Elvira Nabiullina, head of the Russian central bank, has stated that the mass launch of the digital ruble will take five to seven years. This appears to contradict recent suggestions by the chairman of the State Duma Committee on the Financial Market that the launch will begin next year. No Decision Before 2025 Elvira Nabiullina, […]
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Nio holds a product event in Shanghai on Sept. 21, 2023.
Evelyn Cheng | CNBC
BEIJING — Chinese premium electric car company Nio said Thursday it plans to reveal its mass market brand in May.
Executives confirmed the new brand will be named “Le Dao” in Chinese, and said the name is meant to reflect families — the target consumer segment — having a happy time together.
Nio, founded in late 2014, has so far focused on the higher end of the market with SUVs and sedans that can cost more than Tesla’s Model S or Model Y, but come with a suite of services such as access to user clubhouses known as Nio Houses.
Monthly car deliveries, however, have remained modest versus the rapid growth of some competitors.
Earlier this month Nio said its mass market brand would debut in the second quarter, with the first product launch in the third quarter and large-scale deliveries the following quarter.
Another Chinese electric car startup called Xpeng said last summer it plans to develop a new mass market brand that will target the 150,000 yuan ($20,580) price range. The company said it would develop the brand through a strategic partnership with Didi.
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In May, Musk told shareholders at the 2023 annual meeting that Tesla could deliver between 250,000 and 500,000 units yearly as soon as the production of the Cybertruck begins.
First introduced in 2019, Tesla Inc (NASDAQ: TSLA) has finally announced the building of its Cybertruck ahead of its Q2 2023 earnings call. The EV maker revealed the first Cybertruck built at Giga, Texas, during the weekend. When CEO Elon Musk unveiled the Cybertruck at the Tesla Design Center in California in November 2019, the company noted that it would be in three variants. It also scheduled the production and delivery for 2021.
However, Tesla could not deliver the Cybertruck as planned and set a new production schedule for summer 2023. The CEO noted that the long-awaited Cybertruck could be the best product ever by Tesla when it becomes available before the end of 2023. Also, the company’s executives mentioned the incoming vehicle during the last earnings call. The executives said during the Q1 2023 earnings report that the team will organize a delivery event for the Cybertruck towards the end of the year.
According to Tesla, the delay in the Cybertruck production was due to standard supply chain issues. In contrast to the company’s statement, leaked documents revealed some flaws in the vehicle’s basic design and engineering. A whistleblower revealed in January 2022 that the Cybertruck had challenges with structures, sealing, braking, and more. Despite the dark revelations, there were more than 1.5 million reservations for the vehicle as of November 2022.
With such a pace, there are probably more people interested in the Tesla Cybertruck this year, and more could show interest before the end of 2023. Notably, the company recorded over 250,000 reservations within a week of unveiling the vehicle. Tesla has allowed customers to deposit a nonrefundable $100 fee to pro-order since 2019.
In May, Musk told shareholders at the 2023 annual meeting that Tesla could deliver between 250,000 and 500,000 units yearly as soon as the production of the Cybertruck begins. While Kelley Blue Book stated that the Cybertruck would price from $50,000 for the single motor and rear-wheel drive model, Tesla may change the prices before the end of the year. On the other hand, the all-wheel drive version, with a towing capacity of over 10,000 pounds and more than 300 miles of range, could cost about $60,000. The most expensive variant of the Tesla Cybertruck will have three electric motors and all-wheel drive, a towing capacity of 14,000 pounds, and a battery range of over 500 miles. This will cost around $70,000.
Following the mass production of the Tesla Cybertruck before the end of 2023, it will have to compete with other electric pickups in the market. Ford’s F-150 Lightning has been making waves in the market, costing about $60,000.
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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.