Rivian To Go Public With $80 billion Valuation | 27 Aug 2021
Episode 1192, Aug 27, 2021, 12:00 AM
Today’s big EV stories:
• Rivian to go public with IPO
• Rivian files to go public at up to a reported $80 billion valuation
• Tesla diagnostic software now available for purchase in the US
• Tesla Is Taking Over Norway
• Tesla notes 395 environmental objections to Giga Berlin
• Geely's EV brand Zeekr raises $500 mln in first external funding
• The 2021 BMW X5 xDrive45e—a big battery gives this hybrid a useful range
• MG ZS EV with 40kWh battery in the works
• Audi's new electrification strategy spells the end for ICE models
• Electric vehicle charging build-out in US at 'inflection point,' Siemens official says
Show #1192.
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Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily for Friday 27th August. It’s Martyn Lee here and I go through every EV story so you don't have to.
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RIVIAN TO GO PUBLIC WITH IPO
- Rivian Automotive, an electric-vehicle start-up backed by Amazon, announced Friday that it has filed a confidential draft registration form for an IPO. The size and price range for the IPO has not been determined, the company said in a release.
- The news comes months after Bloomberg reported that the company had selected Goldman Sachs, JPMorgan and Morgan Stanley as underwriters for its IPO and could seek a $70 billion valuation
Original Source : https://www.cnbc.com/2021/08/27/rivian-electric-vehicle-maker-backed-by-amazon-files-for-ipo.html
RIVIAN FILES TO GO PUBLIC AT UP TO A REPORTED $80 BILLION VALUATION
- Rivian will be doing a traditional initial public offering, bucking the recent trend of electric vehicles going public by merging with a special purpose acquisition company, or SPAC.
- The draft will initially remain confidential, though Bloomberg has reported that Rivian is seeking a valuation as high as $80 billion. The IPO date is expected to be sometime before the end of this year. When it happens, Rivian will add to a fundraising war chest that is already over $10 billion.
Original Source : https://www.theverge.com/2021/8/27/22644601/rivian-ipo-november-december-filing-amazon-ford
TESLA DIAGNOSTIC SOFTWARE NOW AVAILABLE FOR PURCHASE IN THE US
- Tesla quietly debuted a set of service subscriptions that could help owners work on their own vehicles. The service subscriptions could pave the way for Tesla to allow owners to repair their own cars.
- The first subscription is the Service and Repair Information package, which gives owners access to manuals, tooling catalogs, wiring diagrams, and other pertinent documents. Owners had access to these documents previously, according to Tesla owner-hacker @greentheonly or Green.
- The second, newer subscription gives Tesla owners access to the company’s diagnostic software. Green noted that Tesla’s diagnostic software was not acc to US owners until now, but it was already available to owners in Europe. In December 2020, Tesla gave European owners access to their vehicles’ toolbox feature, granting them access to diagnostics and some software.
TESLA IS TAKING OVER NORWAY
- Tesla’s recent events in Norway have been groundbreaking. The electric automaker shipped around 1,300 Model Ys to Norway as it began deliveries to Europe recently. It turns out these Model Ys were shipped directly from Gigafactory Shanghai. In turn, all of these are the Tesla’s Made-in-China (MIC) Model Y Long Range variants.
- The Tesla Model Y has become the number one electric vehicle (which also means #1 vehicle overall) in Norway.
Original Source : https://cleantechnica.com/2021/08/29/tesla-is-taking-over-norway/
TESLA NOTES 395 ENVIRONMENTAL OBJECTIONS TO GIGA BERLIN
- In the third public participation in the approval procedure for Tesla’s planned vehicle factory in Grünheide, 395 new objectors raised objections to the planned Gigafactory. A new public hearing will therefore be necessary.
The Brandenburg State Office for the Environment has decided to schedule another hearing to discuss the objections. The date this time will take place online – because of the high number of objections and the current Corona regulations.
13 September has been mentioned as a possible date. However, the discussion could start earlier – but then it could also take a longer period of time, “possibly even several weeks”.
Original Source : https://www.electrive.com/2021/08/27/tesla-notes-395-environmental-objections-to-giga-berlin/
GEELY'S EV BRAND ZEEKR RAISES $500 MLN IN FIRST EXTERNAL FUNDING
- Zeekr, the electric vehicle brand by Geely, said on Friday it raised $500 million in its first external funding from investors including Intel Capital(INTC.O), battery maker CATL (300750.SZ) and online entertainment firm Bilibili (9626.HK).
- The company makes the Zeekr 001 model in the eastern city of Ningbo and is expected to start delivering them later this year. It aims to sell 650,000 vehicles a year by 2025.
- Car companies globally are working with more tech companies, battery makers and mining firms to develop future products and secure supply of components amid a shift towards electric vehicles (EV).
Original Source : https://www.reuters.com/business/autos-transportation/geelys-ev-brand-zeekr-raises-500-mln-first-external-funding-2021-08-27/
THE 2021 BMW X5 XDRIVE45E—A BIG BATTERY GIVES THIS HYBRID A USEFUL RANGE
- It's been a while since we spent time with BMW's plug-in hybrid X5. Since then, the German automaker replaced the X5 with an all-new model called the X5 xDrive45e.
- The addition of a bigger battery may be a more significant update, at least in terms of day-to-day driving. The pack now has a gross capacity of 24 kWh, with a useable 17 kWh. That endows the X5 xDrive45e with an EPA-estimated 31 miles (50 km) of range when just using the battery and electric motor, making it extremely competitive with other plug-in hybrids of a similar size and price. The X5 xDrive45e is also now capable of going a little faster in electric-only mode—84 mph (135 km/h) instead of 75 mph (120 km/h).
Original Source : https://arstechnica.com/cars/2021/08/the-2021-bmw-x5-xdrive45e-a-big-battery-gives-this-hybrid-a-useful-range
MG ZS EV WITH 40KWH BATTERY IN THE WORKS
- To help reduce the cost of the MG ZS EV, a new one with a smaller battery looks to be in the works. A government document has revealed that an MG ZS EV with a 40kWh battery pack is to be offered soon.
- In India, the three mass-market electric vehicles currently on sale include the Tata Nexon EV, Hyundai Kona Electric and the MG ZS EV. While the Nexon EV is the most affordable model of the three
- it is possible that MG could just replace the current version with the more affordable 40 kWh model. Should this be the case, it would help bring the cost of the ZS EV down and may result in a boost in sales for the model.
AUDI'S NEW ELECTRIFICATION STRATEGY SPELLS THE END FOR ICE MODELS
- Audi has revealed its new electrification strategy, called ‘Vorsprung 2030’, which has also spelt the end of its combustion-powered chapter. The plan will put Audi on the path to become a sustainable, social, and technological leader by 2030, accelerating similar plans put in place for 2026.
- the combustion engine must give way to a fully electric line-up, which will begin in earnest in 2026, after which Audi will only launch pure-electric models.
Original Source : https://www.stuff.co.nz/motoring/evs/126203648/audis-new-electrification-strategy-spells-the-end-for-ice-models
ELECTRIC VEHICLE CHARGING BUILD-OUT IN US AT 'INFLECTION POINT,' SIEMENS OFFICIAL SAYS
- In a major acceleration of its electric vehicle charging business in the US, Siemens plans to produce more than 1 million EV chargers for U.S. homes and businesses over the next four years, according to the German engineering giant.
- Siemens based its decision to expand its EV charging business in the U.S. on the prospect of significant public funding for charging infrastructure through pending federal legislation, a "massive transition" among logistics companies and fleet operators to electric vehicles, and the need for charging to catch up to the pace of EV sales, according to DeBoer.
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