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Lucid Motors’ Financial Performance, SUV Announcement, Partnerships, and Future Plans in Q2 2023
Lucid Motors’ financial results for the second quarter of 2023 were below expectations. Revenue reached $150.9 million, missing the predicted $176.63 million.
The company reported a net loss of $764 million (GAAP).
Lucid confirmed that the Gravity SUV would be unveiled in November 2023, with production set to commence at the end of 2024.
Lucid’s liquidity reached $6.25 billion following a $3 billion capital raise in June, primarily from Saudi Arabia’s Public Investment Fund (PIF). This leaves the company with sufficient funds to operate until 2025.
Vehicle deliveries for Q2 were 1,404, lower than the expected 1,873. The company remains confident about meeting its goal of producing 10,000 EVs in 2023.
Lucid announced price cuts for its Air Pure sedan, Air Touring, and Grand Touring models by $5,000, $12,000, and $12,000, respectively. They also introduced special leasing and financing offers available until the end of August.
Lucid also announced the hiring of Zhu Jiang, an ex-Ford and NIO executive, to expand into the competitive Chinese EV market.
The RWD Pure and the tri-motor Sapphire Air are expected to enhance production in September.
Tesla Plans New Permanent Tent at Fremont Factory for Possible Production Expansion
Tesla is working on building a new permanent tent at its Fremont factory, with a project cost of $750,000.
According to a filing seen on the City of Fremont website, the project includes the installation of several light fixtures, switches, receptacles, and multiple circuit breakers.
Last week’s filings indicated retooling at the Fremont factory, suggesting that expansion activities might be currently underway.
Two eagerly awaited models, the Cybertruck and the “Model 3 Project Highland,” are in the pipeline, with production possibly split between Fremont and Shanghai.
Extended Range MG4 EV with 323 Miles Range and Enhanced Power
The new MG4 Extended Range Hatchback breaks the 300-mile barrier, boasting an impressive 323 miles of WLTP range.
Powered by a 77kWh battery (74.4kWh usable), this new model replaces the Long Range version’s 61.7kWh pack, offering an increase of 20% in range.
Charging capabilities remain convenient, allowing for a 10-80% recharge in just 39 minutes using a 150kW charger.
Available exclusively in top-spec Trophy trim, the car’s design includes a black roof, tinted windows, larger 18″ alloy wheels, heated leather seats, and a 360-degree camera, among other features.
The 0-62 mph time has been improved to 6.5 seconds, making it a full second faster than the previous Long Range model and the second-fastest variant in the lineup.
MG4 Extended Range is priced at £36,495, the same as XPower and £4,000 more than the Long Range Trophy. It stands as a more affordable option compared to key competitors like the Tesla Model 3 RWD and Volkswagen ID 3 Pro.
Fans of MG are eagerly awaiting the MG Cyberster.
MG’s offer of 0% APR for PCP finance is not applicable to the Extended Range or the XPower but is exclusive to specific other models in the lineup.
Volkswagen Narrowly Surpasses Tesla in German EV Sales Race
In the first seven months of 2023, Volkswagen (VW) narrowly overtook Tesla in electric car sales in Germany, with 41,475 first registrations of fully electric cars compared to 40,289 passenger cars for Tesla.
Tesla had led the German market for the first six months of the year and was the overall market leader in 2022, according to Germany’s Federal Motor Transport Authority (KBA).
German manufacturers dominated the top positions, with Mercedes registering 20,613 cars, followed by Audi with 16,786, BMW with 15,987, and South Korean manufacturer Hyundai close behind with 15,411.
Even with the electric boost, overall car sales are still below pre-COVID-19 pandemic levels.
GM’s Ambitious Vehicle-to-Home Bidirectional Charging Plans for Ultium EVs by 2026
General Motors (GM) has disclosed plans to equip all its electric vehicles based on the Ultium platform with vehicle-to-home (V2H) bidirectional charging capabilities by 2026. This groundbreaking technology will enable electric vehicles to transfer energy from their batteries to homes, effectively turning GM’s electric vehicles into backup generators.
This technology’s debut is slated for the 2024 Chevrolet Silverado EV RST, with the vehicle’s launch expected later this year. Additionally, GM’s portfolio set to support V2H by 2026 includes models like the 2024 GMC Sierra EV Denali Edition 1, Chevrolet Blazer EV, Chevrolet Equinox EV, Cadillac Lyriq, and Cadillac Escalade IQ.
BMW Introduces Customized i5 Electric Sedan for China
BMW has revealed a unique version of the 5 Series Sedan and the all-electric i5, specifically tailored for the Chinese market. These adaptations include a longer wheelbase, more rear space, and particular design enhancements.
To appeal to the younger generation in China who favor inspiring charisma and individuality, these vehicles will have gold accents on various parts like the BMW kidney grille, rims, and window line. In contrast, the European models sport details in aluminum or black.
The i5 for China differs in its charging technology due to the nation’s charging standard, GB/T. This standard requires different connections for AC and DC charging, leading to the China i5 having two charging flaps. The AC port will likely be situated between the driver’s door and the front wheel, while the DC port will be located above the right rear wheel, in the position of a traditional fuel cap.
UK’s Used EV Sales Hit Record High in Second Quarter
Used battery electric vehicle (BEV) sales skyrocketed by 81.8% to 30,645 units, reaching a record 1.7% of the market, up from 1.0% in the previous year.
Motiv’s Argo: A New Medium-Duty EV Truck with Efficient Motors and LFP Batteries
Motiv, a 14-year veteran in the electric vehicle field, has announced a new medium-duty electric truck named the Argo. This truck is designed from the ground up and responds to the increasing demand for commercial medium-duty EVs.
The Argo’s cab design is more modern, utilizing composites instead of traditional sheet metal to balance the weight of the battery pack. Heating and cooling efficiency is improved, and the driver’s seat is optimized to reduce fatigue and enhance visibility.
The new powertrain for Argo will feature six-phase motors developed in collaboration with Japan’s Nidec. Initially an 800 V motor, it has been modified to run at 350 V, offering a more cost-effective solution.
The introduction of Argo is timely, considering the relative scarcity of medium-duty electric trucks for commercial purposes, and it should be on the road by late next year.
Hyundai and Kia Amp Up Electric Vehicle Plans in India
Korean automaker Hyundai Motor Group (HMG) is eager to expand its presence in India’s electric vehicle (EV) market, working through Hyundai Motor India (HMIL) and Kia India.
The group aims to increase Kia’s market share in India from 6.7% to 10%, focusing on sport utility vehicles (SUVs) and expanding the EV line-up.
Executive Chair Euisun Chung is on a visit to India and has met with officials including Tamil Nadu’s chief minister and industries minister to discuss these plans.
EV sales in India, including Completely Knocked Down (CKD) assembled units, have nearly doubled from last year to 1,181 units. There are plans for mass-producing EV models in India to significantly increase EV sales.
Cumulative production at Indian plants until July this year was 630,230 units, which is an 8.7% increase from last year’s 580,049 units.
E.On Launches Pilot Project for Dynamic Pricing at EV Charging Stations in Denmark
E.On has initiated a pilot project for dynamic pricing at public charging stations in Copenhagen.
The dynamic pricing model allows Electric Vehicle (EV) drivers to charge their vehicles at half the price during certain hours.
The pricing will depend on several factors such as the time of day, grid capacity, and the amount of renewable energy being used at the time. Charging during off-peak hours could result in discounts of up to 50%.
E.On was one of three companies to win a tender to install public charging infrastructure in Copenhagen. It secured four sub-contracts for 165 charging stations, while the remaining bids went to Clever and OK.
Internationally, E.On operates over 36,000 public charge points and 3,000 ultra-rapid charging stations accessible via an app.
The company has plans to own 5,000 high-power charge points by 2026, expand existing locations, and build new public charging hubs.
E.On primarily depends on Alpitronic for fast-charging equipment and increased its order in May of this year.
UK Infrastructure Bank Invests £24m in Cornish Lithium Production
Backers are investing almost £24m in Cornish Lithium. The company’s total initial investment has now surpassed £53m. This new funding is part of a second stage of financing that could raise up to £168m.
Cornish Lithium plans to use this extra funding to commercialize the production of lithium and other metals and minerals.
The UK, like many countries, is looking to increase its domestic supply of key metals and minerals for energy transition, including lithium. Currently, lithium extraction is concentrated in a few markets, like Chile and China.
The UK Government is being urged to establish plans for growing the nation’s Gigafactory stock to avoid over-reliance on imports and miss opportunities for green job creation.
Brisbane’s Classic City Cat Ferries Set to Go Electric for 2032 Olympics
Queensland’s boat builder, Norman R. Wright and Sons, has announced that they can provide a fleet of all-electric ferries for Brisbane by the 2032 Olympic Games.
The company is partnering with New Zealand’s EV Maritime for this ambitious project. Together they will develop a new generation of all-electric Brisbane River ferries.
EV Maritime, based in Auckland, is currently in the process of constructing electric fast ferries capable of carrying up to 200 passengers. Two of these ferries are set to begin operation in Auckland Harbour on New Zealand’s North Island in 2024.
The project in New Zealand is part of a $34 million contract backed by the New Zealand government, aimed at rolling out fast ferries for Auckland.
McMurtry’s Electric Fan Car: A Street-Legal Challenge That’s Still Viable
The McMurtry Speirling is an exceptional and speedy all-electric single-seater prototype, capable of reaching 0 to 60 mph in approximately 1.5 seconds.
It comes with a powerful 1,000-horsepower electric powertrain and a unique fan system that sticks the car to the road, enhancing downforce compared to standard track cars.
A track-only version, the Speirling Pure, has already been announced by the British startup. This raises questions about the possibility of a road-legal variant.
There are regulatory challenges associated with the fan system.
Last year, plans were discussed for a road-legal fan car that would maintain the prototype’s 1,000 hp per tonne power-to-weight ratio and 60-kilowatt-hour battery pack.
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