The electric car company has been struggling in China
Tesla may be running out of gas in the world’s largest auto market.
The electric car maker confirmed to the Wall Street Journal that it’s cutting jobs in China amid slow sales and sluggish rollouts of electric vehicle infrastructure.
According to research firm JL Warren Capital, less than 2,500 Teslas were registered in China in the last nine months of 2014. 469 of the company’s vehicles were registered in January. Tesla CEO Elon Musk had previously said that selling 5,000 vehicles in China in 2014 would be deemed a success. Tesla declined to comment to the Journal on its sales figures.
One challenge for Tesla in China is the reliance of its electric vehicles on chargers. Because many city residents in China live in apartments, it’s harder for them to keep chargers at home.
Like all automakers, Tesla is eager to establish a strong foothold in China, which became the largest auto market in the world in 2009. More than 21 million cars are expected to be sold in the country this year, an 8% increase from 2014. However, only a tiny fraction of these vehicles use alternative energy sources–in 2014, only 50,000 such cars were sold.
China wants to have 5 million electric cars on the roads by 2020 as a means of reducing rampant pollution problems in the country.
The news of Tesla’s job cuts in China comes after the company actually added more than 4,000 global positions last year.
Keeping your old car for longer can save you big time.
Do all of those car commercials on television have you thinking about trading in your car for a bright, shiny new ride? Follow the steps below to decide it makes more financial sense to buy a new vehicle rather than keep repairing your current one. (See also: How Much Should You Spend on a New Car?)
1. Take a Long Hard Look at the Car You Already Have
A new car always looks tantalizing. If we start focusing too much on the prospect of a new car, though, all of a sudden we start noticing every minor thing that may be wrong with our current car. My former boss, Bob G., always used to say, “I never like to invest in things that rust.” A car, outside of a classic car, is not an investment. It’s an expense, and a pricey one at that.
So look at your existing car honestly. Does it run well? Is it reliable? Does it match the needs you have right now? If you answered yes to these questions, delay your purchase of a new vehicle.
2. Calculate the Total New and Existing Costs
Buying a new car is only part of the expense. Do a side-by-side cost comparison of the total cost of a new car compared to your current vehicle.
Include the purchase price (plus interest), as well as the cost of maintenance and repair.
In some states like Virginia, you pay a specific tax every year based upon the blue book value of your car, so make sure to include those types of costs as well. You might be surprised to see that sticking with your existing car for a few more years, and socking away all that extra money you would have spent on a new car now, is a wise financial move.
3. Check With Your Financial Institutions
Just as you get pre-qualified for a mortgage, it’s also a great idea to get pre-qualified for a car loan. You’ll find out the total amount you’ll be approved to spend, as well as the interest rate on the amount borrowed. You may find that there are actions you can take over the next year to improve your credit that will reduce your rate, and perhaps increase the amount you are approved to borrow. These actions could include paying down other debts, increasing your income, or clearing up any mistakes that may currently be on your credit report.
4. Time Your Purchase
In general, October, November, and December are the best times to buy a car because dealers offer a number of incentives to make way for the next year’s models and hit annual sales goals. Also, it’s best to shop at the end of the month because dealerships need to hit certain sales quotas by then, so they’re more likely to cut you a deal to make the sale.
5. Do Your Research
If you’re thinking about getting a new car, do your research. Read reviews of vehicles, check safety ratings and gas mileage, talk to friends, and test drive vehicles that interest you. It’s also important to sit down and really think about what you want in a vehicle. What are your non-negotiables and what is the ranked list of your preferences such as safety, size, gas mileage, features, and design?
A new car is an incredible feeling. I know because I just bought one the last week of October 2014. I’m glad I did my research, closely examined my finances, and timed my purchase well. I never had a shred of buyer’s remorse. Follow this checklist and you’ll make a choice that feels good — and is good for your finances, too.
James Bond might be envious+ READ ARTICLE
At this year’s Consumer Electronics Show in Nevada, several companies unveiled concept cars containing some seriously high-tech gadgets.
Audi, Mercedes-Benz and VW all showed demos of automated car technology, from driverless or “piloted” cars, to smartwatch apps.
Audi's car goes it alone to CES—sort of
Audi’s A7 Sportback may not be what Jack Kerouac had in mind when he envisioned the freedom of the open road. But the self-driving car is still probably the coolest way to get to CES, a stunt the German carmaker is pulling this year by letting the bold test-drive the car more than 550 miles of highway from Silicon Valley to Las Vegas.
The A7 Sportback uses five radars, a laser scanner, and a number of 3D cameras as part of Audi’s “piloted driving” tech, which can drive on highways (but not city streets) without human interference. It can reach speeds of up to 70 miles per hour on highways, Audi says, and can change lanes and adapt to the speeds of surrounding vehicles. The car warns drivers to take control when a city is approaching with an “acoustic warning indicator.”
When the technology will be commercially available is not yet known. But Audi says its piloted driving technology is “production ready.” This particular model could be an important move in testing the waters of the self-driving market, though Audi has been openly working on the technology for several years. At CES in 2013, the company debuted limited self-driving technology that allowed cars to park themselves.
Audi is presenting the A7 Sportback at CES beginning Tuesday.
It looks a little like the cars from Minority Report
The self-driving car: everyone’s doing it. Google, Audi and BMW are all steering toward autopilot and, on Monday, Mercedes-Benz revealed its futuristic F 015 Luxury in Motion, a concept car designed for the future of transportation.
Passengers can sit face to face as if in a living room, and can control the car’s settings through gestures on high-resolution screens. LED displays on the front and rear of the car serve as signals to other vehicles. The F 015 also talks—in the promotional video, the car says to a pedestrian “Please go ahead.” It looks a little like the self-driving cars from Minority Report—futuristic and sleek, with a large cabin space.
So far the F 015 is just a concept car, so we probably won’t ever see this same model on the road. But it should give us a good sense of the direction automakers want to go.
The Japanese car maker will let its competitors study its patents for the next five years, in order to give the fledgling industry a boost
Toyota announced Monday it will make available decades of research on its hydrogen-powered car to competitors in the auto industry, a move that the Japanese carmaker says will accelerate an industry-wide shift to hydrogen technology.
Toyota owns 5,680 global patents related to hydrogen fuel cells, acquired over two decades of research and development, and culminating at the end of last year with the release of its first commercial-scale hydrogen-powered vehicle, the Mirai.
All those patents will now be freely available to companies manufacturing and selling fuel cell vehicles until 2020, Toyota announced Monday at the Consumer Electronics Show in Las Vegas.
“Hopefully by sharing these patents with others, these new fuel systems can be refined and improved,” said Toyota Senior Vice President Bob Carter, “to attract a larger market of buyers.”
In December, Toyota began selling the hydrogen-powered Mirai in Japan, and the car goes on sale in the United States and Europe in the second half of this year. The Mirai can run for 300 miles on a 3- to 5-minute charge, and accelerates from 0-60mph in about nine seconds.
Tesla Motors, the electric car outfit headed by PayPal founder Elon Musk, opened up its patents last year. Tesla and Toyota’s goals are similar: to reach a larger consumer base by making their technology more visible, and to help build a burgeoning market for the types of technology they have pioneered.
A major challenge Toyota will face is building a sizable infrastructure of recharging stations. If consumers can’t easily recharge, it’s unlikely the Mirai will gain a market foothold. California began building 28 hydrogen charging stations last year with a $47-million investment.
Toyota is also opening up its hydrogen fuel cell charging station technology, indefinitely.
The Mirai is starting with a small batch of 700 vehicles in 2014 with the goal of growing to tens of thousands by the 2020s. “We believe hydrogen electric will be the primary fuel for the next 100 years,” Carter said.
Now OnStar can get you a cheaper cruller
Your car is already the way you get where you’re going. Soon, it will make sure you’ll have something to do when you get there.
At the International Consumer Electronics Show, starting today in Las Vegas, General Motors will debut a few big additions to its OnStar services. The new feature, called “AtYourService,” will be able to hook drivers up with retailers, providing them with general information and sometimes deals and coupons.
It will also be able to make hotel reservations — which could come in useful if you’re on one of those road trips without a specific itinerary and you’re looking for a place to rest your head on relatively short notice.
Initial retail partners for the AtYourService include Dunkin’ Donuts and Priceline.com. RetailMeNot and Entertainment Book will be providing the coupons, and Amazon’s Audible.com will be providing audio book content. A new feature sure to please people who drive into unfamiliar cities with any frequency will be parking information provided by Parkopedia.
GM and other auto makers are all tinkering with ways to make their vehicles more “connected,” a range of features that has led to some experimentation among manufacturers as they angle to offer the right mix of real-time data often found on smartphones. Connected car services of all kinds have become standard on many new cars and trucks, according to Edmunds.com. Some of the features GM is touting, such as the parking information, have been featured in offerings by BMW and other auto makers.
Among the other OnStar features that will also be rolled out this summer — driver feedback.
Customers will be able to sign up for a service that tells them how they’re driving. If its good enough, users could be eligible for discounts through Progressive Insurance.
Chances are, less people with forget their licenses at home
Iowa will soon allow citizens to use a mobile app on their smart phone as their driver’s license.
The free app will be available for Iowans in 2015, Iowa Department of Transportation (DOT) director Paul Trombino announced during a state budget hearing, the Des Moines Register reports. The digital license can be used at airports and during traffic stops. The app would require a pin number to maintain security.
The new app is part of the Iowa DOT’s shift toward a variety of transportation-related technology advances, like cameras in snowplows and online bridge-building support.
The Register reported that Trombino is asking for $14.8 million for the license project: “We are really moving forward on this. The way things are going, we may be the first in the nation,” he said.
A powerful engine, a moon roof, USB ports and comfortable seating for five are all signs of booms in agriculture and construction.+ READ ARTICLE
Even in the darkest days of the American automobile industry, pickup trucks came through. Detroit couldn’t build profitable cars to save its soul, but pickups always delivered sales and profits.
In the last couple of years, with agriculture booming and construction recovering, the auto companies have been outdoing themselves to hang on to this lucrative turf. Ford is about to launch a new, aluminum version of its top selling F-150. Chrysler has had to increase production of its Ram 1500 to keep up with demand. Meanwhile, GM is about to debut two middleweight contenders, Canyon (GMC) and Colorado (Chevy).
GMC also rolled out new versions of its heavy duty 2500 and 3500 Sierra HD models that highlight another trend: the pickup gone crazy luxe. For the successful farmer who now pilots a climate-controlled, $325,000 John Deere 9370R tractor with mission-control computer display terminals, the fully-equipped Sierra Denali 2500HD that we tested might be no less than the minimum required. This diesel-driven, high-waisted brute feels more like a working Escalade, and at $64,000 for the crew-cab, diesel version, it’s priced in the neighborhood.
Who would drop $64,000 on a pickup? Look, I’m a car guy so I really can’t answer that question, but if I had to get up at 4 a.m. every day and do actual labor on a farm or ranch, or at construction sites, I’d like to think I’d earned a cushy ride. And in the Sierra Denali you’ll get one. Once you adjust to sitting a mile high and towering over mere cars — and in Manhattan (New York, that is, not Kansas) it’s kind of a cool perspective — you realize that the Sierra doesn’t feel like a truck. On the highway, it’s one of the quietest vehicles on the highway that I’ve tested this year.
That’s even more surprising considering that this particular Sierra Denali is powered by a 6.6 L V8 Duramax diesel tied to a 6-speed Allison Transmission. But this combo, odd to say, doesn’t shout its 397 h.p. worth of trucky-ness. Because the diesel delivers bigtime torque at low revs, (765 lb. ft. @ 1,600) the pickup’s power sounds more oceanlike as it gathers force. You’ll pay for that power, with the diesel package adding $8,845 to the standard price of $53,740. Since you are already in luxury car territory, why not throw in a power sunroof ($995), aluminum rims ($850), and 20-inch tires ($200)?
You are now styling in four-wheel drive and your buddies will appreciate it: You can fit four of them in the Sierra Denali 2500HD, and they will be properly seated in the more-than-roomy-enough crew cab. You, though, will have the best seat, one that’s heated and air conditioned and equipped with its own alarm system: The seat shimmies to keep you alert in slow traffic or if it senses you are drifting out of your lane. And because this is a work truck, the center console is loaded with storage for files, laptops, or even power tools; there’s also a power panel that includes USB ports, a couple of 12-volt ports, and a standard electrical outlet.
It would be silly of me to try to tow a trailer around New York City, but the Sierra Denali 2500HD can haul one weighing up to 13,000 lb. On the other hand, we did manage a brief four-wheel drive test on a rough patch of Harriman State Park about 50 miles north of New York. The fall foliage was beautiful and the pickup handled the high brush easily given its substantial ground clearance. I’d be looking forward to winter driving in this thing if I worked outside. Although I wouldn’t be looking forward to working outside.