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Welcome to the first edition of the EV Universe Electric Newsletter, your go-to source for all things electric vehicles!
In each edition, we take a closer look at the exciting developments in the EV world and dive into the latest news and trends shaping the industry. From the latest makes and models to advancements in electrification, to innovative accessories and technologies, we’ve got you covered.
Join us on this journey. Let’s explore the future of sustainable transportation and its electrifying impact on our world. In this edition, we are covering Redwood Materials battery production, Hyundai Evolve+, and Toyota’s next-gen EV lineup.
“Redwood Materials Receives $2 Billion Loan to Revolutionize Domestic Battery Production for Electric Vehicles”
- Redwood Materials received a $2 billion loan from the Department of Energy to produce enough battery materials to produce more than one million electric vehicles annually.
- The loan will help Redwood to become the first in the United States to produce ultra-thin battery-grade materials from both virgin and recycled sources, with a production target of 100 gigawatt hours per year.
- The federal electric vehicle tax credit mandated by President Joe Biden’s Inflation Mitigation Act requires a robust domestic battery minerals supply chain. To qualify for the tax credit, at least 40% of the minerals in electric vehicle batteries must come from the United States or a US free trade agreement partner. This requirement will increase to 80% by 2027.
- Redwood manufactures critical battery components such as anodes and cathodes, which account for about 80% of the material cost of lithium-ion batteries, to prevent the loss of more than $150 billion in economic value by 2030.
- JB Straubel, Founder and CEO of Redwood, has a background at Tesla and has insight into the challenges facing the entire EV industry as it expands, especially related to the battery materials supply chain. He believes domestic production of these components will become a bottleneck for the industry.
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“Hyundai Introduces Evolve+: A New Flexible and Affordable EV Subscription Service with Customized Digital Experience and Dealer Partnership”
- Hyundai Motor America and Hyundai Capital America have launched a new EV subscription service called Evolve+.
- The service aims to provide flexibility and affordability to customers who want to drive a Hyundai electric vehicle without purchasing or long-term leasing.
- Evolve+ is a monthly subscription that covers 1,000 miles, insurance, maintenance, registration and roadside assistance, starting at $699-$899 per month.
- Subscription services provide customers with a unique digital purchasing experience via custom apps and a hassle-free delivery experience at retailers.
- By partnering with dealers, Evolve+ customers benefit from working with a local company responsible for vehicle condition and maintenance.
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“Toyota to Launch Next-Generation Electric Vehicles in 2026: A Shift towards a Greener Future”
- Toyota will develop next-generation electric vehicles in 2026.
- New electric vehicles will be based on the Lexus brand initially, with others to follow.
- Toyota has been seen as reluctant to move to all-electric vehicles but has stepped up its efforts in recent years.
- The company’s goal is to sell 3.5 million electric vehicles by 2030.
- The new EV effort will be led by the incoming president, Koji Sato, who is currently the head of Lexus brand operations.