Important Stuff

Toyota makes moves, Ferrari makes dough, Xpeng makes deliveries, Nikola makes recalls, and Redwood makes batteries out of batteries. 🔋
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Important Stuff

Toyota Vs Tesla, in Thailand, and Hiking Wages

In Q3, California's EV market share soared to 22.3%. Tesla, previously the top-selling brand, was overtaken by Toyota, trailing by about 20,000 vehicles YTD. Even with this, Tesla still leads in model sales.

Toyota is upping its game in response to Chinese EV pressure in Thailand by testing an electric pick-up and amplifying R&D investments.

Moreover, in the U.S., Toyota increased wages for nonunion workers, a move reflecting shifts to match the competitive labor market, especially after recent UAW deals with American manufacturers.

Ferrari's Financial Acceleration

Ferrari reported a 46% increase in Q3 profit, leading to an upgraded full-year revenue forecast now at €5.9 billion and earnings per share of at least €6.55. This financial uplift is driven by high demand for its customized luxury models, with the order book extending to cover demand until 2025.

Chinese EV Startups Surge

October was a landmark month for Chinese EV startups, with Xpeng delivering 20,002 vehicles and Li Auto a record 40,422. Nio saw a slight increase to 16,074 vehicles. However, BYD took the lead, selling 165,505 pure electric cars, and a similar figure for hybrids.

Nikola's Setbacks and Strides

Despite facing a substantial loss from recalling 209 battery-electric trucks at a cost of $61.8 million due to fire risks, Nikola has secured nearly 300 orders for its new hydrogen fuel cell semi-truck. The company also increased its cash reserves, positioning it to resume deliveries in the upcoming quarter.

Redwood's Recycling Milestone

Redwood Materials is recycling a 4MWh battery substation in Hawaii, showcasing the second-life potential of lithium-ion batteries and advancing energy storage circularity. Founder JB Straubel circles back to his Tesla roots with this significant project.

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