⚡️🔋Current Events 2/18/23: EVs @ the 2023 Chicago Auto Show
Every year, more and more EVs appear at the largest Automobile Show in America. This year, the theme for OEMs was "Get them driving the car!"
Happy Saturday and good morning friends,
Yesterday, I had the fantastic opportunity of attending the 2023 edition of the nation's longest-running and largest automobile show, The Chicago Auto Show. Today, Current Events will go through some of the newest vehicles we saw. We have a gallery of photos and some data for you at the end!
This show edition featured more EVs than ever before, a vast improvement from two years ago when only a handful showed up. This year, there were dozens from various automakers, including Ford, BMW, Nissan, Hyundai, and more. Their focus has notably shifted since last year. For 2023, they've gone from mainly presenting far-off preproduction models and transitioned to a much simpler mission, getting people in the driver's seat.
I was particularly impressed with Ford's positioning of its electric portfolio. Both F150 Lightning and Mustang Mach-E were front and center, and it was clear that they were doing all they could to put people into driving situations with these EVs. They deployed multiple F150 Lightnings on an indoor test track for the occasion, showing people its straight-line acceleration from 0 to 60 miles per hour in under 3.8 seconds. The Mach-E was available to test drive on city streets outside the convention center
Entering the Ford space, I had my first moments engaging with F150 Lightning, particularly the Lariat trim. Despite the pomp of its interior design, Ford built this electric truck for work. One tiny feature really stood out for me. Ford designed a yardstick tool right into the inside of the rear tailgate. When you lay it flat, it allows tradespeople to work right off the bed. It's the type of design that shows they deeply understand their customers' needs and wants, knowing fully how their product fits into daily life.
Speaking on some recent news, Ford had recently stopped production of the F150 Lightning along with a "stop-shipment" order so they could investigate a battery issue. Ford then updated the public that they don't think any delivered vehicles have been affected and expect production to restart within a few weeks. The situation represents a significant delay given their production goals for the next few years. Let's hope they can get their production ramp back up to speed soon!
Now let's talk GM. They showed off the Blazer EV, the Silverado EV, and the Equinox EV on three separate elevated platforms. It's about time GM made their EVs the star attraction.
All three of GMs new Chevy offerings were preproduction vehicles designed for their new Ultium battery platform. Silverado was the most imposing EV in the entire show. Its bed measures 5 feet, 11 inches in length, which would be on the smaller side for most work trucks. However, with the midgate open and the optional configurable tailgate extended, the length available can increase to 10 feet, 10 inches. Compared to other electric trucks, this is a substantial advantage.
In GMs luxury space, I did a full walkaround of the RWD variant of the Cadillac Lyriq. The exterior is bold, and the interior is plush. The question remains as to why luxury car designers insist on the folly of gloss black plastic accents for interiors. As a basic rule for electric vehicles, if it costs a full year of tuition to an Ivy League school, it should not have fingerprint sampling materials adorning its interior.
Onto recent news, GM had stated its electric vehicle program would be "solidly profitable" by 2025, the year it expected to sell 1 million EVs annually. While I do hope to be proven wrong, given their current pace, there is little to no chance of GM achieving their stated EV business goals.
In Q4 of 2022, GM sold 86 Cadillac Lyriqs and 72 Hummer EVs. They may have grown sales elsewhere and sold 38,120 Chevy Bolt EVs and EUVs in the same year, but the need to catch up couldn't be more obvious. To go from building around 40k vehicles to 1 million per year in less than two years while under supply constraints will take something miraculous. I was disappointed I couldn't find any information on the battery capacities for the Equinox, Blazer, and Silverado EV production versions. Ultium development remains a well-guarded secret. I hope things improve for GM soon. The vehicles had lots of interest at the show, and I'm excited to try driving them all myself soon.
Hyundai continues to impress me every year. The Ioniq 6 sedan was my favorite of the show, even in its preproduction form. Photos don't do it justice. Longer than a Model 3 and shorter than a Model S, the Ioniq 6's practically parabolic upper shape looks unique and stylish in deep forest green. The seats were as comfy as a recliner, and the steering wheel was light, thin, and easy to handle. I cannot wait to see how it pulls and corners.
Ioniq 6 is the first new electric sedan announced since the BMW i4 began deliveries. This a refreshing change of pace from the torrent of crossovers coming from OEMs today. The Model 3 might soon have more healthy competition in the US market. Kia's EV6 and the Hyundai Ioniq 5 were the most emphasized crossovers from the Korean automakers, and for a good reason. They drive excellently, have been popular with experienced EV owners, and are among the most reliable Tesla alternatives on the market. In the US for 2022, Hyundai sold 22,982 Ioniq 5 crossovers, while EV6 sold 20,374 units.
Despite its undeniable beauty in British Racing Green, the BMW i4 edrive35 still lags in range capability and cost-competitiveness compared to its nemesis, the Tesla Model 3 RWD. It also has yet to really capture the hearts of the most diehard BMW fans. While Tesla Model 3 alone sold 240,266 units in the US market for 2022, the entire BMW electric lineup sold 15,584 in the same period. We'll see what happens this year with sales, but it's an understatement to say that BMW has work to do. German electricity prices reached an all-time high in August of last year, so it's also clear that macroeconomic conditions are doing BMW no favors.
Nissan's Ariya was an absolute delight in its pearlescent rose gold aura. The exterior has the best paint job I've seen on a stock EV in person. The interior was comfortable and leaned towards the stylish but practical. Leg room was ample and compared well to the Model Y and ID.4. Nissan has undoubtedly learned a lot from its Leaf program and the hundreds of thousands of subtly diehard customers it earned with it. I will reserve judgment on their work until I've driven the Ariya. Volkswagen and Toyota, beware — competition in the affordable space will be fierce.
Overall, the show felt like a great success for EVs, and I left feeling hopeful for the future of electrification. When people drive them, they'll know. That's why it was so good to see test drives widely available at the show. It's clear that automakers are starting to take EVs seriously and are putting a lot of effort into creating compelling offerings. With more EVs arriving at the show each year, automakers are making it abundantly clear to customers that the electric revolution has begun.
Many thanks to the folks at the Chicago Auto Show and all the automakers that participated!
With love and gratitude,
Renato Amboss
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!