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Welcome to the latest edition of the EV Universe Electric Newsletter #006, 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 Volkswagen $2 billion plant in South Carolina, Rivian and Mini top J.D. Power’s 2023 US EV ownership study, and Tesla price cuts on Model S and Model X.
“Volkswagen to Build $2 Billion EV Plant for Scout Motors in South Carolina”
- Volkswagen will build a fast-growing Scout Motors branded EV plant in Blythewood, South Carolina at a cost of $2 billion.
- The new plant will start producing an electric pickup truck and a “rugged” SUV called the “Scout” in 2026, creating an estimated 4,000 jobs and 200,000 vehicles annually when operational.
- The Scout EV plant will be VW’s second vehicle manufacturing facility in the United States, but will only produce Scout models and not other VW-branded EVs.
- VW’s new Scout facility is consistent with the company’s commitment last May to improve its product portfolio, R&D and manufacturing capabilities in North America.
- Scott Keogh, CEO of Scout Motors, says the company’s all-electric outdoor vehicles offer the same versatility and outdoor adventure capabilities that Scout has been known for since its inception in 1960.
“Rivian and Mini top J.D. Power’s 2023 US EV ownership study”
- Rivian R1T electric pickups and Mini Cooper Electric featured in the J.D. The Power 2023 US Electric Vehicle Experience Ownership Study led in the premium and mass market segments respectively.
- Focusing on their first year of ownership, the study included 7,073 EV owners.
- The Mini Cooper Electric was praised for its quality and reliability, while the Rivian R1T was praised for its fun to drive factor and interior and exterior design.
- Infotainment was the most problematic category for EV owners in the mass market, while premium EV owners complained the most about squeaks and rattles.
- First-time EV owners see performance driving as the number one reason for deciding to purchase, with the percentage of first-time EV owners increasing by 11% since 2022.
“Tesla Slashes Model S and Model X Prices to Stoke Demand with Aggressive Discounts”
- Tesla slashed Model S and Model X prices by 5% and 9%, respectively, to drive demand for the car through aggressive discounting.
- The discount also applies to the high-end “Plaid” versions of Model S and Model X, which are reduced by 4% and 8% respectively.
- Tesla’s recent price cuts are part of a price-cutting strategy to boost demand for its products, with CEO Elon Musk saying price cuts “really make a difference for the average consumer.”
- The move sparked a price war between automakers competing for lower prices to attract more customers and boost sales, with Ford cutting the Mustang Mach E electric crossover prices up to 8% after Tesla announced price cuts in January.
- To achieve price cuts of this magnitude, Tesla will have to balance production cost reductions. This is being addressed through efforts to reduce spending in supply chain and through non use of rare earth metals to development of its electric vehicle motor.