NewsRoom Articles - Page 31 of 118

ThursdaySep 07, 2023 3:37 pm

Biden Admin Avails $15B for Retrofitting Legacy Car Factories with EV Tools

The Biden administration will provide automakers with funding worth $15 billion to retrofit legacy car manufacturing factories into electric vehicle and EV battery-production facilities. A recent announcement from the U.S. Department of Energy (DOE) revealed that the administration would issue $15.5 billion in loans and funding for the “retooling of existing factories” to aid in the transition to electric cars. Furthermore, the move will provide much-needed capital for established automakers as their key products (internal combustion engine cars) become obsolete in an increasingly electric market. The funding may keep thousands of people in the automotive sector employed as the industry…

WednesdaySep 06, 2023 12:19 pm

Rivian CEO Urges Those Still Buying New ICE Cars to Rethink Their Purchases

The CEO of electric vehicle company Rivian Automotive Inc. (NASDAQ: RIVN) R.J Scaringe isn’t particularly pleased with consumers who are buying new internal combustion engine vehicles (ICE). During a recent conversation with Heatmap’s Robinson Meyer, Rivian’s top executive likened purchasing a new ICE car to “building a horse barn in 1910.” Scaringe suggested that such consumers were turning a blind eye to the incredible progress being made in the nascent electric vehicle space and will likely regret their purchase a few years down the line. Electric vehicles are poised to replace ICE cars as the top means of road transportation…

TuesdaySep 05, 2023 12:22 pm

23 Countries Reach 5% Tipping Point for EV Adoption

Twenty-three nations across the globe have reached the critical 5% electric vehicle adoption rate that signals the start of mass adoption. Data shows that countries reaching this tipping point of adoption are seeing accelerated rates of electric vehicle adoption, including 55% growth in median EV sales in the last quarter compared to 2022. Transitioning to electric vehicles was never going to be an easy task. Conventional petrol and diesel-powered cars have been around for more than a century and are the most dominant form of transport around the world. Most countries in the West have also built up vast infrastructure…

FridaySep 01, 2023 1:14 pm

EV Leasing Offers US Car Buyers an Affordable Option

Leasing is quickly cementing itself as the cheapest way for most American drivers to access electric vehicles. Even though polls have revealed that plenty of U.S. drivers are interested in switching to battery electric vehicles (BEVs), high purchase costs prevent them from making the move. With outright EV purchases out of reach for many drivers, many are turning to leases to get a taste of electric vehicle technology without having to shell out tens of thousands of dollars. Leasing allows them to rent electric cars for only a few thousand dollars per year, making it a significantly cheaper option for…

ThursdayAug 31, 2023 1:58 pm

High EV Prices Could Derail Europe’s Vehicle Electrification Ambitions

Experts warn that high electric vehicle prices in European nations could derail the EU’s plan to transition from petrol and diesel-powered cars to battery electric vehicles (BEVs). As part of global efforts to limit fossil fuel use and combat climate change, the European Union has pledged to phase out internal combustion engine (ICE) vehicles for BEVs. BEVs are powered by rechargeable lithium-ion battery packs and produce zero emissions at the tailpipe, making them cleaner alternatives to conventional vehicles. However, prohibitively high electric vehicle prices have kept many drivers from transitioning to EVs since the industry’s inception and have the potential…

WednesdayAug 30, 2023 2:54 pm

Affluent Auto Collectors Are Increasingly Electrifying Their Classic Cars

Rich vehicle collectors are increasingly converting their classic internal combustion engine vehicles into electric cars. During the recent luxury car show in Monterey, California, certain affluent auto collectors exhibited a variety of electrified classic cars as part of their collections, indicating the growing trend of electrification amid wealthy vehicle collectors. Electrifying diesel and petrol-powered cars has been around since the early 2000s, when workshops and garages began equipping old cars with jerry-rigged batteries and electric vehicle systems. Long before the global electric vehicle revolution began, car engineers and enthusiasts had determined some of the benefits provided by electrification and were…

TuesdayAug 29, 2023 1:07 pm

VW’s EV Shortcut in China Could Make Rivals Rethink Strategies

Volkswagen has adopted a relatively quick approach to entrenching itself in China, the world’s largest market for electric vehicles. Rather than setting camp in China and building local manufacturing facilities such as Tesla did, Volkswagen has opted to invest in Chinese automaker XPeng gain a foothold in the eastern Asian market. The German carmaker will invest $700 million in Guangzhou, Guangdong-based EV maker Xpeng, a “shortcut” that will grant the company access to Xpeng’s electric vehicle technology and could potentially accelerate Volkswagen’s entry into the largest EV market on the globe. Volkswagen launched its flagship ID series in China two…

MondayAug 28, 2023 12:33 pm

Kia to Revive Its Fully Electric Mini-car for Entry-Level EV Buyers

Electric vehicle maker Kia is poised to revive South Korea’s first-ever battery electric car, the Ray EV, in September to meet market demand for cheaper electric cars. Although a large portion of drivers have reported interest in switching to electric cars, the high premiums associated with EVs make them too costly for many consumers. The entry-level Ray EV will be affordable enough for this growing market and could help accelerate electric vehicle adoption in South Korea. Kia first introduced the mini electric car in late 2011 as the first all-electric production car in South Korea. With a small 16.5 kWh…

FridayAug 25, 2023 12:21 pm

CATL Announces Superfast EV Battery Offering 400km Range After 10-Minute Charge

Chinese battery manufacturer CATL has announced the launch of a novel “superfast charging” battery design with a 434-mile range capable of charging up to 249 miles (400 km) in only 10 minutes. The largest battery manufacturer on the globe claims the battery is the world’s first “superfast charging” electric vehicle battery with the potential to spur electric vehicle adoption by alleviating range anxiety. Unlike traditional diesel and petrol-powered cars that rely on America’s extensive network of fueling stations for their refueling needs, EVs are constrained to a limited and relatively unreliable charging network. Most of America’s public charging infrastructure is…

ThursdayAug 24, 2023 2:13 pm

Why It May Take Time for EVs to Replace Gas Cars

Several countries across the world have pledged to phase out conventional internal combustion engine (ICE) cars and replace them with battery electric vehicles (BEVs) as part of broader efforts to combat climate change. BEVs run entirely on electricity and produce zero emissions at the tailpipe, making them a great option for nations looking to cut their reliance on fossil fuels like oil. Despite relatively poor global economic conditions, consumers are buying electric cars in record numbers. Data from Cox Automotive shows that in Q2 of 2023 alone, American drivers bought close to 300,000 new BEVs, breaking EV sales records in…

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