Welcome to a new Patreon Executive Producer JAMES SWIFT
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 Thursday 19th 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.
Kia Introduces Affordable EV6 Light Long Range Model for 2024
– Kia unveils the EV6 Light Long Range model, a new addition to the 2024 EV6 electric crossover lineup.
– This variant is designed to provide a more affordable option for those seeking longer range.
– Positioned between the existing Light and Wind trims, the EV6 Light Long Range offers a competitive balance of price and performance.
– The MSRP for the new long-range variant is set at $45,950, excluding destination charges.
– This pricing allows a saving of $2,750 when compared to the 2024 Wind model priced at $48,700.
– In terms of range, Kia’s standard Light (RWD) trim delivers an EPA-estimated 232 miles.
– The new Light Long Range model, priced $3,350 more than the base Light version, offers an impressive 310 miles, which is an added 78 miles.
– Importantly, this extended range comes at nearly $3,000 less than the cost of the Wind model.
– For those interested in an all-wheel drive, Kia will offer a Light Long Range AWD version priced at $49,850.
Nio Evaluates European Dealer Network to Enhance Sales
– Nio (NYSE: NIO) is reportedly contemplating the establishment of a dealer network in Europe.
– This potential move would mark a shift from Nio’s previous strategy of extending its direct sales approach to international markets. Reuters, based on information from three individuals in the know, reports that this move aims to accelerate sales growth in Europe.
– Following the company’s president Qin Lihong’s comment on European sales falling short of expectations, Nio has begun exploring potential dealers in vital European regions.
– The decision to use dealerships is also to alleviate financial pressures on Nio as the company focuses its expenditures on research and battery swapping facilities within China.
– A brief timeline of Nio in Europe:
– Entered the European market starting with Norway by launching the ES8 on September 30, 2021.
– Expanded into Germany, the Netherlands, Denmark, and Sweden on October 7, 2022, introducing the ET7, EL7, and ET5 models.
– Initially in the aforementioned countries, Nio provided a “Nio Subscription” service, enabling locals to lease, not purchase, vehicles.
– Due to controversies surrounding this model, Nio provided the buying option in these countries on October 21, 2022.
– It’s notable that other Chinese EV companies like BYD have collaborated with numerous dealerships for overseas sales. Similarly, Xpeng has largely ventured into international markets via dealerships and has been shifting towards a dealership-reliant model within China.
Stellantis Unveils Pro One: A Comprehensive Commercial Vehicle Strategy
– Stellantis has announced the introduction of Pro One, encompassing six of its renowned brands: Citroën, FIAT, Opel, Peugeot, Ram, and Vauxhall.
– Customers of Stellantis Pro One will enjoy several advantages:
– A diverse range including top-tier vans, pickup trucks, and micro-mobility solutions.
– A cohesive network of converters and upfitters.
– Advanced connected vehicle technologies.
– A business-centric partnership approach aiming to elevate efficiency, cut down on costs, and amplify profitability for professional clientele.
– As it stands, commercial vehicles represent a significant chunk of Stellantis’ financial performance, contributing to one-third of its net revenues. This translates to an impressive 1.6 million unit sales each year.
– In alignment with the Pro One initiative, Stellantis has hinted at a significant revelation come Monday, October 23. The buzz centers around the unveiling of an entirely revamped van range for each brand within the conglomerate. This new fleet promises:
– Next-gen zero-emission powertrains.
– Comprehensive connectivity features.
– State-of-the-art autonomous driving assist functionalities.
BMW i5 Set to Begin Deliveries; New 5 Series Touring Announced
– BMW is primed to kick off deliveries of its anticipated i5 model this coming weekend. – The rollout isn’t restricted to just one location; several European nations will witness the launch concurrently.
– Another feather in BMW’s cap is the unveiling of the 5 Series Touring, scheduled for a grand premiere in spring 2024. What’s even more riveting is that this model will have an all-electric variant.
– BMW has hinted at a consistent engine range for the estate, similar to what’s on offer with the i5 sedan. This suggests potential buyers of the electric estate can look forward to two drive options:
– The 250 kW eDrive40.
– The more robust i5 M60 xDrive, boasting a hefty 442 kW output.
– An interesting facet is that the estate will house the same battery unit found in the sedan, which boasts a net energy content of 81.2 kWh. However, there’s a minor trade-off: the estate’s range might not match up to that of the sedan. For context, the sedan, with its rear-wheel drive, promises a commendable range spanning between 498 to 582 kilometers, as measured by the WLTP.
BMW i5 Sedan Soon Hitting US Markets; Price Details Revealed
– The BMW i5 Sedan is set to make its grand entrance to US dealerships within a few weeks, specifically before the curtain falls on October.
– A brief history note: the first-ever BMW i5s were manufactured in Dingolfing, Germany, a production milestone achieved as far back as July.
BMW Group Unveils Direct Sales Model in Europe, Kicking Off with MINI in 2024
– In 2024, BMW Group is set to pioneer its fresh sales blueprint in Europe, beginning the voyage with MINI in Italy, Poland, and Sweden as of 1 January.
– While MINI takes the lead, other European nations will sequentially join the bandwagon, with BMW stepping into this new era come 2026.
– This move marks a significant milestone, facilitating both brand-new BMWs and MINIs as well as the almost-new vehicles from the BMW Group family to be marketed via a bona fide agency model throughout Europe.
– With uniform pricing for the same vehicle variants across nations, customers are assured of price clarity.
– As this transformative shift unfurls, BMW Group is placing its bets on digitizing the whole buying journey. So, whether you’re an online shopper or a brick-and-mortar aficionado – or maybe you dance between both worlds – you’re in for a treat. This digital metamorphosis is backed by a comprehensive IT infrastructure, still ensuring patrons full access to the cherished retail grid.
U.S. EV Sales Hit Over 300k in Q3, Claiming 7.9% Market Share
– EV sales in the U.S. hit a new milestone during Q3, soaring past 300,000 units, as revealed by data from Cox Automotive.
– As of September’s end, cumulative sales for the year tallied up to approximately 873,000. This puts the industry on a promising trajectory, eyeing the magic number of 1 million sales for the first time. November seems to be the month to watch out for this landmark achievement.
– Kelley Blue Book gives a closer estimate for Q3, putting the sales figure at 313,086. That’s an impressive 49.8% hike from the same quarter in the previous year and a step-up from Q2’s 298,039.
– EVs made up 7.9% of the entire auto industry’s sales for Q3. This figure shatters the previous record, showcasing an increase from 6.1% the previous year and the 7.2% of Q2.
– A combination of factors has fueled this upward trajectory of EV sales in the U.S. As pointed out by Cox Automotive, richer inventory, a broader range of vehicle options, and a trend of falling prices have all played their part in driving up sales. Fun fact: EV sales haven’t just grown overnight. They’ve been on a steady rise for a commendable 13 consecutive quarters.
BYD Q3: Profit Per Vehicle Reaches $1,440
– Recently, BYD disclosed its third-quarter earnings preview which painted a robust picture, with analysts optimistic about an even brighter uptick in the company’s per-vehicle profit margins.
– After making the necessary subtractions for contributions from BYD Electronic, the company’s average profit for each vehicle settled around RMB 10,500, which translates to roughly $1,440.
– Providing some industry context, Essence Securities highlighted a fascinating trend: as China’s NEV (new energy vehicle) market penetration amplifies and rivalry heats up, automakers that rank second or third tier and offer less competitive products might face an accelerated exit. This dynamic is set to heighten the industry’s concentration further.
Hyundai’s First Middle Eastern Factory to Focus on EV Assembly in Saudi Arabia
– Hyundai is venturing into the Middle East by establishing its first-ever automotive factory there, with plans to use the Complete Knock-Down (CKD) assembly method.
– CKD involves a process where vehicles are exported in disassembled parts and then pieced together locally, ultimately selling as complete vehicles.
– Currently, Saudi Arabia doesn’t offer electric vehicle subsidies. However, speculation is ripe that the Saudi government might introduce subsidies for locally manufactured EVs to supercharge their domestic EV scene.
– Hyundai stands to gain a competitive price advantage if they benefit from such proposed subsidies.
– As part of their broader vision for the electric mobility sector, the Saudi authorities have channeled billions into a grand project. The objective? To churn out half a million electric vehicles annually by the year 2030.
Vietnam’s VinFast Faces Domestic EV Sales Hurdle
– VinFast, Vietnam’s aspiring electric vehicle giant, eyes the global market, aiming to rival heavyweights like Tesla. Yet, it’s facing challenges in its own backyard.
– In 2022, Vietnam witnessed the sale of approximately 280,000 new passenger cars. From this massive number, VinFast, which remains one of the rare EV choices in Vietnam, could only sell 7,400 units.
– Fast forward to the first half of 2023, VinFast recorded 11,000 vehicle sales. Here’s the catch: more than 50% of these purchases were by a taxi enterprise under the VinFast parent umbrella, Vingroup.
– The company’s journey on the stock market has been quite the roller coaster. After its Nasdaq debut in August, its market valuation skyrocketed, even surpassing automotive giants like Ford and GM. However, this glory was short-lived as the value saw a considerable dip later on.
– Not one to be easily deterred, VinFast continues its expansion spree despite a reported net loss exceeding $600 million in Q3. The brand is now setting its sights on new horizons including India, Indonesia, and the Middle East.
Li Auto Reveals New Glimpses of its BEV, Li Mega
– Fresh visuals of Li Auto’s inaugural battery electric vehicle (BEV), the Li Mega, have been unveiled. The unveiling comes hot on the heels of the company’s CEO sharing a few snapshots, which generated a buzz among Chinese EV enthusiasts.
– Get ready to witness the official launch of the Li Mega this December. The eager ones won’t have to wait too long to own it either – it’ll hit the stores in January and deliveries are set to commence the following month. This timeline was publicized during the Chengdu auto expo in August.
– To ensure a seamless charging experience for the Li Mega, Li Auto is putting the pedal to the metal in expanding its charging infrastructure.
– A notable mention is the 50 5C superchargers already in place. These aren’t just any chargers; they promise to juice up the Li Mega to cover 500 kilometers after a mere 12-minute charge. This was confirmed by the company at the close of August.
– But Li Auto isn’t stopping there. By the time we bid adieu to this year, they’re targeting to have 300 supercharging stations up and running. Fast forward to 2025, and they envision a whopping 3,000 of these stations dotting the landscape.
Historic $3.5B Investment Boosts US Power Grid
– The Biden administration is taking monumental strides towards improving the nation’s energy infrastructure by pouring funds into the power grid.
– The Department of Energy disclosed a staggering $3.5 billion grant allocation, earmarked to augment wind and solar power capacity, reinforce power lines against severe weather, seamlessly integrate electric vehicles and batteries, and develop microgrids. These microgrids are designed to be the beacon of light during power blackouts.
– Here’s a tidbit to make the numbers even more compelling: when combined with contributions from state, local governments, utilities, and industrial collaborators, the collective investment skyrockets to a whopping $8 billion.
– In case you’re wondering, this isn’t just another significant investment. Label it as the “largest-ever investment in America’s grid.”
– The assortment of projects funded under this initiative paints a vast canvas. On one end, there’s an allocation exceeding half a billion dollars to modernize the grid, roll out batteries, and establish microgrids in rural pockets of Georgia. Meanwhile, other endeavors have been awarded tens of millions to realize individual microgrid setups and technology integrations. A unique aspect is that while certain projects are tied to specific states or utilities, others are collaborative efforts spanning several states or even encompassing whole region
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