During the first three quarters of 2024, renewables increased their output by almost 9% year-over-year, and solar is still leading the charge, reports the US Energy Information Administration (EIA).

Solar’s massive growth

According to the EIA’s “Electric Power Monthly” report, which includes data through September 2024, solar power generation (including both utility-scale and rooftop installations) shot up by 25.9% compared to the first nine months of 2023.

Utility-scale solar grew even faster – up 30.1% – while small-scale solar (mostly rooftop) increased by 16.2%. Combined, solar contributed more than 7% of the total electricity generated in the US so far this year.

Zooming in on September, utility-scale solar generation grew by a whopping 29% compared to September 2023, and rooftop solar climbed by 14.2%. Combined, solar generated 7.5% of the nation’s electricity that month.

Small-scale solar made up nearly 30% of all solar generation from January to September and provided 2% of the country’s electricity. Interestingly, small-scale solar is now producing almost double the electricity of utility-scale biomass, and over five times that of either geothermal or petroleum-based power.

Wind and renewables mix

Wind power also saw strong growth so far this year. From January to September, wind output was up 6.6% compared to last year. Wind still holds the top spot among renewables, making up 9.9% of US electricity generation in the first nine months of 2024.

The combined contribution of wind and solar provided 17% of the US’s electricity for the first three-quarters of 2024. Altogether, renewables – including wind, solar, hydropower, biomass, and geothermal – supplied 24% of US electricity in that period, compared to 22.8% during the same time last year.

The numbers show that renewables are growing much faster than traditional energy sources. For example, in the first nine months of 2024, renewables grew by 8.6%, which is more than double the growth rate of natural gas (4.1%) and almost seven times that of nuclear (1.3%). Even in September alone, renewable power generation was up 7.9% compared to September 2023, making up 21.3% of total electricity generation that month.

Other notable trends

From January to September, wind generated 76.4% more electricity than hydropower, and solar surpassed hydropower by 27.2%. In September alone, wind and solar produced 73.5% and 65.9% more electricity, respectively, than hydropower, due to drought conditions, particularly in the Pacific Northwest.

For the first nine months of 2024, wind and solar together produced 14.5% more electricity than coal and came close to catching up with nuclear power’s share of electricity generation (17% compared to nuclear’s 17.6%). This growth has solidified renewables’ place as the second-largest source of electricity generation in the US, behind natural gas.

Ken Bossong, executive director of the SUN DAY Campaign, which reviewed the EIA’s data, put it simply: “Renewable energy sources now account for a quarter of the nation’s electricity. Any attempt by the incoming Trump Administration to undermine renewables would have serious negative impacts on both the country’s electricity supply and the economy.”

Read more: US solar and wind growth defies expectations – a decade in numbers

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Pickup trucks and SUVs dominate the North American market and are gaining traction overseas. Seeing the opportunity, GM and Hyundai are reportedly teaming up to launch an electric pickup.

GM and Hyundai team up to launch an electric pickup

GM and Hyundai signed a Memorandum of Understanding in September to partner up on new vehicle development and manufacturing.

According to GM CEO Mary Barra, the partnership is designed to “unlock the scale and creativity of both companies.”

GM and Hyundai plan to “enhance competitiveness in key markets and vehicle segments.” They will use their competitive strengths to slash costs and introduce advanced new tech.

A new report from Korean media outlet Pulse claims Barra met with Hyundai Chairman Euisun Chung earlier this month to discuss the partnership. The report claims that Hyundai and GM aim to team up on the development of a new electric pickup truck.

Interestingly, the two leading OEMs are considering “badge engineering,” where Hyundai would sell vehicles made by GM with its branding or vice versa.

The partnership is significant, given the scope of the two auto giants. GM’s Chevy Silverado was the second best-selling vehicle nameplate in the US last year, behind Ford’s F-series. The Ram pickup placed third.

Fending off the competition

With pickup trucks being the top three-selling nameplates, Hyundai and GM want a bigger slice of the pie. By teaming up and complementing each other’s strengths, the two could slash costs and undercut competitors. This could also involve using each other’s sales networks.

The report notes that the jointly developed electric pickups will likely be aimed at the Latin American market. Although a smaller market than the US, Latin America has a significant share of pickup truck sales.

Ford’s Ranger and the Toyota Hilux are some of the top-selling pickups in Latin America. Meanwhile, China’s BYD launched its first pickup truck, the Shark PHEV, in Mexico, Brazil, Panama, and other countries as it expands overseas.

Hyundai’s next-gen EV platform, set to replace the current E-GMP, is designed to cover more than midsize SUVs.

CEO Jaehoon Chang said, “It encompasses nearly all vehicle classes, ranging from small and large SUVs to pickup trucks.” Could it serve as the platform for GM’s next EV pickup?

Would you buy a Hyundai and GM co-made electric pickup? What features or specs would you expect out of it? Let us know in the comments below.

In a drastic shift of plans, Porsche’s upcoming EV lineup may not be so electric after all. The luxury brand plans to launch a new series of gas-powered vehicles and hybrids as it deals with slowing EV sales.

Porsche shifts EV plans with gas and hybrids coming

After backing off its goal of having electric vehicles account for 80% of total sales by 2030 in July, it looks like Porsche is backtracking on more EV initiatives.

With sales of its sole EV, the Taycan, down 50% through the first nine months of 2024, Porsche CFO Lutz Meschke acknowledged on the company’s Q3 earnings call that it is seeing “a slowdown in the BEV transition.”

Porsche’s struggles are not limited to just China, where an influx of more advanced, low-cost competitors are flooding the market, but also Europe and the US. The slowdown comes despite Porsche launching the upgraded 2025 Taycan earlier this year with more range, performance, and enhanced design.

Meschke told investors, “A lot of customers, first of all, in the premium and luxury segment are looking in the direction of combustion engine cars.”

As a result, Porsche plans to launch a series of new gas and hybrid models. The company’s CFO explained “We will refresh also our combustion engine cars. For instance, the Panamera and the Cayenne.”

The shift comes as deliveries of the first electric Porsche Macan are still ramping up. With its first full sales quarter, Porsche expects to see higher EV demand in the fourth quarter.

Despite the second-gen Macan launching exclusively as an EV, Porsche now plans to keep the gas-powered Model alive in key markets, including the US.

Porsche teased the upcoming electric Cayenne this summer, but the company also said gas and hybrids are in the works.

Following the Macan EV, Porsche will launch an electric 718, which is expected to debut later this year. The highly anticipated Porsche Cayenne EV is scheduled for its big debut in 2026. After that, Porsche plans to launch an ultra-luxury electric SUV to sit above the Cayenne, codenamed “SUV K1” internally.

Source: Automotive News, Porsche AG