Lucid sells off common stock to raise capital

Industry News

On top of the more than 262 million shares on public offer, Lucid’s majority stockholder, the Saudi Arabian Public Investment Fund (PIF), announced that it would purchase an additional 374,717,927 shares of common stock from Lucid. Specifically, the shares will be acquired by PIF subsidiary Ayar Third Investment Company, who will then maintain its approximately 58.8% ownership of Lucid’s outstanding common stock. “In addition, Ayar has indicated that they intend to purchase from us, in the event that the underwriter exercises its option, additional shares of our common stock to maintain its ownership of Lucid’s outstanding common stock,” the carmaker specifies. The underwriter has been granted a 30-day option to purchase up to 39,367,040 additional shares of its common stock. All this comes amid possible worse-than-anticipated Q3 results. While the data has not been officially communicated, Reuters reports that Lucid expects losses “in the range of $765 million to $790 million” in the last quarter. Analysts had previously estimated losses amounting to $751.65 million. So far, the US manufacturer has only published its production and delivery figures. While Lucid delivered 387 more units in the third than in the second quarter, production was down. Moreover, to reach its targeted production of 9,000 EVs for the whole of 2024, Lucid would have to build more than 3,000 electric cars in the last three months of the year. Considering that about 1,805 units rolled off the production line from July to the end of September, that seems very unlikely. The money from its stockholders is thus desperately needed. Lucid says it will use the net proceeds from the public offering and the investment by Ayar “for general corporate purposes, which may include, among other things, capital expenditures and working capital.” About two months ago, Ayar injected 1.5 billion dollars into Lucid Motors, which the carmaker said were sufficient funds until the end of 2025. It was already its second investment, after buying one billion dollars of newly created series of convertible preferred stock via private placement in March of this year. This time, Ayar Third Investment will buy 750 million dollars worth of convertible preferred stock and provide a similar amount as a credit line. The public offering announcement sent Lucid’s shares down 12% in after-market trading on Wednesday. Overall, shares of Lucid have fallen 22% this year. lucidmotors.com, reuters.com

Chinese EVs abound: How Hongqi, GAC and co. are turning the Paris Motor Show upside down

Industry News

Mobility trade shows have undergone a major upheaval since the coronavirus pandemic. Some have disappeared completely (like the Geneva Motor Show), while others are becoming more and more fragmented every year (like the IAA). So far, none have been able to build on old successes. The Paris Motor Show would probably be much smaller if numerous Chinese car manufacturers did not breathe new life into the trade fair. With Mercedes-Benz, Porsche, Hyundai, Toyota, Cupra, Nissan and Volvo, many car manufacturers for whom Paris used to be a must-attend event were again absent this year. France holds the fort While most other car manufacturers prefer to organise their world premieres at their own events, Citroen and Renault remain loyal to the motor show as their home event. With the R4 and the C4, both are showing new electric SUVs and made electric mobility the centrepiece of their booths. We took a detailed look at the R4 before its official world premiere. While Renault is clearly surfing the retro wave with the R5, R4 and the Twingo concept, Stellantis is looking to the future and is bringing Leapmotor with it. The joint venture aims to offer relatively affordable electric cars from China in Europe. Ford is back Apart from Tesla, electric mobility has not been a success story for US car manufacturers. Ford had nothing on offer for a long time apart from the Mustang Mach-E, but new models with VW technology are now set to change that. The Capri and Explorer are both based on the MEB from Wolfsburg, so you could also say that Ford can do little without outside help. However, the result is certainly convincing, as the Explorer has a higher-quality interior and more fluid software than its VW sister models. Cadillac: Poorly finished chunky vessels We dared to test drive the second American OEM represented in Paris, as Cadillac wants to make its comeback in Europe with the Lyriq. A quick lap through the narrow Parisian streets revealed an ambivalent picture. One-pedal-drive makes the Lyriq good, the steering is not bad for an American (but not good either), and the space on offer is ample. The software is clearly laid out and runs smoothly, and the emergency brake assistant ensures greater safety with large red lights and seat vibration. Unfortunately, the workmanship is atrocious, as is the layout. In the back seat, Cadillac has ensured that there is not enough headroom for a 1.80-tall person – a no-go for a car of this type. In combination with high prices, this is the perfect formula to remain irrelevant in Europe. Artificial intelligence moves in at Xpeng As a young, listed startup, Xpeng is very different from many other Chinese car manufacturers, most of which are traditional state-owned companies. That is also noticeable at the trade fair booth. Where others show plug-in hybrids or mediocre 400-volt products, Xpeng is the only one to offer an 800-volt platform. There is no rollback to the hybrid. Everything here remains electric. The P7+, an Xpeng P7 that has been improved in some respects, is a novelty. What the Far Eastern manufacturers all have in common is that they were less interested in ground-breaking innovations in Paris and much more interested in making their presence felt in Europe. Electric is standard, PHEVs are still here to stay One trend continues, and one is surprising: the proportion of BEVs on the trade fair booths has increased further, and many booths are already ‘fully electric.’ Where there are still combustion engines, they are almost always electrified; you have to look for pure combustion engines with a magnifying glass. What is remarkable is a tectonic shift among the German OEMs: while BMW, once the loudest advocate of drive diversity, is presenting exclusively electric cars, the VW Group, which was once fully trimmed for electric, is once again presenting plenty of combustion engines. Chinese diversity The half-dozen Far Eastern car manufacturers impressively demonstrate how heterogeneous the industry in China is. From traditional corporations to startups, everything is represented, in all price regions and with different drive concepts. Strategically, there are major differences; many are long-term and rather cautiously orientated, but some are also overconfident and comparatively haphazard. Two things are now clear: on the one hand, China will become a permanent fixture in the European car market, even with punitive tariffs – and then with local production facilities. On the other hand, not all OEMs now pushing into Europe will survive. The Chinese car industry is facing the prospect of major consolidation in the medium term. The great upheaval has only just begun Motor shows are always an indicator of the state of the industry. In Paris, it became clear how much momentum is currently building up. Many newcomers still present at other trade fairs (e.g. Nio or MG) have disappeared again. However, with Hongqi, GAC and Aito, other lesser-known Chinese manufacturers are making their way onto the European market. Although pure BEVs dominate the market and are here to stay, plug-in hybrids are once again taking centre stage. Intense competition between Chinese suppliers and European regulations, ranging from punitive tariffs to emission regulations, are keeping the entire industry on its toes. The hoped-for recovery of the ‘motor show’ concept also failed to materialise in Paris; this year’s Paris Motor Show was no match for the pre-pandemic trade fairs.

Nissan launches new charging offer in the USA

Industry News

The automaker launched the ‘Nissan Energy Charge Network’, which will allow owners of the Ariya SUV and future Nissan EVs to use their MyNISSAN app to find charging stations, see real-time charger availability and pay for charging. Nissan’s new charge network is set up to include the charging stations from Electrify America, Shell Recharge, ChargePoint and EVgo. This covers more than 90,000 fast charging stations across the U.S. Nissan has also already stated that it has plans to incorporate additional networks in the future. Additionally, later this year Nissan will release an NACS adapter for the Ariya. This adapter will allow Ariya drivers to charge at compatible Tesla Supercharger locations in North America. Nissan writes that the charging accommodations are a core part of its strategy, “with ‘The Arc’ mid-term business plan intending for 16 new electrified models to be launched globally by the end of fiscal year 2026.” Nissan also recently announced plans to release a new bidirectional charger by 2026. Interestingly enough, Nissan also announced that it was postponing its EV plans in May, postponing the start of production for two electric sedans at its Canton plant in the US state of Mississippi by a few months. However, at the same time, a new model was announced, so it seems Nissan is waiting for the market to mature. nissannews.com

Electric motorbike manufacturer Energica is bankrupt

Industry News

According to Energica, the company’s Board of Directors has decided to initiate judicial insolvency proceedings under Art. 121 et seq. of the Italian Insolvency Code. “Despite the efforts from the management in actively and extensively pursuing a search for new investors – always with the aim of preserving going concern in the best interest of creditors – it has become clear in the last few hours that these alternative options are no more viable, thus leaving the company with no other choice than resolving for the opening of a bankruptcy judicial liquidation,” it says. In other words, Energica is broke and sees no other way out other than to go to the insolvency court. There have already been rumours of financial problems in recent weeks. As the American investor Ideanomics is in trouble itself, Energica could not expect any fresh capital from its most important shareholder – Ideanomics controls 75 per cent of Energica. Over the past two years, the motorbike manufacturer has been looking for additional investors, but the search has remained unsuccessful. Just how deadlocked the situation at Energica is (which has presumably also deterred potential investors) is made clear in a bold note at the very end of the press release on the insolvency: “This press release is attributed to the founding members of Energica. It is noted that Ideanomics has chosen not to comment.” The company was officially founded in 2014 as Energica Motor Company Srl, but work on the design of the electric motorbikes had been going on in the background since 2009. The founding team listed the company on the Milan stock exchange in 2016 to finance its growth, which was no longer possible with its own funds. Ideanomics joined the company in 2021 and enabled the market launch of the new Experia model with its financial injection. In March 2022, Ideanomics successfully completed a voluntary takeover bid and delisted Energica from the stock exchange – to make the company freer and more flexible from investor constraints. However, numerous factors have meant that the market for electric motorbikes has not developed as Energica had hoped. “The subsequent crisis in the electric market and the decline in sector investments impacted Ideanomics, and consequently, compromised Energica’s investment capabilities,” the company now writes. “The company has also faced challenges from the downturn in the automotive market and supply chain, being particularly affected as a small and medium-sized enterprise.” energicamotor.com

‘I, Robot’ director complains about Tesla’s ‘We, Robot’ event

Industry News

The comparison he posted on X does indeed show obvious similarities. “Hey Elon, Can I have my designs back please?” writes Alex Proyas. Ok, the autonomous car in which actor Will Smith was travelling was designed in cooperation with Audi at the time – and was called the Audi RSQ. However, the similarity between the autonomous van in the film and Tesla’s Robovan cannot be dismissed entirely. Incidentally, Tesla had named its event ‘We, Robot’ – clearly in reference to the film in question. Proyas received not only encouragement at X but also some criticism. The design of the humanoid robots in his film was based on those in the film Metropolis, the buses are similar to locomotives from the Art Deco era, and the 1939 Düsenberg Coupé could have inspired the cars, argues one user. Another responded to Proyas: “Be honored. What you did with CGI and a green screen, @elonmusk did in reality.” However, Elon Musk apparently didn’t quite manage to bring Troyas CGI effects to life. As insiders told Bloomberg, the Optimus robots used at the event by Tesla as bartenders and dancers, among other things, did not act completely autonomously by any means – but were in part remote-controlled by humans, according to the allegation. This cannot be verified at present. Nevertheless, the Optimus prototypes ran without a hitch. So that supposedly worked. However, the bartender’s movements probably still needed some assistance. Bloomberg also reports that the use of the humanoid robots at the event was not actually planned at all – until Elon Musk requested it around three weeks before 10 October. “The late notice meant there wasn’t time to get the software up to speed, making remote operation necessary, the person said,” Bloomberg writes. x.com, bnnbloomberg.ca

Irizar receives another order from France for electric buses

Industry News

RATP Dev, the operator of the bus network for Brest Métropole, will be using the new electric buses from mid-July 2025. According to the manufacturer, the bus is characterised by its efficiency, quietness and accessibility. It will be equipped with the latest generation of 470 kWh batteries from Irizar and has a range of 350 kilometres. The bus has three doors, an electric ramp, 24 seats and two spaces for wheelchairs. “After the recent order from the Communauté d’agglomération du Pays Basque, we’re delighted to announce this new contract with RATP Dev for Brest Métropole. France is an important country for us. More than 200 Irizar electric buses are on the road in several French cities. At Irizar e-mobility we’re committed to giving our full support to Brest Métropole. We’re looking forward to being by their side during their transformation to greener zero-emissions cities,” said Iñigo Etxeberria, General Director of Irizar e-mobility. The order from the Basque Country mentioned by Etxeberria was announced in June: This order comprises seven Irizar ie tram in the 18-metre articulated version and four solo buses with a length of 12 metres. They complement 18 examples of the electric bus model that have already been on the road in the French Basque Country since 2019. While the Irizar ie intended for Brest looks like a normal bus, the Irizar ie tram model is characterised by an avant-garde design reminiscent of a tram. This is why the vehicle is also known as a ‘Tram bus’. Irizar is a Spanish commercial vehicle manufacturer based in Ormaiztegi, Basque Country, whose history dates back to 1889. Ten years ago, the company decided to focus on battery-electric buses. irizar-emobility.com

Hyundai to release the Inster as a crossover

Industry News

The regular Inster, which is based on the Casper combustion engine available in Korea, was presented back in June. This is available with either a 42 kWh battery and an electric motor with 71 kW output or with a 49 kWh battery and 85 kW motor and has a provisional range of up to 355 kilometres. However, it is not yet available to order and the prices are still unclear. Apparently, Hyundai still wanted to present something new for the Paris Motor Show and brought the Inster Cross to the French metropolis as a premiere this week. However, the details are sparse; as with the regular Inster, there is still no information on the price and the exact sales launch, for example. Hyundai has only stated that production of the Inster Cross will start in Korea at the end of the year. Hyundai also does not provide any other information on the motorisation or battery, but it can be assumed that they are largely the same as for the regular Inster. After all, the Inster Cross is not a completely different model, but Hyundai refers to it as an “equipment line.” In any case, the vehicle has an off-road vehicle design and is staged in the mountains in the press photos. However, it is doubtful whether the car is really suitable for off-road use and Hyundai remains silent on this in its initial communication. Rather, the “wide, rectangular front and rear bumpers to highlight its adventurous character, as well as embossed black claddings,” according to the company. To this end, the front and rear bumpers have been redesigned. There are also 17-inch alloy wheels with a special design. Embossed black panelling is intended to set independent accents. The standard roof rails are also intended to contribute to the ‘adventurous aesthetic’ (in Hyundai’s own words). Like the regular Inster, the Cross also offers a range of safety functions: These include Motorway Assist 1.5, which keeps the vehicle in its lane at a safe distance from the vehicle in front and adjusts the speed to the current speed limit if required. Also included are a navigation-based adaptive cruise control system, which maintains a set speed and a set distance from the vehicle in front, as well as an autonomous emergency brake assistant including pedestrian and cyclist detection and a turning function. hyundai.news

Simon Loos orders 75 Mercedes eActos 600

Industry News

According to Simon Loos, the order was placed at the IAA Transportation in Hanover. The first eActros 600 is due to go into operation at the Dutch logistics company in the first quarter of 2025. And when all 75 units have been delivered, Simon Loos will have more than doubled its own electric fleet of 135 vehicles and the largest fleet of electric lorries in the Netherlands – at least that’s what the company claims. Simon Loos already operates 60 fully electric trucks, “most of which” come from Daimler Truck. The food logistics company was already a partner in Daimler Truck’s ‘innovation fleet’ for the eActros 300 and received one of the electric 25-tonne trucks for testing purposes before its premiere. Simon Loos was also one of the first customers to buy an eActros 300 tractor unit. And in the summer, Simon Loos was the first company outside Germany to receive an eActros 600 for testing. Daimler Truck unveiled the long-awaited series version of the electric long-haul truck at the IAA Transportation in September after a prototype had been shown in Hanover two years previously. Series production will begin this November at the Wörth am Rhein plant – with deliveries planned for Q1 2025. Simon Loos will also be one of the first customers here. The eActros 600 has a 621 kWh battery with LFP cells, which should enable a range of around 500 kilometres. The battery can be charged with up to 400 kW using the CCS connection installed at the start, but the eActros 600 is also prepared for MCS charging (Megawatt Charging System). That means that charging capacities of over 1,000 kW will be possible later on, if necessary. Simon Loos states that the eActros 600s that have now been ordered will primarily be used in depot operations, “where the vehicles are charged at the customer’s premises.” Wim Roks, Fleet Manager at Simon Loos, calls the eActros 600 a game changer. “Whereas we were previously able to plan around 250 to 300 kilometres per trip with electric power without hesitation, we will be able to cover 500 kilometres with these trucks,” he says. “This means that the journey distance is no longer a planning restriction for our company, and we are taking a big step forward with integrating electric transport.” Also important for the company is that the model has an e-PTO (Power take-off) to cool the refrigeration unit on the trailer electrically. Simon Loss thus refers to it as a ‘’fully-fledged alternative to diesel trucks.” simonloos.nl (in Dutch)

New record for NEV sales in China

Industry News

In the previous record month, 1.191 million new energy vehicles (NEVs) were sold in China at the end of 2023, primarily battery electric vehicles (BEVs) and plug-in hybrids (PHEVs). Fuel cell vehicles currently only play a minor role in China, especially in the passenger car sector. However, after a weak start to 2024, the all-time record has now been broken even before the usual year-end rally – with 1.287 million NEVs in September. To illustrate the growth in China, it also helps to take a look at September 2023: Because that was also a record month back then, with 904,000 NEVs exceeding the 900,000 mark for the first time. In comparison, the result from September 2024 represents an increase of over 42 per cent. The approximately 1.1 million units from August 2024 were also significantly exceeded in September. The 1,287,000 new energy vehicles were split between 775,00 BEVs and 511,000 PHEVs in September, according to figures from the China Association of Automobile Manufacturers (CAAM). This means that the ratio has shifted back in favour of battery electric vehicles – BEV sales were still declining in July (to 551,000 units) before reaching their highest level of the year to date of 646,000 vehicles in August. 775,000 BEVs in September therefore represent a new annual high for battery electric vehicles. However, demand has not only increased for BEVs: Plug-in hybrids also set a new record, having already achieved this in July (438,000) and August (453,000). Compared to the same month last year, there was even an 84.5 per cent increase – 277,000 PHEVs were sold in September 2023. Plug-in hybrids are therefore playing an increasingly important role on the Chinese market and for Chinese manufacturers. Across all drive types, 2,809,000 vehicles were sold in China, a decrease of 1.7 per cent compared to the same period last year, but an increase of 14.5 per cent compared to August. This means that the NEV ratio in September was 45.85 per cent, compared to 44.8 per cent in August. To illustrate the overall development of the market: At the beginning of 2020, China still had an NEV ratio of less than five per cent. With these figures, the CAAM records the wholesale sales of car manufacturers, including sales in China and exports to overseas markets. However, the vast majority of these remain in China: 111,000 new energy vehicles (+0.9 per cent compared to August) were exported. Of these, 89,000 units were equipped with battery-electric drive systems, the rest were plug-in hybrids. The growth of the Chinese market can also be clearly explained using the example of BYD. The manufacturer was only able to sell more than 50,000 new energy vehicles in one month for the first time in mid-2021, but the 100,000 mark was then broken at the beginning of 2022. Another new record was set in September 2024, as BYD sold 419,426 NEVs – the fourth record month in a row. At BYD, the growth is due to the plug-in hybrids, which are now in high demand. At 164,956 units, BEVs ‘only’ increased by 9.1 per cent compared to the previous year, while PHEVs grew by 86.2 per cent to 252,647 units. In other words, almost half of all plug-in hybrids in September came from BYD. Tesla also set a new record in September: the US manufacturer sold 72,200 electric cars in China, surpassing the previous annual high from August (63,450 vehicles). The CAAM wholesale figures for Tesla even show 88,321 vehicles, of which 16,121 units were exported. Leapmotor sold more than 30,000 vehicles in September for the second month in a row. After a huge surge in sales in August, September saw an increase to 33,767 vehicles. Compared to September 2023, this corresponds to an increase of 114 per cent. Xpeng and Nio launch new subsidiary brands Xpeng sold 21,352 units (+39%) in September, which is also a new monthly record. The company had performed significantly worse in the previous months. There is a simple reason for the good September result: Xpeng was able to deliver over 10,000 Mona M03, the electric saloon developed jointly with Didi, in the first month alone. The familiar Xpeng models therefore remain roughly at the previous level – the new model, on the other hand, is in high demand. The coming months will show how long this boom will last. Xpeng was thus only just ahead of Nio, which reported 21,181 vehicles for September. Of these, 20,349 vehicles were attributable to the Nio brand and the first 832 to Onvo – where the company began its first deliveries at the end of September. It therefore remains to be seen how sales with Onvo will develop in the coming months. Zeekr ranks between Xpeng and Nio, with the Geely brand totalling 21,333 units. The situation is somewhat different at Xiaomi. The mobile phone company’s e-car division has so far only published exact sales figures for April and May – since June, it has only stated that ‘more than 10,000 units’ of the SU7 have been sold. However, a published bar chart shows continuous growth, even though no figures have been published since June. However, Xiaomi states that the factory wants to reach a production target of 20,000 units in October. Based on the bar chart, it can only be estimated that Xiaomi is ahead of Neta Auto. This is because Neta’s exact sales figure is 10,118 vehicles. This means that Neta’s figures are currently declining slightly: in August there were still 11,005 vehicles, in September 2023 there were even 13,211 NEVs – this corresponds to a decline of 23.4 per cent over the year. However, this is enough to keep it just ahead of Voyah. Dongfeng’s premium NEV brand sold 10,001 vehicles in September. In total, Dongfeng Motor Passenger Vehicle Company recorded sales of 25,544 vehicles in September. In addition to Voyah, the manufacturer also owns brands such as Nammi and Forthing – although no exact figures are known. cnevpost.com (CAAM), cnevpost.com (BYD), cnevpost.com (Tesla), cnevpost.com (Leapmotor), xpeng.com (Xpeng), nio.com (Nio),…

Melexis Launches World’s First 60W Single-Coil Sensorless BLDC Driver

Industry News

Tessenderlo, Belgium 17th October 2024 – Melexis announces the MLX90416, a 24V/60W sensorless single-coil BLDC driver specifically designed for motor, fan and pump applications across both consumer electronics and industrial domains. At present, many consumer and industrial devices, including electric fans, air purifiers, vacuum cleaners, water pumps and ventilation systems, use 3-phase BLDC motors with a driver IC or an AC induction motor. These solutions come with significant drawbacks: 3-phase BLDC motors are costly and complex, and AC induction motors lack efficiency and advanced features. The MLX90416 addresses these pain points by offering a cost-effective, highly efficient alternative that simplifies motor design and manufacturing processes. Melexis “No-Hall” technology, at the core of the MLX90416, removes the requirement for a feedback sensor and instead uses an integrated drive and feedback algorithm (BEMF), which provides quiet and vibration-free operation similar to that provided by 3-phase drivers. This shift in approach enables designers to relocate the BLDC driver outside of the fan body, independently from the magnet. This, in turn, allows for the utilization of a single PCB across multiple fan diameters, eliminating the need for redesign and resulting in a substantial reduction in manufacturing complexities, design efforts, and Bill of Material (BoM) costs. The MLX90416 incorporates everything needed to drive 24V fans with a peak operating power of 60W. It features plug-and-play, code-free setup, supported by a user-friendly GUI for seamless configuration, allowing for rapid deployment and adaptability across various applications. The driver offers support for bi-directional operation and features an advanced 8-point configurable speed curve. This functionality allows for precise tuning to address resonance and vibration concerns, something not possible with fixed-curve solutions. As an all-in-one solution, it offers higher reliability versus discrete sensorless solution, as well as reduced design efforts and packaging considerations. The MLX90416 provides PWM and FM modulation control, with I2C compatibility to further enhance its versatility. Suitable applications for the MLX90416 encompass various sectors, including white goods and consumer electronics such as fans, air fryers, ovens, and vacuum cleaners. Moreover, it extends to industrial systems like cooling fans and water pumps. Across any design, it contributes to lower costs, greater longevity and reduced component consumption, promoting product sustainability. “Melexis has a rich history with single-coil designs with our first product hitting the market in 1993. Now, over 30 years later, we are still leading the way with the MLX90416,” stated Xuanhong Ou, Regional Marketing Manager at Melexis. “This product brings real value to our customers, helping them to reduce development efforts and costs, while increasing the intelligence and digitization of their designs to the end-users’ benefit.” The MLX90416 is available now in a tiny DFN-10 package. To discover more, visit www.melexis.com/MLX90416 or contact us directly via www.melexis.com/contact Downloads Abstract for MLX90416 Product flyer for NoHall-series Fan drivers selection tool