January 2024 - Page 2 of 2 - Green Car Stocks

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…

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…

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Month: January 2024