Connect with us

Published

on

After a series of terrible news coming from EV players Polestar and Renault’s Ampere, Lotus is feeling confident and ready to roll with listing its shares on Nasdaq by the end of March. The EV arm of the company is valued at $5.4 billion.

Automotive News Europe reports that the Geely-owned company is merging with “blank check” company L. Catteron Asia Acquisition in the first quarter, according to company head Mike Johnstone.

While its EV arm Lotus Tech was scheduled to be listed at the end of last year, that plan was delayed for “no specific reason,” according to Johnstone, who spoke with Automotive News Europe.

“We feel we are in a good place,” he said. “We delivered the volume of cars that we expected to, and we put in place a really pragmatic plan in terms of growth and gross margin.”

The timing of the listing comes right after Volvo stopped funding struggling luxury EV maker Polestar and handed full responsibility for the brand over to Geely, which is based in China. After Polestar was listed in the US in 2022, but it has continually struggled with poor stock performance and has had to rely on funding from Volvo and Geely for funding to stay in the game. 

Also, French automaker Renault just canceled its planned IPO for its EV spinoff Ampere. While the IPO was scheduled for the first part of this year with an expected valuation of up to €10 billion ($10.47 billion), Renault says that market conditions aren’t optimal to make the move.

Adding to the grim mood, Volkswagen pushed back an IPO on its PowerCo. battery unit and plans to seek outside investors.

But Lotus says none of that will factor into their decision, with Johnstone saying that the brand’s high-end positioning puts them in a better place to ride out tough EV market conditions, said the report.

Lotus is aiming to reach 76,000 annual volume by 2025, and that’s based on sales of the Eletre SUV, Emeya sedan, and its Emira ICE sports car, at least that’s what the company said back in October. Lotus aims to go all-electric by 2028 once it replaces its Emira with an electric sports car (covered in-depth by Electrek) in 2027.

In 2026, the company also plans to release an electric SUV mysteriously dubbed Type 134 to rival the Porsche Macan. The brand expects to sell around 80,000 units of the Type 134 by 2027, which will be built in Wuhan, China, where Lotus builds its SUVs and sedans, reports Automotive News Europe.

Despite all the bad buzz in the media around electric vehicles at the moment, it won’t last, Johnstone said. The tide has already turned toward electric vehicles, and there is no going back. “You will see an increase in EV adoption driven by consumers and driven by regulators.”

Not that we’re not seeing some pushback on that. German automakers are stirring up news that Europe may push back its 2035 ban on ICE vehicles due to slow EV demand.

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

Continue Reading

Environment

E-quipment highlight: Kenworth T880E vocational electric semi truck

Published

on

By

E-quipment highlight: Kenworth T880E vocational electric semi truck

With the launch of the first-ever Class 8 vocational EV in the North American market, PACCAR Kenworth is raising the battery-electric bar and underscoring just how far the market has come since the Tesla Semi made its debut nearly a decade ago.

When Tesla pulled the wraps off its all electric Semi truck all the way back in November of 2017, the rest of the industry was hardly thinking about BEVs. Nearly a decade later, the world is still waiting for the Semi to begin regular production, and PACCAR is launching its second generation of HDEVs with the debut of this, the all-new Kenworth T880E vocational truck.

“The Kenworth T880E marks a groundbreaking milestone in Kenworth’s history as we bring to market the first Class 8 battery-electric solution built for vocational applications,” explains Kevin Haygood, Kenworth assistant general manager for sales and marketing. “The T880E is engineered to meet the evolving needs of operators and vocational fleets while still providing the durability, reliability and customization our customers expect.”

The new electric K-whopper is motivated by PACCAR’s in-house ePowertrain platform, capable of putting up to 605 hp and 1,850 lb-ft of peak torque to work, while delivering the same levels of drivability and dependability fleets expect from a Kenworth – but power and torque are only part of the T880E’s work-ready résumé.

Advertisement – scroll for more content

Open to work

Kenworth T880E; via PACCAR.

In addition to a stout, Class 8 electric chassis fitted with heavy-duty Kenworth brakes and axles, the T880E’s central drive eMotor allows for significant wheelbase flexibility so fleet buyers can spec out exactly the machine they need to get the job done. The T880E was also designed to enable lift axle installations from trusted Kenworth upfitters for a vocational-friendly BEV integration.

Additionally, the T880E features a wide selection of factory-installed options that include both high- and low-voltage ePTO (electric Power Take Off) ports, mechanical ePTOs, and the same wide array of body configurations as the ICE version.

Speaking of the ICE version, the electric T880E also can also be had in the same set-back front axle and set-forward front axle configurations with the same multi-piece hood construction. Inside the cab, the latest in driver-focused technology includes the Kenworth SmartWheel and a new 15″ DriverConnect digital touchscreen. Dash and vocational features like RAM Mounts and factory-installed PTO switches are available. The T880E is also offered with Kenworth ADAS packages for customers interested in DigitalVision Mirrors, Bendix Fusion, and Lane Keeping Assist.

It’s so big, you guys

Kenworth T880E; photo by the author.

The T880E was on static display at last week’s ACT Expo in Anaheim, California. Check with your local Kenworth dealer for availability.

SOURCE | IMAGES: Kenworth.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you 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. It has 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 share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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

Continue Reading

Environment

Xiaomi SU7 Ultra gets its groove back with all 1,548 hp available NOW

Published

on

By

Xiaomi SU7 Ultra gets its groove back with all 1,548 hp available NOW

The tire-blistering SU7 Ultra has been the Xiaomi brand’s flagship super sedan since its launch, but a controversial software setting has limited the car to “just” 900 hp in regular driving – resulting in an outcry from owners who ponied up for the big boy numbers. With its latest software update, that missing 648 hp is back on tap!

The SU7 Ultra made waves throughout the performance car world when a bright yellow striped example lined up alongside a white quarter mile king, the 1,000+ hp Tesla Model S Plaid, and promptly smoked it.

That wasn’t all. A preproduction SU7 Ultra prototype lapped the legendary Nürburgring circuit in just 6 minutes and 46.874 seconds, firmly stamping the 1,500+ hp Xiaomi’s alphanumeric into the track’s record books with a time nearly fifteen seconds quicker than a Rimac Nevera or, on the ICE front, either a Corvette ZR1, Viper ACR, or Porsche 918 (take your pick).

It’s hardly any wonder, then, that the customers who signed up – in droves, too – were disappointed to learn that the SU7 they were allowed to buy had been neutered by the safety nannies to the tune of nearly 650 hp. (!)

Advertisement – scroll for more content

We’re so back

The outrage from SU7 Ultra owners was immediate. And, facing mounting pressure online and on social media, Xiaomi ultimately decided to withdraw the performance-limiting features while acknowledging the need for more transparent communication about future software updates they messed up, saying in a statement, “we appreciate the passionate feedback from our community and will ensure better transparency moving forward.”

So, rich people can rocket themselves down the road in 9 second hypercars again and all is right with the world. A happy ending – but one that sort of illuminates a fresh set challenges for automakers peddling “software-defined vehicles” to a market that still thinks of their cars as very much hardware defined products.

That’s evidenced by the resistance to pay for features by subscription and complaints by more informed customers that “software locked” range and convenience features just subsidize the cost of more expensive trim levels and pad profits for manufacturers and suppliers.

The new reality is playing out in real time now, and the Jeff Bezos-backed $20,000 electric compact pickup from Slate Auto is going the other way entirely – time will tell whether more, or less tech is the answer.

SOURCE | IMAGES: Xiaomi, via CarNewsChina.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you 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. It has 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 share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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

Continue Reading

Environment

Tesla (TSLA) discounts new Model Y in the US, pointing to demand issues

Published

on

By

Tesla (TSLA) discounts new Model Y in the US, pointing to demand issues

Tesla (TSLA) has started offering reduced interest rates on the new Model Y in the US — this equates to a direct discount on the brand new vehicle that was supposed to spark Tesla’s demand back.

The automaker has announced “1.99% APR or $0 Due at Signing available for well-qualified buyers” on the new Model Y in the US for the first time:

This amounts to a direct discount worth a few thousand dollars. It is the first widely available discount on the new Model Y coming just weeks after the cheaper non-Launch Edition launched in the US.

It follows a $2,000 direct discount that Tesla offered to early Model Y owners last week.

Advertisement – scroll for more content

These discounts and subsidized financing point to soft demand for the updated best-selling vehicle in the US. Tesla just delivered a disastrous first quarter, which it mostly blamed on the Model Y changeover, resulting in lower inventory.

However, industry watchers, including Electrek, noted many signs that the Model Y changeover was not the only issue. Tesla added significantly to its inventory in the first quarter, and the wait times for the new Model Y were extremely short.

Now, the discount weeks after launching the new Model Y confirm the soft demand in the US.

It’s not as bad as Europe and China, where Tesla has already been offering 0% financing on the new Model Y for weeks.

Electrek’s Take

I think it’s clear by now: the new Model Y is not coming to save Tesla.

Let’s be honest: It will still be a significant vehicle program by volume. It just won’t help Tesla return to growth this year.

The RWD Model Y is still coming and has a chance to help in the US. It is already available in China, and it’s not helping Tesla much there, but that’s in a hyper-competitive market, especially at lower prices where the RWD Model Y operates.

Tesla’s performance in Q2 in China will be interesting since it is basically back to its regular lineup for the whole quarter.

The US appears to have been Tesla’s least affected market, but Q3 will be the real test with the full lineup and no backlog of demand for new Model Y.

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

Continue Reading

Trending