EVs Not For Me -- EV Update -- December 5, 2022

Investors.

EVs: link here. Scorecard. 

Previously posted:

December 4, 2022: SUV of the year. An EV.

August 29, 2022: Honda, LG Energy to build first US EV battery factory somewhere in Ohio.

August 24, 2022: the UK-based Arrival. 

August 15, 2022: this is an investor's bill -- the Biden Bill -- EVs, 2022 Biden Bill;

August 11, 2022: Rivian: a "zombie" company. Link here.

July 22, 2022: Amazon begins rollout of thousands of Rivian EVs. Also Stellantis Ram. 

Let's update:

Where in Ohio: Honda and LG Energy -- link here -- and, here --

• Fayette County, Ohio
• midway between Cincinnati and Columbus
• $4.4 billion
• 2,200 jobs: Turner Construction, Yates Construction, Kokosinig Industrial

The UK-based Arrival: this is a UK de-industrialization story, link here --

• more and more, looks like a zombie company
• moving from UK to US in last-ditch effort "to squeeze the most out of its remaining capital
• cash on hand: $330 million
• Charlotte, NC
• will cut production from 400 vehicles to 20 and postponed development of its battery-electric busees to focus on vans

Arrival, which went from stealthy electric vehicle startup to a publicly traded company via a SPAC merger, said it will now put the bulk of its remaining resources toward producing a “family of van products” for the U.S. market. It will also put funds toward related technologies such as core components, composite materials, mobile robotics and what it describes as software-defined factories.

But look at this:

The major factors in the company’s decision to shift focus to developing its U.S. business included the tax credit recently announced as part of the Inflation Reduction Act — expected to offer between $7,500 and $40,000 for commercial vehicles, the large addressable market size, and substantially better margins.

Rivian: not much news; this from four weeks ago --

• electric vehicle maker Rivian Automotive on Wednesday reaffirmed its 25,000-vehicle production target for 2022.
• it said it plans to spend less to do it as the company reported third-quarter revenue that fell short of Wall Street’s estimate.
• Rivian said it now has “over 114,000” preorders for its R1-series trucks and SUVs.

New:

GM, LG to expand Tennessee EV battery plant -- link here:

• General Motors and LG Energy Solution will spend an additional $275 million in their joint venture battery plant in Tennessee to increase production by more than 40%.
• the new investment is in addition to the $2.3 billion announced in April 2021 to build the 2.8 million-square-foot facility.
• joint venture: Ultium cells LLC
• Ultium Cells Spring Hill
• expected to increase capacity from 35 gigawatt-hours to 50 gigawatt-hours 

Ford: 

• November sales: most Asian brands surge; Ford has significant decline in sales 
• CNBC video here (I did not watch) 

• Scary: results were compared to a year ago and still plummeted 7.9%; that should be really concerning
  

• Hyundai's news to go all-electric
• tea leaves suggest Asia automakers widening the lead over US manufacturers
• EVs, not for me. 

The Biden Bill? That gets a stand-alone post.