This Week in EV: R's on the way
We kick off this week with not one but new EV’s that will be released in the next couple of years. Rivian unveiled the much expected R2, a smaller SUV than its current R1 and a direct competitor to the Tesla Model Y with a $45,000 price tag and 300 miles range. Even though the R2 doesn’t go into production till 2026 it has still achieved more than 68,000 reservations in 24 hours. Rivian also managed to pull off an apple like one more thing with the unexpected unveiling of the R3, a smaller SUV and a performance variant the R3X. The R3 will also have over 300 miles range, it’ll come out after the R2 so we’ll have a while to wait before we see it on the road. Read more
BYD has grown quickly to join Tesla as the market leaders in the EV world and analysts are predicting they will take the crown from Tesla as the largest EV maker in 2024. Tesla had 19.9% of global EV sales whilst BYD had 17.1% in 2023. It’s a long way back to third and fourth with GAC Aion having 5.2% and VW at 4.6%. Read more
BYD though isn't resting on its laurels and is said to be working on its next generation of EV architecture. Current models such as the Seal, Atto 3 and Dolphin sit on the companies 3.0 platform but this could be upgraded to 4.0 later this year. The 4.0 platform should offer improved range with further improvements in the integration of components. If this leads to more price reductions like we’ve seen in the Chinese market then it could make their offering even more compelling. Read more
The price war in China hasn’t put off technology company Xiaomi who will start to deliver its first EV this month. Xiaomi is China’s fifth largest smartphone maker. The companies Speed Ultra 7 is a competitor to the Porsche Taycan and Tesla Model S Plaid and with the price to be announced at the end of the year expect it to be priced at the higher end of the spectrum. Read more
It’s not all good news for the Chinese OEM’s though who are hitting some growing pains in their international expansion, at least in the UK. Due to the structural differences in the repair markets for the UK vs China insurers are struggling to repair the likes of BYD with the technical support and parts availability causing some cars to be practically uninsurable. For owners of the BYD Seal just three companies returned a quote on price comparison websites when most drivers would expect to see 50+ quotes. Read more
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