NewsRoom Articles - Page 43 of 119

MondayApr 10, 2023 12:58 pm

EV Tax Benefits Become More Confusing as Treasury Releases Fresh Guidance

Beginning this month, the American Department of Treasury will tighten requirements for customers to qualify for a substantial income tax break when they purchase new EVs, mandating that critical components, particularly materials for batteries, be primarily sourced from North America. The tax credit of not less than $7,500 offered to consumers who buy new electric vehicles was made possible by the Inflation Reduction Act, which was passed into law in 2022. However, due to the stricter new regulations on the source of battery materials and components set to be imposed on April 18, 2023, several electric vehicles are expected to…

ThursdayApr 06, 2023 3:25 pm

Tesla Announces Q1 2023 Deliveries That Exceed Estimates

Tesla has released its report on vehicle deliveries and production for the first quarter of 2023. Being among the world's top sellers of electric vehicles, Tesla performed admirably over the last three months, largely meeting the expectations of the market. Tesla had the capability of producing 440,000-plus automobiles and managed to deliver more than 422,000 automobiles during the quarter. According to reports, Tesla shipped a record-breaking 422,875 automobiles in Q1 2023. Whereas previous key analysts anticipated the company to deliver 421,164 cars, Tesla managed to outperform this level in terms of market performance. Tesla manufactured 440,808 automobiles in quarter 1,…

WednesdayApr 05, 2023 1:50 pm

VP Harris Looks to Tanzanian Nickel to Boost US EV Manufacturing

During a trip to Tanzania last week, U.S. Vice President Kamala Harris unveiled measures to increase trading and investments in the country. She spoke of the LifeZone Metals Project, which has U.S. support to establish a new processing facility in Tanzania for the minerals used in electric car batteries. Harris stated that the facility will begin exporting class-1 battery-nickel to America and into the market worldwide from 2026. The Tanzanian government owns 16% of the Kabanga Nickel Company Limited, a mining company that invests in large-scale mining projects in the northeast of Tanzania. The company claims that these operations will…

TuesdayApr 04, 2023 2:22 pm

BYD Registers 400% Boost in Profits in 2022

The profit for BYD increased by 446% to 16.6 billion yuan, or $2.4 billion, exceeding the company's initial net earnings forecast that it had previously provided in January. In 2021, BYD reported 3 billion yuan, equivalent to 436 million dollars, in profit. The top EV producer in China said that it sold a significant number of vehicles in the past calendar year, which increased business earnings. BYD, owned in part by Warren Buffet, is one of the companies best positioned to benefit from China's expanding electric vehicle industry. After winning domestically, the company is now aiming to compete on the…

MondayApr 03, 2023 1:47 pm

The US, Japan Reach Agreement on EV Battery Minerals

America and Japan recently signed a sectoral agreement of 10 pages regarding the minerals used in EV batteries in order to strengthen the supply chains for their battery products and offer Japanese manufacturers more access to a revised $7,500 United States electric vehicle tax break. The agreement that was hastily drafted forbids the two nations from adopting bilateral trade limits on the most essential minerals such as lithium, cobalt, nickel, manganese and graphite for electric vehicle batteries, according to senior officials in Biden's administration. Likewise, the agreement seeks to lessen the United States and Japan's dependence on Chinese suppliers for…

FridayMar 31, 2023 2:18 pm

US Explores Ways to Extend Subsidies to EU-Made EVs

The Biden government may permit companies in Europe to take part in United States tax subsidies in billions of dollars for electric vehicles if the two sides can reach a trade agreement in the coming weeks. According to a senior government official, this decision could help reduce a significant source of tension between the two continents. The United States and the European Union have had weeks of discussions but haven't yet agreed on ways to include European carmakers in such incentives. However, continuing negotiations might result in a deal that would let cars that contain minerals from Europe be eligible…

ThursdayMar 30, 2023 1:05 pm

Startup Mode: Ford Expects $3B Loss at Its EV Division This Year

Ford (F) anticipates that the EV sales to customers will result in a $3 billion loss in 2023. Yet it still projects that it will achieve its annual profit target of $9 to $11 billion. According to the company, the total profit and the electric vehicle losses are both before deducting expenses and interest-related costs. On the same basis, it lost money on electric vehicles over the course of the previous two years, which is nearly equal to the lost $3 billion. The company claims that it lost roughly $900 million and $2.1 billion in 2021 and 2022, respectively. Though…

WednesdayMar 29, 2023 1:34 pm

Why Fewer Women Than Men Are Buying EVs

Although America is investing additional funds in infrastructure and subsidies for electric vehicles, the gender disparity in ownership may be caused by concerns about affordability and security. The unreliable charging stations and security concerns are pointers explaining the fact that fewer women are electric car drivers. However, there are other things causing the gender disparity. Earlier studies and more current polls point to a variety of reasons, including socio-economic level, experiences at vehicle dealerships and a lack of knowledge about how to operate electric cars. While the United States develops a strategy of putting more funds into charging stations throughout…

TuesdayMar 28, 2023 12:24 pm

How Cities Across the Globe Can Boost EV Adoption

In 2022, sales of electric vehicles increased globally by more than 60%, breaking previous records. More model options, longer-lasting automobile batteries, government incentives and high oil prices are only a few of the many variables that led to this expansion. But besides this rapid development, the percentage of new electric vehicle sales is still a mere 14%. If this trend continues, it will take many decades before we see all vehicles on the roads entirely electric. Governments must take considerably more effort to promote and get ready for the adoption of electric vehicles. According to the most recent Urban Mobility…

MondayMar 27, 2023 12:02 pm

Scottish Couple to Drive EV from North Pole to South Pole

A married couple in Aberdeen plans to travel in an electric vehicle from the North Pole to the South Pole, an expedition they had been preparing for over the years. In the course of the week, the couple, Julie and Chris Ramsey, are going to embark on a 17,000-mile (27,000-kilometer) journey from the north magnetic pole (Arctic) through the United States and finally to the south magnetic pole (Antarctica). The couple plan to use wind and solar energy to power their car for the majority of the journey. Their route will take them through Latin American nations. Given that they…

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