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Runtime: 9:48
0:00 Volkswagen Reclaims Top Spot in China as BYD Sales Plummet
0:58 VW ID.3 Neo Leads Massive China Product Offensive
1:26 BYD Eyes Manufacturing Plants to Enter Canadian Market
2:43 Samsung Issues Delay Tesla Autonomous AI6 Chip
3:24 Used EV Sales Surge as Lease Returns Increase
4:29 Rivian Details R2 SUV Specs Before Official Launch
6:08 Lucid Unveils New Mid-Size SUV And Robotaxi Plans
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VOLKSWAGEN RECLAIMS TOP SPOT IN CHINA AS BYD SALES PLUMMET
Yesterday we reported that new car sales in China dropped 26% for the first two months of the year. Today, we’ve got more info on individual automakers and the numbers caught us completely by surprise. Volkswagen clawed its way back to being the #1 car company in China, hitting almost 14% market share. Geely was hot on its heels in second place, just a fraction behind. And Toyota surged forward into third place with almost 8% share. You’re probably wondering about BYD, which was in first place for the last 2 years. It faded to 4th with a 7% share. China cut its subsidies for New Energy Vehicles, including BEVs, PHEVs and EREVs, and that really seemed to hurt BYD.
VW ID.3 NEO LEADS MASSIVE CHINA PRODUCT OFFENSIVE
And getting back to number #1 could be difficult because Volkswagen is likely to grow even stronger as the year goes on. It’s going to launch 20 new models in China this year, which could include the ID.3 Neo, a compact electric that’s said to be the successor to the ID.3 and launches next month. The Neo is based on the updated version of VW’s MEB+ platform, but some future models are also being developed with XPeng.
BYD EYES MANUFACTURING PLANTS TO ENTER CANADIAN MARKET
Now, let’s go back to BYD for a moment. It’s sniffing around Canada, seeing if there’s an assembly plant it can buy. Canada agreed to allow Chinese automakers to import up to a total of 49,000 EVs into the country, which we think is a direct reaction to the Trump Administration enacting tariff policies that threaten to destroy the Canadian auto industry. But if BYD could build cars there, it would not face what is essentially a sales cap. There are currently two empty assembly plants in Canada: the Stellantis plant in Brampton that used to build the Dodge Charger, Challenger and Chrysler 300; and the General Motors CAMI plant that was building Brightdrop electric vans. BYD says it’s not interested in forming a joint venture with an existing automaker and wants its own facility. But the Canadian government would likely want to steer BYD to buy an existing plant rather than build a green-field facility.
SAMSUNG ISSUES DELAY TESLA AUTONOMOUS AI6 CHIP
It looks like Tesla’s next-gen autonomous and AI technology could be delayed. Last year, Tesla signed a $16.5 billion deal with Samsung to use its new wafers for its AI6 chip, which will power its autonomous vehicles, Optimus robots and AI data centers. Those wafers were supposed to go into mass production by late 2027, but now prototype production, which was scheduled to start in April, is being delayed by six months. The pushback is related to an issue with Samsung’s foundry. Tesla is aiming to use the AI6 chip in 2028 but now that timeline looks like it could be in jeopardy.
USED EV SALES SURGE AS LEASE RETURNS INCREASE
Thanks to rising gas prices and a boost in vehicles coming off lease, used EV sales are expected to boom in the second half of this year and into 2027. According to investment bank Stephens, used EVs coming off short-term leases are valued at more than 50% underwater. So when those leases expire, the vehicles will likely hit the market at steep discounts. More than half of used EVs are already priced below $30,000 with 39% under $25,000. According to Cox Automotive, used EV sales were up nearly 30% in February and used EV inventory increased to 44,000 units, up 8.6%. And those numbers will likely keep growing. Cox estimates that more than 1.1 million EVs have been leased since the $7,500 federal EV tax credit took effect in 2022. So, there will be a lot of EVs coming off lease over the next couple of years.
RIVIAN DETAILS R2 SUV SPECS BEFORE OFFICIAL LAUNCH
The all-new Rivian R2 could go on sale as early as next week, so now the company is providing more details about its first mid-size SUV. The first version to launch will be the Performance model, which is also the most expensive with a starting price of just under $58,000. It features a dual motor setup that generates over 650 horsepower and will do 0-60 MPH in 3.6 seconds. While no battery sizes were given, it will have an estimated 330 miles of range and a towing capacity of 4,400 pounds as well. The next version to come out will likely be the Premium model. It also has an estimated 330 miles of range and a dual motor AWD setup, but it makes 450 horsepower and will start at about $54,000. Sometime next year the Standard version, which starts at roughly $48,500, will hit the market with a rear drive unit that makes 350 horsepower and has 345 miles of range. This trim can be ordered with AWD as well and all versions have the option for Rivian’s hands-free system, called Autonomy +. A 60-day trial is included at delivery, but it costs $50 a month after that or it can be bought outright for $2,500. The company says there will also be an even cheaper version of the R2 that has over 275 miles of range and will cost around $45,000, but it won’t be out until late next year.
LUCID UNVEILS NEW MID-SIZE SUV AND ROBOTAXI PLANS
Speaking of new mid-size SUVs from American EV startups, Lucid should launch the first models off its all-new mid-size platform before the end of the year. One of those SUVs is called the Cosmos and the company says it’s for customers that want efficiency, space and performance. The other is called the Earth and is said to have Lucid’s signature driving dynamics and efficiency, but sounds like it will be a little more off-road focused. The literal driving force behind the new platform is an all-new drive unit that Lucid calls Atlas. It’s smaller, lighter and features a simpler design compared to its first motor setup. For example, it uses identical front and rear housings and mounts, which improves manufacturing scale and cost. A third model is also planned to be built off the mid-size platform, but we won’t get details for it until later. However, Lucid did also show off a 2-seat robotaxi concept based on the platform, called the Lunar, which it says shows the potential of the platform for future autonomous and commercial applications. The company announced it’s finalizing a deal with Uber to provide it with a similar amount of mid-size robotaxis to the Gravity robotaxi program.
And that brings us to the end of today’s program. Thanks for tuning in and I hope that you have a great weekend.
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Used EV prices will continue to fall for a couple reasons. 1) Buyers that wanted EVs went out and bought them. Leaving only the few left that wanted one but couldn’t afford the new MSRP. So cool used ones are coming to the market and they can get them now, but that demand is still limited. So supply will outpace demand 2) This is an emerging market and changing quickly. We are seeing battery technology and range changing yearly. So it’s a hard sell to move a used EV who’s batteries are already 3-4 years behind and before the new buyer gets it paid off could be obsolete. Making their 8 year old car worthless. 3) Also the longevity of batteries likely has consumers leery even when they seem to be pretty decent even 12 years old, the just plain unknown to most consumers is there. 4) lots of people have a mechanic they trust or service center they can count on. Lots of those places don’t service or know enough about EVs leaving them trusting a salesman on the condition of a used EV.
I also suspect the lease prices are about to climb significantly as these lending institutions start losing tons of cash on the current returning leases. When the residual value isn’t there the payment goes up.
Lambo, almost 15-year old Chevy Volt batteries make for great home energy storage. Even drivable Volts were pulling about $10K when a decade newer Chevy Bolt EV’s were just dipping into same price range. So there is a bottom price. Same goes for Nissan Leaf and it’s battery.
As John has mentioned in his video’s most of us charge at home and really only use 20-30% of the battery daily. So most owners do not need more technical battery chemistry than what is currently available.
All lease pricing is inflated as dealers can adjust the money factor to select a lower payment. That happens with all vehicles, not just EV’s
I’m a fan of Lucid and was looking forward to these models, especially when they at first seemed to include a sedan! While the three SUVs seem…odd…I guess perhaps the Cosmo may their version of a four coupe? Yet, the practice of the four door from other automakers is to make that version more expensive and not less?! It really stings that their will not be a sedan off this platform, for a small smaller version of the Air would have been cool!
As with Tesla, I don’t really get the two seat robotaxis? If a family or group of three or more needs a ride some place, they either have to order two of these or find another option. A four door or at least a four seat arrangement might be a better solution. From the image above and especially not having a steering wheel, it doesn’t seem that they will not have the space, like they Tesla Cybercab with it being more sedan based.
Bahrain and Saudi grands prix are cancelled because of Donnie’s and Bibi’s stupid war. I expected this to happen if the war continued, but expected them to wait a week or so to see if things settled down.
Regarding Lucid’s new smaller platform, what is this midsize vehicle talk?! The Model 3 and Y competes in the compact class with the GLC, X3, XC60, S60, C-Class, 3 Series and others, and the if this new smaller Lucid platform is to compete with the Y, that would make it a compact! The Air and Model S are closer to midsize than the Model Y, but if the Lucid’s new platform is comparing the the length of the wiring harness and count of CPUs to the Model S, with the Cosmos being a smaller architecture, it would only stand to reason that they would be shorter and fewer, right?! All of what they have said is less impressive (not to see that it is not) when compared to an actual vehicle that is closer to the midsize foot print, because that is what you would expect. The averages and percentage they make really stand out against the Model Y, the bogey many automakers have in their sights and their statements make the most sense when compared to. It only makes it all that much more confusing when you hear the automaker say one thing, but various news outlets say another. At the end of the day, we’ll just have to wait and see!
Kit,
Peace is better than war, but war is better than nuclear annihilation
JoeS, wasn’t Iran’s nuclear program obliterated last June? Can it be unabliterated that quickly?