Alfa Romeo hopes to grow US sales by delivering new EVs that will compete with BMW
Italian legacy automaker Alfa Romeo recently outlined details of its upcoming all-electric segment in which its CEO said it intends to bolster sales in North America, expressing the need to “transfer the concept of performance” to its EVs. To do so, however, Alfa Romeo believes it needs something bigger and all-electric to attract US consumers, stating that it’s working on an SUV to compete with the BMW X5.
Alfa Romeo Automobiles S.p.A. is an Italian automaker with over 110 years of experience, particularly in motorsports and racing, although it currently describes itself as a luxury car manufacturer. The brand has seen its fair share of ups and downs in its century-plus-long history and is currently a subsidiary of Stellantis following the FCA merger in 2021.
Since the late 1990s, Alfa Romeo’s sales have been down overall apart from a few upward trending years here and there. To combat this, company CEO Jean-Philippe Imparato announced the automaker will launch a new model every year between 2022 and 2026, vowing to go entirely electric by 2027.
This new lineup of Alfa Romeo models will start with the Tonale plug-in hybrid, which has faced several delays but will finally launch in the US market in Q2 of this year. With only three vehicles available in the US and only one (somewhat) electrified, it’s tough to truly stand out.
According to Alfa Romeo’s CEO however, performance luxury EVs donning the cross of the municipality and the Visconti serpent emblem are expected to help the Italian automaker boost US sales while competing with the big dogs like BMW.
Alfa Romeo plans 3 BEVs for US including X5 competitor
During a launch event for the Tonale in Japan, Alfa Romeo CEO Jean-Philippe Imparato told Automotive News that the company must enter the E-segment in North America. The goal of this global expansion is to generate at least 40% of the automaker’s sales from outside of Europe by 2030. For comparison, that number was a mere 18% in 2021.
The plan is to make sportiness “the hallmark of its coming EVs,” according to Imparato, who relayed an emphasis on aerodynamics and high performance in order to compete against other EV automakers. He mentioned 800V charging, offering times of 18 minutes max, plus motor outputs between 350 and 1,000 horsepower.
Alfa Romeo’s first BEV model is scheduled to arrive in 2024 (an all-electric 4C perhaps?), followed by its first dedicated EV model in 2025. However, the Alfa Romeo CEO looks to capture a larger chunk of the US market in 2027 when its next all-electric flagship model arrives.
He described the EV as a competitor to the BMW X5, stating that its body shape and design will be developed in the coming year. He added that the new model doesn’t necessarily have to be a crossover and will be bigger than the Stelvio.
Alfa Romeo sold less than 13,000 cars in the US in 2022, so it better get a move on.
FTC: We use income earning auto affiliate links. More.
Environment
Trump targets solar and wind with tighter federal permitting in another blow to renewable industry
Lucid Motors’ (LCID) shares soared over 50% after the company secured a multi-hundred-million dollar investment from Uber to deploy robotaxis. So, why did Lucid just announce plans for a reverse stock split?
Why did Lucid announce a reverse stock split?
Lucid and Uber announced a new alliance on Thursday to deploy 20,000 electric robotaxis over the next six years.
The new robotaxi service, set to launch next year, will combine Lucid’s advanced software-defined EV platform with Nuro’s Level 4 self-driving tech.
As part of the new alliance, Uber plans to make “multi-hundred-million-dollar investments” in Lucid and Nuro. The first autonomous prototype is already in operation on a closed track at Nuro’s facility in Las Vegas.
Lucid’s interim CEO, Marc Winterhoff, said, “This investment from Uber further validates Lucid’s fully redundant zonal architecture and highly capable platform as ideal for autonomous vehicles.” Winteroff claimed that the new alliance “is the start of our path to extend our innovation and technology leadership into this multi-trillion-dollar market.”
The Lucid Gravity boasts an impressive EPA-estimated range of 450 miles. Its electric sedan, the Lucid Air, just broke a Guinness World Record after traveling 749 miles (1,205 km) on a single charge.
Lucid’s partnership with Uber sent share prices surging over 50% during trading hours on Thursday. In a separate filing with the SEC today, Lucid announced plans to initiate a 1-for-10 reverse stock split.
The split won’t affect shareholder ownership, except in cases where fractional shares are created. In that case, shareholders will receive a cash payment.
Lucid said it believes the reverse stock split “will allow the company’s common stock to be more attractive to a broader range of investors and other market participants.”
A vote of confidence
During an interview with Bloomberg on Thursday, Winterhoff explained that a portion of the $300 million investment from Uber will be used to develop the self-driving tech with Nuro. Winterhoff added that Lucid’s surging share price was “a vote of confidence.”
According to Winterhoff, the reverse stock split is not due to Lucid’s fear of being delisted, but rather to attract larger investors.
It was also more of a “technical” strategy to reduce volatility and help Lucid participate in the broader stock market.
Many institutional investors avoid stocks priced below $5 due to the higher risk and price swings. The proposed stock split still requires shareholder approval, which will be voted on at an upcoming special stockholders’ meeting.
After that, Lucid’s Board of Directors will determine whether it’s still in the best interest of the company and its stockholders to proceed.
Lucid’s stock rose over 36% on Thursday, closing at $3.12 per share. Although shares of LCID are up just slightly (+2%), they are now up year-to-date. However, they are still down 18% over the past year and nearly 95% from their all-time high of over $58 a share in February 2021.
Last week, after meeting with Lucid’s CFO, Taoufiq Boussaid, Benchmark analyst Mickey Legg set a target share price of $5.00, which was subsequently raised to $7.00 following the announcement of the Uber partnership.
Legg wrote a note to investors, “After meeting with LCID’s CFO Taoufiq Boussaid on Tuesday and reviewing 2Q production and deliveries, we remain confident in the company’s path to scale.”
Lucid delivered a record 3,309 vehicles in Q2, its seventh straight quarter with higher deliveries. The company aims to produce 20,000 vehicles this year, more than double the roughly 9,000 it made in 2024.
After ending the first quarter with $5.76 billion in liquidity, Lucid said that it has sufficient funding to last until the second half of 2026, when it plans to launch its more affordable midsize EV platform. The first two models will be a midsize SUV and sedan, starting at about $50,000.
FTC: We use income earning auto affiliate links. More.
IONNA, the EV charging joint venture backed by eight automakers – BMW, General Motors, Honda, Hyundai, Kia, Mercedes-Benz, Stellantis, and Toyota – just announced its biggest charging deal yet. It’s teaming up with convenience store favorite Wawa to roll out ultra-fast EV chargers at locations across the US.
The first site opens next week at Wawa’s W. International Speedway in Daytona Beach, Florida. More Rechargeries (yup, that’s what IONNA calls them) are already under construction in Bradenton, Pensacola, and Orlando. The partnership will be a big boost to both IONNA’s national charging goals and Wawa’s growing EV infrastructure.
The Daytona Beach Wawa will feature IONNA’s blue-and-orange 400kW Genuine Charge Dispensers, canopy coverage, car care essentials, and, of course, access to Wawa’s refreshments and restrooms.
“Next week’s opening of the IONNA Rechargery at Wawa in Daytona Beach will bring our total bay count to 212 live and 3,064 contracted. That is over 10% contracted to our 2030 live bay goal in just over a year,” said IONNA CEO Seth Cutler.
Wawa’s chief fuel officer, Rich Makin, added, “With an ongoing commitment to providing our customers with speed and convenience, our new collaboration with IONNA does just that.”
IONNA aims to install 30,000 fast charging bays across North America by 2030.
Read more: Waffle House is getting DC fast chargers – and it’s a genius move
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you 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. It has 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 share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike