EVWorldNews

Day: December 7, 2022

  • Electric Vehicle Tax credit statement issued by United States and European Union

    European Union and United States on Monday have said that that there has been progress addressing the concerns of the European Union about a climate law of United States which would cut the electric vehicles from the tax credits of United States of the European Union but also failed to resolve this matter. Electric vehicle tax credit has been a major talking point lately.

    They had issued a statement jointly after the third TTC between US and EU which had vowed for working constructively for resolving it.

    The joint statement said that they acknowledge the concerns of EU and underline the commitment for addressing them constructively and taking note of the progress which was made by the task force set up for addressing the dispute. The Trade commissioner Valdis Dombrovskis had called $430 billion United States inflation reduction act as discriminatory and had urged many steps which may be taken before the end of the year for modifying this law. It also offers consumers tax credits as much as $7,500 for the newer purchases of Ford, Tesla and Other EVs which were made by North America.

    Antony Blinken who has said that the council has enabled both the sides which account for a combined 40% of the output of global economy for making concrete, practical progress on many issues including the counter of Ukraine-Russia war and said that he was confident of tax credit issue may be resolved. He said that they all came out of the meetings convinced that this was a way of coming up with a solution and a way forward for both the organizations. They feel optimistic over this as they race against time to reach some conclusion before the new measures start coming in from the coming year. That would be critical for both the countries.

    Also Read : Tata Motors takes jibe at Mahindra in a social media post. – EV World News

  • Fully Electric vehicles are now 11% of all cars sold

    The number of plugin vehicle registrations which were made all around the world in the month of October were up by around 55% when compared to the same month in 2021 as it reached as many as 932,000 units. As a result, this is the second best ever. This was just behind the number of registrations made in the previous month. With a month that strong, the plugins had represented 16% of the overall market. The Battery electric vehicles which are also called the fully electric vehicles have now reached 11% share in the market. This is a number which could have been higher than this had the market not been in the recovery mode. This in addition to the fact that the HEVs also posted their highest rate of growth is a confirmation again that the ICE markets and HEVs are correlated to each other.

    Also Read : Zooz power to enter into a joint venture with Blink Charging in US electric vehicle market. – EV World News

    Growth rate of BEV in the month of October year on year was around 54% and was slightly smaller than the plugin hybrids but if China was excluded from this tally, it can be determined that the PHEVs were up only by 5%. Still this can be the best time since February that the market has gone up without any intervention from China. Many markets in Europe, most notably Germany are going to end their incentives by the end of the year on the PHEVs and therefore, it’s sales are considerably increasing. A further rush is expected in the markets all over the world to buy the PHEVs with the subsidies. The growth in the Fully electric vehicles is a positive sign too while the dominance of China remains unparalleled in the market and will continue to do so as there are many encouraging steps been taken by their government and that is going to help the market grow continuously.

  • Electric Vehicle startups finding it difficult to gain ground

    Government has recently cracked down on the makers of electric vehicles as there have been allegations of flouting norms. This has made the auto-component suppliers become very cautious. Many established makers who had been diversifying into the EV segment are now only placing their bets on the major legacy players as they have emerged to be a lot more reliable than Electric Vehicle startups.

    EV industry has been coming under fire since many months following FAME-2 subsidies suspension by the government to over 5 companies for defying of rules on the localization. Resultant, many startups are either overshooting their new product launch deadline by many months or are struggling to ramp the production up. Some of the others such as Simple energy, Oben Electric and Matter have been seeing their debuts getting delayed by 10 months to a year.

    A proprietor of the company which makes electrical and electric component has said that being a component manufacturer, there are many investment companies which have to be made specifically for a customer. These are customized products. These are not products where one size is going to fit all the needs.

    As over half of the Electric Vehicles are made outside of the factor of the vehicle maker, the component makers carry all the responsibility of supplying the parts which help in putting a product on the production line. The component suppliers have to invest in the production of the products which match the requirements of the vehicle maker precisely.

    Read Also : Elon Musk makes a cheeky comment on Biden’s tweet – EV World News

    Another Electric Vehicle startup owner said that it is difficult for them to secure supply chain and that is now leading to delays. Most startups are not able to be in line with the competition but are also not meeting their own projections either due to this. That is a major problem for the electric vehicle industry.