Main Topic: Seven major automakers are joining forces to build a North American electric vehicle charging network to rival Tesla's and increase the number of fast-charging plugs in the U.S. and Canada.
Key Points:
1. The automakers, including General Motors, BMW, Honda, Hyundai, Kia, Mercedes, and Stellantis, will invest in building "high power" charging stations with 30,000 plugs in urban areas and along travel corridors.
2. The goal is to speed up the adoption of electric vehicles and address concerns about the availability of chargers for long-distance travel.
3. The network will be public, open to all electric vehicle owners, and will include connectors for both Tesla's North American Charging Standard plugs and the Combined Charging System plugs used by other automakers.
Main topic: The onshoring of battery manufacturing for EVs in the United States.
Key points:
1. The number of battery factories in the US has increased significantly, with about 30 factories either planned, under construction, or operational.
2. The Inflation Reduction Act (IRA) signed by President Joe Biden has incentivized automakers and consumers to produce batteries domestically.
3. Automakers and battery manufacturers have collectively invested close to $100 billion in building domestic cell and module manufacturing, with a capacity of over 1,200 gigawatt-hours before 2030.
Hint on Elon Musk: The article mentions Tesla's plans to invest billions in expanding its Gigafactory in Nevada and producing batteries for 1.5 million light-duty vehicles annually.
The majority of Americans are not convinced to buy electric vehicles despite federal incentives, with only 29% saying the incentives impact their decision, according to an exclusive survey by DailyMail.com. Concerns about cost, limited charging stations, and running out of charge are among the main reasons cited for not considering an EV purchase. Higher-income Americans are more likely to consider owning an electric vehicle, but the cost remains a barrier across all income brackets.
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.
Many carmakers and charging companies are planning to switch to Tesla plugs for electric vehicles due to their widespread availability, better performance, and convenience, potentially making the current Combined Charging System (CCS) plug obsolete in the United States.
BMW and Mercedes are intensifying their efforts in the electric vehicle market, unveiling new platforms and concept cars in response to competition from Chinese automakers and Tesla, although they may still lag behind in certain aspects.
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.
China's share of the European electric car market has more than doubled in less than two years, with the UK being the largest market for Chinese electric car brands, as new battery electric technology and lower prices have boosted sales and wiped away concerns about lower-quality cars, posing an "imminent risk" to the European industry, according to industry experts.
Car buyers are finding some relief in the US market, as prices for new vehicles have dropped by up to 20% thanks to an increase in unwanted EVs, although certain vehicles remain expensive.
Tesla plans to install 20,000 electric vehicle charging stations across 2,000 Hilton properties in the U.S., Mexico, and Canada, in an effort to increase mass adoption and meet the growing demand for EV charging from leisure and business travelers.
The rapid adoption of electric cars in the US is being hindered by the lack of available charging stations, which vary widely from state to state, potentially slowing down the projected growth of EV sales in the country.
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 Biden Administration plans to allocate $100 million from the Bipartisan Infrastructure Law for the repair and replacement of non-operational electric vehicle (EV) charging infrastructure in the US, with 4% of the current 151,506 chargers being unavailable and this funding supplementing the $1 billion already allocated for new charger installations, which aims to address the current challenges and incentivize widespread EV adoption.
The European Commission has launched an anti-subsidy probe into Chinese electric vehicles (EVs) in order to protect Europe's own auto sector and maintain its competitive edge, while acknowledging that various governments, including the EU, also provide support for their domestic EV industries.
Ford CEO Jim Farley warns that consumers have "charging anxiety" rather than "range anxiety" when it comes to electric vehicles (EVs), suggesting that they are not willing to pay a premium for EVs despite increased offerings in the market.
Once electric vehicle adoption reaches 5-10 percent of new car sales, researchers predict that a significant surge in sales will occur, potentially reaching up to 80 percent of new sales, as early adopters are replaced by mainstream consumers looking for a good deal; however, a hesitant American public and inadequate charging infrastructure may hinder the country's progress in this transition.
The market for electric vehicles (EVs) in Japan remains small, causing closures of charging stations and hindering the spread of EVs.
Electric vehicle sales are rapidly increasing worldwide, leading to a decline in gas- and diesel-powered vehicle sales, but the US government continues to project a growing demand for oil, raising concerns about the accuracy of these projections and the consequences if they are wrong.
Former President Donald Trump is attacking President Biden's push for electric vehicles, claiming they threaten blue collar livelihoods and that all EVs will be made in China, using this issue to try to win over auto workers and swing-state voters for his potential 2024 presidential campaign; however, EVs are not a hoax and are increasingly affordable and viable, helping to cut carbon emissions and address global warming.
Despite electric vehicle (EV) sales hitting records in the U.S., concerns arise as EVs are selling slower than expected due to excess inventory and weaker demand in regions like Michigan and Ohio, which could be attributed to cold weather impacting EV range, requiring smarter marketing and incentives from manufacturers like Ford and GM to drive adoption.
Despite the record-breaking sales of electric vehicles in the U.S., Ford and GM are urged to develop new strategies to compete with Tesla based on new EV data.
European Union's ongoing subsidy investigation on China may include non-Chinese brands of electric cars, such as Tesla and BMW, due to evidence of significant distortions in the European market caused by cheaper offerings from Chinese-made products.
The transition to electric vehicles in the US could face a setback under a second Donald Trump presidency, as his opposition to EVs and proposed policy reversals on incentives and regulations may undermine automakers' investments and hand control to foreign manufacturers.
In certain areas of the United States, the adoption rate of plug-in electric cars is significantly higher than the average, with four counties in California having a market penetration of over 30 percent for electric vehicles. However, the geographical distribution of EVs is expected to vary as electrification progresses in different regions, similar to trends seen in Europe. The introduction of electric pickup trucks may play a role in increasing EV market share across the country in the coming years.
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.
Electric Drive Transportation Association President Genevieve Cullen believes that the future of electric vehicles (EVs) is promising, as three factors - technology, policy, and markets - are driving the adoption and expansion of EVs. Despite concerns from autoworker unions about potential job losses, the rise of EVs is unstoppable, with increasing sales and government support.
South Korean automakers Kia, Hyundai, and Genesis will adopt Tesla-style charging ports for their electric vehicles in the US, becoming the second best-selling EV manufacturer in the country after Tesla.
Hyundai and Kia have announced their decision to adopt Tesla's electric vehicle (EV) charging technology in the United States, making Tesla's superchargers closer to becoming the industry standard at the expense of the rival Combined Charging System (CCS).
Hyundai and Kia have announced plans to adopt Tesla's North American Charging Standard (NACS) for their electric vehicles in the US and Canada, allowing their drivers access to Tesla Superchargers along with other automakers, while the question remains when Volkswagen will follow suit.
Hyundai, Kia, and Genesis will adopt the North American Charging Standard, doubling the size of their fast-charging network for electric vehicles and providing access to over 12,000 Tesla Superchargers across North America.
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.
Starting in January, consumers will be able to use the $7,500 electric vehicle tax credit as a point-of-sale rebate, effectively reducing the purchase price of EVs, according to new guidance issued by the U.S. Treasury Department.
The states of Washington, Oregon, Hawaii, Nevada, Colorado, New Jersey, Massachusetts, Maryland, Virginia, and California are leading in electric vehicle (EV) sales, with Tesla's Model Y being the bestselling car in California, raising concerns about the nation's aging power grid as EVs gain popularity and the transition to renewable energy sources is accelerated.
The U.S. Department of the Treasury has proposed new rules that would allow car dealers to offer upfront discounts on electric vehicles (EVs) through tax credits at the point of sale, benefiting all eligible buyers and making EVs more affordable, especially for low- and middle-income drivers.
BMW is leading the way in electrification among traditional luxury carmakers, with a significant increase in sales of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) in the first three quarters of 2023. Other German luxury brands, such as Mercedes and Audi, are also experiencing growth in the EV market, but BMW is currently ahead.
Tesla's market share in the electric vehicle (EV) market in the United States has fallen to its lowest ever, despite a price war, but the launch of its Cybertruck could reverse the trend, according to a report by Cox Automotive.
Tesla's early lead in the American EV market is slipping as other companies, such as Chevrolet and Volkswagen, experience significant sales growth, resulting in Tesla's reduced market share and the need for further innovation.
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 sales reached a new milestone in the third quarter, with a 50% increase from last year, but Tesla's market share is shrinking as other automakers see significant EV sales gains.
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.
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.
