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Ford reported losing over $100,000 per electric vehicle sold in the first quarter of 2022, with its electric vehicle division posting a $1.3 billion loss. Electric vehicle sales volumes dropped 20% as Ford was forced to slash prices due to weak industry demand. “Americans don’t want EVs at levels Biden’s climate hysteria require,” businessman Andrew Puzder wrote on X. “Ford’s EV Q1 losses soared to $1.3 billion — a ridiculous $132,000 per EV sold. All Ford’s profits came from combustion engine vehicle sales. Collectivist policies destroy prosperity.” The company expects $5 billion in electric vehicle losses for the year, up...

Millions of middle-class California households are poised to pay an extra $24 per month for electricity, regardless of how much electricity they use. Regulators are hoping this utility billing policy will rescue their agenda to move everyone to electric cars and appliances by redistributing the massive costs of the state’s electric grid so utilities can lower their usage rates. But critics say the income-based premium will likely further hike utility costs for millions of Californians—nearly one-fifth of whom are already behind in paying their bills after household electricity rates almost doubled in the last decade—and likely won’t do much to...

You might understand the shock that Hertz customer Joshua Lee felt when he saw the receipt for his rented Tesla Model 3. After returning the vehicle back to Hertz following a weekend vacation in Los Angeles, Lee noticed he was hit with additional charge of $277.39 on top of his initial reservation price. Why was he charged so much additional money? According to Hertz, that was the cost of refueling the electric Model 3. Unfortunately for Lee, the further he pried the company for information, the more Hertz doubled down, and the more confused he became.

Converting America’s medium- and heavy-duty trucks to electric vehicles (EV) in accordance with goals from the Biden administration would add massive costs to commercial trucking, according to a new analysis released Wednesday. The cost to switch over to light-duty EVs like a transit van would equate to a 5% increase in costs per year while switching over medium- and heavy-duty trucks would add up to 114% in costs per year to already struggling businesses, according to a report from transportation and logistics company Ryder Systems. The Biden administration, in an effort to facilitate a transition to EVs, finalized new emission...

Safety concerns around electric vehicles continue to mount with Australian fire and rescue services in New South Wales stating they might have to make a “tactical disengagement” of a trapped car accident victim if the battery is likely to explode. Australian journalist Jo Nova covered the story, which was first mentioned in the EV blog The Driven, and commented: “They say the first responders need more training as if this can be solved with a certificate, but the dark truth is they’re talking about training the firemen and the truck drivers to recognise when they have to abandon the rescue.”...

Due to China's overcapacity in production – as it aims to capture a quarter of the European electric vehicle market – the ports of Antwerp and Zeebrugge are inundated. You can share an article by clicking on the share icons at the top right of it. The total or partial reproduction of an article, without the prior written authorization of Le Monde, is strictly forbidden. For more information, see our Terms and Conditions. For all authorization requests, contact syndication@lemonde.fr. https://www.lemonde.fr/en/economy/article/2024/05/04/belgium-s-ports-drowning-under-glut-of-chinese-electric-cars-some-are-parked-here-for-a-year-sometimes-a-year-and-a-half_6670373_19.html A large number of Chinese-made cars are being gathered at Yantai Port for shipment for export in Yantai, Shandong Province,...

At $1.5 million per job, this new incentive package from the state is at least 15 times the norm. For this much money, the state could have just handed out a million bucks to 827 people, instead of creating 550 jobs.Gov. JB Pritzker announced Thursday that the State of Illinois will provide an $827 million incentive package for Rivian to invest $1.5 billion to expand its electric vehicle factory in Normal, Illinois. The expansion is expected to create at least 550 full-time jobs within the next five years, and will build Rivian’s next model EV, the R2. Rivian initially got...

The Biden administration hasn’t hesitated to rule by fiat, especially when it comes to environmental regulations. Separation of powers? Who cares? Why worry about constitutional processes when you can ramrod your agenda through the bureaucracy? Congressional Republicans are taking on the Environmental Protection Agency’s latest rule that seeks to govern greenhouse gas emissions for heavy-duty trucks. The rule is set to take effect on June 21. Sen. Dan Sullivan (R-Alaska) and Rep. Russ Fulcher (R-Idaho) introduced a resolution in their respective chambers on Wednesday that would invoke the Congressional Review Act (CRA) to allow Congress to vote to nullify the...

Ford, Chevy, and other major new entrants into the (formerly) lucrative electric vehicle business have — or perhaps had — a secret weapon in their arsenal for making EVs more attractive to buyers.If you want to know what that secret weapon is, I can tell you with just one word: Tesla.The Austin-based EV maker was first and fastest in building out the charging infrastructure necessary to make EVs anything more than urban curiosities. Tesla has more than 6,000 Supercharger stations with nearly 55,000 chargers in the U.S. alone, and exclusive access to them was one of the perks of owning...

One strategy for state officials looking to transition Washington’s transportation sector to electric vehicles is by subsidizing them with taxpayer dollars.This week, Gov. Jay Inslee announced $45 million in subsidies through a Department of Commerce grant program for families deemed “low-income” to purchase an EV. “Washingtonians really get it when it comes to electric vehicles,” Inslee said at a Wednesday news conference in Tukwila.The program provides up to $9,000 for families to lease an EV, or $5,000 to purchase one. The grant program allows them to purchase either new or used EVs. The funding would be available to those who...

On the road to delivering 100 miles of EV range in five minutes by the end of 2024, tech firm StoreDot has installed its extreme fast charging cells in a Polestar 5 prototype, and zapped the 77-kWh pack to 80% capacity in 10 minutes. For many car drivers, the journey from home to work or the mall or school is a fairly short one, well within the per-charge battery range of modern electric family cars anyway. But those needing to make longer daily trips are going to be plugged in more often. DC fast-charging is already available for quick top-ups,...

Ford’s electric vehicle (EV) division lost $1.3 billion in the first quarter of 2024, which adds up to a $132,000 loss for each of the 10,000 EVs sold. Sales of Ford EVs also plunged by 20 percent compared to last year, and “its revenue plunged 84% to about $100 million, which Ford attributed mostly to price cuts for EVs across the industry.” Ford expects losses on its Model e to hit $5 billion by the end of the year. More: The losses go far beyond the cost of building and selling those 10,000 cars, according to Ford. Instead the losses...

Tesla has certainly seen better days. In 2023, Tesla sold 55% of the EVs in America, far ahead of the second-place EV seller, Ford, which sold 6% of the total EVs sold. This makes Tesla a barometer by which much of the entire market can be measured. Experts say that some of Tesla's difficulties are a result of how Tesla is run, but some of the problems are systemic to the industry as a whole. Drop in Income, Stock clawing its way backOn Tuesday, Tesla reported a 9% drop in revenue in the first quarter, which was the largest drop...

The Biden Administration’s regulations are coming so fast and furious that it’s hard even to keep track, but we’re trying. On Thursday the Environmental Protection Agency proposed its latest doozy—rules that will effectively force coal plants to shut down while banning new natural-gas plants. “With the announcement today, the power sector can make planning decisions with a full array of information,” EPA’s press release declares. Translation: Get moving with the green-energy transition because we’re determined to eliminate fossil-fuel power. Barack Obama’s regulation spurred a wave of coal plant closures. Now President Biden is trying to finish the job by tightening...

The Green Slime! The global movement towards Green Energy (or global Marxist movement) is really The Green Slime! Or maybe it should be renamed “The Red Slime.” Ford lost $132,000 on every electric vehicles they sold in Q1. It was so bad that even CNN reported it! And then we have Hertz dumping its inventory of EVs. A slew of used Teslas have hit the Hertz car sales website after the company announced Thursday it planned to sell off 10,000 more electric vehicles from its fleet than originally planned, bringing the fire sale’s total to 30,000. Perhaps one of the...

Ford announced Wednesday losses of $1.32 billion on its Ford Model-e sector, which represents the company’s electric vehicle business. With 10,000 units sold, the company lost $132,000 on each EV it sold. In the fourth quarter of 2023, the company sold 34,000 units in its Model-e business, which produced $1.57 billion in losses, or roughly $46,176 on each EV sold. “The company expects EV costs to improve going forward, but be offset by top-line pressure,” the company said in a press release. The company’s other sectors, which includes its Ford Pro fleet business and Ford Blue gas-powered and hybrid vehicle...

Hertz raised the number of electric vehicles it plans to sell this year as it is cutting its EV fleet to reduce losses that have weighed on the car rental giant’s earnings. In the first quarter, Hertz upsized its EV disposition plan by 10,000 vehicles, for a total of 30,000 EVs intended for sale in 2024. Most of these EVs will be Teslas. The company incurred a $195 million charge to vehicle depreciation to write down the EVs held for sale which were remaining in inventory at quarter-end to fair value and recognize the disposition losses on EVs sold in...

BEIJING/FRANKFURT (Reuters) -Tesla has cut prices in a number of its major markets, including China and Germany, following price cuts in the United States, as it grapples with falling sales and an intensifying price war for electric vehicles (EVs), especially against Chinese EVs. The price cuts come after Tesla, led by its billionaire CEO Elon Musk, reported this month that its global vehicle deliveries in the first quarter fell for the first time in nearly four years. "Tesla prices must change frequently in order to match production with demand," Musk posted on X on Sunday. Tesla, the EV market leader,...

Europe’s plunging electric vehicle sales are painful proof the market isn’t ready to stand on its own, putting governments on notice for more support until affordable EVs become a reality. The glut is clogging up ports and factories are cutting production — a red flag for the region’s climate goals and risk of job cuts after Tesla’s mass layoffs this week. Without subsidies, the cost of EV ownership no longer makes sense for many drivers. Insurance and repairs are more expensive than for combustion-engine cars, and many would-be customers still bristle at limited charging infrastructure. At the same time, rapid...

Tesla shares extended declines Tuesday, pulling it close to the lowest levels since last spring, following the group's largest-ever job cuts, which have analysts and investors questioning the longer-term growth story of one of the market's most popular stocks. The Austin electric-vehicle group (TSLA) unveiled the layoffs in a companywide memo penned by Chief Executive Elon Musk, who told employees it was time to "streamline the company for the next phase of growth." "As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and...