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- 🛠️ GM Faces EV Pressure, Cybertruck Insurance Drama, and Kia’s Socket Rocket
🛠️ GM Faces EV Pressure, Cybertruck Insurance Drama, and Kia’s Socket Rocket
Chris Reeves
October 08, 2024
TL;DR:
We got some of everything today, Friend! GM is trying to reassure investors that EVs aren't a sinking ship, Nissan is turning your EV into a power plant (but first, a Leaf recall), and Toyota’s giving us gas (or rather, taking it away). Meanwhile, Rivian's R2 is delayed (again), and Cybertruck owners might want to check if their ride’s insured... or street-legal. On the bright side, Uber’s going green, oil prices are dipping, and Kia just made an old Pride into a zippy “socket rocket.” Welcome to the wild world of wheels!
In The Digest
🏎️ GM's EV Ambitions Face Investor Heat
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General Motors is trying to soothe investors over slower-than-expected EV sales. With traditional trucks still raking in profits, GM wants to show it's balancing growth in both areas.
Investor Concerns: EV sales aren’t ramping as fast as GM projected.
Profit Assurance: GM reassures investors that profits from ICE vehicles remain strong, with eight new models by 2025.
China Focus: Restructuring operations in China after recent struggles and market losses.
Cruise Control: GM’s autonomous vehicle unit, Cruise, also faces scrutiny after accidents and slow relaunches.
🔌 Nissan Buys into the EV Grid Game
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Nissan joins ChargeScape alongside BMW, Ford, and Honda to invest in a system that turns electric cars into home power sources. This move brings Nissan into a broader EV ecosystem aimed at saving energy and costs.
What is ChargeScape? A company that integrates EVs with the grid, letting cars send electricity back during peak times.
Nissan's Role: An equal partner in ChargeScape, expanding their EV services to the U.S. and Canada.
Big Picture: Nissan wants your EV to be part of your home’s energy plan, with potential savings through utility partnerships.
Tech Benefits: Pausing charging to sell energy back to the grid, helping with high demand.
History: Nissan has been in this space since 2012 with its Leaf EV, powering homes during outages.
Speaking of the Leaf 🍁
Nissan is recalling nearly 24,000 Leaf EVs due to a potential battery fire risk during DC fast charging. Affected vehicles, built between 2018 and 2020, may overheat without warning. Nissan is investigating the issue and plans to release a software fix by November.
🔋 Toyota and Hyundai Team Up for Car Show
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Toyota and Hyundai are joining forces for a joint performance car showcase, bringing their hottest models together for the first time. The "Hyundai N x Toyota Gazoo Racing Festival" will feature road-going sports cars and motorsport-spec vehicles, fueling speculation about future collaborations. Could a hydrogen-powered supercar be on the horizon, or is this a one-time event?
Collaboration or Competition?
While Toyota and Hyundai have been rivals, this event marks a potential shift in their relationship. Fans are eager to see if this partnership will evolve into something bigger, especially as both companies explore hydrogen fuel technology.
So is Toyota’s phasing out gas?
As Toyota teams up with Hyundai for the showcase, the automaker is also signaling a big shift in its U.S. vehicle lineup. Pure gas-powered cars could soon be phased out, with Toyota focusing on hybrids, electric vehicles (EVs), and hydrogen-powered cars.
Big Shift: Purely internal combustion engine (ICE) vehicles may soon be history at Toyota as the automaker moves toward a more electrified future.
E-Fuels: Toyota is also exploring carbon-neutral e-fuels to reduce emissions from existing gas-powered vehicles.
Electrified Future: Nearly 48% of Toyota’s U.S. sales are already hybrid or electric, indicating a strong move toward sustainability.
EV Delays: Some of Toyota’s EV models are facing production delays, pushing their release to 2026 due to ongoing challenges.
Toyota’s strategy reflects its commitment to balancing its gas-powered legacy with the push for a greener, electrified future.
😕 Geico Says It Still Covers the Cybertruck... or Does It?
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Cybertruck owners are reporting dropped policies from Geico, but the company insists they still provide coverage. Confusion reigns as Tesla's latest oddball makes waves in the insurance world.
So, is Geico covering my Cybertruck or not?
Depends. If your truck is under $100,000, isn’t classified as a tank, and doesn't double as a Decepticon, then sure, Geico’s got you covered. Mostly. Kinda.
What’s with the dropped policies then?
Oh, you know how it is—Cybertrucks don’t ‘meet underwriting guidelines.’ Translation: we have no clue how to insure a stainless steel beast with more blind spots than a tank.
Is Geico the only place the Cybertruck doesn’t "fit in?”
Tesla’s Cybertruck faces scrutiny in Europe for being "too big and sharp" for road safety standards. Campaigners have called for its removal from public streets, citing size, sharp edges, and concerns over pedestrian safety. European authorities are reviewing its compliance with local regulations.
🚨 Rivian R2 and R3 Production Delayed (Again)
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Rivian’s smaller and more affordable R2 and R3 models won’t see mass production until 2028 due to factory delays. Originally set to roll off in 2026, production has been pushed back as the company saves $2.25 billion by sticking with its Illinois plant for now.
The R2 had garnered over 100,000 preorders, and Rivian’s hopes were high for the SUV's release. However, construction at its Georgia mega-plant is on hold, forcing them to rethink timelines. The company is also adjusting expectations after a supply issue crippled production this year.
Rivian’s financial health is in question, with production delays, mounting losses, and reduced forecasts for the year. While the R1 series got a makeover, the cheaper R2 is what buyers and investors are eagerly waiting for. Will Rivian weather the storm?
⚡ Uber Goes Green(er): Electric Rides and AI Chatbots
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Uber’s latest update lets riders choose all-electric vehicles and offers EV-curious drivers an AI-powered chatbot to answer their burning questions. Is this the future of ride-hailing?
Wait, Uber wants to be eco-friendly now?
Yep! Ride in an EV, feel good about saving the planet, and maybe pay a little extra for those good vibes. At least your Uber trip will emit fewer carbon emissions than your last Zoom meeting.
How does an AI chatbot help drivers go electric?
Apparently, drivers have ‘burning’ questions about EVs, like ‘Will this make me rich?’ and ‘Do I really have to find a charger?’ ChatGPT’s got their back—except when it crashes. No pun intended.
🌍 China Pushes Back on U.S. Semiconductor Policies
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China’s commerce minister expressed “serious concerns” over U.S. restrictions on semiconductors and connected vehicles. During a call with U.S. Commerce Secretary Gina Raimondo, China urged the U.S. to lift sanctions, which are putting a strain on global supply chains.
China emphasized its willingness to work with the U.S. to restore economic ties but demanded clarity on national security boundaries. The discussion is part of ongoing tension between the two superpowers as they navigate tech dominance and trade cooperation.
What about the rest of the global market?
Glad you asked. Here are some stats we grabbed.
Oil Prices Drop: West Texas Intermediate (WTI) crude dropped nearly 5%, trading below $74 per barrel. Brent crude slipped over 4%, now hovering around $77 per barrel.
Middle East Conflict Impact: Recent price surges, driven by tensions in the Middle East, paused as the conflict didn’t escalate further. Speculation about potential attacks on Iran’s oil infrastructure fueled the previous price rally.
China's Economic Signals: China’s lack of new stimulus measures led to concerns over weakened demand, further pushing oil prices down.
Hurricane Milton: Chevron evacuated personnel from its Blind Faith platform in the Gulf of Mexico ahead of Hurricane Milton, but no major disruptions to oil production or refining are expected.
Gasoline Prices: U.S. gas prices are up slightly to $3.18 per gallon, with tensions in the Middle East cited as the driving factor rather than the hurricane.
🦚 Kia's Socket Rocket: The Pride EV
Kia UK
As part of its 80th anniversary celebration, Kia UK has unveiled a one-off electric version of the 1996 Pride 1.3 LX, dubbed the "Pride EV." With help from Electrogenic, Kia transformed the old hatchback into a powerful EV restomod, nearly doubling its original horsepower to 107 bhp and 173 lb-ft of torque.
The Pride EV retains its five-speed manual transmission, giving drivers the same hands-on experience but with a modern electric powertrain. This "socket rocket" can hit 0 to 62 mph in just 8 seconds and has a range of up to 120 miles on a single charge in Eco mode. Though not for sale, Kia plans to launch 15 new EVs by 2027, including the EV3.
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