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☆ Rivian is shoring up sourcing for its R2 affordable SUV with Trump's proposed tariffs in mind, CEO says
▼ + stars: | 2024-11-08 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

Rivian CEO RJ Scaringe said during an earnings call the company has been bracing for tariffs. The fate of the $7,500 EV tax credit issued under the Biden Administration remains unclear. AdvertisementEV company Rivian says it's already bracing for the impact that the increased tariffs proposed by President-elect Donald Trump would have on its supply chain. Rivian CEO RJ Scaringe said that to prepare for potential tariffs Trump has proposed on foreign goods, the company has been deliberate about materials sourcing for its upcoming lower-cost SUV, the R2. On top of the uncertainty that comes with the second Trump administration, Rivian continues to face hurdles toward profitability — a challenge many new automakers face, with the exception of Tesla.

Persons: Donald Trump's, RJ Scaringe, Biden, —, Rivian, Donald Trump, we've, EVs —, Claire McDonough, Rivian's, Tom Narayan, Scaringe, Trump, Tesla Organizations: Service, President, Trump, Biden, RBC Capital Markets, CNBC

☆ Elon Musk bet big on Trump. Here’s what he stands to gain — and lose — from his win
▼ + stars: | 2024-11-06 | by ( Chris Isidore | ) edition.cnn.com time to read: +9 min

New York CNN —No single business leader did more to support former President Donald Trump’s candidacy than Elon Musk. Musk has donated nearly $119 million so far to a political action committee he set up to support Trump, according to Federal Election Commission filings. Elon Musk steps onto stage as Republican presidential nominee, former President Donald Trump addresses a campaign rally in Butler, Pennsylvania on October 5. It will only help Tesla,” Musk posted on X in July. It’s not likely Trump would want to cut that support, and the promise of jobs in those states, even if they will eventually provide competition for Musk and Tesla.

Persons: Donald Trump’s, Elon, Trump, Musk, He’s, ”, Daniel Ives, Tesla, Kamala Harris, “, Biden, Elon Musk, Donald Trump, Anna Moneymaker, he’s, ” Musk, Ives, ” Ives, It’s, Jim Farley, Jeff Schuster, we’re, Jade Gao Organizations: New, New York CNN, Trump, Wedbush Securities, SpaceX, —, Treasury Department, Republican, EV, Tesla, EPA, Industry, Getty, Boeing, NASA, International Space Locations: New York, Tuesday’s, America, United States, Butler , Pennsylvania, Trump’s, Europe, Asia, California, China, Shanghai, Beijing, AFP, Tesla

☆ As China approaches WTO, analysts say Beijing-EU tariff spat unlikely to go 'too far'
▼ + stars: | 2024-11-05 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +1 min

Beijing will avoid escalation of its dispute with the European Union over tariffs on its electric vehicles, industry watchers said, a day after China again approached the World Trade Organization for resolution. China's commerce ministry said Monday that it had filed an additional appeal with the WTO over the EU's tariffs on its EVs, as bilateral talks have yet to lead to a breakthrough. The EU reportedly accounted for more than 40% of Chinese EV exports in 2023. EU has raised its tariffs to as much as 45.3% on Chinese EVs following an year-long investigation. The measures had prompted Beijing to target European exports such as pork, dairy and brandy products.

Persons: Shaun Rein, Sam Radwan Organizations: European Union, World Trade Organization, WTO, China Market Research, CNBC, U.S, EU, International Locations: Beijing, China, Europe, EU, Washington

☆ GM CEO Mary Barra says there's so much EV competition in China that it's driving a price war that isn't sustainable
▼ + stars: | 2024-10-30 | by ( Lloyd Lee | Erin Snodgrass | ) www.businessinsider.com time to read: +3 min

General Motors CEO Mary Barra said on Tuesday that EV manufacturers face steep competition in China. It's not sustainable for EV manufacturers like GM, Barra said. AdvertisementGeneral Motors CEO Mary Barra said there are so many companies trying to sell EVs in China right now that it's driving a price war that isn't sustainable. "You have to look at what the sustainable business is because the situation that is there right now is not sustainable," Barra said. In China specifically, GM sold 14% more vehicles in the third quarter than in the second.

Persons: Mary Barra, Barra, —, she's Organizations: EV, GM, Service, General, TechCrunch, European, BI, China EV, Benz Locations: China, San Francisco

☆ Car giants are being forced to confront some hard truths over the EV transition
▼ + stars: | 2024-09-10 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

The Swedish automaker said it now aims for between 90% and 100% of its car sales to be fully electric or plug-in hybrid models by 2030. "I think a lot of manufacturers are obviously going through this process [of delaying electrification targets] at the moment. The U.K., for instance, introduced a mandate that requires 22% of new car sales this year to be zero-emission vehicles (ZEVs). The mandate, which aims to reduce the number of polluting vehicles on the road, will rise annually until it reaches 100% of new car sales by 2035. A Volkswagen ID4 electric car charges at a charging station in a parking lot at Autostadt Wolfsburg.

Persons: Brandon Bell, Tim Urquhart, CNBC's, we're, Urquhart, carmaker, BEV, —, it's, Rico Luman Organizations: Volvo, Hill, Getty, Wednesday, Volkswagen, Ford, Benz Group, P Global Mobility, Volvo Cars, Autostadt Wolfsburg, Volkswagen AG, BEVs, European, ING Locations: Austin , Texas, China, Swedish, Europe

☆ Glory days for automakers like Ford, General Motors in China are over
▼ + stars: | 2024-09-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

London CNN —Foreign automakers have dominated China’s car market for decades, selling millions of vehicles and raking in enormous profits. Ford (F) and General Motors (GM) are also among firms seeing sales and market share vanish in China as local consumers spurn overseas brands to buy Chinese instead. The American automaker’s sales in China have halved from a peak of above 4 million in 2017 to 2.1 million last year. Last year, BYD sold a record 3.02 million vehicles globally, including plug-in hybrids, up 62% from 2022. Months later, Stellantis (STLA), which makes Citroen, Fiat, and Peugeot cars, bought a 20% stake in Chinese EV maker Leapmotor for about €1.5 billion ($1.7 billion).

Persons: Arno Antlitz, GM’s, Mary Barra, ”, Michael Dunne, Dunne, Xi Jinping’s, Tesla, Yilei Sun, Reuters Tesla, Li, Tu Le, Le, BYD, ” Dunne, Raul Bravo, Stellantis, “ Organizations: London CNN — Foreign, Volkswagen, Wolfsburg, Toyota, General Motors, China Passenger Car Association, Foreign, Japan’s Mitsubishi Motors, Honda, Hyundai, Ford, GM, EV, Tesla, Yilei, Reuters, International Energy Agency, “, CNN, Visitors, Automotive, Xinhua, Shutterstock, Auto, “ Global, UBS, Port, Citroen, Fiat, Peugeot, Leapmotor, Hedin Locations: China, London, Germany, Europe, American, Shanghai, Tesla's Shanghai, Beijing, EVs, Japan, North America, San Antonio, Chile, Chilean, AFP, Xpeng, Thailand, Hungary

☆ Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company
▼ + stars: | 2024-08-23 | by ( Michael Wayland | ) www.nbcnews.com time to read: +8 min

So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles. “We’re quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range,” he told CNBC on Thursday. Gjaja’s comments came a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion. Gjaja said the decision wasn’t taken lightly, especially the cancellation of the upcoming three-row vehicle, which Ford CEO Jim Farley and other executives had been touting as a game changer for several years. He said the Ford, in part, developed the skunkworks team to prove that Ford can compete against the Chinese automakers.

Persons: Marin Gjaja, We’re, “, Warren Buffett, Gjaja, Jim Farley, ” Farley, Ford, ” BofA’s John Murphy, John Lawler, Lawler, ” Gjaja, ” There’s, we’ve, ” Ford, Thursday, ” Organizations: DETROIT, Ford, CNBC, North America, EV, “, ICE, Wall Street, GM, General Motors Locations: U.S, Europe, North, California, China, ”

☆ Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company, investors
▼ + stars: | 2024-08-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

In this article F Follow your favorite stocks CREATE FREE ACCOUNTA banner advertises the Ford Mustang Mach-E electric vehicle at a Ford dealership on August 21, 2024 in Glendale, California. So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles. "We're quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range," he told CNBC on Thursday. Gjaja's comments come a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion. He said the Ford, in part, developed the "skunkworks" team to prove that Ford can compete against the Chinese automakers.

Persons: Mario Tama, Marin Gjaja, Warren Buffett, Gjaja, Jim Farley, Farley, Ford, BofA's John Murphy, John Lawler, Lawler, There's, we've, Michael Wayland Organizations: Ford, Getty, DETROIT, CNBC, North America, EV, Wall Street, GM, General Motors Locations: Glendale , California, U.S, Europe, North, California, China

☆ Many early-adopting EV owners around the world want to gas up again
▼ + stars: | 2024-07-25 | by ( Kaya Ginsky | ) www.cnbc.com time to read: +6 min

Many U.S. EV owners, in particular, are having second thoughts. EV adoption has slowed in the U.S., even as the recent earnings and delivery reports from both GM and Ford showed sizable increases in EV sales. Ford said EV sales were up 60%, to nearly 24,000 units, but CEO Jim Farley described a "more realistic and sharpened" EV plan during its earnings call. Drury said that some distinctions are becoming clear between all EV owners and those who are most satisfied. As battery range and density increase, and EV charging infrastructure improves, and prices continue down, Brauer said the picture should brighten for EV sales.

Persons: Scott Olson, Ford, Jim Farley, Tesla, Mary Barra, Edmunds, EVs, Ivan Drury, it's, I'm, Drury, Karl Brauer, they're, Brauer, Barra Organizations: Getty, McKinsey, U.S, EV, GM, Ford, Gallup, CNBC, ICE Locations: Chicago , Illinois, ICEs, Australia, Brazil, China, Germany, Norway, France, Italy, South Korea, U.S, , California

☆ Elon Musk says a Trump presidency would be good for Tesla, but 'devastating' for its rivals
▼ + stars: | 2024-07-24 | by ( Tom Carter | ) www.businessinsider.com time to read: +1 min

Elon Musk was asked what would happen if Trump won the election and withdrew government support for EVs. He said it would be "devastating" for Tesla's rivals but would probably help Tesla "long term." Musk has been an outspoken supporter of Trump in recent weeks, despite his earlier criticism of EVs. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk thinks a Trump presidency could be good for Tesla, but "devastating" for its rivals.

Persons: Elon Musk, Trump, Tesla, —, Elon, Musk, Joe Biden's Organizations: EVs, Trump, Service

☆ Here's what a Trump victory could mean for the entire EV industry
▼ + stars: | 2024-07-20 | by ( Tom Carter | ) www.businessinsider.com time to read: +6 min

Read previewDonald Trump has been an outspoken critic of EVs — and that could spell trouble for America's electric vehicle industry. AdvertisementMusk also reportedly played a part in Trump choosing Ohio senator JD Vance, an even fiercer critic of electric vehicles, as his vice president. Subsidy fearsThe potential loss of the $7,500 tax credit has already sparked concern in the EV industry. "If we see that tax credit cut, then EVs start looking insurmountably expensive for most consumers," he said. "They're already making money building electric vehicles, and the incentive just helps boost volume rather than boosting profits," he added.

Persons: —, Donald Trump, EVs, Elon, Trump, Trump's, Musk, JD Vance, Vance, Biden, Tesla, Jon McNeill, Dylan Khoo, Sam Fiorani, Khoo, Elon Musk's, Dan Ives, Ives, Tesla's Organizations: Service, Business, Trump, PAC, Ohio, US, Motors, CNBC, ABI Research, Global, AutoForecast Solutions, Bloomberg Businessweek, Wedbush Securities, EV Locations: Trump, Communist China, China

☆ More than $1 billion in EV tax credits issued upfront to buyers, Treasury and IRS say
▼ + stars: | 2024-06-12 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The federal government has issued more than $1 billion in tax credits as an upfront cash incentive to buyers of electric vehicles, the U.S. Treasury Department and Internal Revenue Service said Wednesday. The Inflation Reduction Act created a mechanism whereby tax credits for buyers of new and used EVs — worth up to $7,500 and $4,000, respectively — could be delivered by car dealers at the point of sale. Previously, consumers had to wait until filing their annual tax return, perhaps months or more than a year after their vehicle purchase, to get the federal credit. Americans can now also get the EV tax credit upfront regardless of their federal tax liability, which wasn't the case prior to 2024. "This has never been done before," Deputy Treasury Secretary Wally Adeyemo said during a press call.

Persons: —, Wally Adeyemo, expats, Biden, Adeyemo Organizations: U.S . Treasury Department, Internal Revenue Service, Finance, Trump

☆ Europe risks trade war with China by hiking tariffs on its electric cars
▼ + stars: | 2024-06-12 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

The European Commission, the EU’s executive arm, launched the probe in October to establish whether Chinese EV prices are artificially low because of subsidies and so hurt European carmakers. Europe is the main destination for Chinese EV exports. The new EV tariffs are likely to kick off intense negotiations between Beijing and Brussels aimed at averting a damaging trade war. Many of them manufacture cars in China and then sell them in Europe, a set-up that will be more costly as a result of the higher tariffs. Alternatively, Beijing could pledge investment into EU countries and promise better market access in China for EU firms, the Rhodium analysts wrote.

Persons: ” Will Roberts, BYD, Roberts, …, Olaf Scholz, ”, Joe Biden, Olesya Dmitracova, Mark Thompson, Shawn Deng, Alex Stambaugh Organizations: London CNN, European Union, European Commission, Commission, Volvo, SAIC, EV, EU, Rho Motion, China’s Ministry of Commerce, Rho, Renault’s, CNN, “, France EU, Group Locations: China, Beijing, European, Brussels, Washington, EU, Europe, Renault’s Dacia, “ Beijing, Germany, France, Spain, United States, Hungary, London, Hong Kong

☆ EV slump, Hertz fire sale take used Teslas to 'no haggle' $25,000 price
▼ + stars: | 2024-06-06 | by ( Bob Woods | ) www.cnbc.com time to read: +10 min

Also, some used EVs are eligible for up to $4,000 in federal tax credits , and several states offer tax credits or rebates. Although as with buying any used car — from manufacturers and independent dealers, online marketplaces or private owners — there are pros and cons. The Hertz Car Sales website "Shop EVs" button recently listed 1,475 of the 1,638 used EVs listed as "Hertz Certified." A March study by automotive research firm iSeeCars found that the average used car price was down 3.6% from last year, though used EV prices had plummeted 31.8%, equating to $14,418 in value. A follow-up question — "Can you tell me about 2022 Tesla Model 3s being sold by Hertz Car Sales?"

Persons: Hertz, —, iSeeCars, Elon, Karl Brauer, Brauer, Yossi Levi, Guy, Tesla, Carvana, Edmunds, ChatGPT, Hertz's, Matt Quinn, CarGurus, Eugene Park Organizations: Hertz, EV, Hertz Global Holdings, U.S, Bolts, Car, Hertz Tesla, Tesla, ChatGPT, Hertz Car Locations: U.S, Massachusetts, Colorado, Edmunds, CarGurus

☆ Lucid CEO says Chinese automakers are still 'years and years behind' Elon Musk's Tesla
▼ + stars: | 2024-05-10 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Read previewChinese EV makers are challenging Tesla — but one of the company's rivals still thinks they're years away from overtaking Elon Musk's firm in one respect. Lucid CEO Peter Rawlinson said that despite their success, Chinese automakers are still some distance behind Tesla when it comes to the underlying technology that powers EVs — but warned that they could catch up quickly. Related storiesHowever, Rawlinson warned that Western car makers must not "underestimate" the ability of their Chinese rivals to quickly catch up on core EV technology. After once laughing off Tesla's Chinese rivals, Musk now seems a lot more worried, telling investors that Chinese EVs are likely to "demolish" the competition if trade barriers aren't put in place. The company has slashed prices on its high-end Lucid Air sedan to compete with Tesla, and produced less than 10,000 vehicles last year.

Persons: —, Elon Musk's, Peter Rawlinson, EVs, they're, Tesla, Rawlinson, they've, They're, Warren Buffett Organizations: Service, Elon, Business, Financial Times, Geneva, Tesla, Saudi Public Investment Fund Locations: London, China

☆ Tesla is blaming struggling EV sales on hybrid craze
▼ + stars: | 2024-04-23 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

Tesla is blaming hybrids for stealing EV sales. Inexpensive hybrid cars have become a popular choice for green-car shoppers. That's a real problem for Tesla, which doesn't sell hybrids. In the opening page of its first-quarter earnings presentation Tuesday, Tesla blamed an industry-wide prioritization of these partially battery-powered cars for putting pressure on global EV sales and — by extension — Tesla's sales. After years of wealthy early adopters clamoring for expensive new technology, today's EV shopper is more frugal and practical — and more interested in hybrid models that fit their everyday needs.

Persons: Tesla, —, Elon Musk's Tesla, Tesla's Organizations: Service, Toyota, Musk's EV

☆ The electric car revolution is on track, says IEA
▼ + stars: | 2024-04-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others,” IEA executive director Fatih Birol said in a statement. Last year, global EV sales grew 35% to almost 14 million. “Intensifying market competition and improving battery technologies are expected to reduce (EV) prices in the coming years,” the IEA said. “Growing electric car exports from Chinese automakers, which accounted for more than half of all electric car sales in 2023, could add to downward pressure on purchase prices,” it added. By 2030, almost one in three cars on the roads in China is set to be electric, according to the IEA.

Persons: —, Tesla, “, Fatih Birol, China’s BYD, Brandon Bell, EVs, ” Birol Organizations: London CNN — Global, International Energy Agency, IEA, Li, Getty, European Union, EV, Volkswagen, Audi, BMW Locations: China, Chinese, Germany, United States, Austin , Texas, EVs, Europe

☆ Why hybrid sales surge as EV sales flatten
▼ + stars: | 2024-04-04 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +3 min

After years of being overshadowed by flashy electric vehicles from Tesla and others, the hybrid — a gas sipper that has both an engine and an electric motor — is back in the spotlight. Hybrid sales grew five times faster than EV sales in February 2024, according to Morgan Stanley. But soon after that, Tesla sparked EV mania with its sleek, quick electric Roadster and Model S, shoving the hybrid to the margins. About two years later, sales of hybrids and plug-ins increased nearly 28% over the previous year. Toyota is not the only one capitalizing on hybrid sales.

Persons: Edmunds, Morgan Stanley, Tesla, Ford, Mary Barra Organizations: EV, Toyota Prius, Hollywood, Toyota, Lexus, Hyundai, General Motors, International Council, Clean Transportation Locations: Tesla, U.S, Edmunds, Georgia, North America

☆ 8 things you need to know about EV startup founder William Li — known as China's version of Elon Musk
▼ + stars: | 2024-03-30 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +6 min

The Shanghai-based premium EV company was co-founded in 2014 by its CEO, William Li. William Li, also known as Bin Li, has been dubbed the "Elon Musk of China" for his push to develop self-driving EVs and his loyal fan base. He co-founded his first major company in his mid-twentiesBitauto, a car comparison website, was co-founded by Li in 2000. AdvertisementAnyone who purchases a Nio car can access "Nio Houses" equipped with meeting rooms, lounges, baristas, and supervised kids' play areas. To Li's dismay, Nio cars are not yet available for sale in the USLi has expressed dissatisfaction with the US tariffs on Chinese-made EVs.

Persons: William Li, Li, —, Bin Li, Elon, EVs, he's, Tesla, Zoey Zhang Li, Nio, Li livestreamed, HECTOR RETAMAL, ET7, ALY, Elon Musk Organizations: Service, REUTERS, Peking University, New York Stock Exchange, NYSE, CNBC, Reuters Locations: China, Shanghai, Anhui, Nio, Europe, Xiamen, Mexico

Those more concerned with the climate crisis are asking a bigger question: what does this all mean for the planet? Gas-powered cars, hybrids and EVs all emit roughly the same amount of pollution to manufacture, until you get to producing the battery. Fully electric cars use large batteries made of materials that require heavy mining. And that would still mean less climate pollution on the road overall. And fully electric cars won’t be truly “green” until the energy that charges them comes from renewable sources, like wind and solar.

Persons: Akio Toyoda, EVs, Joe Biden’s, Toyota’s, Daniel Sperling, —, ”, Sam Abuelsamid, Abuelsamid, InfluenceMap, Biden, Kelley, Albert Gore, Gore, I’m, “, ” Monica Nagashima, Lia, Kena, Stephen Ciccone, ” Ciccone, BEV, ” UC’s Sperling Organizations: CNN, Toyota, Auto, US, Toyota Prius Prime, Toyota Toyota, Institute of Transportation Studies, University of California, Ford, EPA, Gas, American Council for, Prius, EV, InfluenceMap, United, Lexus, Cox Automotive, Zero Emission Transportation Association, Getty, Toyota Motor North America, ” Toyota Locations: California, West Virginia, Canada, Australia, United States, EVs, InfluenceMap’s, Japan, Rockland, Blauvelt , New York

☆ The Apple car's apparent death is another grim sign for EVs
▼ + stars: | 2024-02-28 | by ( Hayley Peterson | Nora Naughton | ) www.businessinsider.com time to read: +3 min

Apple appears to be tapping out as car companies scramble to adjust EV plans. AdvertisementThe Apple car is dead (apparently). The scrapped plans would be a grim sign for the EV market in the US, which has suffered from flagging demand. As BI reported earlier this month, car companies are rethinking EV plans in response to softening demand for pure electric cars. Automakers shift EV plansLike Apple, US auto companies have been shifting plans to account for softer EV demand.

Persons: —, Apple's, BYD, We're, Stella Li, Li, Mary Barra, Elon Musk's Tesla, Musk, Harald Wilhelm, Mercedes Organizations: Apple, Service, EV, Bloomberg, Yahoo Finance, General, Volvo, Polestar, Benz Locations: North America

☆ The Apple car is the latest casualty in the brutal EV market
▼ + stars: | 2024-02-28 | by ( Hayley Peterson | Nora Naughton | ) www.businessinsider.com time to read: +2 min

Read previewThe Apple car is dead (apparently). The scrapped plans would be a grim sign for the EV market in the US, which has suffered from flagging demand. As BI reported earlier this month, car companies are rethinking EV plans in response to softening demand for pure electric cars. Apple's "Project Titan" car was also supposed to be an autonomous, expensive technology that most car companies have already put on the back burner. Automakers shift EV plansLike Apple, US auto companies have been shifting plans to account for softer EV demand.

Persons: —, Apple's, BYD, We're, Stella Li, Li, Mary Barra, Elon Musk's Tesla, Musk, Harald Wilhelm, Mercedes Organizations: Service, EV, Apple, Bloomberg, Business, Yahoo Finance, General, Volvo, Polestar, Benz Locations: North America

☆ Ford is not giving up on EVs — and has Elon Musk's 'affordable Tesla' in its sights
▼ + stars: | 2024-02-07 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Ford will spend more on mass-market EVs, its CEO said Tuesday. "The ultimate competition is going to be the affordable Tesla," Jim Farley told analysts. Elon Musk's company plans to launch its own cheaper EV, dubbed the "Model 2." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFord is planning to spend more on developing mass-market electric vehicles, CEO Jim Farley said Tuesday, in a move that could result in a rival to Tesla 's long-awaited "Model 2".

Persons: Ford, Jim Farley, Elon, —, Tesla, Farley Organizations: Elon Musk's, Service, Business

☆ Hertz halts plan to buy 65,000 electric cars amid EV slump
▼ + stars: | 2024-02-06 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

The rental car giant is pausing plans to buy 65,000 electric cars from EV pioneer Polestar, according to comments made by Polestar CEO Thomas Ingenlath in an interview with The Financial Times . Hertz's estimated $3 billion agreement with up-and-coming EV maker Polestar in 2022 was seen as a major moment for electric vehicle adoption. AdvertisementIt came after Hertz struck a similar deal with Tesla and agreed to buy 100,000 of its EVs in 2021. However, since then the global EV market has stalled , with demand for electric cars slumping and major automakers rolling back some of their investments . AdvertisementThe company said in January it plans to sell 20,000 EVs from its fleet , including Teslas, Chevrolet Bolts, and Volvos.

Persons: Hertz, Thomas Ingenlath, Tesla, Elon, Ingenlath, Stephen Scherr, Polestar, Mary Barra Organizations: Financial Times, Polestar, Hertz, Teslas, Chevrolet Bolts, Volvo, Swedish, General Motors, Business

☆ Hertz dumping 20,000 EVs is a warning to electric-car owners everywhere
▼ + stars: | 2024-01-12 | by ( Graham Rapier | Nora Naughton | ) www.businessinsider.com time to read: +4 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The car-rental firm said it's selling 20,000 EVs — about one-third of its electric fleet of Teslas, Volvos, Polestars, and more — partly due to repair and maintenance costs. AdvertisementIt's also a warning about the cost of EV ownership to drivers thinking about switching from gas to electric. Mitchell, which supplies data for insurance and repair companies, has found EVs — and particularly Teslas — are more expensive than gas-powered cars to repair. Among all EVs, Tesla's Model 3 has the best resale value, falling by only 42.9% in five years.

Persons: Hertz, —, Adam Jonas, Morgan Stanley, It's, Jonas, Mitchell, Kelley, Power, iSeeCars Organizations: EV, Service, Automotive, Energy Innovation, Insurance, quicken Locations: West Coast

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