NewsRoom Articles - Page 37 of 129

TuesdayNov 28, 2023 12:37 pm

The Leasing Industry Could Help in Availing Used EVs, Deepening EV Penetration

The auto vehicle leasing industry may be instrumental in pushing electric vehicle penetration in the European Union by allowing tens of millions of households to tap into the growing used-EV market. Experts predict that at current electrification rates, EV units from today will hit the used vehicle market about 2035, giving 33 million EU households access to secondhand EVs in slightly more than a decade. According to a new Transport & Environment (T&E) report, this could increase by 56% to 51 million if the leasing industry rapidly increases its uptake of electric vehicles. By taking over EV-associated acquisition and maintenance…

MondayNov 27, 2023 2:28 pm

Goldman Sachs Says EV Battery Costs are Dropping Quicker Than Initially Expected

A recent report from Goldman Sachs Research has revealed that electric vehicle battery costs are falling much faster than experts initially anticipated. EV batteries will play a key role in transitioning the transportation sector from fossil fuels to clean energy, but scarce raw materials coupled with surging demand have significantly increased EV battery production costs. This has resulted in battery and EV makers passing on extra costs to customers and charging premium prices for their products. As many countries worldwide accelerate their green-energy transition plans, most pundits anticipated demand for EV batteries would far surpass the supply and cause EV…

WednesdayNov 22, 2023 2:02 pm

Mopeds, e-bikes Are Quietly Suppressing Oil Demand in Key Markets

Most countries have pledged to phase out the use of internal combustion engine (ICE) cars in favor of battery electric vehicles (BEVs) as part of global efforts to cut greenhouse emissions and mitigate climate change. With governments around the world investing millions to hundreds of millions of dollars in the development of EV infrastructure and to spur electric vehicle sales, experts predict that demand for fossil fuels such as oil will peak at the end of the decade. However, recent data has revealed that electric cars are fielding overwhelming competition from mopeds and e-bikes in several key markets. These small…

TuesdayNov 21, 2023 2:39 pm

New Tax Credit Makes Used EVs More Appealing

A new tax credit for used cars that qualify as “clean vehicles” is making used electric cars much more appealing to cost-conscious drivers. While used-car prices are estimated to have dropped by as much as 8% year-over-year, secondhand electric vehicle prices are still higher than they were before the pandemic. New electric cars tend to be too pricey for the average consumer, meaning many drivers can only transition to electric cars by buying from the secondhand market. But with used EV prices remaining higher than prepandemic levels, many prospective EV drivers are holding back from making the plunge and going…

MondayNov 20, 2023 3:44 pm

Exxon Mobil Acquires Drill Operation in Arkansas to Process Lithium

Oil giant Exxon Mobil has announced the acquisition of a drill operation in Arkansas that will expand its efforts to enter the lithium production side of the electric vehicle supply chain. The oil and gas company plans on producing lithium, a mineral critical to the development of electric vehicle batteries as soon as 2027. Exxon Mobil decided to venture into the electric-vehicle battery-metal production segment. The company started by purchasing a whopping 120,000 acres of Smackover Formation, a geological site located in southern Arkansas with rich lithium deposits. It now plans on launching a drilling operation on the massive site…

FridayNov 17, 2023 11:33 am

Drop in Demand Expected as European EV Buyers Wait for Less Costly Models

Some experts predict that electric vehicle demand in Europe will drop as potential EV drivers in the region wait for electric cars to become more affordable. Many European Nation countries have pledged to electrify their vehicle fleets over the next few decades as part of a coordinated effort to curb global warming and climate change. Electric cars are the supposed successor to internal combustion engine vehicles, but their high prices have them almost unaffordable for the average European driver. The region has seen a surge of cheap electric cars from China in recent months that partly contributed to a 47%…

ThursdayNov 16, 2023 2:16 pm

EV Makers Switching to Buttons as Motorists Experience ‘Screen Fatigue’

After years of equipping their electric cars with increasingly larger touch screens, EV makers are turning back to physical buttons amid a phenomenon dubbed “screen fatigue.” While touchscreens were instrumental in changing how we interact with various technologies, it seems the technology doesn’t quite meld with electric vehicles. Carmakers have spent the past couple of years replacing most physical buttons in cars with touch screens to give their units a minimalistic and futuristic design. While the technology did result in a cleaner and minimalist aesthetic for many EV models, it forced drivers to wade through layers of screens to access…

WednesdayNov 15, 2023 1:53 pm

Hybrid EV Models Help Li Auto Outsell Tesla in China

The China Passenger Car Association has revealed that Chinese startup Li Auto outsold Tesla in its local market last month. While Tesla sells fully electric cars in China, limiting itself to consumers who are only interested in electric cars, Li Auto sells hybrid SUVs equipped with a fuel tank to charge the battery. This likely contributed to the startup selling a record 40,422 vehicles last month, far more than the 28,626 battery electric cars (BEVs) sold in October. Range anxiety is a major barrier to electric vehicle adoption in most EV markets, even in China, which has the widest network…

TuesdayNov 14, 2023 3:22 pm

Tesla Plans to Manufacture $27,000 EV in Berlin

A source with knowledge on the matter has revealed that American automaker Tesla Inc. (NASDAQ: TSLA) is planning to build a $27,000 electric vehicle in a facility near Berlin. Tesla has long promised to deliver an affordable electric vehicle for the masses, and the upcoming EV is likely part of Tesla’s goal to make its electric cars available for the general market, not just early adopters and wealthy individuals. The source did not specify when Tesla would begin producing the $27,000 electric car, and Tesla declined to comment on the matter. A video posted to social media site X revealed…

MondayNov 13, 2023 1:47 pm

Automaker Wants to Equip EVs with Generators to Combat Range Anxiety

An automaker is looking to alleviate range anxiety, one of the largest barriers to electric vehicle adoption, by equipping electric cars with generators. Range anxiety refers to the fear of running out of power while on the road with no charging station in sight, and many American drivers cite it as one of their main reasons for not switching to EVs. Ram, a brand by automaker Stellantis, has introduced an electric pickup truck dubbed the Ramcharger, which comes equipped with a 3.6-liter V6 combustion engine and a generator to recharge the onboard battery while the pickup truck is moving. This…

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