Tesla Keeps Raising Prices for U.S. But Not China
This year has already seen price increases across the board, thanks largely to the supply crisis created in the wake of our response to the pandemic. As it turns out, shutting down the global economy wasn’t ideal for maintaining business as usual and nobody in charge seems all that interested in returning things to normal. Automotive prices have become particularly troublesome, as manufacturing costs have risen and a deficit of product has made this a seller’s market.
Tesla has been raising rates all year, particularly on its higher-volume models. By June, price bumps had become so common with the brand that CEO Elon Musk had to address the matter. He blamed industry-wide supply chain pressures, noting that raw materials had become particularly costly. While a totally rational explanation, there are problems with it when you realize those end-of-line price hikes aren’t being extended to China.
Lexus LF-Z is Watts New
Today, Lexus dropped the LF-Z concept car, stepping on the electric-vehicle (EV) accelerator. By 2025, the company expects to have 20 new PHEV, HEV, and BEV models from which to choose.
Hyundai Reportedly Using SK Batteries for Ioniq 5
We recently published an article about Hyundai’s upcoming Ioniq 5 EV and closed by suggesting it might be desirable that North America wouldn’t be the first to get them. If you read our post about the automaker’s current situation with supplier LG Chem, you may have already been able to guess why we feel this way. The manufacturer is looking down the barrel of an expensive recall relating to battery fires and EVs have a propensity to experience botched product launches. Considering the newness of the technology, some of that is to be expected. But that may not be the whole story.
News has begun circulating that Hyundai and Kia would begin sourcing more products from China’s Contemporary Amperex Technology (CATL) and Korea’s SK Innovation. We’ve likewise seen reports coming out of Korea stating that the automaker had decided to install SK batteries in the Ioniq 5, presumably because the units it has already sold to Hyundai haven’t been implicated in any fire-related recalls.
Hyundai Recalling LG Batteries, Who's to Blame?
Hyundai will be recalling 82,000 electric vehicles sold around the world due to a presumed fire risk and its getting a little ugly, though that’s nothing new for the industry. Reports of the brand’s Kona Electric going up in flames (often while charging) started springing up in 2019, causing the manufacturer to call them back for a software update that was supposed to remedy the issue. But South Korean officials decided more needed to be done after one of the fixed vehicles caught fire in January. An investigation was launched and now Hyundai is on the hook for a 1 trillion won ($900 million USD) recall — including the nearly 40 billion won was spent on the initial software solution.
But how much of the blame does Hyundai really deserve when other manufacturers are having similar issues with their electric cars? Couldn’t the supplier be somewhat responsible? Absolutely not, explains battery supplier LG Chem.