On Thursday night, Cadillac unveiled its first electric vehicle, the Lyriq SUV. The vehicle, expected to go into production in late 2022, features a 33-inch infotainment display and a battery with a range of over 300 miles.

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• The vehicle will be built on GM’s Ultium EV platform, launched in collaboration with LG Chem, and will feature the latest version of GM’s Super Cruise automated driving technology.
• The Lyriq will have an automatic parking feature that is very similar to Tesla’s “Smart Summon” and an AR-powered heads-up display.
• Cadillac did not reveal pricing for the vehicle, but Andrew Hawkins of The Verge expects the price to sit between $75,000 and $90,000. He said the Lyriq is about the same size as the Cadillac XT5.
• Unlike other EVs, the Lyriq prominently features physical buttons and controls.
• Your take: What do you all think about the Lyriq? I'm genuinely curious because I'm conflicted. It looks dope, but I felt a little underwhelmed considering the hype. Hit reply and tell me your thoughts. I may publish them in a future edition of the newsletter. 

GM has considered the idea of spinning off its EV unit, Bloomberg reports. Emmanuel Rosner, an analyst for Deutsche Bank, floated the idea during the company’s latest earnings call but, unnamed sources told Bloomberg that the automaker started considering a possible EV spin-off back in 2018. For now, the company is not moving ahead with the plan, the sources said.

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• EV companies, including Tesla and Nikola, have been able to take advantage of heightened investor interest in electric vehicles to raise capital.
• GM employees are frustrated that GM’s efforts to reimagine itself as a technology and EV player are not paying off. This is despite GM having substantially more robust capabilities to build zero-emission vehicles than some EV startups.
• The automaker plans to invest $20b in EV and autonomous driving technology by 2025.

Audi is dropping the price of its base model e-tron SUV by $9,000. The 2021 model, which previously started at $74,800, will now cost $65,900. Audi is updating the car’s software to extend the range to 222 miles on a single charge, from 204 miles.

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• The price drop makes the e-tron more competitive, since it will cost $58,400 after tax incentives.
• The e-tron Sportback edition will have a range of 218 miles on a single charge and will go into production next year.
• In Q1, the e-tron was the best selling vehicle in Norway, with over 5,500 units delivered.

EV charging station network ChargePoint raised $127m in a continuation of its Series H round of funding. The Series H, which launched in November 2018, will bring the total raised by the company to $667m.

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• The latest round was backed by the technology venture arm of Chevron, Quantum Energy Partners, Clearvision, and American Electric Power, among others.
• The company plans to use the capital to extend its network of to 2.5m charging stations by 2025 from about 115,000 at present.
• ChargePoint recently withdrew from Australia to focus on the U.S., U.K., and European markets.
• ChargePoint does not own its networks, instead, it partners with government and commercial entities, who own the chargers. ChargePoint provides the hardware and the payment app for consumers who do use the stations.

Presidential candidate Joe Biden said Chevrolet is working on an electric Corvette that can reach 200 mph. In a campaign video in which he showed off his vintage Stingray convertible, Biden double-downed on his promise to support American auto manufacturing, while also committing to domestic electric vehicle production.

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• People close to Corvette production tell the Detroit Free Press that the automaker is working on an electric Corvette.
• A GM spokesperson said the automaker did not “plant a tip” with Biden and could not confirm plans for an electric Corvette.
• A key part of Biden’s climate change plan is centered around electric vehicles, including a revival of the “Cash for Clunkers” program but to provide incentives for EV buyers.
• The United Auto Workers (UAW) union has endorsed Biden.

Seoul will ban the registration of gasoline and diesel-powered vehicles, beginning in 2035. In addition, ICE vehicles will be banned from Seoul’s city center in 2035. The initiative is part of South Korea’s “Green New Deal,” which aims to cut carbon emissions and stimulate the economy post-pandemic.

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• The city’s ultimate goal is to have only zero-emission vehicles on all roads by 2050.
• Hyundai, the country’s most prominent automaker, plans to boost electric vehicle production within South Korea.
• Elon Musk has hinted at a new production facility in Asia, with many speculating that Tesla may choose South Korea.

Nissan is recruiting UK businesses for a vehicle-to-grid (V2G) charging trial. The project is being run in partnership with electric utility E.ON and will use a combination of Nissan Leafs and e-NV200 vehicles.

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• Vehicle-to-grid (V2G) technology allows the output of an electric vehicle battery to send energy back into the power grid. 
• Nissan has run similar tests in North America, Japan, and Latin America using Nissan Leaf vehicles. One even powered a 7-Eleven convenience store.

Fisker has reached an agreement with Magna Steyr to build its Fisker Ocean SUV at Magna's production facility in Austria. The EV startup expects the SUV to enter production in late 2022. 

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• Fisker previously said it was in negotiations with Volkswagen to use the MEB platform for its vehicles. It is unclear if Fisker is still pursuing a deal with VW. Earlier this month, Fisker said that discussions with VW had been delayed to September. 
• Fisker does not plan to run its own manufacturing plants. Instead, it will rely on leftover capacity from other automaker's production facilities. 
• Magna produces vehicles for BMW and other automakers. 

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