Weekly News

Tesla Introduces More Affordable Model S and X Variants

Tesla rolled out lower cost versions of its Model S sedan and Model X SUV, both sporting shorter driving ranges. The standard range Model S and X are priced at $78,490 and $88,490, respectively (down ~$10K from existing models). The Model S boasts a driving range of up to 320 miles (down from 405 miles for Long Range), while the Model X has a range of 269 miles (down from 348 miles for Long Range).

Interestingly, both vehicles contain the same battery as their pricier counterparts. However, their range and performance have been limited via software. These new versions may attract new buyers who may have previously opted for the Model 3 or Y due to the steeper costs of the Model S and X. The new models are set for delivery between September and October.

New York City Aims for All-Electric Rideshare Fleets by 2030

New York City has taken a groundbreaking step by mandating that all rideshare fleets transition to EVs by 2030. This makes it the first major global city to introduce such a requirement.

Mayor Eric Adams, in collaboration with Taxi and Limousine Commission (TLC) commissioner David Do, announced the “Green Rides” initiative. With state and federal incentives bringing down the cost of EVs to parity with ICE vehicles, state regulations are pushing for all new passenger vehicles to be zero-emission.

Green Rides timeline:

• 2024: 5% penetration

• 2025: 15% penetration

• 2026: 25% penetration

• Post 2026: Targeting ~20% increase each year, aiming to achieve a full 100% penetration by 2030.

Major players in ridesharing, Uber and Lyft, represent a combined fleet of 78,000 vehicles in NYC and have already pledged to shift to EVs by the 2030 deadline. Expressing Uber’s commitment, Josh Gold, its senior director for public policy and communications, highlighted the significance of collaborating with the TLC to realize zero-emissions in NYC.

To support the electric transition, there are plans to significantly amplify NYC’s charging infrastructure, which currently consists of around 200 DC fast chargers and 1,000 Level 2 EV chargers. Ultimately, the city aims to slash its transportation emissions by 50% come 2030.

VinFast Public Debut

Vietnamese EV manufacturer, VinFast, now boasts a market value of ~$46 billion after its first week of trading on the Nasdaq. VinFast is already valued closely to legacy auto giants including Ford and GM.

VinFast made its entrance into the U.S. market after merging with U.S.-listed special purpose acquisition company, Black Spade Acquisition Co. By market close on Tuesday, VinFast shares sat at $37.06, a notable rise from Black Spade's original IPO price of $10 and a 68% increase from the opening price of $22. Despite the hot start, VinFast’s trading has been incredibly volatile as it traded back down to reality by the end of the week, closing at $15.40 on Friday.

Established in 2017, VinFast is a subsidiary of Vietnamese conglomerate Vingroup. The company's CEO, Le Thi Thu Thuy, shed some light on their decision to list via a SPAC. Despite the market's recent challenges, VinFast was prepared to do a traditional IPO but later chose the SPAC route.

Vingroup has been instrumental in backing VinFast's international aspirations. In April, the conglomerate, alongside its chairman Pham Nhat Vuong, injected $2.5 billion into VinFast to fuel its global growth.

VinFast faced a series of challenges in its U.S. venture thus far. The company had to postpone deliveries to its inaugural U.S. customers due to a software complication. Furthermore, although VinFast is constructing a facility in North Carolina, the plant's commencement has been deferred by a year, now projected to be operational by 2025.

Addressing concerns about VinFast's strategy in the competitive U.S. EV market, Le emphasized there's ample market share to go around for every player.

Education Corner

Best Charging Practices to Maintain Battery Health

1. Avoid deep discharging: Lithium-ion batteries used in most EVs do not like to be deeply discharged, so it's best to keep the battery level between 20% and 80% as much as possible.

2. Charge regularly: Unlike a gasoline-powered car, you don't need to wait until the battery is almost empty before charging it. In fact, regular charging can help keep the battery healthy and reduce the need for deep discharging. Make a habit of charging your EV regularly, ideally at home overnight when electricity rates are low.

3. Use a Level 2 charger: Level 2 charging is faster and more efficient than Level 1 charging, and it can also help keep the battery temperature in the optimal range. A Level 2 charger is ideal for daily charging needs and installing one at home is a smart investment if you plan to keep your EV for a while.

4. Avoid rapid charging: Rapid charging, also known as fast charging or supercharging, can put additional stress on your EV battery and cause it to degrade more quickly. If you need to charge your EV quickly or while traveling, use it sparingly and only when necessary to complete your trip.

5. Avoid extreme temperatures: Extreme temperatures can degrade battery health, so it's best to avoid exposing the battery to high temperatures (above 86°F) or low temperatures (below 32°F) for an extended period. If possible, park your car in a shaded area or garage.

6. Don't overcharge: Overcharging can damage the battery, so it's important to stop charging once the battery is full. Most EVs are equipped with software to ensure the pace of charging.

7. Use regenerative braking: EVs come with regenerative braking, which can help to extend the battery life by capturing energy that would otherwise be lost during braking.

8. Use preconditioning: Many EVs come with a preconditioning feature that can heat or cool the battery before driving, which can help optimize battery performance and extend battery life.

9. Regulate your driving habits: Sudden acceleration and hard braking can be hard on the battery, so try to drive smoothly and plan your routes ahead of time to avoid sudden stops. If your EV comes equipped with adaptive cruise control, it's a great idea to utilize it whenever possible.

10. Monitor battery health: Most EVs come with a battery management system that can provide you with important information about the battery, such as its state of charge and health. Make a habit of checking this information regularly, and address any issues as soon as they arise.