Tesla Stops Accepting Bitcoin Transactions Due To Environmental Impact of Cryptocurrencies

Tesla Stops Accepting Bitcoin Transactions Due To Environmental Impact of Cryptocurrencies

Tesla will no longer accept payments in Bitcoin because of its effects on the environment. On Wednesday the company’s CEO Elon Musk  tweeted that Tesla has concerns about the “rapidly increasing use of fossil fuels for Bitcoin mining.”  He emphasized that Tesla won’t sell its $2.5 billion worth of Bitcoin.

Why this Matters:  Musk’s statement has proven controversial, as it has affected cryptocurrency markets, which have shed as much as $365.85 billion in value since his tweet.

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Luxury EV Maker Lucid Motors Goes Public

Luxury EV Maker Lucid Motors Goes Public

by Natasha Lasky, ODP Staff Writer As the domestic electric vehicle market in the United States continues to hit its stride and new competitors vie in the race to electrify, Lucid Motors has emerged as an ultra-luxury competitor to EV darling Tesla Motors.  This week, Lucid went public through a SPAC with Churchill Capital Corp […]

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Automakers Worldwide Compete to Create Cheap, Efficient Car Batteries

Automakers Worldwide Compete to Create Cheap, Efficient Car Batteries

The car battery was once thought to be one of the least interesting parts of an automobile, technically speaking. But things are changing now that the public has begun prioritizing sustainable transportation and lowering emissions. Wood Mackenzie, an energy research and consulting firm, suggests that electric vehicles will make up 18 percent of new car sales by 2030, which will increase the demand for batteries — and the materials to make them

Why This Matters: According to Elon Musk, Tesla’s chief executive, mass-producing batteries is “The hardest thing in the world.”

 

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GM’s Big Electric Truck Deal click button

GM’s Big Electric Truck Deal

General Motors formally teamed up with Nikola Motors, inking a deal yesterday to help the electric-truck startup to develop and manufacture new electric truck models, in exchange for an 11% stake in Nikola Corp, The Wall Street Journal reported.  Both company’s stock prices jumped after the announcement showing that investors are still sweet on big […]

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Electric Vehicles Still Charging Ahead

Electric Vehicles Still Charging Ahead

Investment in electric vehicles and their components and infrastructure continue to grow in spite of the pandemic and economic downturn, not to mention the infancy of the market.  According to MarketWatch.com, there is “sky high” investor interest in clean energy and electric vehicle companies.

Why This Matters:  Former Vice President Biden’s new clean energy jobs proposal revives the “cash for clunkers” program but in a way that would juice this market.

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Tesla Breaks Major EV Range Record

Tesla Breaks Major EV Range Record

In a major milestone for electric cars, Tesla announced yesterday that it has cracked the 400-mile barrier, a first for a production electric vehicle sold to the public. The company says the EPA will officially rate the new Long Range Plus version of the Model S for a 402-mile range. The new range is due […]

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