Plus, stay tuned because later in the show I’ll tell you what Rivian are saying about how good or bad 2024 will be for their sales numbers.

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 22nd February, I’m Martyn Lee and I go through every EV story so you don’t have to.

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UAW Invests $40 Million in Organizing Efforts for Auto and Battery Sectors

– The United Auto Workers (UAW) has announced a $40 million investment aimed at organizing efforts for non-unionized auto and battery workers in the U.S. over the next two years.

– This financial commitment follows a vote by the UAW International Executive Board, signaling a proactive response to the growing organizing activities within these sectors.

– The investment targets the rapidly expanding electric vehicle (EV) battery industry, which is expected to create tens of thousands of new jobs nationwide.

– The UAW’s initiative is part of a broader strategy to ensure that workers in the burgeoning battery industry can secure and elevate employment standards.

https://evne.ws/3SZwuLe

Cadillac Lyriq Requalifies for $7,500 EV Tax Credit

– The Cadillac Lyriq has regained eligibility for the full $7,500 EV tax credit under the Inflation Reduction Act, thanks to changes in parts sourcing.

– New requirements mandate that 50% of critical minerals used in EV batteries must be sourced from North America, a 10% increase from the previous year. Battery component manufacturing in North America also saw a 10% increase in requirements for 2024.

– Initially disqualified at the beginning of the year due to these stringent requirements, Cadillac adjusted the sourcing of battery separators and electrolytes, making the Lyriq eligible again.

– As an SUV, the Lyriq falls under the $80,000 price cap for tax credit eligibility, covering almost all configurations of the vehicle, which starts at $62,090.

– To compensate buyers of Lyriqs built before these sourcing adjustments and thus not qualifying for the credit, Cadillac has been offering a $7,500 discount, ensuring all buyers benefit regardless of the vehicle’s build date.

https://evne.ws/3SXznMP

Rivian Reduces Q4 Loss and Plans Workforce Reduction

– Rivian’s Q4 net loss improved to $1.52 billion from $1.72 billion the previous year.

– The electric vehicle maker’s revenue doubled to $1.32 billion in Q4 from $663 million in Q4 of the prior year.

– Despite revenue growth, Rivian forecasts no significant increase in production for 2024, expecting to maintain last year’s output levels.

– The company announced a 10% reduction in its salaried workforce as part of cost-cutting measures.

– Analysts had anticipated Rivian would produce 81,700 vehicles in 2024, following last year’s production of 57,232 units.

– Rivian recently reduced prices for its R1T pickup and R1S crossover, with the R1T now starting at $71,700, reflecting a $3,100 price reduction.

– The company is set to reveal its R2 vehicle platform, aimed at producing more affordable vehicles, at a March 7 event. A new, smaller crossover is slated for 2026 production in Georgia.

https://evne.ws/3wDxM7q

Mercedes-Benz EQS Update Spied Ahead of Cadillac Competition

– A prototype of the updated Mercedes-Benz EQS, an all-electric sedan, was recently observed during road tests.

– The vehicle displayed new design features under black-and-white camouflage, particularly at the front and rear.

– Expected updates include restyled horizontal headlights, a redesigned air intake on the lower front fascia, and modified horizontal taillights with a rounded bumper at the rear.

– The body retains its distinctive rounded silhouette, noted in the test model that was seen with an open moonroof.

https://evne.ws/3SZYLBD

Apple Introduces Enhanced CarPlay Experience in iOS 17.4 Update

– Apple’s iOS 17.4 update brings significant enhancements to CarPlay, offering a new instrument cluster experience in supported vehicles.

– With the update, Apple Maps in CarPlay will display advanced navigation information, including detailed upcoming maneuvers.

– Users can switch the display type between the main screen and the instrument cluster by using a map configuration button located on the upper right of the Maps screen.

– The update allows dual-screen car users to choose which Maps view appears on each screen, enhancing navigation flexibility.

– CarPlay navigation now includes two viewing options: a street-level view for close-up navigation and a sky-level view to track overall trip progress.

– In vehicles with single displays, users can toggle between these two views to suit their preference.

– Cars equipped with an instrument cluster display as a second screen for CarPlay can now switch views between the main display and the instrument cluster, optimizing the use of dual displays for navigation.

https://evne.ws/3v1lXXU

Hyundai Motor Introduces Comprehensive EV Care Program

– Hyundai Motor Co. has launched the EVery Care program, designed to support the entire lifecycle of electric vehicles (EVs) for its customers.

– The program covers various aspects, including purchase incentives, charging solutions, guaranteed residual values for used EVs, and loaner support.

– Benefits provided under the EVery Care program include charging credits or assistance with home charger installations, ensuring customers have access to convenient charging options.

– To safeguard the investment of EV buyers, the program guarantees the residual value of used Hyundai EVs, offering peace of mind about the vehicle’s future value.

– Starting February 21, customers purchasing a new IONIQ 5, IONIQ 6, or Kona Electric are eligible to participate in the EVery Care program.

– For customers who choose to sell their IONIQ 5, IONIQ 6, or Kona Electric within three years and upgrade to a newer Hyundai model, the program guarantees up to 55% of the original purchase price.

https://evne.ws/3wBtUDR

EV Adoption Could Reduce Childhood Asthma and Infant Mortality

– Electric vehicles (EVs) offer substantial health benefits by potentially reducing childhood asthma attacks and infant deaths linked to exhaust pollution.

– Nearly three million childhood asthma attacks could be prevented through the widespread use of EVs, showcasing their impact beyond environmental conservation.

– Around 27 million children in the U.S. are exposed to harmful levels of air pollution, with risks starting from prenatal exposure.

– State-led initiatives, particularly in California, are pushing forward the transition to zero-emission vehicles, focusing on reducing truck emissions as a priority.

– The shift to electric vehicles is seen as a crucial step in addressing health disparities in low-income, urban areas and promoting environmental justice.

https://evne.ws/3wzH7x3

LG Energy Boosts LFP Battery Material Supply

– LG Energy Solution Ltd. has procured cathode materials for LFP (lithium iron phosphate) batteries to support the production of 1 million electric vehicles (EVs).

– The agreement with Changzhou Liyuan New Energy Technology Co. from Nanjing, China, involves the supply of around 160,000 tons of LFP cathode materials over five years, starting in 2023.

– This supply is estimated to support EVs each capable of driving over 400 kilometers on a single charge.

– Future supply expansions may be considered based on the evolving market demands, as per LG Energy Solution.

– This deal marks LG Energy’s strategic move into the LFP battery sector, diversifying beyond its traditional focus on nickel-cobalt-manganese (NCM) and high nickel-cobalt-manganese-aluminum (NCMA) cathode batteries.

– The shift towards LFP batteries comes after improvements in their safety and performance, which have significantly increased their market demand.

– LG Energy Solution is planning to start mass production of LFP batteries for EVs by the second half of 2025 and is currently discussing partnerships with potential clients in Europe and North America.

https://evne.ws/3SWZrYf

Europe Sees Surge in EV Sales with Germany Leading

– Electric passenger car sales in Europe, including the UK, increased by nearly 30% in January 2024 compared to the same month in 2023.

– Electric vehicles (EVs) accounted for 11.9% of all passenger car sales in Europe and the UK in January 2024.

– The Volkswagen Group topped the sales chart with 258,402 vehicles sold, followed by Stellantis with 183,120, and Renault with 92,935, collectively covering over half of the market.

– Germany led the sales with 22,474 new electric cars, marking a 23.9% increase. France followed with a 36.8% rise, Belgium with a 75.5% increase, and the Netherlands with a 72.2% jump.

– The UK recorded a 31.1% increase in new electric car registrations, totaling 20,935 vehicles.

– Diesel vehicle sales saw the most significant decline in Belgium (-45.1%) and Iceland (-44.3%), with notable drops also in France (-23.4%), Spain (-10.2%), and Italy (-8.7%).

https://evne.ws/3SYZ1Av

Hyundai Set to Launch IONIQ 7, Its First Three-Row Electric SUV

– Hyundai is gearing up to unveil the IONIQ 7 at the Busan Motor Show in June, marking its entry into the three-row electric SUV segment.

– The IONIQ 7 is built on Hyundai’s E-GMP platform, which also underpins the IONIQ 5 and IONIQ 6 models.

– Hyundai is opening its first EV and battery megaplant in Georgia, with plans to accelerate the project to ensure EV tax credit eligibility for its vehicles, including the IONIQ 7.

– The $7.6 billion Georgia facility is expected to commence operations as early as October, according to Hyundai Motor America CEO Jose Munoz.

– The IONIQ 7 is anticipated to share features with Kia’s EV9, offering 8 inches of ground clearance and options for 76.1 kWh or 99.8 kWh batteries.

– It will support 350 kW fast charging, allowing for a charge from 10% to 80% in approximately 25 minutes.

– Production of the IONIQ 7 is set to begin at Hyundai’s Asan Plant in Korea in July 2024, with additional manufacturing planned at the new Georgia facility starting next year.

– The official debut date for the Hyundai IONIQ 7 is slated for June 27th, following multiple sightings of the vehicle during testing phases.

https://evne.ws/4bW8Rfh

BYD Debuts Revamped Dolphin with Price Strategy

– BYD introduced updated, more affordable versions of its budget sedans, leading to a trend of price reductions among its competitors.

– The refreshed Dolphin model boasts design updates such as new gray and red exteriors and redesigned wheels, though additional specifications were not disclosed.

– Launched at the Chengdu auto show in 2021, the Dolphin is built on BYD’s e-Platform 3.0, marking its first compact EV on this platform.

– In January, BYD’s NEV sales hit 201,493 units, with the Dolphin accounting for 18,905 of these sales, ranking it as the fourth most popular BYD model.

– Following BYD’s price reduction, other manufacturers like SAIC-GM-Wuling and Neta Auto have also cut prices on select models.

– Last year, BYD introduced “Champion Editions” of several models, reducing prices to compete more aggressively with traditional fuel vehicles.

https://evne.ws/3T0rcPw

Electric Vehicles: A Key to Reducing Childhood Asthma and Improving Air Quality

– A transition to electric vehicles (EVs) and clean energy could prevent nearly 2.8 million child asthma attacks in the U.S. each year.

– The American Lung Association report highlights the potential health benefits of a nationwide shift to zero-emission vehicles by 2040 and a clean electric grid.

– Such changes could also save 508 infant lives annually and significantly reduce respiratory illnesses among children.

– The report estimates almost 2.7 million fewer cases of upper respiratory and 1.9 million fewer cases of lower respiratory pediatric illnesses annually.

– Additionally, 147,000 fewer children would suffer from bronchitis each year.

– Vehicle emissions, a major source of air pollution, contribute to various public health issues, including climate change.

– The ALA advocates for all cars to become zero-emission by 2035 and all trucks by 2040, alongside a shift to renewable energy for the electric grid by 2035.

– Over 27 million American children live in areas with unhealthy air quality, with those from poor and minority backgrounds being the most affected.

– The report emphasizes the urgent need for cleaner air to protect the health of 1.7 million children with asthma, who are especially vulnerable to air pollution.

https://evne.ws/42VoPlG

Lotus Technology Hits $5.5 Billion Valuation with Nasdaq Listing

– Lotus Technology, focused on electric vehicles (EVs), is set to be publicly listed on the Nasdaq stock exchange, marking Lotus’s second public listing.

– The listing values the EV division at $5.5 billion, with $880 million raised from early investors ahead of the listing.

– Lotus, first public in 1968 and later acquired by General Motors in 1986, is now highlighting its growth through the production of premium EVs in China, targeting sales in China, Europe, and the U.S.

– The company forecasts sales exceeding 76,000 vehicles by 2025, driven by models like the Lotus Eletre electric SUV, Lotus Emeya electric saloon, and the Emira petrol sports car.

– An additional smaller electric SUV is expected to boost sales by another 80,000-90,000 units, aiming for a 4% profit margin by 2025.

https://evne.ws/3SPb5UU

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