issue by observing the color of leak, though it’s always best to have a professional inspect and diagnose the leak before driving:

Black or light brown usually indicates an engine oil leak
Red or brown usually indicates a transmission leak
Clear, red or brown usually indicates a power steering leak
Transparent yellow or brown usually indicates a brake system leak

Driving your car while it’s leaking fluid can cause serious (and expensive) damage. It’s important to avoid driving if there are any signs of a leak. Check for any leaks underneath your car before taking your car for a drive for the first time in months.

Check The Brake Fluid

To check your vehicle’s brake fluid level, you need to identify the brake master cylinder reservoir. It is typically mounted at the rear of the engine, in line with the position of the brake pedal. Your owner’s manual should be able to show you exactly where it’s located.

You’re simply performing a visual check of the fluid level against the markings on the translucent brake fluid reservoir. Remove the cap of the reservoir and note if the fluid looks healthy or dirty. If your brake fluid is low, it could indicate a problem with your brakes that will need repair as soon as possible. Dirty brake fluid can indicate water contamination has occurred, in which the vehicle’s brake system will need to be flushed.

Inspect The Battery

The first issue you may encounter if your car is left idle for an extended period of time is car battery problems. Batteries slowly lose voltage over time when left idle. If you haven’t had your car hooked up to a trickle charger or any other type of voltage maintainer, the voltage will have likely dropped below the amount necessary to start the car. Jump starting your vehicle may solve the problem. After the jump start, let your vehicle run for 5 – 10 minutes to recharge the battery. Then, switch it off and attempt to restart it. If your car won’t restart, there could be a problem with the battery or your vehicle’s electrical system. This issue can leave you stranded if it’s not remedied.

Before you attempt to jump-start your vehicle, remove the battery cables and check that the battery terminals are clean and clear of debris and corrosion.

Ideally, the battery should have a full charge before the vehicle goes into storage. Further, the battery should be disconnected from the engine to prevent discharging. The charge should be checked every three months. The battery should be recharged if it drops under around 12.4 volts.

Check The Gas

It only takes one month for the gas in your tank to start breaking down. As the lighter components of gas evaporate and oxidate, gas loses its combustibility and becomes less effective. As it degrades, it forms a gummy residue that gets released into the fuel system– increasing the likelihood of a blockage occurring. Old fuel can cause an engine to misfire and stall.

Obviously, we don’t recommend sniffing gasoline, but gas that has started to break down will have a distinct sour smell that resembles the smell of varnish. One option is to siphon a small amount out of your fuel tank and check the color. Old gas will be darker than fresh gasoline, and you may even be able to see the gumminess that have started to form.

If your car has been sitting for three months or longer, it is recommended to drain the tank and fill it with fresh fuel. For a car that has been sitting for a month or two, it is recommended to top up the fuel tank with fresh gas and dilute the old gas before it passes through your vehicle’s fuel system.

Finally, if you find you just aren’t driving your car much and it’s likely to sit idle for 30 days or more, a fuel stabilizer should be added to the gas. This will prevent degradation for up to 12 months. It is the easiest way to avoid damage to your cars fuel system.

Inspect The Tires

A visual check of the tires should be performed to make sure they are in good condition, before attempting to drive the vehicle. Air pressure should be checked and adjusted to the manufacturer’s recommended psi. This can be found on a sticker that is usually located on the driver’s door jamb. You could also find the recommended psi for your tires in your owner’s manual.

Upon inspection, your tires may look normal. But, when you get behind the wheel to take your car for its first spin in months, instead of the familiar smooth ride you may feel a vibration through the steering wheel and hear an unfamiliar noise. This is caused by a flat spot in the tire– a problem for any car that sits idle for extended periods of time.

This occurs when a stationary tire has to bear the load of a vehicle for an extended period. As the weight of the vehicle presses down, the bottom of the tire spreads out on the ground. As time goes on, the rubber gets stiffer, leaving flat spots on the tire.

Generally speaking, as you drive the car and the tires get warm and regain flexibility, the flat spots will disappear. This usually takes around 15 minutes. In extreme winter temperatures, these flat spots can become permanent if a vehicle hasn’t moved for several months.

Tires can develop flat spots if your car sits for an extended amount of time. Check your tire pressure before starting your car again to make sure it is at the recommended psi.

Check For Rodents

When the weather cools off, rats and mice look for warmer shelter and can be disastrous for car owners as their engine bay doubles as this season’s hottest rodent hotel. After mice have made a car their new home, their sharp teeth can cause serious damage to engine hoses, plastic panels, and wiring.

Signs that your car may have a mouse problem include:

Droppings and an associated bad smell
Unfamiliar noises when you switch on the fan or heater, indicating the presence of a nest
Food scraps in unusual places
Check engine light on your dash, indicating wiring damage
Bite marks on hoses and wires

Getting mice out of your car can be a time-consuming job. Not only will you have to find and remove their nest, but you’ll also have to clean and disinfect the area around the nest, and more than likely repair any damage they caused. There are many methods to prevent mice from moving back in such as spraying peppermint oil or putting out moth balls. Forget the ultrasonic sound repellants though–they won’t do anything besides put a hole in your wallet.

How Often Should You Start Your Car

Leaving a car unused for three months—or even three weeks—is not ideal. If possible, start your vehicle a couple of times per month when it is not being used. It’s best to not only start the vehicle, but to also drive it for about ten miles before putting it back in storage.

Starting the vehicle without taking it out for a quick spin will warm up the engine, but nothing else. It could also drain the vehicle’s battery, which will make it harder to start next time.

On the other hand, starting the car and driving it for 10 miles will fully warm up other parts of the vehicle, including the transmission, brakes, and suspension. Driving this short distance will also give your vehicle’s battery a chance to recharge, so it’s easier to start in the future.

Consider asking a close friend or relative to help. Maybe they can take your car out once in a while when they go out to dinner or to run chores.

How to Prepare For Not Driving Your Car For A Month

If you plan on leaving a car unused for 3 months, there are certain steps you can take to keep it in good condition during this period of inactivity. Here’s what to do:

Use a car cover. You should always cover a vehicle that is not being used—even if you are storing it indoors. A car cover can protect your vehicle from long-term storage hazards, such as bad weather and animals.

Wash it. Be sure to thoroughly wash your vehicle before putting it in storage. Leaving water stains or other debris on your vehicle for a long period of time can lead to paint damage.

Get an oil change. An oil change will remove the dirty oil, which contains contaminants that could damage your engine while the vehicle isn’t being used.

Fill your gas tank. If the gas tank is empty or even half full, moisture will start to accumulate if the vehicle is not being used. To prevent this problem, fill the gas tank prior to putting your vehicle in storage.

Place the vehicle on jack stands. If you plan on not driving your car for a month or more, it’s best to take the wheels off and prop the vehicle up on jack stands. This requires additional work, but it will prevent flat spots and other forms of tire damage.

Don’t use the parking brake. Rust can form in the braking system if the vehicle is left in storage for a long period of time. If the parking brake is applied, this rust can cause the brake pads to fuse together with the rotor. That’s why it’s best not to use the parking brake before leaving your vehicle for a month or longer.

Following these tips can help preserve the life of your vehicle while it’s not being used.

What to Do If Your Car Takes A Long Time to Start After Sitting

Found a potential problem? Is your car taking a long time to start? Or unsure about any of these steps? The next step is to get a professional to inspect your vehicle and advise you of your options. Car repairs can be expensive, but giving your vehicle a thorough check-over before hitting the road will save you money in the long run.

Summer Tires In Winter; Why It Is Not Advisable To Use Them

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Seasons are not constant. They keep changing, so should your tires. Tires that are made for use in the summer cannot be used on hard slippery winter roads. Although the hassle involved in changing the summer tires can be costly and tedious, it is worth ensuring you are safe during the transition.

Because you know your area better, you can determine when to change the tires. In some areas though, the conditions are mild, making it unnecessary to change tires if you are using the all-season ones. Here are reasons why you should not use your summer tires in winter. Take a peek.

Some of the Dangers for Using Summer Tires During Winter
Loss of Traction and Poor Grip

Summer tires are made with lower resistance to make them perform efficiently and minimize noise. However, the resistance is not enough to be used on icy roads.

When compared to summer tires, winter tires are made with deep tread. It helps with braking and high rolling resistance which keeps vehicles steady on the road. The sipes on winter tires provide a firm grip on the snow.

Extreme cold can make tires break. The compound used in making winter tires is soft, which makes it adjust to extreme weather. It becomes stiff when the temperatures go down, causing them to lose traction or even break.

All-season tires also have deep treads and sipes to make them suitable for all weather. But, these can only be ideal in areas where temperatures do not reach their extremes. In such conditions, these tires lose their traction as well and their grip is not good.

Risk Damage Due to Cold Temperatures

The roads do not have to necessarily be snowy or icy to affect summer tires during the winter season. When the temperature drops, the compound used in making cheap summer tires stiffen. The elasticity and the traction get lost. This results in tire cracking and chipping off the tread block.

When tires reach this damage extent, they are unsafe for use and car owners should replace them as soon as possible. Failure to do so, you could be risking damaging the rim and worse causing accidents because the car is prone to slipping.

All-Season Tires as an Alternative

These tires are better alternatives to cheap summer tires for those living in places with mild conditions. Although it is not advisable to use them in extreme winters, they don’t pose a huge risk like the summer tires when used in the right conditions.

For places with mild conditions, drivers can save time used in changing tires and money for buying and installing new ones.

When Do You Need Summer Tires?

Summer tires are often not suitable for use in temperatures below 7 degrees Celsius. During summer, the temperatures exceed this level. This time is ideal to fix your winter tires on your vehicle to enjoy that grip.

When Do You Need Winter Tires?

Since summer tires are used when temperatures shoot above7 degrees Celsius, winter tires are used when the temperature falls below this value. These tires provide an aggressive grip that reduces the braking distance.

When used in warmer conditions, the compound used in making these tires becomes overly soft and wears out fast.

When Do You Need All-Season Tires?

Although they are called all-season tires, they cannot be compared to those specially made for certain conditions. They are limited to the weather extremes. It means that if the temperatures are too hot or too cold, these tires are not as efficient.

But, when used in mild conditions, drivers of vehicles that use these tires can enjoy a saving cost on fuel. They also last long when compared to other tires because they can easily adapt to different conditions. They are also quiet and this makes motorists feel comfortable and peaceful when driving.

Manufacturers understand the need for road safety in different seasons. That is why they produce season-specific tires. They have different features that make them efficient for the season they are meant for. Why would you risk when you have options that can help you and your loved ones stay safe?

Cybertruck × Tesla

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Cybertruck hits 1 million pre-orders milestone exceeding Tesla’s last 2 years deliveries

Despite being a new entrant in Tesla’s electric vehicle models, the Cybertruck continues to attract more interest from potential buyers. The market enthusiasm surrounding the model has resulted in a pre-order milestone beating other Tesla vehicle delivery in recent years.

According to data acquired by Finbold, as of May 25, 2021, the estimated Cybertruck reservations were 1.08 million. The figure is more than the 866,750 total vehicles delivered by Tesla in two years between 2019 and 2020.

Last year, the electric vehicle manufacturer delivered 499,550 vehicles, while in 2019, the figure stood at 367,200. Furthermore, Tesla has recorded a steady annual increase in vehicle deliveries, with the figure surging 558.2% between 2016 and 2020. In 2016, 2017 and 2019 the delivered stood at 75,890, 103,020 and 244,920 respectively.

Small reservation fee potentially driving Cybertruck demand

The report explains some of the driving factors in record Cybertruck reservations alongside the potential impact on deliveries. According to the research report:

“The massive interest in the Cybertruck also reflects the conditions set by Tesla for reserving the vehicle since customers need to deposit a refundable $100. The amount is affordable, but analysts have remained skeptical about the reservation numbers getting converted into deliveries. In the end, Tesla fans can take the money from their bank account, reserve the Cybertruck and get a refund later.”

Despite Tesla recording impressive Cybertruck pre-orders, the company still faces competition from other players who are ramping up their products for the electric truck niche. For example, both General Motors and Ford have announced their entry into the market.

Read the full story with statistics here

1000 Mile Battery Vehicles

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Many Routes to 1000 Mile Battery Vehicles, Reports IDTechEx

It is easy to make 1000-mile battery-electric vehicles, and the effect on market uptake will be profound. For example, a typical city-dweller today might charge only once every two months and vacation where chargers are rare.

With solar bodywork having done some of the job, even feeble existing chargers will cause little delay in charging time. Indeed, solar bodywork is a “get-you-home” feature that is capable of suddenly making battery-electric vehicles acceptable in most of the world– increasing their market potential and accelerating economies of scale in production, making battery-electric vehicles more affordable. Meanwhile, today’s EV would be easier to sell to country dwellers if they had a folding solar panel “lifeboat” offered as an optional extra. See the IDTechEx report, “Solar Vehicles 2021-2041 2nd Edition”.

Learn from the sea. Many solar boats can already be bought with effectively infinite range because they have so much area available for solar. Some have the generating capacity to supply three houses on arrival. For heavier sea-going ships, adding wind turbines works because at sea, the wind is rarely head-on at a speed less than the craft’s. The large Manta ocean clean-up boat from Sea Cleaners is the latest example. Even energy-independent ships are possible by combining these technologies with others.

Land vehicles lag in energy-independent technologies because they have less surface area per passenger, but the newly viable single-crystal silicon on the sides (as demonstrated by Sono Motors at CES 2021) is a step in the right direction. Student solar racers get energy independence using 3–5 compound solar that is unaffordable for most applications as yet. They also get ultra-low drag factors by squeezing the riders. Nonetheless, these things benchmark what is coming to a car, robot shuttle, and truck near you.

For example, following solar golf cars, Aptera, a Californian solar car start-up, promises 1000 miles for those willing to mix it with Class 8 trucks while sitting in a three-wheeled egg. More mainstream, Tesla and Lucid already get past 500 miles range by utilizing low drag factor, light-weighting, more efficient power electronics, and other strategies such as aluminum monocoque, even before adopting solar. Indeed, Tesla Roadster doubles the battery to get 620 miles. Lightyear solar family cars approach 500 miles range with exceptionally extensive solar bodywork, but also offer more efficient in-wheel motors. More efficient motors have been important for Tesla’s exceptional range, and better motors are on the way. See the IDTechEx report, “Electric Motors for Electric Vehicles: Land, Water, Air 2020-2030”.

When feasible, Elon Musk wants solar that unfolds on arrival and will pump more than one kilowatt. Many vehicles are largely glass, but solar building windows are obviously coming to vehicles, starting with Hyundai promising a translucent solar roof.

In 2018, Tesla began to adopt wide-bandgap semiconductors (silicon carbide) in the Model 3’s main inverter, which are more efficient and save on the weight and space of the cooling equipment. Supercapacitors are barely used in on-road BEVs, but they can improve range in many ways now they appear with higher energy density and at a lower price. They grab more braking energy, and they facilitate deep discharge of the newer batteries that can tolerate such things.

The roadmap of other range-extending technologies is equally rich. Infrared harvesting surfaces under the vehicle may work in hot countries. On top and sides, adding perovskite to silicon will grab infrared and light over a much wider spectrum, increasing electricity by at least 10% (multilayer perovskites promises 100%). Autonomous taxis, shuttles, and buses dispensing with the weight and space of the driver can go further. In windy countries, wind turbines that erect when the vehicle stops can be viable. Indeed, the US Department of Defense funds trials of electricity generation by using tethered drones from vehicles, up where the wind is stronger and more consistent.

Raghu Das, CEO of IDTechEx, advises, “VW Group and many others work on structural batteries and supercapacitors to increase range – no more dumb bodywork. Meanwhile, Tesla and Lucid commercialize a first step in that direction. Equally challenging, but still a possibility is using higher voltage to increase range beyond the current focus on charging time. 800-1000V is pioneered by VW Group, Lucid, Rivian, GM, Hyundai, Kia, and other carmakers and their suppliers such as Hitachi, Borg Warner and others. In principle, it increases efficiency and lightens weight.”

“We are currently working on the start of production for several premium 800-volt projects,” says Bert Hellwig, who is responsible for electric drive system development at ZF. “We supply a Chinese OEM with the complete electric driveline, including power electronics, for several models. For a European sports car manufacturer, ZF provides power electronics for a high-voltage application. Further series start-ups are already on the horizon.”

There is much more. Thermal management and all materials and systems can perform better and get lighter, both of which increase range. See the IDTechEx reports, “Materials for Electric Vehicles: Electric Motors, Battery Cells & Packs, HV Cabling 2020-2030” and “Thermal Management for Electric Vehicles 2020-2030”. For example, a transparent heater film applied only where needed on vehicle interiors has been shown to save up to 30% of that electricity.

Meeting all these factors in the middle is intermittent catenary and intermittent road rails and coils–charging vehicles as they hurtle by– and an increasing number of cars able to charge other cars (Sono Motors’ Sion is again an example). Batteries charge fast initially, so the profusion of lamp post chargers topping up in London, for example, can be a good alternative to scarce and expensive fast chargers, particularly as vehicles double their range. Battery improvements promise large range increases. Volkswagen targets 40% more energy density by 2030. In other words, vehicle designers can now choose which of the many routes to 1000-mile range they will pursue with plenty of choices.

For the whole picture, see the IDTechEx report, “Electric Vehicles: Land, Sea and Air 2021-2041”.

For the full portfolio of Electric Vehicle research available from IDTechEx, please visit this website.

China’s EV Industry Growth

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1.3M Electric Vehicles Were Sold In China In 2020 – Projected For 51% Increase By 2021

China has become a relatively rich market for Electric vehicles (EVs) in recent times, and companies like Tesla have pounced on the opportunity. China posted a record number of EVs sold in the country in 2020, despite the global downturn of the automotive industry due to the COVID-19 pandemic. According to data presented by TradingPlatforms, 1.3M EVs were sold in China in 2020– a rise of 8% YoY, but is projected to grow by over 51% in 2021 to almost 2M.

EV Enters Mainstream– China One of Promising Markets, Despite Negative Effects of Pandemic

EVs have entered the automotive mainstream in recent times with Tesla setting the tone for affordable and stylish EVs. In 2019, the global EV market was valued at just over $162B and is expected to see tremendous growth in the next decade. The global EV market is projected to have a compound annual growth rate of 22.12% in the period from 2019-2026, and rise to a value of almost $803B in 2026.

China is a particularly strong market for EVs, where a record number of EVs were sold in 2020. However, recent policy changes around the EV industry in China, and the more recent Coronavirus pandemic, have slowed down the strong momentum EVs once generated. Despite this, the number of EVs sold in China still saw a modest increase of 8% YoY from 2019-2020 to a record 1.3M units sold.

Demand is also expected to rebound after 2020’s sharp downturn for the entire industry. EV sales are projected to increase by over 51% to almost 2M EVs sold. Automotive industry expert Chris Jones noted: “Prospects are very good for China’s EV market in 2021. There is already an excellent network of standardized public EV chargers in China, good government support and now a return to strong consumer demand.”

SAIC-GM-Wuling and Tesla Carried Chinese EV Industry Through Turbulent Time

Two brands and their vehicles carried the Chinese EV industry through a difficult period caused by the pandemic: SAIC-GM-Wuling and Tesla. The Tesla Model 3 was the most popular EV in China for a time until the Wuling Hong Guang Mini EV entered the market in the middle of 2020. As of July 2020, the Tesla Model 3 was the most registered new electric car in China with the Wuling Hong Guang Mini EV already following closely behind.

An estimated 11,000 Model 3’s had been registered by that period while 7,250 Wuling Hong Guang Mini EV had already been registered despite deliveries only starting in the same month. By the end of 2020, SAIC-GM-Wuling had become the most popular EV brand in China with an estimated 177,000 units in car sales compared to Tesla’s 137,460 units.

The two brands offer two very different EVs, yet found that their shared success that carried the Chinese EV market through a difficult time. Jones further notes: “If it had not been for the huge success of these two very different EVs, the Chinese EV market would have declined in 2020. Between them, the two models represented one in five of all EVs sold in China.”

You can read more about the story with more statistics and information at TradingPlatform’s website.

Tech Industry Billionaires

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70% of the Top 10 Billionaires Generated Their Wealth from the Tech Industry.

Data researched by Trading platforms UK indicates that 70% of the top ten richest people amassed their wealth from the technology industry as of March 1, 2021. The top ten wealthiest individuals control a fortune of $1.14 trillion in total, with tech players accounting for $855.9 billion.

Amazon founder Jeff Bezos is the wealthiest person globally with a fortune of $181 billion, followed by Tesla CEO Elon Musk at $174 billion. Microsoft founder Bill Gates ranks third with a fortune of $135 billion.

The report explains some of the underlying factors leading to the tech sector’s dominance of the top ten rich list. According to the research report:

“The dominance of the rich list by the technology industry figures also points to the sector’s resilience in times of crisis. Technology rose to prominence due to its ability to offer solutions to help people cope with the coronavirus crisis. For instance, during the health crisis, most billionaires in the sector like Amazon’s Jeff Bezos amassed more wealth as more people leveraged on e-Commerce platforms amid the lockdown and stay at home measures.”

The U.S. and China together host 49% of the top 500 billionaires globally.

Additionally, the findings reveal that the United States has the highest number of billionaires globally at 156, while China ranks second at 86. The two countries, therefore, account for 49% of the top 500 billionaires globally.

Germany is third with 28 billionaires followed by Russia at 24. Hong Kong and France follow, with each having 17 billionaires. The United Kingdom and India each have 16 billionaires. Canada is ninth with 15 billionaires while Sweden is tenth with 11 billionaires.

The analysis also shows that the tech industry has the highest number of billionaires globally at 84. Industrial ranks second with 56 billionaires followed by diversified at 50 while the consumer has 43 billionaires. Finance has 37 billionaires, while entertainment has the least billionaires at 10.

For further statistics and information, please visit this website.

IDTechEx Explores NiMH Batteries

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When we talk about battery-electric vehicles, the lithium-ion battery is dominant; however, for full hybrid electric vehicles (those that have electric-only modes but do not plug-in), NiMH batteries are still the most common battery on the road. With the growing market for hybrid electric vehicles (HEVs), will this drive further demand for NiMH batteries and stop them from being eliminated from the automotive market?

The new report from IDTechEx on “Full Hybrid Electric Vehicle Markets 2021-2041” covers this topic along with the key players and geographical markets for HEVs. Battery and motor-generator technology is analyzed for HEV cars, buses, and trucks, giving forecasts for Li-ion and NiMH battery demand over the next 20 years.

Toyota is the ruling OEM in the global HEV car market, with over 60% market share in 2019. Other manufacturers have started to eat into this share over the years, but Toyota still reigns supreme. While the other OEMs have mostly transitioned towards Li-ion batteries for their HEVs, Toyota remains committed to NiMH batteries and HEVs for the foreseeable future, with the majority of their line-up now using either NiMH or Li-ion depending on the specifications. For the relatively small batteries that are used in HEVs, the NiMH is still sufficient to meet requirements. It is also much more technologically mature and is less costly than Li-ion.

In 2020, NiMH batteries were still the dominant form installed in HEVs, largely due to Toyota. As Li-ion costs continue to fall and HEV battery capacity increases, NiMH are unlikely to remain competitive but will still see an increase in short term demand. Source: IDTechEx report: “Full Hybrid Electric Vehicle Markets 2021-2041“.

Sales of HEVs have continued to grow throughout the COVID-19 pandemic despite the downturn of the overall car market. This, combined with Toyota’s dominance and NiMH portfolio, provides a good market for NiMH batteries, at least in the short term. Li-ion technology is still evolving and reducing in price; at a certain point, it may no longer be cost-effective to continue using NiMH. Additionally, fossil fuel bans are incoming, with countries like the UK banning purely internal combustion engine (ICE) vehicles by 2030 and only allowing hybrids “that can drive a significant distance with zero emissions”. HEV manufacturers will likely increase the battery capacity in order to give more electric-only range, making the Li-ion option more appealing. Even with this stay of execution for HEVs, banning vehicles with ICEs of any sort is likely to follow shortly after. This will eliminate the HEV in many markets and hence the demand for NiMH.

IDTechEx recently published the report “Full Hybrid Electric Vehicle Markets 2021-2041“. This report gives an in-depth look at the historic HEV market in China, Europe, Japan, South Korea, and the US, with an outlook over the next 20 years. An extensive model database of over 80 HEVs sold between 2015 and 2019 is used to determine the market’s battery and motor-generator technology in addition to geographical markets and manufacturer market shares. The total cost of ownership calculations is compared with ICE and 48V hybrids, as well as how HEVs can help manufacturers meet new European emissions targets. For more information on this report please visit www.IDTechEx.com/HEV.

This report forms part of the broader electric vehicle and energy storage research from IDTechEx, which tracks the adoption of electric vehicles, battery trends and demand across more than 100 different mobility sectors. This is summarized in a master report: www.IDTechEx.com/EV, or for a further in-depth analysis, please see the full portfolio of electric vehicle research available from IDTechEx: www.IDTechEx.com/research/EV.

IDTechEx guides your strategic business decisions through its Research, Subscription and Consultancy products, helping you profit from emerging technologies. For more information, contact research@IDTechEx.com or visit www.IDTechEx.com.

2021 Polestar 2

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Polestar Cars has just announced the formal pricing of the Swedish brand’s first pure electric car, the 2021 Polestar 2. The electric performance fastback has an MSRP of $59,900 in the United States.

The MSRP of the Polestar 2 is below state incentive thresholds in critical markets such as California and New York. Additionally, this price enables state rebates of approximately $2,000 in certain states*, for total tax incentives of up to $9,500 when combined with the federal electric vehicle tax credit.**

“We are quite enthusiastic to announce the U.S. pricing for the Polestar 2,” said Gregor Hembrough, Head of Polestar USA. “The MSRP is lower than we originally targeted, and will be extended to all of our current reservation holders.”

“With an online purchase option, lower pricing, considerable tax incentives, and production already underway, the Polestar 2 is well-positioned for a successful entry into the U.S. market,” continued Hembrough.

Polestar also announced option pricing for the Polestar 2 depending on which add ons someone hopes to add to the car. The performance pack comes in at $5,000 and the Nappa Leather Interior is priced at $4,000. The stunning 20-inch Alloy Wheels and the Metallic Paint Colors both come in at $1,200.

This vehicle is priced in the same range as the 2021 Tesla models that have been released. The 2021 Tesla Model Y is starting at $49,990 and the 2021 Tesla Model S is priced beginning at $69,420. The current average price for an electric car is around $55,600, so the Polestar 2 falls right on par with this average.

The Polestar 2 arrives with 408 hp and 487 lb.-ft. of torque, very powerful for an electric car. The vehicle also features all-wheel drive and a 78 kWh battery pack, which enables considerable EV range. The car has an MPGe of 96 in the city and 88 on the highway.

The Polestar 2 is also the first car in the world to feature a built-in infotainment system powered by Android, featuring voice command via the Google Assistant, Google Maps with EV charging support and app downloads via the Google Play Store. The car features innovative technology throughout. The interior of the hatchback is modern yet minimal creating an opulent feel for passengers.

The Polestar 2, which began production in late March, has already begun delivery to U.S. reservation holders in summer 2020. With a digital retail model, the Polestar 2 is available to purchase on Polestar.com.

In order to replace car dealerships, the brand will soon open physical retail showrooms—Polestar Spaces—where non-commissioned Polestar Specialists will be able to assist customers with product information and test drives. Polestar Spaces are designed specifically to allow people to explore the cars without the pressure of committing to a purchase. The first of these locations have opened in California and New York as of late summer 2020, and the next additional locations are currently set to open in Denver and Austin.

The Polestar 2 is available for sale in all 50 states and Polestar will announce lease and retail finance options for the vehicle in the near future.

In the pursuit of accelerating sustainable mobility, Polestar, the electric performance car brand, today released a multi-episode video series featuring Golden Globe winner Oscar Isaac. A champion for climate justice, Isaac delves deeper into Polestar innovations which aim to improve today’s society, and that of the future.

In partnership with The Wall Street Journal, “Making aNew” is a five-part mini docuseries which seeks the truths behind Polestar’s ethos and advancements in sustainability, electrification and performance. The video series is available to view today at www.polestar.com/us/making-anew.

“As the automotive world moves to electrification, important terms such as sustainability and clean energy are becoming generic slogans with diminished meaning,” said Oscar Isaac. “After learning about the company, I feel better about driving a Polestar because the brand is transparent about how its cars are produced, accountable for its impact on the planet and taking action to truly offset the footprint of its vehicles.”

Since the launch of the brand in 2017, Polestar has become synonymous with the development of new technologies, harnessing refined performance and incorporating unconventional materials in the development of its vehicles.

More recently, the brand began publishing detailed climate impact reports of its electric vehicles as they leave the production line, aiming to be the most transparent company in the automotive industry. As a proof point of this pledge, Polestar has published a full lifecycle analysis of the Polestar 2 Electric Fastback, and will release its first annual sustainability report in March of this year.

“We are determined to be the guiding star for our industry, accelerating the shift to more sustainable mobility. Innovation, clean energy, circular materials and transparency are areas of particular focus. A great example of this is the use of blockchain to improve the accountability of our cobalt supply chain,” said Fredrika Klarén, Head of Sustainability at Polestar. “Collaborating with visible activists like Oscar, who are as passionate about carbon-neutrality as we are, will help raise awareness and understanding, paving the path for a more sustainable future.”

About Polestar

Polestar is the independent Swedish premium electric performance car brand founded by Volvo Cars and Geely Holding. Established in 2017, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result. The company is headquartered in Gothenburg, Sweden, and retails its vehicles in ten global markets across Europe and North America, and in China.

Polestar produces two electric performance cars. Polestar 1 is a low-volume electric performance hybrid GT with a carbon fiber body, 609 hp, 738 ft.-lb. and an electric-only range of 60 miles – the longest of any hybrid car in the world. The Polestar 2 electric performance fastback is the company’s first fully electric, high volume car. Polestar 2 launched in 2020 with an all-wheel-drive electric powertrain that produces 408 hp and 487 ft.-lb., with a maximum range of 233 miles EPA (292 miles WLTP).

In the future, the Polestar 3 electric performance SUV will join the portfolio, as well as the Precept – a design study vehicle released in 2020 that is slated for future production. Precept showcases the brand’s future vision in terms of sustainability, digital technology and design.

*All tax information is current as of April 15, 2020. Government incentives are for informational purposes only and subject to change without notice, nor are within Polestar’s control. Incentive programs are offered and administered by government agencies. Eligibility and availability vary. Visit your state program’s website for the most up-to-date information on availability and redemption requirements. Your eligibility for income tax credits depends on your personal tax situation. Polestar encourages consulting with your tax advisor for details.

**The IRS offers a Qualified Plug-In Electric Drive Motor Vehicle Tax Credit of up to $7,500 on the purchase of qualifying vehicles. This is not tax advice. Consult your own tax advisor for details.