NewsRoom Articles - Page 17 of 122

FridayAug 09, 2024 10:00 am

EV Sales Forecast Slashed as ‘Overriding Concern’ Bothers Industry

The Society of Motor Manufacturers and Traders (SMMT) in the United Kingdom has slashed its forecast for electric-vehicle sales as the market continues to deal with low demand. The trade body noted that more action has to be taken to encourage electric-vehicle adoption among consumers. This statement comes at a time when the burgeoning electric vehicle industry is plagued with waning demand and dwindling sales as high costs discourage drivers from making the transition to electric cars. Dwindling electric-vehicle demand is likely the primary reason behind the SMMT lowering its new-vehicle registration forecast for 2024 from 1,984,000 units to 1,968,000…

WednesdayAug 07, 2024 10:00 am

Uber, BYD to Put 100K EVs on Roads in Major Markets, Excluding the US

Chinese automotive giant BYD and American ride-hailing service Uber have revealed that they are teaming up to put a whopping 100,000 battery electric vehicles on roads in major markets outside the United States. A recent Bloomberg report noted BYD is set to provide Uber with tens of thousands of electric cars to run under its ride-hailing service in Canada, Europe, the Middle East, Latin America, New Zealand and Australia, with lower vehicle financing and pricing for drivers. The United States, currently one of the largest electric-vehicle markets in the world, was conspicuously absent from Uber and BYD’s agreement. This is…

MondayAug 05, 2024 10:00 am

Chinese EV Companies Register Sales Surge as EU Motorists Look to Buy Before Tariffs Bite

Chinese electric-vehicle companies registered a surge in EV sales in the European market, currently the second-largest electric vehicle market on the globe, in June as customers raced to beat the impending tariffs on Chinese EVs. As with the United States, the European Union has taken a somewhat combative stance against new energy vehicles manufactured in China. However, while the U.S. recently passed a 100% import tariff on Chinese electric-vehicle imports, the European Union adopted milder import tariffs. Even so, these tariffs will cause Chinese electric cars to lose their affordability once they hit European ports, eliminating the crucial factor that…

FridayAug 02, 2024 10:00 am

Data Shows Electric Vehicles More Affordable in 2024

A recent Automotive News report has revealed that electric vehicles are cheaper in 2024 compared to previous years. Even though battery electric vehicle (BEV) sales have seen a notable fall in recent months, data from the report shows that EVs are easier to buy this year. According to the report, this is largely due to the 2022 Inflation Reduction Act, a landmark bill that invested significantly into America's green-energy sector. Battery electric vehicles have been more expensive than gas-powered cars for most of the EV industry's existence, a barrier to EV adoption that the United States and other countries have…

WednesdayJul 31, 2024 10:00 am

Porsche Drops EV Targets Amid Sluggish Demand

Luxury high-performance sports car carmaker Porsche has announced that it is abandoning its electric vehicle targets due to sluggish EV demand. Porsche is the latest in a growing list of established automakers that made ambitious electrification plans but have been forced to scale back amid falling electric vehicle demand and slowed EV uptake. With consumers in most major markets dealing with high interest rates and rising living costs, very few are willing to spend tens of thousands of dollars more for an EV. Porsche was looking to crack into the luxury EV market with the Porsche Taycan EV, but the…

MondayJul 29, 2024 10:00 am

Recent Trump Speech Makes EV Investors Jittery

A recent speech by Republican presidential candidate Donald Trump has left electric vehicle investors feeling jittery. While speaking in Milwaukee after he resumed his campaign, the former president slammed the use of federal funds to subsidize the installation of battery electric vehicle chargers and promised to reduce energy costs. His statements have left EV investors in the country unsure of how Trump will handle low-carbon technologies such as battery electric vehicles (BEVs) and what his energy agenda will be if he secures another term in the White House. Trump referred to EV charging station subsidies as a “ridiculous and incredible…

FridayJul 26, 2024 10:00 am

Ford Ditches Plan to Sell Only EVs on European Market by 2030

Ford Motors has announced that it is ditching its goal of fully electrifying its vehicle lineup in Europe by 2030. The American automaker had set the relatively ambitious goal of only selling electric cars on the European market by the end of the decade, but it is scaling back those plans in the wake of slower-than-expected EV uptake. Model E electrification division chief operating officer Marin Gjaja says Ford will continue selling ICE cars as well as battery electric vehicles (BEVs) and hybrids. The recent slowdown in electric vehicle sales has forced most established automakers to rethink their electrification plans.…

WednesdayJul 24, 2024 10:00 am

Could California’s Goal of One Million EV Chargers Be Unrealistic, Unattainable?

California's goal of installing one million public electric vehicle charging stations by the end of the decade to support mass EV adoption may be unrealistic and unattainable, some experts say. As the state with the highest number of battery electric vehicles (BEVs) in the country, California is already home to a large portion of North America's public EV charging infrastructure. However, the state will need at least a million charging stations by 2030 to support its growing EV market, giving California only seven years to achieve this goal. A growing number of experts say California will have to install public…

MondayJul 22, 2024 10:00 am

China Goes to WTO Over ‘Discriminatory’ US EV Subsidies

China is appealing for intervention from the World Trade Organization (WTO) to probe what it believes are “discriminatory” electric vehicle subsidies in the United States. According to the second-largest economy on the globe, the Biden administration’s green plan has implemented “discriminatory and protectionist” policies in America's nascent electric vehicle industry. The Inflation Reduction Act of 2022 pumped billions of dollars into the local EV industry but with caveats intended to encourage domestic production across the entire supply chain. These provisions lock out electric vehicles with parts sourced from or manufactured in China from the subsidies, most likely in an attempt…

FridayJul 19, 2024 10:00 am

Contrary to Critics’ Views, EVs Could Bolster Energy Grids

EV industry players say electric vehicles have the potential to benefit energy grids across the world. With a growing number of countries working to electrify their transportation segments, many electrification skeptics fear a widespread transition to new energy vehicles, such as plug-in hybrids and battery electric vehicles (BEVs), could place significant stress on energy grids. These vehicles would be entirely powered by electricity, but skeptics say the energy grids in most countries cannot support a mass transition to electric vehicles. However, top EV industry players believe electric cars could bolster energy grids in nations that pursue electrification. Referring to EVs…

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