In electric vehicle, battery and charging news are onsemi, VW, Fermata Energy, StoreDot, Ampup, Lucid, Addionics, Toyota, ChargePoint & Blink.

onsemi Supplies Power Boxes to SSP VW

onsemi  announced it has signed a multi-year deal with Volkswagen Group to be the primary supplier of a complete power box solution as part of its next-generation traction inverter for its Scalable Systems Platform (SSP). The solution features silicon carbide-based technologies in an integrated module that can scale across all power levels – from high power to low power traction inverters to be compatible for all vehicle categories.

“By offering a complete power system solution that encompasses the entire power sub-assembly, we provide Volkswagen Group with a single, simplified modular and scalable platform that maximizes efficiency and performance for their vehicle lineup,” said Hassane El-Khoury, president and CEO of onsemi. “This new approach allows for the customization of power needs and the addition of features for different vehicles without compromising on performance, all while reducing cost.”

Based on the EliteSiC M3e MOSFETs, onsemi’s unique power box solution can handle more power in a smaller package which significantly reduces energy losses. The inclusion of three integrated half-bridge modules mounted on a cooling channel will further improve system efficiency by ensuring heat is effectively managed from the semiconductor to the coolant encasement. This leads to better performance, improved heat control, and increased efficiency, allowing EVs to drive further on a single charge. By using this integrated solution, Volkswagen Group will be able to easily transition to future EliteSiC-based platforms and remain at the forefront of EV innovation.///

New EV Charging Map

Tens of millions of Americans are expected to hit the highways this summer for road trips, often to state or national parks. For many drivers, 2024 marks their first year behind the wheel of an electric vehicle.

A new interactive map from U.S. PIRG Education Fund, Environment America Research and Policy Center and Frontier Group helps those newbies, as well as early adopters of EVs, find state and national parks where they can plug in their electric vehicles while enjoying nature.

“Park systems across the country are making it easier for EV owners to ‘recharge where you recharge,’” said U.S. PIRG Education Fund’s Chief Operating Officer for Program Andre Delattre. “That means we can all leave air pollution behind when we go to enjoy the wonders of the great outdoors. That’s a win-win-win for our health and the health of the wildlife and landscapes that draw us to parks in the first place.”

The interactive map highlights more than 260 large state and national parks across the country with EV chargers either in them or nearby. It also shows the progress made by several states in making the great outdoors accessible to people driving electric vehicles.

Transportation is the United States’ No. 1 source of the pollution that is causing the world to warm, and shifting to electric vehicles can dramatically reduce that pollution. Climate change threatens the health of our forests and ecosystems, and is irrevocably changing the character of America’s most beloved natural places.

“The premise of the National Park system was to preserve everything from purple mountains’ majesty to fruited plains. Climate change is threatening that. Glacier National Park, for example, has one-sixth as many glaciers as it did in 1850 and the last glaciers may be gone by 2030,” said Environment America Research & Policy Center’s Executive Director Lisa Frank. “Visiting these parks by EV is one way we can help preserve them for future generations, and EV chargers in parks and gateway towns make it possible.”

The number of charging stations around the country is ramping up. Nearly one out of every five EV charging ports available nationwide at the end of 2023 had been installed in the previous year.

“Thanks to private and public investments — often supported by the Inflation Reduction Act — we can count on new EV chargers en route to and within our destinations, making summer road trips, and every trip we take, that much easier,” said Frontier Group Associate Director and Senior Policy Analyst Tony Dutzik. “Going for a walk in the woods is a great way to let go of the anxieties of daily life. With more places to recharge EVs, range anxiety is one more worry that EV drivers can leave behind.”

See map.

Fermata Energy & NSF

Fermata Energy is proud to announce its advisory role in a prestigious three-year research initiative funded by the National Science Foundation (NSF). The project, Electric Vehicle Integration to power infrastructure by Behavioral, Economics, and Sociotechnical modeling (E-VIBES), is led by an interdisciplinary team at the University of Colorado-Denver, North Carolina State University, Gettysburg College, and Colorado Smart Cities Alliance. It aims to enhance the resilience and efficiency of America’s infrastructure through Vehicle-Grid Integration (VGI) system development.

This NSF-funded research, under the Strengthening American Infrastructure (SAI) program, seeks to transform how energy and information flow between electric vehicles (EVs) and the electric grid. Addressing the pressing issues of frequent power outages and rising energy costs, this initiative leverages the potential of EVs as backup power sources, cost-saving tools, and supports grid stability and renewable energy integration.

Key Research Areas:

Economic, Behavioral, and Technical Concepts: Developing a comprehensive VGI system.
User-Friendly VGI Services: Identifying pricing mechanisms and institutional arrangements.
Power Flow Studies: Ensuring the grid can handle VGI and optimizing EV charging and discharging.
Socio-Economic Disparities: Understanding consumer willingness and equitable benefit distribution.
Machine Learning and Data Analysis: Creating models to predict VGI adoption and usage patterns.

Fermata Energy will provide expert guidance on the development and implementation of VGI systems, ensuring that the project benefits from cutting-edge industry insights and practical experience. This collaboration enhances the potential for real-world application and impact.

“The integration of electric vehicles into our energy grid is poised to revolutionize energy management,” said Tony Posawatz, CEO of Fermata Energy. “Our role in this research will ensure that Vehicle-Grid Integration systems are not only innovative and efficient but also accessible and beneficial to all, bridging socio-economic gaps in energy access.”

This award, supported by the Directorate for Social, Behavioral, and Economic (SBE) Sciences, reflects NSF’s commitment to advancing research with significant intellectual merit and broad societal impacts.

“Collaborating with Fermata Energy has provided a vital link between our research and real-world application,” said Serena Kim, Project Co-Lead at North Carolina State University. “By leveraging insights from V2X system users, owners, and potential adopters, we are addressing critical challenges in energy pricing, EV ownership costs, and regulatory frameworks to support the wider deployment of V2X systems. This partnership allows us to develop solutions that are not only technologically advanced but also sustainable and equitable, ensuring a more resilient energy future for all communities.”

StoreDot XFC Tech Forecast

StoreDot, the pioneer and world leader in extreme fast charging (XFC) silicon battery technology for electric vehicles (EVs), forecasts that XFC technology is becoming a mainstream feature required by all EV drivers, after initially entering the market as a premium offering in high-end EVs.

StoreDot’s vision aligns with growing consumer expectations for shorter charging times and longer range, which will drive XFC to become a necessary industry standard. As the EV market evolves, the company sees XFC technology following the path of other innovative automotive features, starting as a premium offering before becoming ubiquitous.

The concept of extreme fast charging is already enhancing the appeal and marketability of EVs with drivers expecting it in their vehicles and opting for XFC-compatible models, giving premium automotive brands a competitive edge. However, as more drivers experience its convenience, it’s expected to become a key factor in purchasing decisions across all EV segments.

Other predictions about XFC made by StoreDot are that it will make the EV option much more appealing to drivers that don’t have access to home or workplace charging and will allow OEMs to offer EVs with smaller battery packs, empowering them to offer vehicles with a more attractive price tag and a lighter weight. In addition, fast charging infrastructure utilization and ROI is expected to increase as EV adoption with XFC capabilities is widely adopted.

Dr Doron Myersdorf, CEO of StoreDot, said:

“XFC will become mainstream as it meets drivers’ expectations for shorter charging times and a longer range. But it doesn’t stop with the driver; it’ll benefit the entire ecosystem. It will make EVs more desirable, and some OEMs will offer it as a customizable feature like an extended range premium option. This desirability is crucial for OEMs, especially when facing EV demand fluctuations and addressing consumer concerns about infrastructure and charging times. Importantly, our XFC technology doesn’t compromise battery life or performance and as consumers realize this, XFC adoption will accelerate. We continue to work closely with leading brands on delivering fast adoption and a shorter time to market for our XFC technology and are excited about it entering the mass market.”

StoreDot’s proven ‘100in5’ XFC battery technology, using silicon-dominant anodes, can maintain high energy densities comparable to conventional lithium-ion batteries, while also enabling ultra-fast charging rates and long cycle life.

As XFC technology matures, StoreDot is preparing to meet future demand across the entire EV market. The company remains firmly on track with production-readiness of its XFC cells that deliver 100 miles charged in 5 minutes this year. It aims to deliver 100 miles charged in 4 minutes in 2026 and 100 miles charged in 3 minutes by 2028.

Ampup Partners with EVSE for Street Light Charging in LA

AmpUp, the most reliable and comprehensive electric vehicle (EV) charging software platform, and EVSE, a Division of Control Module Inc., which designs and manufactures unique, patented, retractable-cable EV charging stations and support equipment, today announced an expanded deployment for the Los Angeles Bureau of Street Lighting (LABSL) providing Level 2 EV chargers for an additional 150 existing streetlight poles throughout LA communities.

EVSE offers a unique light pole-mounted EV solution that can be installed on existing or new structures to save installation costs, enable curbside charging, and utilize precious right-of-way resources. This solution can lower installation costs by up to 70% compared to ground-mounted stations by eliminating digging-related construction and reducing the need for electrical wiring. Installed above grade at 10 feet, the solution reduces vandalism, vehicular damage, tripping hazards, and cable damage. The 25-foot cable descends upon activation and retracts when unplugged from the vehicle.

With a proven track record of over a decade, EVSE’s American-made EV solutions have demonstrated exceptional reliability across thousands of installations serving hundreds of utilities and municipalities nationwide, establishing it as a trusted industry leader.

“Pole-mounted chargers make EV charging more accessible to a broader population, including those living in multi-unit dwellings or areas where traditional charging stations are scarce,” said Dean Spacht, vice president of sales and marketing of EVSE. “While our patented retractable cable design addresses the city’s urban safety and vandalism concerns, AmpUp’s platform adds reliability and a crucial layer of grid intelligence. Their demand response feature allows for managed loads during peak demand, supporting grid stability. The EVSE-AmpUp team delivers a smart, secure urban charging solution that serves EV owners and contributes to overall energy management in cities.”

Pole-mounted EV chargers are an excellent charging solution for Los Angeles, with its high population density, especially in urban areas where parking is often limited to on-street only. These convenient chargers provide a solution for residents who drive EVs and only have access to on-street parking. In a city where space is at a premium, elevated streetlight or utility pole-mounted chargers save valuable ground space that traditional EV charging stations would otherwise occupy.

LABSL oversees the city’s complex lighting infrastructure, featuring over 220,000 lighting poles. The LABSL streetlight EV charging program began with a mayoral target to install 10,000 EV chargers throughout the city, alongside a BSL initiative to replace existing bulbs with energy-efficient LEDs. The bulb switch significantly reduces electricity demand for lighting, freeing up capacity for other uses such as EV charging. The chargers are integrated into the existing streetlight infrastructure, utilizing 240-volt electrical service without requiring upgrades.

By integrating EV charging within existing streetlights, LABSL aims to support the mandate set by the Mayor’s Sustainable pLAn, which targets a 25% increase in EV adoption by 2025 (adding 100,000 new electric vehicles), 80% by 2035, and 100% by 2050.

Lucid Group Partners with Graphite One

 Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) (“Graphite One”, “G1” or the “Company”), planning a complete domestic U.S. supply chain for advanced graphite materials, announced today that it has entered into a non-binding supply agreement (the “Supply Agreement“) with Lucid Group, Inc. (NASDAQ: LCID) (“Lucid“), maker of the world’s most advanced electric vehicles, for anode active materials (“AAM“).

“We are committed to accelerating the transition to sustainable vehicles and the development of a robust domestic supply chain ensures the United States, and Lucid, will maintain technology leadership in this global race,” said Peter Rawlinson, CEO and CTO at Lucid. “Through work with partners like Graphite One, we will have access to American-sourced critical raw materials, helping power our award-winning vehicles made with pride in Arizona.”

Addionics Funding from GM Ventures & Deep Insight

Addionics, a global leader in battery technology, announced its Series B funding round of $39 Million. The round was co-led by GM Ventures and Deep Insight, with participation from Scania, along with new and returning strategic investors. The funds will be used to bolster the company’s manufacturing capabilities and advance global business engagements. The investment will allow Addionics to build up teams across the globe, and expand its manufacturing and commercialization efforts, including advancing the construction of its planned US-based giga-factory for the production of Addionics 3D Current Collectors.

Addionics is the leading manufacturer of 3D Current Collectors, which drive significant battery manufacturing and performance benefits. With better heat dissipation throughout the electrodes, batteries using Addionics provide faster charging time, increased power, and improved stability, resulting in better-performing batteries at a lower cost. The added benefit of the Addionics drop-in solution allows manufacturers to seamlessly integrate the 3D Current Collectors allowing for cost-effective production and rapid deployment.

Toyota Starts 5th Gen Hybrid Transaxle in WV

Toyota West Virginia is celebrating the start of production for the fifth-generation hybrid transaxle, a core part of Toyota’s multi-pathway approach to electrification. Assembly of the new transaxles is a result of more than $300 million in investments at the plant announced in 2021 and 2022.

“Toyota West Virginia is on the leading edge of our company’s electrified future,” said David Rosier, Toyota West Virginia President. “The new hybrid transaxle is a testament to our teams’ know-how, expertise and determination to assemble the highest quality products for our customers. This significant achievement would simply not be possible without them.”

This milestone reflects the dedication of the more than 2,000 team members at the Mountain State facility and showcases Toyota’s commitment to electrification and long-term job stability in the U.S.

“I’m excited to be part of this team, and we all understand how important this project is,” said Shanell Spears, team leader on the hybrid transaxle line. “As the plant continues to grow and change, it’s obvious Toyota is committed to the people who work here and wants to make our community the best that it can be.”

The fifth-generation hybrid transaxle is part of the all-new Toyota Camry and Corolla Cross. Hybrid electric vehicles are a key component of the company’s portfolio approach to vehicle electrification. Toyota believes that a diverse array of products will provide all customers a role in reducing carbon emissions. Since 2021, Toyota has announced new investments totaling more than $18.6 billion into its U.S. manufacturing operations to support electrification efforts.

“We are so proud of what Toyota has been able to accomplish, and their commitment to West Virginia means so much,” said Gov. Jim Justice. “Toyota has allowed West Virginia to be at the forefront of innovation in cutting-edge technology. We’ve already seen such incredible success, and now, we’re excited to see everyone aiming for even greater heights. I’m so grateful to Toyota for believing in West Virginia, because they have played a massive role in our state’s economic success.”

Toyota West Virginia represents a $2 billion investment and assembles both engines and drivetrain components for Toyota’s North American operations. It is the only Toyota plant in North America to build the fifth-generation hybrid transaxle. Over the past 28 years, Toyota West Virginia has donated more than $10 million to philanthropic causes across the region.

One Million ChargePoints

ChargePoint (NYSE: CHPT), a leading provider of networked charging solutions for electric vehicles (EVs), now enables drivers access to charge at more than one million places across public, private and roaming ports in North America and Europe. Additionally, more than 10 billion electric miles have been enabled by the ChargePoint network to-date.

As EV sales continue to grow, more drivers will need places to charge. Via the ChargePoint mobile app, ChargePoint enables drivers to find, use, and pay for charging at their relevant charging stations. With more than one million places to charge, ChargePoint is delivering a seamless charging experience anywhere its drivers live, work, and play.

“With more EVs on the road, ensuring drivers have access to reliable charging everywhere they need it is imperative,” said Rick Wilmer, CEO of ChargePoint. “Enabling access to more than one million ports, on a network that has enabled more than ten billion electric miles to be driven, underscores ChargePoint’s commitment to delivering a world-class driver experience.”

The ten billion electric miles ChargePoint has enabled is the equivalent of driving around the world more than 400,000 times. Further, the network has enabled around four billion of those miles in the last year alone, a proof point that demand for EV charging continues to scale.

ChargePoint believes that the electrification of transportation, and delivering a world-class driver experience, is simultaneously good for the planet and good for business. The company estimates that drivers on its network have avoided more than 410 million gallons of gasoline, and more than 2.2 million metric tons of greenhouse gas emissions as a result.

NASPO Picks Blink

Blink Charging Co. (NASDAQ: BLNK) (“Blink” or the “Company”), a leading global manufacturer, owner, operator and provider of electric vehicle (EV) charging equipment and services, has been selected as an official supplier in NASPO ValuePoint’s new EV Charging Station Portfolio.

Spearheaded by the State of Maryland and funded through NASPO’s emerging markets initiative, this portfolio aims to provide public entities nationwide with electric vehicle charging solutions to meet the rising demand for EV infrastructure.

NASPO ValuePoint, the cooperative purchasing division of the National Association of State Procurement Officials (NASPO), facilitates cooperative public procurement solicitations nationwide.

This new portfolio offers a comprehensive range of suppliers, manufacturers, and product options for Level 2 and DC Fast Charge EV charging stations, along with value-added services such as installation, maintenance, repair, training, and software support. The contracts are structured to allow for the easy addition of new technologies and devices as the market evolves, ensuring public entities stay at the forefront of this rapidly advancing field.

Credits

Hyundai’s first EV is set to roll off the production line at its new $7.6 billion Metaplant in Georgia later this year. With Trump vowing to end “EV mandates” on day one if elected, Hyundai is preparing for a sudden shift in leadership. Hyundai’s EV plant was built to comply with the Biden administration’s move to promote domestic production and move the US toward a cleaner future. What will happen if Trump reverses all the progress?

After fast-tracking production, the Hyundai Motor Group Metaplant America (HMGMA) is set to open by the end of 2024. The new 2025 IONIQ 5 will be the first to roll off the assembly.

Hyundai invested $7.6 billion, creating 8,500 jobs in Georgia. Research from the Center for Automotive Research (CAR) shows that, including its suppliers, Hyundai’s new EV plant is attracting over $12.6 billion in investments while generating over 50,000 new jobs.

Georgia even awarded Hyundai its own day in the state. The General Assembly passed a resolution declaring February 26, 2024, “Hyundai Day” in Georgia.

Hyundai has been rushing to get the plant up and running to meet the requirements outlined in the Inflation Reduction Act (IRA), passed in August 2022.

New vehicles produced at the facility are expected to qualify for the $7,500 EV, helping to even the playing field for Hyundai.

Hyundai Motor America CEO Jose Munoz with Georgia Governor Brian P Kemp at Hyundai Day (Source: Hyundai)

Hyundai has been passing on massive EV incentives to compete with rivals that already qualify for the credit. However, with Trump vowing to reverse EV policies if elected, Hyundai’s investments could be over nothing.

Hyundai preps for a Trump EV disruption

Hyundai models, including the IONIQ 5 and 6, are already some of the most affordable, fuel-efficient EVs in the US.

Because of this, Hyundai and its sister company, Kia, are already well ahead of much of the competition. Hyundai and Kia set new EV sales records in Q2 as demand continues climbing.

Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)

If Trump is elected, Hyundai is preparing for a sudden shift in EV policies. With the US election coming up in November, Hyundai is stepping up its lobbying efforts in the states.

Depending on the outcome, the election could be a game-changer for Hyundai or a massive waste of time, money, and resources.

According to a Hyundai official, the company is stepping up lobbying efforts in preparation for the US election. Data from OpenSectrets shows Hyundai Motor and its affiliates spent $520,000 on US lobbying in the first three months of 2024. That’s up 147% from the $210,000 paid in Q1 2020. Hyundai also has 30 lobbyists, up from 19.

2024 Hyundai IONIQ 5 (Source: Hyundai)

Trump has already promised to “eliminate the EV mandate” on day one, although there isn’t one. Hyundai knows if Trump is elected, the EV subsidies, the sole purpose of the new Metaplant, may disappear.

Electrek’s Take

Trump talking about EV mandates that don’t exist already proves his lack of knowledge of the industry. He is likely referring to the EPA exhaust regulations, finalized earlier this year.

The regulations are designed to save Americans $100 billion in fuel, health, and climate costs a year.

Ending these regulations will not only put 2,000 American lives at risk from climate pollution every year but, contrary to Trump’s comments, it will also set the American auto industry up for failure.

American automakers like Ford and GM are already falling behind Chinese automakers like BYD in global markets. What will happen when they direct more time and investments toward ICE vehicles? They will fall further behind.

Ford’s CEO has said the company needs to build profitable EVs within the next five years to keep up with BYD and others.

“And if we don’t make profitable EVs in the next five years, what is the future? We will just shrink into North America.” And five years may be too generous.

Ford is working on a low-cost EV platform, but if the strategy shifts in the US, it could lead to further delays. Ford has delayed its next-gen EVs, including its first three-row electric SUV.

Meanwhile, the US is one of Hyundai’s most important markets. Last year, Hyundai sold more cars in North America than in Korea.

A shift in strategy with a Trump win will set things back. Trump’s VP candidate, Senator JD Vance, was behind the ‘Drive American Act,‘ which surprisingly would not only remove the $7,500 incentive to buy EVs but also replace it with a similar credit for new American-made gas or diesel-powered vehicles.

In the end, these changes would not only set the American auto industry behind nearly every other country, but it will also impact investments coming into the US. And that’s not even touching on the adverse health effects.

Source: Business Korea

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Credits

Several electric cars under $35,000 are on the horizon from brands like Volvo, Tesla, Ford and Jeep.

Jul 19, 2024 at 1:30pm ET

Affordability has remained a nagging problem area in the electric vehicle market for years. But that’s changing as car companies look to capture mainstream buyers and fend off the threat of cheap, high-tech EVs from China. 

And yet, there’s still a lot of work to be done. Electric offerings in the U.S. skew heavily toward the premium end of the spectrum, with the average price paid for a new EV in June landing at a whopping $56,000, give or take. That’s a price that most regular people simply can’t afford. Although some more affordable options exist, many, many more will be needed for EVs to truly go mainstream. 

The race for a $25,000 EV

Carmakers including Ford, GM, Stellantis and Tesla are working to bring modern, inexpensive electric cars to the masses. They need to scale up manufacturing and bring down costs for that to happen. 

Fortunately, car companies are working on it. A handful of future EVs costing $35,000 or less are on the way over the next few years from the likes of Ford, Tesla and Jeep. Here’s a rundown of what we know about them so far, starting with those we have the most concrete details on.

Kia EV3

Gallery: Kia EV3 2024

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The Kia EV3 is a funkily styled, small crossover that’s slated to cost around $35,000. It’s headed for the U.S. “after 2025,” Kia says, so that the company can take some time to figure out whether the SUV can qualify for a federal EV tax credit. If that works out, the EV3 could effectively start around $27,500. 

It will come with two battery options, the larger of which should deliver at least 300 miles of range, according to Kia. 

Volvo EX30

Gallery: 2025 Volvo EX30 First Drive

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Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30 Volvo EX30

The Volvo EX30 was supposed to arrive in the U.S. this summer, but the Biden Administration’s new tariffs on Chinese-made electric vehicles threw Volvo for a loop. Now Americans can expect the small crossover in 2025, once production gets underway in Belgium. Volvo's parent company is the Chinese Geely Group, and it had planned to produce the EX30 initially in China before moving more of it to Europe.

When the EX30 does finally make it here, it should be a highly competitive option. Upon its unveiling last year, the baby Volvo got immediate attention for its Scandinavian styling, healthy range of up to 275 miles and relatively modest starting price of $35,000. 

Chevrolet Bolt EUV

2026 Chevrolet Bolt Rendered

From 2017 through 2023, the Chevy Bolt was an unlikely icon in the EV space—an affordable, practical hatchback (joined later in its run by a compact-SUV version) that was one of the only volume-selling EVs not made by Tesla. Despite healthy sales, General Motors decided to discontinue the model last year to make way for its more modern, next-generation products. Sure enough, the Bolt was getting pretty outdated in terms of charging speed, for example.

But after pushback, the automaker announced it would launch a third-generation Bolt using the Ultium technology that underpins its other new EVs, like the Chevy Blazer EV and Cadillac Lyriq. 

That’s expected to launch in 2025 as a 2026 model. As InsideEVs exclusively learned last year, it will take the form of a compact crossover. GM has said that the new Bolt will cost about as much as the outgoing version, so expect pricing to start under $30,000 before any tax credits. Here's another hint for you: GM said the new Bolt will be the cheapest EV in the U.S. when it hits the market. 

Tesla “Model 2”/Unnamed Affordable EV

Tesla Model 2 Rendering by Theophilus Chin

For years, Tesla touted plans for a lower-cost car that would slot below the Model 3 in its lineup. (Hence the very unofficial “Model 2” moniker that’s taken off among Tesla fans and analysts.) However, its plans on that front are now murkier than ever. 

In April, Reuters reported that Tesla had scrapped plans for a cheaper model. Later that month, Tesla CEO Elon Musk said what sounded like the opposite. He said that new Teslas, including more affordable models, would enter production as soon as the end of 2024. So it sounds like a cheaper Tesla is on the way after all in some form. 

Tesla Model 2 Rendering by Theophilus Chin

Various reports have detailed a compact Tesla crossover in the works, but it’s unknown where those plans stand. In 2020, Musk said that a $25,000 Tesla would arrive within three years. But the Model 2 wouldn’t need to be priced quite that low to stand out from the rest of the Tesla lineup. 

Whether that will be something like a de-contented and perhaps smaller version of the Model Y or Model 3, or something entirely new that will use the proposed Robotaxi platform, remains to be seen. 

Jeep Renegade

Jeep

The 2023 Jeep Avenger, a small EV sold in Europe.

Jeep and parent group Stellantis have been rather slow to the EV party, here in the U.S. at least. However, Jeep has big plans for several new EVs. 

Stellantis CEO Carlos Tavares teased an upcoming cheap model in May, telling a conference that the U.S. “will have a $25,000 Jeep very soon.” Then in June, we learned from a Stellantis investor presentation that the model in question is the new Renegade, arriving in 2027. 

The first U.S.-market electric Jeep is the Wagoneer S, which arrives this fall for a launch price of $71,995. The Renegade should bring in many new Jeep buyers, and many new EV buyers, with its much more attainable price. 

Ford $25,000 EV

Ford Explorer EV production start in Cologne, Germany

Ford sees cheaper EVs as so critical to its future that it assembled a small team in California—far from the mothership—to develop a low-cost platform for future models. When he announced the project earlier this year, Ford CEO Jim Farley said the express purpose was to do battle with emerging Chinese EV brands and whatever cheaper car is coming from Tesla. 

Ford hasn’t said much officially beyond that about what’s to come. Since then, Bloomberg reported that the first model stemming from the project will arrive in 2026 with a starting price as low as $25,000. The new platform will be used for both a compact SUV and a small pickup truck, the outlet reported. At first, according to Bloomberg, the new cars will use a lithium iron phosphate battery, which is a cheaper chemistry. 

So, which of these are you most excited for? Let us know in the comments below. 

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Tesla (TSLA) CEO Elon Musk is more fervently backing (and apparently bankrolling) a Republican presidential ticket made up of two candidates deeply skeptical of government subsidies that helped his company and the electric vehicle industry.

Sen. J.D. Vance, Trump's new running mate, notably has a stance on this issue to the right of even many Republicans.

Musk’s response — both on Tuesday morning and in recent months — has been to wave away any concerns.

"Take away the subsidies," he wrote in the wee hours Tuesday morning. "It will only help Tesla."

But Vance would go even further than that.

In the Senate, Vance is leading the charge on a bill called the Drive American Act that aims to not only eliminate EV subsidies but "replace them with the America First Vehicle Credit to promote gas-powered vehicles."

Nonetheless, after formally endorsing Trump this weekend, Musk then lobbied publicly for Vance and immediately touted the pick, saying the new ticket "Resounds with victory."

Tesla CEO Elon Musk at a conference in Washington in 2020. (AP Photo/Susan Walsh) (ASSOCIATED PRESS)

Some Wall Street analysts think it could be a cunning move for Musk, and the removal of government subsidies may indeed hurt Musk’s EV rivals more than him. Others are less sure.

Either way, Musk’s position also overlooks his own decades-long history as a recipient of generous government support.

Musk has also touted his open line of communication with Trump when this issue is raised. He said in a recent Tesla shareholder meeting that the former president "does call me out of the blue for no reason" where Musk then makes the case for EVs.

"I can be persuasive," Musk added.

But Trump hasn't been persuaded to the EV cause publicly at least.

While Trump has expressed admiration for Musk personally, the former president assails EVs as a bad product at nearly every campaign stop.

"Who wants to drive an electric car for the rest of your life?" he recently asked a Florida crowd. The crowd quickly began lustily booing that idea.

Musk has nonetheless also pledged $45 million per month in donations to a pro-Trump super-PAC to help Trump win a second term, according to the Wall Street Journal. Musk also spoke with Trump in recent days to make the case for Vance directly, according to a CNN report.

Former President Donald Trump and Republican vice presidential candidate J.D. Vance wave to the crowd during the first day of the 2024 Republican National Convention in Milwaukee. (ANDREW CABALLERO-REYNOLDS/AFP via Getty Images) (ANDREW CABALLERO-REYNOLDS via Getty Images)

Could Trump/Vance hurt EVs but help Tesla?

Whether a Trump/Vance administration actually hurts Tesla or the EV sector (or both) is a point of disagreement on Wall Street.

Wedbush's Dan Ives made the case in a recent live Yahoo Finance appearance that Tesla's dominant position in the industry could help the company keep rivals at bay and "widen the gap and technology lead."

Story continues

But Guggenheim's Ron Jewsikow said major changes such as a repeal of the Biden-era $7,500 EV tax incentive — which both Trump and Vance are promising — would remove a "key affordability enabler" for Tesla.

Musk himself has long taken a stance in opposition to all government credits, writing Tuesday, "remove subsidies from all industries!"

Representatives for Tesla didn’t respond to questions from Yahoo Finance about whether this post meant Musk would be opposed to Vance’s call for new subsidies for oil- and gas-fueled cars.

Either way, the anti-subsidy stance is one Musk has taken since at least 2021. He has said that the benefits Tesla received from Biden's EV incentives are minimal.

But Tesla has long benefited from government tax credits and government support helped Tesla get to where is it today. The website Subsidy Tracker estimates that Tesla has received 109 government awards since 2007 with an estimated value of nearly $3 billion.

A Los Angeles Times investigation put the tally even higher and estimated that Musk's various companies received about $4.9 billion in government support just through 2015.

A keen focus for Musk on other issues

Musk's focus on tax credits and subsidies — publicly at least — pales in comparison to other issues.

A review of his X feed reveals a flood of political commentary, almost exclusively on subjects largely unrelated to his companies' bottom lines.

In less than 18 hours since the Vance announcement, as an example, Musk has weighed in on issues like transgender children in public schools, whether the Secret Service director should be fired, media traffic patterns, and many others.

Musk has been particularly animated by immigration to the point that, as the Wall Street Journal recently reported, he has held talks with Trump about a formal role on the issue in 2025. Musk denies that the talks have taken place.

Musk's recent endorsement of Trump is also the culmination of years of increasing ties between the GOP and the world's richest man.

It was almost two years ago that Musk first appeared at a GOP fundraiser, speaking at a 2022 GOP donor retreat in Wyoming hosted by then-House Republican Leader Kevin McCarthy.

Musk has also been deeply critical of Biden almost since the moment he took office.

The CEO also seemed to acknowledge Tuesday morning that parts of his strong pro-Trump position now are due to actions early in the Biden administration that prioritized the EV efforts of his rivals.

Responding to one post that pointed out Biden's past embrace of the EV efforts of GM (GM) over Tesla, Musk responded "I try not to start fights, but I do finish them."

Ben Werschkul is Washington correspondent for Yahoo Finance.

Click here for politics news related to business and money

Read the latest financial and business news from Yahoo Finance

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Via Metal Miner

Month over month, the Automotive MMI (Monthly Metals Index) failed to break very far outside of its year-long sideways trend. All in all, the index dropped by 4.23% Numerous factors tugged the index down month-over-month, including slowing electric vehicle production. Another pressing matter putting pressure on the automotive market is China implementing further restrictions on rare earths exports. This includes restrictions on gallium and germanium, two metals vital for vehicle microchip manufacturing.

With the automotive market already experiencing a global shortage of microchips, automotive manufacturers will need to plan accordingly to offset these new export restrictions. Vital geopolitical news like this which impacts metal markets are covered weekly in MetalMiner's newsletter.

EV Market Slows Down in the Second Half of 2024

The electric vehicle (EV) market, once characterized by rapid growth and optimism, is now facing significant slowdown in the second half of 2024. Despite earlier projections anticipating robust production and sales, various factors have converged to temper the market's momentum.

Divergent consumer response to various EV brands is one of the primary issues. While some manufacturers continue to see record demand, others struggle to hold onto their market share because of concerns about perceived quality. Within the EV industry, this discrepancy creates a narrative of two marketplaces where success and failure live in sharp contrast.

The state of the economy also played a crucial role in the slowdown of EV production. Inflation and rising interest rates continue to decrease the purchasing power of customers, making expensive products like EVs less accessible. Consequently, the predicted surge in EV sales has not materialized as expected.

Automakers Hit the Brakes on Electric Vehicles

Several automakers recently revised their investment plans in reaction to current market conditions. For example, Volvo reduced financing for its electric vehicle programs, including its ownership of Polestar. This action is part of a larger trend among manufacturers to reduce or postpone expenditures connected to electric vehicles until market circumstances improve.

Along with this, the EV industry's supply chain has experienced obstacles, especially with locating vital battery materials. These interruptions in the supply chain continue to raise production costs and cause delays, which have a negative impact on the general effectiveness and profitability of EV production.

EV Projections Remain Optimistic

In an effort to reduce expenses and better match production to the demands of the market, a number of automakers are either slowing down or postponing the launch of new facilities for electric vehicles. However, the long-term picture for the EV is still positive despite these setbacks. Many experts anticipate that advancements in battery technology, government incentives, and a growing public awareness of environmental problems will drive future expansion.

Will China's Rare Earths Export Ban Threaten the U.S. Auto Industry?

The already-severe microchip scarcity in the U.S. automobile sector could worsen due to China's recent move to impose export restrictions on essential rare earths. This action, which is a component of a larger plan in the continuing tech war between the U.S. and China, targets metals essential to producing semiconductors, including gallium, germanium, and graphite.

Meanwhile, companies continue to explore several workable alternatives to lessen the effects of these difficulties, and finding alternative sourcing strategies such as the ones covered in MetalMiner's 5 Best Metal Sourcing Strategies. Many American businesses are looking into other sources of rare earth elements. Indeed, potential suppliers from nations like Canada and Australia might lessen dependency on Chinese exports. Furthermore, technology advancements and their application could help recover more rare earth elements from electronic trash. This strategy not only resolves supply-side problems but also advances sustainability.

How U.S. Trade Agreements Can Mitigate China's Rare Earths Restrictions

Establishing strategic alliances with allies may help build a network of trustworthy suppliers and act as a safety net against supply chain interruptions. Meanwhile, trade agreements and cooperative initiatives can guarantee a consistent supply of necessary resources.

By using these tactics, the U.S. can effectively handle the difficulties brought about by China's export prohibitions and strive toward a safer and more environmentally friendly automobile supply chain. Diversification, innovation, investment, and international collaboration are all necessary on the route ahead to reduce risks and guarantee the consistent manufacturing of microchips that are essential for contemporary automobiles.

By Jennifer Kary

More Top Reads From Oilprice.com

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Edmunds explores the composition of an electric car battery, from lithium to nickel to manganese and more.

IM Imagery // Shutterstock

What are electric car batteries made of, and why do they keep EV prices so high?

Most electric car batteries are made of varying quantities of lithium-ion, cobalt, nickel, manganese, silicon and electrolytes. Within that are battery cells, which consist of the anode and cathode, the separator, the electrolyte, and the positive and negative current collectors (think flat side and side with the bump in an AA battery). But what does that mean exactly? Why lithium? Which ions? Fear not — Edmunds explains what electric car batteries are made of.

To start, let's establish that even though a Tesla battery and a Chevrolet Bolt battery are both lithium-ion batteries, that doesn't mean that they're made the same. Battery chemistry has a huge impact on the way a battery pack charges and discharges, how it manages heat, how much energy each cell in the battery pack can store, and what each cell costs. That's why battery manufacturers like Panasonic, CATL, Samsung SDI and LG are always trying to tweak their chemistry to get the best performance and lowest costs.

The exact recipes for most manufacturers' battery cells aren't public information, as each company has its proprietary formula. Still, the basic ingredients are more or less the same, so let's break down what they are and what they do, starting with lithium.

Lithium

The lithium in a lithium-ion ("Li-ion" for short) battery makes up the cathode and anode, aka the positive and negative sides of a battery cell. The lithium ions move around inside the positive side of the cell (cathode) and generate electrons that, being negatively charged, want to get to the negative side (anode) of the battery but can't because of the separator between the cathode and anode. This means that the electrons will flow out of the positive side of the battery, through your device, powering it, and then back to the anode.

The lithium in the cell isn't pure elemental lithium because it's far too reactive with other elements to be safe. Instead, the lithium used is in the form of a lithium metal oxide, which stabilizes the mix. In most cases, manufacturers use lithium cobalt oxide on the cathode side of the battery and lithium-carbon compounds on the anode.

Cobalt

Cobalt is used in batteries for two main reasons. First, it offers excellent energy density, meaning that the more cobalt a battery cell uses (to a point), the more electricity it can store. The other advantage is that cobalt increases the thermal stability of a battery cell. Why is thermal stability important? In our related article about electric car fires, we noted that the less a battery is reactive to temperature changes, the less prone it is to thermal runaway, and therefore less prone to bursting into a difficult-to-extinguish lithium fire.

The overreliance on cobalt does have its downsides. Cobalt is considered a rare-earth element, and as the name implies, it isn't very common. That makes it expensive to source. It also tends to be found in regions that suffer from a great deal of political and societal instability, which can lead to wild price fluctuations as well as significant human rights abuses by mining companies and the countries in which they operate.

These issues have led battery manufacturers to try to reduce the amount of cobalt in their chemistries. They offset the cobalt with nickel, which is considerably cheaper and less rare, but it too has its downsides.

Nickel

Nickel is used in batteries to increase a cell's energy density, similar to cobalt. Unlike cobalt, however, nickel-rich battery cells can have issues with microcracking on the surface of the cathode. This can cause performance degradation in a shorter time than a battery with less nickel and more cobalt.

There are still plenty of upsides to using nickel. First, it sells for about $18,000 to $21,000 per ton, compared to cobalt, which regularly goes for over $30,000 per ton and has greater price fluctuations. Next, those microcracks that cause performance loss can be mitigated by using a "gradient" in the cathode construction. This means that the center of the cathode is mostly nickel, and then other metals with different performance characteristics are layered over it.

Manganese

The third main ingredient in many battery chemistries is manganese. While nickel and cobalt work with lithium to increase energy storage, manganese keeps everything together and stable. It's a structural additive, and as such, is used in smaller percentages than nickel or cobalt.

Silicon

Silicon is used in the anode alongside lithium and carbon to increase energy density. When you increase the energy density on the positive side of the cell with nickel and cobalt, those electrons will need a place to go after their trip through your EV's motors. Silicon is great because it's stable, inexpensive, and can hold around 10 times as many electrons as graphite.

Electrolyte

Without an electrolyte in a battery cell, there would be no way for electrons to move from the anode to the cathode during charging. It's the secret sauce that makes the whole battery work. There are several kinds of electrolytes and the chemistry can get complex, but they break down into a few different families.

Aqueous solutions are liquid, while non-aqueous solutions aren't. Then there are ionic liquids, which are more temperature-stable and have better transfer characteristics than organic aqueous and non-aqueous solutions. Next, there are polymer electrolytes, which use plastics as their binding agents. Lastly, there are hybrid electrolytes, which are hybrids of the other types.

Separator

The separator's main job inside a cell is to prevent short circuits from occurring by separating the cathode and anode. The separator is typically made from microporous plastic and allows some electron flow from the cathode directly to the anode, which is known as self-discharge. This is normal, but when a cell gets too hot, the separator acts as a kind of fuse for the cell. The plastic in the separator melts and those micropores close up, fully sequestering one side of the cell from the other and hopefully preventing a nasty fire.

Edmunds says

There's plenty of advanced chemistry happening inside an electric car's battery. Since many EV batteries rely on rare-earth metals, they make up the most expensive part of the vehicle and are part of the reason why MSRPs remain high.

 

This story was produced by Edmunds and reviewed and distributed by Stacker Media.

 

Credits

It's no secret that most Americans drive everywhere. The car is the preferred means of transport even when the distance that must be covered is pretty long. But let's say you are planning a summer road trip and want a battery-powered vehicle that can comfortably seat six or seven people. There aren't many options out there, but Rivian, Tesla, Mercedes-Benz, and Kia make some very interesting three-row vehicles. Here's what you should choose.

What happens when you have four all-electric vehicles at your disposal? Well, you can get friends and family together for a pretty exciting journey. That's exactly what the Out of Spec team did, and their efforts brought us a real-world test comprising what can arguably be called the best all-electric three-row eSUV quartet of the moment.

The team envisioned a journey of 800+ miles (1287+ kilometers) that started in Fort Collins, Colorado and ended in Las Vegas, Nevada. The whole point of this exercise? Well, what better way to show which battery-powered SUV is better for your family than an actual road trip through a part of America that is badly in need of some new high-power chargers, right?

It was a challenge for these EVs, but also for the drivers. They had to make sure that their charging strategy was on point. Otherwise, they would risk being stranded on the side of the road and needing to wait for a tow truck or an emergency mobile electric vehicle charging truck.

That would add unforeseen costs to such a journey some might want to make with children or grandparents. Keeping them in the sun with no A/C isn't desirable, to say the least.

Photo: Out of Spec Motoring on YouTube

Facts and figures to remember

So, the stars! The three-row eSUVs used in this test were the:

2024 Kia EV9 Light Long Range // MSRP: $59,200 // Drivetrain: a single 201-hp motor on the rear axle and a 99.8-kWh battery // Wheel size: 19 inches // Odometer: 3,000 miles (4,828 kilometers) // Curb weight: 5,324 lb (2,415 kg);
2024 Tesla Model X Long Range // MSRP: $78,000 // Drivetrain: 670-hp dual-motor all-wheel drive and a 100-kWh battery // Wheel size: 20 inches // Odometer: 10,000 miles (16,093 kilometers) // Curb weight: 5,343 lb (2,465 kg);
2024 Rivian R1S (Gen 1) // MSRP: $94,000 // Drivetrain: 533-hp dual-motor all-wheel drive and a 149-kWh battery // Wheel size: 21 inches // Odometer: 2,500 miles (4,023 kilometers) // Curb weight: 6,879 lb (3,120 kg);
2024 Mercedes-Benz EQS SUV 450 4Matic // MSRP: $107,400 // Drivetrain: 355-hp dual-motor all-wheel drive with a 120-kWh battery // Wheel size: 21 inches // Odometer: 2,000 miles (3,219 kilometers) // Curb weight: 6,184 lb (2,805 kg).

The Model X and the EQS SUV used in this test didn't have a third row of seats, but both could be equipped with them. The weight penalty would have been negligible, so it didn't make much of a difference in this case.

The tire pressures were set to the manufacturer-recommended psi when cold, and the journey started with all the comfort options active. Maximizing range by reducing A/C use is possible, but it's unlikely anyone will do that while traveling with family or friends. So, they remained on at the beginning of the journey.

Photo: Out of Spec Motoring on YouTube

The drivers were allowed to go 10 mph over the posted speed limit to keep up with the flow of traffic. The team didn't want to annoy truck drivers and other road users.

Going the farthest on a full battery

As for the initial advantage, the Rivian had the upper hand. Its EPA-rated range was 400 miles (644 kilometers).

Then came the Model X with 335 miles (539 kilometers) of official range.

Although the most expensive, the EQS SUV 450 4Matic had 330 miles (521 kilometers) of EPA-rated zero-tailpipe emission go capacity. Interestingly enough, the EV's onboard computer displayed an initial range estimation of 385 miles (350 kilometers) minimum and 467 miles (752 kilometers) maximum. The latter was only going to be possible by driving slightly below the speed limit and with all the cabin amenities turned off. Still, it's nice to know that Mercedes-Benz thought of maximizing range as much as possible. It can enter an advanced Low Power Mode that prioritizes efficiency above all else.

Last but not least, the single-motor EV9 Light Long Range. It's the only one with only one drive unit, but it does have an affordable price and a respectable EPA-rated range of 304 miles (489 kilometers). Despite KIA claiming that this EV has a battery built on the 800V architecture, real-world tests have revealed that the pack is limited to around 550V. It's not bad, but that does mean customers won't be seeing charging speeds of 300+ kW.

Photo: Out of Spec Motoring on YouTube

The other three EVs have batteries with a nominal voltage of around 400V, which means none of them can charge as fast as a Porsche Taycan or Lucid Air.

But when it comes to long-distance EV traveling, there are many more factors to consider besides battery size and voltage.

Off they go!

But what interests us is when they stop to recharge the battery.

The Kia EV9 arrived first at an Electrify America pedestal, where the charging speed was nearing the 220 kW mark. They spent around 10 minutes plugged in, which was enough to get them to the next station. Do note that all drivers were following suggestions given by their rides with some slight modifications here and there. After all, this was a race. Someone had to win it.

The Model X stopped second to recharge, and it went very smoothly with a starting speed of 240 kW that leveled to 160 kW. However, they kept the A/C off to allow the battery to cool as fast as possible to ensure a faster charging speed. They also put a cloth on the charging plug to try and keep it from overheating because that would've dropped the charging speed, too.

Photo: Out of Spec Motoring on YouTube

The Rivian R1S was the third to stop for a battery replenishing session, but they found that the computer didn't know that five out of the six Rivian Adventure Network (RAN) pedestals were occupied, and one was unavailable. Fortunately, someone left after around five minutes, and they plugged in. The RAN stall worked seamlessly with the R1S, but because there were so many EVs charging there, the rate was limited to approximately 95 kW.

The EQS arrived last to top-up the battery at an Electrify America station, but they had to ask someone else to move to another stall so they could take advantage of the 350-kW cord. Then, the vehicle ramped up slowly to 190 kW. Sadly, it disconnected after only receiving about 3.0 kWh because of an improper account setup, not a charger fault. They had to restart the car and plug it back in. This time around, the charging speed dropped to around 155 kW.

Remember what we said earlier about taking into account more factors? Chargers are one of them. Charging speed is another! Wind, outside temperature, and traffic are also important.

How the Model X AWD team won

After many hours of driving, multiple charging sessions, careful route planning, and stress, Tesla's three-row eSUV emerged victorious. That happened for two reasons: the Supercharger network and the team's ingenuity. Instead of listening to the computer's recommendations, they always charged a bit more than necessary to reach the next stop. That allowed them to travel in comfort and almost constantly at slightly higher speeds than their rivals.

Photo: Out of Spec Motoring on YouTube

The EQS SUV took second place, needing only two (rather long) charging sessions to travel slightly over 800 miles. But even with those deep charging sessions, the Mercedes-Benz team had to give up comfort to arrive at the finish line after the Model X. They turned the A/C off, even though the Nevada temperatures weren't friendly at all. Overall, it covered 2.8 miles per kWh at an average speed of 71 mph.

The Rivian R1S should have theoretically won this race. However, the SUV's boxier shape and unexpectedly poor charging performance hindered the team's efforts, and they arrived third. It didn't matter that they used both Electrify America and Supercharger stalls. The battery needs more cooling, but let's hope that the refreshed Gen 2 has already addressed that issue.

The last vehicle to cross the finish line was the Kia EV9. The drivers tried to optimize their charging strategy, but they made a couple of miscalculations. They unplugged too early, and that cost them precious time. The EV9 charges well up to 80 percent state of charge, but they believed that 70-75 percent would have been enough. It wasn't. However, it took them only 20 minutes more to arrive at the final stop. It wasn't such a dramatic difference. Plus, it did 2.6 miles per kWh at an average speed of 68 mph.

In the end, this race has proven again that Tesla does have the best combo. With EVs, it's not only about who has the biggest battery. It's also about efficient motors, great software, dependable chargers, and aerodynamics.

At the same time, this non-scientific competition has shown that other automakers are catching up to Tesla. Its days as the top EV dog are numbered.

Credits

Tesla shares surged Tuesday, reaching their highest levels since January, following the release of Q2 2024 production and delivery numbers that beat analysts’ expectations. This is amid the growing sentiment that the EV market is slumping.

Tesla reported delivering 443,956 vehicles in the second quarter and producing 410,831 vehicles. While deliveries were down 5% compared to the second quarter of 2023, they surpassed analysts’ consensus of around 438,019.

For the second consecutive day, Tesla was the biggest gainer on the S&P 500, with shares rising 10.2% to close at $231.26. The stock has gained 17% over the past two sessions, although it remains down about 7% since the start of the year.

Source: Reutuers

After a challenging first half of 2024, Tesla stock began to rebound last week amid optimism for its quarterly numbers. This is further boosted on Monday by positive delivery figures from several of Tesla’s Chinese rivals.

Tesla further announced it will release its Q2 financial results after the bell on July 23.

The EV leader’s positive results despite low market sentiment cement its uncontested place place in the EV industry. Its peers rather show a losing stance in their EV plans. 

Navigating EV Challenges

Polestar has faced slow sales and significant cash burn, losing nearly 95% of its value since spinning out of Volvo Car AB. Amid rising tariffs on Chinese-made EVs, Polestar is adapting its business plan. 

The US now imposes a 100% import levy, and the EU is set to formalize tariffs up to 48%. 

To mitigate these impacts, Polestar plans to reduce supply chain costs and shift some production to South Carolina this summer, aiming to reach break-even cash flow by 2025.

Mercedes-Benz has also revised its plan to become an all-EV brand by 2030, now investing millions into further developing internal combustion engines (ICE). Mercedes CEO Ola Källenius stated that combustion engines will last “well into the 2030s,” necessitating massive investments to meet stricter carbon emissions rules. 

The company admitted it was overly ambitious with its electrification goals – a common issue among automakers facing setbacks in EV transitions due to insufficient charging infrastructure and low demand.

Just 3 years ago, Mercedes’ parent company, Daimler, announced plans to switch from “EV first to EV only”. The company initially aimed for a lineup without diesel and gasoline engines by the decade’s end.

General Motors faced similar challenges with its Chevy Bolt, which suffered from battery issues leading to costly recalls. This reality check has prompted many automakers to revise their electrification timelines, realizing that the transition to EVs is more complex than initially anticipated. 

What Slump? Breaking Sales Records for EVs

Interestingly, South Korea seems undaunted by the decline in global electric vehicle sales. Both Kia and Hyundai are bucking the trend of declining EV sales with their record-breaking numbers in 2024. 

Kia set a new EV sales record, selling 29,392 units in the first half of the year. This marked the best half-year for EVs in the company’s history. The EV6 is Kia’s leading electric model, with 10,941 units sold, an increase of 31.3%.

Hyundai also reported impressive figures, with the Ioniq 5 having its best June ever and the Ioniq 6 sales up 113% compared to last year. 

Hyundai’s overall vehicle sales rose 2.2%, but June sales fell by 2.5%. Kia experienced a 2.0% drop in overall sales for the first half of 2024, with June sales down 6.5%.

Despite these declines, strong EV sales have significantly bolstered both brands, highlighting the growing importance of EVs in their portfolios.

Notably, Tesla has been approved by South Korea’s Ministry of Environment to sell regulatory automotive emission credits, also known as carbon credits, within the country in May. This marks a significant milestone for the EV giant, showcasing a stronger presence of EVs in the South Korean market.

Confirmation Amid EV Optimism

Another major news dampening the EV sentiment was the rumor that Northvolt will not pursue its $7-billion battery factory in Canada. The truth, however, is that Europe’s major EV battery maker confirmed it will proceed with the construction of such a factory on Montreal’s South Shore as planned. 

Northvolt specializes in lithium-ion batteries for EVs and energy storage. 

The Swedish battery manufacturer is behind schedule on its Scandinavian mega-factory and is conducting a strategic review to determine project timelines. The Montreal plant could start manufacturing electric battery cells and cathode active material by 2026.

This massive EV battery plant construction and Tesla’s undeniable EV push are both bullish for the very element that powers the EV revolution – lithium.

In March, lithium prices saw a slight increase, but they declined by June 2024 due to expected reductions in downstream battery production. A seasonal rebound in plug-in electric vehicle (PEV) sales is anticipated from September onward, which could help reduce market surpluses and stabilize prices.

Despite uncertainties such as potential supply cuts and project delays in the lithium market, the long-term outlook for PEV adoption remains promising, driven by the launch of more affordable vehicles, which could further support prices.

Amid challenges in the global EV market, Tesla’s stock price surge shows it remains the undisputed champ in the industry. While competitors like Polestar and Mercedes-Benz navigate setbacks, Kia and Hyundai set records, highlighting the evolving landscape of EVs and its main fuel lithium.

Credits

Amid reports of Europe’s electric vehicle market slowing down, industry experts are optimistic that there is no cause for alarm. In fact, some have even called the electric car demand slowdown a “myth.”

According to recent data from the European Automobile Manufacturers’ Association (ACEA), sales of new battery electric vehicles (BEVs) in the EU dropped 12% year-on-year to 114,308 units in May. This was primarily driven by drops in major markets, especially Germany.

However, Quentin Willson, founder of campaign group FairCharge, argues that looking at short-term data is “always misleading.”

“Yes, there’s been a fall in European EV sales, but there have been economic headwinds across the Eurozone that’s changed buyer sentiment along with a persistent anti-EV narrative from the Right,” Willson tells Kallanish.

Echoing similar sentiments, James Frith, head of Volta Energy Technologies’ European operations, notes: “The reported slowdown in EV sales reflects the wider issues in the economy today, with high interest rates putting consumers off big purchases. So as interest rates start to ease, we will probably see a natural recovery in EV sales growth.” 

Brussels-based campaign group Transport & Environment (T&E) says it is a “myth” that the electric car demand is slowing across Europe. It states the current “stagnation” of the EV market has been expected for years.

“The media reports coming out at the moment would suggest that actually, the number of EVs being sold has fallen, and that’s just not true,” Matt Finch, UK policy manager at T&E tells Kallanish. “What has happened is the number of EVs being sold is steadily still rising, just not as quickly as it was before.”

“So call it what you want, but actually, every month, there are more and more EVs added to Europe’s roads, and that is a good thing,” Finch adds.

For T&E, the European EV market is currently between two growth phases: stagnation and growth. One reason for the current stagnation is the “stop-and-go” design of the EU car CO2 targets. In other words, due to the 5-year step design of the targets, carmakers wait until the “last minute” to comply with the targets, leading to an “acceleration-stagnation” or “stop-and-go” momentum on the market, the organisation says.

In this phase, carmakers focus on maximising profits from existing internal combustion engine (ICE) vehicles and holding back on the sales of EVs. They also prioritise the sale of high-margin, expensive EVs for short-term profits. 

“If the OEMs [original equipment manufacturers] and their dealers aren’t pushing EVs –sales obviously slow,” adds FairCharge’s Willson.

And this is not new. A similar cycle happened in 2019 when model launches were delayed and EV sales were “suppressed” in the run-up to the 2020/2021 car CO2 targets, T&E explains.

In 2024 too, carmakers are cutting EV production, delaying launches, and pushing the most expensive and large versions of electric cars. The Renault 5 model, for example, will initially be delivered this December in the two highest trim versions, starting at €33,490 ($35,841). Meanwhile, the cheaper, sub-€25,000 version of the model will only launch in 2025.

One could argue that this is because carmakers are working through economies of scale to reduce costs and increase margins on cheaper products; or simply a reflection of customer preference and demand.  

Yet, T&E highlights that while in 2021 the average price of BEVs was €28,000 and the share of large EV sales was around 40%, the average price increased to over €40,000 in early 2024. The share of sales of large EVs also rose to around 60%. This is despite the average price of batteries dropping from $150/kilowatt-hour in 2021 to $139/kWh in 2023.

Another reason behind the current EV slowdown is the shift in incentives. Carbon Brief’s senior policy editor Simon Evans cites the abrupt end of German subsidies last year. Berlin used to offer up to €4,500 for the purchase of a new BEV. In May, Germany saw a 30.6% decline in BEV sales, ACEA data shows.

“Many other European countries have also withdrawn support at a time when we are reaching the crucial step away from early adopters, when incentives to drive electric could arguably be stronger to encourage a quicker adoption of EVs among a more reluctant set of stakeholders,” adds Matt Adams, transport policy manager at the Association for Renewable Energy and Clean Technology (REA).

Furthermore, growing misinformation about EVs across Europe is also impacting the industry, suggests Finch. “It’s unbelievable… My favourite one is that electric vehicles are more expensive to run than petrol vehicles. That’s simply not true. Another one is that EVs can’t go very far or the charging infrastructure doesn’t work,” he says.

“There’s more than a million electric vehicles in the UK right now,” Finch continues. “Go and speak to actual EV drivers, and they all say range anxiety disappears within a day of driving a vehicle; it’s just like a combustion car.”

Market to grow in 2025

Amid the current market trends, industry experts unanimously believe the European EV sector will grow in 2025.

Volta’s Frith predicts the region’s EV industry will receive a boost next year. “As limits for fleet-wide tailpipe emissions standards are tightened, this will force OEMs to increase the share of EVs in their sales mix to reduce their overall emissions profile or face large fines,” he explains.

Essentially, a manufacturer will be rewarded with less strict CO2 targets if its share of zero and low-emission vehicles registered in a given year exceeds 15% from 2025 and 35% from 2030.

So, by now holding back affordable, mass-market EV models, carmakers are building higher demand for these cars in 2025 than what would have been the case if these deliveries started in 2024, T&E suggests. In fact, 10 affordable EV models are expected to be launched between 2024 and 2027, driving the next growth phase.

“With the up-front price premium shrinking fast and running costs already way below combustion engine cars, there’s every reason to expect growth to resume next year,” says Carbon Brief’s Evans. 

According to the International Energy Agency, the EV sales share in Europe is anticipated to rise from 21% in 2023 to 31% in 2025. The agency forecasts a further increase in share to 60% in 2030 and 87% in 2035.

“Over the next decade, we would expect to see a rapid acceleration of EVs as we achieve price parity and as the cost of running an EV becomes cheaper than that of a petrol or diesel vehicle,” says Adams.

With strong optimism, Finch adds that every vehicle on Europe’s roads will be electric in the long term – “that’s a done deal.” That said, both Adams and Finch agree getting there would still need tackling the current misinformation surrounding EVs.

“A coordinated information campaign must be at the forefront of any effort to encourage growth in the European EV market,” notes Adams. “Whoever finds themselves in power post elections [across Europe] must also ensure that they are actively combating misinformation and providing public information campaigns around the truth and benefits of EVs.”

T&E says European carmakers “have been asleep at the wheel for too long. But the race is not over.”

To succeed, European carmakers and politicians must first commit to the 100% zero-emission car target in 2035 and boost the ramp-up of affordable electric car models. Secondly, the EU should support local EV manufacturing with a green industrial plan, the organisation adds.

“As the market evolves, the focus of the industry must balance profitability with the urgent need to address climate change and enhance global competitiveness,” T&E concludes. “The next few years will be crucial in determining the trajectory of the EV industry, with 2025 marking a pivotal moment in its development.”

Credits

Slowly but surely, the world is bidding farewell to the internal combustion engine (ICE) era and embracing cleaner, eco-friendly electric vehicles (EVs). In a few decades, the silent hum of electric motors will completely replace the rumble of gasoline engines. But beneath the gleaming exteriors of these sleek EVs is a secret ingredient many aren’t aware of – silver. 

Yes, the precious metal you might associate with jewelry or flatware plays a pivotal role in the EV revolution. While silver is neither a strategic nor a critical metal, its unique properties make it indispensable in the production of many components – from battery packs to electronic systems – that power these next-generation vehicles. 

Below, we take a deeper look into how silver is driving the EV revolution and why this precious metal is more vital to the automotive industry's evolution than many realize. 

Silver Content in ICE Cars vs. EVs

Silver's role in the automotive industry has been significant for decades, but the advent of EVs is set to reshape and amplify its importance. So, how is the precious metal used in ICE vehicles compared to EVs, and which of the two requires more silver? 

Silver Usage in Traditional Ice Cars

For a long time, traditional ICE vehicles have used silver in electrical components such as wiring harnesses, fuse boxes, and various electrical contacts. Its exceptional conductivity and resistance to corrosion make it an ideal choice for these applications. 

Additionally, silver-based coatings are used in catalytic converters, which are essential for reducing harmful emissions from ICE vehicles. 

While platinum and palladium are more commonly associated with catalytic converters, silver plays a supportive role by enhancing the performance of these precious metals. It helps in the oxidation of pollutants, contributing to the effectiveness of catalytic converters.

Silver is also found in various other components like sensors, switches, defroster systems for car windows, and decorative trim elements. It is also used to coat reflective surfaces in headlights and mirrors, enhancing visibility and safety.

On average, a typical ICE car contains approximately 15-28 grams of silver. While this might seem modest, the cumulative demand for silver from the millions of ICE vehicles produced annually is substantial. 

Silver Demand in EVs

Due to their reliance on advanced electrical and electronic systems, EVs have a significantly higher demand for silver. These vehicles require substantial amounts of silver for wiring, circuit boards, and various other components that power their complex electrical systems. 

Moreover, the battery management systems, which ensure efficient and safe operation of the battery pack, incorporate silver in sensors, connectors, and printed circuit boards. Silver is used in these systems for its ability to handle high currents and its reliability in harsh operating conditions. 

Another critical component that drives silver demand in EVs is the inverter, which converts the direct current from the battery into alternating current to power the electric motors. Silver is a key material used in the production of these inverters, as well as in the motor control units that regulate the performance of the electric motors.

Many EVs also come with complex infotainment systems that include everything from web viewers to advanced OS integration and vehicle management features. These infotainment systems will further drive the need for silver as they require the metal for circuit boards, touch screens, antennas, and electromagnetic shielding.  

While estimates vary, it is generally accepted that a typical EV contains between 25 and 50 grams of silver, significantly more than a traditional ICE car. As EVs continue to evolve and incorporate more cutting-edge technologies, the demand for silver is likely to continue rising.

Silver Demand Surge with EV Adoption

The shift from ICE vehicles to EVs will not only transform the automotive industry but also significantly impact the demand for silver. As EV adoption accelerates, the automotive sector's appetite for silver is expected to surge, creating a supply-demand imbalance and reshaping market dynamics. 

Historical Trends in Silver Demand From the Automotive Sector

Historically, the automotive sector's demand for silver has been relatively steady, driven primarily by its use in electrical components, catalytic converters, and other applications in ICE vehicles. 

Over the past few decades, advancements in automotive technology and stricter emission regulations have gradually increased the amount of silver used per vehicle. Despite this growth, the overall demand from the automotive sector remained a small portion of the global silver market, largely overshadowed by demand from electronics, jewelry, and industrial applications.

However, the last decade has seen a noticeable uptick in silver consumption from the automotive sector, coinciding with the initial waves of EV adoption. Early electric and hybrid vehicles introduced more advanced electronic systems and components that relied heavily on silver, marking the beginning of a significant shift in the sector's silver demand profile.

Projected Increase in Silver Demand Due to EV Adoption

While 2023 wasn't all that ideal for chipmakers, leading to a slump in the production of EVs, 2024 is set to see movements on the silver market as the EV revolution continues to gain momentum. 

The projected increase in silver demand from the automotive sector is driven by two key factors: the rapid growth in global EV sales and the higher silver intensity per EV compared to traditional ICE cars.

As concerns over climate change and the need for sustainable transportation solutions intensify, the adoption of EVs is expected to accelerate rapidly. Industry forecasts suggest that global EV sales could account for over 50% of new vehicle sales within the next 10 years. 

At the same time, the amount of silver required per EV is significantly higher than that of traditional ICE cars. This increased demand is driven by the extensive use of silver in various EV components, such as battery management systems, inverters, and motor control units. 

As EV technology continues to advance, the silver content per vehicle may increase further, driven by the need for more efficient and reliable components. For instance, with many EVs poised to have AI-enhanced capabilities, we’re also going to see a further increase in silver demand for the purpose of GPU server hosting, which will inevitably be the lifeline of every aspiring AI startup without 6-figure sums for new Nvidia cards or server racks. 

Impact on Silver Market Dynamics

The rapid growth in EV adoption, coupled with the higher silver intensity of these vehicles, is expected to create a substantial surge in silver demand from the automotive sector. This increased demand could potentially strain the existing supply of silver, leading to a potential supply-demand imbalance. 

As with any commodity, the interplay between supply and demand plays a crucial role in determining prices. If the demand for silver from the automotive sector outpaces supply, it could lead to upward pressure on silver prices. This, in turn, could have far-reaching implications for various industries that rely on silver, including electronics, solar panels, and even jewelry.

While the EV revolution presents numerous environmental and technological benefits, it also highlights the critical importance of strategic metal sourcing and sustainable mining practices. As the automotive industry undergoes this transformative shift, it will undoubtedly influence silver market dynamics, potentially reshaping the global supply chain and driving innovation in silver production and recycling efforts.

Opportunities for Investors and Stakeholders

The growing importance of silver in the EV revolution presents opportunities for investors and stakeholders across various sectors. As the demand for silver grows, investments in silver mining, recycling technologies, and innovative material solutions are expected to yield substantial returns. 

Additionally, companies involved in the EV supply chain, from battery manufacturers to electronics producers, stand to benefit from the increased demand for silver. Investment products like silver exchange-traded funds (ETFs) and futures contracts might also attract heightened interest from investors seeking exposure to this precious metal's potential upside.

Wrapping Up

As the world embraces sustainable mobility through EVs, the demand for silver from the automotive sector will skyrocket, potentially straining existing supplies and disrupting market dynamics. This could even cause silver prices to outperform gold over the next few years. 

Looking ahead, it's clear that silver's role in the EV revolution will only continue to grow as the adoption of electric vehicles accelerates globally. This trend will likely spur further investment in silver mining, recycling technologies, and potential material substitutes, ensuring a stable and sustainable supply of this precious metal.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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