(Patrick T. Fallon/Getty Images)

Tesla lowers its prices more than other EV makers

Tesla lowered its prices 9% in July — versus 4% for all EVs — to move inventory ahead of the $7,500 tax credit sunset.

8/12/25 10:44AM

US electric vehicle sales just had their second-best month ever in July, selling more than 130,000 vehicles as manufacturers lowered their prices to move inventory ahead of the federal government’s elimination of the $7,500 tax credit at the end of September. The average EV transaction price declined to $55,689, down 4.2% compared with a year ago, according to new data from Kelley Blue Book. The average incentive package for an EV was a record 17.5% of the average transaction price.

Tesla led the charge with numerous incentives that dropped its average transaction price 9.1% to $52,949 in July. Nevertheless, Tesla sales were down year over year.

Tesla, which makes only EVs, has a lot to lose from the demise of the federal credit. Depending on how much the company lowers its sticker prices, the disappearance of the tax credit could severely affect its finances. In combination with the rollback of regulatory credits, JPMorgan estimates the changes will jeopardize more than half its profits. So it makes sense that EV makers would lower their prices while they can still get the $7,500 reimbursement.

Overall vehicle prices (including EVs and gas cars) rose slightly in July, up 1.5% compared with a year earlier.

Jon Keegan15h

Report: Some of Meta’s new AI models will eventually be open-source

Axios reports that Meta is close to releasing its first new AI models after setting up its “superintelligence” team led by former Scale.AI CEO Alexandr Wang, and some of the models will eventually be released with an open-source license.

Per the report, Meta sees an opportunity to focus on consumers, rather than the lucrative enterprise market that both OpenAI and Anthropic have been focusing on.

Meta had previously embraced open-source AI with its Llama models, with CEO Mark Zuckerberg writing a manifesto declaring open-source AI as “the path forward.” Axios says that Meta will be pursuing more of a hybrid strategy of proprietary and open-source models going forward.

The New York Times previously reported that Meta was delaying the launch of its new AI model because of performance issues.

Scoop: Meta will still open-source AI models — just not all of them

The New York Times previously reported that Meta was delaying the launch of its new AI model because of performance issues.

OpenAI’s plan for an AGI world: AI for all and a 4-day workweek

The company’s policy paper calls for a new social contract that includes AI at the center of everything, which could lower costs and create cures for diseases, but also warned it may upend the public safety net.

Jon Keegan16h

🏠 $2.15M

Jon Keegan18h

The median price for a house in San Francisco is now $2.15 million, jumping 18% from last year. The AI startup boom is pushing what was already one of the most expensive housing markets to dizzying new heights. The median price for condos in the city jumped 27% to reach $1.36 million, according to data from Compass, reported by Bloomberg.

Jon Keegan19h

Report: OpenAI on track to burn $85 billion in 2028, expects profitability by 2030

Anthropic and OpenAI are racing to go public this year, and all eyes are on how long they can sustain burning billions in cash before they achieve something that looks like a viable business.

Investors have seen both companies’ projections, and there’s no sign of slowing down, according to a report from The Wall Street Journal.

OpenAI expects to burn tens of billions per year for the rest of the decade, peaking at $85 billion in 2028, before achieving profitability in 2030, per the report.

Anthropic will also continue to burn cash for years — far less than OpenAI — but it projects that 2026 will be its biggest year of losses. It targets 2029 for profitability, fueled by exploding enterprise revenue.

An Inside Look at OpenAI and Anthropic’s Finances Ahead of Their IPOs

OpenAI expects to burn tens of billions per year for the rest of the decade, peaking at $85 billion in 2028, before achieving profitability in 2030, per the report.

Form Energy iron-air battery system leaving Form Factory 1

Big batteries are the newest answer to Big Tech’s big energy needs

America’s booming energy demand is creating a powerful case for large-scale energy storage.

Patrick Sisson4/2/26