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American automaker Lucid Motors has shared its financial report for Q1 2023 ahead of its call with shareholders later today. While year-over-year growth is encouraging, most numbers are down compared to last quarter. Still, the company remains quite optimistic about its future.

Although Lucid Motors ($LCID) still stumbled over a production finish line that it had to move up closer twice in 2022, the American EV automaker capped off the year on a high note. Q4 saw its highest output to date, producing nearly 3,500 Lucid Air sedans, although it only delivered 1,920 of them.

At that time, the company relayed that it still had 28,000 unfulfilled EV reservations, equating to approximately $2.7 billion in sales revenue should they all come to fruition. Despite falling significantly short on both initially anticipated production and deliveries last year, Lucid reported total liquidity of $4.9 billion – relaying that the company had enough capital to keep its operation going through at least Q1 of 2024.

Entering 2023, the automaker’s production guidance was targeting between 10,000-14,000 EVs and could land closer to the higher end if it were to maintain the 3,500 vehicle pace that began in Q4.

In April, we learned that Q1 deliveries slipped a bit compared to a quarter ago, so Lucid will have some catching up to do in 2023. Following today’s more detailed quarterly report, the automaker relayed continued confidence that it will be able to produce at least 10,000 vehicles this year and still has plenty of money to get there.

Lucid Q1 2023
Credit: Lucid Motors

Lucid revenue was down in Q1 2023 but way up YOY

Per the financial reports released by Lucid Motors this afternoon, its revenue for Q1 2023 was $149.4 million, which is a 159% increase compared to a year ago. In contrast to a quarter ago, however, Lucid’s revenue is down. In Q4 2022, the automaker reported $257.7 million.

You could blame seasonality for the higher numbers in Q4 as everyone scrambled to sell as many EVs as possible before year’s end, but Q1 2023 revenue is also down from Lucid’s Q3 2022 numbers ($195.5 million). Even so, the automaker still has loads of cash on hand and once again relayed confidence it will remain liquid for at least another year. Per Lucid CFO Sherry House:

Our Q1 revenue was approximately $149 million, which represented a year-over-year increase of 159%. We ended the quarter with just over $3.4 billion in cash, cash equivalents, and investments, with total liquidity of approximately $4.1 billion, which we believe is sufficient to fund the Company at least into Q2 of 2024. Our mission and optimism are unchanged. We are committed to an environmentally sustainable future – designing, building, and delivering the best EVs on the market.

As we reported last month, Lucid Motors produced 2,314 vehicles at its AMP-1 manufacturing facility in Arizona in Q1 2023 and delivered 1,406 of them. Following those numbers, the automaker has now focused on the lower end of its previous production guidance, stating it remains on track to produce 10,000 EVs this year.

Company CEO and CTO Peter Rawlinson briefly addressed the production guidance, and then quickly pivoted to promoting Lucid’s second model – the Gravity SUV, which is currently going through public road testing and is slotted to begin production in 2024. Per the release:

We are on track to produce over 10,000 vehicles in 2023, with company-wide initiatives ongoing that will enable Lucid to pivot to higher volumes as market conditions allow. We continue to grow our brand awareness and I’m proud to say that the Lucid Air was recently awarded a number of prestigious industry accolades. We will unveil our Gravity SUV later this year ahead of its launch in 2024 and we cannot wait for everyone to experience it. The Lucid Air redefined the luxury sedan category and we believe the continuing advancements of our in-house technology position our Gravity SUV to do the same in the SUV category – game-changing range, driving experience, charging speed, voluminous interior space, and an unrivaled combination of luxury and performance.

Lucid says the Gravity will be fully unveiled to the public later this year as the automaker continues Phase 2 construction of its Arizona facility to make way for SUV production and additional Air production capacity. The automaker said it would take its powertrain production facility, currently stationed up the road, and move it on-site as well.

Lastly, Lucid Motors says Air Pure availability will expand in the second half of 2023, and production of the tri-motor Air Sapphire will begin this summer.

You can check out the full Q1 2023 financial report from Lucid Motors here and tune into the 4:30 p.m. PDT call with shareholders using this link.

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Corporate America is investing in record levels of solar and storage

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Corporate America is investing in record levels of solar and storage

Corporate America is investing in clean energy at record levels, with tech giants taking the top spots for users of solar.

Meta, Google, and Amazon are leading the charge in solar and battery storage adoption, according to the Solar Energy Industries Association’s (SEIA’s) latest “Solar Means Business” report.

Meta continues to hold the title of the top solar user in corporate America, with nearly 5.2 gigawatts (GW) of solar capacity installed. Meanwhile, Google leads the way in energy storage, boasting 936 megawatt-hours (MWh) of installed battery capacity. Through the first quarter of 2024, these companies have added the most solar capacity to their electricity portfolios, with major players like General Motors, Toyota, and US Steel also climbing the ranks.

The report reveals that US businesses have installed nearly 40 GW of solar capacity both onsite and offsite through Q1 2024, and corporate storage use now exceeds 1.8 gigawatt-hours (GWh). Even more growth is coming: Companies have over 3 GWh of battery storage under contract that will come online in the next five years.

“Some of the largest industrial and data operations in the world continue turning to solar and storage as a reliable, low-cost way to power their operations,” said SEIA president and CEO Abigail Ross Hopper.

Technology companies are at the forefront of this shift as data center growth drives skyrocketing electricity demand. Amazon, for example, leads the US with 13.6 GW of solar procurements under contract, while Meta and Google each have nearly 6 GW under contract – pipelines over 10 times larger than the next company in the rankings.

Target remains the US’s leading onsite corporate solar user for the ninth year in a row, with Prologis, Walmart, Amazon, and Blackstone also making the top five. For the first time, the “Solar Means Business” report is also tracking corporate battery energy storage, with Google, Apple, Meta, Target, Walmart, Home Depot, and Kohl’s among the top 10 companies using storage to meet more of their energy needs in real-time.

Looking ahead, both offsite and onsite energy storage are expected to play a bigger role in corporate renewable energy strategies. Medical companies like Kaiser Permanente are already using batteries to power microgrids, making their facilities more resilient to outages.

Carolyn Campbell, Meta’s head of clean and renewable energy, East, highlighted the importance of expanding solar capacity to match the company’s global operations with 100% clean energy: “We’re thrilled to rank number one for corporate solar procurement in SEIA’s report this year, and we continue to find ways to grow the grid to benefit everyone.”

Target’s vice president of property management, Erin Tyler, said of Target’s 20-year-old solar program, “Through our commitment to solar, we’re well on our way to achieving our corporate goal of sourcing 100% of electricity from renewable sources by 2030.”

The “Solar Means Business” report also looks at the policies driving corporate America’s adoption of solar. Many companies are taking advantage of the Inflation Reduction Act’s long-term clean energy incentives. To further accelerate their renewable energy investments, businesses are calling for improvements in interconnection processes, new community solar legislation, and simpler tax credit monetization.

Read more: A 100-MW solar farm just broke ground in Wisconsin


If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. 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. They have 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 Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Farm-fegnugen? Volkswagen rolls out an electric tractor

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Farm-fegnugen? Volkswagen rolls out an electric tractor

Volkswagen Group Africa has officially begun production of a modern electric farm tractor at its multifunctional facility in Gashora, Rwanda in a bid to advance modern, low-emission agricultural initiatives in Africa.

Part of a larger Rwandan initiative called the GenFarm Project, the new VW tractor is part of a “holistic ecosystem” of electrified farming machinery set to be used throughout rural Africa – where liquid fossil fuels are often just as difficult to come by as electricity. The goal is to provide machinery that’s both sustainable and reliable.

“We are growing our footprint in Africa and regard Rwanda as a key growth market. This project demonstrates our commitment to sustainable practices and highlights our ability to provide mobility solutions to the rural community in addition to the urban community currently serviced by our Volkswagen Mobility Solutions Rwanda business,” explains Martina Biene, Volkswagen Group Africa Chairperson and Managing Director. “The GenFarm Project fosters technological innovation and aligns with Volkswagen Group’s strategy to generate meaningful value for both society and the environment through sustainable mobility.”

The GenFarm project will eventually provide mobility services for transportation of goods and people. In June 2023, Volkswagen Group Africa signed a Memorandum of Understanding (MoU) with the Government of Rwanda to provide land for the establishment of the GenFarm Project.

The Volkswagen tractors’ electric motor produces 20 kW (about 27 hp), making it about the same size as the Solectrac product (which hasn’t worked out well in the US, it must be said). That motor gets its electrons from a 32 kWh swappable battery. Batteries are swapped/charged at the Empowerment Hub to minimize downtime. DC fast charging isn’t available, but the relatively small, swappable batteries (hopefully) mean that’s not much of a problem.

The GenFarm project hopes the new VW electric tractor will help clean up Rwanda’s agricultural sector, which currently accounts for some 25% of the national Gross Domestic Product.

Electrek’s Take

Screencap from video; via Telegraphi.

We’ve talked a lot about the lack of new farmers in America, but the problem is global – especially as western companies, and western ideas about consumerism, continue to spread. Products like this electric tractor from VW will make farming cleaner, quieter, and (hopefully) more attractive to young workers.

SOURCE | IMAGES: VW Group Africa.

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Honda deploys Peterbilt 579EV electric semi out of Alabama plant

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Honda deploys Peterbilt 579EV electric semi out of Alabama plant

A new, all electric Peterbilt 579EV is in-service at Honda’s Lincoln, Alabama assembly plant, where it’s busy transporting newly-built Honda cars from the plant to a nearby railhead for shipment to dealers across the country.

Part of a pilot program between Honda, Alabama Power, and Virginia Transportation Corp., the new electric semi truck will help stakeholders gather data about the practicality and performance of the battery-powered Pete and use it to generate case studies for broader electrification initiatives. Other supporters of the pilot project include the Alabama Clean Fuels Coalition and, of course, Peterbilt.

“We remain committed to delivering for our customers and the environment,” offered Leo Doire, owner and CEO of Virginia Transportation Corp. “Our new Peterbilt 579EV model will be tested to determine how well it performs against the high productivity demands of our operations. The partners we have at the table will help us maximize this opportunity and prepare to scale up if we get the results we are hoping for.”

The truck itself has been spec’ed to be perfect for the kind of short haul and drayage applications Honda has in mind. This particular Peterbilt 579EV is fitted with PACCAR’s 400 kWh battery and a 670 hp electric motor good for an impressive 2,050 lb-ft of peak torque at 0 rpm.

The truck offers 150 miles of operating range and can be charged in about 3 hours on a 120 kW charger installed specifically for that purpose. A charger, it should be noted, that was partially paid for by Alabama Power.

“Alabama Power’s ‘Make Ready’ program provides businesses with valuable rebates to help reduce the upfront costs of installing EV infrastructure,” says Alabama Power Electric Transportation Manager Hasin Gandhakwala. “We are committed to partnering with customers who are exploring state and federal grant opportunities. Alabama Power is dedicated to advancing EV technologies to better serve the needs of our customers.”

The electric semi is a continuation of a decarbonization project Honda initiated in 2011, when the company recruited Virginia Transport Corp. to help find ways to reduce emissions at its Alabama facilities. VTC’s efforts have led to changes that displaced more than 475,000 gallons of diesel in 2023 alone.

Electrek’s Take

Peterbilt 579EV at Alabama Honda plant; via Alabama Power.

With the big Pete’s 82,000 lb. GVWR and 150 miles of range between charging sessions, it seems like these guys will be making a lot of back-and-forth runs between the Honda plant and the CSX terminal to me. Here’s hoping they see the benefits of electrifying the rest of their vehicle transport fleets somewhat sooner than later.

SOURCE | IMAGES: Alabama Power.

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