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German automaker BMW on Saturday launched a hotly anticipated electric concept car, saying the so-called "Vision Neue Klasse" represents the dawn of a new era for the company. BMW's latest design showcases a platform that will underpin the brand's next generation of electric vehicles. The first electric vehicles based on the Neue Klasse — or new class — architecture are set to enter production in 2025. That's the purpose of our show at the IAA," Zipse said. The Vision Neue Klasse is set to make its public debut in the coming days at the IAA motor show in Munich, which also serves as the headquarters of BMW.
Persons: Oliver Zipse, CNBC's Arabile, Zipse Organizations: BMW, Saturday, Neue Klasse, Neue, IAA Locations: circularity, Munich
Mercedes will also offer a lithium-iron-phosphate, or LFP, battery in the new CLA model lineup due to hit showrooms in early 2025, a first for any Mercedes EV, the CEO said in an interview. Mercedes will preview the future electric CLA with a prototype to be unveiled at the IAA auto show in Munich, Germany on Sunday. Getting more driving range using less energy from the battery is the key target for the German automaker's future EV development, Kaellenius said. Driving range remains a critical competitive benchmark in the EV market. Mercedes engineers have been testing ways to improve EV efficiency using long road trips in a prototype vehicle called the Vision EQXX.
Persons: Ola Kaellenius, Mercedes, Tesla, Kaellenius, Joe White, Susan Fenton Organizations: DETROIT, Benz, Reuters, EV, Tesla, Sunday, VW, Consumers, Thomson Locations: China, Munich, Germany, Europe, United States
REUTERS/Callaghan O'Hare/File Photo Acquire Licensing RightsWASHINGTON, Aug 31 (Reuters) - The Biden administration is offering $12 billion in grants and loans for automakers and suppliers to retrofit their plants to produce electric and other advanced vehicles, Energy Secretary Jennifer Granholm said on Thursday. "I don't know that this will have an impact on the collective bargaining," Granholm said, adding that the administration has spoken with automakers, auto workers, and communities. The administration will also offer $3.5 billion in funding to domestic battery manufacturers, Granholm said. For the advanced vehicles, $2 billion in grants will come from the Inflation Reduction Act which was passed by Democrats last year, and $10 billion in loans will derive from the Energy Department's Loans Program Office. Reporting by Timothy Gardner in Washington Editing by Bill Berkrot and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
Persons: Energy Jennifer Granholm, Daniel Yergin, Callaghan O'Hare, Biden, Jennifer Granholm, Granholm, Joe Biden, Shawn Fain, Timothy Gardner, Bill Berkrot, Matthew Lewis Organizations: Energy, P Global, REUTERS, Rights, United Auto Workers, UAW, Detroit Three, Energy Department, Thomson Locations: Houston , Texas, U.S, Michigan, Michigan , Ohio , Illinois, Indiana, Belvidere , Illinois, Washington
REUTERS/Callaghan O'Hare/File Photo Acquire Licensing RightsWASHINGTON, Aug 31 (Reuters) - The United States is making $12 billion available in grants and loans for automakers and suppliers to retrofit their plants to produce electric and other advanced vehicles, Energy Secretary Jennifer Granholm told reporters on Thursday. The Biden administration will also offer $3.5 billion in funding to domestic battery manufacturers, Granholm said. For the advanced vehicles, $2 billion of the funding will come from the Inflation Reduction Act which Democrats passed last year, and $10 billion will come from the Energy Department's Loans Program Office, Granholm said. The automaker has left open the possibility that the factory could get a new product with government aid. Reporting by Timothy Gardner in Washington Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
Persons: Energy Jennifer Granholm, Daniel Yergin, Callaghan O'Hare, Jennifer Granholm, Biden, Granholm, Shawn Fain, Timothy Gardner, Matthew Lewis Organizations: Energy, P Global, REUTERS, Rights, United Auto Workers, UAW, Thomson Locations: Houston , Texas, U.S, United States, Michigan , Ohio , Illinois, Indiana, Belvidere , Illinois, Washington
Toyota-Supplier Denso Is Ready for the EV Era
  + stars: | 2023-08-30 | by ( Jacky Wong | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones Organizations: toyota
The 2024 Acura ZDX. The 2024 Acura ZDX. The 2024 Acura ZDX. The 2024 Acura ZDX. The 2024 Acura ZDX.
Persons: Mercedes, Tesla, Lexus's Organizations: Acura, Cadillac, BMW, Audi, Mercedes, Morning, Elon, General Motors, Honda, EV, Acura Acura, Google, Tesla Locations: fashionably
Gia Mora, an electric-vehicle enthusiast, went on a 1,000-mile road trip in a Tesla Model 3. Gia MoraWe decided to rent a longer-range electric car on Turo, a peer-to-peer car-rental app. Using a key card is different from controlling the car by appMora locks the Model 3 with a key card. Tesla Model 3 one-pedal driving is hard to adjust toBy the end of the trip, Mora felt comfortable driving the Tesla Model 3. Tesla Model 3 is worth the hypeThe Model 3 had a reliable range, accessible charging stations, luxurious seats, and glasslike driving.
Persons: Gia Mora, Mora, Tesla, Amy, Amy Senger, Steve Mandzik, Amy Senger Amy, Mora sips, San Luis Obispo, Senger, we'd, I'd, would've Organizations: Tesla, Nissan, Fiat, John Wayne Airport, Turo Locations: Northern California, San Ardo , California, Orange County , California, Orange County, Los Angeles County, Salinas, Santa Barbara, San Ardo, San Luis, San Luis Obispo , California
China, automobile, vehicles Vcg | Visual China Group | Getty ImagesChina is on course to overtake Japan as the world's top auto exporter by the end of 2023, according to Moody's Analytics. "At this pace, China is on track to overtake Japan by the end of the year," Moody's economists wrote, a global ranking which Japan has claimed since 2019. According to Moody's projections, China produces more than half the world's lithium supply, thanks to its low labor costs compared to rivals Japan and South Korea. Moody's AnalyticsAs a result, some of the world's largest auto companies have set up production facilities in China, including Tesla and BMW . The Asia-Pacific region, which is home to some of the world's largest auto exporting powerhouses such as South Korea, China and Japan, has seen a mixed recovery in auto exports, Moody's highlighted.
Persons: Moody's Organizations: Visual China, Getty, Japan, EV, Tesla, BMW, Chery, SAIC Locations: China, Japan, South Korea, Germany, Thailand, Asia, Pacific
The Cybertruck likely still has enough juice to rock the EV truck segment. As the Cybertruck gets closer to launch, photos of the vehicle have circulated on Tesla enthusiast blogs and forums. The video made rounds on Tesla CEO Elon Musk's social media website X, formerly known as Twitter, earlier this month. Tesla's take on the truckDespite comparisons and nitpicks, industry experts believe the Tesla Cybertruck still has the juice to disrupt the truck market as we know it. Do you have an order in for the Tesla Cybertruck?
Persons: Elon, Cybertruck, Ford's, Jim Farley, Tesla's, Karl Brauer, Ivan Drury, Edmunds, Tesla Organizations: Tesla, Ford, iSeeCars
BYD (002594.SZ) used an event this week to mark a production milestone to celebrate a bigger purpose: the emergence of China as a global auto manufacturing powerhouse. China's automakers are locked in a bruising price war that was started by Tesla (TSLA.O) in January and which shows no signs of easing. It ends with a call for China's automakers to "demolish the old legends and achieve new world-class brands," under the slogan, "Chinese Autos". said Li Xiang, CEO of Li Auto, who reposted the BYD video. In July, the industry group representing China's automakers retracted a pledge to avoid "abnormal pricing" brokered between 16 automakers, including BYD.
Persons: Aly, Wang Chuanfu, BYD –, BYD, Li Auto, William Li, Li Xiang, Wang Yuanli, Wall, Wang, Great Wall, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Security, Auto, REUTERS, Tesla, FAW Group, HK, BYD's, Technology, China's Auto Business, China Association of Auto Manufacturers, BYD, Volkswagen, Thomson Locations: Auto Shanghai, Shanghai, China, Weibo, Europe
[1/5] A worker stands near a Mini Cooper Electric car, that is displayed during the Gaikindo Indonesia International Auto Show in Tangerang, near Jakarta, Indonesia, August 10, 2023. REUTERS/Willy KurniawanTANGERANG, Indonesia, Aug 10 (Reuters) - Indonesia said on Thursday it would give automakers two more years to qualify for electric vehicle incentives in Southeast Asia's largest auto market, a move followed by investment commitments by China's Neta EV brand and Mitsubishi Motors. The moves announced at the Jakarta auto show come as Indonesia races Thailand and India to build out an EV industry as an alternative to China, the world’s largest producer. Indonesia is Southeast Asia’s largest auto market and its second-largest production hub behind Thailand. Until now, only two manufacturers have shifted enough production to Indonesia to qualify for full incentives: Wuling Motors (0305.HK) and Hyundai (005380.KS).
Persons: Willy Kurniawan TANGERANG, Agus Gumiwang Kartasasmita, ” Agus, Wuling, Hiroyuki Ueda, Stefanno Sulaiman, Kevin Krolicki, Conor Humphries Organizations: Cooper, REUTERS, China's, Mitsubishi Motors, Toyota, Daihatsu, Honda, Mitsubishi, New Energy Automobile, Wuling Motors, HK, Hyundai, Wuling, Air EV, Reuters, Gaikindo, Auto Show, Astra Motor, PT Astra International, Thomson Locations: Indonesia, Tangerang, Jakarta, Thailand, India, China, Southeast, Neta, Gaikindo Indonesia
Most automakers sell cars with a traditional franchise model, while Tesla sells direct-to-consumer. Auto executives still don't think the Tesla sales model will catch on — despite some pretty substantial shifts in the auto retail space already taking place. Automaker demands put some dealers on the chopping blockBut it's been a huge debate in the industry as auto dealers are a strong lobbying force, so much so that Florida Gov. Ron DeSantis banned direct-to-consumer car sales in the state, with the exception of Tesla and EV startups that never had franchised dealers. Kerrigan experts have suggested this might be one way auto manufacturers are attempting to push out their dealerships amid the EV transition.
Persons: Tesla, Kerrigan, Jim Farley, Ron DeSantis, , Jessica Caldwell, Edmunds, Dave Thomas Organizations: Morning, Auto, Kerrigan Advisors, EV, Reuters, Florida Gov Locations: Florida
Morgan Stanley reiterates Walmart as overweight Morgan Stanley said it's still bullish heading into Walmart earnings Aug. 17. Deutsche Bank reiterates Estée Lauder as buy Deutsche Bank said it sees a "difficult" quarter when Estée Lauder reports earnings next week. Citi opens a negative catalyst watch on Spirit Airlines Citi opened a negative catalyst watch on the discount airline and said it sees a "bumpy ride" to gain regulatory approval for the merger with JetBlue. Citi reiterates TJX Companies as buy Citi said it's bullish heading into earnings next week. JPMorgan downgrades Freshpet to neutral from overweight JPMorgan said it downgraded Freshpet mainly on valuation.
Persons: Tesla, We'll, Truist, DraftKings, Ralph Lauren, Morgan Stanley, it's, Fisker, Estée Lauder, Telsey, JPMorgan Organizations: BMO, Adobe, Bank of America, of America, Management, Walmart, UW, Deutsche Bank, Citi, Spirit Airlines Citi, JetBlue, Watch, JPMorgan, Boston, Networks, Disney, UBS, Apple, FX, TJX Companies, Cellular, USM, US Cellular Locations: China, Orlando
[1/3] Mobility in Harmony (MIH) Chief Executive Officer Jack Cheng speaks at an interview with Reuters at the headquarters of Foxconn's EV platform unit in Taipei, Taiwan July 27, 2023. India and Thailand are likely contenders for production sites, he said, adding that he expected India to be crucial to MIH's longer-term growth. "I'm building another Shanghai, probably in India," Cheng said. "If this is a Foxconn plant, fantastic, it's the mother company, we put it into the Foxconn plant. If this is a local India plant and it's even more competitive, give it to the India plant."
Persons: Jack Cheng, Ann Wang, MIH, Cheng, Foxconn, Sarah Wu, Kevin Krolicki, Jamie Freed Organizations: Reuters, Foxconn's, REUTERS, EV, PTT, NIO, HK, Foxconn, Thomson Locations: Taipei, Taiwan, TAIPEI, India, Thailand, Southeast Asia, EVs, China, Shanghai
Nigel Zeid is a former Nissan EV specialist who now educates dealers about electric car sales. This as-told-to essay is based on a transcribed conversation with Nigel Zeid, a 65-year-old former Nissan EV specialist and now an independent EV educator based in Boulder, Colorado. He says car salespeople are not prepared to sell electric vehicles, and that serves as a point of frustration and barrier to adoption for car shoppers. Zeid spends his time speaking with industry stakeholders at major events and talking to dealership salespeople about EVs. If you go into an uneducated dealership, know there's more than one dealership to go to.
Persons: Nigel Zeid, Zeid, Alexa St, I've, Nigel Zeid It's, We've, that's, It's, we'll, weren't Organizations: Nissan, Morning, expos, Costco, Chevrolet Locations: John, Boulder , Colorado, EVs, California, Colorado, Texas, they're
Some car companies think that fake engine noises will get drivers to consider going electric. Hyundai and Dodge have both unveiled EVs that blast fake exhaust noises outside the car. Electric cars are inherently quiet. Last year, the brand showed off an electric concept car with a multi-speed transmission and a phony exhaust sound that mimics a supercharged V8 engine. "Automakers are responding to some enthusiasts' worries that electric cars have no soul," Ed Kim, president and chief analyst at AutoPacific, an automotive research and consulting firm, told Insider.
Persons: Bill Pugliano, Stringer, Dodge, EVs, Ed Kim Organizations: Hyundai, Dodge, Toyota, Wall Street, EV
Several car companies say their EVs will be built with the Tesla charging standard starting in 2025. Otherwise, buying an EV other than Tesla now means its charging tech will soon be in the minority. It's supposed to be a huge advantage to non-Tesla car companies that they're switching to Tesla's charging tech. With automakers, charging providers, and more moving to Tesla's tech, CCS will be far less popular in the coming years. The EV buyers in five to 10 years will be buying tech that's more advanced and stabilized.
Persons: Tesla, Elon, Karl Brauer, Brauer, NACS, Loren McDonald, McDonald Organizations: Morning, Ford, GM, Volvo, CCS Locations: America
U.S. electric vehicle maker Lucid Group will set up its first overseas factory in Saudi Arabia, the company announced. The Middle East, a region long known for its oil and gas riches, is investing in a new, more sustainable future potentially dominated by electric vehicles. The electric vehicle sector is booming in Israel, with electric vehicle deliveries in the first half of this year over 210% higher than the same period last year. "There's a growing recognition that countries need to do something on climate," said Tammy Klein, chairperson of the Electric Vehicle Council. "I think Middle Eastern countries are no different."
Persons: Larry Fink, Amin Nasser's, Tammy Klein, Klein, Robert Falck, we'll, " Falck Organizations: BlackRock, Saudi, Lucid, Gauss Auto, Marson Group, Electric Vehicle Council, EV, Einride, UAE Ministry of Energy, Infrastructure Locations: Saudi Arabia, Saudi Aramco, Israel, Bahrain, American, U.S, Europe, UAE, Sweden, It's, Abu Dhabi, Dubai, Sharjah
Tesla builds first Cybertruck after two years of delays
  + stars: | 2023-07-15 | by ( ) www.reuters.com   time to read: +1 min
July 15 (Reuters) - Tesla (TSLA.O) built its first Cybertruck at the electric-vehicle marker's plant in Austin, Texas, the company said in a tweet on Saturday, after two years of delays. loadingTesla founder Elon Musk introduced the pickup truck in a 2019 reveal where the vehicle's designer cracked the vehicle's supposedly unbreakable "armor glass" windows. In a May shareholder meeting, Musk said that Tesla would like to produce a quarter-million Cybertrucks a year, depending on demand. The Cybertruck launch will give Tesla an EV entrant in one of the most profitable segments of the U.S. market and a competitor to electric pickups from the likes of Ford Motor(F.N) and Rivian Automotive (RIVN.O), both of which have launched models in still-limited numbers. Reuters reported last year that Tesla aims to start mass production of Cybertruck at the end of 2023.
Persons: Elon Musk, Musk, Tesla, Jahnavi, Diane Craft Organizations: Ford Motor, Rivian, Reuters, Thomson Locations: Austin , Texas, U.S, Bengaluru
Gallium is found in trace amounts in zinc ores and in bauxite, and gallium metal is produced when processing bauxite to make aluminium. Transphorm uses ultra thin layers of gallium nitride that are a micron, or one thousandth of a millimetre thick, on its semiconductors. "If you are already banking on gallium nitride and designing it into your platform, then you're in trouble," he said. A source at a Japanese automotive supplier told Reuters the company was weighing up whether to use gallium nitride or silicon carbide for future power semiconductors. "People have to look for other options, but gallium nitride is hard to replace, said the CMI's Neill.
Persons: Umesh Mishra, Mishra, Transphorm, Alastair Neill, Transphorm's Mishra, Neill, Nick Carey, Daniel Leussink, Christina Amann, Zoey Zhang, Matt Scuffham, David Evans Organizations: Alliance, micron, Critical Minerals Institute, Reuters, Infineon, Canada's GaN Systems, Thomson Locations: China, Goleta , California, Tokyo, Berlin, Shanghai
Retail investors aren't slowing down in the current market environment. Elon Musk 's Tesla beat Wall Street expectations for vehicle deliveries by about 20,000 units on Monday, with analysts forecasting 445,925. The stock rose about 7% on the news and also lifted peer EV stocks Rivian and Lucid higher. Meanwhile, net retail purchases of Tesla stock soared to $1.2 billion over the past five trading sessions, according to the note. About 13% of the total trading volume for Rivian stock has been retail investors over the past five sessions, the note added.
Persons: that's, Lucas Mantle, Mantle, Elon Musk, Nikola, Tesla Organizations: VandaTrack Weekly, EV Locations: TSLA
An Audi spokesman in Germany said no specific announcement was planned in Mexico. It was unclear how much Audi plans to invest. Both Audi and Volkswagen have outlined broad goals for boosting their EV production worldwide. Volkswagen last year said it would invest more than $7 billion in the next five years in North America, including for EV production. In Mexico, Volkswagen last year announced a $763 million investment to upgrade the Puebla plant, including a new paint division running on electric energy.
Persons: San Jose Chiapa, Andres Manuel Lopez Obrador, Mexico's, Marcelo Ebrard, Audi, Dave Graham, Beth Solomon, David Gregorio Our Organizations: MEXICO CITY, Audi, Volkswagen, EV, Thomson Locations: MEXICO, Mexico, Germany, Mexican, Puebla, San Jose, North America
[1/2] Manufacturing equipment is seen during a tour of Foxconn's electric vehicle production facility in Lordstown, Ohio, U.S. November 30, 2022. The Domestic Manufacturing Conversion Grants for EVs program will provide cost-shared grants for making efficient hybrid, plug-in electric hybrid, fully electric, and fuel cell vehicles. The Department of Energy's Vehicle Technologies Office said the program will prioritize projects that refurbish or retool manufacturing plants that have recently stopped operations or were expected to close soon. The Biden administration, as part of its goal of decarbonizing the economy by 2050, is pushing the U.S. auto industry to accelerate a transition to EVs. The Alliance for Automotive Innovation, which represents General Motors (GM.N), Stellantis NV (STLAM.MI), Toyota Motor (7203.T) and others, on Wednesday called the EPA proposal a "de facto battery electric vehicle mandate" that was "neither reasonable nor achievable."
Persons: Quinn Glabicki, Joe Biden's, Biden, Shawn Fain, Stellantis, Timothy Gardner, Joe White, David Shepardson, David Gregorio, Grant McCool Organizations: REUTERS, WASHINGTON, United Auto Workers, UAW, Energy's Vehicle Technologies, Lordstown, Environmental Protection Agency, Alliance, Automotive Innovation, General Motors, Stellantis, Toyota, Energy Department, Thomson Locations: Lordstown , Ohio, U.S, DETROIT, Ohio, Michigan , Ohio , Illinois, Indiana, Belvidere , Illinois, Washington, Detroit
[1/3] 2024 Chevrolet Silverado EV Work Truck is seen in Scio Township, Michigan, U.S. June 22, 2023. The first 2024 Silverado EV Work Trucks are rolling out of GM’s Detroit-Hamtramck plant, with deliveries to fleet customers beginning “in a few weeks,” officials said. About the same time, retail customers will be able to buy a well-equipped Silverado EV RST, from around $105,000. When GM announced the Silverado EV early last year, it said prices would start at $39,900. GM also is considering installing Tesla-compatible NACS chargers at its dealerships, once its vehicles begin to be equipped with NACS charging ports, Sequeira said.
Persons: Paul Lienert, Amy Masica, Masica, Derek Sequeira, Sequeira, Paul Jacobson, Tesla, Barbara Lewis Organizations: REUTERS, General Motors, Chevrolet Silverado, U.S, Silverado, Chevrolet, GM, Ford Motor, EV, RST, Silverado EV, Silverado EV's, Ford, GM Energy, CCS, Thomson Locations: Scio Township , Michigan, U.S, North America, GM’s Detroit, Hamtramck, Detroit
Ford CEO Jim Farley goes one-on-one with Jim Cramer
  + stars: | 2023-06-20 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
Ford CEO Jim Farley goes one-on-one with Jim Cramer'Mad Money' host Jim Cramer joins Ford CEO Jim Farley to talk the company's EV efforts, union-relations, customer base, and more.
Persons: Jim Farley, Jim Cramer Organizations: Ford
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