Politics
AM Briefing: Trump’s Energy Shake-up
On rumors from fossil fuel insiders, the LA wind forecast, and Davos
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On rumors from fossil fuel insiders, the LA wind forecast, and Davos
On the emergency in California, clean energy tax credits, and Exxon Mobil
Rob and Jesse talk all things solar, steel, and cement with CREA’s Lauri Myllyvirta.
Making sense of two seemingly opposite Tesla stats.
Through the wrong eyes, an electric truck can look like an ideal weapon.
That said, the U.S. EV maker also reported record fourth-quarter deliveries.
Tesla reported today that it had delivered 495,570 cars in the last three months of the year, and 1,789,226 in 2024 as a whole. That represents a decline in annual sales from 2023 — Tesla’s first annual decline in more than 10 years, back when the company’s deliveries were counted in the hundreds or single-digit thousands — although the fourth quarter figure is a record for quarterly deliveries.
Analysts polled by Bloomberg expected 510,400 deliveries for the fourth quarter, while Tesla had forecast around 515,000 deliveries to meet its “slight growth” goals. The company had cited “sustained macroeconomic headwinds” weighing on the broader electric vehicle market in its most recent investor letter, and again referred to “ongoing macroeconomic conditions” to explain the miss on deliveries. In the fourth quarter of 2023, Tesla deliveries stood at 484,507, with 1,808,581 for the year as a whole.
Going forward, Tesla buyers in the United States are likely to lose out on up to $7,500 in federal subsidies as the incoming Trump administration puts its stamp on energy and environmental policy. Tesla’s chief executive, Elon Musk, has supported ditching EV credits.
The below-expectations deliveries dragged on the stock, which traded down more than 4.5% in early trading Thursday. Tesla shares have otherwise been on a tear, rising around 75% in the last six months before today, with especially torrid performance following the 2024 United States presidential election.
The Chinese car company BYD is in a virtual tie with Tesla for annual battery electric vehicle sales, with 1,764,992 delivered in 2024, the company announced Wednesday. While Tesla’s 2024 sales confirm that the U.S. company maintains a narrow lead over BYD, the Chinese automaker’s sales are growing at a rapid clip — electric sales increased by over 12% for the year, compared to the slight fall in Tesla sales from 2023 to 2024.
While Tesla’s car business appears to have stalled to some extent — though it was buoyed by the release of a new model, the Cybertruck, which is already the third best-selling electric vehicle in the United States — the company’s energy storage business is another story. The company said that in the fourth quarter of last year it had deployed 11 gigawatt-hours of storage, and 31.4 gigawatt-hours in the year as a whole. If Tesla’s deployment rate in 2025 merely matched its fourth quarter rate, it would mean 40% annual growth.
On weather projections, deadly EV attacks, and hydrogen tax credits
Current conditions: A series of Arctic blasts hitting the U.S. could make for the coldest January since 2011 • Power has been restored in Puerto Rico after a massive New Year’s Eve blackout • Temperatures will get down to about 43 degrees Fahrenheit tonight in Barcelona, where gas-powered patio heaters are officially banned due to their carbon emissions.
Authorities are investigating whether yesterday’s deadly truck attacks in New Orleans and Las Vegas may be linked. Both incidents involved electric pickups. In New Orleans, a man drove a Ford F-150 Lightning into a crowd in the French Quarter, killing 15 people and injuring dozens of others. In Vegas, a Tesla Cybertruck packed with explosives detonated outside the Trump International Hotel, killing the driver and injuring seven others. Both vehicles were rented through a budget app called Turo. Electric vehicles tend to be heavier than their internal combustion counterparts, mostly due to their battery packs. This can make them particularly deadly in collisions with smaller vehicles and, of course, pedestrians. Ford’s 2024 F-150 Lightning has a curb weight ranging from 6,000 to nearly 7,000 pounds; the Cybertruck starts at 6,600 pounds, about 2,000 pounds heavier than the average new vehicle weight.
In the Las Vegas explosion, Sheriff Kevin McMahill indicated the Cybertruck actually “limited the damage that occurred.” The vehicle’s exterior appeared to remain intact. In a post on X, Tesla CEO Elon Musk said: “The evil knuckleheads picked the wrong vehicle for a terrorist attack.”
The Biden administration plans to release guidance for hydrogen production tax credits this week, likely on Friday, two sources toldReuters. The guidance will “provide a pathway” for tax credits for hydrogen producers that use nuclear power, the outlet reported. Back in October, Deputy Secretary Wally Adeyemo told Heatmap the rules would be out by the end of 2024. As Heatmap’s Robinson Meyer explained, the Treasury Department’s must decide how hydrogen producers who use electrolysis — sending electricity through water to split its molecules — should deal with the indirect carbon emissions associated with drawing power from the grid. “Finalizing rules that will help scale the clean hydrogen industry while implementing the environmental safeguards established in the law remains a top priority for Treasury,” spokesperson Michael Martinez told Reuters. “In that process, we are carefully considering the numerous comments we have received on the proposed regulations.” In his conversation with Heatmap, Adeyemo acknowledged that the final rules were unlikely to please everyone.
Climate change meant that there were about 41 more “extreme heat” days in 2024, according to the World Weather Attribution’s annual extreme weather report. Climate change contributed to at least 3,700 deaths, but “it’s likely the total number of people killed in extreme weather events intensified by climate change [in 2024] is in the tens, or hundreds of thousands,” the group said. While the El Niño weather pattern contributed to global trends, climate change played a bigger role in fueling extreme weather. “As the planet warms, the influence of climate change increasingly overrides other natural phenomena affecting the weather,” the report added.
World Weather Attribution
China’s weather agency also reported that 2024 was the country’s warmest year on record, and that “the top four warmest years ever were the past four years, with all top 10 warmest years since 1961 occurring in the 21st century.” And a report from the National Institute for Space Research concluded that Brazil’s Amazon rainforest experienced 140,328 fires last year, the highest number in 17 years. In a New Year’s message, UN Secretary-General António Guterres said we are in an era of real-time climate breakdown.
The UK’s Met Office projected that global temperatures will remain high in 2025 despite the shift to La Niña, averaging between 2.3 and 2.7 degrees Fahrenheit above the pre-industrial average. “Years such as 2025, which aren’t dominated by the warming influence of El Niño, should be cooler,” said Professor Adam Scaife, who leads the team behind the Met Office’s global forecast. “2016 was an El Niño year and at the time it was the warmest year on record for global temperature. In comparison to our forecast for 2025 though, 2016 is now looking decidedly cool.”
Met Office
In case you missed it: New York Gov. Kathy Hochul signed a new bill into law that allows the state to fine fossil fuel companies for climate damages. The law could see the companies incur charges of up to $75 billion over the next 25 years – though many are expected to file legal challenges. Firms will be fined based on their emissions between 2000 and 2018. The money will go into a Climate Superfund and be put toward mitigation and adaptation measures. Vermont implemented a similar law last summer. “New York has fired a shot that will be heard round the world: The companies most responsible for the climate crisis will be held accountable,” New York Sen. Liz Krueger said in a statement.
“A generation from now, this solar heater can either be a curiosity, a museum piece, an example of a road not taken, or it can be a small part of one of the greatest and most exciting adventures ever undertaken by the American people.” –The late President Jimmy Carter, upon installing solar panels on the roof of the West Wing of the White House in 1979. Ronald Reagan had the panels removed seven years later. Carter died on Sunday at the age of 100.