Rivian has announced a new, smaller, and more affordable EV, the R3, set to compete with models like the Hyundai Ioniq 5 and Tesla Model 3. Learn about the R3’s design, interior, performance, range, and potential pricing.
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Tesla has announced plans to accelerate its lineup of new electric vehicles, including more affordable models, according to a memo to investors on Tuesday. The previously scheduled 2025 production start date has been pushed forward, indicating an earlier launch for the new models. The company’s stock price surged over 9% in after-hours trading following the announcement. Tesla’s decision to bring forward its production plans comes amidst a challenging period, with declining US EV sales and increasing competition from Chinese rivals. First-quarter results released on Tuesday showed a 9% drop in vehicle deliveries and total revenue compared to the same period last year, marking the company’s first sales decline since 2020. Details of the new affordable vehicles and the extent of the production acceleration remain unknown. However, Tesla has stated its intention to reduce its ambitions for new manufacturing technology, opting instead to use a combination of new and existing engineering methods for the vehicles slated for delivery before mid-2025. The company also confirmed the development of its previously announced robotaxi vehicle using a ‘revolutionary ‘unboxed’ manufacturing strategy’, which will debut as the ‘Cybercab’.
Kia has released a new teaser video revealing the design of the upcoming EV3, its latest low-cost electric SUV. The EV3, part of Kia’s affordable EV lineup priced between $30,000 and $50,000, adopts the design and technology of the larger EV9 and EV5 models in a smaller, more compact form factor. Featuring Kia’s new ‘Opposites United’ design and ‘Tiger Face,’ the EV3 boasts a sleek silhouette with a spacious interior equipped with a next-generation infotainment system featuring dual 12.3-inch screens. The EV3 is expected to debut this summer with a price tag of around $30,000, followed by the launch of the EV4 next year and a smaller, more affordable model in the future.