The Porsche Taycan EV is starting to outsell the brand’s iconic 911.
During the first nine months of 2021, Porsche sold several hundred more Taycans than 911s.
The Taycan is in its second year of production. The 911 has been around for nearly 60 years.
In only its second full year in production, Porsche’s first electric model is starting to outsell its longtime flagship sports car, the 911.
It’s the latest sign that electric vehicles, which have made up a tiny fraction of global vehicle sales for years, are gaining traction.
Porsche sold 28,640 Taycans worldwide during the first nine months of 2021, the company said Friday. It delivered 27,972 911s over that period. The Taycan is also outpacing the 911 in the US, selling 1,861 units compared with the 911’s 1,621.
Porsche launched the Taycan in 2019 as a high-powered, four-door sport sedan that competes with the Tesla Model S. In early 2021, Porsche added a new base version of the Taycan that costs $82,700. It recently introduced a roomier, station-wagon variant called the Taycan Cross Turismo. The Cross Turismo rides a bit higher than the regular Taycan so owners can take it on dirt roads and gravel paths.
Porsche, a brand under the Volkswagen Group umbrella, wants at least 80%of the vehicles it sells to be either fully electric or hybrid by 2030. A battery-powered version of its popular Macan SUV is due in 2023, but don’t expect an electric 911 anytime soon.
CEO Oliver Blume, told reporters in March that the 911 will be the last Porsche to go electric, if it ever does.
General Motors is poised to capitalize on its transition to electric vehicles through the sale of value-added software that will enable autonomous driving capabilities, according to a Monday note from Wedbush.
That should help drive General Motors’ stock price to record highs, with Wedbush backing its “outperform” rating and an $85 price target, representing potential upside of 46% from Monday’s close.
Wedbush analyst Daniel Ives said General Motors’ aggressive 10-year growth plan laid out at its analyst event earlier this month is “clear and hittable.” The automaker said it expects to double its revenue from $140 billion to $280 billion by 2030.
That growth will be driven in part by a software subscription for vehicles, which would enable autonomous and assisted driving capabilities. Ives expects General Motors to realize $2,000 in annual recurring revenue per vehicle from its software offerings.
“The software and services business attached to the EV shift represents a potential gold mine for the company, bringing in $20 billion to $30 billion of incremental services and software [revenue] we see over the next 5 to 7 years,” Ives said.
And as the demand for autonomous driving increases, General Motors will have considerable pricing power and be able to raise its software subscription prices throughout the decade, according to Ives. General Motors has been developing its own autonomous driving technology through its 2016 acquisition of Cruise.
While General Motors’ autonomous driving software subscription model is still under development, most important to the company’s stock price going higher is a re-rating from Wall Street. That will hinge on the automaker’s ability to convert its existing vehicle base to electric.
“The Street for obvious reasons remains skeptical and the Chevy Bolt fiasco and chip shortage have combined cast a dark shadow over the stock and thus kept many investors at bay,” Ives explained. But the automaker can shift the narrative among investors as it lays the groundwork to capitalize on a “golden opportunity,” according to Ives.
Ives expects General Motors to convert 20% of its customer base to electric vehicles by 2026, and 50% by 2030. That EV base is what will help drive an explosion in software growth for the 113 year-old company.
Shares of General Motors traded up 1% in Tuesday trades, and are up about 40% year-to-date.
“We are currently constructing Gigafactory Berlin under conditional permits in anticipation of being granted final permits,” Tesla said in its most recent quarterly filing with the US Securities and Exchange Commission in July.
There have also been environmental concerns, including worries about disturbing the local lizard population.
Musk stressed that although Tesla’s homebase is moving from Palo Alto to Austin, Tesla isn’t leaving California altogether. The company still aims to expand output from its Fremont, California, factory by 50%, he said.
“To be clear though, we will be continuing to expand our activities in California,” he said. “So this is not a matter of Tesla leaving California.”
Tesla decided to move in part because it’s difficult for employees to afford houses in the Bay Area, and that some people need to commute from far away, Musk said.
“There’s a limit to how big you can scale in the Bay Area,” he said.
Tesla has been working on a manufacturing plant outside of Austin since the summer of 2020. Over the last year, Musk moved both his residence and his charitable foundation to the state. Tesla’s latest two press releases in late September and early October came out of Austin, fueling speculation about a move.
In May 2020, after butting heads with local officials over coronavirus restrictions, Musk threatened to move all of Tesla’s operations to Texas or Nevada.
In recent years and especially during the pandemic, Austin has attracted droves of tech workers from Silicon Valley and elsewhere. Tesla will join companies including Google, Facebook, and Oracle, which all have offices in the city.
It’s connected to a removable 4-gallon water tank that’s accessed from the other side of the truck.
At $5,000, the Camp Kitchen doesn’t come cheap. But that gets you more than just a cooktop and sink.
The kitchen’s three drawers come filled with a 30-piece cooking set.
It includes pots, plates, silverware, bowls, a kettle, and all manner of cooking utensils.
Every piece of the set has a spot in these cork inserts. The idea is to stop everything from rattling around when you’re driving.
Also included is a string light that hangs from two poles on either side of the kitchen. Nobody likes to cook in the dark.
The lights plug into a USB port.
What’s perhaps even more exciting than the kitchen itself: You can also option the truck with just the sliding drawer system it sits on. The Gear Shuttle costs $1,500.
Rivian says it’s working on lots of other accessories for the shuttle. Bins, refrigerators, and heaters to dry off ski boots were all floated as possibilities. But I’m more eager to see the hacks owners come up with all on their own.
Outdoor gaming rig? Mobile frozen marg station? Really skinny hot tub? On-the-go tanning bed? The possibilities are truly endless.
Autopilot allows the cars to brake, accelerate, and steer automatically. Tesla cars on Autopilot are not fully autonomous and the company says on its website that the mode needs active driver supervision.
People looked at the road less frequently when driving with Autopilot, the researchers found, although there was little difference in the duration of their glances at the road, compared to when they drove without Autopilot.
The data suggested that people paid less attention to the road when Autopilot was engaged, the researchers said. But it didn’t necessarily mean that the drivers were distracted, “because driver behavior cannot be assessed in isolation of the driving situation,” they said.
“It is unknown what is a sufficient level of attention with automation to meet or exceed the safety threshold of a conventional vehicle,” the researchers said.
Tesla didn’t immediately respond to Insider’s request for comment on the study’s findings.
MIT’s study looked at trips with Autopilot-enabled vehicles that drove at least partly on a highway. It measured drivers’ glances for 20 seconds while Autopilot was active, and for 10 seconds after it was disengaged. The drivers were mainly in the greater Boston area.
The researchers found that when people drove on Autopilot, 22% of their glances at the center stack in the vehicle, the in-car multimedia touch-screen, or a smartphone in their lap lasted longer than two seconds. When Autopilot was turned off, this dropped to 4%.
“We found that driver behavior changes immediately after engaging Autopilot and it is maintained throughout the drive with Autopilot until drivers approached Autopilot disengagement,” the researchers wrote in the report, which was published in the October volume of Accident Analysis & Prevention and first reported on by Electrek.
Porsche’s first attempt at an all-electric car has turned out to be a smash hit, with the Taycan flying off of dealer lots. There are several Taycan models and two body styles to choose from, but the $103,800 Taycan 4S gets the best range of the bunch.
9. Polestar 2 – 233 miles
The Polestar 2 is the first EV from Polestar, a new EV brand that spun out from Volvo. The 2021 model gets 233 miles of EPA range, but a future single-motor model due out in January is set to deliver upwards of 260 miles, according to the company.
A 2021 Polestar 2 starts at around $60,000, but the 2022 model will run you as little as $47,200.
Jaguar’s squat little crossover starts at $70,000. The all-wheel-drive SUV delivers a whopping 394 horsepower and 512 pound-feet of torque, Jaguar says. It’ll hit 60 mph in 4.5 seconds, the company claims.
7. Audi E-Tron GT – 238 miles
The E-Tron GT is Audi’s new electric sport sedan to take on the Tesla Model S and future EVs like the Mercedes-Benz EQS. It starts at around $100,000, and a high-performance RS version is available too. That one will run you $140,000.
6. Kia Niro EV – 239 miles
The base Kia Niro EV costs just over $39,000. There’s also a $44,650 Premium trim that gets you upgraded materials and features, but no more range.
Check out Insider’s full review of the Niro EV here.
5. Chevrolet Bolt EUV – 247 miles
Chevrolet broadened its EV lineup in 2021 by launching a crossover version of the Bolt EV called the Bolt EUV. That stands for Electric Utility Vehicle, in case you’re wondering.
Despite having “utility” in its name, the $33,000 vehicle actually offers slightly less cargo space than the Bolt EV hatchback. It also has a skosh less range due to its higher ride height.
There’s just one problem for potential Bolt EUV buyers: Amid GM’s massive recall of Bolt EVs with faulty batteries, the carmaker has halted production of the EUV until at least mid-October.
4. Hyundai Kona Electric – 258 miles
Hyundai’s popular subcompact SUV has had a battery-powered sibling in the US since 2019. All trims deliver the full 258 miles of estimated range. A base 2022 Kona Electric will run you $34,000 to start, down more than $3,000 from the 2021 model.
3. Chevrolet Bolt EV – 259 miles
Chevy gave the Bolt EV a sleek refresh for 2022, adding on slimmed-down LED headlights and a color-matched grille panel. The new Bolt offers the same range as its predecessor, but comes in thousands cheaper at $31,000.
However attractive a buy the Bolt EV may be, you may need to wait a while to get your hands on one. Chevy has halted production of the EV until it can secure more reliable battery packs.
2. Volkswagen ID.4 Pro – 260 miles
The ID.4, VW’s first EV for the US market, gets up to 260 miles of EPA-rated range in the Pro trim, which starts at $39,995. The sold-out first-edition model can travel 250 miles on a full battery.
1. Ford Mustang Mach-E – 305 miles
Ford’s first electric SUV gets an impressive 305 miles of range in the California Route 1 trim, which retails for $50,400. The model comes standard with the Mach-E’s larger battery pack and rear-wheel drive.
The $42,895 base model, the Mustang Mach-E Select, earns an EPA range rating of 230 miles.
Tesla has dominated the US electric car market for years as the sole startup that’s managed to mass-produce EVs and keep the lights on. Today, Elon Musk’s automaker hardly qualifies as an startup anymore (it’s worth some $750 billion), but a growing number of new manufacturers think they can replicate Tesla’s success.
Two contenders have risen to the top of the heap as their years-long efforts finally start to pay off. Lucid Motors and Rivian have both been making strides as of late and are set to start delivering their debut vehicles in 2021.
Rivian, which is working on a pickup truck and a Range Rover-esque luxury SUV, announced Tuesday that its vehicles are certified for sale in all 50 states and that its first customer-ready R1T pickups rolled had rolled off the production line in Normal, Illinois. Rivian’s first saleable vehicle comes more than a decade after CEO RJ Scaringe founded the company in 2009.
Earlier in September, the Environmental Protection Agency rated Rivian’s SUV and pickup at an impressive 316 and 314 miles of range, respectively.
Rivian plans to start shipping R1T Launch Edition trucks to preorder holders by the end of September, followed by its first R1S SUVs later this fall. It confidentially filed for an IPO in August and is aiming to go public around November, Bloomberg reported.
It’s reportedly seeking a valuation of roughly $80 billion, more than Ford or General Motors.
Lucid, for its part, recently made good on its longstanding promise to build the longest-range EV on the market. The EPA on Wednesday gave its debut vehicle – the Air Dream Edition R sedan – a range rating of 520 miles. It’s a staggering rating, and no production EV has even come close to delivering that sort of mileage between charge-ups.
The Tesla Model S, which has led the market in battery range for years, can travel 405 miles on a full battery, according to EPA estimates.
Lucid has already begun building preproduction cars at its factory in Arizona and says it will start shipping the $169,000 Air Dream Edition to preorder holders later in 2021. The company is taking a page out of Tesla’s playbook by starting with a super-premium vehicle and working toward more affordable offerings, including a $77,400 base model of the Air and a small SUV called the Gravity.
Some on Wall Street are optimistic about Lucid’s potential to challenge Tesla and legacy automakers alike. In a Wednesday note to investors, Bank of America analysts called Lucid potentially the next Tesla or Ferrari, noting that it is “a relative competitive threat to the universe of incumbent automakers, with innovative technology, attractive product, compelling brand, clean sheet manufacturing approach, and impressive management experience.”
Shares of Lucid have risen 18.5% since Wednesday, and are up some 130% year-to-date.
Still, mass-producing cars is a notoriously tricky and expensive business. And just because Lucid and Rivian are able to start delivering vehicles to customers, that doesn’t necessarily mean they’ll be able to do it for long. Tesla famously had numerous brushes with failure and financial disaster on its way to the top.