EVWorldNews

Author: prakhar

  • Electric Vehicles in US to grow in 2023

    There are expectations that Electric Vehicles in US is going to be really growing in the next year. Next year is expected to even top the fabulous year that United States has had this year and that is because of the number of EVs which are going to hit the market and most of them being less expensive ones. This along with the new rules of government are expected to make the current vehicles which may have a heavy price currently more affordable too. 2022 was a great year as the electric vehicle market share grew twice despite the supply chain issues along with inflation. EVs in 2022’s first 10 months accounted for close to 5.3 % of all the vehicle sold. This was 60% higher than the previous year. This is a great number considering the new electric vehicles are in the upper tier which is the $50,000 or more price range. There is still a lot of room according to the experts for growth in this field.  

    Also read : https://twitter.com/evworldnews/status/1607008431570882565

    However, it is widely believed that if the number was to grow significantly, it would happen with an increase in the EV charging numbers and offering Electric vehicles which are more affordable. There are many surveys which substantiate the fact that the number of consumers who are going to switch to an electric vehicle will grow considerably high if the market was to support them with more affordable electric vehicles.

    Also read : Electric Vehicles for delivery : USPS (evworldnews.com)

    This is what would help the market grow in the coming years as there is an expectation that there will be many cheap electric vehicles which will come from the more famed vehicle manufacturers such as Hyundai, Nissan and a few others. Chevrolet too has been considering a price for its electric version of Bolt. This will help the market grow to a high rate in the United States.

  • BYD looking to build factories in Europe in coming months

    Chinese automaker BYD is looking to launch its first Electric Vehicle in Europe in the months to come and is also looking to open a couple of factories in this continent. The company is also eyeing locations in west and east of the continent however it is going to prefer the ones which are more developed where the demand for the electric vehicle is already high and is growing further.

    This is a move which could help BYD meet its growing demand and also avoid the high tariffs which are imposed on the Chinese imports by the EU. This is going to make its vehicle priced more competitively and help in the company gaining a market share in the region.

    The carmaker has already built factories in many countries including one which it has in Canada and three in Brazil. This is apart from the Chinese market where it has the single largest electric vehicle presence. The company managed to outsell Tesla and is the second biggest manufacturer of electric vehicles in the world. This move of opening factories in Europe is a part of the broader strategy of BYD to become the global leader in the Electric Vehicle Industry.

    With the plans it has of opening two factories in Europe, BYD is going to position itself for capitalizing on the growing demand for the electric vehicles all over the continent. The company had announced in the summer that it wanted to begin selling its EVs first in Europe in select countries before it could expand further into Europe. This would be a major shift for them as they enter into markets which are yet unexplored for them and could also offer a more affordable brand to the consumers in the European region too. This will help further growth of the company.

  • Tata Motors signs a deal with DTC for electric buses

    Tata Motors saw a major climb by more than 2% on this Monday after Tata Group Company had announced that it secured its biggest order till now for the electric buses by the Delhi Transport Corporation. TML CV which is a subsidiary of Tata has signed the deal with DTC for operation of 1500 electric buses in New Delhi. As a part of this agreement, the company will supply, operate and also maintain 1,500 units of the low floor air conditioned and electric buses. Tata Starbus EV is a product which they have developed indigenously.

    Reacting to this update, the shares of Tata rose significantly and market capitalization of Tata also climbed up to a level of Rs 1.28 lakh crore with over 3.5 lakh shares changing hands in first two hours of the trade in comparison to the two-week average volume.

    The shares of Tata Motors had been trading near their low of 366.05 but this gave the impetus which it needed in an otherwise shoddy year for the automaker where it has seen a fall of 22% in the year. It dropped 6.6% in the last 6 months.

    Also Read: Electric Vehicles for delivery : USPS (evworldnews.com)

    This is a stock which has lost close to 10.6% in the month and 6.5% in the week. The chairman of the company said that this indeed is a very historic occasion for the company as they are going to sign a definitive agreement for the largest bus order of the electric buses. He also cited the long relationship that Tata has had with DTC and said that it has been based on trust and cooperation and they will look to strengthen it further.

    They aim to provide safe, affordable and sustainable transport with this fleet and that is a great boon for the transport industry of the capital of India.

  • USPS to purchase Electric Vehicles for delivery

    On Tuesday, the United States Postal Service has said that it has an intent of purchasing as many as 66,000 electric vehicles for delivery as it is going to help in pushing to transform the delivery feet into electric vehicles.

    This electric vehicles would then total over half of the 106,000 vehicles which is going to be huge if it happens between now and 2028 as per the plan. The new vehicles are going to start replacing the aging fleet.

    There has been a lot of pressure from the environmentalists for electrifying their fleet. In the month of April, the environmental groups have filed a suit against USPS for their failure of conducting an analysis with consideration to environment before deciding to replace the vehicle fleet with a more fuel oriented fleet.

    Also read : Ford Motors to see increase in electric vehicle dealership (evworldnews.com)

    The statement has also said that now instead of receiving pollution with the packages, the communities will now get a cleaner air relief.

    USPS has further said that the investment which it has made is going to reach close to $9.6 billion and about one third of that amount comes from the Inflation Reduction Act. The funding is going to help the Postal service build what will have the potential to be among the biggest electric vehicle fleets in the United States as per their statement. They further said that they have a statutory compliance of delivering mail to as many as 163 million address and do so six days in a week and also cover the costs while they are doing so. They further said that their target is going to be to achieve that target in the most environment friendly manner and help in the growth of the sustainable development of the country while they can do so in a cost effective manner for the USPS.

  • Tesla no longer the only EV brand in the market

    The electric car industry was definitely jumpstarted by Tesla and it can still claim to be the biggest car manufacturer of electric cars currently in the world. However, it can be said without any question that the grip that this company had over the electric car business has certainly loosened while the demand for the vehicles is growing. In 2020, Tesla had represented almost 80% of all the registrations of EV but the figure has dropped in the US to close to 65% as per the statistics. Among the biggest reason behind this drop has been the focus it has placed on the luxury vehicles and it is now facing a major competition from the affordable vehicles which have been appealing to the masses. As of now, there are as many as 68 electric vehicle models available in the United States but it is expected that there are 62 more which are going to be in the market sooner rather than later.

    Also Read : BMW i3 production to be stopped after 9 years in the market. – (evworldnews.com)

    There are estimates which say that come 2025, just 20% the market will only be available to Tesla. In the month of May, Ford had started shipping the F-150 Lightning which is the electric version of the best selling pickup truck of the country. GM has also been on its way to ramp the electric hummer.

    The electric vehicle scenario has been changing ever since the pandemic and there are many global leaders which have begun to jump on the bandwagon and the traditional automakers are now jumping ship to the electric vehicle which they think is going to lead the market in the coming years. Governments have also been pitching to grow the markets and target the consumers who can afford the electric vehicles at a larger scale. The growth is going to create a scenario where Tesla will end up losing its market share.

  • Tesla Model Y sales set record in Norway

    Norway has come up to be the biggest electric vehicle market in Europe and Tesla has declared a major achievement in the country. The yearly sales of Tesla Model Y has exceeded all the other sales of the vehicles as it sold 3738 Model Y in the country.

    The year has still not ended and Tesla has already sold enough cars of the Model Y to break the record of the previous annual sales which was set by Volkswagen Beetle in the year 1969. The automobile company has been seeing lesser sales in the other countries though apart from Norway. The dominant position of the company in the international markets is now a lot more futile than it ever was with Elon Musk apparently busy with his twitter obsession. The customers have been treated with many discounts in the locations where the EV manufacturer has been losing its base and the stocks were piling up. Tesla has also been telling its staff that there might be some hiring freeze or layoffs in the coming year and therefore this problem is going to go beyond sales. This is going to be concerning because Tesla is facing difficulty in ramping its production up at the Berlin and Giga Texas plants.

    Also Read : Hyundai Ioniq to come to India (evworldnews.com)

    There is a new production line for the Cybertruck which is being constructed in the city of Austin by Tesla which is now also producing Semis. There is a realistic chance that it is going to do so without adding anymore people but without them Tesla is going to not be able to implement all the modifications which it has planned.

    Tesla shares have been at their worst in the last year and it is time for them to figure something out but Norway does become a shot in their arm now.

  • Avon Cycles Ltd denies any misappropriation in funds.

    Avon Cycles Ltd from India has denied that it has been involved in any wrongdoing in a scheme of granting subsidies for vehicle manufacturing for boosting the electric vehicle sales after the government said that this company was one of the companies that was being investigated for misappropriation. The government of India has been reimbursing the electric vehicles and hybrid vehicle manufacturers for reduction of the purchase price of their vehicles under what is called the FAME program.

    There were complaints made against 12 manufacturers of electric vehicles and parts. One of them was Avon Cycles for violating the guidelines under the Rs 100 billion program.

    There were other companies which were named by the concerned ministry but the others have not made any comment yet.

    The minister also said that 2 of the 12 companies have already been suspended from the claiming of incentives after the investigation. Avon Cycles in an email has said that it does not have a two-wheeler model which is covered under any of the schemes and the three wheeler models which qualify already meet the eligibility criteria completely.

    The company in a statement said that the presence that they have is in the low speed category for the two wheelers which also implies that they don’t have any model which gets covered under the schemes and therefore no subsidies have been claimed by the two wheeler in this segment.

    The maker has said that they have two number three wheelers which qualify under the scheme and completely meet the criteria which has been set by the authorities. The sales volumes have been significant for them. India is still an electric market which is in its nascent stages and it is growing currently and has an aim of reaching a high level of sales in the coming five years.  

  • BMW i3 production to be stopped after 9 years in the market.

    Back in 2013 had launched BMW i3 electric-hatchback in the year 2013 and it was the first ever mass-produced electric vehicle of the automaker. This was a small car with four seats, back doors which are rear-hinged and a frame which was made from the carbon fiber-reinforced plastic. The car stood apart dramatically from the lineup of the brand.

    By design, BMW is not trying to convince the core customers to abandon their sporty sedans and their roomy SUVs. Its goal was for enticing the early EV adopters to give the automaker a go.

    This is a plan which has worked very well. When the i3 started to pop up on the US dealership lots, the loyalists initially ignored it but the newer customers were looking for the car.  

    However in the year 2021, the company had made an attempt to focus once again on its core customers and set a goal of the BMW sales being electric by 2030.

    In the month of January 2022, the company said that it is going to completely stop the production of i3 and instead look into the longer, larger range options of Electric vehicles such as the iX and i4 which are the cars that are meant to look a lot more like the other models of the brand.

    In the nine years when it was in the market, the company sold most of the i3 to people who were first time BMW buyers however data suggests that it sold less than 50,000 units and sold often on steep discounts. This is a big moment as the company is going to stop production of the vehicle which was brought into the market with hopes of reaching a new market and also an opportunity for a larger lot to own a BMW for the first time.

  • Ford Motors dealers have come to an agreement for selling electric vehicles.

    Close to 65% of the dealers of Ford Motors have come to an agreement about selling electric vehicles as the company is going to expand production and its sales of the battery-powered trucks and cars as per the CEO of the company Jim Farley.

    Close to 1920 of the near 3000 dealers of Ford in the United States have made an agreement to sell the electric vehicles. He also said that close to 80% of the dealers have opted for the higher level of investment for the electric vehicles.

    Ford has offered its dealers the option of being EV  certified under one of the two programs where the expected investment is going to be $500,000. The dealers in the high tier which carries the upfront cost of close to $900,000 will be getting the elite certification and be allocated even more electric vehicles.

    Ford unlike their rivals General Motors is going to allow the dealers to opt out of selling the electric vehicles and continue selling the cars of the company. General Motors has been offering the buyouts to Cadillac and Buick dealers who don’t want to invest in selling electric vehicles.

    Dealers who haven’t decided to not invest in the electric vehicles might do so when Ford is going to reopen the certification process in the year 2027.

    Ford has plans of selling electric vehicles and that point has been a point of contention since the company had spit off the all-electric business earlier in the year into a separate division which is known as the Model e. Farley has also said that the automaker and its dealers also needed to lower the costs, increase the profits and also deliver better and more consistent sales experiences for the customers. This will be essential for the consumers in the coming years.

  • Hyundai ioniq comes to India with a rumored price tag of Rs 50 Lakh

    Hyundai ioniq is coming soon as the carmaker from Korea has finally unveiled the Ioniq 5 Electric vehicle. The launch in India happens after the electric vehicle is available already in the global markets and is now going to make its way into the Indian markets. The company has announced that the bookings are going to start from the 20th of December onwards. The vehicle comes with two packs of battery based on the e-GMP architecture. This also includes a battery pack of 58kWh and a battery pack of 72kWh. While the previous one has claimed to have a driving range of 385 kms. The latter will be delivering close to the 480 kms of driving range.

    The electric vehicle gets charged with the use of a 350kW DC fast charger. And it takes about 18 minutes to go from 0 to 90%

    When it comes to features, the Hyundai Ioniq 5 Electric Vehicle is going to come with the touchscreen display of 12.3 inch, a wireless phone charging support, leather seats and the sunroof. It will also have a 12.3 inch driver display and a cabin which sports a premium look like many of its advanced features.

    The price has been announced but for an electric car it is going to be priced at a premium and will be available to only a few customers in India who can afford it. The rumors suggest that the Electric vehicle is going to come at the base price of Rs. 50 Lakhs. The car will therefore compete with the likes of Volvo XC40 and Kia EV 6. The electric vehicle is the second one to come from the company after Kona which has been a relatively successful vehicle by the company. This is going to be a big shot in the arm for the company.