Autoblog
"EV started fire at Chrysler Tech Center in November, report says"
Story by Chris Teague
3 JANUARY 2024
No matter what you’ve heard, EVs are less likely to catch fire than gas vehicles.
That said, two of Detroit’s Big Three automakers have had EV-related factory fires in recent months, and the third had to pause production of a popular model to figure out a battery fire issue.
Stellantis reported a fire at its Chrysler Tech Center in the Detroit area in November last year, but we’ve just now learned that it was related to an EV prototype.
Automotive News reported that the November 19 fire came from a vehicle parked on a lift.
“Crews made their way to the vehicle and found it with active fire underneath the vehicle and under the hood,” a fire report noted.
Firefighters and employees removed the vehicle with a forklift, and no injuries or structural damage were reported.
Officials still don’t know the exact cause of the fire, but the report stated that workers believed it could have been related to a coolant issue.
Crosstown rival General Motors halted production at its Factory Zero in Detroit-Hamtramck in December due to a fire.
The facility produces both forms of the GMC Hummer EV and the Chevrolet Silverado EV.
That fire is still under investigation, but early reports lean toward a forklift puncturing a battery materials container as the cause.
Early in 2023, Ford had to shutter production of the F-150 Lightning after the electric pickup caught fire in a holding lot.
The Blue Oval worked with its battery supplier to revise cell production and fix the issue.
While less likely to occur, EV fires can be much more difficult to extinguish than gas vehicle fires.
Battery cells can experience thermal runaway, an accelerating reaction that can cause a rapid increase in fire temperature and intensity.
EV fires have been known to take thousands of gallons of water to extinguish, making the job harder for firefighters.
https://www.msn.com/en-us/autos/news/ev ... 23e7&ei=64
ELECTRIC VEHICLES
Re: ELECTRIC VEHICLES
FOX News
"DC green-lights aggressive electric vehicle mandate despite critics sounding alarm on high consumer costs"
Story by Thomas Catenacci
4 JANUARY 2024
The nation's capital is joining several states led by California in moving forward with an aggressive electric vehicle (EV) mandate, which experts and lawmakers have warned will lead to higher consumer costs.
The Washington, D.C., Department of Energy and Environment (DOEE) announced late last week that it had formally adopted the so-called Advanced Clean Cars II Rule crafted by California's state government.
Under the regulations, automakers will be required to only sell zero-emissions vehicles beginning in 2035 in an effort to curb carbon emissions and fight global warming.
"District residents are already accruing savings in refueling costs from electrification," the DOEE said in its announcement Friday.
"Electric vehicle prices continue to decrease over time and EPA projects that when considering all of the economic incentives available the average electric vehicle will cost $400 to $4,000 less than a gasoline equivalent by 2032."
"Even greater cost savings occur when the maintenance and fuel savings of approximately $10,000 that the average owner will save over eight years of ownership are considered," the statement continued.
The action comes as several Democratic-led states pursue EV mandates, many of which are similarly modeled after California's regulations.
In March 2022, the Environmental Protection Agency (EPA) reinstated California’s authority under the Clean Air Act to implement its own emission standards, also allowing other states to adopt California's rules.
The Trump administration had revoked the state's authority to pursue standards that run counter to federal rules.
Months later, on Aug. 25, 2022, the California Air Resources Board, a state environmental agency, announced new regulations banning gas-powered cars, and mandating electric cars, by 2035.
In addition, another 17 states have laws in place that tether their vehicle emissions standards to those set in California, meaning the mandate may impact tens of millions of Americans nationwide and a sizable share of future car purchases.
The House passed a bill in September that would reverse the EPA's reinstatement of California's authority to finalize its Advanced Clean Cars II Rule.
That legislation, though, has yet to receive a floor vote in the Senate.
"We are pleased to see DC adopt the Advanced Clean Cars II program that will benefit our air quality and public health while increasing access to zero-emission vehicles," Mike Litt, conservation chair and executive committee member at Sierra Club's DC Chapter, said on Tuesday.
"DC joins a group of states attacking the scourge of transportation sector pollution," added Kathy Harris, a senior advocate at the Natural Resources Defense Council.
"The capital city is the latest to adopt the Advanced Clean Car II standards which will have massive air quality, health and economic benefits as the transition to zero emission vehicles moves forward."
In addition to Washington, D.C., several northeastern states, including Connecticut, Massachusetts, Maryland, New Jersey, New York, Rhode Island, Vermont and Virginia, are pursuing EV mandates.
Michigan and New Mexico are also moving ahead with their own EV requirements.
Proponents of such regulations have pointed to the transportation sector's heavy carbon footprint, arguing EVs would help reduce pollution.
Overall, transportation accounts for nearly 30% of the nation's total greenhouse gas emissions, according to the EPA.
However, critics of aggressive EV requirements have warned that the U.S. power grid is currently unequipped to handle the significantly increased demand and load that would be generated by widespread EV adoption.
They have also argued that power outages, triggered by both storms and low supplies, could render large swaths of an electrified transportation sector useless.
"The only way the electrification of the transportation sector and of home heating and cooling can work is if the utility sector continues to build natural-gas-fired plants and looks to building nuclear plants and perhaps building new coal plants because the grid in these states that are pushing these policies is already overloaded," Myron Ebell, the director of the Competitive Enterprise Institute's Center for Energy and Environment, previously told Fox News Digital.
"As everybody moves to EVs, if it happens, the only way to do it is to find more baseload power and dispatchable power."
The DOEE didn't respond to a request for comment.
https://www.msn.com/en-us/news/us/dc-gr ... 627b&ei=28
"DC green-lights aggressive electric vehicle mandate despite critics sounding alarm on high consumer costs"
Story by Thomas Catenacci
4 JANUARY 2024
The nation's capital is joining several states led by California in moving forward with an aggressive electric vehicle (EV) mandate, which experts and lawmakers have warned will lead to higher consumer costs.
The Washington, D.C., Department of Energy and Environment (DOEE) announced late last week that it had formally adopted the so-called Advanced Clean Cars II Rule crafted by California's state government.
Under the regulations, automakers will be required to only sell zero-emissions vehicles beginning in 2035 in an effort to curb carbon emissions and fight global warming.
"District residents are already accruing savings in refueling costs from electrification," the DOEE said in its announcement Friday.
"Electric vehicle prices continue to decrease over time and EPA projects that when considering all of the economic incentives available the average electric vehicle will cost $400 to $4,000 less than a gasoline equivalent by 2032."
"Even greater cost savings occur when the maintenance and fuel savings of approximately $10,000 that the average owner will save over eight years of ownership are considered," the statement continued.
The action comes as several Democratic-led states pursue EV mandates, many of which are similarly modeled after California's regulations.
In March 2022, the Environmental Protection Agency (EPA) reinstated California’s authority under the Clean Air Act to implement its own emission standards, also allowing other states to adopt California's rules.
The Trump administration had revoked the state's authority to pursue standards that run counter to federal rules.
Months later, on Aug. 25, 2022, the California Air Resources Board, a state environmental agency, announced new regulations banning gas-powered cars, and mandating electric cars, by 2035.
In addition, another 17 states have laws in place that tether their vehicle emissions standards to those set in California, meaning the mandate may impact tens of millions of Americans nationwide and a sizable share of future car purchases.
The House passed a bill in September that would reverse the EPA's reinstatement of California's authority to finalize its Advanced Clean Cars II Rule.
That legislation, though, has yet to receive a floor vote in the Senate.
"We are pleased to see DC adopt the Advanced Clean Cars II program that will benefit our air quality and public health while increasing access to zero-emission vehicles," Mike Litt, conservation chair and executive committee member at Sierra Club's DC Chapter, said on Tuesday.
"DC joins a group of states attacking the scourge of transportation sector pollution," added Kathy Harris, a senior advocate at the Natural Resources Defense Council.
"The capital city is the latest to adopt the Advanced Clean Car II standards which will have massive air quality, health and economic benefits as the transition to zero emission vehicles moves forward."
In addition to Washington, D.C., several northeastern states, including Connecticut, Massachusetts, Maryland, New Jersey, New York, Rhode Island, Vermont and Virginia, are pursuing EV mandates.
Michigan and New Mexico are also moving ahead with their own EV requirements.
Proponents of such regulations have pointed to the transportation sector's heavy carbon footprint, arguing EVs would help reduce pollution.
Overall, transportation accounts for nearly 30% of the nation's total greenhouse gas emissions, according to the EPA.
However, critics of aggressive EV requirements have warned that the U.S. power grid is currently unequipped to handle the significantly increased demand and load that would be generated by widespread EV adoption.
They have also argued that power outages, triggered by both storms and low supplies, could render large swaths of an electrified transportation sector useless.
"The only way the electrification of the transportation sector and of home heating and cooling can work is if the utility sector continues to build natural-gas-fired plants and looks to building nuclear plants and perhaps building new coal plants because the grid in these states that are pushing these policies is already overloaded," Myron Ebell, the director of the Competitive Enterprise Institute's Center for Energy and Environment, previously told Fox News Digital.
"As everybody moves to EVs, if it happens, the only way to do it is to find more baseload power and dispatchable power."
The DOEE didn't respond to a request for comment.
https://www.msn.com/en-us/news/us/dc-gr ... 627b&ei=28
Re: ELECTRIC VEHICLES
REUTERS
"Fisker leans on dealerships to boost EV sales"
Reuters
January 4, 2024
Jan 4 (Reuters) - Electric vehicle company Fisker said on Thursday that it would add dealerships alongside its direct-to-customer distribution model to expand its sales and delivery network.
The California-based company, which sells its vehicles across the United States and Canada apart from other markets in Europe, has only two showrooms or Fisker Lounges in North America - one in Los Angeles and the other in New York.
In other locations, it has retail stores called Fisker Center+.
Fisker said, in Europe, it will continue to offer direct sales but will bring onboard partners for sales and distribution.
While the EV startup made more than 10,000 vehicles in 2023, it delivered only about 4,700 units of the Ocean sport utility vehicles due to distribution constraints.
"We are evolving our business model and intend to add as many as 50 dealer partners in the US and Canada and a similar number of dealer locations in Europe this year," CEO Henrik Fisker said.
The company expects to send its first Ocean vehicles to new dealers by the end of the first quarter, Fisker said, adding that it has been in talks with dealer partners since November 2023.
Lucid, Rivian and Fisker have followed an online and direct-to-consumer model that was started by Elon Musk-led Tesla, in their efforts to cut out middlemen that dealership models have.
Earlier this week, Vietnamese electric car maker VinFast Auto said that it had signed its first five dealerships in Texas, New York, Kansas and North Carolina.
Swedish EV maker Polestar also uses a dealership model.
Reporting by Akash Sriram in Bengaluru; Editing by Shweta Agarwal
https://www.reuters.com/business/autos- ... 024-01-04/
"Fisker leans on dealerships to boost EV sales"
Reuters
January 4, 2024
Jan 4 (Reuters) - Electric vehicle company Fisker said on Thursday that it would add dealerships alongside its direct-to-customer distribution model to expand its sales and delivery network.
The California-based company, which sells its vehicles across the United States and Canada apart from other markets in Europe, has only two showrooms or Fisker Lounges in North America - one in Los Angeles and the other in New York.
In other locations, it has retail stores called Fisker Center+.
Fisker said, in Europe, it will continue to offer direct sales but will bring onboard partners for sales and distribution.
While the EV startup made more than 10,000 vehicles in 2023, it delivered only about 4,700 units of the Ocean sport utility vehicles due to distribution constraints.
"We are evolving our business model and intend to add as many as 50 dealer partners in the US and Canada and a similar number of dealer locations in Europe this year," CEO Henrik Fisker said.
The company expects to send its first Ocean vehicles to new dealers by the end of the first quarter, Fisker said, adding that it has been in talks with dealer partners since November 2023.
Lucid, Rivian and Fisker have followed an online and direct-to-consumer model that was started by Elon Musk-led Tesla, in their efforts to cut out middlemen that dealership models have.
Earlier this week, Vietnamese electric car maker VinFast Auto said that it had signed its first five dealerships in Texas, New York, Kansas and North Carolina.
Swedish EV maker Polestar also uses a dealership model.
Reporting by Akash Sriram in Bengaluru; Editing by Shweta Agarwal
https://www.reuters.com/business/autos- ... 024-01-04/
Re: ELECTRIC VEHICLES
News Nation
"Car dealers concerned over weak EV demand"
Story by Stephanie Haines
5 JANUARY 2024
PLANO, Texas (NewsNation) — Some car dealers across the country are expressing concern about what they are calling a weak demand for electric vehicles.
Despite reaching a milestone of more than one million EVs sold nationwide in all of 2023, some dealers say they can’t get them off their lots.
There may be more EVs on the road than any time before, but sales are slowing and supply is rising based on pressure from the government.
Now, dealers are getting squeezed.
Ray Huffines, the owner of Huffines Auto Dealership in Texas, has been selling cars his whole life, following his father’s footsteps who opened the shop nearly a century ago.
If there’s one thing he knows, it’s the ins and outs of consumer demand.
He said that while they don’t want cars to sit on the lot for too long, it’s possible.
“It’s a supply and demand issue,” Huffines said.
More than one million EVs were sold nationwide in 2023, according to a recent BloombergNEF report — the highest recorded so far.
But it’s a demand that Huffines just isn’t seeing.
“It’s the government that’s really pushing this."
"They have this corporate average fuel economy and they keep raising that to the level where the manufacturers must sell EVs in order to meet that,” Huffines said.
He continued, “If they don’t meet it, then they have to pay fines."
"Yet, the demand is not there."
"The manufacturers can build them, but that doesn’t mean the people will buy them.”
Huffines and other dealers then end up in the middle of that.
The Biden administration has set a goal that half of all new car sales be electric by 2030.
As time goes on, those in the auto industry believe improvements in features and prices will help supply and demand differences eventually even out.
“There isn’t zero demand, there’s plenty of demand."
"But automakers overdid it when it came to predicting the take rate for these cars."
"So now they have too many."
"And we’re already seeing electric vehicle prices come down,” Auto Trader executive editor Brian Moody said.
Another element of this is the tax credits, which can be complicated and can change.
Just this week, some models are no longer eligible for a $7,500 tax credit under the Inflation Reduction Act.
https://www.msn.com/en-us/autos/news/ca ... eda3&ei=27
"Car dealers concerned over weak EV demand"
Story by Stephanie Haines
5 JANUARY 2024
PLANO, Texas (NewsNation) — Some car dealers across the country are expressing concern about what they are calling a weak demand for electric vehicles.
Despite reaching a milestone of more than one million EVs sold nationwide in all of 2023, some dealers say they can’t get them off their lots.
There may be more EVs on the road than any time before, but sales are slowing and supply is rising based on pressure from the government.
Now, dealers are getting squeezed.
Ray Huffines, the owner of Huffines Auto Dealership in Texas, has been selling cars his whole life, following his father’s footsteps who opened the shop nearly a century ago.
If there’s one thing he knows, it’s the ins and outs of consumer demand.
He said that while they don’t want cars to sit on the lot for too long, it’s possible.
“It’s a supply and demand issue,” Huffines said.
More than one million EVs were sold nationwide in 2023, according to a recent BloombergNEF report — the highest recorded so far.
But it’s a demand that Huffines just isn’t seeing.
“It’s the government that’s really pushing this."
"They have this corporate average fuel economy and they keep raising that to the level where the manufacturers must sell EVs in order to meet that,” Huffines said.
He continued, “If they don’t meet it, then they have to pay fines."
"Yet, the demand is not there."
"The manufacturers can build them, but that doesn’t mean the people will buy them.”
Huffines and other dealers then end up in the middle of that.
The Biden administration has set a goal that half of all new car sales be electric by 2030.
As time goes on, those in the auto industry believe improvements in features and prices will help supply and demand differences eventually even out.
“There isn’t zero demand, there’s plenty of demand."
"But automakers overdid it when it came to predicting the take rate for these cars."
"So now they have too many."
"And we’re already seeing electric vehicle prices come down,” Auto Trader executive editor Brian Moody said.
Another element of this is the tax credits, which can be complicated and can change.
Just this week, some models are no longer eligible for a $7,500 tax credit under the Inflation Reduction Act.
https://www.msn.com/en-us/autos/news/ca ... eda3&ei=27
Re: ELECTRIC VEHICLES
The Wall Street Journal
"Connecticut Hits a ‘Speed Bump’ on the Race to Mandate EVs"
Story by Bryce Chinault
6 JANUARY 2024
Connecticut and California couldn’t be more different or farther apart.
Yet since 1994 Hartford has let Sacramento set its emissions standards for passenger cars and trucks.
Connecticut is one of 17 states that have adopted California’s strict vehicle-emission regulations instead of the looser rules set by the U.S. Environmental Protection Agency.
But as the Golden State races to ban the sale of new gasoline-powered cars entirely by 2035, some in Connecticut are starting to have second thoughts about riding shotgun.
Although Connecticut had voluntarily complied with California’s emissions standards since the 1990s, Hartford outsourced this area of policy making officially in 2004.
Some legislators expressed reservations at the time over permanently sacrificing their state’s regulatory independence.
“If we adopt the legislation, we’ll essentially be sort of slavishly following whatever California decides to do,” said Democratic state Rep. J. Brendan Sharkey during a February 2004 hearing with then-Attorney General Richard Blumenthal.
“They’re essentially the dog and we’re the tail and we have to wag to their commands.”
Reluctant lawmakers were convinced to get on board by Mr. Blumenthal’s assurances that they “would not be bound by every change” made in California.
Yet for nearly 20 years, they have been.
Then something changed.
California’s 2022 Advanced Clean Cars II program requires that by 2035, all new passenger cars, trucks and SUVs sold in the state must produce zero emissions.
Last summer the Connecticut Department of Energy and Environmental Protection, known by the acronym DEEP, followed suit, promulgating a pair of rules to shift the state’s entire transportation sector to electric vehicles on the same time frame.
Starting in 2026, 35% of all new cars sold in Connecticut would need to be electric, with increasing rates of sales requirements until 2035 when every new car sold would have to produce zero emissions.
DEEP tried hard to rush the proposed regulation into law.
In public documents it severely underestimated revenue losses to the state from reduced gasoline taxes, according to an independent review by the nonpartisan Office of Fiscal Accountability.
DEEP also grossly mischaracterized the 4,000 comments it received on the regulations by insinuating that the majority were supportive.
A Yankee Institute analysis determined the comments were nearly 3 to 1 in opposition.
RG Strategies, a Democratic polling firm, found that 59% of Connecticut voters opposed the proposed ban on gasoline-powered cars.
Connecticut’s bipartisan Legislative Regulation Review Committee gets the final say on whether regulators have acted in accordance with legislative intent.
The 14-member committee evidently picked up on the public’s mood and was set to vote against the mandate when, on Nov. 30, Democratic Gov. Ned Lamont decided to scrap it himself.
Progressives haven’t given up hope, calling the proposed regulations’ withdrawal “merely a speed bump” on the road to full electric-vehicle adoption in Connecticut.
Some legislative leaders are looking for a new on-ramp for the proposal.
Electric-vehicle mandates aren’t cost-free.
They come packaged with environmental, social and policy implications that sensible legislators in every state would be wise to consider.
EVs require many times the amount of minerals to manufacture as traditional cars.
The cobalt used in many lithium-ion batteries is mined with child and near-slave labor in the Democratic Republic of the Congo.
The majority of mineral processing occurs in China, the world’s largest carbon emitter.
Electric vehicles are heavier than regular cars and trucks, which increases costs and burdens on roads, bridges and tires.
Heavier cars are more dangerous — they increase accident fatality rates.
In Connecticut, there is also the strange reality that consumers can’t buy cars directly from manufacturers, so anyone who wants to purchase a Tesla, the world’s most popular EV, can do so on only sovereign tribal land at Mohegan Sun Casino and Resort.
The state is simultaneously trying to tell people what to buy and make it difficult for them to acquire.
Policy makers across the country have convinced themselves that electric vehicles are the future — that there’s a market for these cars and trucks.
If that’s the case, why are we mandating these regulations instead of letting the market work?
It is unclear what the future holds for an EV mandate in Connecticut.
California has had the regulatory wheel so long, Connecticut may no longer remember the rules of the road.
But when lawmakers return to Hartford next month, they have a chance to slip back into the driver’s seat.
Mr. Chinault is director of external affairs at Yankee Institute.
https://www.msn.com/en-us/money/markets ... cb80&ei=27
"Connecticut Hits a ‘Speed Bump’ on the Race to Mandate EVs"
Story by Bryce Chinault
6 JANUARY 2024
Connecticut and California couldn’t be more different or farther apart.
Yet since 1994 Hartford has let Sacramento set its emissions standards for passenger cars and trucks.
Connecticut is one of 17 states that have adopted California’s strict vehicle-emission regulations instead of the looser rules set by the U.S. Environmental Protection Agency.
But as the Golden State races to ban the sale of new gasoline-powered cars entirely by 2035, some in Connecticut are starting to have second thoughts about riding shotgun.
Although Connecticut had voluntarily complied with California’s emissions standards since the 1990s, Hartford outsourced this area of policy making officially in 2004.
Some legislators expressed reservations at the time over permanently sacrificing their state’s regulatory independence.
“If we adopt the legislation, we’ll essentially be sort of slavishly following whatever California decides to do,” said Democratic state Rep. J. Brendan Sharkey during a February 2004 hearing with then-Attorney General Richard Blumenthal.
“They’re essentially the dog and we’re the tail and we have to wag to their commands.”
Reluctant lawmakers were convinced to get on board by Mr. Blumenthal’s assurances that they “would not be bound by every change” made in California.
Yet for nearly 20 years, they have been.
Then something changed.
California’s 2022 Advanced Clean Cars II program requires that by 2035, all new passenger cars, trucks and SUVs sold in the state must produce zero emissions.
Last summer the Connecticut Department of Energy and Environmental Protection, known by the acronym DEEP, followed suit, promulgating a pair of rules to shift the state’s entire transportation sector to electric vehicles on the same time frame.
Starting in 2026, 35% of all new cars sold in Connecticut would need to be electric, with increasing rates of sales requirements until 2035 when every new car sold would have to produce zero emissions.
DEEP tried hard to rush the proposed regulation into law.
In public documents it severely underestimated revenue losses to the state from reduced gasoline taxes, according to an independent review by the nonpartisan Office of Fiscal Accountability.
DEEP also grossly mischaracterized the 4,000 comments it received on the regulations by insinuating that the majority were supportive.
A Yankee Institute analysis determined the comments were nearly 3 to 1 in opposition.
RG Strategies, a Democratic polling firm, found that 59% of Connecticut voters opposed the proposed ban on gasoline-powered cars.
Connecticut’s bipartisan Legislative Regulation Review Committee gets the final say on whether regulators have acted in accordance with legislative intent.
The 14-member committee evidently picked up on the public’s mood and was set to vote against the mandate when, on Nov. 30, Democratic Gov. Ned Lamont decided to scrap it himself.
Progressives haven’t given up hope, calling the proposed regulations’ withdrawal “merely a speed bump” on the road to full electric-vehicle adoption in Connecticut.
Some legislative leaders are looking for a new on-ramp for the proposal.
Electric-vehicle mandates aren’t cost-free.
They come packaged with environmental, social and policy implications that sensible legislators in every state would be wise to consider.
EVs require many times the amount of minerals to manufacture as traditional cars.
The cobalt used in many lithium-ion batteries is mined with child and near-slave labor in the Democratic Republic of the Congo.
The majority of mineral processing occurs in China, the world’s largest carbon emitter.
Electric vehicles are heavier than regular cars and trucks, which increases costs and burdens on roads, bridges and tires.
Heavier cars are more dangerous — they increase accident fatality rates.
In Connecticut, there is also the strange reality that consumers can’t buy cars directly from manufacturers, so anyone who wants to purchase a Tesla, the world’s most popular EV, can do so on only sovereign tribal land at Mohegan Sun Casino and Resort.
The state is simultaneously trying to tell people what to buy and make it difficult for them to acquire.
Policy makers across the country have convinced themselves that electric vehicles are the future — that there’s a market for these cars and trucks.
If that’s the case, why are we mandating these regulations instead of letting the market work?
It is unclear what the future holds for an EV mandate in Connecticut.
California has had the regulatory wheel so long, Connecticut may no longer remember the rules of the road.
But when lawmakers return to Hartford next month, they have a chance to slip back into the driver’s seat.
Mr. Chinault is director of external affairs at Yankee Institute.
https://www.msn.com/en-us/money/markets ... cb80&ei=27
Re: ELECTRIC VEHICLES
FOX News
"Americans' hesitations for electric vehicles revealed as demand wanes"
Story by Breck Dumas
6 JANUARY 2024
U.S. consumers' interest in electric vehicles has lost some charge over the past year according to fresh data that spells out the top reservations Americans have about giving up their gas-powered autos.
Car insurance app company Jerry's 2024 State of the American Driver report released this week found that 41% of respondents said they were interested in buying or leasing an EV as their next vehicle, down from 49% from a year earlier.
The steepest decline was among the youngest drivers, Gen Z, whose interest plummeted from 61% to 41%.
Baby boomers' interest in buying an EV was the lowest at 31%.
As a whole, 23% of those surveyed said they plan to purchase their first EV within the next three years, down from 25% a year ago.
In the poll of more than 1,200 American drivers, more than half (54%) of car owners who said they were not interested in buying an EV said they would not consider one even if charging the vehicle was as quick and convenient as filling a car with gas.
Forty-four percent of those surveyed said they simply prefer a gas-powered car.
When asked to choose between two hypothetical identical vehicles with the same price tag – a hybrid that does not require charging and an EV that does – 83% chose the hybrid.
The most frequently cited reason (66%) was the option to use gas, followed by limited EV driving range (57%) and the inconvenience of charging EVs (52%).
Interest in EVs has grown significantly in recent years, with registrations in the U.S. increasing by nearly 547% since 2017.
Still, in 2022, EVs made up fewer than 1% of all vehicle registrations in the nation.
Major automakers have begun to acknowledge the concerns over EV demand weakness, as they navigate losses and pull back on investments in the technology.
https://www.msn.com/en-us/news/us/ameri ... cb80&ei=81
"Americans' hesitations for electric vehicles revealed as demand wanes"
Story by Breck Dumas
6 JANUARY 2024
U.S. consumers' interest in electric vehicles has lost some charge over the past year according to fresh data that spells out the top reservations Americans have about giving up their gas-powered autos.
Car insurance app company Jerry's 2024 State of the American Driver report released this week found that 41% of respondents said they were interested in buying or leasing an EV as their next vehicle, down from 49% from a year earlier.
The steepest decline was among the youngest drivers, Gen Z, whose interest plummeted from 61% to 41%.
Baby boomers' interest in buying an EV was the lowest at 31%.
As a whole, 23% of those surveyed said they plan to purchase their first EV within the next three years, down from 25% a year ago.
In the poll of more than 1,200 American drivers, more than half (54%) of car owners who said they were not interested in buying an EV said they would not consider one even if charging the vehicle was as quick and convenient as filling a car with gas.
Forty-four percent of those surveyed said they simply prefer a gas-powered car.
When asked to choose between two hypothetical identical vehicles with the same price tag – a hybrid that does not require charging and an EV that does – 83% chose the hybrid.
The most frequently cited reason (66%) was the option to use gas, followed by limited EV driving range (57%) and the inconvenience of charging EVs (52%).
Interest in EVs has grown significantly in recent years, with registrations in the U.S. increasing by nearly 547% since 2017.
Still, in 2022, EVs made up fewer than 1% of all vehicle registrations in the nation.
Major automakers have begun to acknowledge the concerns over EV demand weakness, as they navigate losses and pull back on investments in the technology.
https://www.msn.com/en-us/news/us/ameri ... cb80&ei=81
Re: ELECTRIC VEHICLES
REUTERS
"Tesla lowers range estimates as U.S. regulators tighten vehicle-test rules"
By Norihiko Shirouzu
January 9, 2024
Jan 9 (Reuters) - Tesla has lowered driving-range estimates across its lineup of electric vehicles as a new U.S. government vehicle-testing regulation takes effect with the goal of ensuring that automakers accurately reflect real-world performance.
Tesla has historically issued range estimates that overstate what its cars can deliver, prompting widespread complaints from customers, according to some automotive testing experts and a Reuters investigation last year.
Reuters reported in July that the automaker, about a decade ago, rigged the algorithm that controls in-dash range estimates in Tesla vehicles to give rosy projections of how far owners can drive before needing to recharge.
The story also found the automaker created a secret team in 2022 to suppress thousands of driving-range complaints and cancel owners' range-related service appointments.
Tesla later disclosed in an October regulatory filing that federal investigators had subpoenaed the automaker for information involving its vehicles' driving range.
Driving range has been a key selling point for Tesla vehicles and other electric models in the United States, where consumers cite a lack of public charging infrastructure as a primary reason for avoiding battery-powered cars.
Tesla has recently lowered the driving range estimates for variants of its model X, S, Y, and 3 vehicles, according to a Reuters review of marketing pages on its website compared with archived versions of the same pages and range estimates for 2023 models on a U.S. government site.
Tesla's website now estimates the range of a Model Y Long Range, for instance, at 310 miles, while the government's fuel economy site, maintained by the Environmental Protection Agency (EPA), still lists the same vehicle's range at 330 miles.
Tesla dropped the range estimate for the performance variant of the Model Y, a small crossover SUV, from 303 miles to 285 miles, the Reuters review showed.
The new rules require automakers to test electric vehicles (EVs) for driving range and fuel efficiency in their "default" driving mode - the one the car uses when a driver first turns it on.
Many modern vehicles including Teslas have an array of driving modes that allow for tuning the vehicle to maximize either efficiency or power.
If a car doesn't have a default or standard driving mode, then the EPA requires an automaker to test the vehicle in its best-case and worst-case modes for efficiency and average the results, according to an EPA letter to automakers in July 2022, describing test rule changes that take effect for 2024 models.
Telsa does not specify a model year in the marketing pages on its website that list estimated ranges for its models.
Tesla offers driving modes ranging from "Chill" mode for efficiency and better range to "Drag Strip Mode" in higher performance models to boost acceleration, according to 2023 Tesla owners' manuals posted online.
Under "tips to maximize range" in its Model Y owner's manual, Tesla advises drivers to "consider using Chill Mode."
Telsa did not respond to requests for comment on the range-estimate reductions, the new EPA rule or whether it has previously used Chill Mode, or any efficiency-geared setting, during its testing to determine driving range.
The EPA, which regulates automakers' advertised fuel-economy and driving-range estimates, did not answer questions from Reuters about the rationale for its testing rule, how it affected Tesla or other automakers and whether the agency had certified Tesla's new range estimates.
EPA spokesperson Nick Conger said in a statement that automakers routinely adjust efficiency estimates "with a new model year when vehicle changes or updates to test procedures provide new data."
Reuters could not determine if Tesla lowered range estimates on every variant of every model.
Automakers conduct their own tests to determine range and fuel-efficiency estimates for advertising purposes, but they must follow EPA guidelines.
The EPA retests a certain number of vehicles to verify the manufacturers' figures.
Tesla is by far the top seller of electric vehicles in the United States.
Other major automakers producing multiple electric models include Ford, General Motors and Hyundai.
Spokespeople for Ford and GM said the new EPA rules will not require them to change range estimates for any electric model.
GM said its testing regimen complied with the new regulations before they took effect.
Hyundai did not respond to a request for comment.
Some of Tesla's downward revisions were slight, such as the change from a 333-mile estimated range to 326 miles for its Model X Plaid variant, a high-performance version of the luxury SUV.
Other changes were more dramatic, such as the lowering of the estimate for the Model S Plaid, a luxury sport sedan, from 396 miles of range to 359 miles, according to a comparison of Tesla's current website and an archived version of the same page from a few days ago.
Automotive experts who have tested Tesla's range estimates and found them inflated said the reduction of the estimates was a necessary change.
Automotive website Edmunds said the vast majority of electric vehicles it has tested performed better than their advertised ranges - with Tesla being the exception.
"All of the eight Tesla vehicles we have tested failed to match their EPA estimate," Edmunds editor-in-chief Alistair Weaver said in a statement.
He called Tesla's reduced estimates "an important step in providing car shoppers with a more accurate reflection of how far their vehicle will travel on a single charge.”
Seattle-based EV analytics firm Recurrent said it noticed last November that the dashboard range estimate in a Model 3 Long Range it was monitoring had been reduced to 333 miles from the previous estimate of 358 miles.
That matches the current difference between the Tesla website's estimate for that model and the estimate on the EPA site.
Recurrent Chief Executive Scott Case called the automaker's revisions "a step in the right direction" for Tesla owners.
Previous estimates, he said, have historically been "30% or more optimistic than the vehicles' real-world range."
Alex Knizek, manager of automotive testing at Consumer Reports, applauded the new EPA rule change for providing a more standardized way of measuring range.
"It all comes down to making the numbers more comparable across different cars from different producers, which goes back to making the information more reliable for consumers when shopping for a vehicle," he said.
Reporting by Norihiko Shirouzu; additional reporting by Joseph White; editing by Brian Thevenot.
https://www.reuters.com/business/autos- ... 024-01-09/
"Tesla lowers range estimates as U.S. regulators tighten vehicle-test rules"
By Norihiko Shirouzu
January 9, 2024
Jan 9 (Reuters) - Tesla has lowered driving-range estimates across its lineup of electric vehicles as a new U.S. government vehicle-testing regulation takes effect with the goal of ensuring that automakers accurately reflect real-world performance.
Tesla has historically issued range estimates that overstate what its cars can deliver, prompting widespread complaints from customers, according to some automotive testing experts and a Reuters investigation last year.
Reuters reported in July that the automaker, about a decade ago, rigged the algorithm that controls in-dash range estimates in Tesla vehicles to give rosy projections of how far owners can drive before needing to recharge.
The story also found the automaker created a secret team in 2022 to suppress thousands of driving-range complaints and cancel owners' range-related service appointments.
Tesla later disclosed in an October regulatory filing that federal investigators had subpoenaed the automaker for information involving its vehicles' driving range.
Driving range has been a key selling point for Tesla vehicles and other electric models in the United States, where consumers cite a lack of public charging infrastructure as a primary reason for avoiding battery-powered cars.
Tesla has recently lowered the driving range estimates for variants of its model X, S, Y, and 3 vehicles, according to a Reuters review of marketing pages on its website compared with archived versions of the same pages and range estimates for 2023 models on a U.S. government site.
Tesla's website now estimates the range of a Model Y Long Range, for instance, at 310 miles, while the government's fuel economy site, maintained by the Environmental Protection Agency (EPA), still lists the same vehicle's range at 330 miles.
Tesla dropped the range estimate for the performance variant of the Model Y, a small crossover SUV, from 303 miles to 285 miles, the Reuters review showed.
The new rules require automakers to test electric vehicles (EVs) for driving range and fuel efficiency in their "default" driving mode - the one the car uses when a driver first turns it on.
Many modern vehicles including Teslas have an array of driving modes that allow for tuning the vehicle to maximize either efficiency or power.
If a car doesn't have a default or standard driving mode, then the EPA requires an automaker to test the vehicle in its best-case and worst-case modes for efficiency and average the results, according to an EPA letter to automakers in July 2022, describing test rule changes that take effect for 2024 models.
Telsa does not specify a model year in the marketing pages on its website that list estimated ranges for its models.
Tesla offers driving modes ranging from "Chill" mode for efficiency and better range to "Drag Strip Mode" in higher performance models to boost acceleration, according to 2023 Tesla owners' manuals posted online.
Under "tips to maximize range" in its Model Y owner's manual, Tesla advises drivers to "consider using Chill Mode."
Telsa did not respond to requests for comment on the range-estimate reductions, the new EPA rule or whether it has previously used Chill Mode, or any efficiency-geared setting, during its testing to determine driving range.
The EPA, which regulates automakers' advertised fuel-economy and driving-range estimates, did not answer questions from Reuters about the rationale for its testing rule, how it affected Tesla or other automakers and whether the agency had certified Tesla's new range estimates.
EPA spokesperson Nick Conger said in a statement that automakers routinely adjust efficiency estimates "with a new model year when vehicle changes or updates to test procedures provide new data."
Reuters could not determine if Tesla lowered range estimates on every variant of every model.
Automakers conduct their own tests to determine range and fuel-efficiency estimates for advertising purposes, but they must follow EPA guidelines.
The EPA retests a certain number of vehicles to verify the manufacturers' figures.
Tesla is by far the top seller of electric vehicles in the United States.
Other major automakers producing multiple electric models include Ford, General Motors and Hyundai.
Spokespeople for Ford and GM said the new EPA rules will not require them to change range estimates for any electric model.
GM said its testing regimen complied with the new regulations before they took effect.
Hyundai did not respond to a request for comment.
Some of Tesla's downward revisions were slight, such as the change from a 333-mile estimated range to 326 miles for its Model X Plaid variant, a high-performance version of the luxury SUV.
Other changes were more dramatic, such as the lowering of the estimate for the Model S Plaid, a luxury sport sedan, from 396 miles of range to 359 miles, according to a comparison of Tesla's current website and an archived version of the same page from a few days ago.
Automotive experts who have tested Tesla's range estimates and found them inflated said the reduction of the estimates was a necessary change.
Automotive website Edmunds said the vast majority of electric vehicles it has tested performed better than their advertised ranges - with Tesla being the exception.
"All of the eight Tesla vehicles we have tested failed to match their EPA estimate," Edmunds editor-in-chief Alistair Weaver said in a statement.
He called Tesla's reduced estimates "an important step in providing car shoppers with a more accurate reflection of how far their vehicle will travel on a single charge.”
Seattle-based EV analytics firm Recurrent said it noticed last November that the dashboard range estimate in a Model 3 Long Range it was monitoring had been reduced to 333 miles from the previous estimate of 358 miles.
That matches the current difference between the Tesla website's estimate for that model and the estimate on the EPA site.
Recurrent Chief Executive Scott Case called the automaker's revisions "a step in the right direction" for Tesla owners.
Previous estimates, he said, have historically been "30% or more optimistic than the vehicles' real-world range."
Alex Knizek, manager of automotive testing at Consumer Reports, applauded the new EPA rule change for providing a more standardized way of measuring range.
"It all comes down to making the numbers more comparable across different cars from different producers, which goes back to making the information more reliable for consumers when shopping for a vehicle," he said.
Reporting by Norihiko Shirouzu; additional reporting by Joseph White; editing by Brian Thevenot.
https://www.reuters.com/business/autos- ... 024-01-09/
Re: ELECTRIC VEHICLES
REUTERS
"Rental giant Hertz dumps EVs, including Teslas, for gas cars"
By Nathan Gomes and Joseph White
January 11, 2024
Jan 11 (Reuters) - Rental firm Hertz Global Holdings is selling about 20,000 electric vehicles, including Teslas, from its U.S. fleet about two years after a deal with the automaker to offer its vehicles for rent, in another sign that EV demand has cooled.
Hertz will instead opt for gas-powered vehicles, it said on Thursday, citing higher expenses related to collision and damage for EVs even though it had aimed to convert 25% of its fleet to electric by 2024 end.
CEO Stephen Scherr had last year at the JPMorgan Auto Conference flagged headwinds from higher expenses for its EVs, particularly Teslas.
Hertz even limited the torque and speed on the EVs and offered it to experienced users on the platform to make them easier to adapt after certain users had front-end collisions, he said.
Shares of the company, which also operates vehicles from Swedish EV maker Polestar among others, fell about 4%.
Tesla's stock was down about 3%.
Hertz also expects about $245 million in charges related to depreciation expenses from the EV sale in the fourth quarter of 2023.
BUMPY ROAD FOR EV GROWTH
Its decision underscores the bumpy road EVs have hit as their sales growth slows, causing carmakers like General Motors and Ford to scale back production plans.
Morgan Stanley analyst Adam Jonas said in a note Hertz's move was another sign that EV expectations need to be "reset downward".
While consumers enjoy the driving experience and fuel savings (per mile) of an EV, Jonas said there are other "hidden costs to EV ownership".
"Expenses related to collision and damage, primarily associated with EVs, remained high in the quarter," Hertz said in a regulatory filing on Thursday.
The company, which had earlier planned to order 100,000 Tesla vehicles by 2022 end and 65,000 units from Polestar over five years, said it would focus on improving profitability for the rest of its EV fleet.
German rental car company Sixt said in December it had not purchased Tesla vehicles since 2022 and was selling its fleet of Teslas "as part of our regular de-fleeting process".
It still plans to offer a range of electrified vehicles and "stick to our goal to electrify 70-90 percent of our rental fleet in Europe by 2030", it said on Thursday.
USED-EV PRICES DROP
Meanwhile, wholesale used-EV prices fell for most of 2023 as prices for new EVs fell and inventories of unsold electric vehicles rose, according to Cox Automotive data.
Cox forecast before Hertz's decision that used-EV prices would decline more than overall used vehicle prices in 2024.
"While 20,000 cars isn't a large number in the total used vehicle market, it does mean Hertz will be taking a major loss on each of these sales while further contributing to the trend of falling used EV values," iSeeCars.com analyst Karl Brauer said.
Hertz is selling some Tesla Model 3 for as low as about $20,000, nearly half the purchase price for the cheapest variant of the compact sedan, its used car website showed.
It lists more than 700 EVs on sale, including BMW's i3, Chevrolet's Bolt and Tesla's Model 3 and Model Y SUVs.
Reporting by Nathan Gomes and Akash Sriram in Bengaluru, Joe White in Detroit; Editing by Shilpi Majumdar, Sriraj Kalluvila and Arun Koyyur
https://www.reuters.com/business/autos- ... 024-01-11/
"Rental giant Hertz dumps EVs, including Teslas, for gas cars"
By Nathan Gomes and Joseph White
January 11, 2024
Jan 11 (Reuters) - Rental firm Hertz Global Holdings is selling about 20,000 electric vehicles, including Teslas, from its U.S. fleet about two years after a deal with the automaker to offer its vehicles for rent, in another sign that EV demand has cooled.
Hertz will instead opt for gas-powered vehicles, it said on Thursday, citing higher expenses related to collision and damage for EVs even though it had aimed to convert 25% of its fleet to electric by 2024 end.
CEO Stephen Scherr had last year at the JPMorgan Auto Conference flagged headwinds from higher expenses for its EVs, particularly Teslas.
Hertz even limited the torque and speed on the EVs and offered it to experienced users on the platform to make them easier to adapt after certain users had front-end collisions, he said.
Shares of the company, which also operates vehicles from Swedish EV maker Polestar among others, fell about 4%.
Tesla's stock was down about 3%.
Hertz also expects about $245 million in charges related to depreciation expenses from the EV sale in the fourth quarter of 2023.
BUMPY ROAD FOR EV GROWTH
Its decision underscores the bumpy road EVs have hit as their sales growth slows, causing carmakers like General Motors and Ford to scale back production plans.
Morgan Stanley analyst Adam Jonas said in a note Hertz's move was another sign that EV expectations need to be "reset downward".
While consumers enjoy the driving experience and fuel savings (per mile) of an EV, Jonas said there are other "hidden costs to EV ownership".
"Expenses related to collision and damage, primarily associated with EVs, remained high in the quarter," Hertz said in a regulatory filing on Thursday.
The company, which had earlier planned to order 100,000 Tesla vehicles by 2022 end and 65,000 units from Polestar over five years, said it would focus on improving profitability for the rest of its EV fleet.
German rental car company Sixt said in December it had not purchased Tesla vehicles since 2022 and was selling its fleet of Teslas "as part of our regular de-fleeting process".
It still plans to offer a range of electrified vehicles and "stick to our goal to electrify 70-90 percent of our rental fleet in Europe by 2030", it said on Thursday.
USED-EV PRICES DROP
Meanwhile, wholesale used-EV prices fell for most of 2023 as prices for new EVs fell and inventories of unsold electric vehicles rose, according to Cox Automotive data.
Cox forecast before Hertz's decision that used-EV prices would decline more than overall used vehicle prices in 2024.
"While 20,000 cars isn't a large number in the total used vehicle market, it does mean Hertz will be taking a major loss on each of these sales while further contributing to the trend of falling used EV values," iSeeCars.com analyst Karl Brauer said.
Hertz is selling some Tesla Model 3 for as low as about $20,000, nearly half the purchase price for the cheapest variant of the compact sedan, its used car website showed.
It lists more than 700 EVs on sale, including BMW's i3, Chevrolet's Bolt and Tesla's Model 3 and Model Y SUVs.
Reporting by Nathan Gomes and Akash Sriram in Bengaluru, Joe White in Detroit; Editing by Shilpi Majumdar, Sriraj Kalluvila and Arun Koyyur
https://www.reuters.com/business/autos- ... 024-01-11/
Re: ELECTRIC VEHICLES
REUTERS
"EV maker Lucid's quarterly production, deliveries fall, shares tumble"
Reuters
January 11, 2024
Jan 11 (Reuters) - Lucid Group said on Thursday its deliveries and production fell in the fourth quarter from a year earlier, sending its shares down to a record low.
High interest rates have weakened demand for EVs as customers cut back on big-ticket purchases, which has prompted automakers such as Ford and General Motors to push back their planned EV and battery factory expansion plans.
Lucid has also been hit by a price war started by market leader Tesla a year ago to solidify its EV market share and combat slowing demand.
"With (Lucid) shares hitting a new record low, we see little in the way of fundamental or technical support for the stock and expect additional lows to be set," said Garrett Nelson, senior equity analyst at CFRA Research in a research note.
Lucid's deliveries fell about 10% to 1,734 vehicles in the three months to Dec. 31, compared with 1,932 units it handed over in the year-ago quarter.
Sector peer Rivian missed market expectations for deliveries in the final quarter of 2023 due to a broader slowdown in EV demand in the United States.
Lucid's production fell about 31% to 2,391 vehicles in the quarter, taking its annual production to 8,428 vehicles, in line with its lowered target of 8,000 to 8,500 units.
In November, the company cut down its earlier production forecast from more than 10,000 units, saying it needed "to prudently align (its output) with deliveries."
Shares of the company, backed by Saudi Arabia's Public Investment Fund (PIF), fell around 38% last year.
"The results imply that LUCID's cash burn rates have remained extremely high, and its runway is clearly shortening," said Nelson.
Lucid's fourth-quarter deliveries and production grew compared to the preceding three months.
The company is expected to report quarterly financial results on Feb. 21.
Reporting by Zaheer Kachwala and Harshita Mary Varghese in Bengaluru; Editing by Shinjini Ganguli
https://www.reuters.com/business/autos- ... 024-01-11/
"EV maker Lucid's quarterly production, deliveries fall, shares tumble"
Reuters
January 11, 2024
Jan 11 (Reuters) - Lucid Group said on Thursday its deliveries and production fell in the fourth quarter from a year earlier, sending its shares down to a record low.
High interest rates have weakened demand for EVs as customers cut back on big-ticket purchases, which has prompted automakers such as Ford and General Motors to push back their planned EV and battery factory expansion plans.
Lucid has also been hit by a price war started by market leader Tesla a year ago to solidify its EV market share and combat slowing demand.
"With (Lucid) shares hitting a new record low, we see little in the way of fundamental or technical support for the stock and expect additional lows to be set," said Garrett Nelson, senior equity analyst at CFRA Research in a research note.
Lucid's deliveries fell about 10% to 1,734 vehicles in the three months to Dec. 31, compared with 1,932 units it handed over in the year-ago quarter.
Sector peer Rivian missed market expectations for deliveries in the final quarter of 2023 due to a broader slowdown in EV demand in the United States.
Lucid's production fell about 31% to 2,391 vehicles in the quarter, taking its annual production to 8,428 vehicles, in line with its lowered target of 8,000 to 8,500 units.
In November, the company cut down its earlier production forecast from more than 10,000 units, saying it needed "to prudently align (its output) with deliveries."
Shares of the company, backed by Saudi Arabia's Public Investment Fund (PIF), fell around 38% last year.
"The results imply that LUCID's cash burn rates have remained extremely high, and its runway is clearly shortening," said Nelson.
Lucid's fourth-quarter deliveries and production grew compared to the preceding three months.
The company is expected to report quarterly financial results on Feb. 21.
Reporting by Zaheer Kachwala and Harshita Mary Varghese in Bengaluru; Editing by Shinjini Ganguli
https://www.reuters.com/business/autos- ... 024-01-11/
Re: ELECTRIC VEHICLES
Fox Business
"White House praised Hertz for 'accelerating the EV transition' months before company began dumping EVs"
Story by Thomas Catenacci
12 JANUARY 2024
The White House praised Hertz, one of the four largest car rental companies in the world, for its efforts to "substantially increase" electric vehicle (EV) rentals months before the company announced it would largely abandon EVs over increasing costs.
On Thursday, Hertz Global Holdings announced in financial filings that it made the "strategic decision" to sell approximately 20,000 EVs from its U.S. fleet, or about one-third of its global EV fleet.
According to the documents filed with the Securities and Exchange Commission, Hertz's sales of EVs began in December and will continue in an orderly fashion throughout 2024, and a portion of the proceeds from those transactions will be invested in new gas-powered cars.
"The Company expects this action to better balance supply against expected demand of EVs," the company stated, before pointing to the high costs of managing EVs.
"This will position the Company to eliminate a disproportionate number of lower margin rentals and reduce damage expense associated with EVs."
"The Company will continue to execute its strategy around EV mobility and offer customers a wide selection of vehicles."
"Going forward, the Company will continue to actively manage the total size of its EV fleet, as well as the allocation of EVs among customer segments, including leisure, corporate, government and rideshare," it continued.
However, prior to the announcement Thursday, the White House had repeatedly lauded Hertz for the company's public commitments to transition its fleet to one more reliant on EVs.
For example, in March 2023, the White House highlighted Hertz's efforts and said the company was playing a role in "accelerating the EV transition."
The fact sheet stated that Hertz, in addition to other private sector and public sector entities, would help ensure President Biden's goal of having 50% of total vehicle sales be electric by 2030.
"This morning, [Hertz] was recognized by The White House for our efforts to expand access to electric vehicles across the country," Hertz said on X after the White House announcement.
"Demand for EV rentals is growing and we’re here to help our customers electrify their travels."
And last month, the White House said Hertz would help to guarantee federal employees were able to rent EVs when traveling.
The White House guidance released at the time requires federal government employees to prioritize using EVs, trains and public transportation options when conducting official business.
The White House said Hertz had committed to "substantially increase its EV rentals" to corporate travelers in North America in 2024, forecasting an eight-fold increase in those rentals compared to 2022.
That commitment, according to the announcement, would help avoid an estimated 17,800 metric tons of carbon emissions.
"Throughout our 105-year history, Hertz has moved people and things," Hertz states on its website.
"Now, within a changing mobility landscape, we are building a more diversified fleet for our customers, including electric vehicles."
"EVs offer our customers a premium driving experience, attractive economics in the form of lower energy prices and the opportunity to reduce carbon emissions."
In response to Hertz's announcement Thursday, a White House official told FOX Business the company's actions wouldn't impact Biden's EV goals.
The official added that, conversely, the move would increase the number of used EVs on the market which are eligible for a $4,000 tax credit under the Inflation Reduction Act.
Hertz declined to comment further in an email to FOX Business.
Since taking office in 2021, the Biden administration has made an aggressive push to broadly electrify the transportation sector as part of its climate agenda.
Among its chief actions, the administration in April 2023 proposed the most aggressive federal tailpipe emissions ever crafted.
If finalized and implemented, a staggering 67% of new sedan, crossover, SUV and light truck could be electric by 2032, the White House projected.
It has also sought to expand federal tax credits for new, used and leased EVs in an effort to bring down prices for consumers.
https://www.msn.com/en-us/travel/news/w ... e3a9&ei=10
"White House praised Hertz for 'accelerating the EV transition' months before company began dumping EVs"
Story by Thomas Catenacci
12 JANUARY 2024
The White House praised Hertz, one of the four largest car rental companies in the world, for its efforts to "substantially increase" electric vehicle (EV) rentals months before the company announced it would largely abandon EVs over increasing costs.
On Thursday, Hertz Global Holdings announced in financial filings that it made the "strategic decision" to sell approximately 20,000 EVs from its U.S. fleet, or about one-third of its global EV fleet.
According to the documents filed with the Securities and Exchange Commission, Hertz's sales of EVs began in December and will continue in an orderly fashion throughout 2024, and a portion of the proceeds from those transactions will be invested in new gas-powered cars.
"The Company expects this action to better balance supply against expected demand of EVs," the company stated, before pointing to the high costs of managing EVs.
"This will position the Company to eliminate a disproportionate number of lower margin rentals and reduce damage expense associated with EVs."
"The Company will continue to execute its strategy around EV mobility and offer customers a wide selection of vehicles."
"Going forward, the Company will continue to actively manage the total size of its EV fleet, as well as the allocation of EVs among customer segments, including leisure, corporate, government and rideshare," it continued.
However, prior to the announcement Thursday, the White House had repeatedly lauded Hertz for the company's public commitments to transition its fleet to one more reliant on EVs.
For example, in March 2023, the White House highlighted Hertz's efforts and said the company was playing a role in "accelerating the EV transition."
The fact sheet stated that Hertz, in addition to other private sector and public sector entities, would help ensure President Biden's goal of having 50% of total vehicle sales be electric by 2030.
"This morning, [Hertz] was recognized by The White House for our efforts to expand access to electric vehicles across the country," Hertz said on X after the White House announcement.
"Demand for EV rentals is growing and we’re here to help our customers electrify their travels."
And last month, the White House said Hertz would help to guarantee federal employees were able to rent EVs when traveling.
The White House guidance released at the time requires federal government employees to prioritize using EVs, trains and public transportation options when conducting official business.
The White House said Hertz had committed to "substantially increase its EV rentals" to corporate travelers in North America in 2024, forecasting an eight-fold increase in those rentals compared to 2022.
That commitment, according to the announcement, would help avoid an estimated 17,800 metric tons of carbon emissions.
"Throughout our 105-year history, Hertz has moved people and things," Hertz states on its website.
"Now, within a changing mobility landscape, we are building a more diversified fleet for our customers, including electric vehicles."
"EVs offer our customers a premium driving experience, attractive economics in the form of lower energy prices and the opportunity to reduce carbon emissions."
In response to Hertz's announcement Thursday, a White House official told FOX Business the company's actions wouldn't impact Biden's EV goals.
The official added that, conversely, the move would increase the number of used EVs on the market which are eligible for a $4,000 tax credit under the Inflation Reduction Act.
Hertz declined to comment further in an email to FOX Business.
Since taking office in 2021, the Biden administration has made an aggressive push to broadly electrify the transportation sector as part of its climate agenda.
Among its chief actions, the administration in April 2023 proposed the most aggressive federal tailpipe emissions ever crafted.
If finalized and implemented, a staggering 67% of new sedan, crossover, SUV and light truck could be electric by 2032, the White House projected.
It has also sought to expand federal tax credits for new, used and leased EVs in an effort to bring down prices for consumers.
https://www.msn.com/en-us/travel/news/w ... e3a9&ei=10