Cars Clips: June 12, 2024
White House |
Trump says he’s a ‘fan’ of EVs. That hasn’t stopped the lies. — “Former President Donald Trump may be warming up to electric vehicles. Not so much that he’ll stop using them as an attack line against the Biden administration. Or that he would temper his support for fossil fuels. But enough that Trump no longer is saying that EVs will lead to a ‘bloodbath for the country.’ Speaking to supporters in Phoenix on Thursday, Trump described himself as a ‘big fan of electric cars.’ Three days later in Las Vegas, the presumptive Republican nominee for president agreed that EVs were ‘fine’ — even if he had concerns about their range. The comments mark a shift in tone for Trump.” [E&E News, 6/11/24 (=)]
Congress |
Republican bill would prevent ‘back-door mandate’ for EVs — “Top Senate Republicans introduced legislation Tuesday that would force the Department of Energy to use ‘more accurate criteria’ when calculating the fuel economy of electric vehicles. The bill — sponsored by Energy and Natural Resources ranking member John Barrasso (R-Wyo.) and others — questions DOE’s work for calculating the petroleum-equivalent average fuel economy of EVs. The National Highway Traffic Safety Administration uses the data to set corporate average fuel economy (CAFE) standards, the lawmakers noted in a release. Sponsors said they want to prevent a ‘back-door mandate’ for producing EVs” [E&E News, 6/12/24 (=)]
House to debate NDAA amendments against climate action, EVs — “The House this week will consider a host of amendments to its fiscal 2025 defense policy bill that would block federal climate action, roll back protections for endangered species and slow the government’s transition to electric vehicles. Lawmakers will also consider a spate of amendments intended to help the Pentagon embrace nuclear energy and secure critical minerals. The Rules Committee parsed through more than 1,300 proposals and ultimately made in order for debate 350 amendments Tuesday.” [E&E News, 6/12/24 (=)]
Department of the Treasury (USDT) |
More than $1 billion in EV tax credits issued upfront to buyers, Treasury and IRS say — “The federal government has issued more than $1 billion in tax credits as an upfront cash incentive to buyers of electric vehicles, the U.S. Treasury Department and Internal Revenue Service said Wednesday. The Inflation Reduction Act created a mechanism whereby tax credits for buyers of new and used EVs — worth up to $7,500 and $4,000, respectively — could be delivered by car dealers at the point of sale. The provision kicked in on Jan. 1.” [CNBC, 6/12/24 (=)]
Treasury says EV tax credit has saved consumers $1 billion — “Consumer savings from the Inflation Reduction Act’s electric vehicle tax credit have reached $1 billion since the credit took effect Jan. 1, the Biden administration announced. In a call with reporters, officials with the Treasury Department said more than 150,000 emissions-free vehicles have been sold this year, from which they projected an average consumer savings of $1,750 a year on maintenance and fuel costs. This comes to about $262 million a year in savings when applied to the 150,000 sales.” [The Hill, 6/12/24 (=)]
Dealerships Transfer $1 Billion in Electric Vehicle Tax Credits — “Car buyers have received more than $1 billion in electric vehicle tax credits through a new program that allows for faster payouts, Treasury Department officials said. The 2022 tax-and-climate law, known as the Inflation Reduction Act, allowed car dealers to receive advanced payments of the clean vehicle tax credits to transfer those credits directly to the buyer during the sale, rather than the buyer later claiming the credit on their tax return. The program took effect at the beginning of this year. More than 90% of the new clean vehicle credits transactions and 80% of the previously owned clean vehicle ...” [Bloomberg, 6/12/24 (=)]
Department of Transportation (DOT) |
White House 'Equity' Requirements Holding Back EV Charging Station Construction, Internal Docs Show — “But internal memos from the Department of Transportation obtained by the Washington Free Beacon, as well as interviews with those who are responsible for overseeing the implementation of the electric vehicle charging station project, say the delay is in large part a result of the White House’s diversity, equity, and inclusion initiatives.” [Free Beacon, 6/12/24 (-)]
Vehicle & Engine Manufacturers |
Fisker Recalls Vehicles Over Software Issues — “Fisker Inc. has initiated two voluntary recalls to address software issues in its vehicles in North America and Europe. These recalls will be resolved through over-the-air (OTA) updates, aiming to enhance vehicle safety and compliance. Key Highlights Recall Scope: Fisker Oceans in North America and Europe. Safety Recall: Affects 11,201 vehicles due to potential loss of motor power. Noncompliance Recall: Affects 7,145 vehicles due to gauge and icon issues. Update Process: Over-the-air software update to version OS 2.1. Completion Date: Expected by June 30, 2024.” [The EV Report, 6/12/24 (=)]
GM lowers EV production targets amid slow demand, says EVs will show 'variable profit' — “General Motors is pulling back its electric vehicle production target this year and adjusting the timing on its profit targets because demand for EVs is not growing at the pace initially expected. GM CFO Paul Jacobson said Tuesday that GM would trim its targeted production of its new EVs in 2024 from between 200,000 and 300,000 to between 200,000 and 250,000.” [Detroit Free Press, 6/11/24 (=)]
GM lowers EV production goal in North America — “General Motors Co. is narrowing its 2024 electric-vehicle production goal by at least 50,000 units to between 200,000 and 250,000, down from 300,000, GM CFO Paul Jacobson said Tuesday at the Deutsche Bank Global Auto Industry Conference.” [Detroit News, 6/11/24 (=)]
GM approves $6B buyback on growth in EV business — “General Motors authorized a new $6 billion share buyback plan as improving profitability in its primary business and growth in electric vehicles allow the automaker to return cash to investors. The company plans to ‘opportunistically’ buy its stock under the new program after completing a $10 billion accelerated share repurchase approved last November, according to a statement Tuesday. GM expects to exhaust the remaining $1.1 billion of the prior plan by the end of this quarter.” [E&E News, 6/12/24 (=)]
Kia is recalling certain EV9 electric SUVs after a hot start in the US — “After Kia’s first three-row electric SUV made an impressive debut in the US market this year, a new recall is being issued for certain models. The recall, over inadequate headliner protection, affects 2,401 Kia EV9 models. Here’s what you should know. After launching the EV9 in the US late last year, Kia’s new flagship electric SUV is already off to a strong start.” [Electrek, 6/11/24 (=)]
Jeep's electric plans come into sharper focus amid market jitters — “Jeep's growing lineup of electrified models could help spark a turnaround for the legendary SUV maker, but it might be coming at a less-than-ideal time. Annual sales for the Stellantis NV brand have declined for five straight years, falling to under 650,000 last year from close to 1 million sold in 2018. And sales of electric vehicles overall aren't growing as quickly as the industry anticipated. But a bright spot of late has been Jeep’s increasingly popular plug-in hybrid models, or PHEVs, the Wrangler 4xe and Grand Cherokee 4xe. Last year, they ranked No. 1 and 2 for sales in the segment. By this year’s first quarter, Wrangler 4xe made up half of the rugged SUV’s overall sales, while Grand Cherokee 4xe was almost a quarter of the model's overall total.” [Detroit News, 6/11/24 (=)]
VinFast Pushes Ahead With Asia Expansion Even as EV Growth Slows — “Vietnamese carmaker VinFast Auto Ltd. is pushing ahead with expansion across Asia, with founder Pham Nhat Vuong undeterred by slowing electric vehicle demand and a tepid start to the company’s foray into the US. VinFast expects to open its India factory in the first half of next year — six months earlier than initially planned — and begin construction of an Indonesia plant within the next two months, Vuong said in an interview at the Hanoi headquarters of parent company Vingroup JSC on Wednesday.” [Bloomberg, 6/12/24 (=)]
Electric Vehicles |
Thefts of charging cables pose yet another obstacle to appeal of electric vehicles — “Just before 2 a.m. on a chilly April night in Seattle, a Chevrolet Silverado pickup stopped at an electric vehicle charging station on the edge of a shopping center parking lot. Two men, one with a light strapped to his head, got out. A security camera recorded them pulling out bolt cutters. One man snipped several charging cables; the other loaded them into the truck. In under 2½ minutes, they were gone.” [AP, 6/12/24 (=)]
EV charging network from GM, Stellantis, others names global headquarters — “The electric vehicle charging network founded by a coalition of automakers that includes General Motors Co. and Stellantis NV said on Tuesday its global headquarters will be in Durham, North Carolina, about a half hour northwest of Raleigh. IONNA — which also includes BMW AG, Honda Motor Co. Ltd,, Hyundai Motor Co., Mercedes-Benz Group AG and Kia Corp. — is expected to launch its network this year after it received regulatory approval and began operations in February. The headquarters will house a Customer Experience Lab as a central node to seven satellite labs at each of the founding automakers' facilities.” [Detroit News, 6/11/24 (=)]
The World Needs More Batteries — But Not This Many — “The wave of battery factories under construction around the world will be able to produce far more cells than the global economy needs, BloombergNEF warns in a new report. Demand for lithium-ion cells is growing fast, as automakers electrify their fleets and utilities install big batteries to stabilize the power grid. But manufacturers have announced so many new factories that capacity will outstrip demand for the rest of the decade, according to BNEF.” [Bloomberg, 6/12/24 (=)]
EV Slowdown Steers the World Further Off Course From Net Zero — “Electric vehicles have swiftly gone from a bright spot in the global climate fight to cause for concern, leading BloombergNEF to slash sales estimates and warn that the auto industry is falling further off the track toward decarbonization. In its annual Electric Vehicle Outlook, BNEF reduced its battery-electric sales projections by 6.7 million vehicles through 2026. While the demand deceleration isn’t universal across countries and EVs will be buoyed somewhat by the resurgence of plug-in hybrids, a few Nordic countries and the state of California are the only places on pace to eliminate passenger vehicle fleet emissions by 2050.” [Bloomberg, 6/12/24 (=)]
Battery specialist Umicore warns on electric vehicle slowdown — “One of the world’s largest makers of battery materials has warned of a rapid deterioration in demand as the once booming electric vehicle market slows. Umicore, which makes materials used in cathodes, the most expensive part of an electric vehicle battery, on Wednesday pointed to the ‘sharp slowdown in the growth of demand for EVs’. As a result, the Belgium-based company slashed its profit forecast, saying that ‘2024 volumes for its battery materials could be equal or slightly lower than last year’. The warning from Umicore, which competes with Germany’s BASF and a number of Chinese and Korean companies, is the latest evidence of how slowing EV sales growth is reverberating across the industry’s supply chain.” [Financial Times, 6/12/24 (=)]
States & Local |
New Florida highway will charge electric vehicles on the go — “Electric car owners will eventually be able to charge their cars while driving on a new Florida highway. The Central Florida Expressway Authority, CFX, is building a 4.4-mile expressway that will connect Lake and Orange counties.” [WFLA-TV, 6/11/24 (=)]
Indiana prepares to add charging stations for electric vehicles — “A public meeting in June and three more in July will give updates and seek input on Indiana’s plans to expand its charging network for electric vehicles. The U.S. Department of Energy’s National Electric Vehicle Infrastructure program is funding Indiana’s Charging the Crossroads effort. The program hopes to deploy at least 500,000 charging stations by 2030. People will learn about the program and can suggest locations for charging stations. A YouTube video from Indiana Department of Transportation provides details on the Charging the Crossroads effort.” [WISH-TV, 6/11/24 (=)]
Opinion | More EV production does not fit the needs of Michigan — “In the car capital of the world, you would think that increased automobile production would be heavily encouraged. However, the Environmental Protection Agency recently finalized the nation’s strictest tailpipe emissions rules that look to drastically increase electric vehicle (EV) production and sales while discriminating against conventional gas-powered cars.” [Bridge Michigan, 6/11/24 (-)]
Polaris builds first trail charging network for off-road EVs — “A rural county in the far western reaches of Michigan's Upper Peninsula is now home to a first-of-its-kind off-road trail charging network. Why it matters: Cars and pickups aren't the only vehicles moving away from gasoline. Snowmobilers and ATV enthusiasts are going electric too, and they'll also need a place to plug in. If you've ever worried about finding a charging station along a rural highway, imagine the range anxiety when you're riding an electric ATV in the middle of the forest. Driving the news: With help from a $700,000 grant from the Michigan Office of Future Mobility and Electrification, Polaris Industries just opened four charging stations in the woods of Ontonagon County. The network is intended to support 100 miles of scenic, state-designated off-road trails in Michigan's Upper Peninsula.” [Axios, 6/12/24 (=)]
EV charging company Ionna bringing global headquarters to Durham — “Governor Roy Cooper announced more jobs are coming to Durham County when electric vehicle charging tech company, Ionna, will bring its global headquarters to Durham. The $10 million investment is expected to lead to more than 200 jobs. Average pay will be around $128,000. The move is being facilitated by an economic grant from the state. Ionna is a company founded by a group of companies including General Motors, BMW, Honda, Mercedes, and Kia.” [WTVD-TV, 6/11/24 (=)]
Electric vehicle charging port maker plans Durham headquarters — “Ionna is a new company founded by seven automotive original equipment manufacturers: BMW Group, General Motors, Honda, Hyundai, Kia, Mercedes-Benz and Stellantis. The manufacturer will design, develop, build and operate a high-powered EV charging station network with the goal of increasing EV adoption in North America by more than 30,000 charging points. The network will support and be open to electric vehicles of all brands.” [Winston Salem Journal, 6/11/24 (=)]
Pennsylvania Enhances EV Charging Infrastructure with NEVI Funding — “The Pennsylvania Department of Transportation (PennDOT) has inaugurated a new electric vehicle (EV) charging station in Emlenton, PA, supported by the National Electric Vehicle Infrastructure (NEVI) program. This development marks Pennsylvania as the third state to launch multiple NEVI-funded stations, following New York and Ohio. The station, located at Emlenton Truck Plaza on I-80, features four 150 kW charging ports capable of servicing four vehicles concurrently.” [Franklin County Free Press, 6/11/24 (=)]
PA Opens EV Charging Stations off I-80 Becoming One of the First States to Open Multiple NEVI-Funded Electric Vehicle Charging Stations — “The Pennsylvania Department of Transportation (PennDOT) today announced that a federally-funded electric vehicle (EV) charging station in Emlenton, PA, is now open to the public following expansion under the National Electric Vehicle Infrastructure (NEVI) program. The charging station is the second opened in Pennsylvania as part of the NEVI program, with the Commonwealth becoming only the third state to open multiple NEVI-funded stations after New York and Ohio.” [PennWatch, 6/11/24 (=)]
International |
European Union Hits E.V.s From China With Extra Tariffs Up to 38% — “The European Union said on Wednesday that it would impose additional tariffs of up to 38 percent on electric vehicles imported from China into the bloc, in what E.U. leaders called an effort to protect the region’s manufacturers from unfair competition. The move, which comes a month after President Biden quadrupled U.S. tariffs on Chinese electric vehicles to 100 percent, opens another front in escalating trade tensions with China amid growing fears about a glut of Chinese green tech goods flooding global markets.” [New York Times, 6/12/24 (=)]
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