Rivian and Lucid shares take a dive while Tesla soars
What’s the Trump effect on the EV market? Depends: Newcomers like Rivian and Lucid are potentially at risk, while Tesla has the scale, profitability, and Trump connection to make it work, despite major shifts that are sure to come. Here’s the scoop on how a second Trump term may play out among automakers:
Yesterday’s market gives us a quick insight into how things may measure up in the EV industry – with Tesla of course being an outlier as Elon Musk heavily campaigned for Trump in crucial swing states and stands to gain considerably with his ties to the future president. Tesla shares soared by 15%. Meanwhile EV startups Rivian and Lucid saw shares drop yesterday by 5.3% and 8.3%, respectively.
“We see RIVN and LCID challenged, which is largely reflected in the stocks,” BofA Securities analyst John Murphy told CNBC. “We don’t expect meaningful issues for TSLA since it has already reached profitability and will introduce more entry level products that could be attractive for the larger public.”
Trump, who has been eager to denigrate EVs, has said that he’ll make quick work of rescinding the Environmental Protection Agency, modifying or ending altogether vehicle emissions standards. He has said too that vehicles made in Mexico would see as much as a 200% tariff, and vehicles from China, Europe, and elsewhere will likely see higher tariffs.
The future president may also eliminate many EV incentives, including purchase rebates and tax incentives that are part of Biden’s Inflation Reduction Act. However, billions of dollars in investments into EV production under the IRA have been taking place in red states, such as South Carolina, Ohio, and Georgia, so it’s unlikely that everything is going away.
Rivian and Lucid shares take a tumble
Wedbush analysts say that all of this bad buzz, of course, won’t be good for EV startups such as Lucid and Rivian. “We believe a Trump presidency would be an overall negative for the EV industry as likely the EV rebates/tax incentives get pulled,” the Wedbush analysts said, as reported in CNBC.
After the election news yesterday, Tesla, Lucid, Rivian, and EV battery maker LG have all said that they are ready to work with Trump to ensure EV technology continues on pace, Reuters reports – but that will mean or how it will work is not yet clear. Of course, Musk’s role in all of this and his sway on Trump is yet to be determined since Tesla heavily relies on China as a production base and major market.
And the winners are… ICE makers GM, Ford, and Stellantis
Legacy automakers, particularly the Big Three in Detroit – General Motors, Ford, and Chrysler parent company Stellantis – will likely the biggest “winners” of Trump’s win, meaning they won’t have to decarbonize their portfolios and shift to EVs at any set pace, Reuters reports. Yesterday, shares of GM and Ford closed up 2.5% and 5.6%, respectively.
In other plans, Trump also wants to rescind California’s ability to set its own rules regarding vehicle emissions and requirements for BEV sales – he already did this in 2019, but Biden reinstated it. The state’s current requirements the “Advanced Clean Cars II” regulations of 2022 call for 35% of 2026 model year vehicles to be zero-emission vehicles. The California Air Resources Board has stated that 12 states and Washington, DC, have all adopted the rules, while half of them start with the 2027 model year. CARB’s regulations require 100% of new vehicle sales in California to be zero-emission models by 2035.
The American Trucking Association, the largest national trade association for the trucking industry, jumped in to ask Trump to water down the EPA’s tailpipe emissions goals with a fresh set of standards that were “technologically achievable and account for the operational realities of our essential industry,” Reuters wrote.
Auto execs also expect Trump to roll back or freeze the Corporate Average Fuel Economy, or CAFE, standards for model years during his term.
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Leading yard operation 3PL YMX Logistics has announced plans to deploy fully twenty (20) of Orange EV’s fully electric Class 8 terminal trucks at a number of distribution and manufacturing sites across North America.
As the shipping and logistics industries increasingly move to embrace electrification, yard operations have proven to be an almost ideal use case for EVs, enabling companies like Orange EV, which specialize in yard hostlers or terminal tractors, to drive real, impactful change. To that end, companies like YMX are partnering with Orange EV.
“This relationship between YMX and Orange EV is a significant step forward in transforming yard operations across North America,” said Matt Yearling, CEO of YMX Logistics. “Besides the initial benefits of reduction in emissions and carbon footprint, our customers are also seeing improvements in the overall operational efficiency and seeking to expand. Our team members have also been sharing positive feedback about their new equipment and highlighting the positive impact on their health and day-to-day activities.”
This Orange looks good in blue
One of the most interesting aspects of this story – beyond the Orange EV HUSK-e XP’s almost unbelievable 180,000 lb. GCWR spec. – is that this isn’t a story about California’s ports, which mandate EVs. Instead, YMX is truly deploying these trucks throughout the country, with at least four currently in Chicago (and more on the way).
“Our collaboration with YMX Logistics represents a powerful stride in delivering sustainable yard solutions at scale for enterprise customers,” explains Wayne Mathisen, CEO of Orange EV. “With rising demand for electric yard trucks, our joint efforts ensure that more companies can access the environmental, financial, and operational benefits of electrification … this is a win for the planet, the workforce, and the bottom line of these organizations.”
We interviewed Orange EV founder Kurt Neutgens on The Heavy Equipment Podcast a few months back, but if you’re not familiar with these purpose-built trucks, it’s worth a listen.
HEP-isode 26
SOURCE | IMAGES: YMX Logistics.
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On today’s thrilling episode of Quick Charge, we’ve got the all-new Hyundai IONIQ 9 and its “a “rolling living room” pivoting captain’s chairs, Kia gets a go-fast 7 passenger SUV and an updated EV6, while Honda announces plans to start producing solid-state batteries at its new facility in just a few weeks.
We’ve also got big news for American workers – a Minnesota power company is ditching coal for solar while ExxonMobil and LG Chem get to work extracting thousands of tons of lithium out of Tennessee’s soil.
Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations sitewide. Learn more by clicking here.
You can watch the episode, below.
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Read more: Farm-fegnugen? Volkswagen rolls out an electric tractor.
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Arevon Energy has kicked off operations at Vikings Solar-plus-Storage – one of the US’s first utility-scale solar peaker plants.
The $529 million project in Imperial County, California, near Holtville, features 157 megawatts of solar power paired with 150 megawatts/600 megawatt hours of battery storage.
Vikings Solar-plus-Storage is designed to take cheap daytime solar power and store it for use during more expensive peak demand times, like late afternoons and evenings. The battery storage system can quickly respond to changes in demand, helping tackle critical grid needs.
Vikings leverages provisions in the Inflation Reduction Act that support affordable clean energy, strengthen grid resilience, boost US manufacturing, and create good jobs.
The Vikings project has already brought significant benefits to the local area. It employed over 170 people during construction, many local workers, and boosted nearby businesses like restaurants, hotels, and stores. On top of that, Vikings will pay out more than $17 million to local governments over its lifespan.
“Vikings’ advanced design sets the standard for safe and reliable solar-plus-storage configurations,” said Arevon CEO Kevin Smith. “The project incorporates solar panels, trackers, and batteries that showcase the growing strength of US renewable energy manufacturing.”
The project includes Tesla Megapack battery systems made in California, First Solar’s thin-film solar panels, and smart solar trackers from Nextracker. San Diego-based SOLV Energy handled the engineering, procurement, and construction work.
San Diego Community Power (SDCP) will buy the energy from the Vikings project under a long-term deal, helping power nearly 1 million customer accounts. SDCP and Arevon have also signed an agreement for the 200 MW Avocet Energy Storage Project in Carson, California, which will start construction in early 2025.
Vikings is named after the Holtville High School mascot, and Arevon is giving back to the local community by funding scholarships for deserving Holtville High students.
Arevon is a major renewable energy developer across the US and a key player in California, with nearly 2,500 MW in operation and more than 1,250 MW under construction.
Read more: Minnesota’s largest coal plant goes solar: Sherco Solar comes online
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