NewsRoom Articles - Page 23 of 124

FridayMay 17, 2024 10:00 am

Ford Is Bleeding Money on Each EV Sold

Although policymakers across the globe have set lofty climate-change goals that involve transitioning from fossil-fuel vehicles to zero-emission battery electric vehicles (BEVs), carmakers are having an incredibly hard time achieving profitability in the nascent electric vehicle sector. High production costs due to the rarity of EV battery raw materials and the complexity involved in processing the materials coupled with high electric-vehicle prices are making it hard for many automakers to sell the BEVs they are manufacturing. As a result, many of these companies are opting to cut prices and sell their electric cars at a loss just to get them…

WednesdayMay 15, 2024 10:05 am

US to Levy New Tariffs on Chinese EVs

The federal administration is poised to announce a series of new tariffs on goods imported from China, and battery electric cars will reportedly be a priority. A source with knowledge of the import tariff discussions said President Joe Biden’s government could announce the new levies as soon as this week, giving American automakers a reprieve from the stiff competition they would face if Chinese-made electric cars entered the U.S. market. Furthermore, Biden will be retaining the Chinese import tariffs originally introduced by the Trump administration as relations between China and the U.S. remain tense. The two countries have been stuck…

MondayMay 13, 2024 10:00 am

BYD to Make EVs in Indonesia Starting in 2026

Chinese automaker BYD has officially confirmed that it will build an electric-vehicle factory and start manufacturing EVs in Indonesia in 2026. Construction on the facility will start later this year on a 100-hectare plot in West Java's Subang Smartpolitan Industrial Area that BYD is currently purchasing, the carmaker says. Although BYD hasn't provided any information on the facility's production capacity, the company expects to begin manufacturing EVs at the start of 2026, giving it roughly two and a half years to build the factory and ready it for production. According to a statement from the Indonesian Coordinating Minister for Economic…

FridayMay 10, 2024 10:00 am

Cheap Chinese EVs Could Put US Automakers in a Bind

Cheap electric cars manufactured in China could make it difficult for U.S. carmakers to compete in markets outside the United States. Thanks to the 27.5% tariff levied on Chinese electric cars when they enter U.S. ports, China's quickly expanding electric-vehicle industry has been unable to expand into the U.S. market. However, while U.S. lawmakers have mostly kept Chinese electric vehicles from proliferating in the country, other major markets, specifically Europe, are seeing a major onslaught of electric cars manufactured in China. As Beijing has spent most of the past decade investing tens of billions of dollars’ worth of subsidies into…

WednesdayMay 08, 2024 10:00 am

Volkswagen Reports Doubled Electric Vehicle Orders in Europe

German automaker Volkswagen has revealed that its electric orders in Europe increased in Q1 2024 compared to the first quarter of 2023, shooting up by more than two times through the first three months of the year. The recent announcement counters the increasing reports of waning electric vehicle demand among consumers pressured by rising interest rates and unable to meet high electric vehicle prices. According to Volkswagen's most recent earnings statement, customers in Europe ordered more than double the electric vehicles ordered in Q1 2023 from January through to March, indicating rising demand for electric vehicles in the European market.…

MondayMay 06, 2024 10:00 am

China-Made EVs Fill European Ports as Buyers Remain Wary

The Chinese automotive industry has run headlong into an issue that may prevent it from competing effectively in foreign markets: buyers are not buying electric cars manufactured in China. The east Asian nation's auto industry has come a significantly long way over the past several decades, evolving from a sector that essentially produced clones of Western vehicles to one that's now producing some of the best vehicles on the globe. Years of major investments by Beijing have helped car manufacturers in China cut vehicle production costs by a wide margin, allowing them to price their cars at much lower price…

FridayMay 03, 2024 10:00 am

ACEA Report Shows EU Needs Increase Annual Installation of EV Chargers to Meet 2030 Targets

A recent report from the European Automobile Manufacturers' Association (ACEA) has revealed a significant gap between the regional bloc’s available public EV-charging infrastructure and the amount of charging points the European Union will need to reach its carbon dioxide reduction targets. The report shows that even though electric vehicle adoption in the EU has risen by a wide margin over the past decade, public charging stations for electric vehicle drivers haven't increased in tandem. According to the ACEA report, electric-vehicle sales growth outpaced EV charging-station installations by three times from 2017 to 2023. Based on industry estimations, the report noted…

WednesdayMay 01, 2024 10:00 am

In a Reversal, Tesla Will Now Use Existing Platforms to Build Affordable EV

Electric vehicle giant Tesla has announced that its affordable EV will be built on the company's current production lines rather than new platforms. Rather than introduce a next-generation EV platform for the long-promised electric car, Tesla will tweak the affordable EV's production plan and develop the car on existing Tesla platforms. Every major electric vehicle startup and established automaker is desperate to produce an affordable electric car for the mass market. While Tesla captured a significant portion of the global electric-vehicle sector with expensive electric vehicles, the early adopter market that could afford to pay a premium for a battery…

MondayApr 29, 2024 10:00 am

IEA Says EV Transition Still on Course

The International Energy Agency (IEA) has revealed that the transition to battery electric vehicles (BEVs) is still underway despite high prices, rising interest rates and waning electric vehicle demand among consumers. According to the IEA, global EV sales are poised to increase by over one-fifth to hit a whopping 17 million units on the road this year. Most of this growth will be fueled by Chinese drivers who have access to incredibly affordable electric cars as well as an extensive and relatively reliable network of public EV chargers, unlike drivers in the U.S. market. A recently published IEA report projects…

FridayApr 26, 2024 10:00 am

Plunging Demand Causes EV Sellers to Slash Prices

With demand for electric vehicles reaching record lows in recent months, an increasing number of automakers are slashing their battery electric vehicle (BEV) prices in an attempt to woo unwilling customers. As a result, nearly 8 in every 10 newly minted electric cars have been sold at some kind of discount amid dwindling consumer demand. Data from Auto Trader shows that 77% of new electric cars listed on the platform were discounted down from last month’s prices and up to 55% are now cheaper than they were a year prior. Automakers are also offering higher and higher discounts for electric…

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