EVDigest Weekly Roundup

Good morning, and happy Friday! Before you head into the weekend, here's a quick roundup of *some* of the big news items this week: 

🗓️ Weekly Roundup 🗓️

General Motors ($GM) goes for broad appeal with $30k Chevy Equinox EV. The SUV is expected to be available in about a year and will have a range of up to 250 miles using GM’s Ultium battery. By Fall of 2023, Chevy plans to be selling the EV versions of the Equinox, Silverado and Blazer alongside the Bolt. GM plans to go full electric by 2035. 

Jeep plans four EVs by 2025. The brand of Stellantis ($STLA) will start with the Jeep Recon, a “brother” to the Wrangler, and the luxury Grand Wagoneer S in 2024. The Jeep Avenger, a compact SUV, will hit Europe in 2025. Details for the fourth EV were not disclosed. Jeep aims for half of its U.S. sales and all of its European sales to be electric by 2030.

Mercedes and Rivian ($RIVN) announce van deal in Europe. A new assembly plant is in the works at an existing Mercedes facility in either central or eastern Europe. Production would start "in a few years". The two automakers said they also plan explore other possible synergies. Mercedes plans for all new van models to be electric by 2025.

NIO ($NIO) lands in Detroit for tests with Mobileye. Testing began of the L4 Self-Driving solution in Detroit with a fleet of over 50 NIO ES8s, equipped with Mobileye Drive. Mobileye said it has been working closely with NHTSA on the program.

Lucid ($LCID) loses leaders amid race to ramp. Six high-level manufacturing and logistics executives, including global manufacturing chief Peter Hochholdinger (who joined from Audi and Tesla), have left the company in the last few weeks. Lucid expects to make 6,000 - 7,000 units this year, far fewer than originally planned.

Faraday Future ($FFIE) extends CEO contract as issues mount. Carsten Breitfeld’s contract was extended to at least March 2023. The company’s stock slipped below $1 after production was delayed to Q4 and the company said it needed more cash. Faraday is also dealing with employees challenging the board's executive chair.

NIO ($NIO) earnings call suggests record months ahead. CEO William Li said that NIO is on track for record deliveries each month in the fourth quarter. It guided Q3 deliveries of 31,000 -33,000 and said it received over 200,000 pre-orders for the ET5.

Tesla ($TSLA) China August production rebounds to a near-record. August production totaled 76,965 vehicles, per the China Passenger Car Association. 42,463 of those were meant for export. Wait times for all models in China were also cut by 6 weeks.

Mullen ($MULN) acquires majority of Bollinger for ~$150 million. The acquisition of 60% of Bollinger keeps alive – for now – the Bollinger B1 and B2 EV trucks which had been put on hold. Combined, the companies target the Class 3-6 space. 

That's all for this week! We'll be back on Monday with more news making waves in the EV space. Interested in advertising, have questions or tips? Reach us at [email protected]