Electric vehicles

Share to Twitter Share to Linkedin Planning to buy an electric vehicle? Your net cost could depend on how successful the lobbyists of General Motors GM , Toyota, Ford and Chrysler parent company Stellantis are and whether West Virginia Senator Joe Manchin is ready to strike a deal with his fellow Democrats. Back in 2008, in an effort to jump start the electric car business, Congress created a nonrefundable tax credit of up to $7,500 for eligible vehicles–a credit which (as modified in 2009) starts to phase out once a carmaker has sold 200,000 electric vehicles. After a manufacturer hits the initial cap, the credit gets slashed by 50% for half a year and then by 75% for another half a year, before disappearing entirely. Tesla TSLA hit the total phase-out at the end of 2019 and General Motors at the end of March 2020. Toyota is expected to reach the 200,000 threshold soon, having sold more than 180,000 eligible vehicles as of the end of 2021 , … [Read more...] about Elon Musk Wants The Electric Vehicle Tax Credit To Disappear; Joe Manchin Might Oblige

Share to Twitter Share to Linkedin Two industry heavyweights, one a carmaker and the other a tech company have collaborated to create a new company to produce electric vehicles. Honda and Sony announced earlier this month that they formed Sony Honda Mobility Inc. with plans to start EV sales and mobility services from 2025. In a joint statement, company executives stated that while details of the partnership were still under negotiation, the new company would be created inside of a year. Each company will invest ¥5 billion ($37 million) in the venture. Yasuhide Mizuno, a senior Honda executive, will serve as chairman and CEO, while Izumi Kawanishi, an executive vice president at Sony, will take the position of president and chief operating officer. According to a spokesperson, a name for the new joint venture has not been decided yet, but Hony and Sonda are obvious possibilities. Honda will be responsible for manufacturing the vehicles using its present … [Read more...] about Honda And Sony Announce Joint Venture To Build Electric Vehicles

Share to Twitter Share to Linkedin Drivers across the United States are suffering unprecedented pain at the pump, with national average prices spiking above $5 per gallon . Fortunately an inflation-busting option is ready to go – modeling shows electric vehicles save drivers thousands per year compared to internal combustion engines in most states. But these consumer-protection economics hinge upon the U.S. Senate passing legislation that has languished for months after passing the House of Representatives. The existing $7,500 federal EV tax credit cap of 200,000 vehicles sold has been surpassed by GM and Tesla TSLA while Ford, Nissan, and Toyota will likely exceed it this year. Without those extremely valuable incentives, EVs and billions in annual savings will slip out of reach for many families. If the Senate passes reconciliation legislation extending the EV tax credit cap for automakers and increases the federal tax credit to $10,000, it will … [Read more...] about Americans Are Suffering Record Pain At The Pump. Will Congress Provide Electric Vehicle Relief?

Representative Image UAE-based META4 Group’s auto arm Ellysium Automotives on June 22 announced the launch of its electric two-wheeler brand EVeium. The company said it is planning to launch three 'Made-in-India' e-scooters within one month, which will be manufactured at the group’s proposed Voltly Energy manufacturing facility in Zahirabad (Telangana) at a planned investment of Rs 250 crore. Voltly Energy has recently signed an initial pact with the Telangana government to acquire 15-acre land in Zaheerabad to set up a dedicated manufacturing facility for electric vehicles, which will be functional this year, Ellysium Automotive said in a statement. Earlier, Ellysium Automotives used to promote the British EV two-wheeler brand One Moto in India. EVeium will work towards providing users with the finest array of EV offerings including – electric scooters, bicycles and electric bikes, among others, the company said. "With global fuel price inflation and increased … [Read more...] about Ellysium Automotives launches electric two-wheeler brand EVeium in India

Share to Twitter Share to Linkedin Within weeks driverless electric freight transport trucks may be traveling on public roads in western Tennessee—the first time such a vehicle has been granted permission to do so in the U.S. This latest development in the logistics industry comes after Swedish freight technology company Einride was granted a permit by the National Highway Traffic Safety Administration for a public road pilot project. The Einride autonomous electric transport (AET) called a Pod, operates without a driver and does not even have a space for one. It is monitored by a specially-trained remote driver who can take control if necessary. The public road pilot is being run in conjunction with Einride client GE Appliances , a Haier company. Pods will operate on public roads in mixed traffic near GE Appliances's Tennessee plant east of Memphis, performing a number of tasks including movement of goods and coordinating with teams at various … [Read more...] about Einride Gets Go-Ahead For Driverless Electric Trucks On Public Roads

Representative Image Electric mobility startup Matter on June 24 said it has raised USD 10 million (nearly Rs 80 crore) in its latest round of funding from investors, including Capital 2B, a technology fund backed by Infoedge and Climate Angels Fund. The new investors now join the founders and existing investors, including Baring Private Equity Partners, the company said in a statement. The fresh capital will be deployed towards continuous technological innovations, manufacturing, and marketing, it added. These include launching a line of electric mobility and energy storage products that are designed and innovated for India and the world using a completely new ground-up approach, Matter said, adding it also intends to launch its first electric motorcycle later in the year. "Matter is gearing up for its first electric motorcycle launch this year and we aim to develop a world-class portfolio of EV and energy storage products to catalyse the clean energy transition in … [Read more...] about Electric mobility startup Matter raises USD 10 million

On Friday, the EV market received a jolt as Swedish electric performance carmaker Polestar began trading on the Nasdaq after going public via a SPAC transaction. Shares, trading under the ticker “PSNY,” opened the trading day valued at $13.30 but sank to less than $11 as of midday. advertisement advertisement Polestar is the latest high-profile company to go public during a rather tumultuous time on the market—and also to do so using a SPAC deal. Sustainable consumer-products company Grove Collaborative likewise went public a week ago. But Polestar, which itself was spun off from its parent company, Volvo, is among a slew of other EV makers that have gone public in recent years, such as Rivian , Fisker , Nikola , and Lordstown Motors. “By 2025, we aim to be selling 290,000 cars per year, 10 times as many as we sold in 2021,” said Thomas Ingenlath, CEO of Polestar, in a press release . “We already have a real and … [Read more...] about Polestar goes public: What to know about the electric vehicle company’s SPAC merger

Foxconn Taiwanese Apple Inc supplier and tech contract manufacturer Foxconn wants to make electric vehicles (EVs) in India as part of a plan to diversify the supply chain beyond China. Foxconn's EV venture - Foxtron - is considering setting up a centre in India and other destinations in South Asia such as Vietnam and Indonesia, the Economic Times reported on June 22 citing unnamed sources. Foxconn's subsidiary - Bharat FIH - currently operates two units in Tamil Nadu's Sriperumbudur on the outskirts of Chennai that manufacture Apple iPhones and Xiaomi phones among others. According to the report, the Foxconn group has shown interest in manufacturing products other than phones for clients and itself. Tamil Nadu is looking to woo the conglomerate to further invest in the state, the sources said. Close Moneycontrol could not verify the report. Foxconn is also studying India's automobile space and gauging potential demand in the EV space. In 2021, it … [Read more...] about From China to Chennai? Taiwanese tech manufacturer Foxconn looks to cranking out electric cars in India

Early buyers of the new Ford F-150 Lightning EV pickup truck found that their new vehicles come with a surprising accessory--an adapter for a Tesla charger. The adapter won't let the F-150 charge at Tesla Supercharger stations (although Tesla has promised to open these to other EVs soon). Instead, the adapter means Tesla drivers can charge their vehicle by plugging them into the F-150 Lightning . What the heck is going on here? It's the latest smart move in the very clever rollout of a product that is both brand-new and iconic at the same time. When Ford first announced that an F-150 EV was coming, it released a video in which a Ford engineer used a prototype to tow a freight train weighing more than a million pounds while a group of skeptical gas-powered F-150 owners looked on. Next, Ford announced a surprising feature called bidirectional charging. In a power outage, you could turn your lights back on by plugging your home into your truck. This could be a very useful … [Read more...] about Ford F-150 Electric Pickup Buyers Got Something They Weren’t Expecting. It’s a Very Clever Move

Maruti Suzuki recorded a 20 percent growth in unit sales in May against the same period in pre-Covid 2019, with India's biggest car maker showing no signs of slowing down despite the current inflationary environment. "On the ground, demand looks strong," said Shashank Srivastava, senior executive director (ED), Marketing & Sales, Maruti Suzuki, told CNBC-TV 18 on June 22. Srivastava , however, flagged rising interest rates that have made loans expensive, soaring fuel prices, inflation and high commodity prices, which have now begun to cool, as obstacles to growth. Citing the 13.5 percent industry growth rate in the passenger vehicle segment in FY 22, Srivastava said absolute volume sales remain comparable to FY 17, reflecting pent-up demand. "The industry is expecting a double-digit growth with targeted sales of 34 to 35 lakh units," he said. Close On the semiconductor shortage that has hit production, Srivastava said the company was producing at 95 … [Read more...] about Demand strong but inflation, commodity prices could impact growth, says Shashank Srivastava