Rebecca Elliott of The Wall Street Journal reports that Tesla cited production setbacks for a drop in sales, which was worse than analysts expected. She writes: Tesla TSLA reported its first year-over-year decline in quarterly deliveries since 2020, badly missing Wall Street’s expectations and stoking further concern about the company’s growth prospects this year. Elon Musk’s electric-vehicle maker delivered 386,810 vehicles globally in the first three months of 2024, down 8.5% from a year earlier. It was the company’s lowest quarterly performance since the third quarter of 2022. The … [Read more...]
China Goes Head-to-Head With U.S. Over EV Subsidies
Sha Hua of The Wall Street Journal reports that Beijing is challenging the Biden administration’s Inflation Reduction Act, which it calls discriminatory. Hua writes: China filed a complaint at the World Trade Organization over the U.S.’s Inflation Reduction Act, saying that it was discriminatory and distorted fair competition. Beijing will use the WTO’s dispute-settlement mechanism to challenge electric-vehicle subsidies, China’s Ministry of Commerce said on its website Tuesday. The rules being challenged require vehicles to use parts from specific regions to qualify for subsidies … [Read more...]
Detroit’s Electric Avenue – A Six Million Dollar Road of the Future
Danny Lewis of The Wall Street Journal tells his readers about a real-life electric avenue, a quarter-mile stretch worth six million dollars. Who knew forty-plus years later that Eddy Grant's song, "Electric Avenue," would have a whole new meaning? Lewis writes: Imagine driving an electric vehicle on a highway that recharges your battery as you travel. Stefan Tongur has been hoping to make this futuristic tech a reality since 2010, when he was working on his doctorate at Sweden’s KTH Royal Institute of Technology in Stockholm. In 2019, he joined Electreon, an Israeli startup that aims to … [Read more...]
Car Makers Turn to Teamwork to Compete with China’s Cheap EVs
Arjun Neil Alim, Patricia Nilsson, and Peter Campbell of the Financial Times report that German carmakers are looking at sharing costs to counter the wave of cheaper cars produced in China. He writes: Volkswagen is considering partnering with other carmakers to produce cheaper electric vehicles to help it compete with a coming wave of lower-cost rivals from China. The world’s second-largest carmaker plans to decide later this year how to produce an EV costing less than €25,000, chief executive Oliver Blume told a press conference in Berlin. Chief financial officer Arno Antlitz said it was “so … [Read more...]
What’s Disrupting the Luxury-Car Market?
Yoko Kubota of The Wall Street Journal reports that the lack of supplies of a part produced by a Chinese supplier recently banned over links to forced labor is delaying imports of Porsche and other cars into the U.S. Kubota writes: A commonly used magnetic component made by a blacklisted Chinese company is behind the hold up of thousands of luxury-car shipments to the U.S., illustrating how American trade policy is upending global supply chains. The part, a LAN transformer used to connect cars and computers to networks, was inside a control system of vehicles being shipped by Volkswagen to … [Read more...]
Tesla’s Charging Station Adaptation
In nature, species survive by adapting to their surroundings. The same is true in business. To expand its influence in the market for EVs, Tesla has allowed electric vehicles from other automakers to use its network of charging stations with the help of adapters. At The Wall Street Journal, Joanna Stern explains her experience charging up her Ford Mach-E at a Tesla station. She reports: Last week, I witnessed two small miracles: My Ford Mustang Mach-E charged at 10 different Tesla Superchargers with few technical issues. Not a single Tesla owner threatened to slash my tires for … [Read more...]
U.S. New Car and Truck Sales Rose 5.4% in February
Jeffry Bartash of MarketWatch tells his readers that automobile sales are back on track for another increase in 2024. He writes: Sales of new cars and trucks in the U.S. rose 5.4% in February, rebounding from a slow start at the start of the year and offering fresh evidence of the strength of the economy. Automobile sales increased at an annual rate of 15.8 million last month from 15 million in January, according to Ward’s Intelligence. Economists had forecast a 15.4 million annual rate. The figure reflects how many new vehicles would be sold in the entire year if the same number were … [Read more...]
Can Towns Have Too Many Car Washes?
There's a business boom happening in car washes, but some towns have had enough. Is there such a thing as too many? Bloomberg's Patrick Sisson reports: The town of Streetsboro, Ohio, just off the state’s famous turnpike, owes a not insignificant part of its identity to automobiles and the industries that support them. About 6.5 million cars drive by every year, and the local retail mix is dominated by motels, gas stations and various drive-through businesses. But in recent years, Mayor Glenn Broska has heard from a lot of constituents angry about one particular element of the autocentric … [Read more...]
EV Battery Metal Market – From Boom to Bust
Rhiannon Hoyle and Julie Steinberg of The Wall Street Journal report that producers of lithium and nickel are pausing projects as prices collapse and momentum slows for electric-vehicle sales. They write: When the world’s most valuable lithium company last year announced plans for a $1.3 billion plant in South Carolina, local officials hailed it as transformative for the Palmetto State. The high-tech project from Charlotte, N.C.-based Albemarle was designed to process different sources of lithium, including from recycled batteries, and serve as a supplier of the critical mineral for … [Read more...]
Largest Recall for Tesla – 2.2 Million
James Rogers of MarketWatch reports that Telsa is recalling almost 2.2 million vehicles in the U.S., according to the National Highway Traffic Safety Administration. Rogers writes: Tesla Inc. is recalling more than 2 million vehicles in the U.S. as a result of a warning-lights problem, marking the electric vehicle maker’s largest recall to date. “Warning lights with a smaller font size can make critical safety information on the instrument panel difficult to read, increasing the risk of a crash,” the National Highway Traffic Safety Administration said in a statement. The NHTSA said that … [Read more...]
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