Rivian and Volkswagen establish a new joint venture for electric vehicles, and BYD enters the South Korean market | Overseas Daily
"Top 3 News"
Hyundai IONIQ 9 Electric SUV to Make Global Debut on November 21, Interior Design Draws Attention
Key Points:
Hyundai Motor Company recently announced that its first three-row electric SUV, the IONIQ 9, will make its official debut at the Los Angeles Auto Show on November 21, 2024. This announcement marks Hyundai's further expansion in the electric SUV sector. The debut of the IONIQ 9 will be through a press conference held at the Los Angeles Convention Center, and the event will be live-streamed starting at 9:10 a.m. Pacific Time. The interior design of the IONIQ 9 has been described by Simon Loasby, the head of Hyundai's design center, as an "ultimate lounge-like environment". The SUV's interior design is spacious and inspired by nature, integrating Hyundai's latest software and connectivity technologies. Based on its advanced E-GMP platform, the IONIQ 9 inherits the characteristics of the IONIQ 5 and 6, offering a flat floor to achieve an open-space cockpit design. Before the official debut of the IONIQ 9, Hyundai has released some teasers, including its new LED light bar, similar to the design of the Tesla Cybertruck. The IONIQ 9 adopts Hyundai's new "aerodynamic" design, combining aerodynamics with a stylish appearance. Although the price and specifications have not yet been announced, it is expected that the size of the IONIQ 9 will be similar to the Kia EV9. The EV9, based on the E-GMP platform, measures 197.2 inches in length, 77.9 inches in width, 70.1 inches in height, and has a wheelbase of 122 inches. Such dimensions are approximately equivalent to Hyundai's Telluride. However, due to its flat floor design, the EV9 provides more rear legroom than the Cadillac Escalade. The three-row EV9 from Kia starts at approximately $55,000, so it is expected that the price of the IONIQ 9 will start at approximately the same level or slightly higher. Higher-end configurations may cost up to $80,000. The IONIQ 9 will be produced at Hyundai's new Metaplant America (HMGMA) factory along with the updated 2025 IONIQ 5. The 2025 IONIQ 5 has a longer range, more features, and a more stylish new design, and even includes the Tesla NACS charging port, which is also expected to be featured in the IONIQ 9.
Hyundai IONIQ 9 SUV camouflaged vehicle (Source: Electrek)
Opinions:
The upcoming debut of Hyundai Motor's IONIQ 9 undoubtedly showcases Hyundai's ambition in the electric vehicle field once again. From the success of the IONIQ 5 and 6, we can see Hyundai's progress in electric vehicle design and technology. The "lounge-like" interior design of the IONIQ 9 indicates a new direction for Hyundai in pursuing luxury and comfort. The design of the IONIQ 9 is not only visually appealing but also innovative in functionality and practicality. The flat floor design not only provides more space but also offers more comfort to passengers. This design is relatively novel in the electric vehicle field and may become a trend in future electric vehicle designs. In addition, Hyundai's pricing strategy for the IONIQ 9 also shows its deep understanding of market competition. The success of the Kia EV9 provides a reference point for the IONIQ 9, and it is expected that the price of the IONIQ 9 will be similar to that of the EV9, making it competitive in the high-end electric SUV market. Overall, the debut of the IONIQ 9 is another important step for Hyundai in the electric vehicle field. It not only demonstrates Hyundai's technical strength but also reflects its grasp of future automotive market trends. With the continuous expansion of the electric vehicle market, the IONIQ 9 is expected to become another star product for Hyundai in this field.
Rivian and Volkswagen Announce New Electric Vehicle Business Partnership
Key Points:
Rivian, an emerging force in the electric vehicle sector, and Volkswagen, one of the world's largest automakers, have officially announced that they will join hands to accelerate the transition to electric vehicles. In June of this year, we learned that Volkswagen plans to invest up to $5 billion to establish a new joint venture with Rivian. Volkswagen CEO Oliver Blume stated that this collaboration aims to "apply the best solutions to our vehicle models more quickly and at lower cost". The traditional automaker will leverage Rivian's software expertise to create a new electric vehicle architecture for the next generation of software-defined vehicles (SDVs). On Tuesday of this week, Rivian and Volkswagen officially signed an agreement to establish a new joint venture called "Rivian and VW Group Technology, LLC". The total transaction amount is as high as $5.8 billion, and it is expected to commence on November 13, 2024. Through this new partnership, Rivian and Volkswagen plan to bring the next-generation electric vehicle architecture and first-class software to the future electric vehicle models of both companies.
Blume said: "The launch of the joint venture today shows the potential that we hope to jointly leverage in the coming years." The new models will cover all "relevant vehicle segments", including small cars. The new joint venture will be led by Wassym Bensaid, Rivian's chief software engineer, and Carsten Helbing from the Volkswagen Group. The team will initially be based in Palo Alto, California, with three additional locations to be added in North America and Europe. By combining Rivian's software expertise with Volkswagen's global scale, the joint venture plans to reduce development costs and accelerate the large-scale application of new technologies. Rivian CEO RJ Scaringe said that today's announcement "marks an important step in helping the world transition to electric vehicles". He added that the company is "pleased to see our technology integrated into vehicles beyond Rivian". The joint venture plans to use the existing Rivian electrical architecture and software stack to enable the more affordable Rivian R2 to be launched in the first half of 2026. It will also be used to support the launch of the first Volkswagen electric vehicle from the joint venture as early as 2027. Rivian and Volkswagen will promote the new technology in the global market and at various price points, "paving the way" for a new generation of high-capacity vehicles that can fully realize advanced autonomous driving functions. Rivian's stock price rose nearly 6% in after-hours trading on Tuesday. However, the stock price is still down nearly 50% this year and more than 90% from the historical high set in November 2021.
RIVIAN (Source: Rivian)
Opinions:
The collaboration between Rivian and Volkswagen marks an important step in the automotive industry's transition to electrification. This collaboration not only reflects the recognition of emerging electric vehicle technologies by traditional automotive giants but also indicates that the future automotive industry will pay more attention to software and technological innovation. Rivian, as a forward-looking company in the electric vehicle field, has its software expertise and innovation capabilities recognized by Volkswagen. This cooperation model provides a fast-track for traditional automakers to enter the electric vehicle market, while also bringing capital and market expansion opportunities for Rivian. Another highlight of this collaboration is that the next-generation electric vehicle architecture and software planned by the two sides will cover all relevant vehicle segments, which will help promote the popularization and diversification of electric vehicle technologies. Through this collaboration, the two companies can share R & D costs and accelerate the large-scale application of new technologies, which is crucial for reducing the cost of electric vehicles and improving market competitiveness. In addition, the establishment of the joint venture also reflects the cooperation trend in the global automotive industry under the trends of electrification and intelligence. With the continuous expansion of the electric vehicle market, such cross-industry collaborations will become more and more common, helping to promote the progress and innovation of the entire industry. Overall, the collaboration between Rivian and Volkswagen is a win-win situation. It not only helps the two companies gain a favorable position in the global electric vehicle market but also provides new impetus for the electrification transformation of the entire automotive industry.
BLUETTI Releases Elite 200 V2 Portable Power Station, Promising 17-Year Strong Charging Capacity
Key Points:
BLUETTI Company has recently launched the brand-new Elite 200 V2 portable power station, a 2KWh device designed to provide power support for home backup and outdoor activities. As an upgrade of the AC200P, the Elite 200 V2 has been improved based on the feedback from over 200,000 AC200P users, and the AC200P was once rated as the "Best Overall Power Station" by CNET. The Elite 200 V2 is the world's first portable power station to use LiFePO4 battery technology, setting a new industry standard. Now, the Elite 200 V2 takes the product to a new level with its extended battery life, ultra-compact and stylish design, and clean, modern appearance. It is the perfect combination of performance and style, redefining the possibilities of portable power stations. The Elite 200 V2 portable power station has an astonishing lifespan of over 6,000 cycles, meaning you can rely on it for 17 years of daily use - 12 times the industry standard. It is also the first product in the industry to pass more than 33 strict battery tests by CNAS, ensuring top performance and stability. In terms of home backup power, the Elite 200 V2 can provide an output of 2,600W, easily running household essentials such as refrigerators, lamps, routers, and microwave ovens. For outdoor travelers, campers, and outdoor activity enthusiasts, the Elite 200 V2's nine outlets can charge various devices, from coffee makers and space heaters to mobile phones and camera batteries. When it is necessary to use high-power devices, simply turn on the Power Lifting mode to release up to 3,900W of power, sufficient to handle devices such as hot plates and hair dryers.
The compact space-saving design of the Elite 200 V2 makes it the perfect choice in situations with limited space. Despite its size of only 13.7 x 9.8 x 12.6 inches, it offers an impressive 2KWh capacity in a body that is 40% smaller than its predecessor. This remarkable efficiency is due to BLUETTI's advanced design, including a wireless internal structure and cutting-edge LFP prismatic batteries, allowing for zero-gap battery stacking. The Elite 200 V2 also offers three fast charging options, including dual AC power and a solar panel setup that can charge to 80% capacity in 50 minutes; an optional 560W high-speed vehicle charger that can complete charging in 4.2 hours; and up to 1,000W of solar charging, enabling the use of solar energy even in deep forests. In addition, BLUETTI's built-in solar tracking technology can automatically adjust to capture every bit of available light.
Bluetti Elite 200V2 (Source: Electrek)
Opinions:
The launch of the BLUETTI Elite 200 V2 portable power station marks another significant step in portable power technology. This device not only improves in performance but also showcases BLUETTI's innovative spirit in design and sustainability. The 17-year battery life commitment not only reduces long-term costs but also reduces electronic waste, which is of great significance in promoting environmental protection and sustainable development. The Elite 200 V2's versatility and high output power make it an ideal choice for home emergency backup and outdoor activities. Whether it is to deal with power outages caused by extreme weather or to provide necessary power support in outdoor adventures, the Elite 200 V2 can provide a reliable solution. In addition, BLUETTI's fast charging technology and solar charging capabilities make the Elite 200 V2 able to quickly replenish power without the grid, which is crucial for improving its practicality in remote areas. By providing such a product, BLUETTI not only meets the high demand for electricity in modern life but also contributes to the global energy transition and the popularization of clean energy. With the advancement of technology and the increase in environmental awareness, we have reason to believe that products like the Elite 200 V2 will play an increasingly important role in the future.
"Big Events"
Global Electric Vehicle Market Sales Soar in October, with China Making Outstanding Contributions
According to the latest data from the electric vehicle research company Rho Motion, global electric vehicle sales reached a record 1.7 million units in October 2024, 50,000 units higher than the previous record set in September 2023. Among them, the Chinese market once again set a new monthly sales record, selling a total of 1.2 million units, with a 6% month-on-month increase and a year-on-year growth of more than 50%. As of October 2024, the Chinese electric vehicle market has grown by 38% year-on-year, and the global market has grown by 24%. Specifically, global electric vehicle sales reached 13.3 million units, with a year-on-year growth of 24%; the Chinese market sold 8.4 million units, with a year-on-year growth of 38%; the sales in the EU, EFTA, and the UK were 2.5 million units, with a year-on-year decrease of 3%; the sales in the US and Canada market were 1.4 million units, with a year-on-year growth of 9%; and the sales in other regions of the world were 1 million units, with a year-on-year growth of 27%.
Rho Motion data (Source: Electrek)
Charles Lester, the data manager of Rho Motion, commented: "The global electric vehicle market is picking up again, setting a sales record for the second consecutive month. Most of the growth comes from China, and Western manufacturers are clearly feeling the threat. The US market partially benefits from the funds provided by the IRA to support consumers in transitioning to electric vehicles, but this support may be at risk as President Trump's term begins." In the EU, EFTA, and the UK, more than 260,000 electric vehicles were sold in October 2024, with a year-on-year growth of 1% but a month-on-month decrease of 14%. The decline in UK car sales is mainly due to the high seasonal sales brought by the new registration plates in September. The German market increased by 12% month-on-month and 3% year-on-year, but the electric vehicle market is still down 18% so far this year. Some markets continue to be strong, with the UK growing by 14% year-on-year, Portugal by 11%, and Denmark by 31%. Volkswagen, as the largest car manufacturer in Europe, announced plans to close three German factories to reduce costs, which is carried out in the context of Volkswagen's scaling back of its battery production plan. Nissan also plans to lay off workers at an undisclosed location to reduce costs. Svolt announced that it will abandon the plan to build two factories in Europe and will completely close its European business by January 2025, citing the poor performance of the European electric vehicle market as the strategic decision. However, other Chinese original equipment manufacturers (OEMs) still plan to establish electric vehicle production in Europe, such as BYD.
In China, in October 2024, both the monthly sales of battery electric