👋 Watts up? Tesla, for the first time in over a decade, has seen a slight decline in sales. Whilst it is only a 1.07% drop, it highlights the growing competition within the electric vehicle industry, especially from brands like BYD. Meanwhile, SoundHound AI have recently partnered with automaker Lucid to integrate its generative AI platform, providing hands-free access for tasks like navigation. Learn more on these stories, and others, in todays issue.

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QotD: When did Lucid Motors release their first electric vehicle?

MARKETS

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ELECTRIC VEHICLES

Tesla Deliveries Fall for First time in a Decade

🚗 Tesla delivered a record 495,570 vehicles globally in Q4 2024, but missed analysts’ expectations of 512,277, reflecting a rare decline in its performance. The year’s total deliveries fell 1.07% to 1,789,226, marking the first annual drop in over a decade.

• Model 3 and Model Y deliveries dominated with 471,930 units in Q4, slightly below estimates. Other models, including the Cybertruck, contributed 23,640 units.

• Full-year production reached 1,773,443 vehicles, narrowly missing delivery numbers, with most output centred on the Model 3 and Model Y.

• Chinese automaker BYD outpaced Tesla in Q4 BEV sales with 595,413 units, driven by strong domestic demand and a 13.11% YoY increase.

• Tesla delivered 574,175 vehicles in China through to November, reinforcing its reliance on the Shanghai plant.

Tesla’s Q4 financial results, due on the 29th of this month, are expected to provide critical insights into its response to intensifying competition and slowing growth.

INFRASTRUCTURE

BMW i Ventures to Invest in Phoenix Tailings

🔋 BMW i Ventures has invested in Phoenix Tailings, a Massachusetts-based company innovating in sustainable rare earth metals production. The Series B funding, led by Envisioning Partners and supported by Yamaha Motor Ventures, will help Phoenix Tailings scale up to produce 200 tons of rare earth metals annually.

• Phoenix Tailings utilises ground-breaking technology to refine rare earth metals from mining waste and recycled materials, eliminating toxic byproducts.

• This approach challenges the current industry dominance of China and Russia, offering a secure and sustainable U.S.-based supply chain for critical industries.

• The investment aligns with rising demand for rare earth metals in sectors such as automotive, defence, and medical devices.

• Phoenix Tailings has gained support from the U.S. Departments of Energy and Defense and the State of Massachusetts, validating its ethical and sustainable processes.

This funding highlights the global push towards sustainability and positions Phoenix Tailings as a leader in reshaping critical materials supply chains for the clean energy and technology sectors.

CLEAN ENERGY

N2OFF Announces Joint Venture with Soltera Renewable Energy

☀️ N2OFF, Inc., a clean tech company, has advanced its solar photovoltaic (PV) project in Melz, Germany, developed with Solterra Renewable Energy Ltd. The Melz municipal committee approved the statutory plan submission on 31 December 2024, a critical step towards achieving ready-to-build status by the end of 2025.

• The 111 MWp solar PV project is N2OFF’s first venture into renewable energy, aligning with its sustainability goals.

• The plan has entered the hearing phase after meeting stringent environmental and planning standards.

• N2OFF has committed €2 million in funding, including a €470,000 instalment, to keep the project on track.

• The collaboration with Solterra underlines a shared mission to develop impactful renewable energy facilities across Europe.

This milestone highlights N2OFF’s dedication to clean energy innovation and marks significant progress in contributing to Europe’s renewable energy transition and environmental sustainability.

TECHNOLOGIES

SoundHound AI and Lucid Bring Generative AI to EVs

📱 SoundHound AI, Inc. has partnered with electric vehicle maker Lucid to launch the Lucid Assistant, a cutting-edge, hands-free voice AI system designed to enhance the driving experience. Powered by SoundHound’s advanced Chat AI platform, the assistant integrates generative AI for seamless conversational control of vehicle functions and information access.

• The Lucid Assistant, activated by “Hey Lucid,” delivers fast and accurate responses for tasks like navigation, manual access, and real-time updates on weather and sports.

• Many features work offline, ensuring consistent functionality.

• Its generative AI minimises “AI hallucinations,” providing reliable and accurate responses.

• The system supports six languages, with plans to expand, and benefits from Lucid’s over-the-air updates for continuous improvement.

This collaboration represents a leap forward in integrating voice AI into vehicles, demonstrating the transformative potential of intuitive, connected driving experiences. The assistant is now available for Lucid Air owners, with demonstrations showcased at CES.

WE’RE AT CES!

We will be at the Consumer Electronics Show from the 7th to the 10th of January.

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Answer: 2021

*As of 11:00am EST, on the same business day. Includes top movers.