Volkswagen’s new battery company, PowerCo, announced Monday that it would be forming a joint venture with Umicore to produce battery materials for around 2.2 million EVs. The new joint venture is a significant milestone, establishing one of the first fully integrated auto supply chains as VW looks to ramp up EV sales.
PowerCo is a 100% owned subsidiary of Volkswagen that was established in July 2022 to handle the automaker’s global battery operations. Volkswagen and PowerCo began construction on its battery plant in Salzgitter, Germany, in July – the first of six planned.
As demand for electric vehicles continues soaring in all major auto markets (US, Europe, China, etc.), automakers are scrambling to keep up with demand. Many automakers are already sold out of their popular EV models for the year. With demand only expected to continue accelerating, the key question becomes: Where will automakers source all the materials?
Since the Inflation Reduction Act was passed in August, automakers from around the globe have rushed to secure deals to lock up critical battery materials in North America. For example, Hyundai, Mercedes-Benz, Honda, and Volkswagen (among others) have entered into agreements to source minerals in North America.
Volkswagen’s new JV with Umicore focuses on the automaker’s home market in Europe, where the automaker expects to overtake Tesla in EV sales by 2025, according to a Bloomberg Intelligence report.
The partnership was previously announced in December 2021, but today’s announcement confirms it, giving us a better idea of what we can expect going forward.
VW breaks ground on battery factor in Germany Source: VW
Why the Volkswagen Umicore partnership is significant
With Volkswagen’s PowerCo planning for six battery factories in total, it will require a significant amount of minerals to keep up with production.
That being said, Umicore announced in July its plans to build a manufacturing facility in Canada for cathode active battery materials (CAM) and their precursors (pCAM), which are crucial for EV battery performance and one of the most costly components.
The partnership aims for 160 GWh cell capacity per year by 2030, which is enough to power around 2.2 million EVs.
Thomas Schmall, chairman of the supervisory board of PowerCo, talks about how critical cathode material is to EV production, stating:
Cathode material is an indispensable strategic resource for battery production, accounting for roughly fifty percent of overall cell value. Immediate and long-term access to extensive capacity is thus a very clear competitive advantage. We are setting up a sustainable, transparent supply chain with high environmental and social standards, localizing value creation here in Europe.
Volkswagen (PoweCo) and Umicore plan for an equal 50/50 partnership where investments, costs, and profits will be split down the middle. The partners plan to invest about €3 billion (about $2.9 billion) to upgrade its supply chain for superior material production capabilities.
The Umicore partnership looks to give Volkswagen a significant advantage in the European EV market with one of the first fully integrated supply chains, from mining to refining capabilities.
FTC: We use income earning auto affiliate links.More.
The smallest electric vehicle under Toyota’s “Beyond Zero,” or bZ lineup, is under development. The small bZ electric crossover is reportedly being prepped in collaboration with Suzuki.
Toyota is finally waking up as the auto industry’s shift to electric vehicles heats up. Over the past several months, Toyota has revealed a series of innovations to help it catch up to EV leaders Tesla and BYD.
At a tech workshop in June, Toyota highlighted its next-gen EV batteries, enhanced design methods, and manufacturing upgrades as it aims to boost efficiency.
Toyota plans to launch new electric models with nearly 500 miles (800km) of range using advanced batteries in 2026. Last month, Toyota showed off its future EV production line, including Giga casting tech, self-propelled assembly lines, and robots transporting finished vehicles.
After accelerating its plans, Toyota aims to produce 600,000 EVs in 2025, tripling the 190,000 output expected in 2024.
By 2026, Toyota looks to sell 1.5 million EVs with ten new electric models, including small cars, SUVs, crossovers, luxury, and commercial. With just 0.26% of Toyota and Lexus sales being fully electric last year, the automaker has a big transition ahead.
Toyota bZ compact SUV concept (Source: Toyota)
We got our first look at Toyota’s new compact electric SUV last month in a video teaser posted on social media. Now, we are learning more about an even smaller separate model.
Toyota developing a small electric crossover with Suzuki
According to the Japanese news website Best Car, the small Toyota electric crossover will be jointly developed with Suzuki.
Toyota small bZ electric crossover (Source: Toyota)
Although Suzuki isn’t known by any means as an EV leader, the company has a knack for building small cars.
Earlier this year, Suzuki revealed its first global electric vehicle concept, the eVX. It will show the concept off at the Japan Mobility show alongside a mini eWX wagon EV later this month.
Toyota, Suzuki, and Daihatsu electric vans (Source: Toyota)
In May, we got our first look at a new mini-commercial electric van co-developed by Suzuki and Toyota. The companies teamed up to develop a new EV platform for a series of mini electric vans that will be on display at the Japan Auto Show starting October 26.
According to the new report, the small Toyota electric crossover will ride on the e-TNGA platform, the same one used for the bZ4X electric SUV. It’s expected to launch in 2025.
Toyota and Lexus electric concepts (Source: Toyota)
The bZ small crossover was first showcased during a briefing session in December 2021 alongside 15 other EV models, including a pickup, sedan, sports EV, compact cruiser, large SUV, and several other Lexus and Toyota concepts.
FTC: We use income earning auto affiliate links.More.
Genesis USA has just shared pricing and packaging for the 2024 model year of its GV60 SUV. In addition to new standard features, the luxury sub-brand of Hyundai Motor Group has introduced a new rear wheel drive (RWD) that offers nearly 50 miles more range than the 2023 EV models at a significantly lower MSRP.
The GV60 is an all-electric crossover first introduced by Genesis in the summer of 2021 and was really a kicking off point for the luxury automaker on its journey to end all new combustion models by 2025 and be entirely electric by 2030.
This past May, Genesis introduced biometric technology to the GV60 called Face Connect, allowing owners to access and start their BEVs using their face alone without the need for a smartphone or key fob. Today, we learned that Face Connect is one of several features that come standard on some of the new trims of the 2024 GV60 models, in addition to an enticing new RWD variant.
The 2024 GV60 / Credit: Genesis
Genesis shares 2024 GV60 with better pricing, features
According to details from Genesis USA today, the star of the show for the 2024 GV60 model year appears to be the new RWD variant. Starting at an MSRP of $52,000, this trim features a 168 kW rear motor that offers 294 miles of range (non-EPA).
For comparison, the higher range Advanced AWD trim of the 2023 GV60 offered 248 miles of EPA estimated range. For 2024, the RWD GV60 garners 46 extra miles, or a 19% increase. In addition to the new, more affordable RWD trim, Genesis is introducing a slew of new features that will now come standard on the 2024 GV60 models, including WiFi hotspot capability, Genesis Digital Key 2, Highway Driving Assist II, and Advanced Forward Collision Avoidance-Assist.
The aforementioned Face Connect biometrics also come standard on all 2024 trims. Here’s how the pricing breaks down and how it compares to last year’s GV60 models:
2024 GV60 Trim
MSRP*
2023 GV60Trim
MSRP*
Price Difference
Standard RWD
$52,000
N/A
N/A
N/A
Advanced AWD
$60,550
Advanced AWD
$59,290
+$1,260
Performance AWD
$69,550
Performance AWD
$68,290
+$1,260
* – excludes $1,195 in freight fees
Genesis shared that that the 2024 RWD and Advanced AWD versions of the GV60 are available at select retailers around the US, in the 23 states the automaker currently sells the BEV. The availability of the Performance AWD version will be announced at a later date.
FTC: We use income earning auto affiliate links.More.
Dominion Energy Virginia today proposed more than a dozen new solar projects that will power nearly 200,000 Virginia homes at peak output.
A lot of new solar for Virginia
If the Virginia State Corporation Commission (SCC) approves the proposed solar projects, they’ll generate 772 megawatts (MW) of clean energy for Dominion Energy Virginia’s customers.
Dominion Energy Virginia is the state’s largest utility company, and it serves the most densely populated metropolitan areas such as Richmond, Charlottesville, and northern Virginia. It wants to build six solar projects totaling 337 MW that it will own or acquire:
Project
Size
Location
Alberta Solar
3 MW
Brunswick County
Beldale Solar
57 MW
Powhatan County
Blue Ridge Solar
95 MW
Pittsylvania County
Bookers Mill Solar
127 MW
Richmond County
Michaux Solar
50 MW
Henry & Pittsylvania Counties
Peppertown Solar
5 MW
Hanover County
Dominion’s proposal also includes 13 power purchase agreements (PPAs) totaling 435 MW with independently owned solar projects. It selected the PPAs through a competitive solicitation process.
Construction of the projects will support more than 1,600 jobs and generate more than $570 million in economic benefits across the state.
In addition to SCC approval, the utility-owned projects require local and state permits before construction can begin. If approved, construction is expected to be complete between 2024 and 2026.
Dominion Energy’s solar fleet is currently the second-largest in the US. If the new projects proposed today are taken into account, Dominion’s solar capacity in Virginia will surpass 4.6 GW – enough to power more than 1.1 million homes at peak output. (For context, Virginia’s population is 8.64 million, and Dominion Energy Virginia supplies more than 2.5 million homes and businesses with power.) Dominion Energy says it’s committed to net zero by 2050 (wish that target was sooner).
Electrek’s Take
This is welcome news for a state that’s heavily dependent on natural gas, which makes up 57% of Virginia’s total electricity net generation.
Virginia currently has enough solar to power 519,386 homes, or 4,393 MW, according to the Solar Energy Industries Association (SEIA). So it’s not doing too shabbily, as it’s currently ranked 10th in the US by the SEIA for the amount of solar installed.
But there’s a whole lot of room for improvement, as it needs to ditch the natural gas. So this 772 MW of new solar is a welcome boost for the state’s clean energy. Seeing how Virginia is expected to add 6.72 GW of new solar in the next five years, it looks like it’s headed in the right direction.
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.