EV Universe Electric Newsletter #016

• Used electric vehicle (EV) sales are surging in the US, according to automotive services and technology provider Cox Automotive. The company’s data reveals that as more used EVs become available, buyers are snapping them up. Although new EV sales in the US are growing rapidly, used EV sales have been slower to catch on. However, this trend is changing.
• The wholesale vehicle marketplace in the US, Manheim, is witnessing a rise in the volume of EV transactions, which is rapidly increasing. In Q1 2023, Manheim processed almost 9,800 used EVs, a 40% increase from the same period in 2022. Although the volume of EV transactions is still relatively low, it’s quickly gaining momentum.
• Retail sales of used EVs in Q1 rose by 32% year-over-year, according to Cox Automotive data, with 42,753 units sold through licensed dealerships. This figure represents double the volume sold in Q1 2021.
• The average retail listing price for a used EV was approximately $43,400 last quarter, a decline of 4% from Q1 2022. The lower average listing price at retail is likely due to aggressive price cuts at Tesla, which is the leader in the EV market share.
• As the market for used EVs expands, Cox Automotive is taking on the challenge of valuing EVs. The company is expanding its ability to help the industry accurately value each used EV, which will foster confidence and transparency in the electric vehicle market. Cox Automotive’s leadership in vehicle condition and valuation extends to electric vehicles.

“Tesla to Build Megapack Battery Factory in Shanghai, China”

• Tesla’s megapacks to address china’s blackout woes with new Shanghai factory. Elon Musk announced on Twitter on Sunday that Tesla will build a factory in Shanghai that will assemble 10,000 Megapacks annually. The Megapacks are designed to store large amounts of electricity and can power 3,600 homes for one hour, according to Tesla.
• China’s renewable energy demand drives the growth of Tesla’s megapacks. The demand for grid-storage batteries like Tesla’s Megapacks has grown significantly in China due to the country’s aggressive move towards renewable energy sources. Many provinces now require new solar and wind farms to have enough battery storage to hold up to 20% of the electricity they generate.
• Tesla’s Shanghai factory to supplement megapack production in California. Tesla’s new factory in Shanghai will aim to assemble up to 10,000 Megapacks annually for electric producers and distributors. Elon Musk said that the goal of the new factory was to supplement the output of the Megapack factory in California.
• Incentives for rechargeable battery production boost Tesla’s expansion in China. The $370 billion Inflation Reduction Act, signed into law by President Biden, provides incentives for rechargeable battery production in the United States to supply the American market. Both the US and Chinese governments have been pressuring companies to invest in emerging technologies like renewable energy and battery storage.
• Tesla’s Shanghai factory: the key to the company’s growth in China. For Tesla, Shanghai is the site of its single largest factory for making electric cars. The plant not only supplies China’s domestic vehicle market but also exports large numbers of cars to Europe, where Tesla has found it is harder to build factories as quickly as in Shanghai. The factory will be close to factories that produce almost all of the world’s lithium-iron-phosphate compounds for batteries, which are less expensive to make than other battery materials like cobalt.

“Canoo completes $34M purchase of former Terex plant in Oklahoma City for EV production“

• Canoo, the EV start-up that plans to disrupt the auto industry, has just completed its purchase of a former Terex plant in Oklahoma City for $34.27 million. The plant, which covers over 500,000 square feet, will be used to assemble Canoo’s innovative electric vehicles, including a Crew Transportation Vehicle (CTV) for NASA’s Artemis missions.
• Canoo’s strategic acquisition of the Terex plant puts the EV manufacturer one step closer to meeting its production goals. The Oklahoma City location will be Canoo’s second facility in the state, complementing its battery plant in Pryor, and the company has already secured deals with Walmart and Oklahoma for the purchase of thousands of its EVs.
• Canoo’s innovative approach to EV manufacturing just got a boost with its purchase of a massive plant in Oklahoma City. The former Terex plant will be outfitted with state-of-the-art robotics and equipment to create Canoo’s futuristic electric vehicles, which are designed with modular platforms that can be customized for various uses.
• Canoo’s plans to revolutionize the EV industry are taking shape with the completion of its purchase of a sprawling plant in Oklahoma City. With the acquisition, Canoo is on track to produce its first vehicles by the end of the year, including its versatile CTV for NASA and delivery vehicles for Walmart.
• Canoo is making a bold statement in the EV industry with its latest purchase of a former Terex plant in Oklahoma City. The sprawling facility, which was sold by Terex after moving operations to Mexico, will be transformed into a cutting-edge production facility for Canoo’s modular electric vehicles, which are designed to be more sustainable and cost-effective than traditional cars.