Business

Tesla’s Cybertruck Hits The Market With A Higher Price Tag And Plenty Of Challenges

Published

1 year ago

2023-12-01

Kiara Grace

Tesla CEO Elon Musk presided over the company’s long-awaited Cybertruck delivery, which was first shown four years ago. While there was little new information since the original presentation, Tesla’s website was updated with a new price.

The event had the typical Musk flash, with lofty predictions about “the future” and visuals of Cybertrucks traveling across the ice, but it offered very little new information. Even the price on Tesla’s website, which required a $250 deposit to place an order, did not contain standard car-buying experiences, such as selecting options. There was no mention of practicalities like front trunk capacity or anything beyond the company’s current estimate of a 250-mile range.

However, the website did mention that the top-of-the-line model would be known as the “Cyberbeast.”

The Tesla Cybertruck starts at $60,990 before federal tax credits, over $20,000 more than the base model initially proposed at the vehicle’s introduction in 2019. The business originally stated that the Cybertruck would cost less than $40,000, but a pandemic and subsequent severe inflation prompted the corporation to change its mind.

Even then, it would only be “available in 2025,” according to the Tesla website.

If you want one in 2024, expect to pay about $80,000.

By itself, the Cybertruck enters an electric vehicle market packed with vehicles in the same price range. It’s not only pickups but also SUVs. It’s an issue that’s already dampening sales of some electric vehicles, particularly in the luxury market, as automakers struggle to establish their electric production processes.

He also bragged about the Cybertruck’s “sports-car-like” capability, showing a video of it hauling a Porsche 911 on a trailer while racing a Porsche 911 down a drag strip. Honestly, Porsche 911 sports cars aren’t sold on raw acceleration. Of course, neither is a pickup truck, so it’s unclear how big of a selling point that will be.

Tesla’s Cybertruck Hits The Market With A Higher Price Tag And Plenty Of Challenges

However, Tesla’s website only shows that acceleration figure for the Cyberbeast version of the truck, which costs over $100,000. The truck’s 11,000-pound towing capacity also noted in the presentation, is shown exclusively in the $80,000 or $100,000 all-wheel-drive variants.

According to Brian Moody, executive editor of Kelley Blue Book, the truck’s price range may be fine compared to other high-end trucks on the market. The pricing range that Tesla can provide is limited.

“Because Tesla has basically one version of the truck with some minor modifications, they don’t have the advantage of having a very low-price truck as well as a very high and heavy-duty, super-capable truck,” Moody wrote in an e-mail.

According to Wedbush Securities analyst Dan Ives, who is bullish on Tesla, the business has around 2 million bookings for the Cybertruck. He predicted that just 30% to 40% of those reservations would be turned into sales. The larger issue may be the production issues that Musk says the firm is experiencing as it attempts to ramp up vehicle manufacturing, especially with competition from electric pickups from Ford, GM, and Rivian.

“It’s a Herculean task to ramp production, but Tesla has been here before,” he said, referring to prior product launches such as the Model 3 sedan. However, he warned that “it’s a much more complex market for them to navigate.”

The Cybertruck, which resembled a high-end kitchen appliance when it was initially shown in 2019, looked like nothing else on the road, and it still does. The purpose of its strange, angular all-metal appearance was to stand out: Musk sought to make a statement with something that wasn’t just another large truck.

However, the Cybertruck’s qualities, such as power and range, do not stand out. The market has transformed during Tesla’s development and delays over the last four years. Even before the first one rolls into a customer’s driveway, Tesla’s flashy new pickup is significantly more ordinary beneath its gleaming veneer.

Electric motors can give a lot of towing and hauling power, and the truck’s basic size allows for many batteries and a long range. Tesla is one of many automakers to recognize this opportunity.

Even then, it would only be “available in 2025,” according to the Tesla website.

Ford began selling the F-150 Lightning electric pickup truck four years ago, and Rivian R1T pickups have become familiar sights on American roadways. General Motors just began manufacture of the Chevrolet Silverado EV electric truck. Stellantis’ Ram 1500 Rev electric vehicle will also be available in late 2024.

This isn’t the same setting as it was four years ago, and the Cybertruck’s capabilities don’t look as impressive as they did. Many of these other trucks have capabilities that rival, and in some cases even outperform, Tesla’s.

Musk has also frequently stated how tough it is to construct the Cybertruck due to its unconventional design.

The truck is built of unpainted stainless steel, a material not commonly utilized for cars since the durability of the material that Musk has touted makes it difficult to build with and fix. The massive stamping machines commonly employed in auto manufacturing to quickly bend metal into shape struggle with stainless steel.

It also features a unibody construction rather than a separate body and chassis like most large pickups. Unibody structure is common in crossover SUVs and compact, light pickups such as the Ford Maverick. Body-on-frame designs are commonly used for heavy-duty vehicles due to their strength and flexibility for towing huge loads.

“There will be enormous challenges in reaching volume production with the Cybertuck and making the Cybertruck cash flow positive,” Musk remarked recently during an investor call.

Musk has also frequently stated how tough it is to construct the Cybertruck due to its unconventional design.

The Cybertruck’s total size could be an advantage. According to Tesla, the Cybertruck is less than 19 feet long, slightly shorter than conventional full-size trucks. However, Tesla boasts that its cargo bed, at over six feet long, is slightly longer than typical.

However, the Cybertruck may forego front storage in exchange for its small body length. It lacks the extended hood of other pickups, notably electric pickups from Ford and GM. This could imply that the Tesla has less “frunk” – or front trunk – space. Ample functional front room, in particular, has been a major selling factor for the Ford truck.

The wedge shape of the vehicle, where the sides of the cargo bed meet the roof, may also make access to the bed from the sides difficult. Pickup drivers frequently reach over the sides to load and unload objects close to the cab.

The payload capacity of the Cybertruck, or the amount of weight it can carry in its cargo bed, is also slightly higher than competitors currently in production. The Ford F-150 Lightning can tow up to 2,200 pounds. However, the Ram 1500 Rev will be able to haul up to 2,700 pounds, which is more than the Cybertruck.

SOURCE – (BBC)

Kiara Grace

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics.

Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

Business

Intuit Debuts Online Tax Platform Tools

Published

7 hours ago

2024-12-05

Geoff Brown

Intuit has rolled out new tax platform offerings for personal and small business filers.

Intuit has launched additional tax platform options for small company and individual taxpayers, as part of its attempts to assist taxpayers outside of tax season, according to a news release.

Intuit, executive vice president and general manager of the company’s consumer group, Mark Notarainni, said “we’re laser focused on eliminating the work and worry of tax filing, delivering the best ‘done-for-you’ tax prep experience on the market that puts maximum refunds guaranteed into customers’ pockets faster.”

“Receiving a tax refund is a pivotal moment in the financial lives of millions of Americans each year.”

“We go even farther with our connected consumer platform, giving customers of TurboTax and Credit Karma year-round insights and tailored recommendations to help them manage their finances outside of tax season.”

One of the new features is that filers can use Intuit’s 12,000-member artificial intelligence (AI)-powered network of professionals, which includes tax attorneys, CPAs, and EAs, to get their taxes prepared in as little as two hours.

Intuit Assist

In the meanwhile, most tax forms can be automatically filled out by the company’s AI platform, reducing the need for human data entry.

“Customers receive comprehensive and individualised explanations throughout the filing process, ensuring they understand the ‘why’ behind the numbers and boosting their confidence that their taxes are done correctly, building on the previously announced Intuit Assist,” the business stated. “As customers finish their returns, automated workflows provide real-time accuracy checks, anticipating the filer’s needs.”

The new products are the most recent in a line of AI-powered services that Intuit has launched this year as part of its ongoing adoption of AI.

As we show off the strength of Intuit’s AI-driven expert platform approach, we’ve enjoyed a great start to the year. During an earnings call last month, Intuit CEO Sasan Goodarzi stated, “We continue to fuel the success of consumers and businesses by delivering ‘done-for-you’ experiences, enabled by AI with access to AI-powered human experts.”

“We remain confident in our approach due to our innovation and the evidence we are seeing.”

A day prior, the company had integrated a generative AI-powered assistant into QuickBooks to aid small and medium-sized businesses (SMBs) by producing estimates, bills, invoices, and reminders for payments, as well as offering tailored suggestions.

96% of SMBs who have experimented with AI believe it to be a useful tool, according to research by PYMNTS Intelligence.

Top 5 PTO Tracking Software Solutions for 2024

Geoff Brown

Geoff Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas’ articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.

Business

Why Has Bitcoin’s Ascent to $100,000 in 2024 Been So Remarkable?

Published

8 hours ago

2024-12-05

Salman Ahmad

Paul Yeung | Bloomberg | Getty Images

(VOR News) – Bitcoin has finally surpassed the $100,000 threshold, following a year in which the principal cryptocurrency was accepted by prominent Wall Street organisations and became a heated topic in the presidential race in the United States.

This accomplishment is the result of the cryptocurrency’s acceptance by significant Wall Street institutions.

Over the course of several years, individuals who are enthusiastic about bitcoin have expressed optimism regarding the cryptocurrency by predicting that its value will rise to $100,000.

Conversely, a significant number of individuals on Wall Street elected to disregard them. The digital currency’s value surpassed the six-figure threshold on Wednesday evening, and it is presently experiencing a gain of over 140% in 2024.

Wall Street’s institutions love it.

The most recent chapter in the history of cryptocurrency is a suitable moment to contextualise it, given that the first exchange-traded funds (ETFs) based on bitcoin were introduced on January 11, 2024.

The funds have received inflows aggregating tens of billions of dollars since their inception. The iShares Bitcoin Trust (IBIT) has been the source of the majority of these inflows, with assets presently valued at $50 billion.

The establishment of these funds and the rapid expansion of their activities are the most evident indication that bitcoin is accepted by the conventional financial system, despite the presence of a few notable outliers among investment companies.

This remains the case, despite the fact that there are still a few notable exceptions among investment enterprises. Bitcoin has been considered a speculative asset by individual speculators for a number of years. Nevertheless, Bitcoin has now achieved a new level of profitability as a consequence of institutional purchases.

Institutions have acquired 683,000 cryptocurrencies since the commencement of 2018. These acquisitions have been primarily accomplished by employing US spot exchange-traded funds (ETFs) and substantial purchases made by the software development company MicroStrategy, which functions as a Bitcoin proxy.

A substantial 245,000 of these inflows occurred in the weeks following the United States’ election. According to Geoff Kendrick, the global director of digital assets research at Standard Chartered Bank, this is one of the factors that has enabled Bitcoin to surpass the USD 100,000 threshold. Kendrick is employed by Standard Chartered Bank.

Kendrick composed this statement, which was incorporated into a memo that was sent to consumers on Thursday.

Reports suggest that Trump has undergone a transformation.

Kendrick’s memo seeks to reassure customers that the bank is taking steps to ensure their safety and stability. Kendrick also encourages customers to contact the bank if they have any questions or concerns.

Furthermore, an increasing number of political organisations in the United States are beginning to recognise the potential that Bitcoin has. It would seem that President-elect Donald Trump has altered his perspective on bitcoin and the business that is associated with it, as the cryptocurrency lobby spent a significant amount of money during the 2024 election cycle.

During his campaign for office, Trump attended the Bitcoin Conference in Nashville. The appointment of Paul Atkins as chief of the Securities and Exchange Commission is widely considered to be a substantial departure from Gary Gensler’s current role.

Bitcoin is generally viewed favorably by Atkins.

The current administration has exhibited substantial aversion to alternative cryptocurrencies. We, along with the rest of the industry, have been influenced by it to a certain extent.

As Vlad Tenev, the CEO of Robinhood, stated during an appearance on “Squawk Box” on Thursday, it is imperative that the industry has individuals who understand, appreciate, and adopt it. This assertion was issued by Tenev. Robinhood’s broking platform provides access to cryptocurrency trading.

Since November 4, the day preceding the presidential election, the price of Bitcoin has surged by 49%. This is a substantial increase. This increase occurred on November 4th.

Additionally, it is conceivable that Jerome Powell, the chairman of the Federal Reserve, may have provided Bitcoin with a slight lift in order to help it surpass the $100,000 threshold. This is a potential action that could have been taken to assist Bitcoin in achieving the milestone.

The currency that competes with bitcoin, according to Powell’s statements as of Wednesday, is gold, not the currency of the United States.

Although it is conceivable that the association between bitcoin and one of the oldest investment vehicles in the world could be interpreted as a sign of legitimacy, it is crucial to recognise that this is not a definitive endorsement of cryptocurrencies

SOURCE: CNBC

Business

Agribusiness Giant Cargill to Layoff 5% of its Workforce

Published

2 days ago

2024-12-04

Geoff Brown

Cargill, which employs 160,000 workers globally, declined to comment

Following a rare income decline, agribusiness giant Cargill, which employs 160,000 people worldwide, has announced the layoff of approximately 8,000 employees.

An internal message to employees obtained by Reuters stated that most layoffs would occur this year.

“They will focus on streamlining our organisational structure by removing layers, expanding the scope and responsibilities of our managers, and reducing duplication of work,” Brian Sikes, our CEO, told employees in a memo.

Bloomberg reported Monday, citing sources familiar with the matter, that the changes would not affect Cargill’s management team but would include several “next-level senior leaders.”

The Minneapolis-based enterprise is the largest privately held business in the United States.

In August, Cargill reported revenue of $160 billion, a decrease from $177 billion in 2023 and $165 billion in 2022. Profits also plummeted to $2.48 billion in the fiscal year that ended in May from a record $6.7 billion the previous year.

As a result, the company announced that it would reduce the number of business units from five to three, integrating the Food and Bio divisions with the Protein and Salt teams to become Food. Cargill has not explained what the restructuring means for its Wichita business and personnel.

The 160-year-old corporation and beef, poultry, salt, and eggs processors are major commodity dealers.

Cargill Protein North America is based in Wichita, where the division has existed for over 40 years. As of 2021, Cargill claimed to have roughly 1,000 employees in Wichita.

Many have linked the revenue decline to lower pricing for key crops such as corn and soybeans, which had risen dramatically during the pandemic. The United States Department of Agriculture recorded the smallest cow herd in nearly seven decades.

According to the trade newspaper Agriculture Dive, the company laid off almost 200 employees in June as part of its sale of a California meat-processing plant.

Cargill mentioned the consolidation in a statement about the layoffs.

“Earlier this year, we set a long-term strategy that continues that legacy, while carrying forward the values and core strengths that have defined our success from the beginning,” the statement read.

“As we look to the future, we have laid out a clear plan to evolve and strengthen our portfolio to take advantage of compelling trends, maximize our competitiveness, and continue to deliver for our customers.

As the world around us changes, we are committed to transforming even faster to deliver for our customers and fulfill our purpose of nourishing the world.