Rivian Close To $25Bn Valuation Six Months From First Deliveries | 07 Jan 2021

On today’s podcast:

• Rivian is close to raising funds at $25 billion valuation
• GM will build Honda, Acura electric cars in US and Mexico
• CATL aims for 230 GWh production in 2021
• President Of Panasonic Talks Tesla 4680 Battery Cell Production
• UK automotive looks to green recovery
• Tesla prolongs Model Y delivery times
• James May Checks Out The Lotus Evija
• Enel X signed strategic agreement with Weltmeister
• Amazon's Wembley station rolls out fleet of 100 electric delivery vans

 

Show #955

 

Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily for Thursday 7th January. It’s Martyn Lee here and I go through every EV story so you don't have to.

 

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RIVIAN IS CLOSE TO RAISING FUNDS AT $25 BILLION VALUATION

"Rivian Automotive, the electric-truck startup backed by Amazon.com and Ford, is close to raising a new round of funding valuing it at about $25 billion, according to people familiar with the matter. Several existing Rivian investors are participating in the round, which will raise several billion dollars, the people added, asking not to be identified because the matter is private." reports Autoblog: "The new funds would add to the $6 billion Rivian has already raised to date, which makes it one of the most-well capitalized electric vehicle makers. Rivian's 3,000 employees are split between sites in California, metro Detroit and a production facility in Normal, Ill."

 

https://www.autoblog.com/2021/01/06/rivian-funding-valuation-25-billion/

 

GM WILL BUILD HONDA, ACURA ELECTRIC CARS IN US AND MEXICO

"Automotive News reported Wednesday that GM will build two electric cars for Honda in the near future, citing sources close to the matter. Honda declined to comment directly on the vehicles and manufacturing locations, but said it "looks forward to sharing new information on our North American electrification strategy later this year."" according to CNET: "According to the original report's sources, however, the US automaker will build a new Honda EV in Mexico while an Acura EV will find a manufacturing home in the US. The mysterious Honda EV will supposedly roll off the same assembly line as the Chevrolet Blazer and Equinox at the automaker's Ramos Arizpe plant. The Acura EV, meanwhile, will find a home at GM's Spring Hill, Tennessee facility."

 

https://www.cnet.com/roadshow/news/gm-honda-acura-electric-cars-us-mexico/

 

CATL AIMS FOR 230 GWH PRODUCTION IN 2021

"CATL wants to massively expand its production capacities for battery cells, to 230 GWh this year and to 1,200 GWh in 2025. In parallel, the Chinese battery manufacturer is aiming to expand to Japan, Indonesia, the USA and Europe." writes electrive: "The most recent annual statistics are from 2019, a year in which the Chinese company reached 32.5 GWh. With that capacity, CATL topped the list of largest battery cell manufacturers in 2019, ahead of Japan’s Panasonic (28.1 GWh) and South Korea’s LG Chem (12.4 GWh).  At CATL, the expansion of production capacity is to be accompanied by expansion to Japan, Indonesia, the USA and Europe, with Germany playing a key role in the European market. This is marked by the construction of CATL’s first production facility outside China, which has started in Erfurt. The ground was broken at the Germam building site in October 2019, with completion scheduled for 2022. The battery cells produced there will be supplied to BMW and Volkswagen"

 

https://www.electrive.com/2021/01/06/catl-takes-aim-for-a-230-gwh-production-capacity-for-2021/

 

PRESIDENT OF PANASONIC TALKS TESLA 4680 BATTERY CELL PRODUCTION

"When Tesla hosted its Battery Day event, it seemed it may be a very long time before 4680 cells would actually be produced and put into cars. Now, we're learning that wasn't the case. It's only been a few months, and Panasonic is already preparing to make the cells." according to InsideEVs: "Panasonic President Kazuhiro Tsuga recently provided some details about Tesla's proprietary, in-house 4680 cells. He also noted that even though Tesla will eventually produce its own 4680 cells, it will not be competing with Panasonic, its primary battery supplier. This is because, as long as Tesla continues its forward momentum, it will need many more cells that it can produce on its own."

 

Kazuhiro Tsuga said: “We have begun development of a new automotive battery, the 4680, for Tesla in the United States. The electrode structure is difficult because of its high capacity. The electrode structure is difficult because of its large capacity. We will make prototypes in Japan and establish a manufacturing method. High reliability is one of our strengths. There is no concern that Tesla will become a competitor (although Tesla is promoting in-house production of the battery).”

 

Comment - GearsOfWoe • 12 hours ago

Interesting QA/QC program. Acquire a few small battery-related companies and threaten to bring production in-house if Panasonic fails to provide the absolute best batteries possible.

 

https://insideevs.com/news/464582/tesla-4680-battery-cell-production-panasonic/?utm_source=RSS&utm_medium=referral&utm_campaign=RSS-all-articles

 

UK AUTOMOTIVE LOOKS TO GREEN RECOVERY

"The UK new car market fell by almost a third (-29.4%) in 2020...It was, however, a bumper year for battery and plug-in hybrid electric cars, which together accounted for more than one in 10 registrations – up from around one in 30 in 2019. Demand for battery electric vehicles (BEVs) grew by 185.9% to 108,205 units, while registrations of plug-in hybrids (PHEVs) rose 91.2% to 66,877. Encouragingly, there is room for further growth as most of these registrations (68%) were for company cars, indicating that private buyers need stronger incentives to make the switch, as well as more investment in charging infrastructure, especially public on-street charging. More than 100 plug-in car models are now available to UK buyers, and manufacturers are scheduled to bring more than 35 to market in 2021 – more than the number of either petrol or diesel new models planned for the year. "

 

https://www.smmt.co.uk/2021/01/uk-automotive-looks-to-green-recovery-strategy-after-29-4-fall-in-new-car-registrations-in-2020/

 

TESLA PROLONGS MODEL Y DELIVERY TIMES

"Tesla Inc. customers in China wanting to get the new locally made Model Y are facing a longer wait, signaling strong initial demand for the Shanghai-built crossover." reports AutomotiveNews: "A basic version of the electric vehicle purchased now will be delivered in the second quarter, and a performance variant in the third quarter, Tesla’s website showed. When Tesla announced the price last week and started sales, it said deliveries would take place this month. China is Tesla’s largest market after the U.S., and analysts are predicting the nation will account for a bigger slice of its sales and earnings going forward. “Based on the order intake and our production plan, we have adjusted the Model Y delivery time of latest orders to the second quarter,” a Tesla representative said Thursday via WeChat."

 

https://www.autonews.com/china/tesla-prolongs-model-y-delivery-times-citing-order-intake

 

JAMES MAY CHECKS OUT THE LOTUS EVIJA

"DriveTribe’s latest video shows May taking a detailed look at the all-electric Lotus Evija hypercar. You’ll likely know by now that it makes 2,000 horsepower (1,491.4 kilowatts) thanks to an electric motor at each corner. Lotus was unsurprisingly tight-lipped about acceleration figures, but the Grand Tour presenter did reveal that he was told it could sprint to 60 mph (96.5 km/h) in considerably less than three seconds, and 180 mph (289.6 km/h) in less than nine seconds." according to Motor1.com: "as each wheel of the Evija has its own electric motor, the best place for the battery pack is actually behind the driver where you’d expect it in a normal supercar or hypercar. Placing the batteries under the floor – as you’d expect in more pedestrian EVs – wouldn't actually provide optimal weight distribution."

 

https://www.motor1.com/news/464619/james-may-checks-out-lotus-evija/?utm_source=RSS&utm_medium=referral&utm_campaign=RSS-all-news

 

ENEL X SIGNED STRATEGIC AGREEMENT WITH WELTMEISTER

Following the earlier launch of its first commercial office dedicated to e-Mobility in China, Enel X will support the development of Weltmeister’s charging infrastructure at global level, thus promoting the export of EVs as well as accelerating the development of overseas markets.

Enel X and Weltmeister will carry out an in-depth electric mobility cooperation as Enel X will be providing smart charging solutions and one-stop after-sales services for Weltmeister Auto products exported to overseas markets, such as the European Union and Southeast Asia, as well as ensuring that relevant charging facilities meet the requirements of local charging standards, policies, and regulations. Furthermore, the two companies will explore the integration of V2G technology in Europe, allowing customers to lower the cost of ownership of an electric vehicle while offering a potential backup power source.

 

https://www.enelx.com/en/news-and-media/press/2020/12/-enel-x-signed-strategic-agreement-with-weltmeister-to-boost-electric-vehicle-exports-

 

AMAZON'S WEMBLEY STATION ROLLS OUT FLEET OF 100 ELECTRIC DELIVERY VANS

"An Amazon delivery station in Wembley has rolled out a fleet of Mercedes-Benz electric vehicles to make deliveries.

The online giant has revved up 100 vans as part of its Climate Pledge, Amazon’s commitment to be net zero carbon by 2040, a decade ahead of the Paris Agreement’s goal of 2050." says Kilburn Times.co.uk: "In August Amazon announced plans to add more than 1,800 electric vehicles from Mercedes-Benz Vans to its EU delivery fleet, including more than 500 in the UK. In the Wembley delivery station, small independent logistics companies also have access to the zero-emission vehicles to make deliveries to Amazon customers, helping to save tens of thousands of metric tons of carbon."

 

https://www.kilburntimes.co.uk/news/amazon-wembley-launches-mercedes-benz-fleet-6877408

 

 

QUESTION OF THE WEEK

EV tech is on a rip, but is the constant improvement around an EV a possible reason NOT to buy one? Are people caught in decision paralysis and end up not buying one?

 

Send me your answer: [email protected]

 

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