Posted on 10/26/2023 3:16:12 PM PDT by thegagline
With signs of growing inventory and slowing sales, auto industry executives admitted this week that their ambitious electric vehicle plans are in jeopardy, at least in the near term.
Several C-Suite leaders at some of the biggest carmakers this week voiced fresh unease about the electric car market's growth as concerns over the viability of these vehicles put their multi-billion-dollar electrification strategies at risk.
Among the surprising hand-wringing is GM's Mary Barra, historically one of the automotive industry's most bullish CEOs on the future of electric vehicles. GM has been an early-mover in the electric car market, selling the Chevrolet Bolt for seven years and making bold claims about a fully electric future for the company long before their competitors got on board.
But this week on GM's third-quarter earnings call, Barra and GM struck a more sober tone. The company announced with its quarterly results that it's abandoning its targets to build 100,000 EVs in the second half or this year and another 400,000 by the first six months of 2024. GM doesn't know anymore when it will hit those targets.
***
While GM's about-face was somewhat of a surprise to investors, the Detroit car company is not alone in this new view of the EV future. Even Tesla's Elon Musk warned on a recent earnings call that economic concerns would lead to waning vehicle demand, even for the long-time EV market leader.
Meanwhile, Mercedes-Benz — which is having to discount its EVs by several thousand dollars just to get them in customers' hands — isn't mincing words about the state of the EV market.
"This is a pretty brutal space," CFO Harald Wilhelm said on an analyst call. "I can hardly imagine the current status quo is fully sustainable for everybody."***
(Excerpt) Read more at businessinsider.com ...
The only way the climate cultists are going to get people to drive electric cars is to totally ban the internal combustion engine (I’m not trying to give them any ideas — they are surely considering mandates at some point)
You can’t park these things in your garage.
EVs are expensive. Maybe that’s 20% of the market. This is an example why the command economy in the former Soviet Union failed.
First AND second law. Batteries only store energy that comes from some other process. In this country primarily fossil fuel then nuclear then the the so-called renewables. (First law) and at every transition point some companies f that energy is lost to entropy (second law) battery cars burn about the same amount of fossil fuel as ICE powered cars. They just do it in a more indirect fashion.
President Gavin Newsom will do that.
Let me clear out all the BS and Politics here.
I don’t care if your car runs on cow farts or electrons.
I want a better car for a lower total cost of ownership.
Like it or not, TSLA is driving prices lower. Their ASP (before gov incentives) is lower than the average gas car sold, and you get a car that can get out of it’s own way. This is why people buy cars, not because it’s an EV. Well, maybe the early adopters, but now, it’s all about price to performance.
I pay ~ 9 cents / KW here in Texas. A 75 KW battery costs me $6.75 to charge. You get ~330 (EPA estimate) miles of range for that in a model Y or model 3.
My Mustang GT with Coyote 5.0 engine makes over 450 HP, and has a 0-60 of ~ 4.3 seconds. The Model Y performance does 0-60 in 3.5 seconds, and it has 4 doors.
There is a good reason why the auto industry gave up on electric cars over 100 years ago.
There is a good reason why the auto industry gave up on electric cars over 100 years ago.
Yes, it’s fine when you are only competing with the other Early Adopters.
But there’s no way the grid will support everyone driving an EV.
As a swami would say:
OMMMMMMMMMMMMM
Then they’ll complain about horse farts
Makes me angry we paid with our taxes for the stupid things.
Some, not all....
“The federal government is planning to spend $770 million on zero-emission vehicles and charging stations in fiscal 2023 as agencies begin ramping up to meet President Biden’s ambitious timeline to phase out gas-guzzling cars and trucks.” Jul 21, 2023.
“Biden administration aims $2 billion in grants at US electric vehicle transition.”
“The Infrastructure Investment and Jobs Act of 2021 provides up to $7.5 billion in subsidies for new EV charging stations. “
“The federal tax benefit, which was recently modified by the Inflation Reduction Act for years 2023 through 2032, allows for a maximum credit of $7,500 for new EVs, and up to $4,000, limited to 30% of the sale price, for used EVs. Taxpayers can only claim one credit per vehicle.” Oct 11, 2023
Last year Newsom issued a decree with the California Air Resources Board , to ban sale of internal combustion engine vehicles in 2035.
Some say you’ll still be able to buy a used car with internal combustion engines after the year 2035 but nobody seems to know for sure
I’m shocked that ordinary Americans aren’t interested in near monthly mortgage payments for jumped-up golf carts with ‘splody tendencies.
She said "Why, this building, right here!😃👉
🤨
The reporter, then, asked a tech. He said "Michigan Electric. It's 98% coal generated."😬
Here in snow country, we need bigger, heavier vehicles.
Near?
We paid $69k for our house!
The current cost of a truck is more!.......
It costs $5,000 to dispose of an old battery. $15-$20 thousand to buy a new one.
Ohms law....I like ohm made pi
Substitute greek alphabet symbols.
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