Connect with us

Published

on

Hyundai is accelerating its shift to EVs as demand continues building. The South Korean automaker announced it will halt operations at two engine parts plants as it transitions its network from ICE vehicles.

After hitting its highest exports ever last month, Hyundai is doubling down on EVs. The automaker’s exports surged nearly 30% YOY in a record-setting performance.

Hyundai credited the growth to the rising popularity of its electric models. New EVs based on its E-GMP platform are helping improve its sales mix.

Dedicated EVs like the IONIQ 5 electric SUV, IONIQ 6, and Kia EV6 were a big reason for the growth.

The company said its electric models are “playing a major role” in helping secure leadership in the global EV market. In the US, Hyundai and Kia had their best November sales months ever, with 16 straight months of year-over-year (YOY) growth.

According to registration data, Hyundai and Kia ranked second in US EV sales, behind only Tesla in Q3. Hyundai and Kia accounted for 7.5% of the market, topping GM’s Chevy (5.9%) and Ford (5.5%).

The uptick comes despite Hyundai EVs not qualifying for the $7,500 EV tax credit (only through leasing).

Hyundai-shift-EVs
2023 Hyundai IONIQ 5 (Source: Hyundai)

Hyundai fast-tracks shift to EVs

Hyundai broke ground on its massive $1.5B dedicated EV plant in Ulsan last month. The Ulsan complex is Hyundai’s largest manufacturing site. Once mass production begins in 2026, the new plant will be able to produce 200,000 EVs a year.

The company said Ulsan will “lay the foundation for future growth in the era of electrification.” Last month, Hyundai announced it would suspend operations at its main plant in South Korea to focus on construction.

Hyundai-IONIQ-6-price-2024
2024 Hyundai IONIQ 6 SE (Source: Hyundai)

According to a new Reuters report, Hyundai is shutting down operations at two engine parts plants in the region next year as it looks to speed up the shift to EVs.

The engine parts plants have been in operation since 1991. According to the report, they will be shut down in January and October.

A Hyundai spokesperson said it was looking at outsourcing some engine components manufacturing for now.

Hyundai-shift-EVs
Hyundai IONIQ 7 (SEVEN) electric SUV concept (Source: Hyundai)

Electrek’s Take

While several automakers are slowing their transition to electric, Hyundai is doubling down. The automaker sees the direction that the industry is headed and wants to get ahead of the curve.

Hyundai aims to be a top three EV producer globally by 2030, with 31 total all-electric models.

Next year, Hyundai is expected to release its first three-row electric SUV, the IONIQ 7 (concept pictured above), as it expands into new markets. It’s also reportedly developing a cheaper IONIQ 2 EV to sit below the IONIQ 5.

With new EV models in key markets, Hyundai will be a brand to watch over the next few years.

What do you guys think? Can Hyundai be a top three EV maker by 2030? Let us know what you think in the comments.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Is this the interior of Tesla’s upcoming ‘Robotaxi’?

Published

on

By

Is this the interior of Tesla's upcoming 'Robotaxi'?

Tesla has released a new video that includes some footage of a previously unseen vehicle interior. Could it be an early concept of the interior of the Robotaxi?

For the last few years, Tesla has been working on a vehicle designed from the ground up to be a self-driving vehicles. The company has been referring to it as ‘Robotaxi’.

CEO Elon Musk insists that Tesla is still dedicated to delivering its promised self-driving capability to existing vehicles delivered since 2016 through software update, but it also decided to build a new vehicle designed entirely around the fact that it will be driverless.

Not much is known about the vehicle other than hints that it won’t have a steering wheel or pedals, and that it will be “Cybertruck-like” in terms of design.

Now, Tesla has released a new video, which Musk wanted to make clear he wasn’t involved in, to try to encourage shareholders to vote for his $55 billion compensation package and moving the company’s state of incorporation to Texas:

In the video, many pointed out a shot of the interior of a vehicle that doesn’t match anything Tesla has released to date:

The image shows what appears to be a two-seater vehicle without steering wheel and a center display similar to what is found in current Tesla vehicles.

The seats are unlike what you would find in modern vehicles and something closer to what you would find in public transit, like a train:

Tesla plans to unveil its ‘Robotaxi’ on August 8th. The automaker has recently accelerated its timeline for the vehicle and plans to bring it to market as soon as next year.

Do you think this is an early concept for the Tesla Robotaxi interior? Let us know in the comment section below.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Mercedes-Benz just opened more DC fast chargers at Buc-ee’s in Texas

Published

on

By

Mercedes-Benz just opened more DC fast chargers at Buc-ee’s in Texas

Mercedes-Benz High-Power Charging just opened more DC fast chargers at Buc-ee’s stores in the Dallas-Forth Worth area.

Three new Mercedes DC fast charging stations are at Buc-ee’s in Fort Worth, Temple, and Royse City. Mercedes asserts that every one of its chargers offers up to 400 kW of power.

It’s also adding 12 more charging stations at Buc-ee’s in the Dallas-Fort Worth, San Antonio, and Houston metro areas – also known as the Texas Triangle, home to 68% of Texans:

Buc-ee’s isn’t your typical convenience store – they’re huge, with some stores covering over 50,000 square feet, and they offer a wide variety of items, including snacks, beverages, fresh food, clothing, home decor, and Texas-themed merchandise. It’s known for its homemade fudge, jerky, and beaver nuggets (caramel-coated corn puffs). Most Buc-ee’s locations are open 24 hours a day, seven days a week.

In November 2023, Mercedes announced it had made an agreement with Buc-ee’s to build EV charging hubs at most of its existing stores. Mercedes is aiming to have around 30 online by the end of the year. There are currently 48 Buc-ee’s locations across the US South, 34 of which are in Texas.

When I spoke to Mercedes-Benz High Power Charging CEO Andrew Cornelia last year, he was passionate about the importance of placing EV chargers near amenities that travelers need.

Mercedes offers open access for all EV drivers, including roaming with other charging networks. Its charging hubs support contactless payments with credit cards or smartphone wallets.

The first Mercedes DC fast charging station came online last November at its headquarters in Sandy Springs, Georgia. Mercedes-Benz plans to deploy 2,500 high-powered chargers in 400 hubs by 2027.

Texas is the US’s No. 1 producer of clean energy and ranks fourth in public EV charging. However, to meet driver demand, the state needs around 95,000 more public chargers by 2027.

Read more: America, Mercedes-Benz wants you to indulge in retail therapy while you’re DC fast charging


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. – ad*

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Polestar (PSNY) stock faces potential Nasdaq de-listing after failing to file its annual report

Published

on

By

Polestar (PSNY) stock faces potential Nasdaq de-listing after failing to file its annual report

Another EV stock may be removed from the Nasdaq exchange. After failing to file its annual report, Polestar (PSNY) received a notice from the Nasdaq as the company faces a possible de-listing.

Polestar, Volvo’s former high-performance unit, was established as an EV brand in 2017 under Geely’s control.

Since launching the Polestar 2, its first all-electric vehicle, the brand has expanded into 27 markets globally. The electric car has even become a top seller in several key markets like Norway, Sweden, and Germany.

However, like many EV startups, Polestar has hit its fair share of hurdles. After cutting guidance late last year (from 80K to 60K), Polestar still missed its target, delivering 54,600 vehicles last year.

In February, Volvo announced plans to sell 62.7% of its stake in Polestar as it looks toward its next growth stage. Volvo also confirmed it will “not provide further funding to Polestar” outside of its existing $1 billion outstanding convertible loan.

The news came after Polestar announced plans to cut 15% of its global workforce amid slowing EV sales earlier this year.

Polestar-de-listing
2024 Polestar 2 (Source: Polestar)

Polestar stock facing potential Nasdaq de-listing

After failing to file its annual report for the fiscal year ending December 31, 2023, Polestar received a deficiency notice from the Nasdaq.

The notice states Polestar is not in compliance with its listing rules, which require the timely filing of periodic financial reports.

Polestar-4-price
Polestar 4 (Source: Polestar)

Polestar said the notice has no immediate impact on the company’s listing. However, under the Nasdaq listing rules, Polestar has 60 days to submit an action plan. If Nasdaq accepts it, Polestar could be issued an additional 180 days from the notice date, or until November 2024, to regain compliance.

The company has already received consent from lenders under its nearly $1 billion 3-year loan facility for the late filing. Polestar says it is fully committed to regaining compliance.

Polestar is working to file the annual report “as soon as practicable” and to report Q1 2024 earnings shortly after.

Polestar-de-listing
Polestar (PSNY) stock chart over the past 12 months (Source: TradingView)

Polestar stock was down over 13% on Monday following the potential de-listing notice. PSNY shares are now down over 50% this year, hitting their lowest prices since going public.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending