In an effort to minimize the number of gasoline-powered vehicles sold in America, regulators are planning strict rules that would force manufacturers to produce many more electric vehicles. Claire Bushey and Aime Williams report in the Financial Times: US environmental regulators on Wednesday proposed tough new emissions limits that would force carmakers to make 67 per cent of their American models electric by 2032. EPA administrator Michael Regan called it “the most ambitious pollution standards ever for cars and trucks”. It would significantly increase EVs share of the new vehicle … [Read more...]
GM’s Electric Vehicle Push Stalls
Efforts by General Motors to ramp up electric vehicle production have not been working out. Mike Colias reports for The Wall Street Journal: General Motors Co. Chief Executive Mary Barra has called 2023 a breakout year for the company’s electric-vehicle push. It is off to a slow start. The Detroit auto maker is dealing with the slower-than-expected rollout of two high-profile electric vehicles, the GMC Hummer EV and the Cadillac Lyriq, increasing pressure on Ms. Barra after GM lost EV market share to rivals last year. More than 15 months after GM began building theelectric GMC Hummer … [Read more...]
Tesla Is Dropping Its Prices
Tesla has announced price cuts for two of its vehicles, the Model S and the Model X. Alyssa Lukpat reports The Wall Street Journal: Tesla Inc. decrease; red down pointing triangle lowered the prices of two of its most expensive models in the U.S., the Model S and Model X, in its latest round of price cuts as the company tries to boost demand in a competitive market. Tesla dropped the base price of its Model S luxury sedan from $94,990 to $89,990, which is about a 5% cut, according to the company’s website. Tesla lowered the base price of its Model X sport-utility vehicle from $109,990 to … [Read more...]
Is Hydrogen the True Future of Clean Energy?
Electric vehicles are all the rage at the moment, but is it possible hydrogen-fueled vehicles are the real future of clean energy? Toyota and Hyundai are putting good money into the possibility. June Yoon reports for the Financial Times: The battle over cars running on alternative fuel shifts up a gear this year. A record number of new models powered by electric batteries are due to be released in the coming months as manufacturers place their bets on greener solutions to petrol engines. But two of the biggest carmakers, Toyota and Hyundai, are still driven by the belief that hydrogen will … [Read more...]
Families Priced Out of the American Dream
For years, working-class American families have had trouble buying homes, the most basic symbol of the American dream. Now though, they're even having trouble buying a car, another symbol of the free American spirit. David Welch and Keith Naughton report in Bloomberg: A shiny new car in the driveway has been an emblem of middle-class prosperity for generations. But for the typical American family, it’s now a distant dream. The average monthly payment for a new car has soared to a record $777, nearly doubling from late 2019, according to Kelley Blue Book owner Cox Automotive. That’s almost … [Read more...]
Is Tesla a Luxury Brand?
Tesla has reigned as the top choice for wealthy electric vehicle buyers for years, but is all that about to change? MarketWatch's Sean Tucker reports that recently, more wealthy buyers are considering BMWs than Teslas. Tucker writes: More people in the market for a luxury car in the fourth quarter of 2022 considered a BMW than any other car brand in the fourth quarter of 2022. The number of shoppers considering a Tesla TSLA, -1.55% plunged, falling to a single-digit percentage. The now-Texas-based electric-vehicle maker cut prices drastically shortly after the end of the quarter. Early … [Read more...]
Are the Realists Winning the Debate over the Future of EVs?
Is it realistic to assume that electric vehicles (EVs) are going to dominate the automobile market in the near future? Can they even? Those are the questions automobile companies are constantly looking for answers to. At Toyota, the power resides with the realists. River Davis reports: Toyota’s TM -0.99%decrease; red down pointing triangle chief executive always said he wasn’t a skeptic about electric vehicles—he was a realist. Longtime CEO Akio Toyoda called himself a spokesman for “a silent majority” of people in the auto industry who questioned a single-minded focus on EVs. He argued … [Read more...]
Tesla Slashing Prices on Its Cars
Tesla is slashing the prices of its cars sold in the United States. Rebecca Elliott reports for The Wall Street Journal: Tesla Inc. TSLA -2.31%decrease; red down pointing triangle cut prices for some of its vehicles sold in the U.S. by nearly 20%, aiming to lure new buyers at a time Wall Street is concerned appetite for the car maker’s vehicles is weakening. The cuts, which span Tesla’s lineup, are likely to allow some buyers to qualify for a $7,500 U.S. government tax credit. Elon Musk’s car company slashed the price of its baseline Model Y crossover by almost 20% to $52,990, not … [Read more...]
Luxury Car Supply Chain Issues Ease
Supply chain issues that have plagued the automotive supply chain are easing, and luxury brand automakers BMW and Mercedes are feeling the relief. Patricia Nilsson reports for the Financial Times: Sales at BMW and Mercedes-Benz jumped in the final months of 2022 as the premium German car brands signalled supply chain problems that have plagued the industry were easing. Carmakers around the world have been struggling with a lack of parts since the pandemic, particularly semiconductors, leaving many with large fleets of unfinished vehicles that cannot be delivered to customers. Both BMW … [Read more...]
Are Electric Vehicles Threatening Auto Unions?
According to Ford CEO Jim Farley, "It takes 40 percent less labor to make an electric car." The company is finding ways to utilize its large unionized workforce to make more parts in-house. That could mean, of course, that parts suppliers to Ford will be given less business in the future. With fewer laborers needed overall in the heavily unionized auto industry, will electric cars be responsible for the further decline of auto unions? Claire Bushey reports in the Financial Times: The transition to electric vehicles is widely expected to reduce the number of jobs in the auto industry because … [Read more...]
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