NewsRoom Articles - Page 37 of 132

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…

WednesdayJan 03, 2024 10:56 am

Nio Inc. Announces 1,000km EV Battery Breakthrough

A Chinese electric vehicle maker has unveiled a next-generation EV battery with the ability of offering 1,000 kilometers (621 miles) of range, a distance that’s significantly more than any EV battery currently on the market can travel. Shanghai-based carmaker Nio Inc. (NYSE: NIO) says the 1,000-kilometer battery will begin mass production this April. Nio CEO William Li drove the electric ET7 model from Zhejiang Province to Fujian Province, a distance of around 1,044 kilometers (649 miles), in a live stream lasting 14 hours. He began the trip at the Shanghai World Expo Center battery swap station at 6:32 a.m. and…

TuesdayJan 02, 2024 10:48 am

A Deeper Analysis of Lower Current Sales of Used EVs

Car dealers across the United States are reporting a notable decline in secondhand electric vehicle sales. With the electric vehicle industry now older than a decade, the market is seeing an influx of used EVs from early adopters trading in their cars for modern EVs or returning to internal combustion engine (ICE) cars. The secondhand market was expected to help accelerate electric vehicle adoption as it would offer EVs at more affordable prices. Drivers interested in transitioning to electric cars would be able to make the switch without breaking the bank. However, recent sales data shows that consumer demand in…

FridayDec 29, 2023 12:36 pm

Interest in Hybrids Grows as US Motorists Go Slow on EV Purchases

Most American automakers have pledged to electrify their vehicle lineups as part of global efforts to curb greenhouse gas emissions and mitigate climate change. Battery electric vehicles are ideal transportation for a green economy because they run on electricity rather than fossil fuels and do not produce any emissions at the tailpipe. Under the notion that electric vehicles will be the dominant form of vehicular transportation over the next couple of decades, car makers have invested hundreds of millions of dollars into electrification initiatives. However, consumers seem to be more interested in hybrid vehicles rather than battery electric cars. Edmunds.com…

ThursdayDec 28, 2023 12:17 pm

Aberdeen Couple Completes Pole-to-Pole EV Challenge

A couple from Aberdeen recently made history when they completed a pole-to-pole electric vehicle challenge and drove from the Arctic to Antarctica in an EV. The husband and wife team began their over 18,000-mile trip in March in a solar and wind-powered electric car, becoming the first people in the world to complete the trip in any car. After setting off from the Magnetic North Pole several months ago, the couple revealed on social media that they had reached the South Pole and are now testing the final leg of their Antarctica expedition. The historic trip is a testament to…

WednesdayDec 27, 2023 3:26 pm

Despite Protectionist Policies in US and EU, Chinese EV Makers Still Dominate Sales

China’s electric-vehicle industry is growing at a rapid rate despite efforts by European Union and American policymakers to curb Chinese EV sales. Automakers from China still dominate the global EV industry in terms of sales, and some have even surpassed electric-vehicle giant Tesla in the Chinese market. Massive subsidies from China’s government have also allowed local EV makers to flood foreign markets with more affordable electric vehicles. These companies delivered more than 130,000 battery electric vehicles (BEVs) to foreign markets in the third quarter of the year, more than four times their sales in the same quarter last year. China…

TuesdayDec 26, 2023 12:02 pm

Robotics Could Help Automakers Slash EV Costs

Swedish-Swiss technology company Global Business Line Automotive Robotics ABB believes that advancements in robotics may be instrumental in slashing electric vehicle costs. With the exception of some Chinese models, most electric vehicles are undeniably expensive to manufacture and come with hefty price tags. The average driver simply cannot afford to purchase an electric vehicle without significant financial aid. This has limited EV ownership to wealthy individuals and early adopters who typically opt for new technology regardless of price. With this early-adopter market fast drying up, automakers are scrambling to tap into the wider market through more affordable offerings. Several governments…

FridayDec 22, 2023 2:34 pm

Three Occurrences That Stood Out in 2023 for Tesla

This year has been an eventful year for American electric vehicle carmaker Tesla Inc. (NASDAQ: TSLA). The pioneering EV maker provided investors with an impressive 100% return on stock, but its performance in 2024 is still uncertain, especially since Tesla’s heavily traded stocks often go through outsize moves. Sweeping price cuts across the electric-vehicle industry have had a considerable effect on Tesla’s margins. While EV makers such as Tesla leveraged their monopoly to sell their EVs at premium prices for the past decade, increasingly intense competition seems to be putting an end to the era of premium electric cars. Tesla…

ThursdayDec 21, 2023 3:57 pm

Germany’s Abrupt End to EV Subsidies Hits Tesla, Other Automakers

Tesla and a slew of automakers recently suffered a major blow in the European market after the German government abruptly ended the country’s electric-vehicle subsidies. With the German coalition government facing an increasingly dire budget crisis, government officials announced the end of the “environmental bonus” program several weeks earlier than planned. Like several other nations, Germany plans on electrifying its transport network to cut down greenhouse emissions and mitigate climate change. However, electric vehicles are so expensive that the majority of consumers cannot afford to purchase them outright, especially without the aid of government subsidies and incentives. The German government…

WednesdayDec 20, 2023 2:42 pm

Tesla Teams Up with Uber to Give Drivers $3,000 Discount for EV Purchases

Tesla has announced a partnership with rideshare company Uber that will see the Texas-based EV maker offer discounts of up to $3,000 to Uber drivers. According to the deal, Uber drivers will be able to purchase the Tesla Model Y and Model 3 at discounted prices directly from Tesla on Uber’s vehicle marketplace platform. The recent partnership is one of the many electrification endeavors undertaken by fleets in the United States. While Uber doesn’t own the majority of the vehicles used on its rideshare platform, the company is committed to facilitating electric- vehicle adoption among its drivers. Partnering with Tesla…

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