Weekly News

Introducing the Cadillac Escalade IQ

In a significant move that marks Cadillac's continued shift toward electric vehicles, they unveiled the all-electric Escalade IQ on Time Square billboards earlier this week. The new vehicle is a bold departure from the traditional Escalade, with design, engineering, and features that reflect the demands of a new era.

The exterior of the Escalade IQ retains elements of the Escalade's heritage but has been redesigned for a sleeker appearance that contributes to aerodynamic efficiency. Inside, a 55-inch LED display, a cantilevered center console, and extensive passenger and cargo space offer a blend of luxury and functionality. The addition of GM's Magnetic Ride Control 4.0 and Adaptive Air Suspension aims to provide smoother driving on uneven road surfaces.

Specs:

• Battery: 24-module Ultium battery pack with 200 kWh of usable energy

• Range: Up to an estimated 450 miles

• Power: Up to 750 estimated horsepower

• Charging: Options include 800V DC fast charging, providing up to 100 miles of range per 10 minutes of charge

• Towing Capacity: Estimated at 8,000 lb

• Additional Features: Comes equipped with V2H, Super Cruise, 4-wheel steering, with V2L available as an add-on

• Price: Starts at $130,000

Mixed Bag From Rivian & Lucid

Rivian reported robust numbers for the second quarter of 2023, marking a crucial period of growth and improvements in various areas:

Financial Highlights:

• Revenue: Rivian generated $1.12 billion in Q2 (vs. $1 billion expected)

• Gross Margins: Improved by 50% but still losing $32,595 per unit

Production and Deliveries:

• Deliveries: 12,640 EVs, up 50% from Q1, beating analysts' expectations

• Production Ramp-Up: Rivian's production has been ramped up after retooling its EDV line for its new Enduro drive units and LFP battery packs, resulting in reduced input costs by around 25%

Guidance and Future Outlook:

• Production Guidance: Raised to 52,000 units for 2023

• In-house Innovations: Introduction of in-house Enduro drive units and LFP battery packs, along with negotiated supplier price reductions, are part of the future strategy to lower costs

Lucid's earnings report for the second quarter of 2023 showed mixed results with some setbacks but also areas of progress:

Financial Highlights:

• Revenue: $150.9 million, falling short of the expected $175 million

• Net Loss: $764.2 million, an increase from $555.3 million a year ago

Deliveries and Production:

• Deliveries: Lucid delivered 1,404 Airs, about 600 fewer than expected, despite growth compared to previous quarters

• Production Guidance: Lucid reaffirmed its production goal of over 10,000 vehicles in 2023

Products and Pricing:

• Air Model: Lucid announced price cuts for the Air models to spur demand and remains committed to launching new versions later this year and a luxury SUV called Gravity in 2024

• Collaborations: Lucid struck a deal to supply Aston Martin with EV powertrains, battery systems, and related technology, gaining a 3.7% stake in the British supercar maker

Overall, the quarter painted a picture of steady progress for Rivian and a more challenging but evolving path for Lucid. Rivian's growth in production and reduction in costs shows a move towards potential profitability, while Lucid's mixed results reflect both opportunities and hurdles in the luxury EV market. We will be paying close attention to see if Lucid pursues a path forward as a supplier, as it is for Aston Martin, if it continues to face challenges as an automaker.

Totaled Model X Found in Ukraine?

A curious incident involving a totaled Tesla Model X has caught attention online. CNBC Executive Editor Jay Yarow discovered that his previously wrecked Model X, sold through an online auction site, had somehow ended up in Ukraine. Months after the car was declared a total loss, Yarow started receiving notifications on his Tesla app, including details that the new owners were using his still-connected Spotify app to listen to music. The incident has sparked a broader conversation about the potential security risks associated with totaled cars that are restored and the private data within vehicles. Automotive security experts highlight the need for greater awareness among dealers and owners about these issues, as cars are increasingly becoming internet-connected devices that can store personal information.

Fisker Reveals More About Ronin Super GT Convertible

After an initial unveiling during the marque's Product Vision Day 2023 event, Fisker has released additional photos and details about its new Super GT convertible, the Ronin.

• Range: 600 miles

• Power: Featuring over 1,000 horsepower, a 0 to 60 mph time of 2 seconds, and a top speed of 170 mph

• Exclusive Production: Only 999 units will be built, each priced at $385,000

• Reservations: Open now on Fisker's website, with deposits required for pre-orders

The Ronin represents Fisker's efforts to create a luxurious and sustainable vehicle without sacrificing performance. More details were revealed post-unveiling, showcasing features like smartphone-activated doors.

Education Corner

Misconceptions About EV Maintenance

High Maintenance Requirements: EVs have fewer moving parts than internal combustion engine vehicles, resulting in lower maintenance requirements. EVs do not require oil changes, and their regenerative braking systems often lead to longer-lasting brake pads and reduced wear on the braking system. On average, EVs have ~50% less maintenance expense than internal combustion engine vehicles.

Short Battery Lifespan: While EV batteries do experience some degradation over time, most manufacturers offer warranties that cover battery replacement or repair for a significant number of years or miles. Additionally, advancements in battery technology have increased battery lifespan and performance, further reducing the need for replacements. For example, studies showed that the Tesla Model S/X only lost 12% of its range after 200,000 miles.