Some Updates

Got some news from the newbs and the seasoned vets today. Start-ups almost totally founded on EV tech are finding ways to make 2024 work, while legacy automakers are able to spread efforts over ICE and even hybrid offerings.

You can catch a lotta fish with a wider net, but you can catch the fish you want with a spear, too. So, y’all do y’all.

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Auto Start-Ups, Starting Up?

Start-up life is challenging, and we don't mean just yanking the string on a push mower (it's almost Spring, you ready?).

• Lucid Motors plans to keep production levels consistent in 2024. The EV company has targeted about 9K vehicles, slightly more than its 2023 output. The cautious approach is going around in the EV world right now, with well-established and start-up companies alike looking for the sweet spot of supply to match demand.
• Rivian is one of those companies facing a challenging landscape. Its Q4 2023 gross margin dipped, leading to the decision to cut its workforce by 10%. Despite these hurdles, Rivian managed to double its previous year's delivery numbers, surpassing 50K EVs. The company is betting on cost-cutting and more affordable models to boost its growth by the end of 2024.
• VinFast's Q4 net loss widened, yet the company targets 100K sales in 2024, nearly tripling the 35K vehicles sold in 2023. The plan isn't just wild dreaming, the company is expanding globally and has plans to lease battery tech in India and Indonesia. So, while a rough 2023 leads other companies to scale back, VinFast is working with dealers and international manufacturers to ramp up.

Mercedes ICE-y Plans

Mercedes-Benz is making plans and taking gains. Despite supply chain warnings and geopolitical noise, the company's shares rose 5% following Q4 reporting and a 3B euro buyback.

Amid slowing EV sales, the company says it will update its ICE lineup and adjust its 2030 goals to "up to 50% electrified."

CEO Ola Källenius says they aren't backing off innovation or investments in new tech, specifically BEVs, despite supply chain challenges and big economic movements.

Strike Averted

Ford workers in the Kentucky Truck Plant will not strike. The UAW and the automaker have reached a tentative agreement. Negotiations continue, but for now, 9,000 workers at the brand's most profitable facility will keep on keeping on.

Some Charging News

Electrify American has opened its flagship indoor charging station in San Francisco. The location has 20 chargers, a customer lounge, and round-the-clock security.

On the other side of the country, Richmond, KY is breaking ground on the first National Electric Vehicle Infrastructure (NEVI) charging station in the southeast.  

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There’s the news, friends. Like it or not, this is what some of the companies that make up the complex ecosystem of the auto industry are spending their time, money, and attention on. Luckily, no matter the facts, the news is the news and not a road map. We don’t get to change it, but we do get to decide what we are going to do about it.