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- ☔️ Tesla’s Sales Rise, Ford F-150 Lightning Doubles, Stellantis Struggles, and Rivian’s R1T Survives Hurricane Helene
☔️ Tesla’s Sales Rise, Ford F-150 Lightning Doubles, Stellantis Struggles, and Rivian’s R1T Survives Hurricane Helene
Chris Reeves
October 03, 2024
TL;DR:
Tesla’s up, Ford’s F-150 Lightning sales doubled, and Toyota’s Camry refuses to die. Meanwhile, Stellantis is crashing hard, Nissan Leaf (the EV zombie) saw a wild sales jump, and Rivian’s R1T survived getting dragged by a hurricane. Oh, and EVgo just got a $1.05 billion boost to compete with Tesla’s charging network. Buckle up, folks—the auto industry’s shifting faster than a Cybertruck’s delivery estimates!
Today's Digest
📣 Mega Fines? More Like Mega Headaches!
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Europe’s top automakers are sweating bullets as looming carbon regulations could lead to mega-fines—we’re talking €15 billion ($16.5 billion) if EV sales don’t pick up.
The problem? EV demand is stalling, and carmakers like Renault, Ford, and VW are scrambling to avoid coughing up big bucks. Emissions caps drop next year to 93.6 grams of CO2/km, down from 110.1 in 2021. If they miss the target, the financial penalties could be devastating, threatening production and jobs.
Renault CEO: Warns production could drop by 2.5 million vehicles.
ACEA: Says the industry isn’t ready, calling for relief measures.
Manufacturers are turning to hybrids and good ol’ internal combustion engines (ICE) to balance the books since EV sales are actually down from last year. It’s clear this is a race against time—and the EU’s steep fines could hit hard if these targets aren't met. Will they keep pushing the EV transition or hit the brakes?
💰️ EVgo Scores $1.05 Billion Boost for Charging Stations
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Big bucks, bigger plans. The U.S. government handed EVgo a conditional $1.05 billion lifeline to roll out 7,500 public charging stalls, especially in marginalized urban areas. This boost is essential for EVgo to finally compete with Tesla’s Supercharger network—and plug some gaps in U.S. infrastructure.
Why it matters: 40% of the new chargers will be in disadvantaged communities, making EVs accessible even for those without home charging options. The playing field just got a bit more level.
Key players: EVgo’s chargers will help build out the federal program that aims to place stations every 50 miles along highways.
The big question? Can EVgo become profitable with such high costs? For now, the funding allows them to build infrastructure coast to coast. Fingers crossed they can charge up more than just our cars.
⛑️ Tesla’s Sales Are Up, But the Road’s Still Bumpy
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Good news, bad news: Tesla’s Q3 production is up 9.1%, and deliveries climbed 6.3%. While that sounds good, they barely missed analyst estimates, and the stock took a slight dip.
Big movers: Most deliveries came from Model 3 and Y, with the elusive Cybertruck still shrouded in mystery.
Challenges ahead: Tesla dominates U.S. EV sales but faces growing competition from Chinese automakers like BYD and Geely, who are making waves.
Despite the delivery miss, Tesla’s stock jumped 32% in Q3, erasing earlier losses. And with the October 10 event hyping the long-awaited “robotaxi,” Tesla’s future as an AI and robotics company is on the line. If Elon Musk can finally deliver on his self-driving promises, this could be a game-changer. Grab some popcorn—this one’s going to be interesting.
🎽 Stellantis' Sales Are Tanking—And Everyone Knows It
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Another quarter, another drop. Stellantis’ Q3 sales fell 20%, shipping only 305,294 vehicles. Every U.S. brand took a hit, except for Fiat—which barely counts at 316 cars sold.
Jeep: Down 6%, a worrying sign for what was once their flagship brand.
Ram: Dropped 19%, continuing its downward spiral.
Dodge & Chrysler: Ouch—Dodge sales plummeted 43%, and Chrysler's Pacifica is barely holding on.
The Stellantis National Dealer Council didn’t mince words in an open letter to CEO Carlos Tavares, calling the situation a "disaster." Dealers are blaming leadership, inventory issues, and a profit-first strategy for tanking market share. Stellantis stock has nosedived 55% since March. Investors are losing patience, and with CEO replacement talks swirling, Stellantis might be on thin ice. Buckle up, it’s going to be a bumpy ride.
👑 The Toyota Camry: Still the King of Sedans (and Now, Air Taxis?)
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Who says sedans are dead? The Toyota Camry is proving otherwise, with 227,576 units sold through September 2024—averaging an impressive 833.6 sales per day. SUVs may dominate, but the Camry remains a family favorite.
Corolla: Up 6.9% with 177,092 units sold, or 648.6 per day.
RAV4: Toyota’s real MVP with 350,331 sales (up 15.7%), averaging 1,283 daily.
But Toyota isn’t just dominating roads—they’re also taking to the skies. The company invested another $500 million in Joby Aviation’s air taxi project, aiming to get electric vertical takeoff and landing (eVTOL) aircraft flying by 2025. With a total investment nearing $900 million, Toyota is covering all transportation bases, from sedans to air taxis. Innovation on the ground and in the air? Toyota’s got it all.
🤯 Ford F-150 Lightning Sales Double—But Mustang Mach-E Sputters
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Ford’s EVs are on fire—well, some of them. The F-150 Lightning stole the show in Q3 with a 105% sales boost. Meanwhile, the Mustang Mach-E stumbled, with sales dipping 9.8%. Ouch.
F-150 Lightning: 7,162 units sold, a 105% increase.
Mustang Mach-E: Down 9.8% to 13,392.
E-Transit: Up 12.9%, with 2,955 units sold.
Ford’s all-electric sales are up 45% year-to-date, maintaining their fight for second place behind Tesla—despite GM sneaking ahead last quarter. With hybrids also surging (up 38%), Ford’s broad lineup might keep them competitive in a tough market. And don’t forget those F-150 hybrids—up 64%. Ford’s playing the long game.
🍃 Nissan Leaf: The Zombie EV That Just Won’t Quit
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Surprise! The Nissan Leaf, once thought outdated, saw a 187.5% sales boost in Q3, with 4,514 units sold. This 14-year-old EV still has some life left.
Leaf sales: 4,514 units, up 187.5%.
Ariya crossover: Sold 5,552 units, only 1,000 more than the Leaf.
What’s fueling the Leaf’s resurgence? Crazy cheap deals. In Colorado, buyers snagged the Leaf for as little as $110/month, making it one of the most affordable EVs in the U.S. It may be nearing the end of its run with a new model expected in 2025, but for now, the Leaf’s still kicking.
🌀 Rivian R1T Survives Hurricane Helene—Dragged 150 Feet and Still Ready to Roll
Talk about built to last! After Hurricane Helene ravaged Asheville, NC, one Rivian R1T owner found his truck 100-150 feet from where he parked it—thanks to floodwaters. Amazingly, the R1T still worked.
The damage: Mud-caked and waterlogged.
The surprise: It booted up as if nothing happened, with door handles functioning and the system ready to go.
This adds to the R1T’s impressive off-road resume. With features like handling 3 feet of water and climbing a 100% grade, Rivian’s electric pickup has proven it can survive even the worst nature can throw at it. Tough EV? Check.
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