Connect with us

Published

on

Battery manufacturer LG Energy Solution just announced that its Arizona subsidiary has signed a long-term supply agreement with US automaker Rivian for 4695 cylindrical batteries. The cells will be produced at LG Energy Solution Arizona’s new standalone US facility beginning next year and will power Rivian’s upcoming R2 BEVs.

LG Energy Solution (LGES) is a spinoff entity of LG Chem specializing in battery development and manufacturing. In the four short years since the entity was founded, the Korean company has established partnerships and supply agreements with OEMs worldwide and is currently one of the leaders in its respective market behind long-time frontrunner CATL.

When the Biden administration introduced the Inflation Reduction Act, which included tax incentives for BEVs and their batteries assembled on US soil, LGES was one the most popular battery manufacturers OEMs reached out to for joint ventures to set up localized cell manufacturing in North America.

Since then, we’ve seen facility plans announced between LGES and automakers like Hyundai Motor Group, Stellantis, Honda, and Ford, which recently decided to bring its operations stateside over from Europe. Toyota also has a supply agreement in place with LG Energy Solution.

In 2022, we covered the news that LG Energy Solution was investing $450 million to produce 4680 battery cells, a format pioneered by Tesla. The company has since developed taller, higher-capacity cells called 4695.

Today, the company announced a new deal for those 4695 cylindrical batteries, which will be produced in Arizona and delivered to Rivian for its R2 models.

Rivian batteries
A rending of LG Energy Solution’s Stand-Alone Battery Manufacturing Complex Project in Arizona / Source: LG Energy Solution

Rivian R2 will be powered by LG Energy Solution batteries

LG Energy Solution shared details of its latest supply agreement this afternoon. The company has signed on to provide Rivian with its advanced 4695 cylindrical batteries for over five years, delivering a total energy capacity of 67 GWh during that time.

The “4695” nomenclature refers to the dimensions of the battery cells, which have a diameter of 46mm and a height of 95mm. LG Energy Solution explained that its 20 years of research and development in cylindrical batteries have gone into its next-generation 4695 cells for Rivian.

The battery specialist states that its larger cells will offer OEMs long-range and high safety while delivering over six times the capacity of the existing 2170 cylindrical cells popular in BEV battery modules today. LG Energy Solution CEO David Kim spoke about the company’s 4695 batteries and its robust supply agreement with Rivian:

Due to the dynamic nature of the current EV market, an increasing number of global automakers are demonstrating a strong preference for a diverse range of battery form factors. This large-scale order from Rivian for 4695 batteries marks a key milestone for LG Energy Solution in expanding its client base within the cylindrical battery segment.

Today, we also learned that the batteries for Rivian will eventually be manufactured at its pending facility in Arizona within the first year of production, then delivered to Rivian’s assembly plant in Normal, Illinois, where they will be implemented in R2 models sold in the North American market. 

Construction of LGES’ Arizona facility is underway and expected to be completed and begin full-scale production in less than two years from now.

The Rivian R2 was unveiled this past March to much fanfare, and well over 100,000 pre-orders have since been placed. It will be assembled at the Normal, IL, facility and may eventually move to the American Automaker’s second manufacturing plant, which remains under construction in Georgia.

During its reveal, Rivian shared that it expects the R2 BEV to reach the market in the first half of 2026. If that timeline holds, it should be right around when LG Energy Solution begins producing batteries for those Rivian models in Arizona.

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

Continue Reading

Environment

Rivian and Ben & Jerry’s just dropped an electric ice cream truck: Meet the sweet new EV

Published

on

By

Rivian and Ben & Jerry's just dropped an electric ice cream truck: Meet the sweet new EV

Imagine seeing this as the next ice cream truck rolling through your neighborhood? Yep, Rivian and Ben & Jerry’s teamed up to create the electric ice cream truck we’ve been waiting for. The “Scoop Truck” will be hitting the road to hand out ice cream this week and honestly, it looks pretty sweet.

Rivian and Ben & Jerry’s unveil electric ice cream truck

What’s better than an ice cream truck? An electric one. The Rivian and Ben & Jerry’s mashup gives us a sneak peek at the ice cream truck of the future.

The “Scoop Truck” will officially debut at South by Southwest (SXSW) in Austin, Texas, this week. Fans can stop by to get a first look at the electric truck (and maybe a sweet treat to go with it).

After that, the scoop trucks will hit the road, stopping at Rivian community events. You can also catch it at upcoming events in Vermont, Ben & Jerry’s home state.

Advertisement – scroll for more content

The electric scoop truck is based on Rivian’s Commercial Van, which was launched last month in the US. You may have seen the Rivian Electric Delivery Vans (EDVs) for Amazon roaming through your neighborhood. After ending its exclusivity agreement, Rivian is now open to other partnerships, like with Ben & Jerry’s.

Rivian-electric-ice-cream-truck
Rivian and Ben & Jerry’s electric ice cream truck (Source: Ben & Jerry’s)

Rivian said its Commercial Van “will allow for more events, more catering gigs, and dishing out more ice cream than ever” with up to 161 miles of range.

Sean Slattery, Ben & Jerry’s US integrated Marketing Project lead joked that “Rivian helped Ben & Jerry’s reduce our reliance on fossil fuels in a small way, while making things a little bit cooler… which, as an ice cream company, is extremely difficult to do.”

Rivian-electric-commercial-van
Rivian Commercial Van (Source: Rivian)

Rivian’s electric van is available in two models: the Delivery 500 and 700, starting at $79,900 and $83,900, respectively. The smaller (Delivery 500) van is designed for getting around city streets, while the larger (Delivery 700) model includes extra space (652 cu ft) for more cargo and storage.

Rivian and Ben & Jerry’s are two companies fighting for a cleaner future, so the “sweet” partnership makes sense. What do you think of the electric ice cream truck? Let us know in the comments below.

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

Continue Reading

Environment

Elon Musk tries and fails to pump Tesla’s stock (TSLA)

Published

on

By

Elon Musk tries and fails to pump Tesla's stock (TSLA)

Elon Musk tried to pump Tesla’s stock (TSLA) by claiming a 10x increase in profits, but it failed. In fact, the stock is down 10% since Musk’s pump.

After an analyst posted a prediction that Tesla would increase its profits by 256%, Tesla CEO Elon Musk responded

It will require outstanding execution, but I think more like 1000% gain for Tesla in 5 years is possible.

The comment was quickly propagated by Elon fans and the community of “Tesla all-ins” as being a sign that Musk, who is quite busy with X and DOGE lately, still believes in Tesla.

And yet, Tesla’s stock is down 10% since Musk’s pump:

Advertisement – scroll for more content

There are a few factors at play here. Mostly, it’s just not a great pump and shows Musk is disconnectedness with Tesla and its shareholders.

Many of his fans took it as a “1000% or 10x increase in Tesla’s stock”, but the analyst Musk was responding to was talking about profits.

At the time of the tweet, Tesla was trading at 150x profits. With a P/E of 15, Tesla’s stock price already assumed a roughly 10x increase in profits over the next few years.

Therefore, Musk saying that with “outstanding execution,” he “thinks” Tesla could “possibly” achieve a “more like” 10x increase in profits in “5 years,” is just not the pump that his fans thought it was. In fact, it was basically him saying that Tesla is currently priced for perfect execution.

Despite the drop in the last two days, Tesla is still trading at a price-to-earnings ratio of ~130.

Electrek’s Take

I think this shows how disconnected Elon is from Tesla and its shareholders. They thought, and he probably did too, that this would be a great pump, but it’s simply not.

Especially not amid protests and boycotts against Tesla while the company already had demand issues.

They are clinging to the idea that the Model Y refresh will save the company and return it to growth, but I don’t see that happening right now.

I think that Elon distancing himself from Tesla would be the only thing that would help right now, and it doesn’t look like it will happen. So, the shareholders will have to push him out, which won’t happen until the stock price motivates them.

We are still quite a bit away from that, but I think it’s headed in that direction fast.

Getting solar at your home is one of the best financial moves you can do while helping the economy move away from fossil fuels. To find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage. EnergySage is a free service that makes it easy for you to go solar – whether you’re a homeowner or renter. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20 to 30% compared to going it alone. Some installers even offer Tesla products. 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.

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

Continue Reading

Environment

Waymo One begins autonomous rides in Austin, Texas, exclusively through Uber [Video]

Published

on

By

Waymo One begins autonomous rides in Austin, Texas, exclusively through Uber [Video]

Starting today, the fully autonomous Waymo One ride service is available exclusively to customers in Austin, Texas through the Uber app. Today’s news builds upon Waymo’s existing partnership with Uber and is a milestone in the robotaxi startup’s expansion to new cities around the US.

As promised, robotaxi developer Waymo is expanding its Waymo One service to new US cities. While much of the world is still not completely sold on the plausibility of full-fledged robotaxi operations across major metropolitan areas, Waymo is trekking forward in its operations and has the data to prove it is, in fact, safer in many ways.

With the financial backing of parent company Alphabet Inc. (Google) and a $5.6 billion influx of cash secure in 2024, Waymo has been able to expand robotaxi operations in cities like Los Angeles, San Francisco and Phoenix.

At the time of the Series C funding announcement mentioned above, the mobility company detailed plans to expand its Waymo-One rideshare services to new cities like Austin, Texas, and Atlanta, Georgia in 2025 through an ongoing partnership with Uber.

Advertisement – scroll for more content

Today, Waymo has confirmed that fully-autonomous rides are now available in Austin through the Uber app. Be sure to check out the video from Waymo below.

Waymo Austin
Source: Waymo

Waymo One operational around 37 square miles of Austin

Waymo confirmed the start of fully autonomous robotaxi services in Austin today through a social media post. According to Waymo, Uber users who request an Uber X, Uber Comfort, Uber Green, or Uber Comfort Electric will have the opportunity to opt in and match with Waymo’s autonomous vehicles (when available).

Riders who are matched with a Waymo One-equipped EV, currently the Jaguar I-Pace (RIP), will be able to travel within a 37-square-mile footprint around much of Austin, including Hyde Park, Downtown, and Montopolis. Through the Uber app, riders will see options to unlock the Waymo One vehicle’s doors, open the trunk, and begin their ride once they are inside.

Today’s rollout stems from a multi-year partnership between Waymo and Uber. Austin is the first market where Uber is managing and dispatching Waymo vehicles, so it will be an important one to keep and eye on to see how everything runs and how the public responds.

As previously announced, the partnership with Uber also includes robotaxi expansions to the public in Atlanta, Georgia, later this year. As we reported in December 2024, Miami is also in the works for a 2026 rollout. While we await those expansions, here’s some footage of the Waymo One rollout in Austin.

Source: Waymo

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

Continue Reading

Trending