Mercedes Benz released its global Q3 sales report as the luxury automaker ventures toward an all-electric future. In Q3 (July to September), Mercedes Benz sold 30,000 electric vehicles, 115% more than last year. As EV demand in the US heats up, Mercedes is introducing a full lineup, including the all-new EQS SUV arriving later this month.
Electric vehicle sales outpaced every other segment in Q3, up 115% YOY, pushing overall vehicle deliveries up 21%. Despite ongoing supply chain bottlenecks in the auto industry, Mercedes is fairing the storm better than most.
Yesterday, the head of global auto research at UBS, Patrick Hummel, warned investors to expect challenges ahead in the auto industry. In particular, Hummel explained US automakers like Ford and GM will likely see weakening demand while input costs are still elevated, causing a significant drop in profits.
However, Hummel maintained a buy rating for Mercedes’ stock, pointing out that luxury automakers such as Mercedes-Benz will be better prepared for what’s to come with wider margins and a more resilient consumer base.
The German automaker had its strongest sales quarter so far in Q3 as demand for luxury electric vehicles continues building. As Britta Seeger, Mercedes board member, explains:
In a challenging business environment – primarily defined by ongoing semiconductor shortages – we continue to see robust demand for Mercedes-Benz resulting in the strongest sales quarter this year.
Furthermore, Mercedes is taking a page out of EV leader Tesla’s playbook by building its own charging network (Mercedes me Charge), which rose to 850,000 charging points globally in Q3, up 70% from 2021.
Sales of Mercedes electric vehicles rise steadily in Q3
By the end of the decade, Mercedes plans to be an all-electric brand where market conditions allow. To get there, the automaker claimed in June 2021 that it would release battery-electric vehicles in every segment. In Q3, the automaker took another giant step toward its vision.
Through the first nine months of 2022, Mercedes sold 75,400 electric vehicles, up 126% from the same period last year. The top-selling electric vehicle was the Mercedes EQA, with 14,900 units sold, up 29% YOY.
The Mercedes EQS, which takes luxury driving to the next level (see our full review here), had its highest quarterly sales in Q3, with 5,400 units sold.
The new Mercedes EQE EV, introduced in China this quarter, hit 3,500 sales globally. For entry-level vehicles, electric models accounted for 10% of total sales as EQB deliveries reached 3,400, its best month so far.
Perhaps, more importantly, September was the automaker’s best EV delivery month on record, with 13,100. Seeger adds:
With the EQS SUV and EQE SUV, which celebrates its premiere in Paris on October, 16th, our customers can choose a fully electric vehicle in every segment served by Mercedes-Benz.
Mercedes began production of its EQS model at the company’s Tuscaloosa assembly plant in Alabama this past August. The automaker also released the EQS SUV and EQB in Q3, with the EQE launching later this month. As new incentives and rebates roll out across the United States, demand for electric vehicles is only predicted to continue rising. Mercedes looks to take advantage of the market growth with a slate of new electric models.
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National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.
The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.
Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.
“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”
Electrekreported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.
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Tesla has announced that it will finally deliver 500 kW charging as it is about to install its long-awaited V4 Supercharger cabinets.
The rollout of Supercharger V4 has been a strange one, to say the least.
Tesla has been deploying the new charging stations for two years and calling them “Supercharger V4”, but it has only been deploying the charging stalls.
Supercharger stations are made of two main parts: the stalls, which are where the charging cable is located, and the cabinets, which are generally located further back and include all the power electronics.
For all these new “Supercharger V4”, Tesla was actually using Supercharger V3 cabinets. This has been limiting the power output of the charging stations to 250 kW – although
Today, Tesla officially announced its “V4 Cabinet”, which the automaker claims will enable of “delivering up to 500kW for cars and 1.2MW for Semi.”
Here are the main features of the V4 Cabinet as per Tesla:
Faster charging: Supports 400V-1000V vehicle architectures, including 30% faster charging for Cybertruck. S3XY vehicles enjoy 250kW charge rates they already experience on V3 Cabinet — charging up to 200 miles in 15 minutes.
Faster deployments: V4 Cabinet powers 8 posts, 2X the stalls per cabinet. Lower footprint and complexity = more sites coming online faster.
Next-generation hardware: Cutting-edge power electronics designed to be the most reliable on the planet, with 3X power density enabling higher throughput with lower costs.
Tesla reports that its first sites with the new V4 Cabinets are going into permitting now. The company expects its first sites to open next year.
We recently reported about Tesla’s new Oasis Supercharger project, which includes larger solar arrays and battery packs to operate the charging station mostly off-grid.
Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to all Supercharger stations, and Musk even said that most stations would be able to operate off-grid.
While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.
Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:
It took about 8 years, but it sounds like the pieces are now getting actually in place with Supercharger V4, Megapacks, and this new Oasis project.
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Hyundai has a new secret weapon it’s about ready to unleash. To revamp the brand in China and counter BYD’s surge, Hyundai is launching a new AI-powered EV next year. The new model will be Hyundai’s first dedicated electric car for the world’s largest EV market.
With the help of Haomo, a Chinese autonomous startup, Hyundai will launch its first EV equipped with generative AI. It will also be its first model designed specifically for China.
A Hyundai Motor official said (via The Korea Herald) the company is “working to load the software” onto the new EV model, “which will be released in the Chinese market next year.” The spokesperson added, “The level of autonomous driving is somewhere between 2 and 2.5.”
In comparison, Tesla’s Autopilot is considered a level 2 advanced driver assistance system (ADAS) on the SAE scale (0 to 5), meaning it offers limited hands-free features.
With Autopilot, you still have to keep your eyes on the road and hands on the steering wheel, or the system will notify you and eventually disengage.
Haomo’s system, DriveGPT, unveiled last spring, takes inspiration from the OpenAI’s popular ChatGPT.
The system can continuously update in real-time to optimize decision-making by absorbing traffic data patterns. According to Haomo, DriveGPT is used in around 20 models as it looks to play a bigger role in China.
Hyundai hopes new AI-powered EV boosts sales in China
Electric vehicle sales continue surging in China. According to Rho Motion, China set another EV sales record last month with 1.2 million units sold, up 50% from October 2023.
Over 8.4 million EVs were sold in China in the first ten months of 2024, a notable 38% increase from last year.
BYD continues to dominate its home market. According to Autovista24, BYD accounted for 32.9% of all PHEV and EV (NEV) sales in China through September, with over half of the top 20 best-selling EV models.
Tesla was second with a 6.5% share of the market, but keep in mind these numbers only include plug-in models (PHEV).
Like most foreign automakers, Hyundai is struggling to keep up with the influx of low-cost electric models in China. Beijing Hyundai’s sales have been slipping since 2017. Through September, Korean automaker’s share of the Chinese market fell to just 1.2%.
According to local reports, Hyundai is partnering with other local tech companies like Thundersoft, a smart cockpit provider, and others in China to power up its next-gen EVs
With its first AI-powered EV launching next year, Hyundai hopes to turn things around in the region quickly. The new model will be one of five to launch in China through 2026.
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