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August 10, 2020
EVs Continue to Capture the Attention of Wall Street
Source: Hyundai
Some automakers and startups are betting the farm on EVs and Tesla isn’t the only one starting to see their bets pay off. On August 9, Hyundai announced plans to shift its Ioniq brand away from hybrid offerings and rededicate the platform to all-electric vehicles. The move, which includes the launch of the crossover Ioniq 5 in 2021, sent their stock price soaring by 15 percent. Hyundai and their affiliate Kia currently claim the most EV models on the market with eight different offerings. This number is set to rise with this new announcement as well as the February announcement committing the company to more than $87 billion in total investment to plan for “future growth” and ramp up electrification. GM is looking to assume more leadership in the United States and last week announced plans to partner with EVgo to deploy thousands of charging stations as well as formally releasing the debut Cadillac EV, the Lyriq, on August 6.

EV announcements have been noted by Wall Street, and several EV startups have been racing to gain entry to the U.S. stock market. Nikola was early to the game, securing their reverse merger with VectoIQ and listing in early June. After seeing their stock prices decline over several weeks, culminating in a lackluster earnings report last week, the company saw a boost today after announcing an order for 2,500 refuse trucks from Republic Services. This marks the largest order to date for this technology and increased momentum around electrification of trucks beyond just delivery and freight applications.

While they may benefit from the relatively uncrowded ZEV refuse truck market, Nikola faces a growing field of competitors in the electric pickup and freight truck markets. On August 3, Lordstown Motors announced a new influx of cash ahead of their release of the Endurance pickup and set a timeline for the fourth quarter of this year to complete their reverse merger with DiamondPeak. The announcement came with news that GM is providing $75 million out of the total $675 million in funding expected through the deal.

The approach to market entry is mixed with startups including Fisker and Hyllion opting for the reverse merger route while several Chinese companies chart a course for formal initial public offerings (IPOs). Chinese plug-in hybrid maker Li Auto came out of stealth mode last month after working towards a full-scale IPO over the course of several years, raking in $1.1 billion on July 30. Xpeng is following closely on their heels, announcing $300 million in new investment last week ahead of their IPO expected sometime in the third quarter.

All told, EV and EV charging manufacturers have announced $8.5 billion in new funding so far in the third quarter. This trounces the $650 million announced in the second quarter and places the EV market back at the top of the automotive news cycle. It remains to be seen if EV sales have begun to recover in line with this investment activity, and we will report June and complete second quarter sales data next week when the numbers are in.
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EV Hub Live: Episode #1 Streaming Now!
The first EV Hub Live episode is now available on YouTube and all your favorite podcast services (Apple, Google, Spotify)!

For episode #1, we spoke with Jimmy O’Dea from the Union of Concerned Scientists and Kathy Kinsey from the Northeast States for Coordinated Air Use Management (NESCAUM) about the significance of CARB’s MD/HD rule and the recently announced MOU on truck electrification.
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The EV Hub joined Twitter a year ago and we are working to ramp up our presence on Twitter. We encourage you to retweet or like anything you found useful. Follow us for relevant media stories and updates to EV Hub resources throughout the week!
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Media Pulse
Our choice clips from last week:
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EV Hub News

15 States Commit to 100% ZEV Truck and Bus Sales By 2050

Organized by the Northeast States for Coordinated Air Use Management (NESCAUM), 15 states and Washington DC have come together in support of rapid electrification of the medium-and heavy-duty vehicle sector. The MOU signed by participating states calls for all new truck and bus sales to be zero emission by 2050. States partnering on the MOU include California, Colorado, Connecticut, Hawaii, Maine, Maryland, Massachusetts, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont, and Washington. Read More Here

West Coast Clean Transit Corridor Initiative Final Study Released

The West Coast Clean Transit Initiative, a network of nine electric utilities and two public agencies representing more than two dozen municipal utilities, published their final report on June 17, 2020. The report outlines key findings from a study assessing the prospect of implementing EV charging fro freight trucks along the entire stretch of Interstate 5. The study recommends a phased approach for electrifying the I-5 corridor. At least 27 stations spaced out at 50-mile intervals would be included in phase one of the roll out which will take place through 2025. Read More Here

U.S. DOT Awards $130 Million for Electric Transit Buses in 40 States

The United States Department of Transportation awarded $130 million for electric transit buses and supporting infrastructure through the Low- or No-Emission (Low-No) Grant program on June 2, 2020. The awards were spread over 40 states and Washington D.C. and will help transit agencies accelerate the electrification of their fleets. The 2020 funding cycle is the largest yet for the Low-No program, which has contributed almost $480 million to transit bus electrification since 2015. Read More Here

Catch Up On EV Hub News Alerts
Job Openings
Below are current job openings in transportation electrification: If you have a job posting you would like to share with EV Hub users, please send them to us in an email at
Upcoming Events

The Michigan Energy Innovation Business Council (Michigan EIBC) invites you to attend the second EV Convening of 2020 (11th of the series) on Tuesday, August 11. This convening will take place via Zoom. The topic is Public Fleet Electrification. Read more here.

August 11th @ 1pm EST

Join Plug-In America for an event that will include presentations from two leading battery experts, questions from a Plug In America moderator, and audience Q&A. This information will be of value to Plug In America supporters, as well as to EV advocates from other organizations. Read more here.

August 18th @ 12pm EST

In three years, Columbus increased electric vehicle adoption more than four-fold without supportive state policies or incentives, but through the collaboration of the public and private sectors under the $10 million Smart City Challenge grant awarded to Columbus by the Paul G. Allen Family Foundation. In this webinar, discover how more than 70 Columbus companies came together to educate tens of thousands of drivers on EVs, conduct more than 12,000 EV test drives, create new corporate incentive programs, and grow consideration for EVs by more than 20%. Read more here.

August 18th @ 3pm EST

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