One and Two

It’s hard to tell what is true sometimes. Google “Cybertruck,” and you’ll find stories about it rescuing people’s dogs from burning buildings and also stories of it hitting a banana peel and flying off the rainbow road.

You can’t trust everything you read since everything you read seems at odds with everything else you read.

But for now, we have some news, reports, data, and bits to share. So, enjoy!

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Cybertruck Takes Charge

Tesla's Cybertruck may now be the best-selling electric pickup in the US. Despite Tesla's lack of detailed sales data, production figures suggest between 8,000 and 9,000 Cybertrucks were delivered in Q2, surpassing Ford's 7,902 F-150 Lightnings and GM's combined 5,125 Silverado EVs and Hummer EVs. Tesla’s efficient production ramp-up is key to its market lead.

Rivian Rides High

Rivian surpassed its Q2 2024 delivery targets and remains on track for its annual goals. Here are the key stats and plans:

• Deliveries: 13,790 vehicles, exceeding the 13,000-13,300 forecast and beating analysts’ 12,000 predictions.
• Production: 9,612 units produced at the Normal, Illinois plant, supporting a full-year goal of 57,000 vehicles.
• H1 2024 Totals: 26,600-26,900 deliveries and 23,100-23,300 units produced.
• Profitability: Aims for per-vehicle profitability by Q4 2024, currently facing a $38,784 loss per vehicle.
• 2025 Updates: New R1S and R1T updates planned.
• Joint Venture: $5 billion partnership with Volkswagen focusing on software and electrical architecture.

Rivian’s success and strategic moves position them well for future growth in the EV market.

Toyota Ticks All Boxes

Toyota's recent investigation found no new wrongdoing in its certification applications beyond previously reported issues. This follows an industry-wide check ordered by Japan’s transport ministry after a safety test scandal. Toyota remains committed to following the ministry's guidance.

EU Tariffs Zap China-Built EVs

Those tariffs finally hit. The European Union has confirmed increased tariffs on electric vehicles imported from China, effective Friday. Key details:

• Tariffs: Range from 17.4% to 37.6%.
• Impact: Affects Chinese automakers like BYD and Nio, as well as Tesla’s Shanghai-made cars.
• Reactions: Nio warns of potential price hikes, while Xpeng promises no immediate increases for current orders.
• Future Actions: EU member states will vote on permanent duties, lasting five years, within four months.
• Mitigation: Chinese automakers are considering local manufacturing in Europe to mitigate tariff impacts.

Prius Pothole

Toyota only sold 13 Priuses in June due to a stop-sale issued after an April recall for rear doors that could open while driving. Despite this setback, Prius sales are up 2.9% in the first half of 2024, with 15,373 units sold. Production restarted last month, and sales are expected to rebound soon.

Tesla's Tech Treats

Tesla's 2024.26 software update, currently in testing, introduces parental driving controls to limit speed and notify about late-night drives. The update also includes an AQI symbol for poor air quality and scheduled charging. Additionally, Amazon Music and YouTube Music apps are now accessible in the US with Premium Connectivity or Wi-Fi.

Chery, Not Chevy, Crosses Over

China's Chery Auto launched its Omoda 5 crossover SUV in Italy, priced at 27,900 euros. Chery (no, we didn’t mean Chevy) aims to expand across Europe, entering 60 new markets globally in the next three years. An EV version will be available in September.

EV Economics: The Bottom Line

Electric vehicles present potential fuel savings, but regional variations and higher upfront costs complicate the financial picture. Key data points include:

• Fuel Savings: Driving a fully electric car can save up to $2,200 annually, depending on local fuel and electricity prices (Argonne National Lab analysis).
• Maintenance Costs: EVs are generally cheaper to maintain than gas vehicles.
• Cost Variance: Lifetime ownership cost for a midsize electric SUV (300-mile range) can vary by $52,000 based on location (University of Michigan study).
• Initial Costs: Average EV costs over $57,000, about $10,000 more than other vehicle types (Kelley Blue Book).

As battery costs fall and more mass-market EVs become available, the financial case for EVs will likely strengthen.

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