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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 Thursday 07 November, I’m Martyn Lee and I go through every EV story so you don’t have to.
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TESLA OFFERS 0% FINANCING FOR MODEL 3 AND MODEL Y IN CANADA
Tesla has launched a 0% interest financing option for its Model 3 and Model Y in Canada, mirroring a recent promotion in the U.S. However, this offer requires the purchase of the Full Self-Driving (FSD) package.
Details on Tesla’s website indicate that this financing option is available for loans up to 48 months and is limited to new vehicle purchases by customers with excellent credit. For loans longer than 48 months, lower interest rates are offered: 0.99% for 60 or 72 months, and 1.99% and 2.99% for 84 and 96 months, respectively. To qualify, customers must complete vehicle delivery before January 1, 2025.
Additionally, to access these low financing rates, customers must purchase the FSD package, which costs C$11,000. This package provides advanced features beyond the standard Autopilot, including capabilities for city streets, highway driving, and automated lane changes.
Initially, the U.S. promotion also required the purchase of FSD, but this condition was changed within two weeks, allowing customers to obtain the 0% interest rate without the FSD package. If Canadian demand follows a similar pattern, Tesla might eventually drop the FSD requirement in Canada.
Importantly, while the U.S. offer requires a 15% down payment, Canadian customers do not need to make a down payment. This financing option represents Tesla’s second recent low-interest promotion in Canada, following a 1.99% offer available in August, which was limited to the Model Y.
https://evne.ws/48ShAOJ
HYUNDAI IONIQ 9 PRODUCTION IN THE U.S.
Hyundai Motor Co. is set to start producing its first large electric SUV, the Ioniq 9, at its Georgia facility, Hyundai Motor Group Metaplant America (HMGMA), next year. This announcement was made by Jose Munoz, the global COO, on November 5. The plant will also produce Genesis and Kia models for distribution in North America. This is the first official confirmation that the Ioniq 9 will be mass-produced at HMGMA. The facility, which began operations last month, initially produced the Ioniq 5, and will expand to include the Ioniq 9 in 2024, responding to the rising demand for large electric vehicles (EVs).
Hyundai plans to reveal the Ioniq 9’s design and features later this month. This move aims to capitalize on tax incentives tied to local production, promoting sales growth. The company is on track to achieve its first annual sales goal of 100,000 EVs in the U.S. this year and intends to expand its EV lineup, starting with the Ioniq 9, to increase market share. Munoz mentioned that the Ioniq 9 would attract new customer groups, especially families, due to its spacious interior and advanced technology.
The rationale for U.S. production is to mitigate consumer and company costs. Local EV production aligns with the U.S. Inflation Reduction Act, enabling customers to qualify for subsidies of up to $7,500. This strategy allows Hyundai to lower direct cash incentives while boosting EV sales. The Ioniq 9 is Hyundai’s third dedicated electric vehicle, following the Ioniq 5 and Ioniq 6, and utilizes the E-GMP platform, featuring a sleek design, extended wheelbase, and three-row seating.
https://evne.ws/40yz4xb
DACIA TURN CHEAPEST EV INTO A WORK VAN
Dacia has launched the Spring Cargo, which is the least expensive electric van in the UK, priced at £14,995 (excluding VAT). This vehicle targets last-mile delivery services and qualifies for the government’s £2,500 Plug-in Van Grant. Businesses can lease the van for £149 monthly (excluding VAT), with an initial deposit of £894 and an allowance of 10,000 miles per year.
The Spring Cargo is based on the Extreme edition of the passenger version and features a single motor that produces 64 horsepower, driving the front wheels. It has a 26.8 kWh battery that allows for a charging rate of up to 30 kW, giving it a driving range of 140 miles. A fast charge from 20% to 80% takes about 45 minutes.
This electric van also has a vehicle-to-load function, which enables it to power devices rated at 240V via an adapter connected to the charging port. The interior has been optimized for utility; the rear seats are removed, creating a flat load area that is separated from the front by a net. The cargo capacity is 1,085 liters, and it can handle a maximum payload of 370 kg.
Additional features include a 10-inch infotainment screen with Bluetooth and USB connectivity, a reversing camera, cruise control, and manual air conditioning. Deliveries of the Spring Cargo are anticipated to begin by the end of the year.
https://evne.ws/3CfrM7D
ROYAL ENFIELD LAUNCHES FLYING FLEA ELECTRIC MOTORCYCLE
Royal Enfield has introduced the Flying Flea C6, marking its entry into the electric vehicle (EV) sector. The company, which has a history spanning over a century, initially developed the Flying Flea for Royal Air Force dispatch riders during World War II and later adapted it for urban commuting. With a growing interest in electric motorcycles for city travel, Royal Enfield aims to attract riders looking for efficient and agile transportation in crowded areas.
The Flying Flea C6 is designed as a lightweight and agile motorcycle, part of a new electric sub-brand. It targets urban riders while also promising an enjoyable experience for journeys beyond the city. Siddhartha Lal, Royal Enfield’s Managing Director, describes the motorcycle as part of the “City Plus” concept, highlighting its adaptability for urban environments.
Alongside the C6, Royal Enfield plans to introduce a second model, the Flying Flea S6, which will be an electric scrambler featuring improved suspension. This model is expected to be available a few months after the C6. These new offerings demonstrate Royal Enfield’s dedication to advancing within the electric vehicle market.
https://evne.ws/3AfZCsA
BYD EXPANDS WORKFORCE FOR EV PRODUCTION
BYD has increased its workforce by more than 200,000 employees between August and October to boost production. During this time, BYD manufactured around 1.3 million new energy vehicles (NEVs), a notable rise from nearly 900,000 units produced in the same period last year. NEVs consist of battery-electric vehicles and plug-in hybrids, with a large portion being passenger plug-in hybrids. Specifically, BYD produced over 800,000 plug-in hybrids and nearly 500,000 battery-electric vehicles.
In its financial report for the third quarter, BYD announced a 24% rise in operating revenue, totaling 201.12 billion yuan ($28.25 billion). This is the first time since 2022 that BYD has surpassed its American rival, Tesla Inc., which reported revenue of $25.18 billion for the same quarter. Since March 2022, BYD has stopped making combustion engine vehicles to focus exclusively on electric models. However, despite the increase in revenue, BYD’s net profit is still lower than Tesla’s net income of $2.167 billion. For the quarter, BYD reported diluted earnings per share of 4 yuan (56 cents), which is less than Tesla’s adjusted earnings per share of 72 cents.
https://evne.ws/3AvomwW
VOLKSWAGEN MULTIVAN EHYBRID: IMPROVED FEATURES AND RANGE
Volkswagen has released more information about its new Multivan eHybrid 4Motion plug-in hybrid model, initially introduced in September at the IAA Transportation show in Germany. Targeting the family market, this vehicle is now on sale in Europe, priced at 70,668 Euros (around £60,000).
The Multivan eHybrid is built on Volkswagen’s MQB evo platform and shares its powertrains with various models from the VW Group. It utilizes a second-generation ‘eHybrid’ plug-in hybrid system and includes 4Motion all-wheel drive.
The updated version uses a more efficient 1.5-liter TSI four-cylinder engine and a larger 19.7 kWh battery, combined with a six-speed automatic transmission. This setup boosts the power to 241 horsepower and 350 Nm of torque, while the electric-only range increases to 59 miles (95 kilometers), nearly doubling the previous model’s range. The electric motor allows the Multivan to reach speeds of 80 mph (129 kph).
Charging capabilities have also improved significantly, now offering a 50 kW charging capacity compared to the earlier 3.6 kW. This upgrade is expected to enable charging from 20 to 80 percent in approximately 30 minutes.
https://evne.ws/3CewuCF
FRENCH GOVERNMENT PUSHES FOR LOOSER EMISSION STANDARDS
A report in French newspaper Le Monde yesterday says the French government is advocating for more flexibility from the European Commission regarding CO2 emissions regulations, influenced by the automotive industry. On November 4, the economy minister revealed plans to request that Brussels postpone penalties for companies failing to comply with new standards set to begin in 2025.
The revised Corporate Average Fuel Economy (CAFE) standard aims for a 15% decrease in CO2 emissions per kilometer for each vehicle sold, based on 2021 levels. Automakers not meeting this requirement could incur fines that may reach billions of euros.
Lobbyists contend that the electric vehicle (EV) market’s outlook has changed since these regulations were first introduced. After a period of strong growth, EV sales have recently declined, which could force manufacturers such as Volkswagen (VW) and Renault to cease the sale of combustion-engine vehicles to lower their average emissions—potentially harming their profits and employment levels.
France’s call for regulatory leniency is significant, particularly as Germany, Italy, and various Eastern European countries have also raised concerns about enforcing these sanctions.
The automotive industry faces substantial challenges, with VW planning to close three factories and cut tens of thousands of jobs, while many firms have downgraded their profitability expectations. However, not all manufacturers face the same difficulties; companies like Stellantis (Peugeot, Citroën, Fiat, Opel) and BMW appear likely to comply with CAFE standards, suggesting that the regulations account for the ability of automakers to reduce emissions.
Some manufacturers have chosen to prioritize higher-margin larger vehicles instead of developing smaller, more affordable models that would meet Brussels’ criteria. For example, Renault is entering the EV market with its €34,000 electric R5, but its late entry may hinder its ability to attract enough customers to satisfy the new standards.
While the French government insists it will not oppose the EU’s decarbonization objectives or the 2035 ban on combustion engines, its request to relax CAFE regulations contradicts its own low-carbon strategy. The transport sector, responsible for a third of emissions, aims for a 31% reduction by 2030, primarily through increased EV sales, which are expected to account for two-thirds of overall sales. A consistent strategy is crucial for reaching these goals.
https://evne.ws/3YDYM0z
RISING ELECTRIC VEHICLE DEMAND IN THE UK AND EU
Recent research indicates a strong and growing demand for electric vehicles (EVs) in the UK and EU, challenging misconceptions about the sector. This analysis by CBI Economics, commissioned by the Energy & Climate Intelligence Unit, argues that the economic advantages of the automotive industry would significantly improve with a rapid shift to EV production, opposing calls to delay environmental targets.
The UK automotive industry currently generates £46.8 billion for the economy and supports more than 552,000 full-time equivalent jobs. If EV adoption increases optimally, this contribution could rise by 35%, adding £16.1 billion and creating an additional 167,000 jobs. On the other hand, failing to transition and maintain EV production could result in a 73% drop in economic activity, leading to a loss of £34.1 billion and over 400,000 jobs.
Although manufacturers have time to meet the EU’s 2025 emissions targets for cars and vans, many have attempted to weaken these commitments through lobbying. Conversely, proactive companies in the Climate Group’s EV100 network are advancing ambitious EV initiatives, having deployed over 600,000 EVs and committing to a total of 5.75 million by 2030.
https://evne.ws/3YV9gdi
ELECTRIC CARS GAIN MARKET SHARE AMID PRICE REDUCTIONS
Here’s an update to a story I told you about earlier in the week.
In October, electric vehicle (EV) registrations made up over 20% of new car sales, marking a 24% increase from the same month last year. This rise occurs despite an overall 6% drop in new car sales, as manufacturers reduce the availability of petrol and diesel vehicles to comply with the UK’s zero-emission targets and avoid substantial fines.
According to the Society of Motor Manufacturers and Traders (SMMT), new car registrations decreased from 153,000 in October 2023 to 144,000 in October 2024. However, electric vehicle sales grew to nearly 29,000, up from 24,000 a year earlier, representing 20.7% of the market. The SMMT highlighted that manufacturers are significantly discounting electric vehicles, with billions invested to support this shift.
You know this much already from our previous coverage. But the trend of lowering electric car prices became evident during autumn sales, particularly after notable discounts in September. Some electric models are now about 12% cheaper than last year. Dealers are working to resolve a backlog of unsold electric vehicles from summer while aiming to meet the zero-emission vehicle (ZEV) mandate. This mandate imposes fines of £15,000 for each electric car that fails to meet a 22% sales threshold in 2024. Although penalties may be postponed this year, the ZEV mandate will become stricter in 2025, increasing the target to 28%.
Ian Plummer, Auto Trader’s commercial director, noted, “Electric vehicles are taking a bigger share of the market, thanks to heavy discounting.” He also indicated that the decrease in petrol and diesel sales is likely due to manufacturers striving to hit ZEV targets. Dan Caesar, CEO of Electric Vehicles UK, mentioned that despite views of a weak electric vehicle market, the UK is anticipated to have one in five new cars sold as battery electric by 2024. He stressed that the UK is well-positioned to lead Europe by 2025 due to the absence of tariffs.
https://evne.ws/48BfWk4
GM’S EV SUPPLY CHAIN STRATEGY
General Motors (GM) is making substantial investments in electric vehicles (EVs) and is actively working to secure the supply of battery raw materials. This initiative is designed to address the financial, technical, and geopolitical challenges that arise from the transition away from gasoline-powered vehicles.
GM’s current strategy is reminiscent of Henry Ford’s early 20th-century approach, where he sought to control various resources to enhance efficiency. Today, GM is targeting key materials such as lithium, cobalt, nickel, and graphite, essential for EV battery production. Many of these minerals are mainly sourced from China, prompting the U.S. to lessen its dependence on foreign suppliers through incentives and sourcing requirements outlined in the Inflation Reduction Act. This shift has resulted in a $175 billion increase in U.S. investments in EV and battery manufacturing, reversing a trend of globalization.
What sets GM apart is its dedication to building a robust supply chain in North America by investing in mining and processing companies. Recently, GM formed a $625 million partnership with Canadian firm Lithium Americas to advance the Thacker Pass project in Nevada, securing 38% of the lithium produced there for the next 20 years. GM has also invested $150 million in Nouveau Monde Graphite to ensure a stable supply of graphite for battery anodes and made smaller investments including $10 million in Forge Nano for battery coatings.
https://evne.ws/4fr2vWi
CANOO LAYS OFF WORKERS DUE TO FINANCIAL ISSUES
Canoo, an electric vehicle startup, has put employees at its Oklahoma City facility on furlough as it seeks more funding. This furlough affects 30 factory workers and is expected to last for a minimum of 12 weeks. Those affected have been given information on how to file for unemployment benefits.
In a recent report to stakeholders, Canoo revealed serious financial difficulties that might result in major layoffs or even shutting down operations. Management expressed deep concerns about the company’s ability to remain operational. The report stated that without adequate capital, Canoo would have difficulty carrying out its planned business activities.
https://evne.ws/3AwGSoD
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