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XCharge secures funding for global product line expansion

(Credit: XCharge)

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On September 20, 2023, XCharge Group secured a new investment from Shell Ventures to fund its global expansion plans. 

XCharge is a global battery-integrated electric vehicle charging provider that was founded in 2015. The EV charging provider celebrated its second investment from Shell Ventures after a successful Series-B funding round in 2021. 

Shell Ventures is a corporate venture fund in the oil and gas industry established in 1996. As times have changed, Shell Ventures has started supporting more green projects, like carbon capture solutions, renewal energy technology, and more. XCharge hopes to use Shell Ventures’ latest investment to implement its global expansion plans, including a new manufacturing facility in the United States. 

The recent investment fund will go toward three XCharge initiatives listed below. 

  1. Global Product Line Expansion: XCharge plans to enhance its battery-integrated product line, catering to the increasing demand for fast-charging solutions in the EV market.
  2. Research and Development Facility in Hamburg: The company will establish a cutting-edge R&D facility at its headquarters in Hamburg, Germany, reinforcing its commitment to technological innovation.
  3. US Manufacturing Facility in Texas: XCharge has established a new manufacturing facility in Texas, U.S., focused on producing EV charging solutions designed for the U.S. grid and aiming to deliver improved return on investment for customers.

“We are happy to further expand our presence in North America and achieve our goals of optimizing our products for NA markets.” Said Aatish Patel, President and Co-founder of XCharge North America. “In addition to the flexible input levels and bi-directionality of our Net Zero Series, we are working to integrate PV solar power into our next-gen systems for greater flexibility & energy distribution capability. We design our products with all factors in mind, including the ease of installation, power grid stability, and safety. We will continue to focus on [a] sustainable strategy of operations to drive the world’s transition to a low-carbon, clean energy-powered future.”

In August 2023, XCharge North America announced plans to establish a manufacturing facility in the City of Kyle. The facility would research, develop, distribute, and produce EV charging solutions in a 3,500 sq.ft plant in the Greater San Marcos area of Texas. 

The Teslarati team would appreciate hearing from you. If you have any tips, contact me at maria@teslarati.com or via X @Writer_01001101.

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Maria--aka "M"-- is an experienced writer and book editor. She's written about several topics including health, tech, and politics. As a book editor, she's worked with authors who write Sci-Fi, Romance, and Dark Fantasy. M loves hearing from TESLARATI readers. If you have any tips or article ideas, contact her at maria@teslarati.com or via X, @Writer_01001101.

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Ford considers drastic move with F-150 Lightning: ‘The demand is just not there’

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Credit: Ford Motor Company

Ford is considering a drastic move with its F-150 Lightning, which was the best-selling EV pickup on the market last quarter, beating out Tesla’s Cybertruck.

Ford has had a tumultuous entrance into its more expanded electric vehicle strategy over the past several years. At one point, the company was widely considered to be the most invested legacy automaker in the transition to electrification, but as the company has seen some real backtracking in terms of its sales and demand, it is cooling down its commitment.

At the end of Q3, it seemed to already be considering making some moves to cool off its EV ambitions, especially as the $7,500 EV tax credit was removed and it appeared that consumers would be less attracted to its vehicles without this sizeable discount.

Now, according to a new report from the Wall Street Journal, Ford is considering scrapping the F-150 Lightning altogether, as one employee said “the demand is just not there.”

Despite it being the best-selling EV pickup in the U.S. last quarter, the sales simply do not match up with the pricing, and financially, it is not the time to try to dive further into a project that is not making a profit. Ford has been dwindling in its commitment to EVs over the past several quarters, and its profits are reflecting a slowing interest in its electric vehicles.

Simply put, Ford’s combustion engine lineup of pickups in the F-Series is, by far, the best-selling division of trucks globally. Ford brought an awesome product forth with the Lightning, a mirror of the gas-powered F-Series that had a variety of trim levels for whatever the truck would be used for by the consumer.

However, the demand and sales have caused Ford to take a loss on its electric truck: figures from early last year indicated it was losing between $100,000 and $132,000 per vehicle.

It is not an official announcement, as Ford has not publicly said anything regarding its plans for the Lightning at this time.

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Tesla schedules Roadster unveiling event, and you won’t believe when it is

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Tesla has tentatively scheduled its unveiling event for the Roadster’s next-generation iteration, and you will not believe the date the company picked for it.

Tesla CEO Elon Musk said during the 2025 Annual Shareholders Meeting that the company is aiming for an April 1 demo event.

Yes, April Fools’ Day.

Tesla originally aimed for its “most epic demo” to take place at the end of this year. However, the writing on the wall as 2025 winds down seemed to indicate the company was not quite ready to show off everything it plans to implement into the Roadster.

Its capabilities have been teased quite heavily throughout most of the year, but the biggest hints came last week when Musk appeared on the Joe Rogan Experience Podcast.

He said:

“Whether it’s good or bad, it will be unforgettable. My friend Peter Thiel once reflected that the future was supposed to have flying cars, but we don’t have flying cars. I think if Peter wants a flying car, he should be able to buy one…I think it has a shot at being the most memorable product unveil ever. [It will be unveiled] hopefully before the end of the year. You know, we need to make sure that it works. This is some crazy technology in this car. Let’s just put it this way: if you took all the James Bond cars and combined them, it’s crazier than that.”

The Roadster has been somewhat of a letdown, at least in its newest version, thus far. Tesla has routinely delayed the project, putting those who put lofty down payments on the car in a weird limbo, lost at what to do.

One notable pre-orderer cancelled his reservation last week and got in a spat with Musk about it.

Now that there is a definitive date for the Roadster unveiling, Musk and Co. should have a more definitive cutoff date for features and capabilities. Chief Designer Franz von Holzhausen said earlier this year that when they showed Musk what they had done with the Roadster, the CEO encouraged them to do even more with it.

This delayed things further.

Musk also said he believes production would begin between 12 and 18 months after the unveiling, putting it out sometime in 2027.

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Elon Musk

Tesla (TSLA) shareholders officially approve Elon Musk’s 2025 performance award

To earn his landmark pay package, Musk would be required to lift Tesla’s market capitalization from about $1.1 trillion today to $8.5 trillion over the next decade.

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Justin Pacheco, Public domain, via Wikimedia Commons

Tesla (NASDAQ:TSLA) CEO Elon Musk has officially approved his 2025 Performance Award, a landmark pay package that could make him the world’s first trillionaire and make Tesla the most valuable company in the world by a mile. 

The 2025 CEO Performance Award was officially approved by Tesla shareholders at the 2025 Annual Shareholder Meeting.

Elon Musk‘s landmark pay package

As per Tesla, more than 75% of the shareholders approved Elon Musk’s 2025 CEO Performance Award. It was then unsurprising that the approval of Elon Musk’s pay plan received overwhelming applause from the event’s attendees.

The CEO took to the stage with much enthusiasm, welcoming every shareholder to the event and dancing briefly on stage. Optimus also danced on stage smoothly, demonstrating its improved movements to much appause.

Elon Musk’s 10-year targets

To earn his 2025 CEO Performance Award, Musk would be required to grow Tesla’s market capitalization from about $1.1 trillion today to $8.5 trillion over the next decade. At that level, Tesla would surpass every major public company in existence. The compensation plan also requires Tesla’s operating profit to grow from $17 billion last year to $400 billion annually. 

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Apart from leading Tesla to become the world’s biggest company in history, Musk is also required to hit several product targets for the electric vehicle maker. These include the delivery of 20 million Tesla vehicles cumulatively, 10 million active FSD subscriptions, 1 million Tesla bots delivered, and 1 million Robotaxis in operation.

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