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This week’s top stories in the world of electric vehicles are summarized in your weekly Pro Recap: Rivian introduces leasing; China receives EV deliveries; Tesla hosts a Cybertruck event.
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Cybertruck is introduced by Tesla.
One day after making an appearance in an interview at the DealBook Summit in New York, Elon Musk, the CEO of Tesla Inc. (NASDAQ:), took the stage on Thursday in Austin, Texas, to share information about the company’s eagerly anticipated Cybertruck electric pickup.
Musk boasted about the launch event at the previous gathering, stating, “It will be the biggest product launch of anything by far on Earth this year.”
The billionaire-CEO excited the crowd when he took the stage at the event, stating, “What we have here is a better truck than a truck, while also being a better sports car than a sports car in the same package.”
The new Cybertruck is 11,000 pounds capable of towing and is bulletproof, “rock proof,” according to Musk. The electric pickup boasts a “super-tough” 6-foot composite bed and can accelerate from 0 to 60 mph in 2.6 seconds.
According to Musk, “the Cybertruck will change the look of the roads.” And that, at last, “the future looks like the future.”
The Cybertruck’s price and battery life were not specifically mentioned by the Tesla CEO. The base model EV truck with rear-wheel drive costs $60,990, while the “Cyberbeast” version costs $99,990. The all-wheel drive version costs $79,900, according to the company’s website.
Cyberbeast and the all-wheel-drive variant will start to be delivered in 2024. In the meantime, 2025 is when deliveries of the base model are anticipated to start.
After peaking at $252.12/sh on Wednesday, TSLA shares finished the week up 6.29% at $238.83/sh.
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China’s November delivery
The monthly delivery results for November were released by Chinese electric vehicle manufacturers Nio Inc (NYSE:), Li Auto Inc (NASDAQ:), and Xpeng Inc (NYSE:). LI led the pack with over 41k units delivered during the month.
LI exceeded the company’s 2023 target of 300,000 vehicles one month ahead of schedule, despite dominating last year’s November numbers by 172.9%. To date, LI has delivered 325,677 vehicles.
November was XPeng’s second consecutive month of 20,000 or more deliveries, with the company reportedly delivering 20,041 Smart EVs, a 245% increase over the same period last year.
For the last ten months, XPeng has seen steady monthly growth in car deliveries. As a result, the company has delivered 121,486 units this year, exceeding the total number of deliveries made in 2022.
With 15,959 vehicles delivered, Nio Inc. surpassed last year’s delivery milestone by 12.6%.
5,414 luxury smart electric sedans and 10,545 luxury smart electric SUVs were delivered as part of this deal. NIO had delivered 431,582 cars in total as of November 30, 2023.
Nio and Zhejiang Geely Holding Group have partnered to advance battery-swapping technology, according to a report released this week by the manufacturer of EVs that swap batteries.
In line with a “co-investment, co-construction, shared, co-operative” model, Geely and Nio have decided to work together.
By week’s end, shares of XPEV and LI had dropped 11.16% and 9.57%, respectively. NIO experienced a 1.65% weekly decline. 4.3% below Wednesday’s weekly high of $7.47/sh set by NIO.
Rivian introduces rental
On Monday, electric truck manufacturer Rivian Automotive Inc. (NASDAQ:) started leasing its R1T electric pickup trucks, putting them up against Tesla’s Cybertruck, which was unveiled later that same week.
Customers will be able to lease the R1T in Texas, Florida, New York, California, and Florida.
Due to ongoing high demand, the EV automaker increased its production forecast for the year earlier this month by 2,000 vehicles, to reach 54,000 units.
RIVN shares saw a 10.5% increase in trading this week.
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