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Tesla and EV-only carmakers are legacy auto’s karma for killing the electric car
Karma could be a cruel mistress. It has a tendency to sneak up from behind before delivering a cruel haymaker to the jaw. Karma takes a while to rev up sometimes, but when it comes, things change, and sometimes these changes can be painful. Considering the state of the auto market, as well as the momentum carried by companies like Tesla, Lucid Motors, and Rivian, it appears that legacy carmakers are finally dealing with some well-deserved karma — for killing the electric car.
The general death of EVs amidst the emergence of the internal combustion engine during the early days of automobiles is understandable. Back then, fossil fuels presented a cheap, efficient way to travel, with vehicles like the Baker Electric and the Porsche P1 taking a very long time to charge. However, the death of the electric car that happened in the late 90s was something that is far more difficult to justify.
During the mid-90s, a modern electric vehicle was created by General Motors, and it could have been the driving force of a change in the motoring world. The vehicle, dubbed the EV1, was on the bleeding edge of tech at the time, with its three-phase alternating current induction motor and lead-acid (later changed to NiMH) battery. It had enough range for inner-city travel, it was fast, and it was sleek. But inasmuch as it was beloved by those who leased it, the EV1 was fated to meet an unfortunate demise.
In a series of events that inspired the creation of the documentary “Who Killed the Electric Car,” General Motors decided to discontinue the EV1, reclaiming the car from the leasees and destroying the vehicles. Segments of the acclaimed documentary depicted customers asking GM if they could just purchase the all-electric car, with some even holding demonstrations for the EV. But despite all these efforts, GM let the EV1 die, and most, save for a few, were unceremoniously crushed.
There were many speculations surrounding the EV1’s demise. General Motors insisted that the vehicle was not commercially viable. But the trend of large, gas-guzzling SUVs that followed the EV1 in GM’s lineup contributed to rumors that the electric car was killed because it represented a potential threat to the fossil fuel industry. In a sense, the electric car did die a painful, crushing death in the 90s, and it was not until Tesla came to the picture that EVs emerged as viable alternatives to gas-powered cars once more.
And it’s not like there was no resistance to the emergence of electric cars like Tesla, either. Tesla faced and continues to face strong opposition, and if it weren’t for its dedicated team and Elon Musk’s own stubbornness and resilience, the company could have followed the same fate as the EV1. But with vehicles like the Model S changing the game and cars like the Model 3 disrupting vehicle classes that used to be dominated by the internal combustion engine, it eventually became evident that this time around, it will be far more difficult to kill the electric car.
Amidst the success of companies like Tesla, even legacy automakers are playing catch up. Vehicles like the Jaguar I-PACE and the Chevy Bolt EV are representations of this. But even with these efforts, the pace of innovation in the electric vehicle segment is fast. Companies like Tesla work like tech companies, failing fast and failing forward. And now, legacy auto does not only have Tesla to contend with. Other premier electric cars from companies that are EV-only are coming. Tesla may have put EVs back on the map, but now, more companies are joining the fray.
There’s Lucid Motors with the Air, a hyper-luxury sedan that would likely put the Mercedes S-Class in its place. There’s the Rivian R1T and R1S, which bring luxury and comfort even in places off the beaten path. Even Bollinger Motors is attacking a small niche of rock-crawling vehicles with its no-nonsense, rough-and-tough B1 and B2. These are only the tip of the iceberg as well. Veteran auto is even getting increasingly dedicated to EVs, as evidenced by Porsche’s decision to revamp its entire factory in Zuffenhausen just to get the company ready for more electric vehicles like the Taycan.
It appears that this time around, killing the electric car will not be as simple or easy as before. Unlike the early 1900s, EVs now charge fast and they go the distance, and unlike the 90s, electric cars are now being embraced by mainstream consumers. There’s a demand for them, and EVs are now being noted for their performance. Electric cars are here to stay, and every single one that gets released is additional karma to an auto industry that appears to have dug itself far too deep into fossil fuels.
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Tesla ‘Killer’ heads to the graveyard as AFEELA taps out
SHM has officially discontinued development of its highly anticipated AFEELA electric vehicles. On March 25, the joint venture between Sony and Honda announced it would halt the AFEELA 1 luxury sedan and a planned SUV model.
There have been many Tesla “Killers” over the years, all of which have either failed to dethrone the automaker from its dominance in the United States, or even make it to the market altogether.
The Sony Honda Mobility (SHM) project, known as AFEELA, is the latest to make it to the grave, as the company announced its intentions to abandon the project earlier this week, Bloomberg reported.
SHM has officially discontinued development of its highly anticipated AFEELA electric vehicles. On March 25, the joint venture between Sony and Honda announced it would halt the AFEELA 1 luxury sedan and a planned SUV model.
🚗 Tesla Killers Graveyard:
Sony-Honda AFEELA
The sleek, AI-packed luxury sedan with PlayStation integration. Officially cancelled in March 2026 after Honda scaled back its EV plans.Fisker Ocean
Stylish SUV with solar roof promises. Company filed for bankruptcy in 2024 amid… https://t.co/Om14UhISOy— TESLARATI (@Teslarati) March 26, 2026
The decision follows Honda’s March 12 reassessment of its electrification strategy, which scrapped several upcoming EV programs amid slowing demand, high costs, and shifting market conditions.
SHM stated that it could no longer rely on key Honda technologies and manufacturing assets, leaving “no viable path forward.” Reservation fees for early buyers in California are being fully refunded, and the joint venture’s future is now under review.
Launched with fanfare in 2022, the AFEELA was positioned as a tech-forward premium EV blending Honda’s engineering reliability with Sony’s entertainment and AI expertise.
Prototypes featured advanced autonomous driving systems, immersive in-cabin displays, and even PlayStation integration, earning it early media labels as a potential “Tesla Killer.”
Priced around $90,000, the sedan was slated for limited production at Honda’s Ohio plant with deliveries targeted for late 2026. Industry watchers saw it as a serious challenger to Tesla’s dominance in software, connectivity, and premium appeal.
Yet, like many ambitious EV projects, it fell victim to broader industry headwinds: softening consumer demand, persistent high interest rates, and intense competition from established players.
The AFEELA joins a long list of vehicles once hyped as “Tesla Killers” that failed to deliver. In the late 2010s, Fisker’s second act, the Ocean SUV, promised stylish design and solid-state battery tech but collapsed into bankruptcy in 2024 after production delays, quality issues, and financial shortfalls.
Faraday Future poured billions into the FF 91 luxury sedan, touting it as a hyper-tech rival with unmatched performance and features; the company delivered fewer than 100 vehicles before fading into obscurity.
Lordstown Motors’ Endurance electric pickup generated massive pre-order buzz and Wall Street excitement but imploded after exaggerated range claims, a factory sale, and eventual bankruptcy.
Even Lucid Motors’ Air sedan, frequently called a Tesla slayer for its superior range and luxury, has struggled with sluggish sales and missed growth targets despite strong reviews.
Rivian’s R1T and R1S trucks enjoyed similar early acclaim and a blockbuster IPO, yet production ramp-up challenges and profitability woes have prevented it from dethroning Tesla.
The AFEELA’s quiet demise underscores a harsh reality in the EV sector. While Tesla’s first-mover advantage in software, charging infrastructure, and brand loyalty remains formidable, legacy automakers and tech newcomers alike continue to underestimate the complexities of scaling affordable, desirable electric vehicles.
As market realities force tough choices, the graveyard of “Tesla Killers” grows longer, another reminder that innovation alone is rarely enough to topple an established leader.
Elon Musk
TIME honors SpaceX’s Gwynne Shotwell: From employee No. 7 to world’s most valuable company
Time Magazine honors Gwynne Shotwell as SpaceX reaches a $1.25 trillion valuation and eyes its IPO.
TIME Magazine has put SpaceX President and COO Gwynne Shotwell on its cover, and the timing could not be more fitting. Published today, the profile of Shotwell arrives at a moment when the company she has quietly run for more than two decades stands at the center of the most consequential developments in aerospace, artificial intelligence, and the future of human civilization.
Shotwell joined SpaceX in 2002 as its seventh employee and has never stopped expanding her role. She oversees day-to-day operations across multiple executive teams spanning Falcon, Starlink, Starship, and now xAI following SpaceX’s February 2026 merger with Elon Musk’s artificial intelligence company, a deal that made SpaceX the world’s most valuable private company at a reported valuation of $1.25 trillion. A highly anticipated IPO is expected in the second quarter of 2026.
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Her track record is historic. She oversaw the first landing of an orbital rocket’s first stage, the first reuse and re-landing of an orbital booster, and the first private crewed launch to Earth orbit in May 2020. She built the Falcon launch manifest from nothing to more than 170 contracted missions representing over $20 billion in business. Under her operational leadership, SpaceX completed 96 successful missions in 2023 alone and has now flown more than 20 crewed Falcon 9 missions. Starlink, which she championed as a financial pillar of the company long before it was a mainstream topic, now connects tens of millions of users worldwide and provided a critical communications lifeline to Ukraine following the 2022 invasion.
Elon Musk has never been shy about what Shotwell means to him and to SpaceX. When she shared her vision for worldwide internet connectivity through Starlink, Musk responded on X with a simple statement, “Gwynne is awesome.” It is a sentiment that has been echoed across the industry. NASA Administrator Bill Nelson once said of Musk: “One of the most important decisions he made, as a matter of fact, is he picked a president named Gwynne Shotwell. She runs SpaceX. She is excellent.”
Gwynne is awesome https://t.co/tiXtMWJmPE
— Elon Musk (@elonmusk) September 28, 2024
Now, with Starship targeting its first crewed lunar landing under the Artemis program by 2028, an xAI integration underway, and a pending IPO that could reshape capital markets, Shotwell’s mandate has never been larger. She told Time that 18 Starships are already in various stages of construction at Starbase. “By 2028,” she said, gesturing across the factory floor, “these should be long gone. They better have flown by then.” If Shotwell’s history at SpaceX is any guide, they will.
Elon Musk
SpaceX’s IPO might arrive sooner than you think
Musk has hinted for years that an eventual public offering was inevitable, though he has stressed the need to maintain operational focus. Insiders have told outlets that the CEO is pushing for a significant retail investor allocation, reportedly more than 20 percent of shares, and tighter lock-up periods to limit early selling pressure.
Elon Musk’s SpaceX is on the verge of one of the most anticipated Initial Public Offerings (IPO) in history.
However, a new report from The Information indicates the rocket and satellite giant is aiming to file its IPO prospectus with U.S. regulators as soon as this week, or early next week at the latest.
People familiar with the plans told The Information that advisers involved in the process expect the IPO could raise more than 75 billion dollars, potentially making it the largest stock market debut ever and eclipsing Saudi Aramco’s 29.4 billion dollar offering in 2019.
The filing would mark the formal start of what has long been rumored: SpaceX’s transition from a closely held private powerhouse to a publicly traded company.
The timing aligns with earlier signals.
In late February, Bloomberg reported that SpaceX was targeting a confidential IPO filing in March and a possible public listing in June, with a valuation north of 1.75 trillion dollars. At the time, the company’s private valuation hovered around 1.25 trillion dollars.
SpaceX considering confidential IPO filing this March: report
Starlink, SpaceX’s satellite internet constellation, has been the primary driver of that surge, now serving millions of customers worldwide and generating steady revenue. Recent Starship test flights and a record pace of Falcon launches have further bolstered investor confidence.
Musk has hinted for years that an eventual public offering was inevitable, though he has stressed the need to maintain operational focus. Insiders have told outlets that the CEO is pushing for a significant retail investor allocation, reportedly more than 20 percent of shares, and tighter lock-up periods to limit early selling pressure.
A June listing would give SpaceX immediate access to public capital markets at a moment when demand for space-related stocks remains high. It would also allow early employees and long-time investors to cash out portions of their stakes while giving everyday shareholders a chance to own a piece of the company behind reusable rockets, global broadband, and NASA contracts.
Of course, nothing is certain until the SEC filing appears. Market conditions, regulatory reviews, and Musk’s own schedule could still shift timelines.
Yet the latest word from The Information suggests the window has opened. If the filing lands this week, SpaceX’s roadshow could begin in earnest within weeks, setting the stage for what many analysts already call the IPO of the decade.
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