Weekly News

Ford and Rivian Gain Access to Tesla’s Supercharger Network

Earlier this week, Rivian officially gained access to Tesla's extensive Supercharger network, a significant development for its owners who will begin receiving a compatible adapter for free starting in April. This move follows Tesla's decision to open up its standard to other automakers, aiming to establish it as the new standard for EV charging across North America (almost every OEM announced a planned switch to Tesla’s standard, known as NACS, over the last year). Rivian's announcement comes shortly after Ford, which also secured access to the Supercharger network and began offering its own free adapter to Mustang Mach-E and F-150 Lightning owners.

The partnership is supported by a digital integration within the Rivian app, allowing owners who have a third-party NACS-to-CCS adapter to utilize Superchargers that are open to non-Tesla EVs, directly via the app. This development aims to enhance the EV charging experience, offering Rivian and Ford owners easy access to the most extensive fast-charging network. 

Earlier this week, Polestar owners in China also received access to Tesla’s Supercharger network.

GM Getting Over Production Issues

General Motors is making strides out of what has been termed "production hell" at its Factory Zero in Michigan, a facility dedicated to its EV production. 

GM ambitiously set a target to manufacture 200,000 to 300,000 EVs equipped with Ultium battery packs in 2024, despite selling only 14,000 Ultium EVs in 2023. 

Challenges in scaling Ultium production have been acknowledged by GM's leadership team, which believes most of these hurdles are now behind them. The automaker's initial attempt at fully automating the battery assembly line, particularly with pouch-shaped cells, encountered setbacks, including multiple incidents at the factory.

Despite these challenges, GM has managed to double battery production at Factory Zero. The lessons learned here are invaluable as GM plans to apply this newfound knowledge to its upcoming battery plant in Tennessee, indicating a forward momentum in GM's commitment to electrification and its competitiveness in the EV market.

North America’s Largest Lithium Facility 

The United States Department of Energy approved a significant $2.26 billion loan to Lithium Nevada for the development of a lithium carbonate processing plant. The loan aims to finance the construction of North America's largest lithium mine, Thacker Pass, located in Nevada. Upon completion, the mine, coupled with its processing facility, will be the continent's largest lithium source for EV batteries, underlining the project's monumental scale and potential impact on the sector.

The processing plant at Thacker Pass is projected to produce approximately 40,000 tons of lithium carbonate annually, primarily for use in EV lithium-ion batteries, equating to enough lithium to power up to 800,000 EVs each year. The project has ambitions to double this capacity to 80,000 metric tons per year in the future

Construction at the Thacker Pass mine commenced in March 2023, following a series of victorious court battles. General Motors will be the primary long-term purchaser of lithium carbonate from Thacker Pass after investing $650 million in the project in 2023, which made it the largest shareholder in Lithium Americas, the parent company of Lithium Nevada.

Cybertrucks Rentals Going Live

The first Cybertruck rentals are starting to appear on platforms like Turo. There are around 90 available across the United States, with the lowest priced at $294 a day. Not a bad option to experience the truck (and the crowd that comes with it) for a day!

Fisker Troubles Continue

Fisker, a startup electric vehicle manufacturer, is facing financial challenges that have led to the hiring of restructuring advisers. According to a recent report from the Wall Street Journal, the company is exploring the possibility of filing for bankruptcy.

Despite achieving a 300% increase in vehicle deliveries in Q4, Fisker's stock is under threat of being delisted due to persistently low share prices ($0.12 at Friday’s close). The company's latest quarterly report highlighted substantial doubt about its ability to continue operations without external investment. Amid these challenges, Fisker has been in advanced discussions with Nissan about a potential partnership. It’s unclear what that partnership would look like, but it would be an interesting move for Nissan if they pursue a substantial investment or even acquisition of Fisker. 

The company's attempt to navigate through its financial crunch includes pausing EV production for six weeks and seeking to raise up to $150 million through the sale of convertible notes. So far, Fisker has delivered about 1,300 vehicles in 2024 and a substantial inventory valued over $200 million.