The Biden administration has just supercharged the electric vehicle (EV) revolution. With its finalized tailpipe emissions rule, the administration expects that by 2032 70% of new U.S. car sales will be electric.
This lightning-fast transformation of the nation’s car fleet faces myriad challenges but perhaps none are greater than sourcing the minerals needed for millions of EVs and addressing the nation’s alarming reliance on Chinese-controlled mineral supply chains.
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The Environmental Protection Agency (EPA) is projecting that Americans could waste billions of dollars’ worth of time juicing up their electric vehicles (EVs).
As part of the Biden administration’s broader EV agenda, the EPA finalized aggressive tailpipe emissions standards on Wednesday that are designed to force manufacturers to massively increase the proportion of EVs they produce and sell. The regulatory impact analysis for that rule features estimates for costs of time spent refueling EVs over the coming decades, and the EPA is expecting that Americans will have wasted approximately $1.7 billion worth of time charging their EVs by 2055.
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An Alliance for American Manufacturing report called for tariffs to protect the U.S. electric vehicle market from an “extinction-level event” caused by Chinese competitors.
The report follows Chinese EV maker BYD, the world’s largest EV maker, releasing a $14,000 EV in February that could “demolish” domestic EVs, often $40,000 more expensive.
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Mercedes-Benz on Thursday walked back plans to have an all-electric line-up by 2030 as consumers decline to adopt electric vehicles (EV) at the rate automakers expected.
The company has changed its expectations to have only 50% of its sales be EVs by 2030, announcing that it will be updating its current line-up featuring the internal combustion engine into the next decade, according to Mercedes-Benz in its fourth quarter report. EV sales grew 21% year-over-year in 2023, but total car sales remained relatively the same, bucking hopes that EVs would fuel growth as the automaker pushes electric models.
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A slowdown in the growth of electric vehicle (EV) demand has led to entire mines being shut down as the supply of rare earth minerals essential for EV components exceeds demand, according to The Wall Street Journal.
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Ford lost billions of dollars on its electric vehicle (EV) product lines last year, according to corporate documents.
The company lost $4.7 billion on EVs in 2023, a greater loss than the $4.5 billion the company expected it would lose in 2023 at mid-year, according to a summary of the company’s annual earnings. The company pointed to “an extremely competitive pricing environment” as a key reason for the losses.
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Polling from the American Fuel & Petrochemical Manufacturers, the leading trade association of fuel, shows seven states oppose gas car bans.
Polling from the presidential and senate battleground states of Arizona, Michigan, Montana, Nevada, Ohio, Pennsylvania, Wisconsin, shows most registered and likely general election voters oppose government efforts to ban new gas cars and impose electric vehicle mandates.
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General Motors reported a $1.7 billion loss on Tuesday in its fourth quarter earnings call in the production and sale of its electric vehicle line, despite having positive net income growth in the quarter.
The automaker’s net income for the fourth quarter rose 5.2% year-over-year to $2.1 billion despite a reduction in revenue over that time frame of 0.3%, according to GM’s fourth quarter earnings report. The losses on EVs accompany a $1.1 billion total loss from a six-week-long strike by the United Auto Workers that partially halted operations, with the union gaining a new work contract that could raise labor costs in the coming year, according to the company’s investor earnings call.
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Six school districts across Ohio are set to receive electric school buses as part of the Infrastructure Investment and Jobs Act, signed into law by President Joe Biden in 2021.
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