News
Once-deemed ‘Tesla killer’ Mercedes EQC flops with 55 units sold in Germany to date
Tesla appears poised to extend its reach into the heart of Das Auto, but it seems like Mercedes-Benz, a member of the old guard, may not be up to the task of meeting the young electric car maker’s challenge head-on. Daimler, for one, seems to be struggling in its home court, selling only 55 units of the its first all-electric SUV, the once-deemed “Tesla Killer” Mercedes-Benz EQC, since it was released in Germany.
German publication Welt noted that the veteran car manufacturer is hesitant to reveal information about the EQC’s sales, but data from the Federal Motor Transport Authority (KBA) revealed that there were only 19 units of the SUV that were sold in November 2019. Since the vehicle was released in the country, registrations for the vehicle have only numbered 55. It’s a painful pill to swallow, but it seems that Mercedes-Benz’s tagline for the EQC campaign, “Enjoy Electric,” is far from convincing local consumers.
Welt aptly puts it: “The car is not only widely advertised, but has also been delivered for a few months. And at the last major e-car premiere that Germany experienced this year, numerous Tesla Model 3s drove through the area after just a few weeks. So where are the electric models from Stuttgart?”
According to the same report, there are clear indications that Daimler spent a lot to ensure its market feels the presence of the Mercedes EQC. The electric SUV appears on TV spots, movie screens, and billboards. It seems like the only place where the electric Mercedes-Benz is nowhere to be found is on the country’s roads, or people’s garages.
What’s happening to Daimler is only part of the bigger picture of what’s happening in the German automotive industry. As Tesla makes the most out of its momentum hoping to hurdle the last steps to finally begin construction of the Gigafactory 4 in Germany, local manufacturers seem to slide and struggle.
Gigafactory 4 will open opportunities for Tesla in Germany by first producing the Model Y crossover, which happens to be a cheaper alternative to the Mercedes-Benz EQC. Meanwhile, Daimler announced back in November that it will reduce its workforce and cut around 9,500 jobs across the globe as it switches its focus on electric cars.
The low sales number of the EQC might only be the tip of the iceberg. While Tesla has been setting trends and transforming the auto industry, Germany’s giants might have been caught resting on their laurels and were caught by surprise how a young company from California can slay them in the electric vehicle race.
Cars and Germany cannot be separated as more than 800,000 people depend on the industry to put food on their tables. It’s a complicated story why automotive giants such as Daimler cannot keep up with the future and just see Tesla cruise pass them.
One might just wonder if Mercedes cannot sell its electric SUV in its own backyard, how will its electric vehicles do in other markets that it depends on for revenue, such as China and the United States? The company has announced that it is delaying the release of the EQC in the US for another year, which does not bode well for the vehicle. As for Tesla, the game to conquer Europe begins soon with Tesla Gigafactory 4, and it has already opened the floodgates in China with the first deliveries of its mass-produced Model 3 electric sedans.
H/T to @Alex_avoigt
Elon Musk
Music City Loop could highlight The Boring Company’s real disruption
The real story behind the tunneling startup’s Nashville tunnel project is the company’s targeted $25 million per mile construction cost.
Recent commentary on social media has highlighted what could very well prove to be The Boring Company’s real disruption.
The analysis was shared by tech watcher Aakash Gupta on social media platform X, where he argued that the real story behind the tunneling startup’s Nashville tunnel project is the company’s targeted $25 million per mile construction cost.
According to Gupta’s breakdown, Nashville’s 2018 light rail proposal was priced at roughly $200 million per mile. New York’s East Side Access project reportedly cost about $3.5 billion per mile, while Los Angeles Metro expansion projects have approached $1 billion per mile.
By comparison, The Boring Company has stated it can construct 13 miles of twin tunnels in the Music City Loop for between $240 million and $300 million total. That implies a cost near $25 million per mile, or roughly a 95% reduction from industry averages cited in the post.
Several technical departures from conventional tunneling allow the Boring Company to lower its costs, from its smaller 12-foot diameter tunnels to its fully electric Prufrock machines that are designed to mine continuously with no personnel inside the tunnel and their capability to “porpoise” for easy launch and retrieval.
Tesla and Space CEO Elon Musk responded to the post on X, stating simply that “Tunnels are so underrated.”
The Boring Company has seen some momentum as of late, with the company recently signing a construction contract in Dubai and the Universal Orlando Loop progressing. Recent reports have also pointed to tunnels potentially being constructed to solve traffic congestion issues near the Giga Nevada area.
While The Boring Company’s tunnels have so far been used for Loop systems publicly for now, Elon Musk recently noted that the tunneling startup’s underground passages would not be limited only to ride-hailing vehicles.
In a reply to a post on X which discussed the specifications of the Music City Loop, Musk clarified that “any fully autonomous electric cars can use the tunnels.” This suggests that vehicles potentially running systems like FSD Supervised, even if they are not Teslas, could be used in systems like the Music City Loop in the future.
Elon Musk
SpaceX IPO could push Elon Musk’s net worth past $1 trillion: Polymarket
The estimates were shared by the official Polymarket Money account on social media platform X.
Recent projections have outlined how a potential $1.75 trillion SpaceX IPO could generate historic returns for early investors. The projections suggest the offering would not only become the largest IPO in history but could also result in unprecedented windfalls for some of the company’s key investors.
The estimates were shared by the official Polymarket Money account on social media platform X.
As noted in a Polymarket Money analysis, Elon Musk invested $100 million into SpaceX in 2002 and currently owns approximately 42% of the company. At a $1.75 trillion valuation following SpaceX’s potential $1.75 trillion IPO, that stake would be worth roughly $735 billion.
Such a figure would dramatically expand Musk’s net worth. When combined with his holdings in Tesla Inc. and other ventures, a public debut at that level could position him as the world’s first trillionaire, depending on market conditions at the time of listing.
The Bloomberg Billionaires Index currently lists Elon Musk with a net worth of $666 billion, though a notable portion of this is tied to his TSLA stock. Tesla currently holds a market cap of $1.51 trillion, and Elon Musk’s currently holds about 13% to 15% of the company’s outstanding common stock.
Founders Fund, co-founded by Peter Thiel, invested $20 million in SpaceX in 2008. Polymarket Money estimates the firm owns between 1.5% and 3% of the private space company. At a $1.75 trillion valuation, that range would translate to approximately $26.25 billion to $52.5 billion in value.
That return would represent one of the most significant venture capital outcomes in modern Silicon Valley history, with a growth of 131,150% to 262,400%.
Alphabet Inc., Google’s parent company, invested $900 million into SpaceX in 2015 and is estimated to hold between 6% and 7% of the private space firm. At the projected IPO valuation, that stake could be worth between $105 billion and $122.5 billion. That’s a growth of 11,566% to 14,455%.
Other major backers highlighted in the post include Fidelity Investments, Baillie Gifford, Valor Equity Partners, Bank of America, and Andreessen Horowitz, each potentially sitting on multibillion-dollar gains.
News
Tesla expands global FSD (Supervised) testing with Abu Dhabi trials
The program marks the emirate’s first formal testing framework for Tesla’s supervised autonomous driving technology.
Tesla has started its first Full Self-Driving (Supervised) road trials in Abu Dhabi under the oversight of the Integrated Transport Centre, also known as Abu Dhabi Mobility.
The program marks the emirate’s first formal testing framework for Tesla’s supervised autonomous driving technology.
FSD (Supervised) road trials are being conducted with the support of the Smart and Autonomous Systems Council and in coordination with the Legislation Lab at the General Secretariat of the UAE Cabinet.
Dr. Abdulla Hamad AlGhfeli, Acting Director General of the Integrated Transport Centre (Abu Dhabi Mobility), highlighted the agency’s regulatory role in overseeing the FSD (Supervised) tests in a press release.
“The supervision of the Integrated Transport Centre (Abu Dhabi Mobility) over the commencement of Tesla’s advanced autonomous driving technology tests reflects its regulatory and legislative role. These tests represent a qualitative step to evaluate the technology’s performance in a real-world operating environment and to collect the necessary data to verify its readiness before any future expansion in usage.
“Through this organized framework, and in cooperation with strategic partners, we seek to achieve a balance between supporting innovation and encouraging the adoption of smart solutions on one hand and ensuring the safety of road users on the other, in line with the emirate’s direction to develop an advanced, safe, and sustainable transport system,” he said.
Tesla is putting a lot of effort into expanding the rollout of FSD (Supervised) to territories outside in the United States. During a recent interview with Giga Berlin plant manager Andre Thierig, Musk stated that Tesla is looking to secure approval for FSD (Supervised) in the Netherlands this coming March.
“Tesla has the most advanced real-world AI, and hopefully, it will be approved soon in Europe. We’re told by the authorities that March 20th, it’ll be approved in the Netherlands,’ what I was told. Hopefully, that date remains the same. But I think people in Europe are going to be pretty blown away by how good the Tesla car AI is in being able to drive,” Musk stated.
Music City Loop could highlight The Boring Company’s real disruption
SpaceX IPO could push Elon Musk’s net worth past $1 trillion: Polymarket
