Weekly News

Lucid Unveils First SUV - Gravity

Lucid has fully unveiled its first ever SUV called the Gravity at the Los Angeles Auto Show. The Gravity SUV boasts an estimated range of at least 440 miles on a single charge, surpassing Tesla's Model X. It features three rows of seats, ample cargo space, and an advanced 34-inch curved display. While sales are expected to start in late 2024, the base model is anticipated to be priced under $80,000. 

Highlights:

• Starting price: $80,000

• Up to 440 mile range

• 0-60mph in 3.5s

• 350kW fast charging

• 6,000lb towing

Dept. of Energy Funding for Domestic Battery Manufacturing

The U.S. Department of Energy announced a significant investment of up to $3.5 billion from the Bipartisan Infrastructure Law to enhance domestic battery production. This move aims to strengthen America's position in the global market, create well-paying jobs, and support the clean energy transition. The funding will enable the establishment of new facilities for battery-grade materials and components, crucial for renewable energy and EVs. This strategic initiative aligns with the Biden-Harris Administration's goal of a net-zero emissions economy by 2050 and promoting electric vehicles​​​​​​​​.

China has been the dominant player in the EV battery supply chain, so this move helps position the U.S. as a leading player to remain competitive in battery manufacturing.

Amazon Entering Automotive?

Amazon is partnering with Hyundai to sell new vehicles on its platform, with Hyundai being the first automaker in this new Amazon venture. The partnership will be exclusively focused on new vehicles and fulfillment will still be done by Hyundai’s dealer network. It also includes the integration of Amazon's Alexa in Hyundai cars from 2025.

This move by Amazon into the car market is significant, especially as Amazon looks to bolster its offering in new verticals. The specifics of the revenue-sharing model between Amazon and Hyundai dealers are not yet clear, but there are no additional costs for the dealers. The announcement affected the stock prices of major car sellers, highlighting Amazon's potential impact on the automotive market. For now, it seems like Amazon will primarily disrupt lead generation companies, but it will not be surprising to see them expand into other components of the car buying process in the coming years. 

Volvo Launches EM90 Electric Minivan with Over 450 Miles Range

Volvo has introduced its first electric minivan, the EM90, boasting an over 450 miles range. Designed as a "Scandinavian living room on wheels,” the EM90 offers comfort and versatility for both family and business use. It features a 116 kWh battery, bidirectional charging capabilities, and advanced safety systems. Pre-orders have started in China, with prices beginning at 818,000 yuan ($114,000). The EM90's introduction into the market signifies Volvo's commitment to expanding its electric vehicle offerings​​​​​​​​​​​​​​​​.

At its price point, we question how many consumers will pay six figures for a Volvo minivan, but we expect the price to change when Volvo rolls out the vehicle in other markets (no comment was made when it would be released outside of China).