EV Daily | Tesla Slashes Megapack Prices; BYD Expands Smart EVs; Kia Launches Affordable EV4

【Tesla】

Tesla is expanding its energy storage business with the construction of a third Megafactory to produce more Megapacks. The company has reduced the Megapack price from $1.5 to $1 million to maintain competitiveness against suppliers like BYD and CATL. Despite impressive growth in energy storage, Tesla's profits per GWh hit a record low last quarter. Tesla's overall energy business, including solar, is bundled together, but solar accounts for only a small fraction. Tesla's Bitcoin investment heavily influenced its Q4 2024 earnings, contributing a $600 million gain. Despite missing revenue and earnings expectations, the company remains supported by Bitcoin gains and regulatory credits. Tesla is focusing on cheaper models and self-driving technology for future growth, though it admitted the need to replace HW3 self-driving computers.

【BYD】

BYD is investing $14 billion in ADAS technology and aims to make smart driving features standard on vehicles over $42,000. BYD sold over 4.25 million passenger vehicles last year, surpassing Nissan, Honda, and Volkswagen in China. The company is aggressively expanding globally, including in Japan, where it outsold Toyota in EVs. BYD plans to release a variety of electric vehicles across nearly every segment.

【Others】

Mitsubishi will launch its first EV in the US in 2026, similar to the new Nissan LEAF, using the CMF-EV platform. Mitsubishi's US dealers, however, are uncertain about the model's potential to drive volume.

The Range Rover electric SUV, expected to launch this year, has secured 57,000 pre-orders. It promises to be a luxury SUV with an outperforming electric powertrain compared to its gas models.

Kia is launching the EV4 this year, expanding its lineup of electric vehicles, including EV3, EV5, and EV9. The EV4 will feature a distinct sedan style and is expected to be priced between $30,000 and $40,000.

Polestar revealed its Arctic Circle EV collection, showcasing rally-inspired versions of its Polestar 2, 3, and 4 models. These performance-focused vehicles are designed for icy terrains and will be showcased at the FAT Ice Race in Austria.