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Premium electric vehicles now cost nearly the same as premium gas-powered cars, JD Power says. But mass market EVs are still significantly more expensive than their mass market gas counterparts. A new JD Power report says "relative affordability" is a key part of EV adoption assessments. (JD Power did note that once Ford started passing through the full federal tax credit of $7,500 to Mach-E lessees, leasing costs came down.) Overall, mass-market EVs cost $16,000 more than their gas-market counterparts.
Persons: JD Power, , Power, Mercedes, Ford, EVs, Kelley Organizations: JD, Service, Mercedes, Benz, Ford, Power, ICE, Chevrolet
REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 3 (Reuters) - Top global automakers on Tuesday reported a rise in U.S. new vehicle sales for the third quarter, buoyed by resilient demand for latest models and improved supplies. EV sales jumped 28% in the third quarter from the preceding quarter, the company said. Meanwhile, Asian brands posted strong gains in the quarter. Toyota Motor Corp (7203.T) posted a 12.2% rise in third-quarter U.S. sales. However, the South Korea-based automaker said rising interest rates "make it very, very challenging for consumers to purchase a vehicle."
Persons: Andrew Kelly, Tesla, Nathan Gomes, Joseph White, Sriraj Organizations: GMC, General Motors Company, REUTERS, General Motors Co, EV, United Auto Workers, UAW, Detroit Three, GM, Motor, Toyota Motor Corp, Kia, Hyundai, U.S, Reuters, Monday, Thomson Locations: Queens , New York, U.S, KS, South Korea, Bengaluru, Detroit
A shift toward higher-priced graphics processing units could further boost shares of Nvidia , according to KeyBanc. The firm raised its price target on the semiconductor maker to $750 from $670, implying a potential upside of 67% from Monday's close. Nvidia has been the poster child for this year's artificial intelligence-fueled run, rallying more than 200% during that time. NVDA YTD mountain NVDA ytd chart "We are seeing improving demand trends in smartphones, where multiple supply chain partners are seeing rush orders, and in PCs, where 3Q PC shipments are slightly better. Although near-term supply remains tight for Nvidia, Vinh still sees moderate upside to the firm's estimates given capacity expansions and strong demand for its L40S graphics processing unit.
Persons: KeyBanc, John Vinh, Vinh, — CNBC's Michael Bloom Organizations: Nvidia Locations: Monday's, Evs, 2H24, 4Q24
DETROIT (AP) — Automakers posted big increases in new vehicle sales during the summer, despite high prices, rising interest rates and even a limited strike against Detroit companies. Industry sales rose 16.3% from July through September as consumer demand stayed strong, even given an average new vehicle loan rate of 7.4% and an average vehicle price of more than $45,500. Vehicle supplies also continued to recover from shortages of computer chips and other parts that began during the pandemic and are finally abating. General Motors posted a 21.2% increase, while Toyota sales rose 12.2%. Kia sales rose 13.8%.
Persons: , Ivan Drury, Drury, General Motors, Power, Ford Organizations: DETROIT, Detroit, Industry, Federal Reserve, General, Toyota, Honda, Nissan, Hyundai, Kia, Ford, Analysts, United Auto Workers, General Motors, Stellantis Locations: U.S
Parking garages (known as multistory car parks in the U.K.) are one area where the proliferation of EVs and bigger vehicles is expected to have a major impact. In a statement, it said the reason behind the weight increase was "due to electric and hybrid batteries and the size of cars increasing." The cumulative load of these vehicles in parking garages could present some challenges in certain circumstances. "Because what we want is the public to maintain confidence in our car parks and structural engineers." The statement also said the "rise of e-mobility … helps us mitigate climate change and brings new questions, including weight and the impact on car parks."
Persons: Peter Titmuss, Chris Whapples, Whapples, you've, it's, Dana Kenedy Organizations: Getty, Engineers, CNBC, EV, European Commission, European Association for Electromobility, Istock Locations: England, London, Brussels
McCormick spices are displayed on a shelf at a supermarket in San Anselmo, California, on March 28, 2023. Warby Parker — The eyewear maker popped 3.4% after Evercore ISI upgraded shares to outperform from in line. Rivian Automotive — Shares of the electric vehicle maker lost 8.3%, even though Rivian's deliveries topped estimates and showed sustained demand. Earlier in the day, Evercore ISI added a tactical outperform rating on the stock, noting it appears oversold near term. However, Evercore ISI reiterated a long-term in-line rating on Ally and trimmed its 12-month price target.
Persons: McCormick, Warby Parker, Trex, Goldman Sachs, Eli Lilly, Morgan Stanley, KeyBanc, McCormick —, Roth MKM, Alex Harring, Brian Evans, Samantha Subin, Jesse Pound Organizations: ISI, Rivian, EVs, StreetAccount, Meta, Union Facebook Locations: San Anselmo , California, U.S
Electric vehicle maker Rivian Automotive could be the "next Tesla," according to Evercore ISI. He hiked his price target by $5 to $35, which implies shares could jump about 44.2% over the next 12 months. "We believe outside of Tesla & BYD, Rivian is the only OEM showing increased evidence of meeting all 3 criteria," McNally said. He noted that Rivian has executed on its cost and delivery targets, de-risking its path to ending the following year with more than 10% in gross margin. Rivian previously reported a loss for the second quarter that was narrower than expected.
Persons: Chris McNally, RIVN, McNally, Tesla, Rivian, — CNBC's Michael Bloom Organizations: Rivian, ISI, Tesla
Rivian Automotive on Monday reported record third-quarter electric vehicle deliveries and said it remains on track to produce 52,000 EVs in 2023. The company said it delivered 15,564 vehicles during the period, up 23% from the second quarter of 2023 and ahead of Wall Street estimates. Analysts surveyed by FactSet had expected Rivian to deliver about 14,000 vehicles in the quarter, on average. Rivian produced 16,304 vehicles during the third quarter, all at its factory in Normal, Illinois. All are fully electric vehicles.
Persons: FactSet, Rivian Organizations: Rivian Automotive Locations: Normal , Illinois, U.S
Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. Rome sees the French incentive framework as "reasonable", one of the sources said, adding the government was studying such an option. European Union competition rules do not allow countries to favour local producers. Paris has said criteria it adopted are compliant with WTO rules because exemptions are allowed for health and environmental reasons. Talks, which are expected to go on until the end of this year, include new incentive schemes in Italy.
Persons: Aly, Adolfo Urso, Giuseppe Fonte, Gilles Guillaume, Parisand Giulio Piovaccari, Giulio Piovaccari, Keith Weir Organizations: Auto, REUTERS, Reuters, European Union, Fiat, Industry, Thomson Locations: Auto Shanghai, Shanghai, China, Italy, France, Europe, Rome, Paris, Milan
The American Automotive Policy Council, representing GM, Stellantis and Ford Motor (F.N), said in a letter to the U.S. Energy Department on Friday that the size of the expected penalties for not meeting proposed Corporate Average Fuel Economy (CAFE) requirements are "alarming." DOE wants to significantly revise how it calculates the petroleum-equivalent fuel economy rating for EVs in NHTSA's CAFE program. A group representing nearly all major automakers said last week the industry as a whole could face $14 billion in CAFE fines. Automakers buy credits or pay fines if they cannot meet CAFE requirements. In June, Reuters first reported Stellantis and GM paid a total of $363 million in CAFE fines for failing to meet U.S. fuel economy requirements for prior model years.
Persons: Gonzalo Fuentes, Joe Biden's, Ford, David Shepardson, Jonathan Oatis, David Gregorio 私 たち Organizations: REUTERS, Rights, General Motors, Chrysler, Reuters, The American Automotive Policy, GM, Ford, U.S . Energy Department, Energy Department, DOE, U.S, Detroit, Traffic Safety Administration, Detroit Three Locations: Velizy, Villacoublay, Paris, France, NHTSA's
Errol Musk, Elon Musk's dad, said he turned down his son's offer to send a Tesla to South Africa. In January 2022, Errol Musk turned down his son's offer to gift him a Tesla and ship it to his home in South Africa, he told Insider. South Africa charges a 25% tariff on automotive imports. While Tesla has begun selling its EVs in Europe and China, the vehicles are not for sale in South Africa. "You go to Austin and every time you turn around you're at a Tesla charging station."
Persons: Errol Musk, Elon Musk's, Errol, , Elon, doesn't, it's, Elon wasn't, Tesla, Winstone Jordaan, It's, Ryan, I've, Kimbal, Walter Isaacson's, Royce Corniche, he's, Isaacson, he'd, I'm Organizations: Royce, Service, Auto Transport, Plaid, Elon, Tesla Locations: South Africa, Europe, China, Austin, North America, Florida
Big gains in the UAW strike could bolster another organizing drive at Tesla. The UAW is looking to remake its reputation among auto workers. AdvertisementAdvertisementA new contract could spur union attempts elsewhereThe UAW strike comes amid a rejuvenated labor movement post-Covid, and after a summer jam-packed with union activism. About 54% of Americans support the UAW strike, according to a recent Morning Consult poll. AdvertisementAdvertisementOrganizing at Tesla still won't be easySome Tesla workers are in the early stages of forming a union, a UAW official told The New York Times.
Persons: , Elon Musk's Tesla, they're, Arthur Wheaton, Tesla, Shawn Fain, paydays, Fain, Jake Rosenfeld, Louis, Kate Andrias, Andrias, Rosenfeld, Musk, backpay Organizations: UAW, Volkswagen, Honda, Toyota, Service, General Motors, Ford, Elon, United Auto Workers, GM, Cornell University, Detroit, Washington University, Columbia University, New York Times, EV, National Labor Relations Board Locations: Wheaton, Illinois, Michigan, St, New York , California , Nevada, Texas
CNN —When a woman gets in the driver’s seat of a car she often faces a challenge. While there are holders for cups, keys and even cell phones, there’s rarely a good place to put a purse or handbag. Courtesy VolvoWith no central tunnel, some EVs like the Hyundai Ioniq 6, simply have a very large space underneath the center console. The EX30 EV has a center console with sections that slide, move and open to create spaces that can easily fit larger or smaller bags. It’s underneath a portion of the center console that projects outward over it like a cliff ledge.
Persons: It’s, satchel, ’ ”, Ryan Nagode, Taryn Dyle, , , Lisa Reeves, ” Dyle Organizations: CNN, Getty, Chrysler, General Motors, Pacifica Pinnacle, Nissan, Volkswagen Atlas, Lincoln, Volvo, Hyundai
How to negotiate your dream job
  + stars: | 2023-09-30 | by ( Diamond Naga Siu | ) www.businessinsider.com   time to read: +8 min
download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementBut first, negotiate, negotiate, negotiate. September is called the harvest moon, corn moon, and barley moon. While March is called the worm moon, sap moon, and crow moon. In other newsBeing "delulu" about a crush or job opportunity could help you achieve your dreams, a therapist said.
Persons: , Dianne Feinstein, we're, Robert Half, Scott Dobroski, Jenna Alexander, you've, Dobroski, Alexander, Charles B Cochran, Sir Noel Coward, Bob Riha, Christian Hartmann, Michael Jordan, Henrik Sørensen, Melissa Wells, It's, Naga Siu, Dan DeFrancesco, Hallam Bullock, Lisa Ryan Organizations: Service, Congress, Excellence, Southampton, Topical Press Agency, BMW, Chevrolet, CNN, BP, Eiffel, Reuters, NBA Locations: California, New York, Paris, France, San Diego, New York City, London
Sept 29 (Reuters) - The United Auto Workers (UAW) union on Friday expanded its coordinated U.S. strike, this time targeting a plant at General Motors (GM.N) and Ford Motor (F.N) but refraining from an additional walkout from Chrysler parent Stellantis (STLAM.MI). The UAW, which represents 46,000 GM workers, 57,000 Ford employees and 43,000 Stellantis workers, kicked off negotiations with the companies in July. Contract talks between the UAW and the Detroit automakers in past years had gone on until the strike deadline and beyond. Talks between Ford and UAW negotiators stalled during the week after the two appeared to be close to an agreement, sources familiar with the development said. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike.
Persons: Shawn Fain, Fain, Stellantis, GM's, Morgan Stanley, Adam Jonas, Tesla, Nathan Gomes, Abhijith G, Joseph White, Ben Klayman, David Shepardson, Sriraj Organizations: United Auto Workers, UAW, General Motors, Ford, Chrysler, Detroit Three, WHO, Detroit, Reuters, Ford Bronco, Chevrolet, Deutsche Bank, EV, Thomson Locations: U.S, Michigan , Ohio, Missouri, Chevrolet Colorado
EVs Will Hit Detroit Harder Than a UAW Raise
  + stars: | 2023-09-29 | by ( Stephen Wilmot | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones Organizations: uaw Locations: detroit
The world needs affordable EVs more than ever as electric cars will play a big role in hcelping countries cut planet-heating pollution. “When legacy [carmakers] talk about catching up to Tesla or catching up to the leading Chinese automakers, it’s difficult. It is by far the world’s biggest EV battery manufacturer and dominant in the supply and processing of many critical components needed to make the batteries. Global automakers have had little choice but to enter into joint ventures with Chinese EV and battery manufacturers. EU lawmakers have voiced concerns that government subsidies allow Chinese EV makers to keep prices artificially low, creating unfair competition for European rivals.
Persons: Henry Ford’s, carmaking, Jeff Kowalsky, , Gene Munster, Tesla, — Tesla, , Patrick Hummel, Krisztian Bocsi, Ford, “ It’s, ” Dan Ives, Bill Pugliano, Daniel Röska, Bernstein, China …, Marco Rubio, “ They’re, Bill Ford, CNN’s Fareed Zakaria Organizations: London CNN —, Ford Motor Company, Toyota, Volkswagen, United, Getty, Deepwater Asset Management, Volkswagen Group, Audi, Porsche, Chrysler, Jeep, Ford, General Motors, International Energy Agency, Honda, Renault, Nissan, Mitsubishi, Hyundai, Kia, Benz, BMW —, Investment, UBS, EV, Atlas Public, VW, Bloomberg, Reuters, Twitter, Stellantis, Wedbush Securities, CNN, United Auto Workers, Refining, Global, Republican, European Union, EU, Jato Dynamics Locations: Europe, United States, Dearborn , Michigan, AFP, China, Japan, South Korea, Asia, US, Germany, ” Munster, Munster, Lansing , Michigan, Michigan, Beijing, America
As all-electric vehicles become more popular and incentives for renewable energy proliferate, many early EV adopters may be reconsidering their home charging needs. The decision to upgrade from a standard Level 1 charger to a Level 2 charger at home is on many owners' minds. It can be an important decision given that about 80% of all charging takes place at home, according to Department of Energy estimates. You might not need Level 2 charging capabilities at home, however, since they can often be found at retail establishments, workplaces, restaurants and grocery stores. Another option is a Level 2 at-home charging station that's permanently mounted, which can allow users to customize charging schedules to better control charging.
Persons: Brian Wilkerson, I'm, Mark Barrott, Plante Moran Organizations: of Energy, Ford Pro, Ford Motor Company, EV, of Transportation
WIND POWERED GROWTHSolar power was Taiwan's largest source of renewable energy generation in 2022, with 10.69 terawatt hours (TWh) of electricity produced, compared to 3.53 TWh from wind. In comparison, fossil fuels generated 239 TWh of Taiwan's electricity last year, Ember data shows. REGIONAL REPERCUSSIONSDespite jitters from some developers, overall progress on Taiwan's wind projects continues, and new investments in major offshore ventures were announced just this month by Japanese trading house Mitsui & Co. The continued construction of Taiwan's renewable energy capacity has repercussions for both its domestic power sector and for global fossil fuel export markets. The country's famed semiconductor industry, the world's largest, is aiding the national push for greater renewable energy generation, and has set itself a goal of being powered by 100% green energy supplies by 2040.
Persons: Thomas Peter Acquire, Gavin Maguire, Simon Cameron, Moore Organizations: REUTERS, China, Global Energy Monitor, Japan's, Mitsui, Co, Reuters, Thomson Locations: Taiwan, Pingtan, Fujian province, China, LITTLETON , Colorado, Asia, South Korea, Japan, India, Taipei, Beijing, Kpler
The US needs more electricians to install renewable energy and electric vehicle chargers. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. "Many contractors refused to work with me because I was a woman," Hicks told Insider. Hicks has spent her career trying to make the industry more inclusive for women of color. Only 2% of electricians are women, federal data shows , and nearly 80% are white.
Persons: Tonya Hicks, Hicks, Qmerit, Biden, Tom Bowen, we're, Bowen, they're Organizations: Service, Brotherhood of Electrical Workers, Power Solutions, of Labor Statistics Locations: Mississippi, Atlanta, California
BERLIN, Sept 28 (Reuters) - German Chancellor Olaf Scholz told business weekly Wirtschaftswoche that he was not convinced about the need to impose tariffs on Chinese electric vehicles (EV). The European Commission is investigating whether it should impose punitive tariffs to protect European Union automakers from cheaper Chinese EV imports it says are benefiting from state subsidies. "I am not very convinced of this, to put it politely," Scholz told Wirtschaftswoche in an interview published on Thursday. "Our economic model should not be based or rely on protectionism - but on the attractiveness of our products." Reporting by Maria Martinez; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
Persons: Olaf Scholz, Scholz, Wirtschaftswoche, Maria Martinez, Kirsten Donovan Organizations: European, European Union automakers, South, Thomson Locations: South Korean
General Motors and Ford appear to be feuding over the use of Chinese battery technology in electric cars. AdvertisementAdvertisementGeneral Motors and Ford appear to be at odds over the use of Chinese battery technology in electric cars. It's not clear yet whether that means Ford's use of Chinese battery tech will disqualify some of its cars. China at the bargaining tableFord halted construction on a new battery plant in Michigan this week as Republican lawmakers apply more scrutiny to the company's ties to a Chinese battery maker. When Ford announced the $3.5 billion EV battery plant earlier this year, the company said it would be contracting battery technology from China's Contemporary Amperex Technology Co. Ltd., or CATL.
Persons: , Mary Barra, GM's, Jim Farley, Biden, what's, We're Ford, Chris Smith, Ford, GM didn't, T.R, Reid, Shawn Fain, Fain Organizations: Motors, Ford, GM, Service, Wall Street Journal, Ford Motor, EVs, Amperex Technology, . Ltd, Bloomberg, United Auto Workers, Detroit, UAW Locations: China, America, Michigan, Marshall , Michigan, Dearborn , Michigan
Lisa Baertlein | ReutersVietnamese electric vehicle maker VinFast's ambitious plan to deliver as many as 50,000 vehicles this year is "unrealistic," according to one analyst. VinFast said it expects to deliver 40,000 to 50,000 vehicles in 2023 despite a weak global economy. In April, Green SM launched a pure EV taxi service in Vietnam with VinFast models. "VinFast's ambitious EV plan seems unrealistic. For example, VinFast's VF9 model is priced from $83,000 whereas the Tesla Model X is priced from $68,590 after federal tax credit and gas savings.
Persons: Lisa Baertlein, VinFast, Vingroup, Green, David Byrne, Tesla, XPeng, Lê Thị Organizations: Reuters, Smart Mobility, Green SM, EV, LightStream Research, P Global Mobility, CNBC, Nasdaq, Our U.S, Tesla Locations: Los Angeles, Vietnam, U.S, North America, Europe, Asia, Middle East, Our, North Carolina
Legacy automakers are pivoting to electric vehicles in response to expected strong consumer demand, tougher environmental regulations both from US states and foreign countries, and a push from Wall Street. Electric vehicles have outpaced growth of traditional internal combustion engine (ICE) cars in recent years. But automakers bucked Trump and agreed to meet tougher standards set by California rather than the Trump administration’s rules. At a Detroit battery plant Wednesday, Trump said America didn’t need what the factory produced“This plant, we just walked through this plant and the electric vehicles are gonna put [automakers] out of business,” Trump said. Trump’s proposals could undermine US companies’ EV investments and hand over control of an increasingly EV future to foreign manufacturers.
Persons: Donald Trump, Donald Trump’s, “ don’t, Trump, , , Barry Rabe, EVs, Brian Kemp, Ford, Rabe, Biden’s, Tesla, Jon McNeill, McNeill, ” McNeill, EVs Trump, bucked Trump, ” Trump, , Biden, Rishi Sunak, Lisa Brankin Organizations: New, New York CNN, Detroit, Cox Automotive, Biden, Environmental Protection Agency, University of Michigan, Hyundai, Kia, EV upstarts, Republican Gov, Environmental Defense Fund, Nissan, Mercedes, Benz, Wall, Investors, ICE, General Motors, GM, Biden’s EV, Legacy, DVx Ventures, Tesla, Obama, Trump, America, ” Ford, Fiat, Peugeot Locations: New York, Georgia, South Carolina, Alabama, United States, California, Detroit, Michigan, China
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Persons: Dow Jones
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