Plus, stay tuned because later in the show I’ll tell you what a UK recovery service is saying about the reliability of EVs versus combustion cars.

Good morning, good afternoon, and good evening wherever you are in the world, welcome to EV News Daily, your trusted source of EV information. It’s Friday 15th March, I’m Martyn Lee and I go through every EV story so you don’t have to.

We go live at 5pm UK, that’s Midday Eastern.  Patreon supporters get the episodes as soon as they’re ready and ad free. You can be like them by clicking here or here https://www.patreon.com/EVNewsDaily

VW Sets 2027 Launch for Budget-Friendly ID.1 EV at $21,700

– Volkswagen plans to begin production of its most economical electric vehicle, the ID.1, priced at around 20,000 euros ($21,700), in 2027.

– VW brand leader Thomas Shafer highlighted the ID.1 as a milestone in making electric mobility accessible to all.

– Design and development for the ID.1 are already in progress, with the appearance of the car already conceptualized.

– The primary challenge facing VW is the economic feasibility of producing an EV at such a low price point, primarily due to the high cost of batteries.

– Volkswagen is exploring four potential strategies for the production location of the ID.1 and is expected to make a decision soon.

– Discussions are ongoing with Renault about creating a small, affordable electric car for the mass market.

– VW reaffirms its commitment to electric vehicles, announcing 11 new models under the VW brand by 2027, with the ID.1 among them.

– The ID.1 follows the ID.2 concept, which was unveiled as an affordable and spacious vehicle comparable to the Golf and Polo models.

https://evne.ws/4ctCJQC

Hyundai Faces Setback in China Amid EV Shift

– In 2017, Hyundai invested $1.15 billion in a new factory in Chongqing, China, aiming for an annual production of 300,000 internal combustion engine (ICE) cars. The rapid transition of Chinese consumers to electric vehicles (EVs) has significantly hindered sales, leading Hyundai to sell the factory for less than a quarter of its initial investment.

– Analysts foresee many “zombie factories” emerging in China’s auto market, the world’s largest, due to overcapacity and the shift towards EVs.  In 2023, China’s production of ICE cars dropped by 37% from its peak in 2017, highlighting the decline in demand for traditional vehicles.

– Foreign car brands face intense competition from local companies like BYD and Tesla, which offer popular, affordable EV models, resulting in a loss of market share for traditional automakers.  The shift has led to increased exports of petrol-powered cars to markets like Russia and Mexico, but the sustainability and profitability of these exports are questionable.

https://evne.ws/4ahXmNt

Model Y Trails Behind Ford F-Series in 2023 US Registrations

– Despite being hailed as the global top seller by analysts in the previous year, Tesla’s Model Y did not lead U.S. sales, falling behind the Ford F-Series, Chevrolet and Ram pickups, and the Toyota RAV4 in 2023 according to S&P Global Mobility’s new-vehicle registration data.

– The Model Y ranked fifth in total U.S. registrations but improved to second place when only retail (not fleet) registrations were considered, trailing behind the Ford F-Series.

– The Ford F-Series, known for models like the F-150, F-250, and F-350, secured the top spot in new retail registrations.

– In the realm of new battery-electric vehicle registrations in the U.S. for 2023, the leading models were, in descending order, Tesla’s Model Y and Model 3, Chevrolet Bolt, Ford Mustang Mach-E, Volkswagen ID4, Hyundai Ioniq 5, Tesla Model X, Rivian R1S, Ford F-150 Lightning, and Kia EV6.

https://evne.ws/3wTc9zX

Xiaomi Enters EV Market with SU7, Garnering 100,000 Reservations

– Xiaomi, known for its consumer electronics, is entering the automotive sector with its first electric vehicle, the SU7 sedan, showcasing the company’s expansion into new territories.

– The official reveal of the Xiaomi SU7 is scheduled for March 28, with customer test drives starting just a few days earlier on March 25.

– Ahead of its launch, the SU7 has already attracted significant interest, securing over 100,000 reservations, highlighting robust market anticipation.

– Xiaomi maintains its reputation for affordability with the SU7, offering it in two versions: the RWD model priced at $35,200 and the AWD version at $55,000.

– The top-tier SU7 model features a high-nickel 101 kWh battery supplied by CATL and boasts a substantial power output of 495kW (664 hp), priced above $50,000.

– Positioned as a direct competitor to Tesla’s Model S, the SU7 promises remarkable performance, including sub-3 second 0-60 mph acceleration and an 800V fast-charging capability.

https://evne.ws/3wTc9zX

Nissan Plans to Diversify US EV Battery Suppliers with SK On

– Nissan Motor is in discussions to incorporate South Korean SK On as a supplier for its electric vehicle (EV) batteries in the United States.

– The move is part of Nissan’s strategy to evaluate additional battery sources beyond its current provider, AESC, which is under the umbrella of the Chinese renewable energy conglomerate Envision.

– This initiative stems from Nissan’s efforts last year to identify a secondary battery production source within the U.S., aiming to align with the stipulations set forth by the U.S. Inflation Reduction Act.

– Plus as we discussed yesterday, Nissan is exploring collaborative efforts with Honda Motor Co. for joint procurement of parts, aiming to fortify partnerships and boost price competitiveness in the burgeoning EV market.

https://evne.ws/49UxpnC

Nio and CATL Join Forces for Advanced Long-Life EV Batteries

– Nio, a Chinese electric vehicle manufacturer, has entered into an agreement with battery giant CATL to create batteries boasting extended lifespans, aiming to reduce electric vehicle (EV) costs.

– This collaboration intends to harness each company’s battery technologies to decrease the “full life circle” costs, especially significant for the operational expenses of Nio’s extensive network of battery swapping and charging stations.

– In a move to make EV ownership more affordable, Nio has announced a reduction in monthly battery rental fees by up to 33% for its users.

– Despite this partnership, Nio plans to continue its investment in the development of core technologies like batteries, maintaining its commitment to innovation in the field.

– Nio has successfully commercialized 150 kilowatt-hour (kWh) semi-solid-state batteries through Beijing Welion New Energy, offering an impressive range of up to 1,000 km (620 miles) for its electric vehicles.

https://evne.ws/3TibiAh

Tesla Faces Delivery Estimate Cuts Amid Slowed Growth

– Financial analysts are revising Tesla’s delivery forecasts downward, signaling a slowdown in the automaker’s previously rapid growth.

– Tesla, largely seen as a multi-industry conglomerate by CEO Elon Musk, relies heavily on vehicle sales, which have been its main growth driver.

– After years of approximately 50% annual growth in vehicle sales, Tesla is experiencing a deceleration, attributed to its current product lineup not adding significant sales volume.

– Deutsche Bank has adjusted its Q1 delivery predictions for Tesla to 427,000 vehicles, indicating potential underperformance.

– UBS has also revised its Q1 delivery forecast for Tesla, reducing it from 466,000 to 432,000 vehicles.

– Similar revisions and stock downgrades by various firms have positioned Tesla’s expected Q1 deliveries within the 425,000 to 435,000 range.

– Analysts do not anticipate Tesla achieving a notable growth resurgence until 2027.

https://evne.ws/3TiA5nN

Tesla’s Stock Recovery Hinges on Leadership Change, Says Investor Gerber

– Ross Gerber, a long-standing investor in Tesla, suggests the company’s recent stock downturn could be reversed by a significant change in leadership or CEO Elon Musk’s approach to managing the company.

– Gerber emphasized that appointing a dedicated CEO focused on the company’s betterment or Musk revitalizing his commitment to Tesla could swiftly improve its stock value.

– Tesla’s shares have plummeted over 36% since the beginning of the year, attributed to unsatisfactory financial results, an uninspiring vehicle lineup, and adverse economic conditions.

– Wells Fargo recently reduced Tesla’s stock price target to $125 per share, indicating a potential 23% decline from its current price, labeling Tesla as a “growth company with no growth” and projecting its earnings per share to fall 32% short of this year’s forecasts.

https://evne.ws/3TibkrT

Volkswagen Leaves Australian Auto Lobby’s Policy Group Following Tesla and Polestar

– Volkswagen has stepped down from the Federal Chamber of Automotive Industries (FCAI) policy committee in Australia, advocating for robust fuel-efficiency standards as beneficial for the country.

– This decision trails the departure of electric vehicle manufacturers Tesla and Polestar from the FCAI, with Tesla criticizing the organization for disseminating “false and misleading” statements regarding the effect of fuel-efficiency standards in Australia.

– Volkswagen’s resignation occurs concurrently with Toyota expressing its backing for the FCAI.

– In reaction to these automakers’ actions, the FCAI reaffirmed its general support for a fuel-efficiency standard but appealed to the government to reassess the “timing, structure, and trajectory” of its emission regulations.

– Toyota, in its governmental submission, argued that the proposed emission-reduction objectives were excessively ambitious and the fines for surpassing these limits were “too severe.”

https://evne.ws/3TmPJyI

Study Reveals EVs Outperform ICE Vehicles in Reliability

– A UK-based breakdown service reports electric vehicles (EVs) are 59% less likely to require roadside assistance than their internal combustion engine (ICE) counterparts, highlighting the superior reliability of EVs.

– The study, covering EVs from new to 10 years old, demonstrates that over a million EVs in the UK present a lower risk of breakdowns, offering reassurance to potential EV buyers about the vehicles’ dependability on the road.

– Lee Puffett, the managing director of Start Rescue, suggests that hesitation towards EV adoption is more psychological, with concerns over battery life and vehicle reliability unfounded.

– Contrary to common beliefs about battery degradation similar to that of mobile phones or laptops, EV batteries are designed to maintain significant charge capacity over time, ensuring a reliable driving range.

– Proper maintenance of the 12-volt auxiliary battery, which powers critical vehicle functions like ignition, lighting, and dashboard displays, is crucial to prevent the most common reasons for EV service calls.

https://evne.ws/3vo6Nw5

EVs Show Lower Breakdown Rates Compared to ICE Vehicles Due to 12-Volt Battery Stability

– Plug-in electric vehicles have a lower incidence of breakdown call-outs, making up 23.7% of instances, as opposed to 29.7% for traditional petrol and diesel vehicles.

– The Association of Fleet Professionals (AFP) highlighted issues with 12-volt batteries in electric vans, where unexpected drainage was reported, even when the vehicles were connected to charging stations.

– The 12-volt battery, essential for powering vehicle functions like the dashboard, lights, and wipers, requires regular use to maintain its condition and prevent call-outs.

– Electric vehicles are found to be 59% less likely to need a breakdown service compared to vehicles with internal combustion engines (ICE), according to Start Rescue.

– With over a million electric vehicles on the UK’s roads, this data supports the reliability of EVs and their reduced likelihood of leaving drivers stranded due to battery issues.

https://evne.ws/3Tibm2Z

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