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Tesla’s Margins Shrink As Profits Rise
Tesla reported a decrease in margins in Q2 due to the company’s strategy to boost sales through price reductions.
Despite facing competition and an uncertain economy, Tesla has been cutting prices and increasing discounts and incentives, but this has led to a decrease in revenue per vehicle sold.
Tesla said it is focusing on reducing costs and developing new products, acknowledging challenges of uncertain times are far from over.
The lack of new models has made it harder for Tesla to compete with rivals in China, where more attractive offerings from local competitors have affected demand.
Lower pricing has impacted the profitability of the company, which has long been admired for its margins in the auto industry.
Tesla reported a gross margin of 18.2% for the April-June period, the lowest in 16 quarters, compared to 19.3% for the first quarter. A year ago it was 25%. Gross margins were down 5.6% quarter over quarter and 27% year over year.
Tesla reported revenue of $24.93 billion in Q2. Despite the price cuts, automotive revenue, excluding revenue from the sale of regulatory credits, was up 47%. However, this was far less than the 83% increase in the number of vehicles sold, indicating that Tesla continues to drive greater demand for its cars through lower prices.
Even though investors are not thrilled about Tesla’s profit margins, they are celebrating the company’s recent delivery report. Tesla delivered 466,140 vehicles to customers in the past three months.
Tesla’s Cybertruck: On Track For 2023 Production
Tesla has announced an update on its Cybertruck program, stating it will be the first sub-19 ft pickup truck (so it should fit in the garage) with four doors and a bed over six feet.
In its second-quarter financial results, Tesla confirmed that it is on track to begin initial production of the Cybertruck later this year.
The vehicles currently being produced are “release candidate units” (RC units), which are undergoing certification and validation. Tesla is testing these Cybertruck vehicles around the world.
Tesla also released images of the Cybertruck undergoing tests and pictures of the Cybertruck production line inside Gigafactory Texas.
Tesla’s Berlin Factory Set For Expansion
Tesla is planning an expansion of its factory near Berlin, which includes extensions to its battery cell production. This indicates that Tesla’s ramp-up plans are still in progress, despite a recent shift in focus on battery production in the United States to be eligible for IRA incentives.
The company recently sought approval for modifications such as the production of lithium-ion cells for use in both cars and energy storage systems.
The expansion will also include cell testing, new areas for mixing materials, and the production of all other processes and components for the creation of anodes and cathodes.
Tesla had previously stated in February that it was assembling battery modules at its German plant and preparing to produce electrodes. However, it had not started doing so because it was focusing cell production in the United States due to the subsidies offered under the Inflation Reduction Act.
The company’s ultimate goal is to double capacity to 100 gigawatt-hours of battery production and 1 million cars per year. This would put the plant’s capacity above Volkswagen’s at its Wolfsburg headquarters.
Currently, Tesla produces around 5,000 cars a week in Germany and has not provided a timeline for ramping up output.
Tesla has faced considerable delays to its planned opening date for the plant due to a high number of objections filed by local citizens, mainly over environmental impact and water usage.
For the expansion, Tesla has committed to not using any additional water capacity, instead recycling the 1.4 million cubic meters of water it is licensed to use. Locals have until mid-September to file objections to the latest proposals.
Tesla Is America’s Most Desired Car Brand
Tesla has been named the most popular car brand in the United States, according to a study by Auto Trader that used Google search data.
Tesla was the most searched car brand in 25 out of 50 states, including populous states like New York and California.
There are over 60,000 monthly searches for ‘Teslas for sale’ in the U.S.
The same study found that Tesla is the most sought-after car brand in 39 countries across Asia, Europe, and other parts of North America.
Rescued Tesla Roadster Heading Home
Three Tesla Roadsters that were found abandoned in shipping containers in China have been removed from their crates and are now on their way to the U.S.
The Roadsters will be transported to Gruber Motors for a technical review.
After being put up for auction in May, they attracted numerous bids and reached a peak bid of $2 million for all three units. The auction is now listed as “indefinite,” so bids are still being accepted.
The vehicles were purchased years ago by a now-defunct car company in China, which intended to use them for R&D purposes. The cars have sat in a container for a decade untouched.
Model Y Takes the European Crown
The Tesla Model Y has dethroned the Dacia Sandero to become the best-selling car in Europe, marking the first time a battery-electric vehicle has topped the sales chart halfway through the year.
According to data reported by Automotive News Europe, 29,764 Model Ys were registered in the EU, the UK, and other European Free Trade Association countries, a 104% increase from the same time last year.
The overall total number of Model Ys sold in these countries in 2023 reached 125,144 halfway through the year.
In January of this year, the Model Y was only the 17th best-selling vehicle in Europe, showing a rapid rise in popularity.
Tesla’s sales surge comes after the company slashed prices for the Model Y and Model 3. In the UK, Model Y prices were cut by £8,000 in January to boost sales after supply outpaced demand by 34,000 vehicles in the last quarter of 2022.
Netherlands Sees 45% of New Car Sales Now Plugin
The Netherlands has seen a significant increase in plugin vehicle registrations, with 18,792 units registered in June. This has led to plugin vehicles making up 45% of the market last month, and 42% year-to-date.
The increase is largely due to pure electric vehicles, which account for 33% of new vehicle sales and have seen an 89% year-over-year increase.
The Tesla Model Y was the top-selling EV in June, with 1,778 registrations. It was also the top-selling vehicle overall.
The Peugeot e-208 EV was the second best-selling vehicle, Tesla Model 3 also performed well, other notable performers include the MG ZS EV and the MG4, both of which hit record results. The MG 5 station wagon also achieved a record best.
Xpeng G6: A Serious Model Y Competitor
The Xpeng G6 is a mid-size crossover electric vehicle (EV) that is expected to make a significant impact in the high-volume, competitive market.
The G6 comes in two versions: Pro and Max, with price difference due to variations in battery size and the number of motors (single vs dual).
The G6 Pro and Max models are equipped with a single rear motor and a 66-kWh LFP battery pack, claiming a range of 580 km.
The long-range versions have a single rear motor and an 87.5-kWh NCM pack with a claimed range of 755 km.
The Xpeng G6 Performance Max has a dual motor and the same larger 87.5kWh pack, returning a range of 700 km. It has dual motors that output 358 kW and 660 Nm, allowing it to accelerate from 0 to 100 kph in 3.9 seconds and reach a top speed of 202 kph.
The G6 features a 10.2-inch digital instrument panel with full ADAS visualization, a 14.9-inch central touchscreen powered by a Snapdragon 8155 chip, and an 18-speaker surround sound system with Dolby spatial audio.
The G6 introduces XNGP, Xpeng’s new autonomous driving system that creates real-time HD maps.
Australian Businesses Accelerate EV Adoption
More than half of Australian businesses plan to replace petrol cars with electric vehicles (EVs) in the next two years to reduce transport emissions.
The findings were revealed by energy management firm Schneider Electric as part of its third annual sustainability study.
The study also found that some industries are making faster progress than others in adopting EVs.
Schneider Electric predicts a significant increase in EV sales in Australia next year if fuel-efficiency standards are introduced to increase supply.
The research was conducted after the Australian government released its first National Electric Vehicle Strategy and following a record number of new EV sales in June.
The study surveyed over 500 executives from small, medium, and large businesses as well as industry groups.
It found that 51% of companies were likely or very likely to invest in low or zero-emission transport within the next two years, and 22% were investing more funds in EVs than two years ago.
Battery-powered vehicles set a record in June at 8.8% of new car sales.
Ford Turning Electric Vehicles into Virtual Power Plants
Ford is working on turning every Ford EV into a virtual power plant that can be part of a collective power-grid solution.
Ford is one of the founding members of the Virtual Power Plant Partnership, an initiative aimed at catalyzing the industry and transforming policies to support the scaling of virtual power plants.
Ford’s collaborations with Duke Energy and Pacific Gas and Electric are examples of how V2G technology can revolutionize the way we consume and distribute energy.
The company is conducting trials that explore the capabilities of bidirectional charging infrastructure that would support the grid, while providing financial incentives to EV drivers — essentially building a safety net for the nation’s power grid by using stored energy from EV batteries.
Electric Vehicle Courses Launched to Address Skills Gap
Cambridge Regional College (CRC) has launched a series of electric vehicle courses to help the region upskill and retrain to meet the growing demand in the electric vehicle industry for vehicle maintenance and charging point installation.
The courses are designed to support the automotive industry adapt and upskill to meet this industry-wide sea change. With an estimated 620,000 pure electric cars on the road in the UK, and with 224,919 new ones sold in 2022 – the college worked with the Cambridgeshire and Peterborough Combined Authority to gain funding to install new machinery, equipment and create new training programmes.
The boom in electric vehicles is also causing increasing demand for the installation of EV charging points, this too forms part of the new suite of training courses for electricians to get the required training for installation of charging points in homes, workplaces and businesses in the region.
Big Oil’s Counter-Campaign Against Electric Vehicles
Big Oil, threatened by the rapid adoption of electric vehicles, is escalating its fight against this transition, which could disrupt its trillion-dollar industry and leave it with a vast amount of stranded assets.
Mobil Oil, a subsidiary of ExxonMobil, has launched a new advertising campaign that equates “freedom” with not being attached to a cable, suggesting that “disconnecting feels a lot like breaking free.”
The ad depicts people at work, home, and play being constrained by the cables that Big Oil implies are never detached, seemingly ignoring the existence of batteries.
Oil and Biofuel Groups Rally Against U.S. Electric Vehicle Transition
Oil industry and biofuel groups are opposing new regulations proposed by President Joe Biden’s administration that aim to replace new gasoline-fueled U.S. cars and trucks with battery-powered electric vehicles (EVs).
The proposed regulations would set increasingly strict tailpipe emission standards for cars, trucks, and larger commercial vehicles, starting in the 2027 model year.
According to the U.S. Environmental Protection Agency (EPA), these standards could accelerate EV sales so that by 2032, they would account for 67% of car and light truck sales, and 46% of medium-duty van and commercial vehicle sales.
The proposed standards could result in oil producers and refiners losing nearly 2.75 million barrels per day of oil demand by 2040.
These groups argue that the EPA is overstepping its powers under the Clean Air Act.
Ethanol producers, renewable diesel groups, fuel retailers, and others that could lose out have joined the campaign against the regulations. These groups, along with oil producers, signed a letter urging Biden to consider a “broader range” of alternatives to reduce vehicle emissions.
If the EPA finalizes the tailpipe standards without changes, critics are preparing legal claims that could find a receptive audience in federal court. One argument is that phasing out internal combustion engines is a “major question” that was never delegated to the EPA and could have “vast economic and political significance”.
VinFast Factory Progress Despite Poor Sales
Vietnamese automaker VinFast has announced that it will begin construction of a $4 billion electric vehicle (EV) factory in North Carolina next week.
This move is part of VinFast’s strategy to expand its presence in the U.S. market.
The production at the new factory is targeted to start in 2025, a year later than initially planned.
The first phase of the project involves a $2 billion investment in a factory with the capacity to produce 150,000 vehicles per year.
The automaker expects to sell as many as 50,000 EVs this year.
Up to the end of May they shad registered 128.
Vauxhall’s Corsa with New Electric Options
Vauxhall has released pricing and specification details for the facelifted Corsa supermini, which now includes new electric options.
The 51kWh electric version, available with a choice of 134bhp or 154bhp, is priced from £32,445 and £38,585 respectively. This pricing undercuts the £34,470 Mini Electric in its entry-level guise but is slightly more than Renault’s £29,240 Zoe.
The EV now offers an upgraded 154bhp motor – shared with sibling brand Peugeot’s updated e-208 – and an improved 246-mile WLTP range.
The current car’s 134bhp motor and 51kWh battery, with 222 miles of range, will still be available.
Nissan’s New Townstar Van L2 Electric Van
Nissan has introduced the all-new Nissan Townstar Van L2 (long wheelbase), the new model offers increased cargo capacity and length, similar to a mid-size van.
This length allows for a wider side door of 831mm, ensuring customers can load a Euro pallet, while still matching the two Euro pallet capabilities and adding additional space. The payload of the new model is up to 800kg, thanks to revised rear suspension, while the maximum towing capacity of 1,500kg remains the same.
With its urban cycle range of up to 242 miles, the electric Townstar Van L2 delivers total combined range is up to 171 miles.
It comes with a 45kWh battery that allows both AC (11/22 kW) or DC charging (up to 80kW).
Nissan Joins Tesla’s EV-Charging Revolution in North America
Nissan has become the first Japanese automaker to adopt Tesla’s electric-vehicle charging technology in the U.S. and Canada.
This move is part of a broader effort to expand the fast-charger network and boost EV adoption.
From 2025, Nissan will equip its EVs with the Tesla-developed North American Charging Standard (NACS) port.
Starting from 2024, Nissan will provide NACS charging adapters with its Ariya EV models, which are currently equipped with CCS, to enable them to charge on Tesla’s Supercharger network.
Tesla’s Superchargers account for about 60% of the total number of fast chargers in the United States, according to the U.S. Department of Energy.
Electric Vehicles Outpace Diesel in European Registrations for the First Time
For the first time, more electric cars than diesel cars were newly registered in the EU in June, as reported by the European manufacturers’ association ACEA.
Registrations of new Battery Electric Vehicle (BEV) passenger cars rose to a 15.1% share of new registrations, share of diesel cars fell to 13.4%.
In the first half of the year, 703,586 battery-electric passenger cars were newly registered in the EU, 53.8% more than in the same period last year
The best-selling model in Europe across all drive types was a pure electric car, according to preliminary figures from the market research company Dataforce: the Tesla Model Y topped the model rankings both in June and throughout the first half of the year.
WiTricity Launches FastTrack Program
WiTricity, a pioneer in wireless EV charging, has launched a new FastTrack Integration Program for automotive Original Equipment Manufacturers (OEMs).
The program allows for initial vehicle integration in just three months, speeding up automaker testing of WiTricity’s Halo receiver and 11 kW charger on existing and future EV platforms.
The company’s CEO, Alex Gruzen, stated that they are committed to helping OEMs adopt wireless charging technology more quickly, acknowledging the challenges of automotive timelines.
The FastTrack Integration Program also assists OEMs in developing dealer-installable wireless charging options that meet market demand while production programs are in development.
PHIL ROBERTS / ELECTRIC FUTURE
PORSCHE OF THE VILLAGE CINCINNATI
AUDI CINCINNATI EAST
VOLVO CARS CINCINNATI EAST
NATIONAL CAR CHARGING ON THE US MAINLAND AND ALOHA CHARGE IN HAWAII
DEREK REILLY FROM THE EV REVIEW IRELAND YOUTUBE CHANNEL
OCTOPUS ELECTROVERSE – GLOBAL PUBLIC CHARGING MADE SIMPLE WITH ONE APP AND ONE MAP.
LEASEPLAN ELECTRIC MOMENTS – PROVIDING ALL THE TOOLS AND GUIDANCE EV DRIVERS NEED
DAVID AND LISA ALLEN
JUKKA KUKKONEN FROM WWW.SHIFT2ELECTRIC.COM
BATTERY REPORTS FOR EVS AT RECURRENTAUTO.COM
ANDY NANCARROW AND LILIAN KASS
COLIN HENNESSY AND CAMBSEV
IAN (WATTIE) WATKINS
JAN FROM EMOBILITYNORWAY
JOHN VAN DEVOORT
JON AKA BEARDY MCBEARDFACE FROM KENT EVS
LAURENCE D ALLEN
NEIL E ROBERTS FROM SUSSEX EVS
PETER & DEE ROBERTS
REALTORS CHOICE PHOTOGRAPHY
ROB FROM THE RSTHINKS EV CHANNEL ON YOUTUBE
THE PLUGSEEKER’S EV YOUTUBE CHANNEL
THOMAS J. THIAS