NewsRoom Articles - Page 29 of 125

MondayJan 29, 2024 1:03 pm

Toyota Boss Claims EVs Will Never Exceed 30% Market Share

Toyota boss Akio Toyoda says electric vehicles will never dominate the global market. According to the executive, battery electric vehicles (BEVs) will not exceed 30% of the market share even if consumers adopt the alternative energy vehicles in mass. Although Toyota was the first automaker to develop and sell alternative-energy vehicles, the Japanese company hasn’t been keen on adopting BEVs. It is the only established carmaker that hasn’t manufactured or planned to manufacture a fully electric vehicle; the company has instead placed all its bets on hydrogen-fuel-cell vehicles. Toyoda explained that while electric vehicles still had a place in global…

FridayJan 26, 2024 11:27 am

New Breakthrough Could Be Holy Grail in EV Battery Research

A recent breakthrough by Harvard University School of Engineering and Applied Science (SEAS) researchers could revolutionize electric vehicle battery research and lead to the creation of next-generation EV batteries. Although current electric-vehicle batteries are a marvel of modern technology, they are still susceptible to disruption by the elements. In extra-cold weather, for instance, chemical reactions within an EV battery slow down, causing the battery to lose efficiency and range. Data shows that cold weather can sap around 15%–20% of miles from an EV battery and potentially damage it long-term. EV and battery manufacturers have focused on developing next-generation batteries capable…

ThursdayJan 25, 2024 2:58 pm

Hybrids Could Ease Transition to EVs by Motorists

Hybrid electric vehicles may be the key to accelerating the transition from internal combustion engine (ICE) cars to clean-energy vehicles over the next few decades. Although Tesla introduced the first mass-market electric vehicle more than 15 years ago, electric vehicles still make up a small portion of total vehicle sales more than a decade and a half later. The idea behind electric cars is noble enough: replace fossil-fuel-hungry internal combustion engines with electric motors to eliminate tailpipe emissions by nearly 100%. However, high prices and range anxiety have consistently hindered EV adoption through the years and forced carmakers to rethink…

WednesdayJan 24, 2024 1:24 pm

Europeans Bought More EVs Than Diesel Vehicles in 2023

Data from the European Automobile Manufacturers’ Association has revealed that electric cars outsold internal combustion engine (ICE) vehicles last year. Europeans bought a whopping 1,538,621 battery electric cars in 2023, up from 1,123,444 BEVs in 2022, representing a 37% year-on-year increase in annual BEV sales. European drivers also registered 813,430 new plug-in hybrids (PHEVs), down from 874,777 PHEVs in 2022. Data from the ACEA also shows that 10.5 million new cars were registered in the European Union in 2023 with total vehicle sales in the regional bloc increasing by 13.9% from the previous year. All EU markets except Hungary reported…

TuesdayJan 23, 2024 12:58 pm

How Crisis in the Red Sea Could Impact EV Industry

Houthi attacks on ships passing through the Red Sea have forced most shipping container companies to suspend operations in the critical shipping lane. The electric vehicle industry is one of the many sectors that are now dealing with the fallout of the ongoing Red Sea crisis. Despite enjoying record sales in 2023, car manufacturers Tesla and Volvo recently announced that they were halting electric-vehicle production in the European market due to a lack of key vehicle parts. With the Red Sea channel virtually unusable due to the Houthi rebel attacks, container ships have no choice but to take the much…

MondayJan 22, 2024 2:15 pm

BYD’s Success Shows China Shouldn’t Be Discounted Globally

Last year was a major year for Chinese electric vehicle manufacturers. Generous subsidies from Beijing allowed EV companies from China to flood the international market, particularly Europe, with incredibly cheap electric cars. Furthermore, Tesla faced incredibly stiff competition from automaker BYD, which ultimately surpassed Tesla in EV sales in the last quarter of 2023 to become the top-selling electric vehicle brand on the globe. Although Tesla’s decade-long head start allowed it to outclass established automakers such as Ford, General Motors and Honda, China-based electric vehicle manufacturers such as BYD have caught up to the Texas-based carmaker and are now giving…

FridayJan 19, 2024 3:04 pm

Hertz’s EV Sell-Off Sends Chills Down Industry’s Spine

After various legacy automakers announced plans to scale back their previously ambitious electrification plans, car-rental giant Hertz has revealed that it is also selling off a portion of its EV fleet. The Florida-based car-rental company has revealed that it will sell one-third of the electric cars in its EV fleet (around 20,000 battery electric cars) and invest funds in internal combustion engine (ICE) cars. Even though electric cars theoretically cost less to maintain compared to fossil-fuel-powered cars, Hertz executives noted in a recent executive call that EVs have been harming the company’s bottom lines. This is primarily because electric cars…

ThursdayJan 18, 2024 2:10 pm

Honda Unveils Concept Cars in New EV Line

Japanese automaker Honda recently unveiled concepts for two new electric vehicles at Las Vegas’ Consumer Electronics Show (CES). The debut of the two new concept EVs served as an early preview of Honda’s upcoming line of EVs. This line of EVs will begin with the Honda 0 Series, which is slated to begin production in 2026 and launch in North America before hitting international markets. Honda presented the new concept models, Space-Hub and Saloon, as well as a new Honda logo that will feature prominently on vehicles in the upcoming Honda 0 Series. Honda says that it is developing the…

WednesdayJan 17, 2024 3:20 pm

EVs, Solar Panels Combine to Boost Sentiment for Sustainability in US Households

Analysis by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) has revealed that electric vehicle owners are more likely to install solar panels at home. On the other hand, the analysis discovered that having solar panels at home does not increase a homeowner’s chances of buying an electric car. NREL polled 869 households in the San Francisco Bay Area and used this information as the survey’s main data source. According to Axios, the Bay Area leads the entire country in EV use with a 50% EV adoption rate. Electric vehicle owners are much more likely to install home…

FridayJan 12, 2024 12:35 pm

Short Sellers Got Fingers Burnt by Betting Against Tesla

Tesla Inc. (NASDAQ: TSLA) defied expectations of poor performance in 2023 and cost short sellers who bet on its shares falling a combined $12.2 billion. Short sellers lost more money on Tesla compared to any other company last year as the Texas-based EV maker broke its annual sales records and delivered 1.81 million electric vehicles. Market analytics company S3 Partners estimates that rather than decline, Tesla’s shares increased by more than two times through the course of 2023, even though the company faced a myriad of challenges in several major markets. In China, for instance, extremely stiff competition threatened Tesla’s…

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