This week, we have news on Earnings, Big Lithium, A “Small” SUV, and Alpine Electric: Our Top EV News for the week of May 12, 2023.
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Bio: John is the COO at EPG, a company focused on helping electric and autonomous vehicle companies hire the best talent. In addition to these services, EPG puts out an informative weekly newsletter dubbed Mobility EVo. You can sign up for the newsletter here.
Earnings
It is earnings week for some companies, like Rivian and Lucid. In Q1 2023, Rivian reported $661 million in revenue with 7,946 vehicles delivered and $11.78 billion in cash holdings. Lucid Group had Q1 revenue of $149.4 million, planning to produce over 10,000 vehicles in 2023, and maintaining $4.1 billion in liquidity. We are looking forward to Q2.
Lithium
Tesla has begun construction on a Texas lithium refinery, aiming to produce battery-grade lithium for one million EVs by 2025 and become North America’s largest lithium processor. The US currently produces only 1% of the world’s lithium, with the Biden administration’s EV tax credit aiming to boost domestic battery material sourcing and production. Despite initial plans to finish construction by the end of 2023, Tesla now targets completion in 2024 and full-scale production in 2025.
“Small” SUV
The fully electric Volvo EX30 “small” SUV is set to debut globally and become available for reservation in the US on June 7 at 7:30 AM ET, with more details to be revealed soon.
A290_β
The Alpine A290_β, an urban sports car, marks the beginning of Alpine’s new electric era, combining motorsport heritage with sustainability. The name A290_β aligns with Alpine’s global naming strategy, with “A” representing Alpine, “2” denoting the B-segment, “90” signifying the future Lifestyle range, and “β” indicating a pre-launch phase. The car is set to officially launch in 2024 as part of Alpine’s all-electric Dream Garage.
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