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.
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.
Chinese electric-vehicle makers NIO, Li Auto, and XPeng have achieved record-breaking delivery numbers, a positive development for both Tesla and BYD, as well as for investors in the EV sector.
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 is expected to exceed electric vehicle delivery estimates in the third quarter, while Tesla faces obstacles, according to an analyst.
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.
The share of electric vehicle sales in the US is rising but varies greatly by state, with California leading at 25% of all vehicles sold in the first half of 2023 being electric, followed by Washington at 18%, according to BloombergNEF.
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.
Tesla announced third-quarter deliveries of just over 435,000 vehicles, slightly lower than the previous quarter, but the company remains on track to meet its 2023 delivery target of 1.8 million vehicles.
Shares of electric truck start-up Rivian Automotive received an upgrade and reported strong delivery numbers, despite a drop in stock prices.
Ford delivered 500,504 vehicles in the U.S. in the third quarter, including 20,962 all-electric vehicles and 34,861 hybrids, edging out GM in electric-vehicle sales but still falling short of Tesla.
Summary: Rivian, an electric vehicle company, is planning to reduce manufacturing costs by up to $40,000 per vehicle in an attempt to offset its losses of more than $30,000 on each truck sold.
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.
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.
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.
Dealerships are offering significant discounts on electric vehicles (EVs) to boost demand, with some EVs being sold for up to 12% below their listed price, according to Edmunds data.
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.
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.
