10 July 2020 | Rivian lands another $2.5bn investment

Show #835

 

Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily for Friday 10th June 2020. It’s Martyn Lee here and I go through every EV story so you don't have to.

 

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SK INNOVATION BEGINS CONSTRUCTION OF ITS 2ND U.S. BATTERY PLANT

"SK Innovation, as promised, has started construction of its second lithium-ion battery cell factory in the U.S., which was designed for 11.7 GWh annually (starting in 2023). The first 9.8 GWh factory, at the same site in Commerce, Jackson County, Georgia, has been under construction since March 2019 and will start production in 2022. The combined output to be 21.5 GWh annually." says InsideEVs: "SK Innovation intends to reach a manufacturing capacity of 100 GWh of electric vehicle batteries per year.We know that the South Korean company will supply new Volkswagen models, including MEB-based all-electric cars. Probably starting with the U.S. made Volkswagen ID.4. According to The Elec article, another major customer might be Ford, which could use SK Innovation cells in its all-electric pickup. Ford is also using LG Chem batteries."

 

https://insideevs.com/news/433334/sk-innovation-construction-2nd-us-battery-plant

 

HONDA AND CATL FORGE BATTERY COOPERATION

"Honda has taken a one-percent in CATL as the companies seek a stable supply of battery cells and also closer cooperation in the areas of development and research as well as recycling and second-life approaches." reports electrive: "The move comes at a time when auto manufacturers increasingly turn to CATL to secure the cell supply for upcoming electric models, for the Chinese market especially. Honda in its latest press release expects “CATL will provide a stable supply of NEV batteries to Honda, mainly for battery electric vehicles (BEVs)”."

 

https://www.electrive.com/2020/07/10/honda-and-catl-forge-battery-cooperation/

 

RIVIAN LANDS ANOTHER $2.5 BILLION IN INVESTMENTS

"Electric vehicle startup Rivian, which is backed by Amazon and Ford and aims to put an electric pickup and SUV into production in 2021, boosted its fortunes further with a $2.5 billion investment round led by T. Rowe Price, Rivian said Friday." according to Autoblog; "The deal comes on the heels of electric car maker Tesla's meteoric rise in stock valuation and the recent public offering of Nikola Corp. Both Tesla and Nikola are planning electric pickups to rival Rivian. The new round takes total investment in Rivian to at least $6 billion, including a $1.3 billion round in December led by T. Rowe Price and including Amazon, Ford and BlackRock, according to investor website Pitchbook."

 

https://www.autoblog.com/2020/07/10/rivian-billions-investment-round-t-row-price/

 

TESLA GERMAN-BUILT MODEL Y IS GOING TO BE ‘A REVOLUTION IN AUTO BODY ENGINEERING’

"Elon Musk is hyping up the upcoming German-built Tesla Model Y, which he claims is going to be “a revolution in automotive body engineering.”" says Electrek: "Elon Musk has talked before about Tesla building “the most-advanced paint shop” at Gigafactory Berlin in order to release new multi-layered paint options for Model Y. Now, Musk is now teasing a “revolution in automotive body engineering” with the Model Y produced in Germany. The CEO wrote on Twitter today: “Berlin Model Y is the one to watch. That is a revolution in automotive body engineering (finally).”

 

Eh Canadian • a day ago • edited

Most automakers divide the structure into multiple parts not necessarily because they can't stamp or cast a larger part, but because they want to use different alloys for each piece of the structure. Many "aluminum" unibodies include at least a few steel pieces, such as the door-sill and B-pillar. The problem with too large of a cast is that it forces the use of a single alloy for the entire piece, which is unlikely to be optimal for weight or material cost.

 

https://electrek.co/2020/07/10/elon-musk-tesla-german-built-model-y-is-revolution-auto-body-engineering/

 

TESLA APPEARS POISED TO ELECTRIFY S&P 500

"Tesla Inc appears on the verge of joining the S&P 500, a major accomplishment for Chief Executive Officer Elon Musk that would unleash a flood of new demand for the electric car maker’s shares, which have already surged 500% over the past year." reports Reuters: "Higher-than-expected second-quarter vehicle deliveries, announced last week, have analysts increasingly confident the company will show a profit in its quarterly report on July 22. That would mark Tesla’s first cumulative four-quarter profit, a key hurdle to be added to the S&P 500. With a market capitalization of about $250 billion, Tesla would be among the most valuable companies ever added to the S&P 500, larger than 95% of the index’s existing components. It would have a major impact on investment funds that track the index."

 

https://www.reuters.com/article/us-tesla-stocks-s-p-500-analysis/tesla-appears-poised-to-electrify-sp-500-idUSKBN24A34D

 

TESLA (TSLA) ANNOUNCES DATE FOR Q2 2020 EARNINGS CALL

Tesla (TSLA) announced the date for its Q2 2020 Earnings Call. As usual, Tesla will post its financial results with a Q2 2020 update after the market close on Wednesday, July 22, 2020. At 2:30 pm Pacific Time (5:30 pm Eastern Time), Tesla management will hold the Q2 2020 Earnings Call via webcast.

 

https://www.tesmanian.com/blogs/tesmanian-blog/tesla-tsla-q2-2020-earnings-call

 

MASSACHUSETTS EXPANDS EV REBATES TO NONPROFITS, BUSINESS FLEETS

"Massachusetts took a big step forward recently by include nonprofits and business fleets in the state’s electric vehicle incentives. The move hopes to maximize the environmental impact of the program during a time where the economy has slowed statewide vehicle sales. Along with those sales, progress toward the state’s carbon emissions goals has also slowed." says CleanTechnica: "MOR-EV previously provided rebates of up to $2,500 to consumers who buy a new EV. In 2019, the rebates were lowered to $1,500 due to the budget running low, but this caused EV demand to plummet. By mid-2019, the program wound up being completely suspended."

 

https://cleantechnica.com/2020/07/10/massachusetts-expands-ev-rebates-to-nonprofits-business-fleets/

 

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