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- ⚙️ Industry in Overdrive: Cutbacks, Bold Moves, and EV Ambitions Fueling 2024’s Transformations
⚙️ Industry in Overdrive: Cutbacks, Bold Moves, and EV Ambitions Fueling 2024’s Transformations
The Gist
From cutbacks to comebacks, automakers are working overtime to stay on the road to EV relevance. Nissan’s cutting costs, losing cash, and selling Mitsubishi shares like it’s a yard sale. Audi’s dropping the rings in China to fit in with techies, while VinFast is charging up Mexico’s streets. Rivian’s riding out a rocky Q3, banking on US-made batteries to curb costs, and Bentley’s keeping hybrids classy until EV demand actually picks up. GM, meanwhile, is turning its plant into a “Bolt factory” to keep EVs affordable and plentiful. In short, everyone’s adapting—at their own (sometimes questionable) pace.
The Stuff
📉 Nissan Takes a Dive: Production Cutbacks and Losses
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Nissan's rocky Q2 results and production shifts signal challenging times for the automaker. Here’s a close look at the numbers, losses, and steps Nissan’s taking to turn things around.
Stock Plunge: Shares dropped over 10% after Nissan announced reduced quarterly profits and planned a global production capacity cut of 20%.
Quarterly Performance: Operating profit plunged nearly 85% year-over-year to 31.9 billion yen ($62 million net loss), compared to a 190.7 billion yen profit in the same quarter last year.
Cost-Cutting Measures: The company’s turnaround plan involves a 300 billion yen reduction in fixed costs and a 100 billion yen cut in variable costs.
Executive Pay Cuts: Nissan's CEO will forfeit 50% of his monthly pay, with other executives taking voluntary cuts.
Sales Outlook: Full-year revenue projections dropped from 14 trillion yen to 12.7 trillion yen, alongside a revised operating profit forecast.
Nissan's Last Resort: Mitsubishi Cash Boost
Nissan is offloading a portion of its Mitsubishi stake to raise $448 million as it grapples with financial setbacks. This move comes alongside cuts to jobs and production as Nissan aligns with Mitsubishi and Renault for strategic support, even while pushing forward—albeit cautiously—on launching new and refreshed models.
🤔 Audi’s Rebrand in China: Breaking with Tradition
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Audi’s switch to a new all-caps “AUDI” logo in China is raising some eyebrows. Let’s dive into the bold move and Audi’s hopes to woo a tech-savvy Chinese market.
Is this just a logo change or a whole new Audi for China?
Oh, it’s more than just a logo! Audi’s scrapping the iconic four rings in favor of a loud “AUDI” in all caps on a new electric concept car. They're betting this sleek “AUDI” badge will vibe better with China’s digital-savvy crowd.
Why ditch the rings? Isn’t that… a bit extreme?
Well, it’s all part of Audi’s master plan to attract “tech-forward” Chinese buyers. CEO Gernot Döllner claims that China’s consumers expect top-notch connectivity and automation. Apparently, to woo them, Audi thinks it’s time to leave tradition behind.
What else is up Audi’s sleeve?
Oh, just a partnership with SAIC and an 800-volt platform designed to supercharge EV production. They’re dropping E-Tron and doubling down on bold, capitalized “AUDI” instead. Will it pay off? Only China’s market will decide.
🛠️ VinFast and Durango Drive EV Adoption Forward
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A Green Alliance in Mexico
VinFast’s latest move in Mexico is all about driving green public transit. In partnership with Durango’s Drivers’ Union, they’ve signed an MOU to bring 3,000 VF 5 EVs and 300 electric buses into the streets, setting the stage for a cleaner commute.
Charging Infrastructure Plans
The shift to EVs doesn’t just stop at the vehicles. VinFast and partners are rolling out an extensive EV charging network, promising accessible and reliable charging for the fleet and beyond. With the help of V-Green, they’re building the infrastructure to support Durango’s EV ambitions.
Local Jobs and Sustainability
Besides environmental wins, this partnership could bring economic boosts, creating jobs for locals who’ll help build and manage these new charging stations. VinFast aims to make Durango a green transit pioneer, showing that EVs can drive change on more than one front.
🔋 Rivian R2 Batteries Get Domestic Boost with LG Energy
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A Shift to US-Made Batteries
In a move driven by the Inflation Reduction Act, Rivian is shifting R2 battery production to the US. Partnering with LG Energy Solutions, they’ll build the cells in Arizona, which helps Rivian qualify for federal EV subsidies and trims costs on the manufacturing side.
Efficiency Meets Affordability
These next-gen batteries are not only larger but simpler, with Rivian predicting a 45% boost in production efficiency. With fewer cells required in each pack, the new R2’s battery is more affordable, aiming to keep that R2 price tag around $45K—a key feature as EV competition heats up.
Future-Proofing Amid Policy Changes
As the 2026 R2 production timeline looms, Rivian’s proactive adjustments help navigate upcoming tariff policies and shifting political landscapes, especially with incoming policies that may impact EV subsidies. Rivian’s Arizona plant is a calculated move to stay competitive in a fluctuating market.
Rivian’s Rocky Q3: Missed Targets and New Hopes
Rivian missed Q3 expectations, with revenue $116 million below forecasts.
Net loss narrowed to $1.1 billion, down from $1.37 billion last year.
Supplier issues forced Rivian to lower its annual production target from 57,000 to 47,000-49,000 units.
Rivian reconfirmed plans for positive Q4 gross profit and a new LG battery partnership for 2026 R2 models.
⚡ Bentley’s EV Strategy: Delayed but Not Gone
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Bentley’s cautious approach to EVs has hit another pause button, with the luxury carmaker opting to keep plug-in hybrids rolling a bit longer. Here’s the lowdown on Bentley’s electric dance.
Did Bentley forget how to make EVs?
Oh, not exactly—Bentley just believes its customers prefer a “whisper of gasoline” in their morning commute. Until the market shows more EV interest, Bentley will keep flexing its plug-in hybrid game and push the full-EV dreams to 2035.
Is there really no demand for Bentley EVs, or is this just an excuse?
You might call it a “soft excuse.” Bentley’s CEO admits it’s a mix of legislative pressures and changing market dynamics. They’re crafting EVs, sure, but in the meantime, they’ll offer a “Luxury Urban SUV” hybrid, starting in 2026.
So, what’s next for Bentley’s EV dreams?
For now, “Beyond100+” is Bentley’s new roadmap—part EV, part hybrid. They’re eyeing legislation and adapting one SUV at a time. It’s a half-step, but hey, they’re still moving in the right direction… even if it’s at a Bentley pace.
🚗 GM’s Bolt Reboot: Retiring Gas for a “Family” of Bolts
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GM is ushering in a new era with a refreshed Chevy Bolt lineup. Here’s what you need to know about their gas-to-EV transformation and how it reshapes the Fairfax plant’s future.
Gas Model Retirement: The Cadillac XT4 will be retired in January, clearing space for next-gen Bolt production at GM’s Kansas plant.
Plant Investment: GM is investing $390 million in the Fairfax plant to prepare for an all-Bolt lineup, a step that could transform the factory’s output.
Family of Bolts: GM promises a “family” of Bolt models, including lower-priced options, an upgrade on the previous models’ $28,785 MSRP.
Fast-Charging and LFP Batteries: The new Bolt models will be GM’s first US EVs with lithium-iron-phosphate batteries and improved fast-charging capabilities.
Record-Breaking EV Sales: With over 300,000 EVs sold since 2016, GM continues to expand, adding the Chevy Blazer, Equinox, and Silverado EVs to its electric lineup.
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