NewsRoom Articles - Page 37 of 133

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…

ThursdayJan 11, 2024 2:56 pm

Growing Number of EVs No Longer Qualify for US Subsidies, Including GM and Teslas

The U.S. Treasury has revealed that more than 20 electric cars will lose eligibility for the tax credits maxing out at $7,500 in 2024 after new EV battery-sourcing regulations take effect. Issued by the Treasury in early December 2023, the new guidelines exempt EVs with battery materials sourced from China from federal electric vehicle tax credits. With the United States and other western nations scrambling to cut their reliance on the Chinese EV battery supply chain, these new rules are meant to encourage domestic production of electric vehicle batteries. According to the treasury, the guidelines will lock out EV models…

WednesdayJan 10, 2024 3:56 pm

Tesla Recalls More Than 1.5 Million EVs in China

China’s State Administration for Market Regulation (SAMR) has announced that Tesla is recalling more than 1.5 million Model 3, S, Y and X electric vehicles in China to fix issues with door-latch controls and automatic assisted steering. SAMR noted that some recalled vehicles had a bug that allowed drivers to misuse the level 2 combined assisted when the automatic assisted steering function was on, significantly increasing the risk of collision. Another 7,538 imported Tesla models that were manufactured between Oct. 26, 2022, and Nov. 16, 2023, had a “problem with the door unlock logic controls” that allowed door latches to…

TuesdayJan 09, 2024 3:00 pm

VW-Backed Company Rolls Out First EV with Sodium-Ion Battery

A new Chinese electric vehicle brand with Volkswagen’s backing has debuted the industry's first sodium-ion battery-powered electric car. JAC Group’s Yiwei rolled out the new JAC Yiwei EV in late December. Yiwei was established in early 2023 under the JAC Group, and its parent company is jointly owned by the Chinese government and Volkswagen. The German automaker bought a 50% stake in the JAC group for $1.09 billion and also assumed full control of its existing EV joint venture’s management with a 75% stake. Yiwei leveraged its backing from Volkswagen and the Chinese government to manufacture the first EV in…

FridayJan 05, 2024 1:45 pm

The Top Stories That Made EV Headlines in 2023

Last year was a mixed bag of a year for the nascent electric vehicle industry. Major companies such as Tesla broke sales records while Chinese automakers made major inroads into international markets. However, surging interest rates and high prices depressed electric vehicle demand as 2023 drew to a close, forcing many automakers to reconsider their ambitious plans for electrification. Even so, 2023 was a significant year for the EV industry. Carmakers began switching to Tesla’s proprietary connector in 2023 after the Texas-based automaker allowed other carmakers to adopt its charging connector. With the exception of Stellantis, every major carmaker has…

ThursdayJan 04, 2024 10:41 am

Chinese Firm Xiaomi Unveils First EV, Vows to Dominate Industry

Chinese consumer electronics firm Xiaomi recently unveiled its first electric car, the Xiaomi SU7, and detailed plans to dominate the electric vehicle industry. A social media post from Xiaomi CEO Lei Jun noted that while the company had not finalized its debut electric car’s price, Xiaomi would spend more than $1.4 billion (10 billion yuan) on the development of an EV that would compete with the likes of Tesla and Porsche. Lei said the Xiaomi SU7 is currently in development and would hit the Chinese market in a few months. Developed by a design team that worked for Mercedes-Benz and…

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