EV Daily | Tesla Debuts Powerwall 3 as BYD Faces EU Tariffs and Hyundai Unveils IONIQ 9 SUV
Thursday, Oct 31, 2024 8:01 am ET
1min read 【Tesla】
Tesla has launched the Powerwall 3 expansion units in the US, designed to cut installation times by nearly half and add up to 13.5 kWh of energy capacity per unit. The units can be stacked onto a single Powerwall to increase system capacity, improve outage protection, and enhance electricity bill savings. Tesla claims installation of a 2-Powerwall system with the expansion unit can be completed in 22 minutes compared to the usual 45 minutes. The company can produce 700,000 Powerwalls annually, highlighting its growing presence in the energy storage market. Tesla saw a decrease in sales in California, with a 12.6% drop in registrations year-to-date compared to the industry's 1.7% decline. Despite this, Tesla's Model Y remains the top-selling EV in the state. The company missed expectations with $25.47 billion in Q3 revenue, although gross margins improved to 19.8%.
【BYD】
The European Union has implemented higher tariffs on Chinese-made EVs, affecting companies like BYD, which faces a 17% duty. Despite this, BYD remains profitable in Europe, thanks to its competitive pricing. The company plans to establish manufacturing in Europe to circumvent tariffs. BYD has been expanding overseas, launching affordable models like the Seagull and Seal in new markets, and reports record Q3 revenue and profits with significant EV sales growth.
【Others】
Audi is closing its Brussels plant, which produces the Q8 E-Tron, by February 2025. Volkswagen recently announced the closure of three German plants, reflecting a strategic shift amid declining sales in China and competition from Chinese automakers. BYD continues to dominate China's EV market with record Q3 profits and sales. The company accounted for a large portion of LFP battery installations in China and is expanding its global reach, challenging competitors with affordable EV options. McLaren Automotive is in a potential acquisition deal with an Abu Dhabi investment firm, aiming to accelerate its shift towards electric vehicles. If finalized, this could propel McLaren into the electric vehicle era, leveraging the expertise of CYVN Holdings, a major shareholder in Chinese EV maker NIO. Hyundai is preparing to launch the IONIQ 9, its first three-row electric SUV, in November. This new model is based on the E-GMP platform, emphasizing spaciousness and aerodynamic design, and is speculated to rival Kia's EV9 in size and features. Jeep's new electric SUV, the Recon EV, was spotted with a design resembling the Ford Bronco. The Recon, inspired by the Wrangler, will feature removable doors and windows, and is expected to launch by the end of 2024 on the STLA Large platform, shared with other Stellantis models.
Tesla has launched the Powerwall 3 expansion units in the US, designed to cut installation times by nearly half and add up to 13.5 kWh of energy capacity per unit. The units can be stacked onto a single Powerwall to increase system capacity, improve outage protection, and enhance electricity bill savings. Tesla claims installation of a 2-Powerwall system with the expansion unit can be completed in 22 minutes compared to the usual 45 minutes. The company can produce 700,000 Powerwalls annually, highlighting its growing presence in the energy storage market. Tesla saw a decrease in sales in California, with a 12.6% drop in registrations year-to-date compared to the industry's 1.7% decline. Despite this, Tesla's Model Y remains the top-selling EV in the state. The company missed expectations with $25.47 billion in Q3 revenue, although gross margins improved to 19.8%.
【BYD】
The European Union has implemented higher tariffs on Chinese-made EVs, affecting companies like BYD, which faces a 17% duty. Despite this, BYD remains profitable in Europe, thanks to its competitive pricing. The company plans to establish manufacturing in Europe to circumvent tariffs. BYD has been expanding overseas, launching affordable models like the Seagull and Seal in new markets, and reports record Q3 revenue and profits with significant EV sales growth.
【Others】
Audi is closing its Brussels plant, which produces the Q8 E-Tron, by February 2025. Volkswagen recently announced the closure of three German plants, reflecting a strategic shift amid declining sales in China and competition from Chinese automakers. BYD continues to dominate China's EV market with record Q3 profits and sales. The company accounted for a large portion of LFP battery installations in China and is expanding its global reach, challenging competitors with affordable EV options. McLaren Automotive is in a potential acquisition deal with an Abu Dhabi investment firm, aiming to accelerate its shift towards electric vehicles. If finalized, this could propel McLaren into the electric vehicle era, leveraging the expertise of CYVN Holdings, a major shareholder in Chinese EV maker NIO. Hyundai is preparing to launch the IONIQ 9, its first three-row electric SUV, in November. This new model is based on the E-GMP platform, emphasizing spaciousness and aerodynamic design, and is speculated to rival Kia's EV9 in size and features. Jeep's new electric SUV, the Recon EV, was spotted with a design resembling the Ford Bronco. The Recon, inspired by the Wrangler, will feature removable doors and windows, and is expected to launch by the end of 2024 on the STLA Large platform, shared with other Stellantis models.
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