Cars Clips: January 5, 2024

 

 

Senate

 

US Senators Urge Tesla, Other Automakers To Stay Neutral In Union Organizing — “A group of 33 senators on Thursday urged Tesla (TSLA.O) and 12 other automakers to remain neutral in ongoing efforts by the United Auto Workers (UAW) to organize U.S. auto plants. The letter, signed by Democrats Gary Peters, Ron Wyden, Dick Durbin, Patty Murray, Alex Padilla, Sherrod Brown Debbie Stabenow and others, went to Tesla CEO Elon Musk and top executives at Toyota Motor (7203.T), Volkswagen (VOWG_p.DE), Hyundai (005380.KS), Rivian (RIVN.O), Mercedes-Benz (MBGn.DE), Honda (7267.T), Nissan (7201.T), BMW (BMWG.DE) and others, urging them to pledge not to interfere in any organizing activities. ‘We believe a neutrality agreement is the bare minimum standard manufacturers should meet in respecting workers’ rights, especially as companies receive and benefit from federal funds related to the electric vehicle transition,’ the letter first reported by Reuters said.” [Reuters, 1/4/24 (=)]

 

Senators Urge Automakers Not To Interfere In UAW Organizing Efforts — “A group of 33 U.S. senators, led by Michigan’s Gary Peters and Debbie Stabenow, both Democrats, sent a letter Thursday to Tesla’s Elon Musk and other auto executives urging them not to interfere in the UAW’s efforts to organize their workforces. The letter — sent to chief executives of Tesla, Rivian, Lucid, BMW, Honda, Hyundai, Mazda, Mercedes, Nissan, Subaru, Toyota, Volkswagen and Volvo — noted reports of anti-union activity among some carmakers following the UAW’s successful strike and ratification of new agreements at General Motors, Ford and Stellantis and the union’s stated intention of organizing other manufacturers. ‘We are concerned by reporting at numerous automakers that management has acted illegally to block unionization efforts,’ the senators wrote. ‘These retaliatory actions are hostile to workers’ rights and must not be repeated if further organizing efforts are made by these companies’ workers.’” [Detroit Free Press, 1/4/24 (=)]

 

Senators Urge Non-Union Automakers To Stay Neutral In UAW Efforts At Plants — “A group of 33 Democratic senators led by Michigan’s Gary Peters and Debbie Stabenow wrote Thursday to 13 non-unionized automakers asking them to stay neutral and not to interfere with United Auto Workers’ organizing efforts at their plants. The lawmakers cited reports by employees that management at ‘numerous’ automakers have acted illegally to block unionization activities, and are urging each to commit to implementing neutrality agreements at their manufacturing plants ― meaning the automakers wouldn’t try to sway workers’ votes on whether to join the union. Tesla Inc. is among the auto companies whose plants the United Auto Workers union hopes to organize. ‘These retaliatory actions are hostile to workers’ rights and must not be repeated if further organizing efforts are made by these companies’ workers,’ the senators wrote. ‘Your commitment to neutrality would ensure that management does not pressure workers into voting against unionization or delaying the election process. We believe a neutrality agreement is the bare minimum standard manufacturers should meet in respecting workers’ rights, especially as companies receive and benefit from federal funds related to the electric vehicle transition.’” [The Detroit News, 1/4/24 (=)]

 

Democratic Senators Urge Automakers To Remain Neutral Amid Worker Unionization Push — “A group of more than 30 Democratic senators is pushing major automakers to remain neutral amid worker efforts to unionize. In a letter Thursday, the lawmakers asked 13 car manufacturers to pledge to not interfere with any efforts to unionize at their plants. ‘We believe a neutrality agreement is the bare minimum standard manufacturers should meet in respecting workers’ rights, especially as companies receive and benefit from federal funds related to the electric vehicle transition,’ the senators wrote. ‘We believe the electric vehicle transition will not and cannot come at the expense of workers’ ability to form a union and collectively bargain for the fair wages,’ said the letter, which was led by Democratic Sens. Gary Peters (Mich.), Debbie Stabenow (Mich.), Alex Padilla (Calif.), Laphonza Butler (Calif.) and Sherrod Brown (Ohio).” [The Hill, 1/4/24 (=)]

 

Hands Off — “A majority of the Senate Democratic caucus joined a letter to 13 CEOs of non-union auto companies urging them to respect the rights of workers who wish to potentially join the United Auto Workers as the UAW makes public overtures to expand its membership. In a letter led by Michigan Sens. Gary Peters and Debbie Stabenow, 32 Democratic senators and one independent said to the CEOs, including Tesla CEO Elon Musk, they are ‘concerned by reporting at numerous automakers that management has acted illegally to block unionization efforts.’ The senators mentioned specific incidents at Volkswagen, Hyundai and Tesla and urged auto CEOs ‘to commit to implementation of a neutrality agreement at your manufacturing plants.’ The senators said a neutrality agreement, where an employer agrees not to engage in pre-election actions that influence a workers’ ability to join a union, is the ‘bare minimum’ automakers can do, especially as many automakers ‘receive and benefit from federal funds related to the electric vehicle transition.’” [Politico, 1/5/24 (+)]

 

 

 

How The 2024 Election Could Shape EV Adoption — “The US lags behind China’s EV dominance which, according to Bloomberg, produces around 60% of the world’s EVs. While the Biden administration has made efforts to build up EV production and adoption in the US, former President Donald Trump has signaled on his campaign trail to reduce those investments if he wins the election. Levi Tillemann, Author of The Great Race: The Global Quest For The Car Of The Future, joins Yahoo Finance to explain how the 2024 election could shape EV production and adoption in the US and give insight into what it has already provided. ‘I think it is important to emphasize just how transformative the Inflation Reduction Act has been for the US EV market,’ Tillemann says. ‘It’s catalyzed well over a hundred billion dollars in investments in EVs and EV-adjacent spaces, and that’s because we’re subsidizing every single step of the value chain...” [Yahoo! Finance, 1/4/24 (+)]

 

 

 

Automakers Warn Trump To Not Gut EV Credits If He Wins — “A few weeks ago, Financial Times revealed that a Trump staffer had bad news for the Cleantech industry: that Trump would gut the Inflation Reduction Act (including EV tax credits) if he gets back into the White House. Now, GM and Nissan are taking the news seriously enough that they are asking Trump to not do that if he wins. … GM’s CFO said, ‘We don’t want to end up saying this vehicle program is really good with the IRA, only to have the IRA go away, and now suddenly, the vehicle can’t make money.’ Nissan’s executive had similar concerns, but wanted to avoid the politics. Experts also made it clear that gutting the IRA and Infrastructure law would damage foreign investment in EVs. Companies from Europe and Asia have been investing in clean technology and EVs for the United States more because of those laws. Suddenly and unexpectedly losing them would mean a loss of confidence in U.S. EV sales. Even the serious possibility during 2024 if Trump continues to do well in the polls could cause a lot of problems and setbacks.” [Reuters, 1/5/24 (+)]

 

 

 

Secretary Buttigieg To Headline Annual TRB Conference — “Transportation Secretary Pete Buttigieg is among the senior officials headlining the Transportation Research Board meeting this year, an annual event that brings together several thousand stakeholders, academics and experts to discuss myriad issues facing the transportation sector. The DOT leader is scheduled to keynote the annual Washington, D.C., conference on Jan. 10. On his agenda is the ongoing implementation of 2021’s $1.2 trillion Infrastructure Investment and Jobs Act. Included in that bipartisan measure was the multibillion-dollar Bridge Investment Program. DOT recently announced applications for agencies to access funding for bridge projects. ‘When a bridge closes, it costs Americans time and money, disrupts supply chains across the region, and sometimes cuts off entire communities from vital resources,’ Buttigieg said Dec. 20. ‘Thanks to President [Joe] Biden, we are making the largest investment in America’s bridges since the construction of the interstate system, and these grants will help repair bridges in communities of all sizes, so we can get people and goods safely to where they need to be.’” [Transport Topics, 1/4/24 (=)]

 

Transportation Tech, Challenges On Agenda For New US DOT Advisory Committee — “Against a backdrop of rising pedestrian traffic deaths, the arrival of self-driving cars and flying taxis, the electrification of cars, buses and government fleets along with the challenges faced by many transit agencies, transportation is undergoing both opportunities and challenges, Buttigieg said. ‘It’s definitely overdue to have this type of committee that can really be driving forward a comprehensive strategy for leveraging transportation technology,’ said Laura Chace, president and CEO of ITS America, who will serve on the committee. Chace added, ‘It’s not about the technology per se. It’s about how those solutions, if integrated on a more scaled, holistic level, can actually reduce deaths on our roadways, can reduce the emissions that we see from transportation, can help improve the efficiency of our transportation systems and enhance equity.’ Government officials on the committee include Kim Lucas, director of mobility and infrastructure for the City of Pittsburgh; Jeffrey Tumlin, director of transportation at the San Francisco Municipal Transportation Agency; Chief Tom Dwiggins of the Chandler, Arizona, Fire Department; and Phoenix Mayor Kate Gallego.” [Smart Cities Dive, 1/4/24 (+)]

 

 

 

EPA Seeks Input On Preemption Waiver For CARB’s Landmark ZEV Rules — “EPA is soliciting comments on California’s request for a Clean Air Act (CAA) preemption waiver for the state’s Advanced Clean Cars II (ACC II) regulatory program, which includes a requirement that all new light-duty vehicles offered for sale in the state be electric, plug-in hybrid or fuel cell starting in 2035. As part of the public input process, EPA is planning a Jan. 10 virtual public hearing on the waiver request, while written comments must be submitted by Feb. 27, according to a Dec. 26 notice in the Federal Register. GOP-led states and a variety of industry groups are already legally challenging EPA’s preemption waiver for California’s previous ACC I regulation, and they are expected to challenge the ACC II waiver request, which the California Air Resources Board (CARB) made in May. The waiver request covers two sets of standards for model year 2026 and later vehicles: one for conventional vehicles powered by internal combustion engines; and another for zero-emission vehicles (ZEVs), with plug-in hybrid electric vehicles (PHEVs) ‘subject to both sets,’ according to CARB’s submission.” [Inside EVs, 1/4/24 (=)]

 

 

 

USPS Struggles With Theft As It Begins Ordering Charging Stations For Forthcoming Evs — “The agency saw nearly $70,000 of charger and other IT equipment stolen last year, according to a new inspector general report, which faulted USPS for failing to properly secure the materials. The review came as the Postal Service is preparing to acquire more than 41,000 charging stations to support its 66,000 new electric vehicles over the next several years. The IG praised USPS for conducting a slew of tests on its new chargers after it awarded contracts to three different companies. It deployed the equipment to three sites in Northern Virginia, where it conducted both initial tests and three-month monitoring. All three companies initially won conditional approval from USPS and eventually received full acceptance. Management acknowledged some issues arose due to human error, which it will have to address with training going forward. The Postal Service did not conduct long-term testing of the products, with management noting it did not seem possible to do so but said all three companies had been in business for more than a decade and it could assess their products through their real-world deployment.” [Government Executive, 1/4/24 (=)]

 

 

 

Faraday Future, Inc.

 

Faraday Future Is Back, Baby (And May Get Delisted From The Nasdaq) — “It’s Thursday, which means that you’ve almost made it to the end of the week (congratulations, by the way)! It also means one last chance to read Critical Materials—your daily news roundup featuring a few of today’s must-know EV and tech stories—until Monday. Today, we’ll talk about some cybersecurity challenges for auto dealerships and how that isn’t great news for your wallet. Faraday Future also has some concerns about whether or not its stock will stay on Wall Street. And some Tesla owners in driving school are also hit with the wet slap of unpleasant tidings: schools are dropping support for the EVs over the lack of turn signal stalks.” [Inside EVs, 1/4/24 (~)]

 

Ford Motor Co.

 

Ford Secures Second In US EV Sales After A Record Q4 And Year In 2023 — “Ford remained the second top-selling EV brand in the US, behind only Tesla, after selling nearly 26,000 EVs in Q4. The F-150 Lightning was America’s best-selling electric truck in 2023, while the Mustang Mach-E had its best sales year yet. Ford sold a record 25,937 electric vehicles in the last three months of 2023, up 24% over the third quarter. The American automaker sold a total of 72,608 EVs in 2023 (+18% YOY), a new record. The growth was enough to remain the second top-selling EV brand behind Tesla. After electric truck sales soared nearly 75% in Q4, Ford’s F-150 Lighting was the best-selling electric truck. Ford sold 11,905 Lightning models in Q4 for a total of 24,165 in 2023.” [Electrek, 1/4/24 (+)]

 

TV: Power Lunch (Audience: 246,152) “>> Let’s move on to topic number, two and that is Ford sales out this morning. Last year it sold more trucks than cars, more hybrids than EVs. What say you, Phil? >> Look, in the fourth quarter, you can look at this and say, their overall sales were up only 0.8% and their ICE vehicles, internal combustion models, we’re down 4%. Look at the growth and EVs, look at the growth in hybrids. 55%. When you look at Ford, remember, the F-150 is still the straw that stirs … -most profitable vehicle, it is the most popular vehicle in North America. And so for Ford, this is an interesting thing that is happening here in terms of EVs and hybrids increasingly I hear from dealer saying when people come in, they look first ad and F-150 hybrid, if they are looking at an F-150 gas model, then the light. >> interesting, interesting.” [CNBC (CNBC), 1/4/24 (+)]

 

Ford Trucks Dominate While UAW Strike Affected Sales — “Ford Motor Co. continues to dominate the lucrative full-size truck market in the U.S. while at the same time slipping in SUV sales, a segment directly affected by a recall involving rear cameras on the popular Explorer that triggered a stop sale. F-Series truck sales released Thursday remained strong despite the UAW strike that targeted the Kentucky Truck Plant in Louisville that builds the Super Duty. In the fourth quarter alone, Ford sales grew 0.8% over the same period last year with 487,840 vehicles. For all of 2023, Ford saw its sales in the U.S. climb 7.1% from a year earlier to nearly 2 million vehicles. Overall, Ford’s sale of 1,995,912 vehicles was the best since 2020. Data indicates the post-pandemic recovery is here. … A record year for electric sales, up 18% with 72,608 vehicles from a year ago. In the fourth quarter alone, Ford sold 25,937 EVs. Mustang Mach-E sales rose 3% in 2023 with 40,771 vehicles sold and the best year since launching in 2021. Ford’s E-Transit remained America’s bestselling electric van in 2023 with sales of 7,672 vehicles up 18% over 2022. Ford held the No. 2 EV sales position in the U.S. behind Tesla.” [Detroit Free Press, 1/4/24 (+)]

 

Ford U.S. EV Sales Hit New Record In December, Q4 And Full Year 2023 — “During the fourth quarter of 2023, Ford sold a total of 25,937 all-electric vehicles. The year-over-year growth amounted to 27.5%, while the EV share in the brand’s total volume amounted to 5.6%. In 2023, Ford sold more than 72,000 all-electric vehicles in the U.S., or 18% more than a year ago, which means that it was the best year ever. That’s about 3.8% of the brand’s total volume. All models noted a growth compared to 2022, although in the case of the Ford Mustang Mach-E, it was just a symbolic 3%. Ford BEV sales in 2023 (YOY change): Ford Mustang Mach-E: 40,771 (up 3%) Ford F-150 Lightning: 24,165 (up 55%) Ford E-Transit: 7,672 (up 18%) Total: 72,608 (up 18%) and 3.8% share For reference, in 2022, Ford more than doubled its BEV sales to 61,575 units, achieving a BEV share of 3.5% of Ford’s total volume (excluding the Lincoln brand).” [Inside EVs, 1/4/24 (+)]

 

Ford Raises — And Lowers — Prices On Its F-150 Lightning Pickups — “Ford is making a number of pricing updates across its 2024 F-150 Lightning range as sales of electric vehicles within the US slow. Ford notified its dealers about the price changes on Wednesday according to the Detroit Free Press, increasing the starting prices by up to $10,000 while reducing pricing on some of the most premium models by up to $7,000. The 2024 pricing changes follow Ford announcing plans in December to cut production of its F-150 Lightning pickups. Here’s what the new pricing looks like for each 2024 F-150 Lightning EV model (pricing for 2023 models remains unchanged): Pro: Increase from $49,995 to $54,995 XLT 311 A: Increase from $54,995 to $64,995 Flash: New ‘tech-forward’ offering for $73,495 Lariat: Increase from $77,495 to $79,495 Platinum: Reduced from $91,995 to $84,995 Platinum Black: Reduced from $97,995 to $92,995” [The Verge, 1/4/24 (+)]

 

2024 Ford F-150 Lightning Prices Rise Again — “Prices of certain versions of the 2024 Ford F-150 Lightning electric pickup truck are going up, while others go down, Ford revealed Tuesday, in a recalibration of costs for the electric truck as the automaker prepares to cut production. The base Pro grade, aimed primarily at fleet buyers, will now start at $57,090 including the $2,095 destination, up from $52,090 before. This brings the entry price not quite as high as its March 2023 peak of $61,869 (or nearly 50% higher than the original price quoted by Ford at the Lightning’s unveiling), but almost. Ford began lowering Lightning prices later in 2023, but that trend appears to have been short-lived. Meanwhile, the XLT with the standard range battery pack reportedly gets a $10,000 price hike—or a $7,500 hike versus 2024 pricing Ford had already released—to $67,090. Ford is also reportedly eliminating the extended range battery option for the XLT, as well as the standard range battery for the Lariat grade. That brings the starting price of the Lightning with the larger pack and 320-mile range to the Flash version, at $75,590. The extended range Lariat gets a $2,000 price increase, bringing its starting price to $81,590.” [Green Car Reports, 1/4/24 (=)]

 

Geely

 

Volvo Scores Massive Nearly Half A Billion Loan For Its New EV Platform — “Volvo is getting a massive €420 million ($460M) loan as the automaker moves to a fully electric future by 2030. The funds are for Volvo to develop a new EV platform for its next-gen models. Volvo and the European Investment Bank (EIB), the EU’s funding arm, signed a €420 million ($460M) financing agreement Thursday. The funding will be used for building a new EV platform, including the necessary research and development that comes with it. It will also support advanced manufacturing tech for an efficient rollout. The project is expected to result in ‘even safer and more sustainable’ EV tech, according to the EIB. This includes faster charging and reducing vehicle weight. These two factors alone can help drive EV adoption. ‘I think Sweden can be proud of the leading role Volvo Cars is taking in making the automotive industry more sustainable,’ EIB vice president Thomas Östros explained.” [Electrek, 1/4/24 (+)]

 

General Motor Co. (GM)

 

GM To Offer EV Incentive After Losing Tax Credit — “Automaker General Motors is offering an incentive on some electric vehicle models to supplement changes in federal tax credits. GM informed dealers it would offer a $7,500 incentive on the Cadillac Lyriq and Chevrolet Blazer EV after the models became ineligible for tax credits under new sourcing guidelines that aim to move the supply chain away from China. ‘Tax incentives are a proven accelerator for EV adoption. In the meantime, we are committed to the future of EVs and will have the sales and marketing support to sell ineligible vehicles,’ said a GM spokesperson in an email. ‘This will support our dealers and customers, and importantly, help keep EV momentum.’ Starting Jan. 1, auto manufacturers had to meet more stringent requirements to qualify for rebates. Under the new guidelines, the number of qualifying models dropped from 43 to 19.” [E&E News, 1/4/24 (=)]

 

Chevy Bolt EV, Bolt EUV Only GM Vehicles To Qualify For U.S. EV Tax Credit For Now — “According to new requirements from the U.S. Department of Energy, as of January 1st, 2024, the Chevy Bolt EV and Chevy Bolt EUV are the only two electric vehicle models produced by GM that now qualify for the Clean Vehicle Credit, a $3,750 or $7,500 federal tax credit offered to encourage EV purchases. Both the Chevy Bolt EV and EUV qualify for the full $7,500 EV tax credit, as do other electric vehicle models such as the Ford F-150 Lightning and several variants of the Tesla Model 3, Model X, and Model Y, while Rivian’s R1S SUV and R1T truck qualify for $3,750. Side view of the 2023 Chevy Bolt EUV. Other GM electric nameplates do not currently qualify for even the reduced EV tax credit, with the Chevy Silverado EV, Chevy Blazer EV, and Cadillac Lyriq excluded from the list. This is a change from last year when the Chevy Blazer EV and Cadillac Lyriq qualified for the full $7,500 Clean Vehicle Credit.” [GM Authority, 1/4/24 (=)]

 

Chevy Blazer EV Discount Offers $7,500 Off In January 2024 — “In January 2024, a Chevy Blazer EV discount offers $7,500 Ultium Promise Bonus Cash on the 2024 Chevy Blazer EV as GM offsets the temporarily loss of the U.S. EV tax credit of $7,500. Local market leases are available as well on the LT and RS trim levels of the all-electric midsize crossover. a Chevy Blazer EV discount offers $7,500 off the purchase of the all-electric midsize crossover, shown here in the sporty RS trim. Chevrolet Blazer EV Incentives Chevy Blazer EV lease offers in January 2023 are as follows: Purchase Offers: 2024 Blazer EV $7,500 Ultium Promise Bonus Cash” [GM Authority, 1/4/24 (+)]

 

GM Offers $7,500 Discount To EVs That Don't Get The Tax Credit — “After largely being left out of the updated 2024 U.S. electric vehicle tax credits, General Motors has announced it will front the cost of the $7,500 tax credit out of pocket to keep its electric vehicles competitive, according to the Detroit Free Press. ‘The Cadillac Lyriq and Chevrolet Blazer EV will temporarily lose eligibility for the clean vehicle credit on Jan. 1, 2024, because of two minor components,’ a GM rep told the Free Press. ‘While we await final rules, GM has pulled ahead sourcing plans for qualifying components in early 2024 and will advocate for our dealers and customers who purchase vehicles built ahead of the new guidance.’” [Inside EVs, 1/4/24 (=)]

 

GM Plans Sourcing Shift For EV Models No Longer Eligible For Tax Credit — “Dive Brief: General Motors is making sourcing changes for several vehicle models to make them eligible for federal tax credits, GM said last month in a letter to dealers, which was shared with Automotive Dive. The news comes after the Treasury Department announced electric vehicles with certain foreign battery content would in 2024 become ineligible for the federal clean energy vehicle tax credits. GM said it is ‘well positioned’ to adjust quickly to the new rules, and anticipates the Cadillac Lyriq and Optiq; Chevrolet Blazer EV, Equinox EV and Silverado EV; and GMC Sierra EV will become eligible in early 2024 after the automaker makes the required supply chain changes.” [Smart Cities Dive, 1/4/24 (=)]

 

GM Struggled To Accelerate EV Production In 2023 — “General Motors ended 2023 with disappointing EV delivery figures. The automaker reported Wednesday that it delivered 75,883 EVs in 2023, but 62,045 of those were Bolt EV and Bolt EUV models that GM discontinued at the end of the year. That leaves just 13,341 of the Ultium EVs that are supposed to set the tone for the future of the automaker’s electrification efforts, along with 164 BrightDrop Zevo commercial vans that share the Ultium component set. Bolt EV and EUV sales have surged since GM revamped those models for more value. The two variants saw a 62.8% sales increase in their final year of production. But GM still discontinued the Bolt EV and more SUV-like EUV, with replacements not due until 2025.” [Green Car Reports, 1/4/24 (~)]

 

Hyundai Motor Corp.

 

Hyundai Taps Samsung To Help EV Owners Save Time And Money With Connected Services — “Hyundai and Kia are teaming up with Samsung to save EV owners time and money through connected car and home services. Through a new agreement, Hyundai (and Kia) will use Samsung’s ‘SmartThings’ IoT platform in their connected car services. This way, you can control home devices like air conditioning and lights directly from your car. Or, from home, you can warm your vehicle and adjust charging times. Hyundai and Samsung partner for connected EV services Hyundai and Kia announced the partnership with Samsung on Wednesday as the South Korean automakers build momentum in the new digital, electric era. Under the deal, customers will be able to remotely control digital appliances through their vehicle’s in-car infotainment system. You will also be able to control various vehicle functions using AI speakers, TVs, and apps on your phone. Hyundai will link its connected car services with Samsung’s SmartThings platform so you can stay in control at all times.” [Electrek, 1/4/24 (+)]

 

Hyundai Ioniq U.S. Sales Tripled Again In December 2023 — “Hyundai Motor America reported 75,164 vehicle sales in the United States in December, which is up 4.3% year-over-year. That represents Hyundai’s 17th month of consecutive growth and the best December ever. In 2023, the brand sold 801,195 vehicles, which is 10.6% more than a year ago. However, the strongest growth was seen in the all-electric car segment, which tripled last month, expanding to over 7% of the brand’s total volume. In December, sales of the Hyundai E-GMP-based all-electric cars—Ioniq 5 and Ioniq 6—amounted to 3,261 and 2,056 respectively, for a total of 5,317. That’s a 209% increase year-over-year. The share of E-GMP BEVs out of Hyundai’s total volume improved to 7.1%, compared to just 2.4% a year ago. It’s worth noting that the Ioniq 5 is still going strong with a 90% increase in sales year-over-year and the Ioniq 6 added an additional 2,056 units, making the two models’ overall progress very strong. On top of that comes sales of Hyundai Kona Electric, for which numbers are not available because it’s counted together with the internal combustion Kona.” [Inside EVs, 1/3/24 (+)]

 

Lucid Group

 

EV Maker Lucid Illegally Fired Workers For Supporting Auto Union, US Labor Board Alleges — “Electric-vehicle startup Lucid Group Inc. illegally fired two employees because they joined and supported the United Auto Workers, US labor board prosecutors alleged in a complaint. In a Tuesday filing, a regional director of the US National Labor Relations Board accused the automaker of violating federal law by threatening, transferring, and retaliating against employees, agency spokesperson Kayla Blado said in an email. The complaint also alleges that the company confiscated union literature and created the impression workers’ activities were under surveillance, she said. ‘Lucid respects employees’ rights under the National Labor Relations Act (NLRA) to choose whether or not to organize,’ a spokesperson said in an emailed statement. ‘We are confident that there is no factual basis for the complaint.’” [Bloomberg, 1/4/24 (=)]

 

NIO, Inc.

 

NIO Sales Up 31% In 2023 — “NIO had another strong year, with sales rising by 30.7% throughout the full year. The Chinese EV startup ended with 160,038 sales, up from 122,486 in 2022. These are impressive results in absolute, general terms, but they are extra impressive when you consider how hyper-competitive the Chinese EV market is, where NIO still sells almost all of its EVs. The downside for the company is that its growth in the 4th quarter was lower than that and its growth in December was even lower than its growth in the quarter as a whole. Sales in the 4th quarter (50,045 units) were up 25% compared to the 4th quarter of 2022 (40,052 units), and sales in December (18,012 units) were up 13.9% compared to December 2022 (15,815 units). Still, growth is growth and even 14% is nothing to scoff at.” [CleanTechnica, 1/4/24 (+)]

 

Renault-Nissan-Mitsubishi Alliance

 

Nissan U.S. BEV Sales Hit 5,000 In Q4 2023. Ariya Takes Off As Leaf Fades — “Nissan vehicle sales in the United States during the fourth quarter of 2023 increased by 4.8% year-over-year to 185,878. The total result in 2023 amounted to 834,097 units (up 22.2% year-over-year). This positive general outcome has been accompanied by a significant increase in all-electric car sales during the quarter and in 2023. In Q4, Nissan’s all-electric car sales amounted to 5,113, which is 54% more than a year ago and 2.8% of the brand’s total volume. That’s the best fourth quarter for Nissan BEVs in a long time—mostly thanks to the all-new Nissan Ariya model, which with 3,765 sales more than compensates for the Nissan Leaf sales drop to 1,348 (down 57% year-over-year). It seems that the Japanese manufacturer has finally found a way to rebound after years of stagnation in the BEV segment. Nissan BEV sales in Q4’2023 (YOY change): Nissan Ariya: 3,765 (up 1,773%) Nissan Leaf: 1,348 (down 57%) Total: 5,113 (up 54%) and 2.8% share” [Inside EVs, 1/4/24 (+)]

 

Rivian Automotive, Inc.

 

The Atlanta Journal-Constitution | Rivian Wins Court Ruling Over Bid To Halt $5 Billion Georgia Plant — “A Morgan County, Georgia, judge dismissed a lawsuit Tuesday that attempted to stop the construction of electric vehicle startup Rivian’s $5 billion factory. Six people, who either live or own property near the 1,800-acre project site, filed a lawsuit last January that accused the state of assuming control of the property to illegally circumvent local zoning codes and land disturbance permits. They alleged that the state acquired the project site to avoid scrutiny and public opposition during local rezoning hearings. But Ocmulgee Judicial Circuit Judge Stephen A. Bradley ruled that local zoning does not apply to government-owned land, even if it’s being leased to a private company for economic development.” [The Detroit News, 1/4/24 (=)]

 

SAIC Motor Corp.

 

GM’s China Joint Venture Sold Over 100,000 EVs Last Year — “GM’s joint venture in China, SAIC-GM, delivered over 100,000 EVs in 2023, more than doubling from the previous year. With 18,911 EVs handed over in December, GM’s China joint venture saw a 312% surge in deliveries over last year. SAIC-GM sells EVs under GM’s Buick, Chevy, and Cadillac brands in China. The automaker currently builds and sells five electric models in the region. The first Ultium-based Buick Electra E5 electric SUV was revealed in November 2022, followed by the Electra E4 two months later. Meanwhile, the brand launched its new Velite 6 last summer, starting at only $15,500 (112,800 yuan). Cadillac introduced its first EV in China, the Lyriq, in December 2021. Between the Buick Velite, Electra E5, and Cadillac Lyriq, SAIC-GM sold over 86,000 EVs alone.” [Electrek, 1/4/24 (=)]

 

Stellantis NV

 

Stellantis Sees US Sales Dip In 2023, But Jeep, Ram Have Better 4th Quarter — “Stellantis’ U.S. sales were down slightly for both the fourth quarter and the full year in 2023, although the company’s key Jeep and Ram brands appeared to rebound at the end of the year. The 1% decline for both periods compared with its numbers a year ago means the automaker, which also owns the Chrysler, Dodge, Fiat, Alfa Romeo and Maserati brands, is the only member of the Detroit Three to see sales dip for the quarter and year, although all were affected by the UAW strike last year. The Free Press sent requests for comment to Stellantis spokespeople. General Motors reported a sales increase of 0.3% for the quarter and 14% for the year, and Ford was up 0.8% and 7%, respectively. Stellantis, according to a news release this week, said it had sales of 343,552 for the quarter and more than 1.5 million for the year. The company touted a commercial fleet increase of 20% compared with 2022 numbers, ‘its best year ever,’ at 202,926 vehicles.” [Detroit Free Press, 1/4/24 (=)]

 

Subaru Corp.

 

Subaru Sold Almost 1,000 Solterra EVs In The U.S. In December 2023 — “In December, Subaru of America increased its car sales in the United States for the 17th consecutive month to 57,764 (up 1.8% year-over-year). In 2023, the company sold 632,083 cars, which is 13.6% more than a year ago. Our main focus is on the all-electric Subaru Solterra model (introduced in partnership with Toyota), which continues to sell at around 1,000 units a month. Last month, sales of the Subaru Solterra amounted to 956, which is 16% more than a year ago and about 1.7% of the Subaru’s total volume. With 14-month of data we can now say that about 1,000 units a month appears to be the model’s stable sales rate. Subaru BEV sales last month (YOY change): Solterra: 956 (up 16%) and 1.7% share” [Inside EVs, 1/4/24 (+)]

 

Tesla, Inc.

 

Tesla Trumps BYD In China Sales Efficiency With Real-Time Strategy — “Tesla’s strategy in China of real-time, aggressive management of its sales staff is giving its stores an edge over dealerships offering BYD and other brands in the world’s largest auto market, according to three people with knowledge of the matter. The U.S. company in the fourth quarter lost its crown as the world’s biggest electric vehicle seller to China’s BYD , but during the first 10 months of 2023 both companies grew their share of a slowing and highly competitive Chinese EV market. Tesla (TSLA.O) sold more than 1,500 EVs in each of its Chinese stores on average in the first 10 months of 2023, up from 1,300 in 2022, data from China Merchants Bank International (CMBI) showed. BYD in comparison sold under 600 cars per store in the same 2023 period including plug-in hybrids, similar to its 2022 performance, although overall it sold far more EVs than Tesla given its best-selling models cost half as much and it has 11 times as many local distributors.” [Reuters, 1/4/24 (=)]

 

Tesla Cybertruck Drives 254 Miles In Highway Range Test — “One of the very first Tesla Cybertruck independent range tests shows the electric pickup truck covering only 254 miles on the highway. That’s significantly less than the 320 EPA range, but it was cold and highway driving only. One of the things most disappointing about the Cybertruck since its production launch is the range. The electric pickup truck is only achieving the range originally promised at the launch back in 2019 with a new ‘range extender’ battery system that sits in the bed of the truck. At $16,000, it adds to the already higher price of the Cybertruck, on top of taking space in the bed and not even being available right now. In the meantime, a Cybertruck Dual Motor will get you about 320 miles of EPA estimated range on the included tires.” [Electrek, 1/4/24 (=)]

 

Tesla Recalls Over 1.6 Million Imported Vehicles — “Tesla is recalling more than 1.6 million Model S, X, 3 and Y electric vehicles exported to China for problems with their automatic assisted steering and door latch controls. China’s State Administration for Market Regulation announced the recall on Friday. It said Tesla Motors in Beijing and Shanghai would use remote upgrades to fix the problems, so in most cases car owners would not need to visit Tesla service centers. The recall due to problems with the automatic steering assist function applies to 1.6 million imported Tesla Model S, Model X, Model 3 and Model Ys. When the automatic steering function is engaged, drivers might misuse the combined driving function, increasing a risk of accidents, the notice said. The recall to fix the door unlock logic control for imported Model S and Model X EVs affects 7,538 vehicles made between Oct. 26, 2022 and Nov. 16, 2023. It is needed to prevent door latches from coming open during a collision.” [ABC News, 1/4/24 (=)]

 

Tesla To Fix 1.62 Mln Vehicles In China – Regulator — “Tesla is doing an effective recall on 1.62 million vehicles, including its models S, X, 3 and Y in China, the market regulator said on Friday. The recalls in Tesla’s second largest market follow two recalls by the automaker in the United States in December. Tesla can remotely upgrade the vehicles to fix the issues, the China State Administration for Market Regulation said in a statement. The move is categorised as a product recall under Chinese regulations. The U.S. automaker will release an over-the-air software update for 1.61 million units. These consist of imported Models S and X and the China-made Models 3 and Y cars made from 2014 to 2023 to avoid misuse of the Autosteer function and cut the risk of collision, the regulator said. Separately, it will also upgrade the software for 7,538 units of Models S and X cars to fix the problem of doors that could unlock in crashes.” [Reuters, 1/5/24 (=)]

 

Tesla Model Y Range Estimate Reduced By 6%, Becoming More Realistic — “Tesla has updated its Model Y EPA range estimates, lowering the range of its Long Range and Performance models by 6% in its online configurator. Specifically, the Model Y Long Range is down to 310 miles from 330, and the Model Y Performance is down to 285 miles from 303. The cheapest Model Y, the Model Y Rear-Wheel Drive, which was introduced in the US in October, was not affected by the changes and retains its 260-mile range rating. All three models have had no change in pricing since before the changes. The only changes we can see are the range estimates (and the two new colors).” [Electrek, 1/4/24 (=)]

 

Volkswagen Group (VW)

 

VW Charging Unit Hits 600k Charge Points In Europe — “Elli (Volkswagen Group Charging unit) says it is expanding its charging network and offers e-mobility customers access to more than 600,000 charge points in 27 European countries. Elli says it is strategically expanding its mobility service business and, in addition to the quantitative expansion of the network, is focusing on greater convenience when charging. For Elli customers, the unit says this represents a major step forward in vehicle charging and in general a significant step forward for electric mobility in Europe. Giovanni Palazzo, Elli CEO, said: ‘We are starting the year with an incredible news: Providing a pan-European network counting more than 600,000 charge points is a significant achievement for Volkswagen Group Charging GmbH. However, our commitment goes beyond quantity; it’s about ensuring a high-quality charging experience to advancing electric mobility and decarbonizing society.’” [Just Auto, 1/4/24 (=)]

 

Xpeng Motors

 

China’s Xpeng Claims Its Latest EV Model Could Be An Industry ‘Game Changer’ — “KEY POINTS ‘For X9, we actually anticipate this to be a game changer for the battery electric vehicles segment for MPVs,’ Brian Gu, vice chairman and co-president of Xpeng, told CNBC in an exclusive interview on Friday. In January, Xpeng launched the X9 large 7-seater EV, a car built on its SEPA2.0 architecture, for the Chinese market. It comes as several domestic EV players such as Nio, Huawei and Zeekr recently revealed their own electric vehicles. Even Chinese consumer electronics company Xiaomi is launching its first EV in an increasingly competitive market.” [CNBC, 1/5/24 (=)]

 

 

 

Samsung AG

 

Samsung And Hyundai Are Teaming Up To Add SmartThings To Cars — “Samsung is teaming up with Hyundai to add Samsung’s SmartThings smart home platform to Hyundai and Kia’s connected car services, according to a blog post from Samsung and a press release from Hyundai. (Hyundai is the parent company of Kia.) As part of the collaboration, the two companies are going to work on ‘home-to-car’ and ‘car-to-home’ services and ‘as an integrated home energy management service,’ Samsung says. In practice, that means at home you’ll be able to do things like use SmartThings to control your car’s air conditioning or windows, and when you’re in your car, you’ll be able to control your TV or your home’s air conditioning. You’ll also be able to plug your car into your SmartThings routines. Here’s an example from Samsung about what it might all look like: ‘For example, when a Galaxy smartphone’s morning alarm goes off, the curtains will automatically open, and the lights and television will turn on. When users are ready to go out for work, the user’s car will adjust itself to an ideal temperature. Also, the smartphone and TV screens will display information such as the EV’s remaining battery and driving range.’” [The Verge, 1/4/24 (+)]

 

Tesla’s First Smart Home Partner Is Samsung SmartThings — “Ahead of CES 2024, Tesla and Samsung announced today that they’re teaming up on energy management for smart homes. Users of Samsung’s SmartThings platform will be able to connect to Tesla products like the Powerwall home battery so that you can keep track of things like energy production and your usage. When connected to the Powerwall, SmartThings Energy can sync with the ‘Storm Watch’ feature so that you’re notified of heavy weather on a Samsung phone or TV, for example. In addition to the Powerwall, SmartThings Energy will be able to connect to other Tesla products, including its electric vehicles, Solar Inverter, and Wall Connector charging solutions. The collaboration is possible thanks to Tesla’s API, which Samsung claims SmartThings Energy is the first to take advantage of.” [The Verge, 1/4/24 (+)]

 

 

 

Critical Minerals & Materials

 

The Next Frontier In EV Battery Recycling: Graphite — “As more and more Americans embrace electric vehicles, automakers and the federal government are racing to secure the materials needed to build EV batteries, including by pouring billions of dollars into battery recycling. Today, recyclers are focused on recovering valuable metals like nickel and cobalt from spent lithium-ion batteries. But with the trade war between the U.S. and China escalating, some are now taking a closer look at another battery mineral that today’s recycling processes treat as little more than waste.” [Grist, 1/5/24 (+)]

 

EV Sales & Transition

 

AP | New Vehicle Sales In US Rise 12% — “Undeterred by high prices, rising interest rates, autoworker strikes and a computer-chip shortage that slowed assembly lines, American consumers still bought 15.6 million new vehicles last year, 12% more than in 2022, the biggest increase in more than a decade. Yet sales still haven’t returned to the 17 million rate in the years before the pandemic, and there are signs of a cooling market as buyers aren’t as willing to pay astronomical prices that dealers and manufacturers were charging just months ago. … Electric vehicle sales grew 47% to a record 1.19 million for the full year, according to Motorintelligence.com. The EV market share grew from 5.8% in 2022 to 7.6% last year. But EV sales growth slowed toward the end of the year. In December, they rose 34%. Gas-electric hybrid sales grew 54% to 1.2 million last year, with market share leaping from 5.6% in 2022 to 7.7%. Among manufacturers, General Motors, the top seller in the U.S., posted a strong 14% sales increase for the year. Toyota sales grew 7%, while Honda was up 33%. Nissan sales grew 23%, with Hyundai up 12%. Stellantis, maker of Jeep, Ram and other vehicles, saw its sales drop about 1% for the year.” [The Mining Journal, 1/4/24 (=)]

 

TV: Varney & Company (Audience: 303,275) “Stuart: Here’s the one I’m interested in, General Motors. I know they had a goal of producing 150,000 electric vehicles last year. Two questions. Did they hit that goal, and how many EVs did they actually sell? Lauren: Okay, did they hit the goal? They did not even come close. They got half of the goal. 75,883 … 3% of every car that they sold was an electric vehicle. 3 percent, Stuart. … and most of those EV sales were for the Bolt. Guess what? The Bolt is now discontinued. Can they continue to sell EVs? And if so, which ones? Well, or I’ll tell you this, the Hummer EV, that was very popular last year, it costs $10 is 8,000. $108,000 for the hum or electric vehicle. Stuart: there’s a limit to how many you can sell at $108,000, I suspect, and that’s a fact.” [FBN (Fox Business), 1/4/24 (-)]

 

Hybrid Toyota Prius, Electric Kia SUV Win 2024 Auto Press Awards — “The Kia EV9 large electric SUV won the 2024 North American Utility Vehicle of the Year award, while the Toyota Prius hybrid took the top car honors, and Ford’s Super Duty pickup won the truck award. The honors, announced Thursday at a meeting of the Automotive Press Association in Detroit, are often used in advertising by automakers. About 50 automotive journalists from the U.S. and Canada tested and rated the vehicles based on how much they set new benchmarks for their segment of the automobile market. All of the SUV finalists this year have electric versions including the electrified GV70 small SUV from Genesis, Hyundai’s luxury brand, and the Hyundai Kona and Kona EV. In addition to the Prius and its plug-in version called the Prius Prime, car finalists included Hyundai’s Ioniq 6 EV and the redesigned Honda Accord midsize sedan. Truck finalists included General Motors’ redesigned Chevrolet Colorado midsize pickup and the Chevy Silverado EV pickup.” [E&E News, 1/5/24 (+)]

 

EV Costs Are About Location, Location, Location — “Are electric vehicles cheaper over their lifetime than gas-powered models? The unsatisfying answer is ‘it depends,’ but batteries are looking better and better, Ben writes. Driving the news: New peer-reviewed research published in the Journal of Industrial Ecology weighed a large set of variables to tally long-term costs and regional differences. Why it matters: The effect of EVs on consumers’ wallets will influence how fast the tech takes hold — and future emissions from transportation, the largest U.S. source of carbon dioxide. What they found: In general, lower-range EVs (think 200 miles) beat gasoline cars, even without incentives. Longer range (300 miles) models tend to be roughly comparable. Battery SUVs generally need subsidies to be cost-competitive. Even subsidized long-range (400 miles) EVs lose out on lifetime costs to internal-combustion models.” [Axios, 1/5/24 (+)]

 

Electric Vehicles Gain Ground: Study Finds Cost Parity In Major Cities — “A new study by the University of Michigan Center for Sustainable Systems, in collaboration with the Responsible Battery Coalition (RBC), finds that electric vehicles (EVs) are now cost-competitive with gasoline-powered cars in 14 major US cities. This marks a significant shift in the EV market, as affordability has long been a hurdle to wider adoption. The study examined the Total Cost of Ownership (TCO) of EVs and internal combustion engine vehicles (ICVs) across various factors, including: Energy costs: EVs boast significantly lower fuel costs compared to gas-powered cars. Insurance: While EV insurance may be slightly higher initially, it often evens out or becomes lower over time. Purchase incentives: Federal and state incentives can bring down the upfront cost of EVs, making them more attractive. Maintenance: Electric vehicles require less maintenance due to fewer moving parts, leading to long-term cost savings.” [The EV Report, 1/4/24 (+)]

 

These Were The Top Ten Most Popular Used EVs In The US In 2023 — “Tesla’s Model 3 remained on top of the most popular used EVs in the US last year, with the Model Y in second. Other Tesla vehicles, including the S and X, fell in the rankings as cheaper EV models gained ground. Last year, Tesla claimed the top four spots with the 3, Y, S, and X, respectively. As EV adoption climbed in the US, buyers sought more affordable used models. Tesla’s Model 3 accounted for 34.9% of used EV sales in 2023 (1 to 5-year-old vehicles). The Model Y was second with 11.9% of the share. The Chevy Bolt EV jumped four spots to third, beating out the Model S and X for 6.9% of the market. Meanwhile, Nissan’s LEAF was fourth with 6.2% of used EV sales in the US. Although the Chevy Bolt and Nissan LEAF are two of the most affordable EVs in the US, both are due for replacements. GM stopped building the Bolt EV at the end of the year with plans for a next-gen model due in 2025 (You can still get the Bolt for under $20,000). Nissan’s next-gen LEAF is due out next year. With a complete redesign, it will be closer in style to the Ariya, Nissan’s electric SUV.” [Electrek, 1/4/24 (+)]

 

The Hidden Costs Of Owning Electric Cars — “EV owners love their cars. But an 8 News Now Investigators’ examination of insurance costs and other money associated with ownership of electric vehicles shows the bottom line might be a lot higher than consumers realize. Take Craig Moe of California, for instance. Moe owns four Teslas and loves each one of them. ‘I’m a fan,’ Moe said. ‘A huge fan.’ Parking his silver electric sedan at the charging station at the Premium Outlets in downtown Las Vegas, Moe was heading to lunch while his car sat feeding on enough juice to get him through another four hundred miles or so. He says it takes a half hour or so to get a full charge and that’s about all he needs to do to keep his Tesla purring.” [KLAS-TV, 1/4/24 (~)]

 

 

 

Tennessee

 

Owners Of Hybrid, All-Electric Vehicles Hit By Sticker Shock On Vehicle Registration Fees — “Tennessee owners of all-electric vehicles are getting sticker shock when they are notified of much higher registration fees this year. At the same time, owners of hybrid vehicles and plug-in hybrid vehicles are facing a new registration expense. Registration fees for all-electric vehicles will be $200 starting this year, and will go up to $274 in 2027. The fee will be adjusted for inflation afterward. Registration fees for hybrid vehicles will be $100 starting this year, and will be adjusted for inflation starting in 2028. County Clerk Bill Knowles said his office is receiving a number of inquiries regarding the fee increase imposed by the Legislature under the Transportation Modernization Act passed last session. Legislators said the change was aimed at bringing some tax parity between those who drive hybrid and all-electric vehicles and those who drive gas-powered vehicles and pay gas taxes.” [Chattanoogan, 1/4/24 (=)]

 

 

 

Asia

 

American Policy Won’t Get Us To Mass EV Adoption. Chinese Cars Will — “BYD (‘Build Your Dreams’) is a colossal Chinese company that sells, among other things, electric cars. It’s been around for a long time, but more recently has been ripening from building cheapo-micro vehicles to offering solid performers at incredibly aggressive prices. You’ll be hearing a lot more about this company in the coming years. This week, automotive industry analyst Michael Dunne published an insightful article called ‘Why Everyone Except Tesla Should Be Terrified Of BYD.’ Dunne approached the subject from a business perspective, so of course, the ‘everyone’ in his headline refers to rival companies. He explains that other automakers better hustle if they want to compete with BYD, citing the rapidly melting market for foreign cars in China.” [The Drive, 1/4/24 (~)]

 

Beijing Targets Vehicle-Grid Integration To Manage Power Demand Amid EV Ramp-Up — “China’s state planner has issued new rules on strengthening the integration of new energy vehicles with the electric grid, as the world’s biggest electric vehicle market aims to manage its power demand amid the increase in battery charging. The notice, published on Thursday by China’s National Development and Reform Commission (NDRC), calls for the creation of initial technical standards governing new energy vehicle integration into the grid by 2025. New energy vehicles will become an important part of the country’s energy storage system by 2030, it said. As electricity demand surges due to the increasing popularity of EVs, solutions are being sought by governments and other stakeholders to prevent power networks from being overwhelmed. Researchers from the World Resources Institute found that in a high-growth scenario for Chinese EVs where major cities have more than 3 million on the street by 2035, car battery charging could increase peak power demand by nearly 12%, overwhelming the generation and transmission systems.” [Reuters, 1/5/24 (=)]

 

China Automakers Miss 2023 Sales Goal As Competition Intensifies — “Just a third of Chinese automakers met their annual sales goal in 2023 as competition in the world’s largest car market heats up. Only four of the 13 brands that have disclosed annual sales figures accomplished their targets, led by electric vehicle maker Li Auto Inc., which delivered 376,030 vehicles in 2023 — exceeding its original goal of 300,000 by 25%. BYD Co. met its ambitious 3 million target, selling 3.01 million cars in 2023 — in the process overtaking Tesla Inc. as the world’s top-selling EV maker. The Shenzhen-based company’s rise to dominance with a broad lineup across most price points is squeezing some smaller players as it gobbles up a bigger share of the market. Geely Automobile Holdings Group Ltd. is so far the only traditional established automaker to meet its annual target, though its EV brand Zeekr delivered only 85% of its sales goal.” [Bloomberg, 1/5/24 (=)]

 

China’s Coal King Is Catching Up With Its New Battery Champions — “China’s battery giants are at the forefront of the global energy transition, but on the stock market they’re being outshined by the dirtiest fossil fuel. Coal miner China Shenhua Energy Co.’s market capitalization is closing in on that of Contemporary Amperex Technology Co. Ltd. after surpassing BYD Co. in late November. It’s a stark difference from February last year, when CATL’s valuation was more than double that of Shenhua’s. The diverging fortunes underscore the staying power of fossil fuels even as the world tries to decarbonize. Shenhua, China’s largest listed coal miner, has seen its shares rise 23% in the past year as authorities pushed mining output to record highs in a drive for energy security. The company’s shares in Hong Kong are near the highest level in more than a decade. CATL and BYD’s share prices have plunged even as they’ve experienced real-world success. CATL dominates global battery sales, but increased competition has sent prices for energy storage devices falling. BYD overtook Tesla Inc. last quarter to become the world’s biggest electric vehicle producer, but is mired in a price war with rivals.” [Bloomberg, 1/5/24 (=)]

 

Europe

 

EVs Flatline In UK, Leading Carmakers To Ask For Tax Cut — “Electric vehicles’ market share growth has stalled in the UK, leading automakers now subject to a government mandate to seek a tax cut for consumers. Roughly one in six new cars registered last year was battery-electric, in line with the year before, the Society of Motor Manufacturers and Traders said Friday. The trade group — whose members include Jaguar Land Rover, Nissan Motor Co. and BMW AG — is calling for the government to halve the value-added tax on EVs to 10% for a limited period. Reducing VAT for three years would save consumers about £7.7 billion ($9.8 billion) and put 270,000 more EVs on the road, the SMMT estimates. It also would boost automakers’ ability to meet the UK’s new mandate, which calls for 22% of each manufacturer’s sales this year to be zero-emission. The share requirement ratchets up annually to 80% in 2030. ‘A mandate can compel supply. It can’t compel demand,’ SMMT Chief Executive Mike Hawes told reporters. ‘For demand to meet those expectations, we do need to look at incentives’ for the private consumer.” [Bloomberg, 1/5/24 (=)]

 

Electric Cars’ Share Of UK Market Stalled For First Time In 2023 — “The share of electric cars sold in the UK stalled for the first time last year, casting doubt over whether manufacturers will meet binding new green targets and prompting industry calls for tax cuts. Electric cars accounted for 16.5 per cent of new vehicles sold in the UK last year — marginally down from the 16.6 per cent seen during 2022, according to figures released by the Society of Motor Manufacturers and Traders on Friday. Although the total number of EVs sold rose by 18 per cent to a record 315,000, overall UK car sales increased by the same amount, rising to 1.9mn. ‘Just one in 11 private consumers last year chose an EV,’ said Mike Hawes, SMMT head, as he called for a VAT cut to get sales back on track and meet new government targets. ‘We do need to look at incentives for the private consumer.’” [Financial Times, 1/4/24 (=)]

 

UK Records Best Year For New Car Sales Since The Pandemic – SMMT — “Britain’s new car market witnessed its best year since the COVID-19 pandemic as easing supply chain issues helped fulfil pent-up demand for fleet vehicles, an industry body said on Friday. Final data from the Society of Motor Manufacturers and Traders (SMMT) showed that 1.9 million vehicles were sold in 2023, an increase of 17.9% from a year ago and the highest level since the 2.3 million registrations in 2019. Meanwhile, year-on-year December new car sales grew 9.8%. The new car market recovery was fuelled by fleet owners increasing investments after supply chain issues and a chip shortage slowed production during the pandemic. Registrations for fleet deliveries grew to over 1 million of all cars sold in 2023, a 38.7% increase on the previous year. Last year also saw more battery electric vehicle (BEV) sales than the previous two years combined, with 314,687 new cars registered - 50,000 more than in 2022.” [Reuters, 1/4/24 (+)]

 

Pending Italy Electric Car Incentives Curb Stellantis' Output In Italy – Union — “Incentives for electric vehicles announced by Italy in July but not expected to come into effect until January weighed on the production of Stellantis’ full-electric 500 models last year, the FIM CISL union said on Friday. During a press conference on Stellantis’ production in Italy, a FIM CISL representative said the car maker’s overall production in Italy had grown 9.6% last year from 2022, thanks to commercial vehicles. Car production was hit instead by a 49% yearly drop in the production of Maserati vehicles, as well as the slowdown in the production of full-electric 500 vehicles in the second half of the year, with 20 days of production halt. Only 77,000 500e models were produced, against more than 90,000 that had been forecast for the full year at the start of 2023.” [Reuters, 1/5/24 (=)]

 

EVs At 89.6% Share In Norway — Incentive Change Turbulence — “December saw plugin EVs at 89.6% share in Norway, up just 2% from 87.6% year on year amidst temporary incentives turbulence. PHEVs saw a rare 16% share due to a significant pull forward ahead of large tax increases from January 1st. ICE vehicles saw a similar, though smaller pull forward. Overall auto volume was 12,183 units, down from last year’s rush, but closer to seasonal norms. Norway’s best selling vehicle in December, and for the full year, was the Tesla Model Y. December saw combined EVs at 89.6% share in Norway, comprising a relatively weak 73.5% full electrics (BEVs), and 16.0% plugin hybrids (PHEVs). These compare with YoY figures of 87.6%, 82.8%, and 4.8%, respectively.” [CleanTechnica, 1/4/24 (+)]

 

 

 

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