Cars Clips: July 8, 2024
Department of the Treasury (USDT) |
EVs mean extra value, Treasury reports — “In a recent weekly newsletter, Washington & Jefferson College’s Center for Energy Policy & Management reported on two disparate and interesting energy matters. The first was electrifying news that came out of the U.S. Department of the Treasury: American consumers who have purchased electric vehicles this year have saved more than $1 billion.” [Observer-Reporter, 7/6/24 (=)]
Vehicle & Engine Manufacturers |
As the E.V. Revolution Slows, Ferrari Enters the Race — “Gliding on robotic haulers, a line of Ferrari frames maneuvers through a gleaming new factory in Northern Italy. At each station, engineers in cherry red uniforms add a component — an engine block, a dashboard, a steering wheel — as they transform the bodies into hybrid vehicles. Up next: fully electric. A lot is riding on Ferrari’s 200-million-euro ‘e-building,’ which went into operation last month and is nearly twice the size of Rome’s Colosseum. The factory is intended to bring the 77-year-old sports-car maker, known for the sonorous vroom of its gas engines, into the age of electrification.” [New York Times, 7/6/24 (=)]
A green flag for clean power: NASCAR unveils its first electric racecar — “The top motorsports series in North America partnered with Chevrolet, Ford, Toyota and electrification company ABB to demonstrate a high-performance electric vehicle and gauge fan interest in electric racing. They want to represent electric vehicles, and more broadly electrification, in racing as cool, fun and accessible, said Riley Nelson, NASCAR’s head of sustainability. The Associated Press got a first look at the $1.5 million prototype. The only person who has driven it so far is semi-retired NASCAR driver David Ragan. The plan is to put the car on the Chicago street course for some fast laps on Sunday morning.” [AP, 7/6/24 (=)]
Battery & Charging Companies |
Battery Maker LG Energy’s Profit Sinks on Global EV Slowdown — “Battery maker LG Energy Solution Ltd.’s second-quarter profit missed analyst estimates, as sales of electric vehicles continued to slow. Operating profit for three months ended June 30 dropped 58% from a year earlier to 195.3 billion won ($141 million), the Seoul-based company said Monday. That was lower than estimates of 282 billion won, according to data compiled by Bloomberg. Excluding a tax credit from the US Inflation Reduction Act, LG made a 252.5 billion won operating loss. Revenue dropped 30% to 6.2 trillion won.” [Bloomberg, 7/8/24 (=)]
States & Local |
Gov. Ivey awards $11.2 million to boost EV charging availability on Alabama interstates — “Gov. Kay Ivey has awarded 14 grants totaling $11.2 million of federal highway funding to ensure Alabama is poised to accommodate electric vehicles as they continue to make their way onto the state’s roads. Thirteen of the grants will be used to provide electric vehicle charging stations at fueling stations off the state’s interstate systems. Another grant, awarded to Bevill State Community College in Jasper, will help train students to install and maintain the electric chargers.” [Alabama News Center, 7/5/24 (=)]
Arapahoe County touts purchase of first electric vehicle — “Arapahoe County touted the purchase of its first-ever electric vehicle — a Ford E-Transit 350 Cargo Van. The county purchased the vehicle using money from a Colorado Energy Office grant, a news release said. County officials projected that the new electric vehicle would help reduce greenhouse gas emissions and also yield operational savings. It's not immediately clear how much the van's price was. Electric vehicles are typically priced thousands of dollars more than gas-fired cars, though tax credits can bring that purchase price down. The higher upfront price tag usually means it takes several years before benefits from buying an electric car accrue.” [Denver Gazette, 7/4/24 (=)]
Nebraska lags behind other states in distributing EV charging grant funds — “In 2022, the federal government authorized $30.5 million in grants to build electric vehicle charging stations in Nebraska. Nearly two years later, the application process still hasn’t opened for Nebraska businesses. In late 2021, federal legislation provided $7.5 billion dollars in funding for electric vehicle infrastructure. As of May 2024, only 8 EV chargers had been built with the grant funding nationwide. But Ryan McKinnon, a spokesperson for the Charge Ahead Partnership, a national advocacy group for electric vehicle charging infrastructure, said the major holdup has come from the individual states.” [Nebraska Public Media, 7/8/24 (=)]
Oregon to expand the state’s network of EV fast chargers — “Oregon is looking to increase the number of public fast-charging electric vehicle stations across the state, through a federal grant program. The Oregon Department of Transportation received $52 million through the National Electric Vehicle Infrastructure Program to use over the next five years. The program aims to create a better network of public DC fast chargers, which can take an electric vehicle from zero to 80% charged in about 20 minutes, throughout frequently used highway corridors.” [OPB, 7/5/24 (=)]
Climate advocates boost EVs as anti-EV ads run in Pa. — “The push comes as an oil refining trade group is running ads that claim new pollution limits for cars will hurt consumers by effectively banning gas cars. The clean cars rule the Biden Administration released in March does not mandate a shift from gas. It does lower the amount of carbon dioxide that can be produced from the tailpipe per mile traveled for model years 2027-2032. The administration says the final rule is expected to avoid 7.2 billion tons of CO2 emissions through 2055, which is about four times the emissions of the entire transportation sector in 2021. Twenty-five states are suing to block the rule. Pennsylvania and 21 other states are backing the rule.” [NPR, 7/5/24 (=)]
Research, Analysis & Opinion |
Op-Ed: Why Automakers Are Backtracking on Their Ambitious EV Plans — “Here’s why automakers are backtracking on their electric car game plans. Is backtracking a mistake and allowing China to take the lead forever? And how doe this affect the car buyer? You may be surprised that this changing landscape, or backtrack, is occurring. But, ask yourself, eere Americans ever really sold on EVs in the first place? Well, the relatively high cost of EVs, range anxiety, and American consumer preference for hybrids are a few factors to blame. Read Newsmax: Why Automakers Are Backtracking on Their Ambitious EV Plans | Newsmax.com Important: Find Your Real Retirement Date in Minutes! More Info Here” [Newsmax, 7/5/24 (-)]
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