Electric Vehicles News & Discussions

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Electric truck maker Rivian raises almost $12bn from share sale

4 hours ago

Shares in electric vehicle firm Rivian are set to start trading in New York on Wednesday, after raising more than $11.9bn (£8.8bn) from investors.

That's as the shares were priced at $78 each, well above the company's target range.

That flotation ranks among the top 10 initial public offerings (IPOs) of all time in the US.

Yet Rivian only started delivering its first electric pick-up trucks to customers in September.

And the California-based start-up has made losses of over $2bn over the last two years.

But the van and truck maker has drawn significant investor interest, in part because it already has the backing of online giant Amazon.

And it is has beaten rivals including Ford and General Motors to a segment of the market - small trucks, pick-ups and SUVs - which is popular with American drivers.

The shares were priced at $78 each, which is above the target range of $72 to $74.

Rivian is already being compared to Elon Musk's Tesla, which transformed the market for electric cars.

Read more: https://www.bbc.co.uk/news/business-59215474


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Pity the "Green" Car Buyer
by Joann Muller
November 27, 2021

https://www.axios.com/pity-the-green-ca ... b230f.html

Introduction:
(Axios) Americans are more open than ever to trading in their gas cars for electrified vehicles — but they're flummoxed by the confusing array of green options arriving in showrooms.

Why it matters: Getting up to speed on the differences among hybrids, plug-in hybrids and battery-electric vehicles will be a challenge for car buyers — and salespeople, too — as we transition away from gas-powered vehicles over the next decade.

What's happening: Overall car sales are down, but sales of electrified vehicles — hybrid, plug-in hybrids and electric vehicles (EVs) — nearly doubled in the third quarter, to 10.4% of total sales from 5.5%, according to Kelley Blue Book.
  • Pure EVs, which have no combustion engine, were still just 3% of the total, partly because of their price tag: nearly $60,000 on average, before rebates, says KBB parent, Cox Automotive.
  • Until EV prices come down, hybrids and plug-in hybrids are a more affordable option for many car buyers.
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Nissan to Invest $17.6 Billion in Electric Vehicle Development Over the Next Five Years
by Steve Dent
November 29, 2021

https://techcrunch.com/2021/11/29/nissa ... ive-years/

Introduction:
(TechCrunch) Nissan will invest 2 trillion yen ($17.6 billion) over the next five years developing new EVs and battery technology as part of a grand plan it calls “Ambition 2030,” the company announced. It aims to release 15 new EVs total by 2030, with electrified vehicles making up half its vehicle lineup at that point.

The automaker said it will develop 23 electrified vehicles in total over the next eight years, with 20 of those coming in the next five years alone. It’s shooting for a market mix of 75 percent electrified (EV and e-Power PHEV/hybrids) in Europe, 55 percent in Japan and 40 percent in the US and China by 2030.

The other part of that mix, would presumably be internal combustion engine (ICE) vehicles. It’s worth noting that in early 2021, Nissan said that it planned to electrify every all-new car it launches by the early 2030s. Presumably, then, any ICE vehicles still available would be legacy models.

Nissan will launch EVs with all-solid-state batteries (ASSB) by 2028 and ready a pilot plant in Yokohama as early as 2024, it said. That technology promises benefits like reduced charging times, but has yet to arrive to market as expected. The company also wants to bring the cost of battery packs down to $75 per kWh by 2028 with a reduction to $65 kWh further down the road. That would be about half of what EV batteries cost last year, according to Bloomberg. By 2030, Nissan hopes to be producing 130 GWh of batteries.
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Electric Car Prices Could Go Up Before They Come Down
by Joann Muller
December 1, 2021

https://www.axios.com/electric-car-pric ... fbe43.html

Introduction:
(Axios) The secret to affordable electric vehicles is cheaper batteries. But after years of falling prices, battery costs are now headed in the wrong direction.

Why it matters: Costlier batteries could drive up the price of electric vehicles — threatening the auto industry's transition away from fossil fuels, and, in turn, society's fight against climate change.

Driving the news: Soaring costs for minerals and other raw materials could push the average price of a lithium-ion battery pack to $135 per kilowatt-hour in 2022, according to researchers at BloombergNEF who specialize in studying the energy transition.
  • The projected 2.3% hike would mark the first price increase in a decade.
What they're saying: "This creates a tough environment for automakers, particularly those in Europe, which have to increase EV sales in order to meet average fleet emissions standards," says James Frith, BNEF's head of energy storage research, per Bloomberg.
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Crossing 10% Global Electric Vehicle Adoption is Huge
by Brian Wang
December 2, 2021

https://www.nextbigfuture.com/2021/12/173925.html

Introduction:
(Next Big Future) Past technology adoption S curves all point to rapid accelerated adoption after 10% adoption is crossed. Battery electric car adoption has reach 13% in Europe and China. Norway’s electric car adoption is the most relevant data point for how fast the adoption will move. Norway went from 10% battery electric market share to over 70% in six years.

Global electric car demand should shoot up by over 5 million cars per year for the next 6 years. 2024, 2025, 2026 should see electric car demand grow by about ten million cars per year.

Factories and battery supply that is ready to ramp now will capture this demand.
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The Polestar Precept is a Cipher for the EV Automaker's Future
by Alex Kalogiannis
December 4, 2021

https://techcrunch.com/2021/12/04/the-p ... rs-future/

Introduction:
(TechCrunch) Polestar will spend the next three years executing a lofty electric vehicle launch schedule that will culminate with the Precept concept, a “Rosetta Stone” of sorts that provides a physical representation of the company’s future.

Polestar, the former Volvo company that spun out to become its own brand, refers to the concept as its “manifesto.” In other words, the Precept, which will go into production as the Polestar 5, tells consumers and eventual shareholders what the EV automaker intends to become.

The next several years will be spent moving further away from its Volvo roots and closer to its own brand, Greg Hembrough, head of Polestar USA, told TechCrunch in an interview at a company presentation in New York. During the presentation, Polestar CEO Thomas Ingenlath, along with other members of the automaker’s leadership team, laid out a plan to expand to new markets, increase sales volume ten-fold and launch three new cars in the process. This ambitious plan is predicated on the company’s core values of design, sustainability and innovation.

The road so far

In 1996, Polestar was introduced to the world as a racing company that sold and developed performance software for Volvo Cars. Intertwined from the start, the union became official in 2011 when Polestar became a Performance partner, imbuing Volvo vehicles with enhanced sport characteristics. It was fully acquired by Volvo Car Group in 2015. It spun off shortly thereafter as its own brand, birthing its first car, the first-and-only hybrid Polestar 1 in 2017 and full EV Polestar 2 in 2019.

Between the two models, Polestar has sold roughly 29,000 vehicles, with the four-door EV Polestar 2 dominating the bulk of those sales.
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