Today’s big EV stories:
• Tesla reports $2 billion quarterly profit
• Model Y production has started at Austin factory, Berlin Will Use 2170 Cells
• Cybertruck, Roadster, Semi Delayed. $25k Car Cancelled
• Tesla's solar business remains flat as progress on roofs is slow
• Full Self-Driving will be finished by end of 2022
• Tesla Model 3 Europe's best-selling EV
• Dim future for Chevy Bolt EV, EUV as evidence mounts GM plans to end production
• Rivian Ramping Up Production After Near-Weeklong Pause
• Ford CEO Farley talks EV tax credit, chip shortage
• Ford starts production of its new all-electric E-Transit cargo van
• NEV sales may top 5m units this year
• China's Baidu, Geely put nearly $400 million into electric car venture Jidu
• Ola injects £100m into UK engineering and design innovation
• Orders open for new Range Rover SV and PHEV
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Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily for Thursday 27th January. It’s Martyn Lee here and I go through every EV story so you don't have to.
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TESLA REPORTS $2 BILLION QUARTERLY PROFIT, BUT SAYS SUPPLY-CHAIN SNAGS CRIMP PRODUCTION
- Tesla Inc. late Wednesday reported quarterly profit and sales well above Wall Street expectations, but spooked investors by saying its factories have been running below capacity for several months due to to supply-chain snags likely to continue through the year.
- Sales rose 65% to $17.7 billion, from $10.7 billion a year ago.
- Musk assured investors that despite the “multiple supply-chain challenges” he expects “significant growth” for Tesla in 2022, and “comfortably” above 50% from 2021.
- In a letter to investors accompanying results, Tesla said that its factories “have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through 2022.”
- Tesla’s full-year GAAP profit rose to $5.5 billion from $721 million in 2020, while 2021 sales rose 71% to $53.8 billion, from $31.5 billion in 2020. Tesla said it ended the fourth quarter with $2.8 billion in free cash flow.
- Total debt excluding vehicle and energy-product financing fell to $1.4 billion at the end of the year
- Tesla kept its official guidance of 50% average annual sales growth.
TESLA FORECASTS 2022 GROWTH ABOVE 50%, DESPITE SUPPLY CHAIN CHALLENGES
"We still expect to be partly or primarily chip limited this year," Musk said during a conference call, saying that chip limitations should be alleviated next year.
Tesla said its Texas factory will this quarter deliver its first vehicles equipped with its next-generation 4680 batteries made in California as planned.
The number of full self-driving beta vehicles in the United States increased to nearly 60,000, up from a few thousand at the end of September. Tesla has been testing the improved version of its automated driving software on public roads, but it has said the features do not make the cars autonomous.
Quarterly profits took a $340 million hit from payroll taxes related to Musk exercising options related to his 2012 compensation package.The profits also reflected rising raw material, commodity and logistics costs and expenses related to warranties and recalls. Tesla is recalling more than 475,000 of its Model 3 and Model S electric cars to address rearview camera and trunk issues that increase the risk of crashing.
TESLA CONFIRMS MODEL Y PRODUCTION HAS STARTED AT AUSTIN FACTORY
Tesla started to produce vehicles at its $1.1 billion Travis County manufacturing facility late last year
"Builds of Model Ys started in late 2021 at Gigafactory Texas. After final certification of Austin-made Model Y, we plan to start deliveries to customers," the company said in its fourth-quarter earnings report.
"The pace of production ramps in Austin and Berlin will be influenced by the successful introduction of many new product and manufacturing technologies in new locations, ongoing supply-chain related challenges and regional permitting. We are making progress on the industrialization of Cybertruck, which is currently planned for Austin production subsequent to Model Y," Tesla said in a note to investors.
Musk said Model Ys being built in Texas currently are made with a structural battery pack and that deliveries wll start after final certification, which he predicted would be “fairly soon.”
TESLA CONFIRMS: FIRST CARS FROM GIGA BERLIN WILL USE 2170 CELLS
Tesla released an update regarding the Tesla Giga Berlin-Brandenburg plant in Grünheide near Berlin, Germany. The company has been testing the production equipment since late 2021 and is waiting for final approval to start series production of the Tesla Model Y.
"Equipment testing through the vehicle production process started late 2021. We are still in the process of finalizing the manufacturing permit from local authorities, which will allow us to start delivering German-made vehicles in Europe."
"These first vehicles will be built using 2170 cells."
Tesla is expected to receive final approval for the plant soon, so production and customer deliveries could start by the end of this quarter. However, those are rumors and there is no guarantee that the process will not extend further.
TESLA WON'T BRING CYBERTRUCK, ROADSTER, SEMI TO MARKET IN 2022
NO, TESLA ISN'T WORKING ON A $25,000 CAR, SAYS ELON MUSK
TESLA'S SOLAR BUSINESS REMAINS FLAT AS PROGRESS ON ROOFS IS SLOW
ELON MUSK CONFIDENT TESLA FULL SELF-DRIVING WILL BE FINISHED BY END OF 2022
ELON MUSK SAYS TESLA'S HUMANOID ROBOT COULD BE BIGGER THAN CAR BUSINESS
TESLA MODEL 3 TOPS RENAULT ZOE AS EUROPE'S BEST-SELLING EV; VW GOLF SLOWS BUT STILL NO. 1 OVERALL
DIM FUTURE FOR CHEVY BOLT EV, EUV AS EVIDENCE MOUNTS GM PLANS TO END PRODUCTION
RIVIAN RAMPING UP PRODUCTION AFTER NEAR-WEEKLONG PAUSE
FORD CEO FARLEY TALKS EV TAX CREDIT, CHIP SHORTAGE
FORD STARTS PRODUCTION OF ITS NEW ALL-ELECTRIC E-TRANSIT CARGO VAN
NEV SALES MAY TOP 5M UNITS THIS YEAR
CHINA'S BAIDU, GEELY PUT NEARLY $400 MILLION INTO ELECTRIC CAR VENTURE JIDU
OLA INJECTS £100M INTO UK ENGINEERING AND DESIGN INNOVATION
ORDERS OPEN FOR NEW RANGE ROVER SV AND PHEV
Tom Moloughney’s Lucid Air 70mph range test yielded a real world highway range of 500 miles. That raises the bar by a huge amount and make the Lucid Air easily the longest range EV ever tested. But…do EV’s ever need a range of 500 miles?
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