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Solaray Director Jonathan Fisk moves a solar panel at the solar power installation company’s Sydney facility.
Jason Reed | Reuters

Shares of Enphase Energy surged more than 12% during extended trading on Tuesday after the company reported record revenue during the third quarter, despite ongoing headwinds from supply chain bottlenecks.

The company, which makes microinverters and backup energy storage for solar systems, posted sales of $351.5 million during the period, compared to the $345 million analysts surveyed by StreetAccount were expecting.

Revenue jumped 11% quarter over quarter, and was nearly double the $178.5 million earned during the third quarter of 2020. The company also issued upbeat guidance, saying it expects fourth quarter revenue to be between $390 million and $410 million. Wall Street analysts were expecting revenue guidance of $373.6 million, according to estimates from StreetAccount.

Still, while CEO Badri Kothandaraman said business is booming, Enphase, like companies across sectors and industries, is facing supply chain constraints. In an effort to get products to consumers faster, the company qualified alternate suppliers during the quarter, and also chose to airship some microinverters. That significantly increases costs, and combined with ocean freight rates rising by eight times, the company opted to pass along some of those costs to the consumer by raising prices. Enphase is planning to once again raise prices during the fourth quarter.

“Every component in the supply chain is stressed,” Kothandaraman told CNBC. “It is all hand to mouth…every cost is going up and that’s happening right now.” He noted that a shipping container that cost $2,000 last year now costs $16,000.

While Kothandaraman expects the company to navigate the supply chain headwinds during the current quarter, he did not issue any guidance for next year. But this is not a deviation from the normal — Enphase never issues outlook beyond the current period.

“The situation is dynamic. What’s happening on logistics tomorrow may be totally different…the situation is changing every day,” he said, while adding that the fourth quarter looks better on the microinverter front than the third quarter, just as the third quarter looked better than the second quarter. Logistics around batteries, which can’t be shipped by air, have gotten worse, however.

But the company doesn’t envision any slowdown in demand for products despite longer delivery times. Enphase expects to ship between 90 and 100 megawatt hours of storage systems in the fourth quarter, up from 65 megawatt hours during the third quarter.

Enphase has focused on cutting costs, and raising prices for consumers will help offset growing expenses. But gross margins could edge lower during the current quarter. Third-quarter GAAP gross margins came in at 39.9%. Guidance for the fourth quarter puts that number between 37% and 40%.

The company is also expanding its product base. On Monday Enphase announced the IQ8 — a new microinverter that allows a solar system to continuing functioning even if the grid goes down, and without on-site storage.

“Overall, it was a strong quarter, as higher logistics costs were offset by pricing increases and cost management and microinverter demand continues to outstrip supply,” Citi wrote in a note to clients following the earnings announcement.

Shares of Enphase are down 1% for 2021 as of Tuesday’s close.

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UAW tells Stellantis workers to prepare for a fight, and vote for strike

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UAW tells Stellantis workers to prepare for a fight, and vote for strike

The UAW union’s Stellantis Council met yesterday to discuss the beleaguered carmaker’s “ongoing failure” to honor the agreement that ended the 2023 labor strike, and their latest union memo doesn’t pull many punches.

It’s not a great time to be Stellantis. Its dealers are suing leadership and threatening to oust the company’s controversial CEO, Carlos Tavares, as sales continue to crater in North America, it can’t move its new, high-profile electric Fiat, and it’s first luxury electric Jeep isn’t ready. And now, things are about to get bad.

In an email sent out by the UAW earlier today (received at 4:55PM CST), UAW President Shawn Fain wrote, “For years, the company picked us off plant-by-plant and we lacked the will and the means to fight back. Today is different. Because we stood together and demanded the right to strike over job security—product commitment—we have the tools to fight back and win … We unanimously recommend to the membership that every UAW worker at Stellantis prepare for a fight, and we all get ready to vote YES to authorize a strike at Stellantis.”

The dispute seems to stem from Stellantis’ inability to commit to new product (and continued employment) at its UAW-run plants and other failings to meet its strike-ending obligations. This, despite a €3 billion stock buyback executed in late 2023.

I’ve included the memo, in its entirety, below. Take a look for yourself, and let us know what you think of the UAW’s call for action in the comments.

UAW memo

SOURCE: UAW, via email.

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Kia EV9 GT caught with an active spoiler for the first time [Video]

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Kia EV9 GT caught with an active spoiler for the first time [Video]

Kia promises the new EV9 GT will have “enormous power,” but that’s not all. For the first time, the Kia EV9 GT was caught with an active spoiler, giving us a sneak peek at potential new upgrades.

The brand’s first three-row electric SUV is already making its presence known in the US, helping push Kia to back-to-back record sales months. Meanwhile, a more powerful, sporty variant is on the way.

Kia confirmed the EV9 GT will top off the electric SUV’s lineup in April. Packing “enormous power,” the high-performance GT model can accelerate from 0 to 62 mph (0 to 100 km/h) in 4 secs.

With a “high-output” dual-motor (AWD) system, the EV9 GT can quickly pick up speed despite weighing over 5,000 lbs.

Kia also equipped it with other high-performance features, such as a reinforced suspension and electronic braking system, for better control and stability.

We’ve already caught a glimpse of the performance electric SUV out testing, revealing aggressive new bumpers and wheels. Now, a new design feature has been spotted.

Kia-EV9-GT-active-spoiler
2024 Kia EV9 GT-Line (Source: Kia)

Kia EV9 GT could come with an active rear spoiler

The latest video from HealerTV shows the EV9 GT with what appears to be an active spoiler. As the reporter noted, it could be similar to the one spotted on the Genesis GV70 Magma.

Kia EV9 GT caught with an active rear spoiler

Tesla’s Model X also used to come with an active spoiler until it was dropped a few years back. Although the GT model was spotted with one, Kia could just be testing new features, so don’t get too excited yet.

Earlier this week, a video from HealerTV showed the front row of the EV9 GT, comparing it to the current GT-Line model.

Kia-EV9-GT-Line-interior
Kia EV9 GT-Line interior (Source: Kia)

Several differences can be immediately noticed, including a more aggressive, all-black design with a yellow stripe down the center of the seat.

Kia is set to launch the EV9 GT in early 2025. It will rival other performance SUVs like the Tesla Model X Plaid.

Although prices have yet to be confirmed, the GT model is expected to sit above the current GT-Line at $73,900. In comparison, Tesla’s Model X Plaid starts at $94,990 and can sprint from 0 to 60 mph in 2.5 secs.

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Chargeway and Consumer Reports team up to improve charging

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Chargeway and Consumer Reports team up to improve charging

Consumer Reports and EV charging app Chargeway are working together to give drivers a better way to rate public chargers, report uptime, and address maintenance issues.

The Chargeway app is best known for its use of numbers and colors to simplify the complexity of multiple charge ports and different charging speeds for new EV drivers. The app also enables Chargeway users to rate and review the public charging stations they visit – and now, those ratings can show up on Consumer Reports.

The technical collaboration with Chargeway is part of a larger effort called the EV Charging Community, which engages with a number of different EV advocacy groups including Plug In America, GreenLatinos, and Generation 180, and leverages the mobile app to rate public EV charging experiences based on various factors, with the findings reported back to industry stakeholders like EVSE manufacturers, CPOs, and utilities.

Be heard

“We are very excited to be partnering with Consumer Reports,” says Chargeway founder, Matt Teske. “From day one, Chargeway has focused on a driver first app design to provide easier EV charging experiences as well as transparency for what drivers can anticipate at (the) station they choose … we share Consumer Reports’ goal to give drivers a voice in the public EV charging reliability conversation. Now, instead of posting complaints on social media and feeling ignored, EV drivers can use the Chargeway mobile app to provide their feedback to the leading consumer advocacy organization.”

Consumer Reports says it’s already seen nearly a third of its 1,600 enrolled community members experience a problem with public charging, so it’s a real problem. “Charging stations are critical services, but when they’re out of order or barely functional, it wastes consumers’ valuable time,” explains Drew Toher, Consumer Reports’ sustainability campaign manager.

Consumer Reports points out that EV drivers who don’t use Chargeway can also enroll to be part of the community at this link.

Electrek’s Take

Chargeway founder Matt Teske is an old friend. He’s a good friend, too, so it’s great to see his top-shelf EV charging app starting to get some of the recognition it deserves. The CR tie-up and added visibility these ratings will give to industry stakeholders are only going to make things better for EV drivers everywhere.

That up there? That’s one of my early interview episodes of Quick Charge featuring a walkthrough of Chargeway+, another collab between Matt and Austin Energy. Enjoy!

SOURCE | IMAGES: Chargeway, Consumer Reports.

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