BMW is sticking with its existing models in the transition to EVs. Unlike some competitors, BMW will offer existing models powered with electric, hybrid, or internal combustion engine. Competitor Mercedes is using an entirely new chassis for the electric version of its flagship S-class sedan. The FT has more. The two identical BMW saloons driven slowly on to a stage in Munich last week were met with confusion from the assembled crowd. Until an executive at the launch event pointed to them individually, it was unclear which car was electric, and which carried a traditional petrol … [Read more...]
Would You Rent an Electric Vehicle?
Hertz Global has announced that it will buy up to 65,000 Polestar electric vehicles for its fleet of rental cars. These aren't the first electric cars available from Hertz, but will represent a significant increase. Will car renters be willing to rent a vehicle with fewer opportunities to top up? The Wall Street Journal's Nora Eckert reports: Hertz Global Holdings Inc. agreed to purchase up to 65,000 electric vehicles over five years from the Swedish auto maker Polestar, part of the rental-car company’s goal of expanding its plug-in offerings. The rental-car industry, long a big bulk … [Read more...]
Buying a Car? Don’t Expect a Discount
Negotiating with car dealers is hard enough, after two years of shortages, it's even worse, especially for shoppers looking for less expensive models. David Welch reports for Bloomberg on carmakers' shift toward higher-priced models, and what that means for car buyers. He writes: For decades, transactions in U.S. car dealerships went something like this: A couple walks into a showroom, expresses interest in buying a sedan, the sales rep says, great, our MSRP is $26,000, and the two sides sit down to negotiate the price lower until they settle on a level both can accept. The MSRP, or … [Read more...]
Another New Entrant Targets Tesla and EV Market
Electric vehicle (EV) stocks have been popular with the investing public. Some have even grown so popular among investors that their market capitalizations are larger than many traditional auto companies. But ultimately the economics of the business are likely to bring many EV companies back to earth. The big problem for the EV industry is that the barriers to entry are low. Witness all of the new entrants you have never heard of before. Now Sony and Honda are teaming up to take share in the EV market. The Financial Times reports: Sony and Honda said they would form a joint venture to produce … [Read more...]
Elon Musk Has Been Vocal About Freedom, But Is Still Putting a Tesla Design Center in China
The amount of pro-freedom messaging coming from Elon Musk's Twitter feed lately has been a welcome sight, but his decision to put a Tesla design center in Beijing makes his position puzzling. Yang Jie discusses Tesla's plans in The Wall Street Journal, writing: Tesla Inc. TSLA +4.35% is placing a design center in China’s capital, according to a Beijing government document. The electric-car maker had said it would build a design-and-engineering center to develop China-designed vehicles for the global market, but hadn’t said where the center would be. A list of key projects in the Beijing … [Read more...]
Now Inflation Finds Its Way to Your Car Insurance
As prices of nearly everything soar during the Biden era, now the price of car insurance is rising as well. Leslie Scism reports in The Wall Street Journal: Car insurers are rapidly raising rates to try to get ahead of inflation, which has boosted the prices of car repairs, replacements and rentals. Many insurers are boosting premiums by 6% to 8% while some are asking for double-digit increases, according to industry executives and analysts. The rising rates are an example of inflation leading to more price increases as businesses try to compensate for higher costs. After having a … [Read more...]
An End to the Car Shortage?
For the last two years, Americans driving by car dealerships-traditionally bloated with inventory-have seen bare parking lots and empty showrooms. The shortage of silicon chips, an element crucial to modern-day vehicle production, has created a shortage of vehicles across the world. Now, there are signs the vehicle shortage may be abating. Stephen Wilmot reports for The Wall Street Journal: Getting your hands on a new car should become easier this year. The big question for both consumers and investors is at what price. The most surprising projection made by General Motors GM -0.74% when … [Read more...]
EV MARKET: It’s Getting Crowded in Here
New entrants are rushing into the EV space. The latest is Sony. The dash to sell EVs should tell EV investors something about the barriers to entry in the business and of the ultimate profitability in the industry. Based on the frothy share prices of EV firms, nobody appears to be listening to the message. Bloomberg's Takashi Mochizuki and Yuki Furukawa explain Sony's dive into EVs, reporting: Sony Group Corp. is exploring the commercial launch of its own electric vehicle, joining tech rivals like Xiaomi and Foxconn in a rush into the red-hot industry. Sony Chief Executive Officer … [Read more...]
Older Automakers Gearing Up to Take on Tesla with Electric Vehicles
Tesla has surely paved the way to a new understanding of electric vehicles, but its production is still very small, and limited to a narrow range of vehicle options. Mega-automakers like GM, Volkswagen, and Mercedes-Benz are preparing to compete with Tesla more directly by ramping up their battery supply lines and developing new models. Ben Foldy reports in The Wall Street Journal: Auto makers are trying to control more of the supply chain for electric vehicles, forging new partnerships with raw materials producers and investing in facilities that make chemicals for batteries. General … [Read more...]
Hyundai Isn’t Giving up on Hydrogen
Despite the heavy lead in technology and propagation by electric vehicles, Hyundai isn't giving up on hydrogen fuel cell powered cars just yet. Alan Ohnsman reports in Forbes: Hyundai Motor has a highly anticipated electric hatchback heading to the U.S. in the coming weeks and showed off an edgy concept version of a battery-powered midsize SUV in Los Angeles this month. Yet even as it prepares to take on Tesla in EVs, the Korean industrial giant also has big plans to take hydrogen power mainstream—though it’s an option that may not be fully competitive until the end of the decade. Hyundai … [Read more...]
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