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☆ Car companies are going back to the drawing board with their EV plans
▼ + stars: | 2024-02-05 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Car companies are struggling to adjust to a new era in the EV transition. Companies are turning to hybrids and EV demand softens. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA new era of the transition to electric vehicles is on the horizon, and car companies are scrambling to adjust accordingly.

Persons: — Organizations: Service, EVs, Business

☆ Energy prices will go 'way higher' despite transition to EVs: Bill Smead
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy prices will go 'way higher' despite transition to EVs: Bill SmeadBill Smead, Smead Capital Management CIO, joins 'The Exchange' to discuss how to position in energy, the current geopolitical impacts on the oil industry, and more.

Persons: Bill Smead Bill Smead Organizations: Smead Capital Management

☆ Tesla owners share their tips on how to deal with extreme cold
▼ + stars: | 2024-02-04 | by ( Grace Kay | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Read previewDriving an electric vehicle in the cold looks a lot different than driving a gas-powered car, but some Tesla owners — often among the most seasoned EV owners — say there are easy ways to avoid disaster. Last month, Tesla made headlines when dozens of EVs clogged a supercharging station in Chicago as Tesla owners struggled to charge in temperatures below zero degrees. AdvertisementInsider spoke with eight Tesla owners who shared some tips on how to own an EV during a bitter winter. Here's what Tesla owners say about how to deal with the cold. UCGOther Tesla owners say it's key to have a charger at home.

Persons: —, Tesla, Dennis Duncan, Leonard Zuga, he's, Zuga, I've, Richard Samuels, Nick Caracciolo, Caracciolo, Robbie Mack, Mack Organizations: Service, EV, Business, MediaNews, Orange, Register Locations: Chicago, Irvine , California, Washington, Ohio, Oregon, Canada

☆ A Rivian R1T blew through steel guardrails, reflecting safety experts' warnings about heavy vehicles and even heavier EVs
▼ + stars: | 2024-02-03 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +6 min

The crash test highlights safety experts' concerns about faster and heavier EVs. AdvertisementA new video of a Rivian truck bursting through steel guardrails during a crash test highlights some of the safety concerns experts have raised about heavy electric vehicles. Bigger the car, deadlier the crashSafety experts have previously raised concerns about the risks heavy vehicles and heavier EVs could bring to the roads. In the UK, safety experts say the heavier weight could cause older parking garages across the country to collapse. "There is some urgency to address this issue," Cody Stolle, Midwest Roadside Safety Facility's assistant director, told the publication.

Persons: —, Rivian, Ann Carlson, Charles Krupa, Kevin Heaslip, Politifact, Steve Patton, Alexa St, John, Zhe Ji, Myles Russell, they're, Cody Stolle, Ford Organizations: Service, University of Nebraska, Safety Facility, Nebraska Today, Midwest, Safety, National, Traffic Safety Administration, Reuters, Insurance Institute for Highway Safety, Center for Transportation Research, University of Tennessee, P Global Mobility, EV, Alexa, Ferrari, GMC, Ford, Madison Hall, McLaren, Anadolu, Getty, Research, Tesla Locations: Manchester , New Hampshire, Canadian, North America

☆ 8 more of our stocks report earnings next week. Here's what we want to see
▼ + stars: | 2024-02-03 | by ( Zev Fima | ) www.cnbc.com time to read: +13 min

The three major averages posted gains for the fourth week in row, lifted by strong quarterly earnings results for most of the Big Tech companies and a strong jobs report. A weaker ADP Employment report on Wednesday provided no read-through to the monster January jobs report Friday. Here's what we're keeping an eye on in the coming week: 1. Earnings: It's another big earnings week head for the portfolio, with 8 more of our companies reporting. Consistency is what we appreciate most from nat gas giant Linde , so we're hoping for another quarter of solid earnings growth Tuesday.

Persons: Estee Lauder, Eli Lilly, Mounjaro, Nelson Peltz, Estée Lauder, Tyson, CARR, Jacobs, Willis Towers Watson, Edwards, Walt Disney, Oscar Health, Philip Morris, Armour, BAX, BILL, Jim Cramer's, Jim Cramer, Jim, George Frey Organizations: Big Tech, Dow Jones Industrial, Nasdaq, PMI, Apple, Starbucks, Procter, Gamble, GE Healthcare, DuPont, Linde, Ford, General Motors, Trian Partners, Disney, ESPN, Wynn Resorts, Wynn, Vegas, Prix, Estée Lauder Companies, Caterpillar, McDonalds Corp, Allegiant Travel, Bowlero Corp, Tyson Foods, TSN, Air Products & Chemicals, IDEXX Laboratories, CNA Financial Corp, CNA, Timken Company, Graham Corporation, Mesa Laboratories, Sphere Entertainment, Loews Corp, Technologies, Vertex Pharmaceuticals, Semiconductors, Simon Property Group, Amkor Technology, FMC Corporation, FMC, BellRing Brands, Crown Holdings, ChampionX Corporation, Golub Capital BDC, Flexsteel Industries, Kilroy Realty Corp, Gladstone Capital Corp, Unibanco, S.A, Snack Foods Corp, Kimball Electronics, Skyline Corp, Cabot Corporation, Simpson Manufacturing Co, Varonis Systems, Co, GE HealthCare, Linde plc, LIN, Spotify Technology S.A, BP, Hertz Global Holdings, AeroSystems Holdings, Toyota Motor Corp, Cummins, CMI, Software Technologies, AGCO Corporation, Carrier Global Corporation, Lear Corp, CONSOL Energy, Centene Corporation, Gartner, Arcbest Corp, CTS Corporation, Energizer Holdings, Hamilton Lane Incorporated, KKR, Precision Drilling Corporation, Frontier Group Holdings, Waters Corp, Alfa Laval, Aramark Holdings Corp, FirstService Corporation, Garden Sports Corp, New Jersey Resources Corp, nVent Electric plc, PJT Partners, Resources, Sensata Technologies, Ford Motor Company, Enphase Energy, Grill, VF Corp, Edwards Lifesciences Corp, Gilead Sciences, Lumen Technologies, Cognizant Technology Solutions Corp, Weatherford International plc, Amcor plc, Arrowhead Pharmaceuticals, Advanced Energy Industries, Uber Technologies, CVS Health, Roblox Corporation, Ares Capital Corp, Bunge, XPO Logistics, Scotts Miracle, Gro Company, Berry Global, Flex LNG, Equinor ASA, Griffon Corporation, OneMain Holdings, Brookfield Asset Management, Emerson Electric Co, Hilton Worldwide Holdings, Reynolds Consumer Products, Silicon Laboratories, Brands, Sciences, CDW Corp, Fox Corporation, WYNN, PayPal, Arm Holdings plc, ARM, Axcelis Technologies, Mattel, Paycom, Annaly Capital Management, McKesson Corp, Health Corporation, O'Reilly Automotive, Allstate Corp, Fluence Energy, Power Systems, Digital Turbine, Blue Bird Corp, Everest Group, Omega HealthCare, Coty, COTY, ConocoPhillips, Cameco Corp, Philip Morris International, Spirit Airlines, Hershey Company, Lightspeed Commerce, Aurora Cannabis, Lincoln National Corp, P, Tenet Healthcare Corp, Asbury Automotive Group, Arrow Electronics, Baxter International, PetMed, Boyd Gaming Corp, FirstEnergy Corp, Motorola Solutions, Terex Corp, PepsiCo, Growth, AMC Networks, Owl, American Pipeline, TELUS International, Magna International, Newell Brands, Jim Cramer's Charitable, CNBC, Bloomberg, Getty Locations: U.S, China, Macau, Wynn Macau, Valvoline, VVV, ALFVY, Madison, New Jersey, Gilead, Ceridian, ORLY, Paycor, Aurora, Provo , Utah

☆ Battery swapping is taking off in China — and it could help rescue the EV revolution in the US
▼ + stars: | 2024-02-03 | by ( Tom Carter | ) www.businessinsider.com time to read: +8 min

The Tesla rival pioneering battery-swappingFounded by entrepreneur William Li — sometimes referred to as "China's Elon Musk" — in 2014, Nio has built a network of more than 2,000 battery swap stations in China. Experts told BI that battery swapping offers a solution to many of those concerns — in theory. Ample battery swapping technology promises to swap out an EV battery in under five minutes. It's a heavy innovation because battery swap is closely connected with the vehicle design and the sales model," said Dr Shen. Ample, which in the future plans to charge users a battery subscription fee to use its swap stations, has battery swap stations operating in Spain, Japan, and California, where it has worked mainly with fleet providers such as Uber.

Persons: —, William Li —, China's Elon, Nio, Fei Shen, William Li, HECTOR RETAMAL, JAC, Shen, Dylan Khoo, John Helveston, Helveston, Khoo, John De Souza, De Souza Organizations: Service, Business, EV, Chery, ABI Research, George Washington University, Fiat Locations: China, Europe, West, San Francisco, Spain, Japan, California

☆ Tesla is upgrading its Model Y's self-driving features in China amid fierce competition from BYD
▼ + stars: | 2024-02-02 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Tesla is upgrading its Model Y in China. AdvertisementTesla is giving its Model Y an upgrade in China. Tesla is also launching red, gray, and silver color options in China for the Model Y, which is one of the company's most popular products. Chinese EV company BYD overtook Tesla as the world's biggest EV maker last year, surpassing Musk's company's fourth-quarter sales. AdvertisementWhile the competition between Tesla and BYD has ramped up, Musk has seemingly attempted to distance his company from its Chinese counterpart.

Persons: —, Tesla, Musk's company's, Musk Organizations: CNBC, Tesla, Service, EV, Economic, BYD, Business Locations: China, WeChat, Shanghai

☆ Ford's hybrid vehicle sales surge to offset EV decline in January
▼ + stars: | 2024-02-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor started the year with a slight increase in sales, as a large jump in hybrid vehicles offset an 11% decline in all-electric cars and trucks. The Detroit automaker on Friday reported sales rose 4.3% last month from January 2023, led by a 43% jump in hybrid sales and 2.6% uptick in traditional vehicles with internal combustion engines. The spike in hybrid sales is part of Ford's plan to double down on the technology. Despite the focus on hybrids, 90% of Ford's sales last month were traditional cars and trucks. Ford's stock has fallen about 1% in 2024.

Persons: EVs, General Motors Organizations: DETROIT, Ford Motor, Detroit, Ford, General

DETROIT (AP) — Tesla is recalling nearly all of the vehicles it has sold in the U.S. because some warning lights on the instrument panel are too small. It covers the 2012 through 2023 Model S, the 2016 through 2023 Model X, the 2017 through 2023 Model 3, the 2019 through 2024 Model Y and the 2024 Cybertruck. Tesla has already started releasing the software update, and owners will be notified by letter starting March 30. The recall comes as the agency steps up scrutiny of Tesla vehicles. The recall is due to problems with the automatic steering assist function and applies to 1.6 million imported Tesla Model S, Model X, Model 3 and Model Ys.

Persons: Tesla, BYD Organizations: DETROIT, NHTSA, Administration, Market, Tesla Motors, Tesla Locations: U.S, China, Beijing, Shanghai, BYD

☆ Elon Musk might be right. Chinese EV firms could 'demolish' their US rivals.
▼ + stars: | 2024-02-02 | by ( Tom Carter | ) www.businessinsider.com time to read: +5 min

Elon Musk warned Chinese EV firms could "demolish" rivals like Tesla without trade barriers. AdvertisementA decade ago, Elon Musk laughed off the threat posed by Chinese electric carmaker BYD . "The Chinese car companies are the most competitive car companies in the world," Musk told investors during Tesla's Q4 earnings call. I think the Chinese companies are more willing to take risks and gamble with something and see how it goes," he said. Something else that may stop Chinese EV companies from overrunning the US market with cheap models is range.

Persons: Elon Musk, Tesla, —, BYD, Musk, Biden, Zhang Fan, Fortune, we've, John Helveston, Helveston, Nio, Dr, Fei Shen, Shen Organizations: Service, EV, Companies, Chery, GAC, George Washington University, US, Nio's, BI Locations: Mexico, China, Europe

☆ Japan or China — which is the world’s top car exporter?
▼ + stars: | 2024-02-02 | by ( Laura He | Himari Semans | ) edition.cnn.com time to read: +2 min

Hong Kong/Tokyo CNN —Did China just pull ahead of Japan to become the world’s top car exporter? “It is a certainty that China has become the world’s largest exporter,” the China Passenger Car Association (CPCA) said last month. And the picture is further clouded if you consider industry association data. One trend is clear though: China has been closing the gap with the world’s top car exporting nations over the past two years. In 2023, China’s passenger car exports rose 62% from 2022, according to data published by the CPCA last month.

Persons: BYD, Tesla, Elon Organizations: Tokyo CNN —, China Passenger Car Association, Japan Automobile Manufacturers Association, China Auto Manufacturing Association, Elon Musk’s Locations: China, Hong Kong, Tokyo, Japan, Beijing, South Korea, Germany, Russia, Moscow, Ukraine, Europe, Australia, Southeast Asia, Shenzhen

☆ Morgan Stanley names Ford its new top pick among U.S. automakers
▼ + stars: | 2024-02-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

A rocky transition to electric vehicles in the U.S. could be a blessing in disguise for one of the country's legacy automakers, according to Morgan Stanley. Analyst Adam Jonas named Ford the investment bank's top pick among U.S. automakers in a note to clients Thursday. Jonas said scaling back spending plans for EVs can help Ford impress Wall Street. Morgan Stanley has a price target of $15 per share on Ford, which is about 28% above where the stock closed Wednesday. F 1D mountain Shares of Ford rallied on Thursday afternoon after Morgan Stanley named the stock a top pick.

Persons: Morgan Stanley, Adam Jonas, Ford, Jonas, Tesla Organizations: U.S, Wall, Ford, General Motors, GM, Investments, EV Locations: U.S

NEW DELHI (AP) — India’s finance minister unveiled on Thursday a short-term budget to meet government expenditures until national elections are held by May, saying it will boost spending on infrastructure projects, build homes for poor villagers and cut the fiscal deficit by reducing subsidies. The short-term budget is mostly free of big-spending new programs. The short-term budget must be approved by Parliament. The government allocated $145 billion for infrastructure projects in the short-term budget. The Modi government’s budget last year totaled $550 billion and focused on ramping up capital spending to spur economic growth.

Persons: Nirmala Sitharaman, Narendra Modi’s, giveaways, Modi, Sitharaman, Sibi Arasu Organizations: DELHI, —, Parliament, Monetary Fund Locations: India, United Kingdom, Bengaluru

TOKYO (AP) — Data from a Japanese auto industry association show that China overtook Japan as the world’s largest vehicle exporter last year. The Japan Automobile Manufacturers Association reported Japan exported 4.42 million vehicles in 2023, up 16% from a year earlier, while domestic auto sales totaled nearly 4.78 million vehicles. According to figures released earlier by the China Association of Automobile Manufacturers, China exported 4.91 million vehicles last year. Japan’s car exports totaled 4.2 million in 2022. Overall, auto sales in Japan have been mostly on the decline since 2000.

Organizations: TOKYO, Japan Automobile Manufacturers Association, China Association of Automobile Manufacturers, Toyota Locations: China, Japan

☆ Ken Griffin says watching Chinese EV firm BYD overtake Tesla was 'heartbreaking'
▼ + stars: | 2024-01-31 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Ken Griffin told CNBC that BYD overtaking Tesla as the top seller of EVs was a "heartbreaking" moment. The billionaire warned the West needs a strategy to cope with a wave of cheap Chinese electric cars. It comes after Elon Musk said Chinese EVs would "demolish" their US rivals without trade barriers. AdvertisementBYD has finally knocked Elon Musk off his perch at the top of the EV ladder — and nobody is more disappointed about it than Ken Griffin. AdvertisementHis comments come after Elon Musk warned that Chinese EV companies would "demolish" their Western rivals without trade barriers being put in place.

Persons: Ken Griffin, Tesla, Elon Musk, —, BYD, Warren Buffett, Griffin, CNBC's, We've, Elon, … Organizations: CNBC, West, Service, Citadel, Network, EV, General Motors Locations: Miami, China, California

☆ For Japanese automakers, hybrid EVs could ultimately enable switch to battery EVs: Fitch Ratings
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFor Japanese automakers, hybrid EVs could ultimately enable switch to battery EVs: Fitch RatingsSatoru Aoyama, senior director of Asia-Pacific corporates at Fitch Ratings, says "in Asia, the EV transition is not the binary between ICE and battery EVs."

Persons: Fitch, Satoru Aoyama Organizations: Fitch, ICE Locations: Asia, Pacific

SAVANNAH, Ga. (AP) — The Georgia Ports Authority said Tuesday that it moved a record number of automobiles across its docks in Brunswick last year, while goods shipped to Savannah in cargo containers declined 16%. The news comes as port authority CEO Griff Lynch has set a goal of Brunswick surpassing the Port of Baltimore as the No. We've been creating capacity in Brunswick,” Lynch said in an interview, adding that more growth is possible in 2024. Savannah handled 4.9 million container units of imports and exports last year, down 16% compared with calendar 2022. “I fully believe that when we look at February and March and April, we should see some positive numbers year-over-year,” Lynch said.

Persons: Griff Lynch, We've, ” Lynch, Lynch, “, ” Organizations: Georgia Ports Authority, Brunswick, Port, Auto, Hyundai, Kia, U.S Locations: SAVANNAH, Ga, Georgia, Brunswick, Savannah, Port, Port of Baltimore, Southern, U.S, Atlanta, West, New York, Los Angeles, Long Beach , California

☆ GM CEO Mary Barra: This is our year to execute and see growth in EVs
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGM CEO Mary Barra: This is our year to execute and see growth in EVsGM CEO Mary Barra joins 'Squawk on the Street' to discuss General Motors' underlying business in its latest quarter, whether the company's guidance is too high, and more.

Persons: Mary Barra Organizations: General Motors

And the company predicts a small improvement this year even as it plans for lower vehicle selling prices due to increased discounts. Cost cutting by simplifying engineering and manufacturing saved GM about $1 billion last year, Jacobson said, with another $1 billion expected this year. The company expects EV losses to ease this year and hit low-to-mid single digit profit margins in 2025 as it adds more EVs to its lineup. It also took a $1.7 billion accounting charge on the valuation of its electric vehicle inventory that is going to bring losses, Jacobson said. This year, the company expects $1.3 billion in higher labor costs and is prepared for about a $3 billion hit due to lower prices, Jacobson said.

Persons: Paul Jacobson, “ It's, ” Jacobson, Jacobson Organizations: DETROIT, —, Motors, Detroit, North, United Auto Workers, GM, UAW, Chevrolet Bolt, Cruise, Revenue Locations: North American

☆ Toyota is still No.1 but recalls and certification scandals add to list of problems
▼ + stars: | 2024-01-30 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

The Japanese manufacturer said Tuesday it had sold a record 11.2 million vehicles worldwide in 2023, including its Daihatsu and Hino lineups. By comparison, Volkswagen Group announced earlier this month that it had delivered 9.2 million vehicles last year, up 12% compared to 2022. Volkswagen later gained on the Japanese company, unseating Toyota in 2017. That compared with 104,000 battery-powered vehicles sold by Toyota, which has long lagged behind in the global EV race. The company, which is a leader of hybrid cars, sold 3.7 million electric vehicles total in 2023 when including hybrids.

Persons: Hong Kong CNN —, ” Toyota, Toyota, BYD, Warren Buffett, Tesla Organizations: Hong Kong CNN, Hong Kong CNN — Toyota, Volkswagen, Toyota, Daihatsu, Hino, Volkswagen Group, General Motors, Toyota Industries, Cruiser Locations: Hong Kong, Japan, United States, Europe, North America, China

☆ GM to release plug-in hybrid vehicles, backtracking on product plans
▼ + stars: | 2024-01-30 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors is changing its product lineup strategy to include plug-in hybrid electric vehicles, CEO Mary Barra told investors Tuesday. More companies are reconsidering the viability of hybrid vehicles to appease consumer demand and avoid costly penalties related to those federal fuel economy and emissions standards. Most of GM's main competitors offer traditional hybrids as well as plug-in hybrid electric vehicles. The only hybrid GM currently offers in the U.S. is a traditional hybrid version of the Chevrolet Corvette. GM led the way for plug-in electric vehicles with the Chevrolet Volt during the 2010s.

Persons: Mary Barra, Barra, Biden Organizations: Motors, DETROIT –, GM, Chevrolet Corvette, Chevrolet Locations: Detroit , Michigan, DETROIT, North America, China, U.S

☆ GM's plan to bring back hybrids is a win for dealers and shoppers
▼ + stars: | 2024-01-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

A new crop of electric car shoppers is showing interest for plug-in hybrids. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This about-face for GM , which has loudly touted its commitment to an all-electric future, is a good sign for dealers and shoppers heading into this year. AdvertisementIt may also be the first domino to fall as demand for hybrid vehicles reaches new highs. More options are likely to ease some of this pricing pressure and open up the hybrid market to more shoppers.

Persons: —, Mary Barra, Barra, Ford, Jeremy Korst Organizations: Service, GM, Dealers, GBK, Toyota, Tesla Locations: North America

☆ Want to invest in China's booming EV market? These ETFs could offer a good way in
▼ + stars: | 2024-01-30 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

As China's electric vehicle market goes from strength to strength, investors worldwide are showing a growing interest in getting involved. The chief investment officer singled out BYD , which recently beat Tesla to become the top global EV maker, as a "favorite" car maker, and battery-making giant Contemporary Amperex Technology ( CATL ). But significant hurdles remain for retail investors before they can be part of China's EV growth story. However, the veteran investor pointed out that ETFs with concentrated positions remain viable options for those seeking exposure to the Chinese EV growth potential. The fund also has a 5% position in Chinese EV maker BYD, according to FactSet data.

Persons: Kingsley Jones, Jevons, CNBC's, BYD, Tesla, Kingsley, Li Auto, BATT, Jones, BATT CGRO Organizations: Jevons Global, Technology, BMW, Hyundai, Honda, China EV, Battery Technology, China Growth, BATT, BYD, CNBC, Alpha, CGRO Locations: Hong Kong, China, U.S, Europe, BYD, Australia, Canberra, Xiaomi

☆ Elon Musk wants to sell more Teslas in Japan. Here's why that could be tricky.
▼ + stars: | 2024-01-28 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Read previewBack in 2010, Elon Musk predicted that Japan would become Tesla's largest market outside of the US. "There are some geographies where our market share is remarkably low, like Japan," Musk said in a fourth-quarter earnings call earlier this week. Akio Toyoda has been skeptical of the benefits of EV cars. Tomohiro Ohsumi/Getty ImagesThat hesitancy has also held back the development of charging infrastructure — there are only about 30,000 EV charging connectors in the whole country — and kept price tags higher. But Japanese carmakers do have some plans to boost their EV efforts.

Persons: —, Elon Musk, Musk, Tesla, Suzuki, Nissan Sakura, Tatsuo Yoshida, Akio Toyoda, Ohsumi Organizations: Service, Business, BMW, Toyota, Honda, Nissan, Bloomberg, Bloomberg Intelligence, New York Times Locations: Japan, Europe

☆ Rivian CEO says EV market suffers from a lack of choice
▼ + stars: | 2024-01-26 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Rivian CEO RJ Scaringe on Friday discussed the electric vehicle market with CNBC's Jim Cramer, saying EV automakers need to give consumers a wider variety of models to choose from. "What I think we're witnessing today is a lack of choice," Scaringe said. Rivian is trying to broaden its offerings with a new line of R2 vehicles, which Scaringe will be smaller and less expensive than current Rivian models. Even Tesla , one of the few profitable EV companies, cut costs last year, reducing prices of new cars by 20%. But Scaringe said he's confident the world will eventually make a lasting shift to EVs, saying government policies will drive that change.

Persons: RJ Scaringe, CNBC's Jim Cramer, Scaringe, Rivian, Tesla, he's Organizations: EV, Biden Locations: U.S

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