NewsRoom Articles - Page 14 of 116

MondayJun 03, 2024 10:00 am

US Data Suggests EV Demand Slowdown Could Be Shortlived

The recent drop in electric vehicle demand that has left many automakers rethinking their electrification plans may be short-lived. New data shows that while the drop in EV sales may have forced major carmakers such as General Motors (GM) and Ford to scale down their plans amid mounting losses in their electric car divisions, the slowdown may not be as bad and won't last as long as previously predicted. To help cut emissions from the transportation segment, the Biden administration invested tens of billions of dollars into developing America's nascent electric-vehicle sector and building a network of public charging infrastructure…

FridayMay 31, 2024 10:00 am

German Automakers Wary of Reprisals If EU Imposes Tariffs on Chinese EVs

German automakers say the Biden administration's move to levy 100% tariffs on electric vehicles made in China could lead to reprisals from the Chinese government if the European Union follows the U.S.’s example and imposes similar tariffs. The tariffs are part of a package of measures designed to protect U.S. manufacturers from more affordable Chinese imports and will be instrumental in preserving America's domestic auto industry as it transitions to electric vehicles. With the EU dealing with an influx of cheap electric cars from China that are already making it difficult for European carmakers to compete in the nascent EV…

WednesdayMay 29, 2024 10:00 am

Musk Voices Opposition to American Tariffs on EVs from China

In a surprising move sure to leave many eyebrows raised, Tesla CEO Elon Musk has announced that he opposes the recent tariffs levied on the Chinese electric vehicles by President Joe Biden's administration. While speaking to a Paris technology conference via video, the controversial billionaire said neither he nor Tesla asked for the Chinese EV tariffs, which were passed only a few days before the conference. The new rates will see Chinese car makers pay 100% tariffs for every electric vehicle that enters American ports, essentially making it impossible for companies such as BYD, XPeng and Nio to sell their…

FridayMay 24, 2024 10:00 am

Uber Gives $6,350 Discounts to London Drivers Wishing to Buy EVs

Rideshare giant Uber has announced that it will provide drivers with up to $6,350 in discounts to obtain battery electric vehicles (BEVs) as it races to meet its previously set zero-emission targets. In 2017, the leading technology company pledged that all its London drivers would be using electric vehicles by next year. However, with electric-vehicle adoption slowing down significantly in recent months because of high prices, Uber has been forced to provide its London drivers with thousands of dollars in discounts to encourage them to transition to EVs and ditch their fossil-fuel cars. Drivers will receive discounts for both new…

WednesdayMay 22, 2024 10:00 am

Nio Unveils EV to Rival Tesla’s Model Y

Chinese electric vehicle manufacturer Nio Inc. (NYSE: NIO) has debuted the first electric car in its Onvo brand as a potential competitor to Tesla's best-selling unit, the Tesla Model Y. Currently the most popular battery electric vehicle (BEV) on the globe, the Model Y costs $42,990 and is practically unaffordable to the average driver. However, the new Nio L60 costs more than 10% less than the Model Y at a starting price of $30,465 and offers a solid opportunity for Nio to attract drivers who want to transition to an EV but aren't willing or can't afford to buy a…

MondayMay 20, 2024 10:00 am

President Biden Slaps 100% Tariff on EVs from China

In a move sure to escalate the ongoing trade war between the United States and China, President Joe Biden has announced that his administration is levying a 100% tariff on battery electric vehicles (BEVs) manufactured in China to protect local automakers from cheap Chinese electric cars. According to sources, the move is a preventative measure designed to prevent Beijing-subsidized cheap electric cars from proliferating America's nascent electric vehicle market. It is part of a group of measures designed to protect manufacturers in the U.S. from cheap imports. For the past few decades, one of China's main tactics has been to…

FridayMay 17, 2024 10:00 am

Ford Is Bleeding Money on Each EV Sold

Although policymakers across the globe have set lofty climate-change goals that involve transitioning from fossil-fuel vehicles to zero-emission battery electric vehicles (BEVs), carmakers are having an incredibly hard time achieving profitability in the nascent electric vehicle sector. High production costs due to the rarity of EV battery raw materials and the complexity involved in processing the materials coupled with high electric-vehicle prices are making it hard for many automakers to sell the BEVs they are manufacturing. As a result, many of these companies are opting to cut prices and sell their electric cars at a loss just to get them…

WednesdayMay 15, 2024 10:05 am

US to Levy New Tariffs on Chinese EVs

The federal administration is poised to announce a series of new tariffs on goods imported from China, and battery electric cars will reportedly be a priority. A source with knowledge of the import tariff discussions said President Joe Biden’s government could announce the new levies as soon as this week, giving American automakers a reprieve from the stiff competition they would face if Chinese-made electric cars entered the U.S. market. Furthermore, Biden will be retaining the Chinese import tariffs originally introduced by the Trump administration as relations between China and the U.S. remain tense. The two countries have been stuck…

MondayMay 13, 2024 10:00 am

BYD to Make EVs in Indonesia Starting in 2026

Chinese automaker BYD has officially confirmed that it will build an electric-vehicle factory and start manufacturing EVs in Indonesia in 2026. Construction on the facility will start later this year on a 100-hectare plot in West Java's Subang Smartpolitan Industrial Area that BYD is currently purchasing, the carmaker says. Although BYD hasn't provided any information on the facility's production capacity, the company expects to begin manufacturing EVs at the start of 2026, giving it roughly two and a half years to build the factory and ready it for production. According to a statement from the Indonesian Coordinating Minister for Economic…

FridayMay 10, 2024 10:00 am

Cheap Chinese EVs Could Put US Automakers in a Bind

Cheap electric cars manufactured in China could make it difficult for U.S. carmakers to compete in markets outside the United States. Thanks to the 27.5% tariff levied on Chinese electric cars when they enter U.S. ports, China's quickly expanding electric-vehicle industry has been unable to expand into the U.S. market. However, while U.S. lawmakers have mostly kept Chinese electric vehicles from proliferating in the country, other major markets, specifically Europe, are seeing a major onslaught of electric cars manufactured in China. As Beijing has spent most of the past decade investing tens of billions of dollars’ worth of subsidies into…

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