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The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The UAW walkouts cost the company $200 million during the third quarter and $600 million so far in the fourth quarter, GM Chief Financial Officer Paul Jacobson said in a briefing with reporters. Strike costs are now running at $200 million a week, Jacobson said. Average selling prices for GM vehicles were $50,750 in the latest quarter, slightly down from the previous quarter. GM also said losses at its Cruise robotaxi unit widened to $732 million in the quarter.

Persons: Rebecca Cook, GM's, Colin Langan, Paul Jacobson, Jacobson, Shawn Fain, Tesla, Mary Barra, We're, Barra, Biden, Ford, Elon, Joe White, Ben Klayman, Jamie Freed, Kirsten Donovan, Chizu Organizations: General Motors, REUTERS, Rights, Tuesday, United Auto Workers, GM, UAW, Chevrolet, Detroit, EV, GMC, U.S, Thomson Locations: Detroit , Michigan, U.S, Arlington , Texas, Flint , Michigan, North America, Orion Township , Michigan

☆ Forget Tesla – this $13,000 tiny car is Japan's best-selling EV
▼ + stars: | 2023-10-24 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

The $13,000 "Kei car" has left rivals such as Tesla in the dust. Mini "Kei trucks" are taking off in the US, with some being sold for as little as $5,000. AdvertisementAdvertisementTesla may dominate the global EV market — but for drivers in Japan, a $13,000 tiny car is proving a better investment. Their cousins, Kei trucks, have become increasingly in demand in the US in recent years. Kei trucks such as the Daihatsu Hijet have become increasingly popular in the US.

Persons: —, minicar, Sakura, Nissan Sakura, Elon, Kei, Warren, TORU YAMANAKA, Suzuki Organizations: Bloomberg, Service, Nissan, Mitsubishi, Tesla, Daihatsu, EV Locations: Japan, America

☆ Document reveals Tesla Cybertruck won't be cheap, but it will be heavy
▼ + stars: | 2023-10-24 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

The document also reveals that the Cybertruck, like other electric trucks, will be heavy. In Tesla vehicles, as in most electric vehicles, all-wheel-drive is created by having one or two motors driving the front wheels and one or two driving the back wheels. Because of their heavy battery packs, electric trucks tend to weigh more than gas-powered trucks, adding as much as 2,000 pounds to their GVWR. When Tesla first unveiled the Cybertruck in late 2019, no other automakers offered electric trucks on the market. Various automakers have recently had to offered discounts on their electric vehicles to help clear backlogs of unsold EVs on dealer lots.

Persons: Tesla, Cybertruck, Elon Musk, ” Musk Organizations: CNN, Traffic Safety Administration, Ford, General Motors, Rivian, GM Locations: America

☆ Electric car prices are plummeting but these 4 models are still selling for above sticker price
▼ + stars: | 2023-10-24 | by ( Alexa St. John | ) www.businessinsider.com time to read: +1 min

Electric car prices have been on the decline as inventory builds and demand eases. Several EVs are selling for thousands below their sticker price. At least 20 EVs are going for below sticker price just from money being taken off at the dealership, according to Edmunds data. Buyers can get some electric cars for as much as 12% off the MSRP (manufacturer's suggested retail price). But while the prices of most EVs are coming down, there are a few that have stayed resilient, Edmunds data suggests.

Persons: —, we're, Kelley Organizations: Service Locations: Edmunds

☆ China's Great Wall Motor is first EV maker to respond to EU anti-subsidy probe
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

Haval cars produced by Chinese automaker Great Wall Motors are on display for sale at a dealership in Artyom near Vladivostok, Russia, March 22, 2023. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSHANGHAI, Oct 24 (Reuters) - China's Great Wall Motor said it had formally submitted responses to the European Commission's anti-subsidy investigation of Chinese-made electric vehicles (EVs), while calling for a fair and open trade environment. Great Wall, which provided its answers to the European Commission on Oct. 11, was the first automaker to have done so, he added. Great Wall Motor plans to build a plant in Europe and Germany was one of the candidates for the site, the German publication Automobilwoche said in May. Great Wall Motor ranked eighth in terms of sales of pure electric and plug-in hybrid cars in China during the first nine months of the year, industry figures show.

Persons: Tatiana Meel, Mu Feng, Mu, Automobilwoche, Ursula von der Leyen, EVs, Zhang Yan, Brenda Goh, Clarence Fernandez Organizations: automaker Great Wall, REUTERS, Rights, Weibo, European Commission, Great, European, EV, BMW, Renault, World Trade Organization, HK, Wall Motor, Thomson Locations: Artyom, Vladivostok, Russia, China, EU, Moscow, Ukraine, Europe, Germany, Brussels, China . China

It’s a message ringing clear at the Tokyo Mobility Show, which will run through Nov. 5 at Tokyo Big Sight hall and where battery-powered electric vehicles are the star at practically every booth. Toyota Motor Corp.’s lean angular Lexus concept, set to go on sale in 2026, is an electric vehicle running on lithium-ion batteries. That is partly because of Toyota’s past success in hybrids, exemplified in the Prius, which have a gasoline engine in addition to an electric motor. In China, a third of vehicles sold are EVs. Nissan, an early EV maker among the Japanese with its Leaf going on sale in 2010, is showcasing four EV concept cars.

Persons: —, ” Takero Kato, China's BYD, Kato, Tesla, EVs, Joe Biden, BYD, ” Kato, Joshua Cobb, ”, Cobb, Alfonoso Albaisa, ” Albaisa, De Souza, “, John de Souza, ___ Yuri Kageyama Organizations: TOKYO, Toyota, Tokyo Mobility, Mazda Motor Corp, Honda Motor, Toyota Motor Corp, Journalists, General Motors Co, Ford Motor Co, Benz, Subaru, Lexus, International Energy Agency, BMI, SAIC, GM, EV, Nissan, “, Manufacturers, Mitsubishi Fuso, Daimler, Mitsubishi Locations: Tokyo, Japan, U.S, China, San Francisco

☆ Why GM is reviving the Bolt, the best-selling EV it almost discontinued
▼ + stars: | 2023-10-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

General Motors CEO Mary Barra unveiled the Chevrolet Bolt electric vehicle during the 2016 Consumer Electronics Show in Las Vegas. Production of the current Bolt is set to end in December, but GM has said a revamped version is on the way. General Motors surprised investors – and EV fans – when it said in July that the little Chevrolet Bolt EV will be revamped, rather than killed off entirely at the end of 2023 as originally planned. Launched in late 2016 and originally aimed at the ride-sharing market, the Bolt had never sold as well as GM had originally hoped. That sales surge is a big part of why GM decided to keep the Bolt around.

Persons: Mary Barra, Bolt, Barra, – Organizations: Chevrolet Bolt, GM, General Motors, UAW, Bolts Locations: Las Vegas, –

☆ The Auto Makers Cry for EV Mercy
▼ + stars: | 2023-10-23 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week's best and worst from Dan Henninger, Mary O’Grady and Kim Strassel. Images: Reuters/AFP/Getty Images/Bloomberg News Composite: Mark KellyGeneral Motors last week said it is delaying electric pick-up truck production in Michigan, citing slowing demand for EVs and the need to make them more profitable. But the Biden Administration’s back-door EV mandate is ironically causing trouble for its plans for green-vehicle investment. On Sept. 14, the day before the United Auto Workers launched its strike, the Energy Department sent letters to Ford, General Motors and Stellantis asking for help understanding “specific challenges” to its proposed rule that would reduce the credits under the corporate average fuel economy (Cafe) standards for producing electric vehicles.

Persons: Dan Henninger, Mary O’Grady, Kim Strassel, Mark Kelly General, Biden, Ford, ” Organizations: AFP, Getty, Bloomberg, Mark Kelly General Motors, United Auto Workers, Energy Department, General Motors Locations: Michigan

The Toyota logo is seen on the bonnet of a newly launched Camry Hybrid electric vehicle at a hotel in New Delhi, India, January 18, 2019. India taxes EVs at just 5%, while the levy on hybrids is as high as 43%, just below the 48% imposed on petrol cars. Indian giants Tata Motors (TAMO.NS) and Mahindra & Mahindra (MAHM.NS) are backing EVs, while Toyota and Honda Motor (7267.T) want support for hybrids. Toyota has begun developing EVs while also championing hydrogen-powered cars, saying a "multi-pathway" approach is needed to solve the climate crisis. In its letter, Toyota also asks India to bring hybrid cars under a government incentive programme that offers discounts to buyers, a scheme now available only for EVs.

Persons: Anushree, Narendra Modi's, Modi's, Vikram Gulati, Gulati, Aayog, Sarita Chaganti Singh, Aditi Shah, William Mallard Organizations: Toyota, REUTERS, Tata Motors, Mahindra & Mahindra, Honda, EVs, Thomson Locations: New Delhi, India, DELHI, policymaking, Toyota's India

☆ Insider Today: You should buy a house now
▼ + stars: | 2023-10-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

AdvertisementAdvertisementIn today's big story, we're looking at why it's a good time to buy a house. RichLegg/Getty ImagesIt's a pretty terrible time to buy a house these days, which is why it's a good time to buy a house. AdvertisementAdvertisementInsider's Jennifer Sor detailed why it's a good time to buy a house. Part of the issue is that mortgage rates won't magically drop overnight. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: OpenAI's Sam Altman, Jennifer Sor, Jacob Zinkula, they're, that's, Gen Zers, who's, it's, Doug Haynes, Haynes, Steve Cohen's Point72, Leon Cooperman isn't, Arantza Pena Popo, carmakers, EVs, Tyler Le, Satya Nadella, Mathias Döpfner, Axel Springer, Jensen Huang, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: FBI, RichLegg, Norias Research, Investments, Ameriprise, Insurance, Microsoft, Activision Blizzard, Nvidia, ZTE Corp, Philips, NBA Locations: West Palm Beach, Fla, Tokyo, Oklahoma City, New York City, San Diego, London, New York

☆ Only 2 major car companies haven't joined Tesla's charging tech yet
▼ + stars: | 2023-10-23 | by ( Alexa St. John | Graham Rapier | ) www.businessinsider.com time to read: +4 min

A flood of automakers have announced their EVs will adopt Tesla's charging tech. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementIt started with a drop, and then a flood of automakers announcing their vehicles would soon support Tesla's charging technology, a major win for consumers and a massive vote of confidence for the plug. But even as the companies behind a vast number of new electric vehicles announce support for the North American Charging Standard, or NACS, two major holdouts remain: Volkswagen and Stellantis. Though ChargePoint dominates in US charging overall in terms of quantity of plugs, Tesla leads in terms of number of fast-charging ports, according to consultancy EVAdoption.

Persons: —, Stellantis, haven't, Tesla, Elon Musk Organizations: Volkswagen, Service, American, P Global Mobility, VW, Stellantis, Group, Tesla, North, EV Locations: America

☆ $100 billion property giant Prologis sealed a huge EV charging station deal. It hints at a new opportunity for real estate investors.
▼ + stars: | 2023-10-23 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +16 min

Late last year, it installed 38 chargers for electric trucks operated by Maersk at two sites in the Los Angeles area. There were 1.8 million conventional medium and heavy duty commercial vehicles operating in the state in 2021, according to data from the California Air Resources Board. Arnold said electric charging sites might be more lucrative than traditional industrial outdoor storage properties. The EV-charging business' chicken-and-egg problemOne of the biggest constraints to the development of charging sites is the availability of power. PDS operates about 320 diesel rigs, Gillis said, but because of the rules, will purchase "20 to 30 electric trucks" a year to steadily electrify its fleet.

Persons: Henrik Holland, John O'Leary, O'Leary's, Holland, Crawford Arnold, Arnold, Southern California Reuters Arnold, Vernon, Rivian, Gage, Zeina, Azzi, she'd, Jim Hurless, Hurless, Michael Bresnahan, Bresnahan, Elon Musk, Tesla, Greg Pearson, Pearson, Frank Schulz, Marijan Murat, Jim Gillis, Gillis, Emil Abdelshehid, We're, Nikola, Moshe Cohen, Cohen Organizations: Shell, Prologis, Maersk, Daimler Truck North, Mercedes, Freightliner, Government, California Air Resources Board, US Department of Energy, IOS, Investors, Shipping, Southern California Reuters, Amazon, FedEx, UPS, Colorado ., Chateau Energy Solutions, Tesla, Klabin, Getty, Los, Pacific Drayage Services, Los Angeles Department of Water, PDS, Volvo, Inc Locations: Southern California, Danish, Los Angeles, Long, Los Angeles County, Torrance, Daimler Truck North America, California, Vernon, of Long Beach, Newark , New Jersey, Texas, New York City, New Jersey, Colorado, Inland, Fontana, San Bernardino, Brooklyn

Toyota Motor Corporation's cars are seen at a briefing on the company's strategies on battery EVs in Tokyo, Japan December 14, 2021. The Japan Mobility Show, which opens on Thursday, comes at a critical moment for the domestic industry. Toyota (7203.T), the world's top-selling automaker, this year announced a strategic pivot to battery EVs, including plans to commercialise advanced batteries and adopt die-casting technology pioneered by Tesla (TSLA.O). Toyota's shift has helped silence criticism that it was too slow to embrace battery EVs. In contrast to the darkening outlook in Japan, data from the ASEAN Automotive Federation shows that the auto market in Southeast Asia has been growing.

Persons: Kim Kyung, Koji Endo, Daniel Leussink, David Dolan, Jamie Freed Organizations: Toyota, REUTERS, Companies, Japan, Japan Mobility, Tesla, Subaru, Mazda, Mitsubishi Motors, BYD, HK, BMW, Honda, SBI Securities, Nissan, Mitsubishi, Japan Automobile Manufacturers Association, ASEAN Automotive Federation, EV upstarts, Thomson Locations: Tokyo, Japan, TOKYO, China, Southeast Asia, Thailand

[1/6] A used KIA EV6 electric car is seen for sale outside the showroom of a used car dealer in Manchester, Britain, October 19, 2023. But that is changing as companies rush to scale up EV battery tests - some of which take just minutes. "If the second-hand car market doesn't work properly, the new car market doesn't work properly and the electric transition won't happen," said Alex Johns, business development manager at Altelium, which says it has received interest from other markets including China. The race to properly value used EVs is becoming urgent because of a looming influx of vehicles. "People just want less risk," when buying a used EV, said Battery Quick Check managing director Katharina Alamo Alonso.

Persons: Phil Noble, EVs, Alex Johns, Marcus Berger, Berger, Tesla, Stephanie Valdez Streaty, Eldar Vagabov, Michael Willvonseder, Willvonseder, Scott Case, Case, Katharina Alamo Alonso, Nick Carey, Paul Lienert, Ben Klayman, Deepa Babington Organizations: REUTERS, EV, Volkswagen, Deutsche, Mobility, Cox Automotive, Wiener, Owners, TUV Rheinland, Thomson Locations: Manchester, Britain, DETROIT, U.S, Altelium, China, Austrian, Germany, Atlanta, Manheim, Europe, Wiener Neustadt, Vienna, Seattle

A general view of the Samsung SDI battery factory in God, Hungary, December 12, 2022. REUTERS/Marton Monus Acquire Licensing RightsSEOUL, Oct 23 (Reuters) - South Korea's Samsung SDI (006400.KS) said on Monday it will supply Hyundai Motor (005380.KS) with electric vehicle (EV) batteries for seven years starting 2026, marking the first battery supply deal between the two companies. "The latest supply deal marks the first ever partnership between Samsung and Hyundai Motor Group in the field of electric vehicle batteries," Samsung SDI said in a statement. The battery maker, which supplies to General Motors Co (GM.N), Stellantis (STLAM.MI), BMW (BMWG.DE) among others, added that it will supply prismatic batteries manufactured at its factory in Hungary for Hyundai Motor's EVs targeting the European market from 2026 through 2032. Samsung SDI did not disclose the size of the deal.

Persons: Marton Monus, Heekyong Yang, hyang Choi, Diane Craft, Jacqueline Wong Organizations: Samsung SDI, REUTERS, Rights, Korea's Samsung SDI, Hyundai, Samsung, Hyundai Motor Group, General Motors Co, BMW, Hyundai Motor's, Thomson Locations: God, Hungary, Rights SEOUL, KS

☆ Earnings playbook: How to trade a busy week of reports from companies including Microsoft and Meta
▼ + stars: | 2023-10-22 | by ( Fred Imbert | ) www.cnbc.com time to read: +12 min

Tuesday General Motors is set to report earnings before the bell, followed by a call at 8:30 a.m. Coca-Cola is set to report earnings in the premarket, with a call slated for 8:30 .am. Wednesday Boeing is set to report earnings in the premarket, with leadership scheduled to hold a call at 10:30 a.m. Ford Motor is set to report earnings after the bell, followed by a conference call at 5 p.m. This quarter: The e-commerce giant is expected to report earnings per share growth of more than 100%, according to LSEG.

Persons: Michael Wayland, they'll, Andrea Teixeira, MSFT, Jordan Novet, GOOGL, Justin Post, MRK, Goldman Sachs, Chris Shibutani, Keytruda, Ford, AMZN, Doug Anmuth, — CNBC's Michael Bloom Organizations: Big Tech, Microsoft, Meta, Wall, CNBC, GM, LSEG, United Auto Workers, Investment Group, Coca, U.S, Activision, Wednesday Boeing, Boeing, Management, Bank of America, IBM, Merck, Ford, UAW, Detroit, JPMorgan Locations: Missouri, EVs, China, Apptio

☆ I drove electric SUVs from Tesla and Mercedes-Benz. Here's how they stack up and which I'd buy.
▼ + stars: | 2023-10-22 | by ( Tim Levin | ) www.businessinsider.com time to read: +1 min

I drove the Tesla Model Y and Mercedes-Benz EQE SUV to see how they compare. 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 . I recently tested the 2023 Mercedes-Benz EQE SUV, a fancy family hauler similar in size to Tesla's Model Y, which I spent some time with a while back. The Tesla provides a more spartan cabin, a more engaging driving experience, and some cool tech, if that's what you're into.

Persons: Tesla, Mercedes, —, Elon, EVs — Organizations: Elon Musk's, Tesla, Benz, Service, Volkswagen, Toyota, Tesla's

☆ China's led the EV race – but it may be running out of charge
▼ + stars: | 2023-10-22 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +7 min

AdvertisementAdvertisementThere's been a clear winner in the global EV race so far: China. Ford CEO Jim Farley announcing its Michigan EV battery plant in February. Bill Pugliano/Getty ImagesConcern about using Chinese battery technology reflects wider global concern about China's domination of the EV battery market, with governments starting to block Chinese investment into mines and factories. AdvertisementAdvertisementAustralia is the world's biggest producer of lithium, a key material for EV batteries, and a major producer of other rare earths. AdvertisementAdvertisementChina may have led the world in the EV race – but those days could well be numbered.

Persons: —, Bill Russo, Chrysler's, CATL, Ariel Cohen, there's, Shawn Fain, Ford, Jim Farley, Bill Pugliano, Jim Chalmers, Cohen, Morgan Stanley, Mazzocco, Bernstein, he's, Biden, it's, Ursula von der, Donald Trump Organizations: EV, European Union, Service, Economic, Financial, Ford, Council's Eurasia Center, of Foreign Relations, UAW, Reuters, Michigan EV, Minerals, Publishing, Center for Strategic, International Studies, South, Japan's Panasonic, European, Benz, Bloomberg, White Locations: China, America, Europe, South Korea, Michigan, Australia, India, Nanjing, Washington ,, Hungary

☆ GM and Ford will answer to Wall Street and the UAW with third-quarter earnings this week
▼ + stars: | 2023-10-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

General Motors and Ford Motor report third-quarter earnings and future guidance this week amid ongoing strikes and contract negotiations with the United Auto Workers union. Patrick T. Fallon | AFP | Getty ImagesThe UAW has consistently used earnings reports and commentary from executives, including GM CEO Mary Barra and Ford CEO Jim Farley, to promote its efforts and collective bargaining. "If GM, Ford and Stellantis are still very profitable for the third quarter, [UAW's] going to claim that, 'They're being too cheap in bargaining, and they should give us more.'" GM has said the work stoppage cost it roughly $200 million in lost production in September. UAW impactJPMorgan estimates strike costs amounted to $145 million at Ford and $191 million at GM in terms of earnings before interest and taxes during the third quarter.

Persons: Jim Farley, Ford, Mary Barra, Patrick T, Fallon, Wheaton, Ford —, Shawn Fain, Wolfe, Rod Lache, Lache, EVs Organizations: General Motors Reuters, General Motors DETROIT, Motors, Ford Motor, United Auto Workers, GM, Ford, LSEG, UAW, Stellantis, Local, Chrysler Corporate, Division, AFP, Getty, Worker Institute, Cornell University, Ford Expedition, Lincoln, Detroit, Detroit automakers Locations: Ontario , California, Kentucky

☆ The Ultra-Affordable EVs That Won’t Be Coming to the U.S. Anytime Soon
▼ + stars: | 2023-10-21 | by ( Christopher Mims | ) www.wsj.com time to read: 1 min

Most days, Athena Frederick goes grocery shopping and picks up her grandson from school without ever getting into a car. The same is true of her teenage daughter, who takes herself to and from high school. That’s possible because she lives in Peachtree City, Ga., a small town just south of Atlanta that started building a network of paths in 1974 that are accessible to golf carts, but not cars. It now extends more than 100 miles, serving 38,000 residents and their more than 11,000 registered carts. Nearly every destination and domicile in the town is accessible via a class of vehicle most Americans regard as a toy.

Persons: Athena Frederick Locations: Peachtree City , Ga, Atlanta

☆ These 20 electric cars are selling below sticker price — and rising incentives could help you get an even better deal
▼ + stars: | 2023-10-21 | by ( Alexa St. John | ) www.businessinsider.com time to read: +2 min

More and more deals are starting to hit electric cars these days. Here's 20 EVs discounted heavily from sticker price, according to Edmunds. As the auto industry scrambles to recover from overestimating EV demand this year, more electric cars are on dealer lots. That can be significant given electric cars, on average, went for $50,683 last month, per Kelley Blue Book data. AdvertisementAdvertisementHere's a look at 20 EVs selling below sticker price, and for how much (not including additional manufacturer incentives, which reached their highest levels recently).

Persons: Edmunds, —, Kelley, Cadillac Lyriq, Chevrolet Bolt Organizations: Service, EV, GMC, Cadillac, Chevrolet Locations: Edmunds, stoke

☆ Consumers can now find huge discounts on electric cars
▼ + stars: | 2023-10-21 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

CNN —Thanks to growing competition in the market, and some reticence from consumers, automakers and car dealers are offering huge discounts on electric vehicles, particularly luxury models. In September 2022, the average electric vehicle purchased in the United States, excluding Teslas, went for about $1,500 over sticker price. (Remember, for most new vehicles, the manufacturer’s suggested retail price, or sticker price, is just a suggestion, with the final selling price usually higher or lower.) In sheer dollars, the average price paid for a non-Tesla electric vehicle actually went up slightly over the past year. A couple looks at a Volkswagen ID.4 electric vehicle while shopping at a new car dealership.

Persons: Joseph Yoon, Pat Ryan, ” Ryan, Michael Nagle, Tesla, It’s, Yoon, Alison Flores, “, Edmunds, Charles Krupa Organizations: CNN, Edmunds, Nissan, New York, Bloomberg, Getty, Tesla, Teslas, Audi, BMW, Mercedes, Volkswagen, Hyundai, Volvo, Tax, H, AP Locations: Edmunds, United States, That’s

☆ $20,000 repair bills and other hidden costs that could sneak up on EV buyers
▼ + stars: | 2023-10-21 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

The switch to electric vehicles is still hampered by the high cost compared to gas cars. The higher upfront costs don't consider several less obvious costs that can hit after buying an EV. AdvertisementAdvertisementThose premiums are driven by higher repair costs. According to Mitchell, a collision repair software company, the average repair cost for a non-Tesla EV is $269 higher than the average for all vehicles. If people interested in used EVs are worried about replacing an expensive battery, the resale value will take a big hit.

Persons: —, Johnny Bacigalupo, Sandy Munro, Bankrate, Mitchell, Mark Matousek, Kevin Tynan, Davis, Power Organizations: Service, Edinburgh, EV, Washington Post, Insurance, Anderson Economic Group, Ford, Bloomberg, Toyota, University of California Locations: Scotland, skyrocket, Canada, Edmunds

[1/2] Graphite powder, used for battery paste, is pictured in a Volkswagen pilot line for battery cell production in Salzgitter, Germany, May 18, 2022. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsOct 20 (Reuters) - As China moved to control some exports of key battery mineral graphite on Friday, miners elsewhere face a race against time to bring new projects to fruition to secure supplies for the next generation of electric vehicles. To stay ahead in a fast-changing industry, carmakers have been investing directly in mining projects to ensure future supplies of the battery inputs. "We see China's move as a potential catalyst to highlight the urgency of improving domestic graphite supply," said John DeMaio, president of Graphex's graphene division. "We've aligned ourselves with several graphite miners outside of China.

Persons: Fabian Bimmer, Hugues Jacquemin, China's, John DeMaio, DeMaio, Stefan Bernstein, Graphite's Jacquemin, Shishir Poddar, Nelson Banya, Clara Denina, Divya Rajagopal, Ernest Scheyder, Veronica Brown, Elaine Hardcastle Organizations: Volkswagen, REUTERS, Graphex, HK, EV, GreenRoc, Thomson Locations: Salzgitter, Germany, China, Warren , Michigan, Greenland, Northern, Tirupati, Madagascar, Mozambique

China's decision may escalate trade disputes globally and spur other countries to prioritize research into alternative sources and materials, industry executives said. "We see China's move as a potential catalyst to highlight the urgency of improving (U.S.) graphite supply," said John DeMaio, president of Graphex Group's (6128.HK) graphene division. It has graphite supply deals with Syrah Resources (SYR.AX) and is looking for other sources, DeMaio said. Synthetic graphite could account for nearly two-thirds of the EV battery anode market by 2025, Benchmark Mineral Intelligence estimates. Chief Operating Officer Hans Erik Vatne told Reuters recently that developing synthetic graphite production is costly, but that is the price to pay to reduce reliance on China.

Persons: Fabian Bimmer, John DeMaio, Graphex Group's, DeMaio, Tesla, Hans Erik Vatne, Rob Anstey, Alvin Liu, Akash Sriram, Ernest SCheyder, Nick Carey, Christina Amann, Marie Mannes, Gilles Guillaume, Ilona Wissenbach, Ben Klayman, Josie Kao Organizations: Volkswagen, REUTERS, Syrah Resources, Magnis Energy Technologies, Mineral Intelligence, Reuters, EVs, BMO Capital Markets, BMW, Volvo, Renault, General Motors, Ford, Thomson Locations: Salzgitter, Germany, China, Warren , Michigan, West, U.S, Europe, Oslo, Norway, Bengaluru, Houston, London, Berlin, Stockholm, Paris, Frankfurt

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