Tag: EV

Possible Bankruptcy for EV Maker Fisker as Industry Hit with Declining Consumer Interest

Just the News
Fisker electric vehicle on beach with people playing

Electric-vehicle startup Fisker may file for bankruptcy as the declining pace of consumer demand weighs upon the struggling company.

In a March 15 8-K filing with the Securities and Exchange Commission, the company warned investors that “Fisker did not make a required interest payment of approximately $8.4 million payable in cash on March 15, 2024 (the “Interest Payment”) with respect to Fisker’s unsecured 2.50% convertible notes” and that “the Company has a 30-day grace period to make the Interest Payment.”

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Democrats Support Efforts to Unionize More Auto Plants as EVs Are Projected to Cause Job Losses

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Democrats are supporting the United Auto Workers (UAW) labor union’s efforts to unionize more auto plants as electric vehicles are projected to result in job loss across the industry within the next 10 years.

Democrats in Congress passed the Inflation Reduction Act of 2022, which included tax incentives for the purchase of certain electric vehicles as well as funding to expand the EV charging network in the U.S.

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4,000 Auto Dealers Say Electric Vehicles Are ‘Stacking Up’ on Lots

The Center Square

About 4,000 auto dealers from all 50 states have signed a letter to President Joe Biden saying electric vehicles are “stacking up on our lots” as the demand for electric cars has “stalled.”

“BEVs [battery electric vehicles] are stacking up on our lots,” the auto dealers stated in the letter. “Last year, there was a lot of hope and hype about EVs. Early adopters formed an initial line and were ready to buy these vehicles as soon as we had them to sell. But that enthusiasm has stalled. Today, the supply of unsold BEVs is surging, as they are not selling nearly as fast as they are arriving at our dealerships – even with deep price cuts, manufacturer incentives, and generous government incentives.”

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New IRS Guidelines for Electric Car Tax Credit ‘Recipe for Fraud,’ Tax Watchdog Warns

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EV Charging Station

New Internal Revenue Service (IRS) guidelines for the federal electric vehicle (EV) tax credit are a “recipe for fraud,” warns the head of the Tax Foundation.

Consumers will now be able to automatically claim the tax credit at the point of sale on new or used EV purchases, rather than wait to claim it on their tax return, according to the latest Treasury Department guidance.

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Electric Vehicles Are Costing Auto Manufacturers Billions While Union Strikes Take Their Toll

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by Nick Pope   Electric vehicle (EV) production is costing most American automobile manufacturers billions of dollars, with a range of factors driving their unprofitability as unionized auto workers are striking to demand more from management. Companies like Rivian, Ford and General Motors (GM) are currently losing money on each EV that they sell, while Stellantis appears likely to lose money up front on their EVs when they bring them to market in 2024, according to numerous reports. Rivian has struggled immensely, according to The Wall Street Journal, and the “Big Three” carmakers are facing down the ongoing United Auto Workers (UAW) strike, with the union making demands that threaten to push costs even higher. The UAW is seeking to exact major concessions, with EVs featuring as a key driver of the labor dispute. Prior to the strike, the average UAW worker in Grass Lake, Michigan, made about $45,000 per year, according to data from ZipRecruiter. The UAW is seeking a 36 percent pay bump over the course of a four-year contract, yearly cost-of-living adjustments, restoration of pre-bailout pension benefits for all of its employees, increased protections to ensure job security, limits on the use of temporary workers and a 32-hour work week, according to CBS…

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Gov. Glenn Youngkin Is Working to Ditch His State’s EV Mandate

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Virginia Republican Gov. Glenn Youngkin appears poised to overturn his state’s electric vehicle (EV) mandate if his party fares well in upcoming statewide elections.

Virginia is one of 17 states that adhere to some or all of California’s vehicle emissions standards, after former Democratic Gov. Ralph Northam enacted legislation binding Virginia to California’s standards prior to Youngkin’s election in 2021. Virginia is one of only two states, along with Nevada, that has a Republican governor in office and is also tied to California’s standards, which dictate that all new car sales in Virginia must be EVs starting in 2035.

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Report: New England’s Embrace of Electric Vehicles, Infrastructure

The Center Square

by Brent Addleman   Five of six New England states have earned praise through a new report examining electric vehicles and charging infrastructure. Massachusetts led the way in the American Council for an Energy-Efficient Economy’s report “2023 State Transportation Electrification Scorecard,” just edging out Vermont in the newest rankings. “We are seeing incremental progress, not transformational progress,” Peter Huether, senior research analyst and lead author of the report, said in a statement. “States will have to move far more aggressively to do their part to enable the electric vehicle transition that the climate crisis demands. Auto manufacturers are expanding their EV options and consumers are increasingly choosing them, but supportive state policies are needed to ensure that the electric grid is ready and that all households and businesses, including those in underserved communities, can use EVs and have adequate access to charging.” The Bay State, fourth in the nation, scored 57.5 out of a total of 100 possible points in the report. Vermont came in fifth with 57 points, while Maine came in 11th with 43.5 points. Connecticut earned a score of 42.5 and Rhode Island came in 19th with 29.5 points. New Hampshire did not register a score in…

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Michigan Woman Leads Effort to Recall Officials Who Approved EV Battery Factory with China Ties

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A Michigan woman is leading an effort to try to oust elected officials in her township for allowing the maker of electric vehicle batteries with ties to China to open a plant in her township.

The headquarters for battery maker Gotion Inc. is in California, but its parent company, Gotion High-tech, is based in China, which is raising concern about its connections to the Chinese Communist Party and national security.

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Biden Admin Gives Ford, Foreign Company Whopping $9 Billion Loan for EV Plants

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The U.S. Department of Energy (DOE) on Thursday announced a conditional loan of up to $9.2 billion to a joint electric vehicle venture between Ford and Korean battery maker SK On.

When combined with state subsidies offered to the joint venture, known as BlueOval SK, the record-breaking loan means that taxpayers will be financing nearly the entire $11.4 billion investment by Ford and SK, according to Blomberg. The loan is the latest in a series of increasingly large offers from the DOE’s Loan Program Office (LPO), which had its lending authority surge to $400 billion — more than 10 times the $33 billion it has issued since 2009 —following the passage of President Joe Biden’s signature climate law, the Inflation Reduction Act.

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Kemp Says $4.3 Billion EV Battery Plant in Georgia Touted by Ossoff Was ‘Previously Announced’

The Center Square

LG Energy Solution and Hyundai Motor Group plan to jointly build a $4.3 billion electric vehicle battery plant in Georgia, an investment U.S. Sen. Jon Ossoff, D-Georgia, said was possible because of incentives included in the Inflation Reduction Act.

However, a spokesman for Georgia Gov. Brian Kemp disputed that assertion saying it’s part of a previously announced investment that predates the federal legislation.

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Hundreds Protest Chinese-Owned Electric Vehicle Battery Plant in Michigan

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Hundreds of people protested against a Chinese-owned electric vehicle battery plant being constructed in northern Michigan due to concerns about national security.

“How many abuses have we seen over the years from China? And to think that they will set up a battery factory in our state and they will just play by the rules? That makes no sense whatsoever,” Michigan Republican Chair Kristina Karamo said at the protest Saturday, NewsNation reported.

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EPA Proposes New Standards to Require Two-Thirds of New Car Sales by 2032 Be EVs

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The Environmental Protection Agency on Wednesday announced what is being considered its strongest-ever proposed pollution standards for gas-powered vehicles – which if enacted would effectively mandate that 67 percent of new passenger vehicles sold in the U.S. in 2032 must be zero-emission ones.

The rule has been expected for weeks and is a dramatic, proposed increase from President Biden’s stated goal of 50 percent zero-emission passenger car sales – including battery-powered electric vehicles, plug-in hybrids and fuel-cell vehicles – by 2030. It would also likely and dramatically increase EV sales, which accounted for just 5.6 percent of new car sales in the U.S. last year, according to Road & Track.com.

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‘Sustainable’ Electric Cars Are Getting Junked Over Minor Damage

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Insurers are being forced to write off many electric vehicles with only minor damage to battery packs, sending the batteries to scrap yards and hindering the climate benefits of going electric, Reuters reported.

Battery packs typically represent roughly half the cost of an electric vehicle, sometimes costing tens of thousands of dollars, often making it more economical for insurers to consider a car as totalled than replace a battery pack, according to Reuters. While many carmakers, including Ford and GM, told Reuters that their battery packs were repairable, many are unwilling to share key data with third-party insurers to help assess damage.

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Battery Supplier Asserts: Michigan Taxpayer Subsidies Imperative for North American Supply Chain

The Center Square

Electric vehicle battery supplier Our Next Energy says taxpayer subsidies are key to “accelerating” the buildout of a North American battery supply chain, stabilizing Michigan’s grid, and declaring energy independence from China.

Deeana Ahmed, Our Next Energy’s vice president of strategy and sustainability, testified Wednesday in front of the House Appropriations Committee.

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Ohio Economists Split on Progressiveness of EV Fees

The Center Square
Electric car being charged

A group of Ohio economists disagree over moves by the state and the country as a whole toward electric vehicles and whether government investment in electric vehicle infrastructure is cost-effective.

Nearly half of the 19 economists at Ohio colleges and universities surveyed by Scioto Analysis said the state’s current $200 annual fee for registering electric vehicles is progressive, while a little more than half believed spending tax dollars on EV infrastructure is likely to be more cost-effective than providing the same amount in tax credits.

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Rubio Decries California’s Ban on Fossil-Fueled Car Sales

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Florida Republican Sen. Marco Rubio excoriated California’s recent move to ban the sale of fossil-fueled cars by 2035.

The state’s Air Resources Board approved in late August rules that would require the state to transition to selling only electric vehicles by the deadline and set interim targets for EV sales quotas ahead of the final ban. At present, just 1% of cars on the state’s roads are emissions-free vehicles. The ban does not apply to any pre-existing fossil-fueled vehicles.

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Georgia’s US Senators Vote for Bill Stripping One of State’s Largest Employers of EV Tax Credits

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Georgia’s two senators voted for the Democrats’ recently enacted Inflation Reduction Act, even though it strips South Korean automaker Kia — one of the state’s largest employers — of eligibility for the law’s electric vehicle tax credits.

Kia, which employs thousands in Georgia, is planning to build another automobile factory in the state and hire 8,500 people, according to The Atlanta Journal-Constitution. Due to domestic assembly requirements in the new law, however, the automaker’s EV and plug-in fleet will lose their current eligibility for $7,500 tax credits on the purchase of new electric vehicles.

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Study: Recycling and Storing EV Batteries Will Be a ‘Huge Issue’

The Center Square

Gov. Gretchen Whitmer wants to spend $60 million on electric vehicles (EV), including electrifying the state’s fleet. However, the production of EVs is beset by a supply chain riddled with shortages in addition to environmental concerns.

Whitmer’s proposed 2023 budget aims to spend $50 million to subsidize new EV sales or a $500 rebate for at-home charging equipment for new or used EVs. Another $10 million would start converting Michigan’s roughly 13,637-vehicle fleet to EV.

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Commentary: Joe Biden’s Electric Car Plans Support the World’s Worst Humanitarian Abuses

RealClearWire
Joe Biden

In his State of the Union Address on Tuesday, President Joe Biden promoted electric vehicles (EVs), trumpeting his plans to establish “a national network of 500,000 electric vehicle charging stations.” In so doing, Biden is unwittingly supporting the worst humanitarian abuses in the world. This is because of the way in which the materials used in manufacturing the batteries that power today’s EVs are obtained.

To obtain a reasonable amount of power per pound of battery weight, EV manufacturers generally use various forms of lithium-ion (Li-ion) batteries, so named because the battery’s positive electrode, called the cathode, is largely made up of the highly reactive metal lithium (Li). To keep the cathode stable when a battery is not in use, the lithium is combined in a metal oxide matrix, with different manufacturers using different combinations of metals.

Most EV manufacturers combine lithium with nickel, cobalt and manganese to create a Li-Ni-Mn-Co oxide matrix to form the cathode. Tesla substitutes aluminum (Al) for the manganese, yielding a Li-Ni-Co-Al oxide matrix for the cathode on their batteries. Tesla maintains that their formulae is more cost-effective as less cobalt is required.

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