| | | | |  | | By Arianna Skibell | Presented by Chevron | | 
A Model X sits outside a Tesla dealership last year in Englewood, Colorado. | David Zalubowski/AP | Electric vehicle sales aren't growing as fast as they used to — and the cooling market is finally catching up to Tesla. The country’s leading EV-maker told its workers Monday that more than 10 percent of them would lose their jobs, writes David Ferris. Buyers are also reporting delayed deliveries of Tesla’s new Cybertruck, The Wall Street Journal reports. The layoffs and delays come as EV sales growth slows — despite the Biden administration’s efforts to promote them through tax credits and tightened pollution regulations — and many consumers still interested in purchasing an electric car are looking to other automakers. “I don’t want to make this sound too cynical, but it’s an indication that Tesla is a car company,” Mike Ramsey, an auto analyst at the consulting firm Gartner, told David. “It has long been considered a technology company,” he said, “but the fact of the matter is that these layoffs are much more similar to what we see in the rest of the auto industry when you have grown beyond your current demand.” After enjoying surging sales last year, the electric vehicle market has cooled. EV sales in the first quarter of this year grew 2.6 percent from last year’s first quarter. By comparison, sales jumped 46 percent between the first quarters in 2022 and 2023. Tesla has tried to keep its market share by slashing prices, but its stock has lost 35 percent of its value since December. And its year-over-year sales in the first quarter of 2024 declined by 8.5 percent. The EV superstar is also no longer the only game in town, with a long roster of rivals chipping away at its market dominance. Automakers such as Volkswagen, General Motors, Hyundai and newcomer Rivian are selling a growing number of EVs, as well as plug-in hybrids, which address many buyers’ EV range anxiety. Tesla has also been plagued by a number of high-profile departures in recent years. That includes Andrew Baglino, who developed Tesla’s vehicles and energy products; Rohan Patel, a vice president of public policy who once served as a climate and energy adviser in the Obama White House; and Zachary Kirkhorn, the chief financial officer, who like Baglino was one of the few executives other than CEO Elon Musk to speak on behalf of the company. Tesla did not respond to David’s requests for comment.
| | | It's Tuesday — thank you for tuning in to POLITICO's Power Switch. I'm your host, Arianna Skibell. Power Switch is brought to you by the journalists behind E&E News and POLITICO Energy. Send your tips, comments, questions to askibell@eenews.net.
| | | Today in POLITICO Energy’s podcast: Matt Daily breaks down how the Israel-Iran conflict could increase world oil prices.
| | | | A message from Chevron: Chevron knows methane management is critical for a lower carbon future. We’re striving to lead in methane management with innovative practices, partnerships, and new technologies. These are a few ways we’re aiming to keep methane in the pipe. | | | | | | | 
Hawaii Gov. Josh Green (center) speaks to reporters during a tour of wildfire damage in Lahaina. | Rick Bowmer/AP | $1,200 hotel rooms: FEMA pays luxury prices
Since the devastating wildfire swept through Lahaina, Hawaii, last August, thousands of people in the community of 13,000 remain without permanent housing, writes Thomas Frank. Federal and state agencies are struggling to move residents from hotels into rented homes and apartments and have been forced to pay mind-boggling rates for housing — a developing housing crisis that foreshadows a growing effect of wildfires.
| | | | A message from Chevron:   | | | | | | | 
The retired coal miner in Virginia holds his mining helmet. | Dylan Lovan/AP | Biden cracks down on mining dust
The Biden administration issued a rule that imposes federal limits on silica dust, a carcinogen that threatens miners digging up everything from coal to metals like copper and zinc, writes Hannah Northey. Silica dust comprises tiny crystals that can reach the deepest parts of the lungs. Exposure can cause lung cancer, respiratory and kidney disease and black lung disease. Lawmakers' nuclear deal lacks a vehicle for passage
House and Senate lawmakers have reached an agreement on nuclear energy legislation, but they are struggling to find a way to get it to the president’s desk before the election, writes Nico Portuondo. The agreement comes after weeks of closed-door negotiations to merge two pieces of legislation designed to speed up the licensing process for nuclear plants and generally streamline regulations to promote next-generation reactors.
| | Biden's climate law: Hundreds of millions of dollars are up for grabs in environmental justice grants. Opinion: Climate change’s hidden costs are the most damaging.
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World Bank President Ajay Banga (right) has said he wants to make the replenishment of a portfolio of grants and low-interest loans, which pays for climate adaptation and other projects, the biggest ever. | Ajit Solanki/AP | The world needs trillions of dollars to fight climate change, but its bank is having trouble delivering. Alaskan groups are fighting a court order that upheld the Biden administration's decision to temporarily pause new oil and gas leasing in the Arctic National Wildlife Refuge. Three dozen emissions trading systems are now operating worldwide, raising $74 billion in revenue last year. That's it for today, folks! Thanks for reading.
| | | | POLITICO IS BACK AT THE 2024 MILKEN INSTITUTE GLOBAL CONFERENCE: POLITICO will again be your eyes and ears at the 27th Annual Milken Institute Global Conference in Los Angeles from May 5-8 with exclusive, daily, reporting in our Global Playbook newsletter. Suzanne Lynch will be on the ground covering the biggest moments, behind-the-scenes buzz and on-stage insights from global leaders in health, finance, tech, philanthropy and beyond. Get a front-row seat to where the most interesting minds and top global leaders confront the world’s most pressing and complex challenges — subscribe today. | | | | | | | | | A message from Chevron: By 2028, our upstream methane intensity target is set to be 53% below the 2016 baseline. To help us get there, we’ve trialed over 13 advanced methane technologies including satellites, planes, drones, and fixed sensors to help reduce methane emissions intensity. In the Permian, we have deployed real-time autonomous optimizers that continuously monitor facilities and well conditions to help prevent flaring, venting and well shutdowns. Developing new solutions to provide energy that’s affordable, reliable and ever-cleaner, that’s energy in progress. | | | | | | | Follow us on Twitter | | | | Follow us | | | | |
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