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Hyundai dealerships are modernizing as the brand looks to build upon its growth in the EV market this year. Hyundai’s IONIQ 5 is already a top seller at some dealers. With new electric models rolling out, like the three-row IONIQ 7 SUV, Hyundai has the “whole gamut covered.”

Hyundai’s IONIQ 5 is a top-selling EV

“If I had to describe Hyundai right now in two words, it would be growth and investment,” Kevin Reilly, chairman of the Hyundai National Dealer Council, explained (via Automotive News).

Reilly said that after selling his first Hyundai in 1987, he’s watched the brand evolve over the years. And right now, Hyundai is in a “period of substantial year-over-year growth.” Hyundai closed out the year on a strong note with its 17th consecutive month of YOY sales growth.

The South Korean automaker sold nearly 269,000 EVs last year as Hyundai extended its position in the market. Hyundai’s dedicated EVs, including the IONIQ 5, are quickly becoming top sellers.

Hyundai expects the growth to continue, with around 300,000 EVs sold this year. In the US, Hyundai’s largest sales market, the automaker (including Kia), blew past Ford and GM to become the second top-selling EV brand in 2023.

Hyundai’s IONIQ 5 electric SUV was the sixth top-selling EV in the US last year, climbing from seventh the year before.

Hyundai's-IONIQ-5-top-seller
Hyundai IONIQ 5 (Source: Hyundai)

Investing in EV growth

Now, dealers are doubling down with “healthy demand for EVs,” according to Reilly. Reilly, whose dealership is about two miles outside of Washington DC, sees around 20 to 25% EV sales mix, with the IONIQ 5 as the top-selling electric model.

The dealership is in a “very EV-centric market,” says Reilly, compared to the average sales mix of around 7.5% to 8%.

Although the spike in EV sales may not stay on its current slope forever, Reilly predicts “it’s going to be still a rapid adoption.” As Reilly explained, “Once a customer gets in an EV and starts driving it, there’s almost no chance they’ll go back to an ICE vehicle.”

Hyundai's-IONIQ-5-top-seller
2024 Hyundai IONIQ 5 (Source: Hyundai)

Hyundai and its dealers are investing heavily “across every aspect,” Reilly said. The company marked its one-year anniversary since breaking ground on its $5.5 billion EV and battery mega plant in Georgia in late October. Hyundai said 99.9% of the foundation work was complete.

The automaker expects it to become operational ahead of schedule as soon as the third quarter. Once complete, the facility will build six models across the Hyundai, Kia, and Genesis brands.

Hyundai’s new facility will have the capacity to build around 300,000 EVs annually as the brand looks to extend its leadership in the market.

Hyundai-IONIQ-7-electric-SUV
Hyundai IONIQ 7 concept (Source: Hyundai)

One of the biggest reasons for the expected growth is Hyundai’s first three-row electric SUV – the IONIQ 7. Hyundai’s IONIQ 7 will sit alongside the Palisade as a “family-mover.” Reilly expects “that car will do extremely well for families who want an EV but still need the room to manage the family and their daily needs.”

The IONIQ 7 will round out Hyundai’s lineup with the “whole gamut covered,” according to Reilly.

Electrek’s Take

As Hyundai continues investing in the future, rivals like Ford and GM have moved in the opposite direction, opening the door for the brand to extend its lead.

Hyundai is accelerating the development of its first EV and battery plant in the US as it looks to take advantage of a growing market with unique, dedicated electric vehicles.

Ford is pushing back around $12 billion in EV spending, while GM already delayed the production of its Chevy Equinox, Silverado RST, and GMC Sierra Denali EVs.

What do you guys think? Can Hyundai extend its lead over other legacy automakers this year?

Are you ready to join the movement? Hyundai is offering some of its best deals so far on its top-selling EVs, including up to $15,000 off the IONIQ 5. You can use our link to find great deals on the 2024 Hyundai IONIQ 5 at a dealer near you today.

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The new Momentum Cito E+ dares you to leave the car at home [Video]

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The new Momentum Cito E+ dares you to leave the car at home [Video]

All the cool suburbanites are already taking their kids to school, loading up at the farmers’ market, and making deliveries on clever and capable cargo e-bikes, but the new Momentum Cito E+ from Giant raises the cargo bike bar even higher — and makes leaving the car at home easier than ever.

Momentum is a new brand of “lifestyle” e-bikes from Giant Group designed to deliver premium features to customers while still hitting that $3,000-4,000 market “sweet spot.” Their latest bike, the all-new for 2024 Cito E+ utility bike, does just that, coming to market with a premium battery, Bluetooth technology, a suite of high-end safety features, and a $3,200 starting price.

Premium battery

Getting the most out of your e-bike often means getting the most out of your battery — and Momentum absolutely gets that. The Cito E+ ships with a 780 Watt-hour Panasonic battery pack with 22700 cells that have been optimized for e-bike use.

Compared to other ebike batteries with similar power ratings, the Momentum’s Panasonic battery promises to be lighter and more durable, with superior IPX7 weather protection, thermal regulation, and other safety features built-in (in fact, Panasonic was the first e-bike supplier to score a UL safety rating for its batteries).

The battery is easily removable for charging at home or in an office, but it can be charged while it’s in the bike, too. Either way, charging won’t take long — from 0 to 80% of charge (approx. 60 miles) of range is available in 3.5 hours, while a full (75 mile) charge takes less than 5 hours.

Connected cargo bike

As our test rider highlights in the video (above), the Momentum Cito E+ uses a proprietary battery management system, or BMS, to monitor the battery pack for maximum efficiency and reliability down to the individual cell level.

The BMS uses Bluetooth connectivity to transfer battery health data, state of charge, and other important information straight to the RideControl app, which enables the bike’s owner to get an in-depth look at the overall state of their e-bike and provides valuable diagnostic data to both the technicians tasked with servicing the bike and Giant themselves, to help develop even better e-bikes in the future.

2024 Giant Group dealership map; via ScrapeHero.

That connection to Giant Group is a huge potential benefit to Momentum Cito E+ buyers, by the way, as it gives them access to support from more than 1,200 brick and mortar Giant dealers across the US alone (above).

That’s a serious advantage that online-only bike brands simply can’t match.

Safety first … and maybe second, too

Momentum’s commitment to safety doesn’t stop at the battery. The Cito E+ features confidence-inspiring 4 piston hydraulic disc brakes and a heavy duty suspension for predictable handling even under heavy loads — important if you have to suddenly haul the bike down from its electronically assisted 28 mph top speed with precious kids and cargo on the back.

LED head and taillights with a lever-activated taillight ensure Cito E+ riders will be seen, too, helping you stay safer after hours.

Accessories and add-ons

Momentum Cito E+ top tube accessory and Momentum front basket shown; image by Electrek.

Momentum’s Cito E+ offers a comprehensive selection of accessories to help optimize it for each rider’s unique use case — whether that’s hauling up to 132 lbs. of cargo on the rear rack and 33 lbs. on the optional front basket (shown, above), or adding 2 Thule Yepp Maxi seats and getting the little ones to school five times a week.

You can find out more about the Momentum Cito E+ and the brand’s available accessories by clicking here.

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‘This is a unique time’: ARK Invest’s chief futurist tackles tech innovation from AI to robotics

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‘This is a unique time’: ARK Invest’s chief futurist tackles tech innovation from AI to robotics

Private lives – why hot tech is shying away from IPOs

ARK Invest’s chief futurist lists five groups that should give tech investors an edge.

According to Brett Winton, robotics, artificial intelligence, multi-omics sequencing, public blockchain and energy storage are key areas because they’re all entering the marketplace at the same time.

“We believe that this is a unique time in technological economic history,” he told CNBC’s “ETF Edge” this week.

Winton collaborates with ARK Invest CEO Cathie Wood to maintain the ARK Venture Fund (ARKVX), which allows investors to buy into the private technology space.

According to the firm’s website, the goal of the fund is to make venture capital offerings of innovative spaces in the market accessible to individual investors. As of April 10, it shows the fund’s top holdings include Epic Games, known for online video game Fortnite, and biotech companies Freenome and Relation Therapeutics.

“Our emphasis is that we are investing in innovation over the long term and going to support management teams,” said Winton.

He contends it’s a strategy that’s often not prioritized.

“That’s a real challenge a lot of public market investors don’t have that long-term view,” Winton added.

The ARK Venture Fund is down more than 7% so far this year. However, it’s up almost 39% percent over the past 52-weeks.

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World’s first hydrogen station for commercial trucks opens – is it too late?

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World's first hydrogen station for commercial trucks opens – is it too late?

FirstElement Fuels has opened the world’s first large-scale hydrogen fueling station for heavy-duty commercial trucks just outside the Port of Oakland.

FirstElement is calling their new filling station, which opened to the public this week for tours and demonstrations, the first of its kind. Located near the Port of Oakland, the company claims its hydrogen pumps can “fill” a truck’s hydrogen tanks in as little as ten minutes, which works out (in their math) to as many as 200 trucks per day.

As for customers, the company says there are 30 Hyundai Xcient semi trucks using the fueling station currently, as well as a number of Nikola hydrogen fuel-cell-powered trucks.

A ceremony to mark the station’s opening was held Tuesday, and was attended by state officials including Liane Randolph, chair of the California Air Resources Board (CARB) and Tyson Eckerle, clean transportation advisor for Gov. Gavin Newsom’s business development office. Primary funding for the Oakland station was provided by CARB and the California Energy Commission.

Eckerle notes that the US federal government is handing out $8 billion to jump-start what it calls the “hydrogen economy,” and expects sufficient funding to build up to 60 more hydrogen truck stations like this one in California – which would, theoretically, be enough to serve 5,000 trucks and 1,000 buses.

All well and good, but …

What if it’s already too late for hydrogen?

Coyote Container completes historic trip in fuel cell truck
Image via Coyote Container.

MAN Trucks CEO, Alexander Vlaskamp, said it best when he said that it was “impossible” for hydrogen to effectively compete with BEVs.

He’s right – on a level playing field, there is absolutely no reason to believe hydrogen has any kind of future. But we don’t operate on a level playing field, and comments like Eckerle’s, along with an $8 billion federal budget and a number of supposedly genuine industry experts touting its usefulness as a fuel, mean we have to take hydrogen seriously (at least, for now).

Even so, it seems like the tide of public opinion is already starting to turn against hydrogen. Outlets that may never have questioned a manufacturer’s claims about a hydrogen-fueled vehicle a few years ago now seem more than willing to call those claims out. Here’s just one example:

Producing hydrogen itself can be very dirty. Most hydrogen produced today requires methane, which is a fossil fuel and a strong greenhouse gas contributor. The industry is working on production alternatives, including carbon capture and storage from the burning of methane, or quitting methane altogether to make green hydrogen, using an electrolyzer to split water’s hydrogen and oxygen.

Both alternatives are prohibitively expensive without government subsidies.

RUSS MITCHELL, AOL/Los Angeles TIMES.

So far, it’s not clear that FirstElement’s claims about either the sustainability of its hydrogen or the practicality of its filling station will convince many battery electric absolutists.

Take the company’s hydrogen production process as an example. FirstElement says that its supplier, Air Liquide in Las Vegas, uses natural gas as “feedstock” for its hydrogen. It buys biogas to blend with natural gas in order to create hydrogen – and that, because the gas used is more than 60% renewable, the hydrogen qualifies as “green.”

FirstElement hydrogen production

Infographic by First Element; via TruckNews.

Additionally, the claim of 10 minute fast fills should come with an asterisk or two. That’s because FirstGreen is using new “cryopump” technology from Bosch Rexroth to allow for filling at 900 bar (15,000 psi). While that seems like more enough to push 100 kg into a tank in about ten minutes, cryogenically cooling hydrogen is an energy intensive technology that requires a lot of electricity to function properly. Electricity that it says will come from the stored hydrogen.

In fairness, however, Bosch has some ideas here to help station owners maximize the usefulness of all that electricity.

“Cold is like gold,” says Dave Hull, regional vice-president, Bosch Rexroth. “You’ve got all this cold energy. All my career I worked to get rid of heat. You can take that energy and run a whole station’s refrigerators for Rock Star energy drinks, or air conditioning. Bosh has a whole division of heat pumps and building technologies.”

Whether or not that added efficiency adds up to actual energy and cost savings, rather than a lifeline for the gas industry and tier 1 auto suppliers like Bosch however, remains to be seen. Meanwhile, hydrogen costs continue to rise.

Platts last assessed California’s retail hydrogen price at $33.48/kg Jan. 4, 2023, which is the weighted average hydrogen price offered at retail fueling stations across the state. The price has risen 112% from when Platts began the assessment in September 2021, according to S&P Global Commodity Insights data.

SP GLOBAL

Despite the high cost of hydrogen (“green” hydrogen is more expensive, still), Shane Stephens, one of FirstElement’s founders and its chief development officer, remains undeterred.

“We, at FirstElement Fuels, have a lot of confidence the market is coming,” says Stephens. “We see the regulations on the horizon, the OEMs and fleet owners are going to have to respond to that, especially when it comes to goods movement, and hydrogen and fuel cells are the best – if not only – solution that will work for many of those use cases.”

Electrek’s Take

As a light vehicle fuel – despite the efforts of Hyundai, Toyota, and (more recently) Honda – things aren’t going well for hydrogen. As a fuel for massive semi trucks and even bigger heavy equipment, however, it might stand a chance against current battery technology.

But battery tech isn’t stagnant, and lighter, better, faster charging battery news that used to come every year, and then every month, now seems to be coming every week – and I’d argue that you’d be foolish to assume batteries that are twice as energy dense at half the weight won’t be here well ahead of California’s 2035 ICE ban.

But that’s just me. You guys are smart. Head on down to the comments and let us know what you think.

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