Main topic: BMW's progress in electric vehicle sales and investment in e-mobility.
Key points:
1. BMW's electric vehicle sales increased to 12.6% of total deliveries in the first half of 2023, up from 10% in 2022.
2. The company aims to achieve a 15% share of battery-electric sales by the end of 2023.
3. BMW is investing more than originally planned in the global ramp-up of e-mobility due to increasing demand for electric cars.
4. The automaker increased its research and development spending by nearly 19% in Q2 2023, reaching about $2 billion.
5. BMW has not set an end date for selling combustion engine vehicles, stating that there is no indication that the world is renouncing them.
6. This contrasts with other automakers like Mercedes-Benz, Ford, and GM, which have plans to phase out combustion-engine sales by 2040.
### 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.
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.
Copper prices may experience a significant price spike over the next three years due to its critical role in electric vehicle batteries and other green energy technologies, making it a potential alternative to oil as the world moves away from fossil fuels.
India is seeing a significant rise in the adoption of electric vehicles, particularly two- and three-wheelers, driven by a $1.3 billion federal plan, rising fuel costs, and awareness of the long-term cost benefits, as well as efforts to reduce emissions and improve air quality.
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.
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.
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.
Demand for coal, natural gas, and oil is expected to peak in the near future, even without new climate policies, as a result of the shift towards renewable energy and electric vehicles, according to the International Energy Agency.
General Motors is an undervalued and attractive investment in the electric vehicle market, with plans to expand its EV production capacity and a strong free cash flow guidance, although it faces competition and risks from contract negotiations and a potential U.S. recession.
The International Energy Agency warns of a deepening oil market deficit in the fourth quarter due to extended Saudi and Russian production cuts, leading to diesel shortages and higher fuel prices impacting sectors such as construction, transport, and farming.
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.
Low-decibel and torquey electric vehicles are expected to have a global market share between 62-86 percent by 2030, as per a report by Rocky Mountain Institute (RMI), with the boom driven by price parity with internal combustion engine vehicles and competition among carmakers, despite challenges in upgrading infrastructure and battery recycling.
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.
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.
The share of electric vehicle sales in the US is rising but varies greatly by state, with California leading at 25% of all vehicles sold in the first half of 2023 being electric, followed by Washington at 18%, according to BloombergNEF.
Summary: The mounting shortage of oil in a major U.S. oil town is causing disruption in energy markets, leading to a surge in U.S. oil prices.
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.
Saudi Arabia is ramping up its efforts to become a major player in the electric vehicle (EV) industry, with plans to manufacture 500,000 EVs per year by 2030, but the country still faces significant obstacles such as high costs, limited industrial base, and competition from other countries already established in the auto sector.
Tesla continues to dominate the US electric vehicle market, outselling the combined sales of its 19 closest competitors during the first half of 2023, illustrating the company's significant lead and dominance in the industry.
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.
The rise of electric vehicles in China is causing a shakeout in the auto market, with midsize automakers struggling to compete with local rivals and the government supporting select companies in its bid to become an automotive powerhouse.
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.
A new study reveals that premium electric vehicles have higher ownership costs compared to their gas counterparts, while mass-market EVs are 18% more expensive to own than equivalent gas cars, highlighting the challenge of achieving price parity in the EV industry. However, the study predicts that the upcoming Chevrolet Equinox EV could lead the movement towards parity in the mass market.
Despite strikes and high interest rates, analysts expect new vehicle sales in the U.S. to continue growing, with an estimated annualized pace of 15.5 million in September, along with positive sales growth forecasts for general motors, Toyota, Ford, and Honda.
Oil demand is predicted to remain strong into 2024, with a substantial rate of growth expected despite the potential impact of electric vehicles.
A new report by ICF Climate Center suggests that the US can achieve net zero by 2050 through increased adoption of electric vehicles (EVs), building decarbonization, and clean energy, but emphasizes the need for additional investments, regulations, and policies to reach the required scale.
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.
Mercedes-Benz's electric vehicle sales in the US have risen by 284% in Q3 compared to last year, bringing their market share to nearly 15%, while Ford and GM's market share remains around 3% to 4%.
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.
Electric vehicle manufacturer Tesla has urged the Biden administration to implement stricter fuel economy standards through 2032, proposing increases of 6% annually for cars and 8% for trucks and SUVs to address climate change.
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 facing a slowdown in demand for expensive battery-powered vehicles, leading to growing inventories and high discounts, raising questions about whether the industry pushed EVs too early.
Dealerships are offering significant discounts on electric vehicles (EVs) to boost demand, with some EVs being sold for up to 12% below their listed price, according to Edmunds data.
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.
