| Here is your end-of-the-week Transportation briefing: - 🚗 Lucid slashed prices for its vehicles.
- 💸 The California Energy Commission gave the green light to $1.9B in investments in EV infrastructure.
- 🛣️ GM revealed intentions to widen access to its Super Cruise advanced driver-assistance system.
Thanks for reading! Robel
p/Robel-Kelkile | |
| 1 | | Shares of Intuitive Machines surged 34.5% in trading following the successful launch of its first IM-1 mission to the moon's surface by a SpaceX rocket. Despite trading at about half its debut price since going public via a SPAC merger last year, the company's stock has nearly doubled this year. More: - Intuitive Machines aims to make a landing attempt next week with its cargo lunar lander loaded with research equipment.
- CEO Steve Altemus emphasized the company's resilience and commitment beyond a single mission, reassuring shareholders of its long-term viability.
- The surge in stock price could reflect investor confidence and optimism in Intuitive's space exploration initiatives.
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| 2 | | Lucid Motors slashed prices on its electric sedans, with the base model Lucid Air Pure now starting at $69,900. Additionally, Lucid announced incentives such as $1,000 toward home charging solutions and free scheduled maintenance for two years or 24,000 miles, aiming to boost demand following a disappointing year of sales. More: - The Lucid Air Pure's new $69,900 price tag is down from $77,400, while the Lucid Air Touring's price fell to $77,900 from $85,900.
- Even the premium Lucid Air Grand Touring saw a $1,000 price cut to $109,900.
- Lucid also noted it is discontinuing the all-wheel drive version of the Pure model.
- The company decided to cut prices after delivering just 6,001 cars in 2023 and facing challenges in marketing and brand awareness, as CEO Peter Rawlinson acknowledged.
- The company is developing an electric SUV that is expected to launch later this year, potentially expanding its appeal to a broader market.
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| 3 | | The California Energy Commission (CEC) has approved a $1.9B investment plan to accelerate the deployment of electric vehicle charging and hydrogen refueling infrastructure across the state. This investment, part of the larger California Climate Commitment and bolstered by federal funds, aims to add 40,000 new chargers statewide, focusing on ensuring access for low-income and disadvantaged communities. More: - At least 50 percent of the funding will be directed toward priority populations to ensure equitable access to clean transportation solutions.
- This investment is part of California's broader $48B California Climate Commitment, with significant funding allocated for zero-emission vehicles and infrastructure.
- The approved funds will lead to the installation of 40,000 new chargers statewide, supplementing the existing network of nearly 94,000 chargers.
- By leveraging federal funding, utilities, and other programs, California anticipates reaching a total of 250,000 chargers in the coming years, in addition to private and home installations.
- The investment aims to reduce pollution from trucks and buses while improving access to clean transportation options for all communities, particularly those most in need.
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| 4 | | GM announced plans to expand access to its Super Cruise advanced driver-assistance system, allowing drivers to use it on about 750,000 miles of roads in the United States and Canada by 2025. Unlike Tesla's Autopilot, Super Cruise users do not need to have their hands on the wheel but must keep their eyes forward. It also includes features such as automatic lane changes and the ability to deploy the system while towing a trailer. More: - The expansion of GM's Super Cruise network will encompass rural and minor highways, connecting smaller cities and townships, offering drivers more versatility and convenience.
- Super Cruise utilizes lidar map data, GPS, cameras, radar sensors, and a driver-attention system to maintain lane position, adjust speed, and make automatic lane changes when safe to do so.
- While Super Cruise was initially limited to certain divided highways, GM has gradually expanded its availability, with 15 vehicles now equipped with the system, including models from Chevrolet and Cadillac.
- GM's move to expand Super Cruise comes as automakers compete to enhance their advanced driver-assistance systems to attract customers and generate additional revenue streams beyond vehicle sales.
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| 5 | | Stellantis announced it is investing £103M ($129.9M) to expand electric vehicle drive module production at its plant in Hungary, aiming to begin production by late 2026. As part of its electrification strategy, the automaker plans to use these drive modules, which include an electric motor, reduction gearset, and inverter, for vehicles based on its upcoming STLA EV platform. More: - The automaker aims for EVs to constitute 100% of its passenger car sales in Europe and 50% in the U.S. by 2030, aligning with stricter emissions regulations and zero-emission mandates.
- Stellantis will leverage the modular STLA platforms to share components across multiple EVs, reducing production costs and complexity.
- The company plans to use one power inverter design, a standard microprocessor, and in-house controls and software for all its EV drive modules to streamline production and lower costs.
- Additionally, Stellantis will increase production of electrified dual-clutch transmissions for hybrid and plug-in hybrid vehicles at its Mirafiori complex in Turin, Italy, starting this year.
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| 6 | | Canadian miner Nouveau Monde Graphite has reached a multi-year supply agreement with a unit of General Motors, accompanied by a $150M equity investment from GM. Under the agreement, Nouveau Monde Graphite will provide 18,000 tonnes of refined graphite each year from its Becancour plant for an initial term of six years. More: - The supply agreement aligns with the growing demand for battery materials amid the global shift toward cleaner transportation and fuel.
- Nouveau Monde Graphite also signed an agreement with Panasonic Energy, covering approximately 85% of its planned production from the Becancour plant.
- These agreements reflect the increasing collaboration between mining companies and automotive manufacturers to secure critical materials for electric vehicle production.
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 | Writer | | Born and raised in the Bay Area, Robel Kelkile is passionate about all things tech, venture, and financial education. He has previously served both universities and state governments in their engagement strategy and tracking legislation. | | This newsletter was edited by Aaron Crutchfield | |
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