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☆ I've tested 19 different electric cars — and while I love the technology, I wouldn't buy one yet
▼ + stars: | 2022-12-23 | by ( Tim Levin | ) www.businessinsider.com time to read: +5 min

Testing well over a dozen new electric cars has convinced me that I want one someday. New electric cars are too expensiveThe Tesla Model Y costs close to $70,000. Tim Levin/InsiderPeople who are unwilling or unable to shell out for a new car buy used. But the market for electric cars is so young — and they're so pricy to begin with — that there aren't all that many appealing secondhand options in my budget. Tim Levin/InsiderUnderdeveloped charging infrastructure is widely cited as one of the top reasons more people don't buy more electric cars.

☆ Tesla's cratering share price goes beyond Musk's preoccupation with Twitter. The entire EV market is slowing down.
▼ + stars: | 2022-12-22 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Tesla's share price has been cut in half and a distracted CEO isn't the only issue. The wider EV market is facing a tough mix of challenges. At the time of writing, its share price sits at $126.31, down 60% since the beginning of the year. Tesla's woes are symptomatic of wider issues plaguing the EV market. Tesla's stock market value slid below ExxonMobil this week for the first time since 2020, falling to $435 billion on Tuesday-compared with the oil and gas company's $439 billion market value, according to the Financial Times.

☆ Turned off Tesla by Elon Musk? Here are 4 great electric alternatives to its sedans and SUVs.
▼ + stars: | 2022-12-21 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

Instead of a Model S, consider:The 2022 Mercedes-Benz EQS 580. Tim Levin/InsiderTesla's Model S sedan has historically been the electric car against which all new EVs are measured. Instead of a Model X, consider:The Rivian R1S. Rivian SUVs are backordered into oblivion as the company ramps up production, but they are available lightly used. Tim Levin/InsiderThere's a swarm of small electric SUVs on offer from Ford, Volkswagen, Audi, Volvo, and more.

☆ Analysis-Bumper green aluminium output is good news for carmakers, and climate
▼ + stars: | 2022-12-17 | by ( Eric Onstad | ) www.reuters.com time to read: +6 min

Next year’s forecast increase in “green aluminium” output would reduce that by 13 million tonnes, or about 1.2%. Polestar said it pays slightly more for green aluminium, partly due to the administrative costs of changing suppliers, but did not say how much more. Producers, however, are still managing to sell some of their low-carbon output at higher prices under quarterly and annual contracts. Rising output of both will keep green premiums relatively low in the coming years, said Marcelo Azevedo at the McKinsey consultancy. GRAPHIC: Abundant Supplies of Green Aluminium - here

☆ Analysis: Bumper green aluminium output is good news for carmakers, and climate
▼ + stars: | 2022-12-17 | by ( Eric Onstad | ) www.reuters.com time to read: +6 min

Next year's forecast increase in "green aluminium" output would reduce that by 13 million tonnes, or about 1.2%. Polestar said it pays slightly more for green aluminium, partly due to the administrative costs of changing suppliers, but did not say how much more. "The cost per reduced kg of CO2 emissions when shifting to green aluminium is still significantly lower than many other ways of reducing raw material emissions," a company spokesperson told Reuters. Producers, however, are still managing to sell some of their low-carbon output at higher prices under quarterly and annual contracts. Rising output of both will keep green premiums relatively low in the coming years, said Marcelo Azevedo at the McKinsey consultancy.

☆ Redwood Materials joins electric vehicle, battery trek to South Carolina
▼ + stars: | 2022-12-14 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

Dec 14 (Reuters) - Redwood Materials is the latest company to set up shop in South Carolina's growing community of electric vehicle and battery manufacturers, the Carson City, Nevada-based firm said on Wednesday. Redwood said it will build a $3.5 billion battery materials campus in Ridgefield, about 30 miles (48.28 km) northwest of Charleston, that will recycle, refine and remanufacture cathode and anode materials such as nickel, cobalt, lithium and copper. The Ridgefield facility is expected to supply battery materials to Ford Motor (F.N) and SK On in Kentucky, Toyota Motor (7203.T) in North Carolina and Volvo and Envision AESC in South Carolina. Volvo is building a battery plant next to its assembly facility in Ridgeville and BMW is partnering with Envision AESC on a $700 million battery plant in Woodruff. A second North American “battery belt” is springing up in Canada, in Becancour, Quebec, on the St. Lawrence River.

That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. The automotive group led by founder Li Shufu now houses seven brands manufacturing electric vehicles, of which three are high-end brands. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. Zeekr was established by Geely, formally known as Zhejiang Geely Holding Group (GEELY.UL), in April 2021 to tap into increasing Chinese demand for premium EVs.

☆ A Tesla owner says his Model Y ordered him to pull over before it suddenly shut down, trapping him inside
▼ + stars: | 2022-12-09 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

A Tesla owner said his five-day-old car suddenly shut down, leaving him trapped inside. YouTuber Tom Exton was 15 minutes into his journey before the car ordered him to pull over. He says the driver's window "somehow broke" when using the emergency override to get out of the car. Tom ExtonAccording to Tesla's emergency response guide for the Model Y, opening the front doors without power involved lifting the "mechanical release handle located near the window switches." Exton did point out that Tesla's customer service was very helpful and offered to pay for a hotel for the night.

☆ Hertz Names First CMO Since 2020 Amid New Focus on Electric Vehicles
▼ + stars: | 2022-12-08 | by ( Patrick Coffee | ) www.wsj.com time to read: +4 min

Hertz Global Holdings Inc. named former GE Appliances marketer Wayne Davis as its new chief marketing officer, making him the first CMO at the car rental services company since 2020, a spokesman said. The company’s most recent chief marketing officer, Jodi Allen, died in 2020. Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. Electrification “speaks to mobility, and it speaks to making Hertz a brand for the future,” Mr. Davis said. Mr. Davis previously spent more than a decade at General Electric’s appliances division, which became GE Appliances after being acquired by Haier Smart Home Co. Ltd. in 2016.

☆ Faster acceleration is just a click — and a credit card payment — away in new electric cars as the likes of Mercedes jump on a trend set by Tesla
▼ + stars: | 2022-12-06 | by ( Tim Levin | Alexa St. John | ) www.businessinsider.com time to read: +3 min

Both brands recently introduced software updates that boost a car's performance for a fee. Tesla pioneered using software updates to unlock special features in its cars. Luxury automaker Mercedes will soon offer an "Acceleration Increase" feature for its EQS and EQE electric sedans and their SUV counterparts. Tesla pioneered remote software updates in cars and offers extra performance to owners of its Model 3 sedan and Model Y SUV who cough up a couple thousand dollars. Big-picture software playEfforts to monetize software-enabled features go beyond performance upgrades.

☆ Tesla has lost its shine among some previously diehard fans, following Elon Musk's chaotic Twitter takeover
▼ + stars: | 2022-11-30 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

The Tesla brand has become unpopular with some former fans, following Elon Musk's Twitter takeover. Investor sentiment toward Tesla has also declined since Musk's Twitter deal, per Morgan Stanley. In addition, Tesla drivers say they are facing aggression on the road. An August report from Axios found Tesla drivers in Iowa were "routinely heckled, cut off in traffic, and blocked from charging stations." Tesla drivers who had been subject to abusive comments were also interviewed by the Guardian.

☆ Take a look inside a 90-year-old London power station turned into a $9 billion 'urban village' with shops, restaurants, houses, and Apple's new UK campus
▼ + stars: | 2022-11-16 | by ( Grace Dean | ) www.businessinsider.com time to read: 1 min

There's a broad mix of stores, though, including also a showroom for electric-vehicle maker Polestar and one for electric-motorcycle maker Maeving. Many of the stores are high-end, including Ralph Lauren, Rolex, and Boss. Gordon Ramsay has a restaurant there, too. There are no budget stores in sight, and the site's biggest grocery retailer is Marks & Spencer, a higher-end choice associated with middle-class shoppers. Grace Dean/Insider

☆ Cramer's lightning round: BRC Inc is not a buy
▼ + stars: | 2022-11-15 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

I think it might be a good place to be. Loading chart...McKesson Corp : "I think McKesson is an incredible long-term holding." Loading chart...PoleStar : "It's an interesting spec, but again, another one that's losing money." Loading chart...Vail Resorts Inc : "I think that is an interesting and absolutely excellent way to play the travel situation." Loading chart...Enovix Corp : "Losing a lot of money.

[1/2] People look at a Polestar car during the Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. The Swedish carmaker, founded by China's Geely (0175.HK) and Volvo Cars (VOLCARb.ST), posted an operating loss of $196.4 million, down from $292.9 million a year ago, while revenue rose to $435.4 million from $212.9 million. Polestar, which listed on the Nasdaq exchange in June via a merger with a special-purpose acquisition company (SPAC), said rising costs for raw materials used to make its batteries had not yet fully hit because of set contracts. "The full extent of that will then... partly offset the raw material costs," he said, adding that the carmaker expected to raise prices further. But Chief Executive Thomas Ingenlath said Polestar was on track to deliver 50,000 cars in 2022.

☆ Swedish EV maker Polestar reports lower operating loss, confirms full-year guidance
▼ + stars: | 2022-11-11 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Swedish electric-vehicle maker Polestar said Friday that its third-quarter operating loss narrowed from a year ago as revenue more than doubled, and it confirmed that it still expects to deliver 50,000 vehicles in 2022. (Because Polestar's share price has fallen since it went public, it will have to pay out less than it had previously expected, hence the credit.) "I would like to reiterate: Polestar is a real car company," CEO Thomas Ingenlath said during the earnings call. CFO Johan Malmqvist said that Polestar's lower operating loss was helped by its efforts to reduce costs, specifically short-term reductions in advertising and marketing spending. On the other hand, foreign exchange headwinds exacerbated the loss, and those are expected to continue into next year.

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Its other major shareholder, PSD Investment, will provide the same amount through "direct and indirect financial and liquidity support," Polestar said. "We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable," Polestar CEO Thomas Ingenlath said in a statement. Volvo, like other major carmakers, has in recent years invested heavily in making its own electric vehicles and has also said it was committed to supporting Polestar. Volvo aims to sell only fully electric cars by 2030, while Polestar has a goal to launch three more cars by 2026. In February, Volvo formed a joint venture with battery manufacturer Northvolt to build a battery plant in Gothenburg which would produce battery cells specifically for electric Volvo and Polestar cars.

☆ Geely's Zeekr plans electric vehicle sales in Europe in 2023
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Zeekr 001 electric vehicle (EV) by Geely is seen displayed at the Zeekr booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song/File PhotoSHANGHAI, Nov 2 (Reuters) - Zhejiang Geely Holding Group's (GEELY.UL) premium electric car business plans to sell the first electric vehicle produced under the Zeekr brand in Europe next year, Zeekr's CEO said. Zeekr joins a growing list of Chinese automakers looking to launch or expand sales of electric vehicles in Europe next year, including BYD (002594.SZ), Xpeng (9868.HK) and Great Wall Motors (601633.SS). An said Geely would market its 001 electric crossover in Europe next year. The base model Zeekr 001 sells for the equivalent of $41,000 in China compared with $40,000 for the Tesla (TSLA.O) Model Y after a recent price cut.

☆ Luminar says it has begun production of its automotive lidar units ahead of schedule
▼ + stars: | 2022-11-02 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Automotive sensor company Luminar said it has begun production of its Iris lidar units for an automaker client, a major milestone that it had previously expected to reach around year-end. Luminar's lidar units are part of an advanced driver-assist system on the Rising Auto R7, a new electric SUV from the largest Chinese automaker, SAIC Motor. Luminar previously announced deals to supply other automakers including Volvo Cars and Polestar, but it hadn't previously revealed plans to begin production of the Iris units earlier than 2023. The lidar units are being made in a factory in Mexico owned by Canadian electronics manufacturer Celestica. Celestica and Luminar are together building a new dedicated factory, also in Mexico, that will be able to manufacture 250,000 Iris units per year.

☆ What to expect from Netflix's new subscription with ads
▼ + stars: | 2022-10-14 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

After months of talking about it, Netflix has finally released more details about its newest subscription tier, "Basic with Ads." I've got the deets you'll want to know about Netflix's new plan, so let's get into it. At $6.99 per month, the subscription is $3 less than Netflix's basic ad-free plan — but it will also come with more restrictions. Here's what we know about the plan, "Basic with Ads," available starting next month:If you subscribe to the ad plan, Netflix says you can expect four to five minutes of ads per hour. Basic with Ads will become available in Canada on November 1, and in the US and UK on November 3.

☆ See the $84,000 Polestar 3, the high-tech, minimalist electric SUV taking on BMW and Tesla
▼ + stars: | 2022-10-13 | by ( Tim Levin | ) www.businessinsider.com time to read: 1 min

But it also has a look all its own, characterized by chiseled edges, pointy headlights, and an overall clean and Scandinavian aesthetic. The Polestar 3.

☆ Polestar unveils a new $84,000 electric SUV it's hoping will help cement its foothold in the U.S.
▼ + stars: | 2022-10-12 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Swedish EV maker Polestar on Wednesday unveiled a new electric SUV that it's counting on to expand its sales and presence in the United States. The new model, called the Polestar 3, is a five-passenger EV that the company describes as a "performance SUV." Priced at about $84,000, the car comes loaded with technology, including an Nvidia computer running advanced driver-assist software developed by Polestar's part owner, Volvo Cars. Another potential rival, BMW's all-electric iX SUV, starts at about $85,000. Polestar is a joint venture between Volvo Cars and Chinese automaker Geely, which has owned Volvo Cars since 2010.

☆ Polestar confirms it will deliver 50,000 electric vehicles in 2022
▼ + stars: | 2022-10-07 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Polestar, the Swedish electric performance car company, has announced that the world premiere of its next car, the Polestar 3 electric performance SUV, will be in October 2022. Swedish electric vehicle maker Polestar said Friday that it is still on track to deliver 50,000 vehicles in 2022 after its factory resumed full production following disruptions from Covid outbreaks in China. Polestar said it delivered 9,215 vehicles in the third quarter, bringing its total deliveries so far this year to about 30,400 vehicles. Polestar is a joint venture between Sweden's Volvo Cars and Geely, which has owned Volvo Cars since 2010. The Polestar 3 is expected to make its formal debut at an event in Copenhagen on Wednesday, with production beginning soon thereafter.

☆ Hertz ties up with BP for EV charger installations in North America
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSignage is seen at Hertz rental car at John F. Kennedy International Airport in Queens, New York City, U.S., March 30, 2022. REUTERS/Andrew Kelly/File PhotoSept 27 (Reuters) - Hertz Global Holdings Inc (HTZ.O) said on Tuesday it has partnered with a unit of oil giant BP to install electric vehicle (EV) charging stations across North America to power its fleet of eco-friendly cars. It has laid out plans to have 3,000 charging stations in North America by the end of 2022. Register now for FREE unlimited access to Reuters.com RegisterAs per the deal, bp pulse will manage the EV charging hubs, which will be open to Hertz customers as well as the general public. Register now for FREE unlimited access to Reuters.com RegisterReporting by Priyamvada C in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Hertz is teaming up with oil giant BP to install thousands of EV chargers in the U.S.
▼ + stars: | 2022-09-27 | by ( John Rosevear | ) www.cnbc.com time to read: +3 min

Hertz is teaming up with oil giant BP to build a new network of electric vehicle charging stations throughout the United States. Under the deal, BP Pulse, the oil company's EV-charging arm, will install the chargers and provide software and services to help Hertz manage its fast-growing fleet of EVs. The new deal builds on an existing program under which BP Pulse installed chargers at 25 of Hertz's busiest airport locations. The companies expect ride-hailing drivers, particularly those who rent EVs from Hertz, to be prime customers for those chargers. Hertz said that more than 25,000 Uber drivers have rented Teslas under its deal with the ride-hailing giant.

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