General Motors (GM) continued its run this year, topping Wall Street’s estimates again in the third quarter. After outpacing Ford and Hyundai in Q3, GM is now the second-best-selling EV maker in the US despite offering fewer incentives.
“GM’s EV portfolio is growing faster than the market because we have an all-electric vehicle for just about everyone,” Rory Harvey, GM’s executive vice president of global markets, said following the results.
The growth was enough to surpass Ford and Hyundai to become North America’s number two seller of EVs.
GM said the growth comes as it offers a wide range of options, including electric SUVs like the Chevy Blaze EV and affordable models like the Chevy Equinox EV. GM confirmed the long-awaited $35K Equinox LT model is now available, GM confirmed. And that’s before the $7,500 EV tax credit.
Over 15,000 Chevy Equinox models were sold in Q3, what GM calls “the most affordable EV in the US with 315+ miles of range.”
The automaker also offers luxury models like the Cadillac Lyriq and electric pickups, including the GMC Hummer EV, Chevy Silverado EV, and GMC Sierra EV.
GM’s market share surged from 7.1% in the second quarter to 9.8% in Q3 2024. The company’s growing EV market presence comes despite incentives being 11 ppts below the industry average.
GM gains EV market share in Q3 with less incentives
The progress is primarily due to advancements with its dedicated Ultium EV platform, falling battery cell costs, and rising US output.
Earlier this month, GM president Mark Reuss took a jab at Ford, saying the company didn’t need “a skunkworks to create affordable electric vehicles,” referring to Ford’s team in California building a low-cost EV platform.
Reuss confirmed that GM is “nearing the crossover point to profitability for EV sales.” The automaker expects battery pack costs to continue improving, “providing an ongoing tailwind to EV profitability.”
In 2025, GM expects the advancements to provide an EV profitability tailwind between $2 billion and $4 billion.
GM also confirmed its plans to produce 200,000 electric vehicles this year while achieving a positive EV variable profit in Q4.
With several new models launching, including the Cadillac Escalade IQ, Optiq, and Vistiq, GM expects the momentum to continue into the end of 2024. Later next year, GM will launch the next-gen Bolt EV, which will be the first of a “family of Bolts,” according to Reuss.
GM generated $48.8 billion in revenue in the third quarter, topping estimates of around $45 billion. Meanwhile, earnings before interest and taxes (EBIT) climbed 15.5% YOY to $4.1 billion.
Following the strong Q3 results, GM raised full-year 2024 earnings guidance. The company now expects adjusted operating income between $14 billion and $15 billion, up from its previous $13 billion to $15 billion target.
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Mercedes-Benz says its upcoming entry-level CLA will set the bar for EV range, charging speed, and efficiency with advanced new tech. Ahead of its arrival, Mercedes is giving us a closer look at the sporty electric car.
“With the CLA, we are ushering in a new era at Mercedes-Benz,” CEO Ola Källenius said after driving the new EV at its Immendingen site for the first time.
The new model will be the first of a new family of vehicles, kicking off “a new chapter for the entry-level segment at Mercedes-Benz.” Mercedes said the new electric CLA “is designed to set new standards in range, efficiency and charging speed.”
Based on Mercedes’ next-gen MMA platform, the CLA integrates tech from its ultra-efficient Vision EQXX concept and brings it into mass production.
Mercedes said it developed a new electric drive unit in-house to ensure high performance and efficiency.
Källenius showed off the “secret” CLA EV during the event, revealing new features and details, including the new headlight design.
Mercedes previews new entry-level CLA EV
With the headlights being the first thing you see at night, Källenius said the design had to be perfect. One of the coolest design details is the Mercedes star logo integrated into the headlights. Although it looks pretty, Källenius said the design is also about safety and not blinding others on the street.
After hopping into the new EV, you can hear Källenius talk to the vehicle, and Mercedes’ virtual assistant responds. It’s “like you have a butler in your car,” Mercedes CEO explained.
The new entry-level model will be loaded with Mercedes’ latest software and connectivity tech. It will be the first to be equipped with the new MB.OS, or “the brain” behind its next-gen vehicles, as Mercedes calls it.
During the test drive, the new model shows off its sporty design and dynamic driving as it rips around the test track. “This is not even the AMG version,” Källenius said.
With a two-speed transmission, “we can perfectly calibrate at every speed that you are driving how the electric motor works” to maximize efficiency, Källenius explained.
Mercedes leader said the CLA EV will have “incredibly fast” charging. With a new high-powered charging system, “charging almost becomes like fueling.”
Mercedes will officially unveil the new entry-level CLA EV next year, with deliveries expected in 2026. The new model will rival Tesla’s Model 3 and BMW i4, with expected prices around $50,000. It will also be available in a hybrid version.
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Unplugged Performance has unveiled its UP.FIT Tesla Model S Plaid police patrol car at Sema – becoming the world’s quickest police patrol car.
The Tesla tuner, through its UP.FIT division, has unveiled several new police vehicles based on Tesla vehicles, but this one is the first to be based on Tesla’s top performance vehicle: Model S Plaid.
This groundbreaking vehicle is designed to meet the high-performance demands of first responders, showcasing the future of electric police vehicles – albeit being a bit of an overkill with a 0-60 mph acceleration in 2 seconds.
Built on the Tesla Model S Plaid platform, the UP.FIT Plaid Pursuit brings a host of modifications and advanced technologies aimed at enhancing high-speed pursuits and traffic patrol operations. The vehicle will be delivered to the Los Angeles County Sheriff’s Department Motorsports community outreach program, underscoring a pivotal shift towards electric vehicles in public service roles.
The UP.FIT Plaid Pursuit model incorporates a proprietary electrical wiring harness designed specifically for UP.FIT Tesla vehicles, allowing for the integration of custom forward- and rear-facing warning lights into the front and rear glass.
According to UP.FIT, this enhances visibility compared to traditional rooftop light bars. Additionally, side skirt lighting and a push-bumper equipped with further warning lights and integrated high- and low-frequency emergency sirens ensure that this vehicle is fully compliant with Title 13 regulations in California.
To complement its exterior modifications, the UP.FIT Plaid Pursuit features performance upgrades from Unplugged Performance, including enhanced braking components and UP Forged lightweight wheels. These enhancements not only boost durability but also provide superior handling in pursuit scenarios. UP leveraged its experience building performance kits for performance-oriented Tesla owners.
This electric patrol car is not only duty-ready but also represents a zero-emission alternative to conventional patrol vehicles. With rapid acceleration and an impressive range of 345 miles, the UP.FIT Plaid Pursuit offers law enforcement agencies a powerful and sustainable option for their operations.
Ben Schaffer, CEO of Unplugged Performance, commented
“The UP.FIT Plaid Pursuit embodies everything we value in electric police vehicles. From outstanding acceleration and range to reduced maintenance and fuel costs, this platform equips law enforcement with the latest tools to enhance their mission while saving taxpayers’ money and promoting a cleaner future.”
The UP.FIT Plaid Pursuit will be displayed at the SEMA FutureTech Studio this week.
Electrek’s Take
This looks incredible. However, I think the Model S Plaid is a bit of an overkill. The Model S Long Range is $15,000 cheaper and the difference is an extra second 0-60 mph and 130 mph top speed rather than 200 mph.
A 3-sec 0-60 mph will smoke most cars, and while the top speed could technically be useful in high-speed pursuits, many police departments abandon pursuits when they reach high speeds because it is deemed too dangerous.
I’m not saying there are never any pursuits above 130 mph, but it is fairly rare.
UP’s Model Y police patrol vehicle is also an cheaper option that reduces the total cost of ownership when accounting for gas savings.
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XPeng Motors celebrated its annual Tech Day event in China earlier today, which was renamed “AI Day” for good reason. The topic of artificial intelligence dominated the Chinese mobility company’s incoming technologies, which were abundant. We got updates on a new in-house AI computing chip, a new Xpeng platform to support Level 4 autonomous robotaxis, flying cars, and eVTOLs, a new humanoid robot called “Iron,” complete with an existential launch video, and a surprising adoption of combustion-powered extenders that deliver up to 970 miles of additional range.
Today marked XPeng Motor’s sixth consecutive Tech Day event – something we look forward to each fall as it is sure to be filled with exciting updates and debuts from a mobility company that continues to expand and dabble in a little bit of everything, not just passenger EVs.
Last year, we saw the debut of XPeng’s X9 MPV, a humanoid robot called the PX5, and plenty of AI-centric software upgrades. Since then, we’ve seen the X9 officially launch in China along with a rollout of OTA updates to XPeng’s operating systems, including its XNGP ADAS.
This past April, during the Beijing Auto Show, XPeng gave the public a preview of some of the technologies explained further during today’s Tech Day event. That included AI-centric chips, Level 4 autonomous robotaxis plans, and a new neural network called “XNet.” We also saw some fresh updates, including a new humanoid robot, an eVTOL, and a new gas range extender that could deliver some of the farthest-driving vehicles in the world. Let’s dig in.
Source: XPeng Motors
XPeng shares flying car update during Tech Day 2024
There’s a lot to unfold here, but we’ll start with a mainstay in XPeng news, flying cars through its air mobility entity, AeroHT. Today’s talks were led by the “Land Aircraft Carrier” – an eVTOL/vehicle combo that debuted last year.
As we previously reported, the revolutionary land and air vehicle is slotted for scaled production in 2026, and AeroHT recently broke ground on the facility in China that will build them. There is not much of an update here. Still, XPeng founder and chairman He Xiaopeng reiterated that the Land Air Carrier will showcase its first public flight demonstration later this month before pre-orders open in December.
In addition to its modular Land Air Carrier and eventual plans for a bonafide flying BEV with propellers on its roof, Xiaopeng shared that AeroHT is also developing a dedicated full tilt-rotor eVTOL featuring six seats and hybrid power. The aerial vessel will have a maximum range of 500+ km (311 miles) and reach a top speed of 360 km/h (224 mph).
These flying cars and eVTOLs will be powered by a new AI “Turing” chip developed in-house by XPeng.
Source: XPeng Motors/AeroHT
In-house AI chips and a new platform
XPeng renamed its Tech Day event “AI Day” this year for a reason. Artificial intelligence was at the forefront of most of He Xiaopeng’s conversations on stage, and the debut of the mobility company’s new Turing chip was also a part of the event.
The company showcased a new Turing AI Intelligent Driving System, powered by XPeng’s proprietary Turing AI chip, described as “a world-first chip designed for AI vehicles, robots, and flying cars.” The new chip features a 40-core processor and supports models with up to 30 billion parameters, delivering the power of three high-performance chips in one.
Xiaopeng explained that the Turin chip has already completed over 2,700 functional verifications in a mere 40 days and has achieved three times the industry standard for development efficiency during that time.
Source: XPeng Motors
In addition to powering XPeng’s flying cars and humanoid robots (more on that below), Xiaopeng used the 2024 Tech Day event to unveil a new Canghai Platform that will enable full Level 4 autonomous driving. XPeng has already been promising fully autonomous robotaxis by 2025, and we now have a better idea of the technology that will support that, again, centered around its new Turing AI chip.
The company explained that the new platform would act as the previously teased neural network for XPeng’s new line of AI-centric vehicles, supporting driving (with or without a human in the driver’s seat) with enhanced safety features, 33x bandwidth, and 12x faster camera image processing, thus creating “a foundation for full-scenario AI-enabled driving experiences.”
The “Hawkeye” pure vision ADAS system can see the world around it at 720 degrees without blind spots. Per XPeng during Tech Day:
XPeng’s Turing AI system marks a pivotal step toward L4 autonomy, with continual model updates from cloud-based models, ensuring a highly responsive, ever-evolving smart driving experience.
In addition to autonomous robotaxis, XPeng’s Turing AI chip will power a new humanoid robot called “Iron” which made its official debut at Tech Day.
Source: XPeng Motors
XPeng introduces a new humanoid robot called “Iron”
One of the stars of today’s event was Iron, a serious upgrade to the robots XPeng has debuted at Tech Days in the past. With today’s debut, XPeng becomes the latest tech company developing and implementing impressive robot technology that could one day take over full assembly of its vehicles.
Per XPeng, the Turing AI chip enables the Iron bots to think and remember like humans (spooky) and also enables its hands and feet to move autonomously. The robot’s hands also use a 1:1 human hand size, with 15 degrees of freedom.
The debut included an interesting video in which Iron steps into a room and admires famous sculptures like Rodin’s “The Thinker” and “Discobolus” by Myron. Iron even copies the Discobolus pose, as seen in XPeng’s video below:
XPeng’s Tech Day event includes a new gas range extender
Perhaps the biggest surprise from XPeng’s 2024 Tech Day was the news that it is shifting its business strategy from all-BEV to include some combustion with a new gas-powered range extender.
On the stage in Guangzhou earlier today, He Xiaopeng unveiled XPeng’s Kunpeng Super Electric System. Xiaopeng says this next-generation solution “brings together XPeng’s advancements in latest AI-defined mobility innovations to deliver an unparalleled charging and range experience.”
The system consists of an 800V platform powered by XPeng’s battery technology, which supports 5C fast charging and can charge from 10% to 80% in 12 minutes. New to the party is a hybrid silicon carbide coaxial electric drive, which, according to XPeng, will offer industry-leading efficiency and reliability. The range extender is also extra quiet, outputting noise levels as low as 1 dB.
The automaker has also once again integrated AI into the power optimization system, which enables a seamless transition between pure electric and range-extended driving modes. As you can see from the Tech Day image above, XPeng’s new system offers 430 km (267 miles) of all-electric range and a combined range of over 1,400 km (870 miles).
That’s a lot to take in, but it’s all for now. Check back with Electrek soon as we await the official launch of XPeng’s next BEV model, the P7+. In the meantime, you can watch the full 2024 Tech Day presentation on XPeng’s Weibo page.
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