Down To Business

China, Rivian, GM, Lucid, and Hyundai. 📈
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Down To Business

China's Automotive Market on the Rise

  • Sales increased by over 20% in November; October sales up by 9.9% from last year.
  • New Energy Vehicles (NEVs) lead with 37.4% of October sales.
  • BYD pushes for a 3 million sales goal; Tesla experiences modest EV delivery growth.
  • Auto industry challenges: Nio cuts 10% of its workforce; truck industry adopts driver-assist tech.

Rivian's Business Strategy Shift

  • The updated Amazon deal allows Rivian to sell electric vans to other companies.
  • Annual production forecast raised to 54,000 vehicles, showcasing company resilience.
  • Focus on in-house powertrain production to cut costs.
  • Financials: Quarterly net loss of $1.36 billion but cash reserves of $9.13 billion.

GM's Investment in Sustainable EV Technologies

  • Partners with Niron Magnetics for EV motor magnets that reduce rare earth mineral dependence.
  • The investment aligns with EV tax credit sourcing requirements.
  • Cruise subsidiary recalls 950 autonomous vehicles for crucial safety software updates.

Lucid Motors' Financial Update

  • Q3 results: Significant financial losses, with $430,000 lost per car sold.
  • Production forecast reduced to 8,000–8,500 units for the year.
  • The company focuses on the Gravity SUV launch in late 2024, with a reveal at the LA Auto Show.

Hyundai's eVTOL Ambitions in the US

  • Supernal to build a manufacturing plant for air taxis in the US.
  • Prototype to debut at the Consumer Electronics Show in Las Vegas.
  • eVTOL with 120 mph speed and five-seat capacity, targeting a December 2024 test flight.
  • Hyundai invests $916 million in Supernal; collaboration with Korean Air for air mobility infrastructure.

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