Good morning, good afternoon, and good evening wherever you are in the world, welcome to EV News Daily, your trusted source of EV information. It’s Wednesday 11th October, Martyn Lee here and I go through every EV story so you don’t have to. We go live at 5pm UK, that’s Midday Eastern. Patreon supporters get the episodes as soon as they’re ready and ad free. You can be like them by clicking here.
Tesla Model Y Nears Best-Selling EV Title
– Tesla’s Model Y has achieved an impressive milestone, hitting over 2 million global sales.
– As of now, the sales count for Model Y stands at 2.16 million, while its sibling, the Model 3, is slightly ahead at 2.20 million sales.
– Considering the current pace, it’s projected that the Model Y will outpace the Model 3 in sales this quarter, clinching the title of the best-selling electric vehicle ever.
– The Model Y’s journey began in March 2020, and it took a mere 3½ years to reach the 2 million sales benchmark.
– Such rapid sales, especially almost surpassing the Model 3 in such a short span, underscore the Model Y’s significant market success.
Tesla Debuts New Color Wraps for Model 3 & Y
– Tesla has introduced wraps for Model 3 and Model Y vehicles, marking its debut in the U.S., thus adding a fresh palette to the all-electric sedan and SUV.
– Here’s the breakdown of the newly unveiled colors and their respective price points:
– Satin Stealth Black: Priced at $7,500
– Slip Grey: Priced at $7,500
– Glacier Blue, Satin Rose Gold, Forest Green, Satin Ceramic White, and Crimson Red: Each available at $8,000
– This initiative by Tesla aims to provide a broader color spectrum to its clientele without necessitating any modifications to the paint facilities at its American manufacturing units.
– Historically, Tesla’s color range has been confined to a mere five shades for an extended duration, sparking curiosity among customers regarding potential expansions in color offerings.
– Additionally, there’s a buzz surrounding the possibility of Tesla introducing wraps for the much-anticipated Cybertruck, slated for a release as 2023 draws to a close.
Ford Slashes Up To $15k Off F-150 Lightning Price
– Ford introduces a substantial incentive for the F-150 Lightning allowing savings of up to $15,000.
– The new incentive, unveiled last week, provides up to $7,500 for both buying or leasing the vehicle, resulting in potential total savings of $15,000.
– Details from Ford’s official site indicate:
– The 2023 F-150 Lightning Platinum trim comes with a $7,500 retail purchase incentive or an equivalent amount for the Red Carpet Lease.
– The Lariat trim offers a $7,500 purchase incentive and $5,000 for leasing.
– For the XLT model, Ford gives a $1,500 discount, whether you’re leasing or buying.
– The Pro variant, however, does not come with any incentive.
– This April, Ford highlighted the F-150 Lightning’s eligibility for a full $7,500 tax credit. Even though the Platinum trim exceeds the $80,000 mark, customers can save up to a combined $15,000 on the fully-equipped Lariat model. This promotional period is set to end on January 2.
– Following a six-week pause, production of the F-150 Lightning is back on track. This brief hiatus was due to expansion works at the Rouge Electric Vehicle Center. Limited deliveries took place in July and August.
– In a new rollout, Ford introduced the “Flash” for 2024. Priced at $69,995, the Flash promises 320 miles of range, a decked-out tech interior, and a heat pump. Drawing features from both the XLT and Lariat models, the Flash offers optimal value in a single package.
Ford and Hyundai Adopt Tesla’s Gigapress Manufacturing
– Idra, an Italian firm recognized for its aluminum casting machines, has expanded its clientele to include notable brands Ford, Hyundai, and another European automaker.
– Previously, Tesla has been a notable user of these giant casting machines or “gigapresses.” They employ them to produce extensive singular pieces for vehicle underbodies, refining their manufacturing process and even diminishing the tasks for robots.
– These massive casting machines play a pivotal role in the production of Tesla Model Y battery electric vehicles (BEVs). The gigapresses are responsible for casting the front and rear underbodies, which are then merged with battery packs to construct a three-part chassis.
– At IDRA’s Travalgiato facility, a “gigapress 6,100” showcasing the Ford branding was set up and undergoing trials. This machine boasts a clamping force exceeding 6,000 tons.
– However, insider information reveals a twist. This particular machine is destined for the Hyundai group. Furthermore, both the Ford and Hyundai machines are, as of now, intended for research and development undertakings.
– The European auto industry is also showing interest. IDRA is on the brink of sealing a deal for supplying two 9,000 presses to a premium European automaker. Both Volvo and Toyota are rumored to be considering this casting method.
-Six gigapresses seem to be the new benchmark for churning out an annual 500,000 vehicles.
– Highlighting IDRA’s prowess and association with Tesla, they have already dispatched 14 presses to the electric car giant. Notably, this includes two 9,000s deployed for the production of Tesla’s voluminous Cybertruck at their Austin, Texas facility.
VW’s Refreshed ID.4 & ID.5 EVs: Enhanced Range and Tech
– Volkswagen unveils enhanced versions of ID.4 and ID.5 EVs, now open for pre-orders in Europe.
– Key upgrades involve a robust electric drive packing an extra 60 kW power.
– A beefier 77 kWh battery is incorporated, amplifying the range of both EV models.
– Specifically, the RWD ID.4 Pro and ID.5 Pro sport a 210 kW electric motor, a leap from the previous 150 kW.
– Range stats to note: ID.4 EV has a stretch of 550 km (342 miles) WLTP, while the ID.5 SUV coupe boasts 556 km (345 miles) on a full charge.
– For those with a penchant for sportier drives, the AWD ID.4 GTX and ID.5 GTX variants come equipped with a punchy system power of 250 kW.
– Tech buffs will appreciate the upsized 12.9″ (32.8 cm) infotainment display, a modest bump from the earlier 12″. This also pairs with a revamped menu, an elevated digital cockpit, and a flashy optional head-up display.
– But the glam doesn’t end there: VW’s added lit touch sliders for AC and volume control, and a redesigned multifunction steering wheel echoing a new operating rationale.
– Charging aficionados will be pleased: DC charging capabilities have shot up from 135 kW to a brisk 175 kW.
– Rounding off the list, the base model ID.4 Pure, armed with a 52 kWh battery, now supports a commendable 115 kW charging.
LG Energy Pours $3B in US Battery Ventures with Toyota
– LG Energy Solution commits $3 billion to expand its battery manufacturing capabilities in Holland, Michigan, a strategic move originating from a fresh lithium battery supply pact with Toyota.
– Batteries churned out from the Michigan facility are destined for Toyota’s flagship manufacturing hub in Georgetown, Kentucky, ready to power Toyota’s novel battery-powered EVs crafted in North America.
– Noteworthy is the scale of this partnership: this deal crowns LG Energy Solution’s largest supply agreement outside its traditional joint ventures, with production set to kick off in 2025 and an annual production target poised at a staggering 20 gigawatts.
– But that’s not all on LG’s plate. The battery titan is co-forging a monumental $6.3 billion battery production campus in Savannah, Georgia with Hyundai.
– Joining forces with Honda leads them to the blueprints of a potentially $4.4 billion battery manufacturing fortress in Fayette County, Ohio.
– As if this expansive network wasn’t enough, LG Energy Solution and GM’s Ultium are collaboratively laying the groundwork for three battery manufacturing hubs dispersed across Ohio, Tennessee, and Michigan.
– Going solo, LG Energy Solution is channeling a whopping $5.5 billion into a sprawling complex in Queen Creek, Arizona. This site is prepped to roll out both the standard cylindrical EV batteries and the lithium iron phosphate variants.
EV Leasing Trends and Potential Influences
– In the first couple of months of 2023, EV leasing rates declined by about 5% in comparison to the same period in 2022. However, by April, this trend saw a shift with a 5% increase in EV leasing compared to the previous year.
– As of June 2023, Experian data highlighted that more than 22% of the market comprised of EV leases. Notably, the Tesla Model 3 has witnessed a significant uptick in its leasing numbers, positioning it among the top-leased vehicles in the U.S.
– When assessing the broader industry impact, average monthly lease payments have also experienced a change. For Q2 2023, the monthly lease payment averaged at $586, an increment from the previous year’s $553. On the flip side, average loan amounts have also seen a surge, registering at $729 for Q2 2023, compared to $672 for Q2 2022. While there’s an 8.8% YoY increase in loan amounts, lease payments have experienced a sub-6.0% YoY rise.
– Attempts to obtain information from automotive finance firms and the IRS about the frequency of 45W claims in EV leasing have been made by Green Car Reports. However, the responses so far indicate that such data is classified as private. It appears that the public might have to wait until possibly next year for the IRS to release this data retrospectively.
China’s NEV Sales Reach New Heights, Boosting Battery Metal Demand
– China’s new energy vehicle (NEV) sales have hit yet another record in September, surpassing their previous high.
– The sustained growth rate indicates that by December, Chinese NEV sales could near the 10 million unit threshold.
– Such sales trends bring good tidings for lithium and other EV-associated metal producers, especially those based in Australia, South America, and the US.
– The China Association of Automobile Manufacturers disclosed that September’s NEV sales amounted to 904,000 units. This figure is roughly 7% higher than August’s record of 846,000 units.
– Breaking it down, battery electric vehicle (BEV) sales in September stood at a groundbreaking 627,000 units.
– Interestingly, this number trumps the previous record set in December of the prior year, which was 624,000 units, a peak achieved during the last subsidy round.
– Plugin hybrid electric vehicle (PHEV) sales for September were recorded at 277,000 units, making it the fifth consecutive month of record-breaking numbers.
U.S. Faces Electrician Shortage Amid EV Push
– As of early October, almost 4,000 public EV charging stations encompassing over 7,000 ports were reported non-functional, translating to an outage rate exceeding 6%, as per the U.S. Department of Energy.
– Here Technologies, known for harnessing real-time data from networked chargers, noted a figure of 4,673 dysfunctional chargers. They also speculate a significant number of “unconnected” chargers to be in a similar state.
– The widespread inoperability of chargers may act as a roadblock to the broader acceptance of EVs. The sheer inconvenience of locating operational charging ports has been a voiced concern by many EV users. Alarmingly, research from J.D. Power highlighted a 20% failure rate in charging attempts during the year’s initial six months.
– With the United States ramping up its electrification agenda – inclusive of EV charging, solar panel setups, battery storage, intelligent panels, and more – there’s a projected need for an additional 142,000 certified electricians by 2030. This forecast is presented by Qmerit, a firm offering installation expertise in EV charging and other related electrical technologies.
Korea’s EV Market Sways Toward Cost-Effective Chinese Batteries
– South Korea is witnessing a spike in imports of Lithium Iron Phosphate (LFP) batteries, sourced primarily from China, owing to their affordability.
– The shift towards these cost-effective batteries has been driven by Tesla’s aggressive pricing model, which leverages LFPs. As a result, the general direction of the electric car market is veering towards affordability.
– Trade data reveals that from January to August of this year, the import value of these Chinese-made EV batteries reached US$4.47 billion. This represents an impressive growth of 114.6% compared to the same timeframe in the previous year.
– For context, by August, the import value had already exceeded the entire annual import value from the previous year, which was US$3.49 billion.
– Major South Korean auto brands are adapting to this trend. For instance, Hyundai has incorporated Chinese LFP batteries in their Kona Electric SUV model. Likewise, Kia is utilizing these batteries in their Niro and Ray EV models.
– Recognizing the shifting dynamics of the market, South Korean battery manufacturers are exploring the development of LFP batteries. Nevertheless, it’s anticipated that large-scale production might not kick-off until around 2026.
Saudi Arabia Launches EV Charging Infrastructure Venture
– Saudi Arabia’s Public Investment Fund (PIF) and the Saudi Electricity Company (SEC) have jointly unveiled a new electric vehicle (EV) infrastructure firm.
– The main objective of this initiative is to significantly boost the EV charging infrastructure throughout Saudi Arabia. This will likely facilitate a smoother transition to EVs and nurture the domestic automotive environment.
– As per the set goals, the newly formed company aims to make its mark in approximately 1,000 different spots. By the year 2030, the expectation is to have over 5,000 fast chargers installed, strategically placed in cities and interconnecting highways, ensuring they adhere to relevant standards and regulations.
– This ambitious project aligns with a broader vision to elevate Saudi Arabia’s role in the automotive sector. The goal is not only to enhance its capabilities but also to ensure the country emerges as a frontrunner in the evolving electrified phase of the automobile world.
PHIL ROBERTS / ELECTRIC FUTURE
PORSCHE OF THE VILLAGE CINCINNATI
AUDI CINCINNATI EAST
VOLVO CARS CINCINNATI EAST
NATIONAL CAR CHARGING ON THE US MAINLAND AND ALOHA CHARGE IN HAWAII
DEREK REILLY FROM NEVO.IE AND THE NEVO EV REVIEW IRELAND YOUTUBE CHANNEL
OCTOPUS ELECTROVERSE GLOBAL PUBLIC CHARGING MADE SIMPLE WITH ONE APP AND ONE MAP.
LEASEPLAN ELECTRIC MOMENTS PROVIDING ALL THE TOOLS AND GUIDANCE EV DRIVERS NEED
RICHARD AT RSEV.CO.UK
JUKKA KUKKONEN FROM WWW.SHIFT2ELECTRIC.COM
BATTERY REPORTS FOR EVS AT RECURRENTAUTO.COM
JAN TORE GJØBY
ANDY NANCARROW AND LILIAN KASS
BRENDAN MCCARTHY AT NORTHFORK IRONWORKS
COLIN HENNESSY AND CAMBSEV
GARY A HAMMOND
IAN ‘STILL WATERS UK’ BENJAMIN
IAN (WATTIE) WATKINS
JAN FROM EMOBILITYNORWAY
JOHN VAN DEVOORT
JON AKA BEARDY MCBEARDFACE FROM KENT EVS
LAURENCE D ALLEN
NEIL E ROBERTS FROM SUSSEX EVS
PETER & DEE ROBERTS
REALTORS CHOICE PHOTOGRAPHY
ROB FROM THE RSTHINKS EV CHANNEL ON YOUTUBE
THE PLUGSEEKER’S EV YOUTUBE CHANNEL
THOMAS J. THIAS