Electric vehicle (EV) pioneer. Tesla TSLA reported a year-over-year increase in its shipments in the third quarter. EV start Lucid Group LCID posted record delivery numbers in the third quarter of 2024, while its competitor Rivian RIVN angered investors with weak deliveries and a gloomy production forecast for 2024. One of the leading electric vehicle charging companiesEVgo EVGO, has received a $1.05 billion conditional loan guarantee from the U.S. Department of Energy (DOE) to expand its charging network. Japan’s auto giant Toyota TM also made headlines when the company postponed its electric vehicle production plans in America.

Last week’s top stories

Tesla has released its vehicle production and delivery figures for the third quarter. The electric vehicle (EV) giant delivered 462,890 cars (439,975 Model 3/Y and 22,915 other models) worldwide in the third quarter, falling just short of Wall Street expectations of 463,000 vehicles. Although shipments fell short of expectations, they rose year-over-year for the first time this year. Deliveries in the third quarter also increased by 4.3% compared to the previous quarter. Our model estimated deliveries at 471,559 units. The company produced 469,796 vehicles (443,668 Model 3/Y and 26,128 Model S/X) in the three months to September.

At the start of 2024, Tesla warned that growth could slow until cheaper models begin production in the first half of 2025. With shipments down more than 2% in the first three quarters, the company will need a strong financial statement to avoid any growth in 2024.

While vehicle sales improved both annually and sequentially, Tesla’s energy business suffered a decline. The company deployed 6.9 gigawatt-hours of energy storage products in the third quarter, down more than 25% from the previous quarter. Nevertheless, Tesla has already used more energy storage this year than in all of 2023.

Rivian announced third quarter 2024 production and delivery results and lowered its 2024 production guidance. The Company produced 13,157 vehicles at its Normal, Illinois manufacturing facility, up from 16,304 units in the same quarter of 2023. Deliveries totaled 10,018 vehicles, compared to 15,564 units in the same period last year.

The company is facing production issues due to a component shortage on the R1 and RCV platforms. The supply shortage that began in the third quarter has worsened in recent weeks. As a result, Rivian now expects annual vehicle production in the range of 47,000 to 49,000 units, down from its previous forecast of 57,000 units. However, the annual delivery estimate is 50,500 to 52,000 vehicles.

The electric vehicle maker has applied for a federal loan to finance construction of an electric vehicle factory in Georgia, according to a filing with the U.S. Department of Energy. The factory is expected to begin partial operation in the third quarter of 2027, with full operation of the first production capacity block expected in 2028.

Clear set a new record for vehicle deliveries in the third quarter of 2024. The company delivered 2,781 vehicles in the September quarter, marking the third consecutive quarter of record deliveries. This brings total LCID shipments to 7,142 so far this year, surpassing the 6,001 units shipped in 2023. Deep discounts make the vehicles more affordable and increase Lucid’s deliveries. For example, LCID offers up to $17,500 in savings on the 2024 Air Grand Touring and makes Air Pure more accessible with leases under $550 per month.

The company also has ambitious plans to diversify its range. In addition to the Air luxury sedan, Lucid plans to introduce its new Gravity SUV later this year. The SUV will have access to Tesla’s NACS charging port, with more than 15,000 Superchargers available to Lucid owners.

Lucid also plans to introduce a midsize electric crossover by 2026 with a starting price under $50,000, making it a direct competitor to Tesla’s Model Y. This lower-priced vehicle will be the first of three new models expected to hit the market in the coming years. Lucid’s competitive advantage will be its next-generation powertrain, the Atlas unit, which the company says will offer the same range as competitors while using a smaller, more efficient battery.

Toyota has decided to scale back electric vehicle production in North America and postpone its plans by several months to the first half of 2026. The company originally planned to begin assembling a three-row electric sport utility vehicle (SUV) at its Kentucky plant in 2025, with a $1.3 billion investment in the facility. Toyota has informed its suppliers of the revised schedule, marking the first known delay by a Japanese automaker in the region.

The company attributed the delay to “production preparation issues,” indicating difficulties in adapting its EV strategy to fluctuating market demands. The shift is also due to changes to the design of its upcoming electric SUV. While Toyota remains committed to its goal of producing 1.5 million electric vehicles worldwide by 2026, recent adjustments suggest the target could be lowered to around 1 million electric vehicles, according to industry observers.

The automaker also plans to launch ten new electric vehicles worldwide by 2026. The SUV, expected to be produced at the Kentucky plant, is one of Toyota’s next-generation electric vehicles and features an updated chassis. Another EV model currently under consideration for production in North America is a Lexus crossover, which will now no longer be built locally but will be exported from Japan.

EVgo received a conditional loan guarantee commitment of up to $1.05 billion from the US Department of Energy to expand its fast charging network. This funding will support the installation of approximately 7,500 additional fast charging stations in key states by 2030, with over 40% of the new stations located in marginalized communities as part of the Biden administration’s Justice40 initiative.

The expansion focuses on providing public charging options for electric vehicles, particularly in municipal locations such as apartment buildings. EVgo’s plan is aligned with the National Electric Vehicle Infrastructure program and aims to increase the accessibility of electric vehicles and support the administration’s goal of creating a nationwide electric vehicle charging network. The project is expected to create over 1,000 jobs and leverage the 30C Inflation Reduction Act tax credit to spur investment in rural and lower-income areas.

While the DOE’s conditional commitment represents significant progress, EVgo must meet several technical, legal, environmental and financial requirements before closing the loan. If successful, the project will play a key role in accelerating the adoption of electric vehicles and improving charging infrastructure across the country.

What’s next in space?

Tesla’s much-hyped Robotaxi event takes place today at 8:00 p.m. EST at the Warner Brothers Discovery Studio in California. It remains to be seen whether it lives up to the hype. Stay tuned for announcements of upcoming EV models and all the important updates from the hottest industry.

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