Main topic: Subaru's plans to release a full lineup of electric vehicles.
Key points:
1. Subaru aims to sell 600,000 EVs per year by 2030, making up half of its global sales.
2. The automaker plans to boost its battery-electric lineup to eight models.
3. Subaru plans to double its electric-vehicle lineup by the end of 2028, including a three-row electric SUV.
4. Toyota will reportedly build the three-row electric SUV for Subaru in Kentucky starting in 2025.
5. Subaru plans to invest around $10.5 billion towards its electrification efforts by around 2030.
The main topic is the second-quarter earnings report of XPeng, an EV startup.
1. XPeng reported a wider-than-expected loss in the second quarter, with revenue tumbling compared to the previous year.
2. The company expects a significant rebound in deliveries and sales in the current quarter.
3. XPeng's partnership with Volkswagen and the launch of their new G6 electric SUV are seen as potential drivers for future growth.
Huge price reductions and increased availability are driving growth in the electric vehicle market, which saw record sales in 2023, as major manufacturers like Tesla, Ford, and General Motors lower their prices and pass on cost savings from raw materials to consumers.
Rivian CEO R.J. Scaringe believes that purchasing a car with an internal-combustion engine (ICE) is akin to building a horse barn in 1910, as gas stations will slowly disappear and EVs continue to progress, leading to potential regret for ICE vehicle owners in the future.
Rivian has introduced its new Enduro drive unit, a fully integrated platform with in-house designed components, that not only enhances off-roading performance but also increases the range of its electric vehicles.
Swedish electric vehicle maker Polestar expects to deliver at least 60,000 EVs in 2023 and confirms that its next two new models, Polestar 4 and Polestar 3, are still on track for production despite a net loss of $304.1 million in the second quarter and delays with the software for the Polestar 3 pushing its release to early 2024.
Kia America reported a nine percent increase in vehicle sales in the US in August, with 2,449 EV6s sold, representing a 33 percent year-over-year increase and about 3.4 percent of the total volume, indicating strong sales for their battery-electric vehicles and positioning the company as a leader in innovative mobility.
Rivian Automotive closed trading at $24.18, outperforming the S&P 500 and Nasdaq, and is expected to report positive earnings and revenue growth in its upcoming earnings report.
Once electric vehicle adoption reaches 5-10 percent of new car sales, researchers predict that a significant surge in sales will occur, potentially reaching up to 80 percent of new sales, as early adopters are replaced by mainstream consumers looking for a good deal; however, a hesitant American public and inadequate charging infrastructure may hinder the country's progress in this transition.
Rivian Automotive's stock soared 6% after analysts predicted strong third-quarter deliveries and highlighted the company's improving margins and solid demand for its electric vehicles.
Electric vehicle stock Rivian (NASDAQ:RIVN) received positive news from analysts, with Baird marking it as a "fresh pick" likely to beat delivery projections, resulting in a 6.5% increase in shares; additionally, reports of a lifted version of the Rivian R1T have further augmented its appeal to pickup enthusiasts.
Rivian's stock rises on predicted Q3 delivery success despite a slight decrease in estimates, while Fisker anticipates a significant increase in EV deliveries in the US and Europe for the fourth quarter.
Despite electric vehicle (EV) sales hitting records in the U.S., concerns arise as EVs are selling slower than expected due to excess inventory and weaker demand in regions like Michigan and Ohio, which could be attributed to cold weather impacting EV range, requiring smarter marketing and incentives from manufacturers like Ford and GM to drive adoption.
Electric Drive Transportation Association President Genevieve Cullen believes that the future of electric vehicles (EVs) is promising, as three factors - technology, policy, and markets - are driving the adoption and expansion of EVs. Despite concerns from autoworker unions about potential job losses, the rise of EVs is unstoppable, with increasing sales and government support.
Rivian experienced explosive growth in the first half of 2023 in California, with a nearly 200 percent increase in new vehicle registrations and a 156 percent growth in registrations for the second quarter alone, making it a popular alternative to Tesla among consumers.
Rivian reported higher-than-expected Q3 production and delivery numbers, putting the company on track to surpass its annual estimates and produce 52,000 vehicles in 2023.
Shares of electric truck start-up Rivian Automotive received an upgrade and reported strong delivery numbers, despite a drop in stock prices.
Ford's third quarter EV sales surpassed 20,000 vehicles, with the Mustang Mach-E leading the way, although electric models make up just over 4% of the company's overall sales, and it still trails behind Rivian in terms of EV sales.
Rivian Automotive Inc. plans to issue $1.5 billion in convertible debt and reported preliminary third-quarter revenue, causing its stock to fall and disappointing investors.
Rivian Automotive plans to offer $1.5 billion of convertible debt to finance green projects, causing its stock to fall after a surge in the previous session.
Rivian's stock dropped 8.7% after the electric vehicle maker announced a $1.5 billion convertible bond sale and issued disappointing guidance for the third quarter.
Shares of Rivian Automotive are down 16% in early trading after the company announced a plan to offer $1.5 billion in convertible notes and provided a third-quarter revenue estimate in line with Wall Street expectations.
Electric vehicle maker Rivian Automotive announces plans to raise $1.5 billion in convertible notes, causing a 19% drop in share prices, while McDonald's supplier Lamb Weston experiences a 10% jump in shares after beating analysts' expectations.
Electric vehicle maker Rivian's shares dropped nearly 23% after announcing plans to issue $1.5 billion worth of convertible green bonds to help "de-risk" the launch of its R2 sports utility vehicle, raising concerns about dilution and cash flow for the speculative business.
Investors are favoring Rivian over Lucid Group as Wall Street takes sides in the electric vehicle market, with Lucid's stock down 25% this year compared to a 1% decline for Rivian, reflecting Lucid's slower progress in unit sales and financial performance.
EV company Rivian saw a decline in pre-market trading after analyst Daniel Ives lowered the price target due to concerns about management's messaging and execution, but remains cautiously optimistic about Rivian's long-term growth potential.
BMW is leading the way in electrification among traditional luxury carmakers, with a significant increase in sales of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) in the first three quarters of 2023. Other German luxury brands, such as Mercedes and Audi, are also experiencing growth in the EV market, but BMW is currently ahead.
Electric vehicle (EV) sales in the United States reached over 300,000 in the third quarter, with Tesla's market share dropping to its lowest on record due to aggressive price cuts by competitors, but the company could regain ground with the launch of its Cybertruck, according to a report by Cox Automotive.
Kia confirms plans to release a smaller, lower-priced EV called EV2 as part of its goal to sell 1.6 million vehicles annually by 2030, with European and emerging markets being the main focus.
US electric vehicle sales reached a new milestone in the third quarter, with a 50% increase from last year, but Tesla's market share is shrinking as other automakers see significant EV sales gains.
US electric vehicle (EV) sales reached over 313,000 in Q3, a nearly 50% increase from a year ago, with Tesla accounting for 50% of total sales, but its market share is decreasing; meanwhile, the overall EV market share reached 7.9%, driven by higher inventory, more product availability, and downward pricing pressure, according to Kelley Blue Book.
Battery-electric vehicles accounted for 7.9% of all new cars sold in the U.S. during the third quarter, with over 300,000 EVs sold, reflecting a 49.8% increase from the same period in 2021.
US electric vehicle sales have increased by 50.1% year-on-year as more car buyers opt for electric vehicles, with a total of 313,086 battery EVs purchased between July and September 2023, according to Kelly Blue Book.
Automakers are offering significant discounts on electric vehicles, particularly luxury models, as competition in the market grows and consumer interest in hybrids outweighs that in EVs.
The 2023 Rebelle Rally marked a significant milestone for EV maker Rivian, as its all-electric R1T became the first EV to win the off-road competition, highlighting the company's use of motorsports as a proving ground and the development of features based on feedback from the rally.
Toyota is set to showcase an all-electric Land Cruiser SUV concept at the 2023 Japan Mobility Show, which could potentially compete with other three-row EVs on the market.
Lexus unveiled new concept electric vehicles, including the LF-ZC luxury car that will serve as the basis for a future model launching in 2026, boasting advanced features such as a low-drag coefficient, next-generation batteries, and an AI-powered "butler," while parent company Toyota is urged to strengthen its EV strategy.
General Motors (GM) is reconsidering its target of making 400,000 electric vehicles (EVs) by June 2024 due to the slowdown in consumer demand for EVs, but remains committed to its goal of an all-electric lineup by 2035, as automakers face challenges with economic uncertainty, lack of charging infrastructure, and higher prices compared to gasoline-powered vehicles.
Major automakers, including Mercedes-Benz, are facing challenges in the electric vehicle market due to waning customer demand, high interest rates, and intense price competition with Tesla and Chinese competitors. The slow growth of EV sales and ongoing strikes in the industry are further impacting the adoption of EVs.
US electric vehicle sales have reached a tipping point, with a 50% increase in the third quarter compared to last year, but automakers are concerned about the need to be cost-competitive in the market due to consumer reluctance to pay premiums for EVs over gas or hybrid vehicles.
Top automakers, including Ford, General Motors, and Mercedes-Benz, are grappling with declining demand for electric vehicles (EVs) and are facing losses and price wars due to customers hesitating to pay a premium for EVs over conventional models, prompting these companies to cut costs and slow down EV production.
Rivian Automotive's stock has dropped by 29.94% in the past month, and the company is set to announce its earnings on November 7, 2023, with projected year-over-year growth of 13.38% and an estimated revenue increase of 154.57%.
The Biden administration aims to have 50% of all new car sales be electric vehicles by 2030, with local dealers preparing for increased sales due to generous state and federal incentives.
