July 2023 - Green Car Stocks

MondayJul 31, 2023 11:52 am

IRA Clause Boosting Local Battery Production in US

A small clause included in the 2022 Inflation Reduction Act (IRA) is boosting local electric vehicle battery production. The Advanced Manufacturing Production Credit clause rewards local manufacturing of battery cells and modules with 10 years of tax credits. These tax credits also extend to electric vehicle batteries recycled in the United States, regardless of their original country of origin. Although America is home to major EV makers such as Tesla and Ford, the development of key EV components, including batteries, often occurs overseas. This reliance on foreign suppliers threatens America’s EV industry’s longevity and could tie American companies to conflict…

FridayJul 28, 2023 11:19 am

Stellantis Could Revolutionize EV Industry with Inverterless Powertrain

Stellantis has partnered with Saft and the French National Center for Scientific Research (CNRS) to develop a novel electric vehicle battery prototype that could revolutionize the EV industry. By combining the functions of the inverter and charger and then integrating them into the EV battery itself, this groundbreaking design makes for a reliable, efficient and relatively affordable EV powertrain. The Intelligent Battery Integrated System (IBIS) is the product of more than four years of intense research. According to Stellantis, the interverless powertrain uses an advanced control system to deliver an alternating current (AC) directly to the electric motor, eliminating the…

ThursdayJul 27, 2023 1:22 pm

As Prices Plummet, Now May Be Time to Buy an EV

Electric vehicle prices are plummeting after close to a decade of significantly higher-than-average prices that made battery electric cars much more expensive than gas-powered cars. Counterpoint Research reports that the drop in EV prices has corresponded with a 32% year-over-year increase in U.S. electric vehicle sales in Q1 2023. One in every seven cars sold during this period was electric, and battery electric cars made up 73% of all EV sales while plug-in hybrids counted for 17%. As EV prices continue to slide into Q3 of the year, the thought of purchasing an electric vehicle has become more attractive to…

WednesdayJul 26, 2023 12:19 pm

Chinese Companies Make Major EV Investments in Brazil

BYD, the largest electric vehicle manufacturer in the world, has announced that it will construct an industrial complex in northeastern Brazil. Headquartered in China, BYD has surpassed Tesla in sales in its local market and is now threatening to challenge Tesla’s supremacy on the global stage. BYD’s global vice president Stella Li made the announcement during a packed event in early July, stating that the company’s dream is to build the northeastern state of Bahia into a center of high technology and innovation. The company will invest $620 million (3 billion Brazilian reals) in constructing a factory in Camacari close…

TuesdayJul 25, 2023 12:31 pm

Tata to Set Up $5B EV Battery Plant in UK

Indian conglomerate Tata Sons has announced that it will construct a massive $5.2 billion gigafactory in the United Kingdom to build electric vehicle batteries. The new factory will significantly boost the local supply of EV batteries in the UK and aid its efforts to replace internal combustion engine vehicles with zero-emission battery electric cars. Tata Sons’ UK gigafactory will create an estimated 4,000 jobs on site and many more up and down the supply chain, injecting much-needed cash into the country amid poor economic conditions. The UK government has lauded the announcement, noting that it would bolster the country’s economy…

MondayJul 24, 2023 1:17 pm

Chinese EV Manufacturer BYD Says Profits Nearly Tripled

A Chinese electric vehicle maker backed by billionaire Warren Buffet’s diversified holding group Berkshire Hathaway has revealed that it has more than tripled its annual profits. BYD said last week that profits from the first half of the year totaled 10.5 billion yuan to 11.7 billion yuan ($1.4 billion- $1.6 billion). This represents a year-over-year profit increase of 192% to 225%, the EV maker said. BYD has been the top-selling electric vehicle manufacturer in China, outselling even Tesla in its local market and threatening to challenge the American carmaker in international markets. The Berkshire Hathaway-backed EV maker sold more than…

FridayJul 21, 2023 1:01 pm

How Rivian Is Helping Amazon to Electrify Its Fleet

As the United States, the United Kingdom and other large economies pledged to transition from dirty fuels to clean energy and electrify their lineups, major companies such as Amazon are following suit. The e-commerce giant plans on electrifying its entire fleet of delivery vans over the decade to cut emissions from transportation. At the time of writing, Amazon had integrated more than 5,000 electric cars into its fleet with EV company Rivian acting as the primary supplier. Crossing the 5,000 mark represents a significant milestone for the two companies and indicates that the electrification of Amazon’s fleet is well on…

ThursdayJul 20, 2023 2:42 pm

California Startup Uses Old EV Batteries to Store Solar Power

A startup in California is attempting to solve two of the most significant challenges facing the renewable energy industry: how to save surplus renewable energy during peak production and what to do with old electric vehicle batteries. The company is doing so by storing solar power in old EV batteries. Renewable energies, including solar and wind, are expected to play a significant role in America’s energy mix as the country moves away from dirty fuels such as coal and oil. However, solar-energy production usually peaks at midday when the sun is at its brightest and most people are away from…

WednesdayJul 19, 2023 3:05 pm

Pew Survey Finds Americans Remain Split on EVs

A new poll from Pew Research Center has revealed that enthusiasm for battery electric vehicles among American adults isn’t as high as green-energy proponents would like. The survey found that only 4 in 10 adults in the United States are somewhat or very likely to consider buying an electric car. On the other hand, 50% of American adults said they were unlikely to consider purchasing an EV as their next car while 13% said they weren’t interested in buying a vehicle. The poll found that even though the Biden administration is pushing to electrify the country’s transportation system, the general…

TuesdayJul 18, 2023 11:16 am

New Thermal Cloak Could Help Preserve EV Battery Integrity in Extreme Weather

Researchers from China’s Shanghai Jiao Tong University have developed a thermal cloak to help maintain electric vehicle battery integrity during extreme weather conditions. The thermal cloak is designed to prevent EV battery deterioration by keeping EVs warm during the winter and cool over the summer. Unlike traditional internal-combustion engine cars, electric vehicles are powered by rechargeable battery packs that are incredibly sensitive to extreme heat and cold. As such, electric vehicles require an optimal temperature range to function as effectively as possible. Public EV charging operator Osprey says the most optimal temperature ranges between 20 to 25 degrees. Anything below…

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Month: July 2023