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Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily for Thursday 27th January. It’s Martyn Lee here and I go through every EV story so you don’t have to.
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TESLA REPORTS $2 BILLION QUARTERLY PROFIT, BUT SAYS SUPPLY-CHAIN SNAGS CRIMP PRODUCTION
– Tesla Inc. late Wednesday reported quarterly profit and sales well above Wall Street expectations, but spooked investors by saying its factories have been running below capacity for several months due to to supply-chain snags likely to continue through the year.
– Sales rose 65% to $17.7 billion, from $10.7 billion a year ago.
– Musk assured investors that despite the “multiple supply-chain challenges” he expects “significant growth” for Tesla in 2022, and “comfortably” above 50% from 2021.
– In a letter to investors accompanying results, Tesla said that its factories “have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through 2022.”
– Tesla’s full-year GAAP profit rose to $5.5 billion from $721 million in 2020, while 2021 sales rose 71% to $53.8 billion, from $31.5 billion in 2020. Tesla said it ended the fourth quarter with $2.8 billion in free cash flow.
– Total debt excluding vehicle and energy-product financing fell to $1.4 billion at the end of the year
– Tesla kept its official guidance of 50% average annual sales growth.
- Original Source: https://www.marketwatch.com/story/tesla-reports-2-billion-q4-profit-sales-up-65-but-stock-falls-11643231962
TESLA FORECASTS 2022 GROWTH ABOVE 50%, DESPITE SUPPLY CHAIN CHALLENGES
“We still expect to be partly or primarily chip limited this year,” Musk said during a conference call, saying that chip limitations should be alleviated next year.
Tesla said its Texas factory will this quarter deliver its first vehicles equipped with its next-generation 4680 batteries made in California as planned.
The number of full self-driving beta vehicles in the United States increased to nearly 60,000, up from a few thousand at the end of September. Tesla has been testing the improved version of its automated driving software on public roads, but it has said the features do not make the cars autonomous.
Quarterly profits took a $340 million hit from payroll taxes related to Musk exercising options related to his 2012 compensation package.The profits also reflected rising raw material, commodity and logistics costs and expenses related to warranties and recalls. Tesla is recalling more than 475,000 of its Model 3 and Model S electric cars to address rearview camera and trunk issues that increase the risk of crashing.
- Original Source: https://www.reuters.com/business/autos-transportation/tesla-beats-revenue-estimates-record-deliveries-2022-01-26/
TESLA CONFIRMS MODEL Y PRODUCTION HAS STARTED AT AUSTIN FACTORY
Tesla started to produce vehicles at its $1.1 billion Travis County manufacturing facility late last year
“Builds of Model Ys started in late 2021 at Gigafactory Texas. After final certification of Austin-made Model Y, we plan to start deliveries to customers,” the company said in its fourth-quarter earnings report.
“The pace of production ramps in Austin and Berlin will be influenced by the successful introduction of many new product and manufacturing technologies in new locations, ongoing supply-chain related challenges and regional permitting. We are making progress on the industrialization of Cybertruck, which is currently planned for Austin production subsequent to Model Y,” Tesla said in a note to investors.
Musk said Model Ys being built in Texas currently are made with a structural battery pack and that deliveries wll start after final certification, which he predicted would be “fairly soon.”
- Original Source: https://eu.statesman.com/story/business/2022/01/26/tesla-austin-factory-begins-model-y-production-elon-musk-gigafactory-texas/6635563001/
TESLA CONFIRMS: FIRST CARS FROM GIGA BERLIN WILL USE 2170 CELLS
Tesla released an update regarding the Tesla Giga Berlin-Brandenburg plant in Grünheide near Berlin, Germany. The company has been testing the production equipment since late 2021 and is waiting for final approval to start series production of the Tesla Model Y.
“Equipment testing through the vehicle production process started late 2021. We are still in the process of finalizing the manufacturing permit from local authorities, which will allow us to start delivering German-made vehicles in Europe.”
“These first vehicles will be built using 2170 cells.”
Tesla is expected to receive final approval for the plant soon, so production and customer deliveries could start by the end of this quarter. However, those are rumors and there is no guarantee that the process will not extend further.
- Original Source: https://insideevs.com/news/563431/tesla-giga-berlin-start-2170cells/
TESLA WON’T BRING CYBERTRUCK, ROADSTER, SEMI TO MARKET IN 2022
Elon Musk revealed that reservation holders for the Cybertruck, Roadster, and Semi—all of which have missed their scheduled production dates—will have to wait even longer before they can get their hands on the long-awaited vehicles.
“We’re not introducing any new models this year,” said Musk in the earnings call. “We will, however, do a lot of engineering and tooling to create those vehicles: Cybertruck, Semi, Roadster, Optimus [which is actually a robot], and be ready to bring those to production hopefully next year.”
“There’s a lot of new technology in the Cybertruck that will take some time to work through,” Musk explained. “There’s a question of what’s the average cost of a Cybertruck and to what degree is that affordable.”
Musk also shed light on the $25,000 car, rumored to be called Model 2, that was announced on Tesla’s Battery Day in 2020. “We are not currently working on the $25,000 car,” Musk revealed. “We have too much on our plate now, frankly, but at some point there will be [time].
Throughout the call, Musk reinforced the idea that Tesla’s priorities lie in introducing self-driving technology rather than expanding the model lineup
- Original Source: https://www.caranddriver.com/news/a38902936/teslas-elon-musk-future/
NO, TESLA ISN’T WORKING ON A $25,000 CAR, SAYS ELON MUSK
When Tesla first announced the Model 3, its headline selling point was its supposed $35,000 starting price. That materialized only briefly, and it hasn’t stopped rumors from churning about a possible Model 2 (or something like that), which would retail for an even more unlikely $25,000. On Wednesday, during Tesla’s Q4 earnings call, CEO Elon Musk definitively debunked those rumors.
A central theme of Wednesday’s call is that Tesla remains highly constrained due to global supply chain and chip shortage problems. That’s what prevented the company from launching any new models in 2021, and now, in 2022. Given that Tesla is unable to get production started on vehicles it announced years ago, it would be zany to be working on a car that would likely have a much smaller profit margin.
ELON MUSK CONFIRMS TESLA CYBERTRUCK DELAYED, WILL “HOPEFULLY” ARRIVE IN 2023
During Tesla’s Q4 earnings call, Elon Musk provided additional details on the Cybertruck, and the news wasn’t good.
The production date of the electric truck has slipped and will now “hopefully” arrive in 2023.
Musk did confirm that Tesla is aiming to produce 250,000 Cybertruck’s per year at volume production. However, he did not provide a timeline on when he would like to see the company hit this benchmark.
- Original Source: https://driveteslacanada.ca/cybertruck/elon-musk-confirms-tesla-cybertruck-delayed-will-hopefully-arrive-in-2023/
TESLA’S SOLAR BUSINESS REMAINS FLAT AS PROGRESS ON ROOFS IS SLOW
Tesla’s solar energy business continued to tread water during the fourth quarter, with installations of its rooftop solar systems holding steady for the third straight quarter.
Tesla again offered few specifics on the development of its solar roof, which is the critical product that will be made at its taxpayer-built and equipped factory in South Buffalo.
Analysts believe Tesla has installed a relatively small number of solar roofs, so a high percentage increase likely involves a modest number of additional deployments.
- Original Source: https://buffalonews.com/business/local/teslas-solar-business-remains-flat-as-progress-on-roofs-is-slow/article_bf73183c-7eed-11ec-8fdf-f3ca32e38914.html
ELON MUSK CONFIDENT TESLA FULL SELF-DRIVING WILL BE FINISHED BY END OF 2022
esla CEO Elon Musk said during the Q4 2021 Earnings Call that he is confident the company’s Full Self-Driving suite will be finished by 2022. Musk was extremely confident in his prediction, stating he will be “shocked” if Tesla does not complete FSD by the end of the year.
Musk stated a day after the price increase took place that “People do not yet understand how valuable an autonomous vehicle will be.” Although Musk’s synopsis of the program was priceless, consumers seemed to believe that they wanted to pay for what was available now, and not necessarily the capabilities of the program.
ELON MUSK SAYS TESLA’S HUMANOID ROBOT COULD BE BIGGER THAN CAR BUSINESS
The first use of the Tesla bot likely will be in the company’s own facilities, Musk said, giving the example of moving parts around a factory.
“The foundation of the economy is labor,” Musk said Wednesday. “So what happens if you don’t actually have a labor shortage? I’m not sure what an economy even means at that point. That’s what Optimus is about.”
- Original Source: https://www.bloomberg.com/news/articles/2022-01-26/musk-sees-human-robot-becoming-bigger-than-tesla-s-car-business-kyw5i39x
TESLA MODEL 3 TOPS RENAULT ZOE AS EUROPE’S BEST-SELLING EV; VW GOLF SLOWS BUT STILL NO. 1 OVERALL
The Tesla Model 3 was Europe’s top-selling electric car in 2021 as battery-powered vehicles emerged as a bright spot for an industry besieged by lockdowns and a shortage of semiconductors.
The Model 3 pushed the Renault Zoe off the top EV spot. The Model 3 also overtook some of the region’s traditionally popular models such as the VW Tiguan and Peugeot 3008 SUVs for 17th place in the overall ranking
In September, the Model 3 was the first full-electric car to become Europe’s best-selling car overall for the month, outperforming the Golf and other regular topsellers with internal combustion engines.
New challengers are emerging in the changing market. In 2021, Hyundai and Kia increased their market share in Europe by almost two percentage points to 8.6 percent due to their lineup of SUVs and electric models
- Original Source: https://europe.autonews.com/sales-market/tesla-model-3-tops-renault-zoe-europes-best-selling-ev-vw-golf-slows-still-no-1
DIM FUTURE FOR CHEVY BOLT EV, EUV AS EVIDENCE MOUNTS GM PLANS TO END PRODUCTION
January 2022 may mark the beginning of the end for the Chevrolet Bolt EV and Bolt EUV. Alongside a Tuesday announcement that General Motors will invest $7 billion in Michigan for EV and battery production, the automaker said the factory — the Orion Township facility — that builds the Bolt EV and EUV will transform into something new.
With $4 billion from the GM mothership, the plant in Orion will become the carmaker’s second electric pickup truck factory and build the upcoming Chevy Silverado and GMC Sierra EVs.
production of the Bolt EV and EUV “will continue during the plant’s conversion” and construction starts “immediately.”
Beyond the omission of a new home for the Bolt siblings, the cars’ platform dates back to old technology. Both EVs ride on what’s known as the BEV2 platform, an architecture evolved from the automaker’s Gamma 2 platform. In other words, there are ties to the past Chevy Spark
GM has since moved past BEV2 and all-in on its Ultium architectures for new-generation electric vehicles.
Earlier this month, GM revealed it will build a Chevy Equinox EV. Not only will its compact stature better suit North American drivers not keen on small subcompact cars, but it will also start around $30,000.
RIVIAN RAMPING UP PRODUCTION AFTER NEAR-WEEKLONG PAUSE
The electric truck maker is aiming to make 200 ready-to-sell units per week after lifting the pause that was aimed at improving fixes and process improvements.
Rivian was making about 50 units a week through the end of December, the report noted, adding that the rate dropped significantly lower last month amid COVID-19 outbreaks at the plant and supply-chain bottlenecks.
plans to increase its annual capacity to 200,000 vehicles at Normal. Its second plant will be built in Georgia and have a capacity of 400,000 vehicles a year.
- Original Source: https://www.benzinga.com/news/22/01/25250851/rivian-ramping-up-production-after-near-weeklong-pause-for-fixes-improvements-report
FORD CEO FARLEY TALKS EV TAX CREDIT, CHIP SHORTAGE
Ahead of his meeting with President Biden alongside other business leaders, Ford CEO Jim Farley sat down with FOX Business’ Grady Trimble.
Ford has committed more than $30 billion to EVs by 2030 and recently announced it will build two electric truck and battery plants in Kentucky and one in Tennessee.
“I think we’re one of the first to scale. We’re committed to 600,000 units in 22 months from now,” Farley told Trimble. “What makes us different [from other EV makers] is we’re electrifying our most iconic vehicles where we sell the best.”
Farley spoke to Trimble at Dutton Ranch, a vineyard in California’s wine region that has been using the E-Transit, along with the automaker’s commercial fleet management service Ford Pro. While the company announced Walmart has ordered 1100 E-Transit vans, Farley said the focus is also on small businesses, like plumbers and electricians.
FORD STARTS PRODUCTION OF ITS NEW ALL-ELECTRIC E-TRANSIT CARGO VAN
Ford has started production of its electric E-Transit cargo vans at its factory in Kansas City, Missouri with the first deliveries expected in the next several weeks, Ford Pro North America general manager Tim Baughman told TechCrunch.
The E-Transit, a configurable all-electric cargo van first revealed in 2020, is key to Ford’s strategy to gain market share in the cargo van market
Ford believes there’s more opportunity with electric vehicles as customers seek out vehicles with lower maintenance and energy costs that also meet sustainability and stricter emissions regulations.
E-Transit, the Ford F-150 Lightning Pro and charging, services, maintenance and fleet management telematics software all fit under a new business called Ford Pro.
- Original Source: https://techcrunch.com/2022/01/25/ford-starts-production-of-its-new-all-electric-e-transit-cargo-van/
NEV SALES MAY TOP 5M UNITS THIS YEAR
China is expected to see continued growth momentum in new energy vehicles this year with sales likely to exceed 5 million units, as NEV development has grown from being policy-driven to being market-driven in the world’s biggest auto market, industry experts said.
Several market bodies, including the CAAM, predicted that NEV sales are expected to exceed 5 million units this year, which is ahead of the country’s goal to raise NEVs to about 20 percent of total sales volume by 2025
CHINA’S BAIDU, GEELY PUT NEARLY $400 MILLION INTO ELECTRIC CAR VENTURE JIDU
Chinese tech company Baidu and auto manufacturer Geely are putting more money into the electric car venture Jidu that they partnered on just about a year ago.
Both companies announced Wednesday they are putting nearly $400 million into Jidu in a Series A financing round. The capital injection comes less than a year after Jidu was launched in March 2021 with $300 million in initial capital from undisclosed investors.
The money will fund research and development and mass production, according to Jidu.
In the last several weeks, Baidu has announced that Jidu plans to reveal a concept car with level 4 autonomous driving capabilities at the auto show in Beijing, set for April.
OLA INJECTS £100M INTO UK ENGINEERING AND DESIGN INNOVATION
Ola Electric, India’s leading manufacturer of EVs, today announced Ola Futurefoundry, its global centre for advanced engineering and vehicle design.
This centre will be based in Coventry, UK, a global hub for the best automotive design and engineering talent in the world.
Ola will invest £100m over the next 5 years into the state of the art centre and staff it with over 200 designers and automotive engineers. The centre will also partner with world class education and research institutions in the UK to collaborate on technology research and development.
ORDERS OPEN FOR NEW RANGE ROVER SV AND PHEV
following the launch of the mild-hybrid petrols and diesels comes what will likely be the most popular fifth generation Range Rovers: the plug-in hybrid
The PHEV has improved upon estimates when it comes to efficiency, going on sale with WLTP-certified 70 miles of EV range – which is considered sufficient to cover a lot of real-world journeys.
And 50kW charging is handy for a PHEV, meaning the 38kWh battery that supplies that 105kW motor can absorb 80 per cent charge in less than an hour.
The PHEV will be offered with either 440hp or 510hp from the combination of Ingenium 3.0-litre straight six and electric motor, with prices starting at £103,485 for the P440e SWB.
NEW QUESTION OF THE WEEK WITH EMOBILITYNORWAY.COM
Tom Moloughney’s Lucid Air 70mph range test yielded a real world highway range of 500 miles. That raises the bar by a huge amount and make the Lucid Air easily the longest range EV ever tested. But…do EV’s ever need a range of 500 miles?
Email me your answer now: email@example.com
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