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Cadillac Hits the Right Notes
Reservations for Cadillac’s 2023 Lyriq ‘Debut Edition’ vehicles sold out in 10 minutes. Other 2023 model year Lyriq trim levels will still be available, but Debut Edition reservations are the only ones that have opened. It’s unclear how many vehicles have been reserved already, as GM says the Debut Edition is “limited,” but doesn’t specify what that limit is. The reservation is $100 and refundable, so it’s hard to gauge how many of these reservations will translate to actual sales, but it does show demand for the vehicle.
The Lyriq has a starting price of $60,000 and a range of around 300 miles with 190kW fast-charging capabilities. It also has a 33-inch infotainment display. Maybe that was the key to selling out. Either way, good news for GM and future EVs.
By The Mile
Spring Free EV, a fintech company built to accelerate the adoption of electric vehicles through innovative fintech products, debuted this week. The company aims to reduce CO2 emissions by one gigaton by 2030 through a new vehicle financing approach that makes EVs more accessible to everyone.
The Mileage Purchase Agreement (MPA) is a financial product that makes EVs more affordable by reducing the upfront costs and charging a fee per mile of use. This will make costs equal to or lower than fossil-fuel vehicles, removing the biggest barrier to EV adoption.
The Great Outdoors
Tesla has an impressive Supercharger network that features EV chargers in more rural areas of the country. Electrify America has announced its Boost Plan in an effort to catch up with Tesla. The plan is an effort to have 1,800 fast-charging stations and 10,000 individual chargers installed in the US and Canada by the end of 2025. It also adds a push to accelerate the installation of more 150- and 350-kilowatt chargers.
Advancement in infrastructure will be able to make destinations like Yellowstone, Acadia, or Yosemite National Parks more reachable for electric cars. Over the last decade, state and federal agencies, along with private partners, have been working to fill the EV charging gap by installing charging facilities on public lands.
Currently, there are over 140 EV charging stations available through National Park Services. California approved a plan in 2019 to add more than 900 chargers to public parks, beaches, and schools. The Tennessee Department of Environment and Conservation is partnering with Rivian to install 56 Waypoint charging stations at state parks. More people want to be outdoors, and having more access to charging stations will help grow accessibility.
The Introduction
Honda is targeting initial annual sales of 70,000 for its planned electric Prologue sport utility vehicle when it is released in 2024. The Prologue will be co-developed with General Motors Co.; while the two companies are also producing an electric Acura-brand SUV. Following the GM models, Honda will introduce a series of electrified vehicles through 2030 based on the Honda-developed e-architecture and assemble EVs at Honda plants in North America.
Honda hopes to sell 500,000 electric vehicles in the United States by 2030, and to achieve 100% zero-emission vehicle sales in North America by 2040. To achieve this, Honda plans to add more electric vehicles to its lineup.
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