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Despite delivering a higher percentage of electric cars during Q2 2023, Volvo said its margins on EVs fell due to higher lithium prices. However, that’s expected to change with the introduction of the Volvo EX30, its smallest and cheapest electric SUV.

After doubling EV sales in 2022 in a breakout year that included its highest revenue total of $32 billion, Volvo carried the momentum into the new year.

Through the first three months of the year, Volvo’s EV sales more than doubled again (+157%), with only two fully electric vehicles in its lineup – the XC40 and the C40 Recharge.

EV sales continued climbing, up another 88% in April and 196% in May compared to 2022. This past month, Volvo’s electric car sales more than quadrupled YOY, totaling 9,535.

Volvo’s sales of fully electric vehicles grew by 178% YOY in the second quarter, reaching 29,000 and accounting for 16% of its total share of cars sold. Despite more EVs sold, Volvo’s vehicle margins slipped due to higher lithium prices. Volvo says these cars were sourced during peak prices in late 2022.

Volvo-EV-margins-Q2
Volvo EV sales share (Source: Volvo Cars)

According to Volvo, as it enters the second half of the year, this will change. The Swedish automaker will benefit from lower lithium prices and increased pricing on 2024 model-year EVs.

Meanwhile, Volvo is just getting started. The company recently launched two fully electric vehicles, its smallest (EX30) and largest (EX90) EVs so far, which it believes will boost sales even further.

Volvo-EV-margins-Q2
Volvo EX90 (Source: Volvo)

After selling out for the model year, Volvo had to close orders for its flagship EX90 electric SUV in April. Despite this, production has been pushed back to the first half of 2024 to finalize software development.

Can the EX30 save Volvo’s EV margins?

Volvo revealed its smallest and cheapest EV, the EX30, last month, which is expected to be a game changer for the Swedish automaker.

Volvo-EV-margins-Q2
Volvo EX30 reveal (Source: Volvo)

With a fun, zippy ride and starting price of around $35,000, Volvo is targeting a “completely different demographic” in younger buyers that it expects to expand rapidly in the next few years.

The automaker expects the EX30 will boost the company’s profitable growth, with expected gross margins in the 15-20% range.

Volvo-EV-margins-Q2
Volvo’s EV margins in Q2 (Source: Volvo Cars)

Volvo’s EV gross margins (including sales of CO2 credits) fell from 8% last year to 3% in Q2. As you can see from the image above, although Volvo’s revenue per car remained somewhat stable, gross earnings fell significantly due to higher lithium prices.

The company says it’s “putting in place important building blocks for its next growth phase,” with more electric cars on the way, a battery plant under construction in Sweden, and a new EV factory in Slovakia.

Volvo aims for 50% of sales to be fully electric by 2025. By 2030, Volvo plans to become an electric-only car maker.

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JackRabbit’s new solar charging kit keeps your e-bike topped up from the sun

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JackRabbit's new solar charging kit keeps your e-bike topped up from the sun

JackRabbit, the maker of pint-sized electric microbikes, is back with a new product designed to quickly recharge their batteries from pure, uncut photons mainlined into an e-bike directly from the sun. In true independent charging form, the Solar Charging Kit from JackRabbit keeps riders rolling even when there’s not a convenient AC outlet in sight.

Unveiled this week, the Solar Charging Kit consists of a single folding solar panel and a tiny voltage converter that is configured to output 42.0V, which is the exact voltage required by JackRabbit’s little e-bike batteries. There’s also an added USB-A and a USB-C charging port for powering other devices in addition to charging JackRabbit batteries.

“This Solar Charging Kit plugs directly into your bike,” explained the company, “letting you recharge without needing an outlet, but with a speed comparable to the charger that comes with the OG/OG2 (42V, 2A).”

That would mean the panel outputs around 80W of solar power, which the company says can recharge its batteries in just three hours. That fairly quick recharging speed is helped by the fact that JackRabbit’s batteries are a mere 151 Wh, or around a third of the size of most e-bike batteries.

If that sounds small, then you’re right – it is. But JackRabbit is all about going micro, offering barely 25 lb rideables that are easy to store and bring on adventures, even when they aren’t actually being ridden.

With small batteries that fit under the 160Wh limit for many airlines in the US, the batteries can be quickly charged and taken to the widest number of locations. And for riders that want to go further than a single 10-mile (16-km) battery will allow, extra batteries are small enough to fit a pants pocket. The company also offers much larger Rangebuster batteries, though they won’t pass by TSA and make it onto an airplane in your personal item.

It sounds like the Solar Chargking Kit should be able to charge up JackRabbit’s large RangeBuster batteries, though likely in more than three hours.

The $349 Solar Charging Kit is a bit pricier than building something similar yourself, but it’s also safer and more convenient than hacking together your own battery charger since it’s designed to work with JackRabbit’s batteries right out of the box.

Technically it’s only inteded for JackRabbit’s micro e-bikes (themselves technically seated scooters, even if they look and feel more like a typical bike), but it’d probably work for just about any 36V e-bike that requires 42.0V to charge.

This isn’t the first time we’ve seen solar charging kits for electric bikes, and it’s a trend that is certainly appreciated by outdoors and camping enthusiasts, festival goers, or anyone who finds themself and their bike spending extended periods in the great, sunny outdoors.

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Polestar hopes to steal Tesla sales, CATL revenue dips, and feeding the orcas

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Polestar hopes to steal Tesla sales, CATL revenue dips, and feeding the orcas

On today’s episode of Quick Charge, Polestar hopes to steal customers from Tesla now that Elon is involved in politics, CATL revenue dips for the first time ever, and a whole new way to feed the orcas drops down under.

As above, Polestar is hoping Elon’s descent into politics spells opportunity for the struggling Swedish/Chinese performance brand, CATL has big news in Europe, and Scooter Doll shows off a new electric submarine that’s so expensive, they won’t even tell us the price.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

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Solar overtakes coal in the EU, and gas declines for 5th year running

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Solar overtakes coal in the EU, and gas declines for 5th year running

Solar generated 11% of EU electricity in 2024, overtaking coal which fell below 10% for the first time, according to the European Electricity Review published today by think tank Ember.

EU gas generation declined for the fifth year in a row, and total fossil generation fell to a historic low.

“Fossil fuels are losing their grip on EU energy,” said Dr Chris Rosslowe, senior analyst and lead author of the report. “At the start of the European Green Deal in 2019, few thought the EU’s energy transition could be where it is today; wind and solar are pushing coal to the margins and forcing gas into structural decline.”

The European Electricity Review published today by global energy think tank Ember provides the first comprehensive overview of the EU power system in 2024. It analyzes full-year electricity generation and demand data for 2024 in all EU-27 countries to understand the region’s progress in transitioning from fossil fuels to clean electricity.

Wind and solar continue their meteoric rise in the EU

The EU power sector is undergoing a deep transformation spurred on by the European Green Deal. Solar generation (11%) overtook coal (10%) for the first time in 2024, as wind (17%) generated more electricity than gas (16%) for the second year in a row.

Strong solar growth, combined with a recovery of hydropower, pushed the share of renewables to nearly half of EU power generation (47%). Fossil fuels generated 29% of the EU’s electricity in 2024. In 2019, before the Green Deal, fossil fuels provided 39% of EU electricity, while renewables provided 34%.

Solar is growing in every EU country and more than half now have either no coal power or a share below 5% in their power mix. Coal has fallen from being the EU’s third-largest power source in 2019 to the sixth-largest in 2024, bringing the end into sight for the dirtiest fossil fuel. EU gas generation also declined for the fifth year in a row (-6%) despite a very small rebound in power demand (+1%). 

The EU is reaping the benefits of reduced fossil fuel dependency

The surge in wind and solar generation has reduced the EU’s reliance on imported fossil fuels and its exposure to volatile prices since the energy crisis. Ember’s analysis found that without new wind and solar capacity added over the last five years, the EU would have imported an additional 92 billion cubic meters of fossil gas and 55 million tonnes of coal, costing €59 billion. 

“While the EU’s electricity transition has moved faster than anyone expected in the last five years, further progress cannot be taken for granted,” continued Rosslowe. “Delivery needs to be accelerated particularly in the wind sector, which has faced unique challenges and a widening delivery gap. Between now and 2030, annual wind additions need to more than double compared to 2024 levels. However, the achievements of the past five years should instil confidence that, with continued drive and commitment, challenges can be overcome and a more secure energy future be achieved.” 

Walburga Hemetsberger, CEO of SolarPower Europe said: “This milestone is about more than just climate action; it is a cornerstone of European energy security and industrial competitiveness. Renewables are steadily pushing fossil fuels to the margins, with solar leading the way. We now need more flexibility to kick-in, making sure the energy system is adapting to new realities: more storage and more smart electrification in heating, transport and industries.”

Read more: China installed a record capacity of solar and wind in 2024 – in numbers


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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. –trusted affiliate link*

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