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Tesla’s Elon Musk is trailblazing the emergence of “green billionaires”
As Tesla reaches new heights and Wall Street firms start acknowledging the electric car maker’s potential, CEO Elon Musk has blazed the trail for a new breed of billionaires across the globe. Interestingly enough, Musk and his fellow billionaires are making their fortune not through non-sustainable commodities like fossil fuels. Instead, they are creating empires established on the shoulders of sustainable energy and renewable technologies.
In a report published on Tuesday, Bloomberg Green noted that as the climate crisis accelerates, the fastest-growing fortunes in the world are now green, thanks in no small part to tycoons like the Tesla CEO who have amassed their wealth amidst the clean energy boom. Musk, for example, saw his net worth soar 622% last year to $199.2 billion, with 91% of that amount (around $180.8 billion) representing his holdings in EV maker Tesla.
So notable was the rise in Musk’s net worth that he recently came the closest of any modern billionaire to matching the inflation-adjusted value of John D. Rockefeller’s Standard Oil empire. In a way, this is almost symbolic, considering that one and a half centuries ago, Rockefeller emerged as the richest person in history by revolutionizing the oil industry. Elon Musk’s emergence as the world’s richest man now means he has a shot at taking Rockefeller’s crown by rendering the oil magnate’s main product obsolete.
Bloomberg notes that Tesla’s remarkable rally in 2020 indicates that the world is now essentially acknowledging the dangers posed by climate change. Together with the election of new US President Joe Biden, an avid advocate of sustainable technologies like electric cars, the renewable energy movement has gained a lot of momentum. The S&P Global Clean Energy Index has soared 231% since April, for example, and the 15 biggest fortunes derived from the climate-solutions industry have totaled $355 billion. That’s over twice the market cap of Royal Dutch Shell Plc and 4x that of BP Plc.
Following Musk as the world’s green billionaires are tycoons from China, such as CATL’s Zeng Yuqun, Huang Shilin, Pei Zhenhua, and Li Ping, whose green net worth stands at $60.7 billion. Chinese executives that are involved in the electric vehicle movement, such as Wang Chuanfu, Lv Xiangyang, and Xia Zuoquan of BYD and Li Bin of NIO, have seen their fortunes rise amidst the widespread adoption of green technology. Anthony Pratt of Pratt Industries, the world’s largest privately-held producer of 100% recycled paper and packaging, and Aloys Wobben, a wind turbine magnate, saw their net worth sit comfortably in the billions as well.
Andy Wong, chief investment strategist of LW Asset Management, described the momentum of the sustainable energy sector in a statement to the publication. “It’s a new generation of growth in the clean energy sector, and it has just started. With the technology upgrades in smart grid and energy storage, the rollout of new products—no matter whether it’s for solar panels or electric vehicles—is faster than before and consumers are also adapting to the upgrades quickly,” Wong said.
Check out Bloomberg Green’s full rankings of the world’s Top 15 Climate Billionaires here.
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Tesla China January wholesale sales rise 9% year-on-year
Tesla reported January wholesale sales of 69,129 China-made vehicles, as per data released by the China Passenger Car Association.
Tesla China reported January wholesale sales of 69,129 Giga Shanghai-made vehicles, as per data released by the China Passenger Car Association (CPCA). The figure includes both domestic sales and exports from Gigafactory Shanghai.
The total represented a 9.32% increase from January last year but a 28.86% decline from December’s 97,171 units.
China EV market trends
The CPCA estimated that China’s passenger new energy vehicle wholesale volume reached about 900,000 units in January, up 1% year-on-year but down 42% from December. Demand has been pressured by the start-of-year slow season, a 5% additional purchase tax cost, and uncertainty around the transition of vehicle trade-in subsidies, as noted in a report from CNEV Post.
Market leader BYD sold 210,051 NEVs in January, down 30.11% year-on-year and 50.04% month-on-month, as per data released on February 1. Tesla China’s year-over-year growth then is quite interesting, as the company’s vehicles seem to be selling very well despite headwinds in the market.
Tesla China’s strategies
To counter weaker seasonal demand, Tesla China launched a low-interest financing program on January 6, offering up to seven-year terms on select produced vehicles. The move marked the first time an automaker offered financing of that length in the Chinese market.
Several rivals, including Xiaomi, Li Auto, XPeng, and NIO, later introduced similar incentives. Tesla China then further increased promotions on January 26 by reinstating insurance subsidies for the Model 3 sedan. The CPCA is expected to release Tesla’s China retail sales and export breakdown later this month.
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Tesla’s Apple CarPlay ambitions are not dead, they’re still in the works
For what it’s worth, as a Tesla owner, I don’t particularly see the need for CarPlay, as I have found the in-car system that the company has developed to be superior. However, many people are in love with CarPlay simply because, when it’s in a car that is capable, it is really great.
Tesla’s Apple CarPlay ambitions appeared to be dead in the water after a large amount of speculation late last year that the company would add the user interface seemed to cool down after several weeks of reports.
However, it appears that CarPlay might make its way to Tesla vehicles after all, as a recent report seems to indicate that it is still being worked on by software teams for the company.
The real question is whether it is truly needed or if it is just a want by so many owners that Tesla is listening and deciding to proceed with its development.
Back in November, Bloomberg reported that Tesla was in the process of testing Apple CarPlay within its vehicles, which was a major development considering the company had resisted adopting UIs outside of its own for many years.
Nearly one-third of car buyers considered the lack of CarPlay as a deal-breaker when buying their cars, a study from McKinsey & Co. outlined. This could be a driving decision in Tesla’s inability to abandon the development of CarPlay in its vehicles, especially as it lost a major advantage that appealed to consumers last year: the $7,500 EV tax credit.
Tesla owners propose interesting theory about Apple CarPlay and EV tax credit
Although we saw little to no movement on it since the November speculation, Tesla is now reportedly in the process of still developing the user interface. Mark Gurman, a Bloomberg writer with a weekly newsletter, stated that CarPlay is “still in the works” at Tesla and that more concrete information will be available “soon” regarding its development.
While Tesla already has a very capable and widely accepted user interface, CarPlay would still be an advantage, considering many people have used it in their vehicles for years. Just like smartphones, many people get comfortable with an operating system or style and are resistant to using a new one. This could be a big reason for Tesla attempting to get it in their own cars.
Tesla gets updated “Apple CarPlay” hack that can work on new models
For what it’s worth, as a Tesla owner, I don’t particularly see the need for CarPlay, as I have found the in-car system that the company has developed to be superior. However, many people are in love with CarPlay simply because, when it’s in a car that is capable, it is really great.
It holds one distinct advantage over Tesla’s UI in my opinion, and that’s the ability to read and respond to text messages, which is something that is available within a Tesla, but is not as user-friendly.
With that being said, I would still give CarPlay a shot in my Tesla. I didn’t particularly enjoy it in my Bronco Sport, but that was because Ford’s software was a bit laggy with it. If it were as smooth as Tesla’s UI, which I think it would be, it could be a really great addition to the vehicle.
News
Tesla brings closure to Model Y moniker with launch of new trim level
With the launch of a new trim level for the Model Y last night, something almost went unnoticed — the loss of a moniker that Tesla just recently added to a couple of its variants of the all-electric crossover.
Tesla launched the Model Y All-Wheel-Drive last night, competitively priced at $41,990, but void of the luxurious features that are available within the Premium trims.
Upon examination of the car, one thing was missing, and it was noticeable: Tesla dropped the use of the “Standard” moniker to identify its entry-level offerings of the Model Y.
The Standard Model Y vehicles were introduced late last year, primarily to lower the entry price after the U.S. EV tax credit changes were made. Tesla stripped some features like the panoramic glass roof, premium audio, ambient lighting, acoustic-lined glass, and some of the storage.
Last night, it simply switched the configurations away from “Standard” and simply as the Model Y Rear-Wheel-Drive and Model Y All-Wheel-Drive.
There are three plausible reasons for this move, and while it is minor, there must be an answer for why Tesla chose to abandon the name, yet keep the “Premium” in its upper-level offerings.
“Standard” carried a negative connotation in marketing
Words like “Standard” can subtly imply “basic,” “bare-bones,” or “cheap” to consumers, especially when directly contrasted with “Premium” on the configurator or website. Dropping it avoids making the entry-level Model Y feel inferior or low-end, even though it’s designed for affordability.
Tesla likely wanted the base trim to sound neutral and spec-focused (e.g., just “RWD” highlights drivetrain rather than feature level), while “Premium” continues to signal desirable upgrades, encouraging upsells to higher-margin variants.
Simplifying the overall naming structure for less confusion
The initial “Standard vs. Premium” split (plus Performance) created a somewhat clunky hierarchy, especially as Tesla added more variants like Standard Long Range in some markets or the new AWD base.
Removing “Standard” streamlines things to a more straightforward progression (RWD → AWD → Premium RWD/AWD → Performance), making the lineup easier to understand at a glance. This aligns with Tesla’s history of iterative naming tweaks to reduce buyer hesitation.
Elevating brand perception and protecting perceived value
Keeping “Premium” reinforces that the bulk of the Model Y lineup (especially the popular Long Range models) remains a premium product with desirable features like better noise insulation, upgraded interiors, and tech.
Eliminating “Standard” prevents any dilution of the Tesla brand’s upscale image—particularly important in a competitive EV market—while the entry-level variants can quietly exist as accessible “RWD/AWD” options without drawing attention to them being decontented versions.
You can check out the differences between the “Standard” and “Premium” Model Y vehicles below:
@teslarati There are some BIG differences between the Tesla Model Y Standard and Tesla Model Y Premium #tesla #teslamodely ♬ Sia – Xeptemper