EV Sector Roundup: Tesla's Expanding Horizons and Rivian's Charging Network

Tesla's momentum in the electric vehicle sector remains robust with the ongoing promotion of its Supervised Full Self-Driving (FSD) in North America The imminent launch of the software in other left-hand-drive (LHD) regions has been hinted at by CEO Elon Musk, after years of independent testing in various countries In a consumer-friendly move, Tesla is offering one-month free trials and mandatory test drives of the FSD software to new buyers in North America, along with reduced pricing for both subscription and upfront purchase models. Even though the CEO had to cancel his expected visit to India due to other obligations, the country still represents a key market for Tesla, with plans to set up a base there Additionally, Tesla has hiked the price of the Model 3 Performance in the US by $1,000, but it remains eligible for a $7,500 tax credit, with certain options potentially disqualifying it from the credit Furthermore, Enhanced Autopilot subscriptions have been introduced in China, and Elon Musk has visited Beijing to engage with officials amidst EU investigations into Chinese EV subsidies which could impact Tesla. Moreover, Tesla's dominance in maintenance cost-saving has been noted by Consumer Reports, which found the brand to be the least expensive to maintain over 10 years However, the company is not without its challenges, having to lay off approximately 693 employees from its Nevada Gigafactory to cut costs and restructure for future growth, while former executive Drew Baglino cashed in shares amounting to $181.5 million following his departure On the charging front, Rivian is also making strides, announcing plans to open its charging network to other EV brands and introducing a new charger design compatible with multiple charging standards.

With the accelerating popularity of electric vehicles due to affordability, efficiency, and ecological advantages, consumers are actively considering the benefits and implications of owning an EV.