Down To Business

China's Automotive Market on the Rise

• Sales increased by over 20% in November; October sales up by 9.9% from last year.
• New Energy Vehicles (NEVs) lead with 37.4% of October sales.
• BYD pushes for a 3 million sales goal; Tesla experiences modest EV delivery growth.
• Auto industry challenges: Nio cuts 10% of its workforce; truck industry adopts driver-assist tech.

Rivian's Business Strategy Shift

• The updated Amazon deal allows Rivian to sell electric vans to other companies.
• Annual production forecast raised to 54,000 vehicles, showcasing company resilience.
• Focus on in-house powertrain production to cut costs.
• Financials: Quarterly net loss of $1.36 billion but cash reserves of $9.13 billion.

GM's Investment in Sustainable EV Technologies

• Partners with Niron Magnetics for EV motor magnets that reduce rare earth mineral dependence.
• The investment aligns with EV tax credit sourcing requirements.
• Cruise subsidiary recalls 950 autonomous vehicles for crucial safety software updates.

Lucid Motors' Financial Update

• Q3 results: Significant financial losses, with $430,000 lost per car sold.
• Production forecast reduced to 8,000–8,500 units for the year.
• The company focuses on the Gravity SUV launch in late 2024, with a reveal at the LA Auto Show.

Hyundai's eVTOL Ambitions in the US

• Supernal to build a manufacturing plant for air taxis in the US.
• Prototype to debut at the Consumer Electronics Show in Las Vegas.
• eVTOL with 120 mph speed and five-seat capacity, targeting a December 2024 test flight.
• Hyundai invests $916 million in Supernal; collaboration with Korean Air for air mobility infrastructure.