⚡️🔋Current Events 3/30/23: Kia EV9 Launch Details, Lucid Layoffs, Polestar 3 Roadshow, and a Fireside Battery Chat for the Ages.
Kia reveals details of its 3-row R1S competitor, Lucid announces cuts to staffing, Polestar 3 hits the road in NYC, and more.
Good morning friends,
Welcome back to Current Events, where we bring you news and lore from the world of electrification. This week has been jam-packed with new developments, so I spent the earliest parts of the morning writing about a few. Let’s jump in.
After releasing a design preview just two weeks ago, Kia has released new details about its upcoming 3-row SUV, the Kia EV9. I saw the concept version in person during the 2022 Chicago Auto Show. Today we finally get some finer details on the car coming to production and delivery globally soon.
Kia EV9 Specs
99.8 kilowatt-hour battery pack at top trim, while standard RWD EV9 possesses a 76.1 kWh battery pack
541 km / 280 mi estimated range at top trim, the estimated range of the base model still unknown
Acceleration of 0 to 60 mph in 5.3 seconds
800v charging system capable of charging 148 miles in 15 mins
Level 3 autonomy via Highway Driving Pilot (HDP) system
Drag Coefficient of 0.28
5k tow capacity, although there is no estimate on subsequent range reduction
Vehicle-to-Load (V2L) provides up to 3.68 kW of power, similar to other Hyundai/Kia EVs like Ioniq 5 and EV6
“Expect pricing to start at ~$55,000,” according to Kia, although the final price is not confirmed
This tank of an EV is almost precisely 5 meters long (197 inches) and poised to directly compete with what is realistically the only mass-produced 3-row electric SUV in the North American market, the Rivian R1S. Rivian is currently having severe issues with scaling production and has stopped taking orders with completed configurations despite still accepting $1000 deposits for deliveries that are promised for 2024. Kia seems to have noticed the opening and wants to attack the segment while the getting is good. I eagerly look forward to my first test drive and will keep you up to date as I learn more. The Kia EV9 is expected to begin deliveries towards the end of 2023.
Lucid Motors intends to dismiss approximately 18% of its workforce to reduce expenses following a hard 2022 that went deep into the red. Additionally, the company must recall 637 units of the Lucid Air. The changes will impact all departments and approximately 1,300 employees across the United States according to the CEO Peter Rawlinson in a blog post from Tuesday:
“Earlier today, I announced the difficult decision to reduce our workforce at Lucid. Given evolving business needs and productivity improvements, we are reducing the size of our organization by approximately 18%, which will affect Lucid employees and contractors. This action is aligned with the cost discipline announcement we made in late February when we reported earnings. We are also taking continued steps to manage our costs by reviewing all non-critical spending at this time.
We have been reviewing and implementing several other ways to optimize our cost structure, but unfortunately these measures alone won’t achieve our objectives. Consequently, we’ve made the painful but necessary decision to let some of our talented team members go.”
The firm has also reduced its 2023 yearly production goal to a range of 10,000 to 14,000 units, which is approximately half of the 20,000 to 22,000 deliveries that had been previously anticipated for the year. Rawlinson still confidently believes that Lucid will launch the Gravity SUV in 2024 despite the layoffs. To all the folks that are no longer with the company, I convey my deepest respect in this difficult moment and wish you the best of luck on your next adventure, wherever it may be.
Swedish EV-maker Polestar kicked off a roadshow for the upcoming Polestar 3 crossover. The North American debut of the Polestar 3 began at an event in New York City. The Polestar 3 will take on a growing field of EV SUV competitors, including the Tesla Model X, the Mercedes-Benz EQS SUV, and the BMW iX. The Crossover SUV or CUV segment has become the bread and butter for most automakers in North America, so I cannot overstate how important this car is for all parties involved. Interestingly, its size and pricing sit directly between larger crossovers like the Model X and the more affordable, more compact Model Y.
Polestar 3 Specs
111 kWh battery pack
482 km / 300 mi of estimated range
Charge from 10 to 80% in 30 mins on 250 kW Level 3 Charger
Acceleration of 0 to 60 mph in 4.6 seconds
380 kW peak power
LiDAR from Luminar
Starting price at $83,900, top trim with all options is $97,000
Polestar's strategy has been interesting, taking on a self-described "asset-light" business model where they build cars at existing plants owned by Volvo and Geely. The model is comparable to how Apple produces iPhones in partnership with manufacturers like Foxconn.
Polestar announced that it would begin global production of the SUV at the Volvo plant in Chengdu, China, starting sometime in the middle of this year, then switch production for North America beginning sometime in 2024 out of Volvo's plant in Ridgeville, South Carolina.
Ingenlath said that soon after the Polestar 3 begins production in South Carolina, a cheaper, less luxurious "rear-wheel drive" version will follow that will qualify for the tax credits made available to customers of domestic manufacturers via the Inflation Reduction Act.
Looking beyond the Polestar 3, the firm will be debuting a new SUV later this year called the Polestar 4. Many have speculated that Polestar is designing it to produce a more performance-oriented ownership experience than its predecessor. It could possibly compete with either Model 3 or Model Y, depending on the production version’s final design and pricing. Current Events will keep you up to date as more information becomes available on both vehicles. I'm excited to drive both.
A fascinating conversation happened at the recent 40th Annual International Battery Seminar and Exhibit. In the Fireside Chat with Drew Baglino, Dr. Shirley Meng, Professor at the University of Chicago and Chief Scientist of Argonne Collaborative Center for Energy Storage Science, discussed vital topics surrounding the future of energy storage and battery production. Drew Baglino is the Senior Vice President of Powertrain and Energy Engineering at Tesla. He plays a crucial role in the company's advancements and innovations. Dr. Meng released her highly detailed notes of the conversation on her LinkedIn, which I urge folks to check out when they can. Here’s the link!
Current Events’ Takeaways from the Conversation:
Dry electrode processing offers significant advantages over wet processing, including reducing site footprint, labor, and CAPEX costs. Dry processing can also enhance manufacturing speed by 2 to 3 times. Each yield improvement is becoming increasingly significant due to rising metal prices (Li, Ni, Co). Much emphasis on reducing what Drew called "Human Time."
Several factors need to be considered to achieve Tesla's ambitious 240 TWh goal for battery energy storage globally, including the economic balance between renewable energy and storage, charging flexibility for EVs, and potential long-duration storage. Green Hydrogen storage may play a role in meeting these goals.
Important news: Long-duration storage (>10 hours) was not accounted for in the 240 TWh estimate that Tesla made for the Investor Day presentation. Dr. Meng's team estimated that 400TWh would be required if the assumptions were to account for long-duration storage needs. The cost of long-duration storage is a significant factor, and breakthroughs in this area are needed.
Tesla is still determining optimal solutions in some areas, like high-temperature industries, including steel and fertilizer production.
Over 95% of the elements required for production (including Li, Ni, and Co) are recoverable through existing recycling technologies.
Education and training in manufacturing, especially for dry processing and advanced manufacturing methods, are essential for the industry's future success.
Drew confirmed that they did not forget about the Tesla Investor Day white paper document, which will be released soon. I look forward to reading and sharing more about it.
We look forward to bringing you more information on even more great discussions between science and industry. Global electrification wouldn’t be happening without them. If I can find a video of the conversation I’ll be linking it here later.
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With love and gratitude,
Renato
Renato A. Amboss is the author of Current Events, The All-Electric Newsletter. He is also the Founder and First Pilot of Ronin EV. The thoughts and opinions expressed here are his own. None of the views expressed are intended as investment advice of any kind and should not be taken as such. Have a lovely day!