- China currently dominates the electric vehicle, battery, and critical metals industries.
- However, other countries, such as Australia, India, and the US, have started pushing back against Chinese investment in these industries.
- There is suspicion and concern about Chinese EV companies in countries like France, which is calling for an investigation into unfair subsidies by the Chinese government.
- This could potentially lead to new tariffs on Chinese EV imports to the EU.
- China's recent actions, such as threatening to curb exports of important materials and banning coal imports from Australia, have further fueled concerns about dependence on China.
### Summary
The majority of Americans are not convinced by federal incentives to buy electric vehicles (EVs), and some are even discouraged by them, according to an exclusive survey. While President Joe Biden aims for two-thirds of new vehicle sales to be electric by 2032 and plans to build a network of 500,000 chargers across the country, only 29% of respondents said incentives influenced their decision to buy an EV.
### Facts
- 🚗 Only 29% of Americans said government incentives had increased their consideration of purchasing an EV.
- 💰 Americans in higher income brackets are more likely to consider owning an EV than those earning less.
- 💸 The cost of EVs remains a barrier across all income brackets, as they are generally more expensive than gas-powered cars.
- 📉 EV sales growth in the US has started to slow, suggesting that high upfront costs are deterring consumers.
- ⚡ Americans have concerns about running out of charge and access to charging stations, particularly in low income areas where the charging infrastructure is lacking.
- 🚙 Two of the world's largest carmakers, Toyota and Stellantis, criticized the government's electric car push as overly optimistic and cited challenges such as the cost to consumers and gaps in the charging infrastructure.
- 📊 Seven major car manufacturers, including General Motors and Stellantis, have announced a plan to install 30,000 chargers to alleviate the shortage.
India is considering a new electric vehicle policy that would significantly reduce import taxes for automakers, potentially allowing Tesla to enter the market at a reduced tax rate as low as 15%.
Huge price reductions and increased availability are driving growth in the electric vehicle market, which saw record sales in 2023, as major manufacturers like Tesla, Ford, and General Motors lower their prices and pass on cost savings from raw materials to consumers.
Europe's automakers are showcasing their latest electric vehicles at the IAA Mobility car show in an attempt to compete with Tesla and counter the increasing competition from Chinese companies such as BYD and Xpeng.
Europe's carmakers are facing a tough battle to catch up with China in the development of affordable and consumer-friendly electric vehicles, with Chinese EV makers already a generation ahead, according to industry analysts and executives at Munich's IAA mobility show.
Chinese electric vehicle maker Xpeng plans to expand into more European markets, including Germany, Britain, and France in 2024, following its successful entry into the Netherlands and Norway.
The EU's plan to ban new gasoline and diesel vehicles by 2035 poses a significant risk to European car manufacturers who may struggle to compete with Chinese EV manufacturers in a price war, according to BMW chairman Oliver Zipse.
Chinese electric vehicle (EV) makers are slashing prices to attract buyers, but analysts believe that these cuts may be the last for a while due to strong sales and thin profit margins.
German car manufacturer BMW will invest £600 million in producing electric vehicles at its Mini plant in Oxford, securing 4,000 jobs and strengthening production lines.
Tesla is expected to benefit from European protectionist measures as regulators crack down on Chinese electric vehicle (EV) competition, causing stocks of Chinese EV companies like NIO and XPeng to plunge.
The European Commission has launched an investigation into whether to impose punitive tariffs on Chinese electric vehicle (EV) imports that it considers to be benefiting from state subsidies, as the Chinese share of the European EV market has reached 8% this year.
The European Union is investigating China's state support for electric vehicle makers due to concerns about the impact on European auto manufacturers, with Chinese companies already gaining a substantial market share in Europe through cheaper prices and subsidies.
The European Union and China are in a dispute over electric vehicles, which could potentially benefit auto stocks in the short term and have negative consequences for diplomatic relations.
Americans' hesitations to buy electric vehicles (EVs) are largely due to concerns around charging, with surveys showing that a lack of charging stations is a significant barrier to purchase, but efforts are being made to expand and improve the U.S. charging landscape through major incentives, partnerships, and the development of a single charging standard like Tesla's NACS plug design.
The European Automobile Manufacturers’ Association is urging the EU to scrap plans for 10% tariffs on electric vehicle manufacturers who do not source all their parts from within the bloc and Britain, warning that this could result in a £3.7bn cost and drive up consumer prices.
Tesla and European carmakers exporting from China to the EU will be investigated by the bloc to determine if China's electric vehicle industry is benefiting from unfair subsidies.
Legacy carmakers like Ford are struggling to catch up with the electric vehicle (EV) revolution led by Tesla and Chinese competitors, as they face a significant technology gap and higher production costs, which hinder their ability to deliver affordable EVs while governments are planning to ban or limit gas and diesel car sales.
The European Commission has opened an investigation into China's electric vehicle sector, citing evidence of subsidies that could harm the EU industry and potentially result in import duties on vehicles from China.
The Treasury Department has outlined guidelines for car dealers to offer immediate access to federal tax credits for electric vehicles, aiming to incentivize more people to purchase EVs and help achieve President Biden's goal of increasing EV sales to 50% by 2030. This move provides consumers with a point-of-sale rebate for EVs, reducing the purchase price by up to $7,500 at the time of purchase instead of waiting for the annual tax filing period.
Electric vehicle (EV) sales in the United States reached over 300,000 in the third quarter, with Tesla's market share dropping to its lowest on record due to aggressive price cuts by competitors, but the company could regain ground with the launch of its Cybertruck, according to a report by Cox Automotive.
US electric vehicle (EV) sales reached over 313,000 in Q3, a nearly 50% increase from a year ago, with Tesla accounting for 50% of total sales, but its market share is decreasing; meanwhile, the overall EV market share reached 7.9%, driven by higher inventory, more product availability, and downward pricing pressure, according to Kelley Blue Book.
The average transaction price for new electric vehicles in the US has dropped over 22% compared to last year, driven by Tesla's price cuts, leading to increased demand and growth in EV sales.
Battery-electric vehicles accounted for 7.9% of all new cars sold in the U.S. during the third quarter, with over 300,000 EVs sold, reflecting a 49.8% increase from the same period in 2021.
Citroen is introducing the all-electric 2024 e-C3, replacing the combustion-powered C3, with a starting price of $24,500 and a range of up to 199 miles, making it one of the most affordable EVs in Europe.
US electric vehicle sales have increased by 50.1% year-on-year as more car buyers opt for electric vehicles, with a total of 313,086 battery EVs purchased between July and September 2023, according to Kelly Blue Book.
Automakers are offering significant discounts on electric vehicles, particularly luxury models, as competition in the market grows and consumer interest in hybrids outweighs that in EVs.
