GM beats Q2 estimates, Ultium-based Bolt EV coming
General Motors released its Q2 earnings results Tuesday ahead of the market open, showing a 52% increase in net income YOY to $2.54B
The automaker says the improvements came after reducing costs in addition to stronger vehicle sales during the quarter. EBIT-adjusted came in at $3.2B. The results include a $792 million charge for new commercial agreements with LG Electronics and LG Energy Solution.
GM says it took a one-time coincidentally similar charge of $792 million due to costs associated with the Chevy Bolt EV and EUV recall. Speaking of the Bolt, Barra confirmed on the company’s earnings call that Bolt EV will live on.
After the first quarter, Barra revealed GM was ending production of the Bolt EV to focus on its Ultum-based EVs, leaving plenty of people (including myself) disappointed with the decision.
The automaker hit its goal of producing 50,000 EVs in the first half of the year and expects the momentum to continue with a target of hitting 100,000 in the second half of the year.
Despite Ultium sales lagging (Chevy Bolt accounted for nearly 14K of the 15,652 EVs sold in Q2), Barra says the supply chain is improving, and more EVs were in transit at the end of June.
Demand remains strong for EVs, according to Barra, and the company is working to put the supply chain issues behind them.
GM is launching six new EVs in the second half of the year, including the Chevy Silverado EV WT, Chevy Blazer EV, Chevy Equinox EV, Chevy Silverado EV RST First Edition, Brighdrop Zevo 400, and the Cadillac CELESTIQ.
The company is raising full-year financial guidance after posting better-than-expected results in Q2 and increased plans to cut costs. GM now expects adjusted earnings for the year to be around $12B to $14B, up from $11B to $13B.
However, this is contingent on GM negotiating labor union deals without a strike or delay. Barra said, “We have a long history of negotiating fair contracts with both unions that reward our employees and support the long-term success of our business. Our goal this time will be no different.”
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After years of waiting and many falsestarts, Formula E is finally going to debut its mid-race charging system, which will give cars a quick boost of energy charging at a rate much faster than current road cars can.
For years now, we’ve been hearing about FIA plans to introduce charging stops to electric racing.
In gas car racing, some series allow mid-race fueling and some don’t. The World Endurance Championship, which runs the 24 Hours of Le Mans, obviously needs to fill up several times during the race. But Formula 1, which hosts shorter races, eliminated mid-race fueling in 2010.
But the FIA already had one electric racing series, Formula E, which had debuted in 2014. At the time, each driver had two cars, and would swap mid-race to a fresh car with new batteries.
Battery-swapping had been considered, but it would be too complicated to set up at temporary race facilities in city downtown areas, as many Formula E tracks are.
Then, in 2018, Formula E debuted a new “Gen 2” car which had a big enough battery not to need a charge mid-race, and later a “Gen 3” car in 2022, which had much stronger regenerative braking, capable of 600kW of braking power. Gen 3 also has an “Attack Mode” feature that lets cars unlock additional power for a short period each race, adding to strategy and mixing up the race order.
The issues involved building the charging system in temporary facilities and ensuring safety of the system (and of pit stops in general, which is always a concern when cars are driving rapidly near people). But after winter testing prior to this season, Formula E now says the system is ready to go.
So, once again, Formula E is ready to announce that mid-race charging is definitely, totally, positively, 100% certain at the upcoming Jeddah E-Prix, on February 14-15 in Jeddah, Saudi Arabia.
Formula E thinks that proving this high-power charging technology could help road cars to charge more quickly, which could have myriad benefits for electric cars in general.
The series is calling the system “Pit Boost,” and it will consist of a 34-second pit stop that provides around 10% additional charge to the cars (about 4kWh). While 10% isn’t a lot, 34 seconds is also not a lot of time. For comparison, one of the fastest-charging cars out there, the Ioniq 5, can charge from 10-80% in 18 minutes, which means 10% charge takes 2.5 minutes – five times as long as Formula E cars will manage the feat.
The stop will be mandatory for all drivers to take at some point in the race, and will mean new strategy options for drivers. Taking the stop means getting more energy, which means that your car won’t have to do as much energy saving to get to the end of the race – but it also means giving up your position on track, which can be hard to get back if you do it late in the race.
However, we’ve never seen it happen before, so it will be interesting to see what kind of strategic options develop.
If you’re interested in seeing how it turns out, tune in to the Jeddah E-Prix on February 14-15 to see what happens. It’s a doubleheader race weekend, with night races both on Saturday and Sunday, February 14-15, at 5pm UTC, 9am PST, 12pm EST, and 8pm local time. You can check out how to watch the race in your area by going to Formula E’s “Ways to Watch” section. In the US, Roku should be the most reliable way to watch.
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JackRabbit, the maker of pint-sized electric microbikes, is back with a new product designed to quickly recharge their batteries from pure, uncut photons mainlined into an e-bike directly from the sun. In true independent charging form, the Solar Charging Kit from JackRabbit keeps riders rolling even when there’s not a convenient AC outlet in sight.
Unveiled this week, the Solar Charging Kit consists of a single folding solar panel and a tiny voltage converter that is configured to output 42.0V, which is the exact voltage required by JackRabbit’s little e-bike batteries. There’s also an added USB-A and a USB-C charging port for powering other devices in addition to charging JackRabbit batteries.
“This Solar Charging Kit plugs directly into your bike,” explained the company, “letting you recharge without needing an outlet, but with a speed comparable to the charger that comes with the OG/OG2 (42V, 2A).”
That would mean the panel outputs around 80W of solar power, which the company says can recharge its batteries in just three hours. That fairly quick recharging speed is helped by the fact that JackRabbit’s batteries are a mere 151 Wh, or around a third of the size of most e-bike batteries.
If that sounds small, then you’re right – it is. But JackRabbit is all about going micro, offering barely 25 lb rideables that are easy to store and bring on adventures, even when they aren’t actually being ridden.
With small batteries that fit under the 160Wh limit for many airlines in the US, the batteries can be quickly charged and taken to the widest number of locations. And for riders that want to go further than a single 10-mile (16-km) battery will allow, extra batteries are small enough to fit a pants pocket. The company also offers much larger Rangebuster batteries, though they won’t pass by TSA and make it onto an airplane in your personal item.
It sounds like the Solar Chargking Kit should be able to charge up JackRabbit’s large RangeBuster batteries, though likely in more than three hours.
The $349 Solar Charging Kit is a bit pricier than building something similar yourself, but it’s also safer and more convenient than hacking together your own battery charger since it’s designed to work with JackRabbit’s batteries right out of the box.
Technically it’s only inteded for JackRabbit’s micro e-bikes (themselves technically seated scooters, even if they look and feel more like a typical bike), but it’d probably work for just about any 36V e-bike that requires 42.0V to charge.
This isn’t the first time we’ve seen solar charging kits for electric bikes, and it’s a trend that is certainly appreciated by outdoors and camping enthusiasts, festival goers, or anyone who finds themself and their bike spending extended periods in the great, sunny outdoors.
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On today’s episode of Quick Charge, Polestar hopes to steal customers from Tesla now that Elon is involved in politics, CATL revenue dips for the first time ever, and a whole new way to feed the orcas drops down under.
As above, Polestar is hoping Elon’s descent into politics spells opportunity for the struggling Swedish/Chinese performance brand, CATL has big news in Europe, and Scooter Doll shows off a new electric submarine that’s so expensive, they won’t even tell us the price.
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