Morning Brew - ☕ Electric stagnation

The state of the 2024 EV market.
September 23, 2024

Tech Brew

EQT

It’s Monday. Many believed this year was going to be the year EVs finally hit their stride, but the electric transition continues to happen in fits and starts. As we near Q4, Tech Brew’s Jordyn Grzelewski assessed the state of the EV market.

In today’s edition:

Jordyn Grzelewski, Vidhi Choudhary, Annie Saunders

FUTURE OF TRAVEL

Change of plans

Pixelated car with a generating and cancel button displayed over. Anna Kim

The year began with high hopes for the transition from fossil fuel-burning vehicles to battery-powered ones.

Nine months later, the electric vehicle market is in a much different position.

“The expectation going into this year was that this might be the year EVs really hit that next evolutionary level. And it hasn’t happened,” Kevin Roberts, director of industry insights and analytics at CarGurus, told Tech Brew. “This year, sales are still up. They’re just not up as much as had been anticipated, and that’s where the narrative around EVs has shifted.”

Instead of being the year EVs went mainstream, 2024 is shaping up to be the year of the EV retreat.

Hype meets reality: A record 1.2 million EVs were sold in the US last year, and battery-powered vehicles captured 7.6% of the new-vehicle market, per Kelley Blue Book (KBB).

Back in January, Tech Brew reported that EV sales were expected to grow this year, but at a slower pace than in 2023. But the tempo has turned out to be much slower than expected.

CarGurus previously estimated that EV sales would grow 42% in 2024. But when we checked back in with Roberts this month, he told us his team is now forecasting 11% YoY growth.

Indeed, US EV sales rose 11.3% YoY in Q2, according to KBB. And in Q2, Tesla’s US market share fell below 50% for the first time.

So, what’s changed?

Keep reading here.—JG

   

PRESENTED BY EQT

Nothin’ but net zero

EQT

You may know net zero as the state when emissions are balanced by the amount removed from the atmosphere. It’s also the largest infrastructure opportunity you might come across today.

Wanna learn more? Check out EQT, an organization that has already made thematic infrastructure investments into areas like:

  • generating, storing, and distributing energy
  • decarbonization and electrification of industrial processes and transport
  • resource efficiency and circularity

EQT has set Science Based Targets for portfolio companies corresponding to nearly 60% of its invested equity. Its infrastructure business has invested over $13 billion in the energy transition to date—including in the energy and environmental sectors as well as transport investments with a significant decarbonization angle.

Delve deeper with EQT.

FUTURE OF TRAVEL

No parking

Hayden AI cameras mounted on a bus. Hayden AI

If a delayed bus has ever messed with your morning commute, one San Francisco-based tech startup might be able to help.

Hayden AI has developed a vision AI system that it’s deploying in numerous US cities with the goal of improving public transit. The company is leveraging artificial intelligence to enforce violations when vehicles obstruct bus lanes.

Hayden AI’s system uses cameras mounted on buses to monitor bus lanes, capture images, apply algorithms to the images, and collect evidence of parking violations in bus lanes that it then sends to the relevant authorities.

“As we saw more and more cities looking to add things like bus lanes, there became a recognition that without some type of enforcement, the rules around the use of the lanes were likely to be ignored,” Charles Territo, Hayden AI’s chief growth officer, told Tech Brew.

The system is working as designed if it accomplishes four objectives: boosts on-time arrivals of buses, reduces bus collisions, decreases greenhouse gas emissions by cutting down on the amount of time buses spend idling, and increases ridership.

“The more efficient, the more reliable, the safer those routes were, the more people would choose transit,” Territo said.

Keep reading here.—JG

   

AI

Check it out

Karin Tracy of Meta Meta

Meta Founder Mark Zuckerberg swears by generative AI and its impact on how brands advertise on Facebook and Instagram.

And it seems generative AI is working for Meta’s ad unit. For Q2, Meta reported total revenue of $39.07 billion, and 98% of it ($38.3 billion) came from selling ads.

One of the products advertisers are spending money on is Meta’s AI-powered Advantage+ umbrella of tools. “Advertiser adoption of these tools continues to expand, and we’re adding new capabilities to make them even more useful,” Meta CFO Susan Li said on the Q2 earnings call.

This holiday season, Meta is once again making a pitch for its AI tools, citing use cases and ways brands can make ads faster and reach the right target audience.

Retail Brew sat down with Meta’s head of industry, Karin Tracy, who oversees retail, fashion, and luxury practices across Facebook, Instagram, and Messenger, to learn more about creative diversification and Meta’s ad strategy going into the holidays.

Keep reading here.—VC

   

TOGETHER WITH LAUNCHDARKLY

LaunchDarkly

De-risk your releases. Are you ready to avoid costly software outages like those that keep making headlines? Find out how prepared you are by taking this two-minute risk assessment from LaunchDarkly. It gives you a clear understanding of your risk profile and provides immediate actions for improving your software release processes. Take the assessment.

BITS AND BYTES

Stat: 519 milliliters. That’s how much water is required for a GPT-4-powered AI chatbot to generate a single 100-word email, according to an analysis by the Washington Post and University of California, Riverside, researchers.

Quote: “You don’t want to have all this heavy polluting industry down on Earth. It consumes an enormous amount of freshwater [and it] consumes an enormous amount of land…It’s much better to put things like that in space and keep Earth for earthlings and its inhabitants.”—Philip Johnston, a co-founder of Lumen Orbit, to IT Brew on why it makes sense to put data centers in space

Read: Russia goes all-out with covert disinformation aimed at Harris, Microsoft report says (Associated Press)

Net zero: It’s not just balancing emissions with removals—it’s also a huge, cross-industry opportunity. EQT is focusing on energy, decarbonization, and resource efficiency, with over $13 billion invested in climate solutions. Want to learn more?*

*A message from our sponsor.

SHARE THE BREW

Share Tech Brew with your coworkers, acquire free Brew swag, and then make new friends as a result of your fresh Brew swag.

We’re saying we’ll give you free stuff and more friends if you share a link. One link.

Your referral count: 2

Click to Share

Or copy & paste your referral link to others:
emergingtechbrew.com/r/?kid=303a04a9

         
ADVERTISE // CAREERS // SHOP // FAQ

Update your email preferences or unsubscribe here.
View our privacy policy here.

Copyright © 2024 Morning Brew. All rights reserved.
22 W 19th St, 4th Floor, New York, NY 10011

Older messages

☕ Racking up the Ws

Monday, September 23, 2024

Why a card game is suing SpaceX... September 23, 2024 View Online | Sign Up | Shop Morning Brew PRESENTED BY Grayscale Investments Good morning. It's the first full week of fall, or autumn, if you

☕ Treasure hunt

Sunday, September 22, 2024

How a Costco apartment is trying to solve the housing crisis... Presented by Timeline Nutrition September 22, 2024 | View Online | Sign Up | Shop Happy first day of Fall! Sebastien St-Jean/AFP via

☕ Nuclear revival

Saturday, September 21, 2024

An infamous power plant will serve Microsoft's energy needs… September 21, 2024 View Online | Sign Up | Shop Morning Brew PRESENTED BY Studio by Tishman Speyer Good morning, and happy last (

☕ Force of another color

Friday, September 20, 2024

Pantone's “dualities palette.” September 20, 2024 Retail Brew Hello, and happy Friday, although perhaps a little less so for retiring Nike CEO John Donahoe. However, if Elliott Hill's return as

☕ AI: Drain or aid?

Friday, September 20, 2024

How AI impacts the grid. September 20, 2024 Tech Brew PRESENTED BY SVB It's Friday. And we're back with the third installment of our series about the problems and possibilities surrounding the

You Might Also Like

In Waning Senate Days, Kyrsten Sinema Screwed Workers and Spent Campaign Cash on Stay at French Castle

Monday, December 23, 2024

The Arizona senator's prodigious campaign spending in global wine hot spots can't possibly be related to the campaign she's not running, says an ethics complaint. Most Read Indiana's

Monday Briefing: Al-Assad’s final days in power

Sunday, December 22, 2024

Plus, tell us about your most successful New Year's resolution. View in browser|nytimes.com Ad Morning Briefing: Asia Pacific Edition December 23, 2024 Author Headshot By Gaya Gupta Good morning.

Gift of the Day: For the (Battery) One-Percenters

Sunday, December 22, 2024

“They'll never have to turn on low power mode again.” The Strategist Gifts Every product is independently selected by editors. If you buy something through our links, New York may earn an affiliate

GeekWire's Most-Read Stories of the Week

Sunday, December 22, 2024

Catch up on the top tech stories from this past week. Here are the headlines that people have been reading on GeekWire. ADVERTISEMENT GeekWire SPONSOR MESSAGE: Improve focus and memory with Thinkie:

Speckled Curiosa

Sunday, December 22, 2024

Today, enjoy our audio and video picks. Speckled Curiosa By Caroline Crampton • 22 Dec 2024 View in browser View in browser The full Browser recommends five articles, a video and a podcast. Today,

10 Things That Delighted Us Last Week: From Gap’s CashSoft to Airplane Footrests

Sunday, December 22, 2024

Plus: A design-y divider to make room for guests in small spaces. The Strategist Logo Every product is independently selected by editors. If you buy something through our links, New York may earn an

LEVER WEEKLY: Nurses And Other Superheroes

Sunday, December 22, 2024

Financial technology startups could ruin Christmas and more from The Lever this week. Nurses And Other Superheroes By The Lever • 22 Dec 2024 View in browser View in browser This is Lever Weekly, a

The Sunday — December 22

Sunday, December 22, 2024

This is the Tangle Sunday Edition, a brief roundup of our independent politics coverage plus some extra features for your Sunday morning reading. Our Sunday newsletter is typically a feature for

What I give my 5 (!) siblings every year

Sunday, December 22, 2024

Plus: Our favorite board games View in browser Ad The Recommendation December 22, 2024 Ad I gave my big family the present of a new tradition. Maybe you can, too. A sheet pan of holiday shaped sugar

☕ Clipped wings

Sunday, December 22, 2024

Is the F-35 worth the money? Morning Brew Presented By Timeline December 22, 2024 | View Online | Sign Up | Shop Skating at the Grand Palais in Paris. Stephane De Sakutin/AFP via Getty Images BROWSING