Rivian CEO: "The world doesn’t need another Tesla"

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In today’s edition:

• Rivian aims to stand out with models like the R2 SUV

• Tesla May Lose California EV Tax Credits

• Mahindra BE 6e & more.

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Rivian CEO: "The world doesn’t need another Tesla"

Rivian CEO RJ Scaringe emphasizes the importance of variety in the EV market, arguing that automakers should focus on innovation rather than imitating Tesla. Speaking at a media event, Scaringe praised Tesla’s success but noted the need for diverse options, particularly affordable EVs under $50,000. Rivian plans to differentiate itself with models like the R2 SUV, aiming to compete with Tesla while addressing supply chain challenges and fostering competition. Scaringe also welcomed competitors like Volkswagen’s Scout EVs, highlighting the growing demand for unique and sustainable EV solutions.

Tesla faces potential exclusion from California EV tax credits

California’s proposed revival of the Clean Vehicle Rebate Program may exclude Tesla, sparking tensions between the automaker and state leadership. The move comes amid President-elect Donald Trump’s consideration to eliminate the $7,500 federal EV tax credit, further shaking the industry. Despite Tesla’s significant role in California’s EV market and manufacturing, Governor Gavin Newsom’s proposal prioritizes equity and budget constraints, with funding tied to the Greenhouse Gas Reduction Fund. As the state pushes for 80% zero-emission vehicle sales by 2035, Tesla’s exclusion could reshape market dynamics and competition.

Hyundai recalls 145,000 EVs over loss of drive power

Hyundai is recalling 145,235 EVs, including Ioniq and Genesis models, due to a defect in their integrated charging control units that can lead to power loss. The issue affects the 12-volt battery system, which, if compromised, triggers a fail-safe mode that reduces drive power but retains essential functions like steering and braking. Hyundai will resolve the problem by updating software and replacing faulty parts at no cost to owners. Notification letters will be sent starting January 17, 2025, as Hyundai emphasizes its commitment to addressing the issue and ensuring customer safety.

Jeep presents the 2024 Wagoneer S EV

Jeep introduces its first global luxury electric SUV, the 2024 Wagoneer S EV, priced around $72,000 or available via a $599/month lease with a $7,500 EV incentive. Boasting a 600-horsepower engine and 100-kWh battery, it offers a 0-60 mph time of 3.4 seconds and a range exceeding 300 miles, blending high performance with sustainability. With a limited-time lease offer expiring December 2, 2024, Jeep positions the Wagoneer S EV as a strong contender in the growing luxury EV market.

EV Batteries Lasting Way Longer Than You Think

A study by P3, analyzing over 7,000 electric vehicles, reveals that EV batteries degrade far slower than commonly believed. Contrary to the myth of rapid battery deterioration, real-world data shows that after 300,000 km (nearly 200,000 miles), batteries retain over 85% of their capacity. Factors like driving habits and charging methods influence longevity, with slow charging and gentle driving enhancing battery life.

Manufacturers also optimize battery health through software updates, ensuring performance well beyond typical warranties. The findings debunk fears about resale value and highlight second-life applications for batteries, proving EVs are more durable and sustainable than critics suggest.