Tesla joins GM, Ford in slowing EV factory ramp as demand fears spread
1 year, 2 months ago

Tesla joins GM, Ford in slowing EV factory ramp as demand fears spread

The Hindu  

Tesla on Wednesday joined General Motors and Ford in being cautious about expanding electric vehicle production capacity, citing economic uncertainties and underscoring fears of a slowdown in demand. Tesla CEO Elon Musk said he was worried that higher borrowing costs would prevent potential customers from affording its vehicles despite substantial price cuts, and that he would wait for clarity on the economy before ramping up its planned factory in Mexico. GM said on Tuesday it would delay production by a year of Chevrolet Silverado and GMC Sierra electric pick-up trucks at a plant in Michigan, citing flattening demand for EVs. But Mr. Musk said higher financing costs due to rising interest rates meant to fight stubbornly high inflation in some cases almost entirely offset the price reductions, making consumers looking to shift away from gas-guzzling vehicles wary. They simply can't afford it," Mr. Musk said, adding he would "accelerate" expansion of the Mexico factory if interest rates come down.

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History of this topic

GM delays Indiana EV battery factory amid weak US market growth, seals joint venture deal with Samsung
3 months, 3 weeks ago

GM delays Indiana EV battery factory amid weak US market growth, seals joint venture deal with Samsung

Live Mint  

Production at an electric vehicle battery cell plant jointly run by General Motors and Samsung SDI has been delayed as EV sales have slowed in the U.S. The companies finalized their agreement Tuesday to jointly run the new factory in New Carlisle, Indiana, near South Bend, but said production would not start until 2027. The project is GM’s fourth joint …

Ford to shift EV strategy to hybrid vehicles
4 months ago

Ford to shift EV strategy to hybrid vehicles

China Daily  

When it comes to selling electric vehicles, US automakers face not only consumer reluctance but rising competition from China in the international market. Ford Chief Executive Officer Jim Farley said that China's EV companies have the advantage of a lower-cost supply chain and that Ford needs to find ways to lower its own costs to compete. In China, retail sales …

Ford ditches new EV in major strategy shift amid slowing demand for electric cars
4 months ago

Ford ditches new EV in major strategy shift amid slowing demand for electric cars

Daily Mail  

Ford has abruptly cancelled plans to produce a three-row electric SUV, and has delayed building a new EV plant in Tennessee. The pullback marks a major shift for the car company, amid slowing demand for electric cars. Ford has bet big on electric vehicles but expects to make loses of $5.5 billion this year The now-delayed plant in Tennessee, which …

US automakers pump the brakes on EV plans
5 months ago

US automakers pump the brakes on EV plans

China Daily  

A tire rim on a vehicle at a Ford Motor Co dealership in Colma, California, US, on Feb 1, 2021. Ford Motor outlined plans on Thursday to use a Canadian plant it had earmarked for a future electric vehicle to instead build larger, gasoline-powered versions of its flagship F-Series pickup truck. Ford had already delayed the launch of the planned …

US automakers pump the brakes on EV plans
5 months ago

US automakers pump the brakes on EV plans

China Daily  

A tire rim on a vehicle at a Ford Motor Co dealership in Colma, California, US, on Feb 1, 2021. Ford Motor outlined plans on Thursday to use a Canadian plant it had earmarked for a future electric vehicle to instead build larger, gasoline-powered versions of its flagship F-Series pickup truck. Ford had already delayed the launch of the planned …

Rough road ahead for U.S. EVs despite upbeat quarterly sales
5 months, 2 weeks ago

Rough road ahead for U.S. EVs despite upbeat quarterly sales

The Hindu  

Better-than-expected U.S. electric-vehicle sales in the second quarter brought relief to investors after a sharp slowdown in demand triggered by high interest rates, but EV makers still face obstacles ahead. EV sales globally are expected to rise to 16.6 million vehicles annually, from 13.7 million in 2023, according to the International Energy Agency, with China’s growth outpacing other regions. Tesla …

Is the global EV bubble bursting? As global demand starts to slow, share prices tank and Tesla cuts 10% of the workforce....are car giants ready to slam the brakes on electric revolution?
8 months, 1 week ago

Is the global EV bubble bursting? As global demand starts to slow, share prices tank and Tesla cuts 10% of the workforce....are car giants ready to slam the brakes on electric revolution?

Daily Mail  

Elon Musk's announcement that Tesla will lay off ten percent of its workforce shocked many but it may be inline with figures that suggest the global demand for electronic vehicles is slumping across the world. In the first quarter of 2024, the two biggest manufacturers of electronic vehicles, Tesla and its Chinese rival BYD reported dramatic sales drops compared against …

America's electric vehicle push happened 'too soon and too fast,' warn ex-auto executives - but former Big Three boss Bob Lutz insists hybrids ARE the future
8 months, 1 week ago

America's electric vehicle push happened 'too soon and too fast,' warn ex-auto executives - but former Big Three boss Bob Lutz insists hybrids ARE the future

Daily Mail  

Ex-automotive executives have said America's electric vehicle push happened 'too soon and too fast', amid slumping EV sales. Former Ford, Chrysler and General Motors executive Bob Lutz said that the drive toward electric cars needed to be gradual, and vehicle charging times and the charging infrastructure across the US have been major issues in widespread adoption. Ex-Chrysler Chairman and CEO …

Ford to delay production of new electric pickup and large SUV as US EV sales growth slows
8 months, 2 weeks ago

Ford to delay production of new electric pickup and large SUV as US EV sales growth slows

The Hindu  

With U.S. electric vehicle sales starting to slow, Ford Motor Co. says it will delay rolling out new electric pickup trucks and a new large electric SUV as it adds gas-electric hybrids to its model lineup. The Dearborn, Michigan, company said Thursday that a much ballyhooed new electric pickup to be built at a new factory in Tennessee will be …

Ford Motor delays launch of new EV to let market further develop
8 months, 2 weeks ago

Ford Motor delays launch of new EV to let market further develop

Live Mint  

Ford Motor said it is delaying the launch of a new three-row electric vehicle, which will buy time for the consumer market for EVs to further develop. Ford said it will still produce the EV at its Oakville Assembly Plant in Canada, which Ford is planning to overhaul from gas-vehicle production to an EV manufacturing plant. “We are committed to …

Ford to delay production of new electric pickup and large SUV as US EV sales growth slows
8 months, 2 weeks ago

Ford to delay production of new electric pickup and large SUV as US EV sales growth slows

Associated Press  

DETROIT — With U.S. electric vehicle sales starting to slow, Ford Motor Co. says it will delay rolling out new electric pickup trucks and a new large electric SUV as it adds gas-electric hybrids to its model lineup. The Dearborn, Michigan, company said Thursday that a much ballyhooed new electric pickup to be built at a new factory in Tennessee …

Tesla sales tumble nearly 9%, most in 4 years, as competition heats up and demand for EVs slows
8 months, 3 weeks ago

Tesla sales tumble nearly 9%, most in 4 years, as competition heats up and demand for EVs slows

Associated Press  

DETROIT — Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to lure more buyers. But TD Cowen Analyst Jeffrey Osborne wrote in a note to investors that weaker March sales indicate that incentives, including discounts and a free trial of “Full Self Driving” software, “did not work as demand …

Tesla loses over $82 billion, stock plunges 12% in a single day after ‘disastrous’ earnings call
10 months, 4 weeks ago

Tesla loses over $82 billion, stock plunges 12% in a single day after ‘disastrous’ earnings call

Firstpost  

The stock value of Tesla saw a significant dip of just over 12% on Thursday following remarks by CEO Elon Musk highlighting the challenges posed by Chinese electric-car manufacturers, whom he referred to as “the most competitive car companies in the world.” During Tesla’s earnings call on Wednesday, Musk praised Chinese carmakers such as BYD, Geely, and SAIC, emphasizing their …

Tesla’s stock slides after profits come up short and EV maker warns of slowing growth in 2024
10 months, 4 weeks ago

Tesla’s stock slides after profits come up short and EV maker warns of slowing growth in 2024

Associated Press  

Shares of Tesla tumbled at the opening bell Thursday as the electric vehicle, solar panel and battery maker warned investors of slower sales growth this year after posting fourth-quarter results that were weaker than most had expected. In a letter to shareholders released Wednesday, Tesla warned that sales growth this year may be “notably lower” than the 2023 growth rate, …

Price cuts boost Tesla’s 4Q sales, beating estimates as electric vehicle growth rate slows
11 months, 3 weeks ago

Price cuts boost Tesla’s 4Q sales, beating estimates as electric vehicle growth rate slows

Associated Press  

DETROIT — Steep price cuts helped electric vehicle maker Tesla Inc. increase its fourth-quarter vehicle sales by almost 20% as EV sales growth slowed across the industry. Full-year sales numbers fell far short of CEO Elon Musk’s prediction of 50% sales growth in most years. Industry analysts expect the price cuts to trim Tesla’s profit margins when it reports earnings …

Honda and General Motors end ‘affordable’ EV partnership
1 year, 1 month ago

Honda and General Motors end ‘affordable’ EV partnership

Live Mint  

Japanese automaker Honda and United States giant General Motors have jointly announced the discontinuation of their partnership aimed at producing affordable electric vehicles from 2027, AFP reported. GM's statement earlier this week also indicated they are moderating EV production in North America to protect pricing, adapt to reduced near-term demand growth, and implement engineering efficiency enhancements. Japanese automakers have faced …

General Motors delays electric pickup truck production at plant near Detroit as US EV demand slows
1 year, 2 months ago

General Motors delays electric pickup truck production at plant near Detroit as US EV demand slows

Associated Press  

DETROIT — General Motors will delay electric pickup truck production at a factory near Detroit due to slowing U.S. demand for electric vehicles, to better manage its capital investments, and to make some engineering changes. The company said in a statement Tuesday that the factory in Orion Township, Michigan, will instead start making electric Chevrolet Silverado and GMC Sierra pickups …

General Motors follows Ford, embraces Tesla's EV charging network
1 year, 6 months ago

General Motors follows Ford, embraces Tesla's EV charging network

Hindustan Times  

General Motors Co. will adapt its electric vehicles to Tesla Inc.’s Superchargers, following Ford Motor Co.’s lead and all but ensuring it will become an industry standard in the US. “Not only will it help make the transition to electric vehicles more seamless for our customers, but it could help move the industry toward a single North American charging standard.” …

GM’s electric vehicles will gain access to Tesla’s vast charging network
1 year, 6 months ago

GM’s electric vehicles will gain access to Tesla’s vast charging network

Associated Press  

DETROIT — Electric vehicles made by General Motors will be able to use much of Tesla’s extensive charging network beginning early next year. Their discussion comes two weeks after Ford CEO Jim Farley joined Musk to announce that Ford’s electric vehicles would gain access to much of Tesla’s EV-charging network, the largest in the nation. “The most important thing is …

Ford to lose $3bn making electric cars
1 year, 9 months ago

Ford to lose $3bn making electric cars

The Telegraph  

Ford expects its electric car business to lose $3bn this year as it ratchets up spending on new models and the factories to build them. It comes as car makers are under growing pressure to produce electric models of their vehicles as part of a global push towards net zero emissions targets. Ford said that plans to build four new …

Tesla says it will cut costs of next generation cars in half
1 year, 9 months ago

Tesla says it will cut costs of next generation cars in half

Associated Press  

DETROIT — Tesla says it will cut the cost of its next generation of vehicles in half, largely by using innovative manufacturing techniques and smaller factories. Many investors were hoping to catch a glimpse of the next generation vehicles, but Musk said they wouldn’t be shown until a proper product unveiling. Franz Von Holzhausen, Tesla’s design chief, said the company …

It’s Ford now! Automaker to cut 3,200 EU jobs, union says, vowing to fight
1 year, 11 months ago

It’s Ford now! Automaker to cut 3,200 EU jobs, union says, vowing to fight

Live Mint  

Ford Motor Co plans to cut up to 3,200 jobs across Europe and move some product development work to the United States, Germany's IG Metall union said on Monday, vowing action that would disrupt the carmaker across the continent if the cuts go ahead. Workers at the U.S. carmaker's Cologne site, which employs about 14,000 people - including 3,800 at …

Competitors chip away at Tesla’s US electric vehicle share
2 years ago

Competitors chip away at Tesla’s US electric vehicle share

Associated Press  

DETROIT — New electric vehicle models from multiple automakers are starting to chip away at Tesla’s dominance of the U.S. EV market, according to national vehicle registration data. But numbers collected by S&P Global Mobility show that Tesla still controlled about 65% of the growing electric vehicle market during the first nine months of this year. “Given that consumer choice …

Is Tesla seeing a slowdown in demand?
2 years, 2 months ago

Is Tesla seeing a slowdown in demand?

Al Jazeera  

There are early signs of caution for the world’s most valuable car maker, including for its increasingly premium pricing. Morgan Stanley analyst Adam Jonas said he believed Tesla did not face an immediate demand problem, but added a caution on pricing and Tesla’s ability to buck the economic cycle. Musk himself in July said Tesla prices were hitting “embarrassing levels” …

Tesla profits surge as EV maker races past rising material costs
2 years, 8 months ago

Tesla profits surge as EV maker races past rising material costs

Al Jazeera  

Shares of Tesla rose 4 percent after the close of regular trading. Tesla Inc surged past Wall Street estimates for quarterly revenue and profit on Wednesday, as the electric vehicle maker raised prices in response to inflation, offsetting the impact of a Shanghai factory shutdown. “Chinese production issues seem well managed, and we expect Austin and Berlin to make up …

Automakers Chasing Tesla to Become EV Primes Are Rethinking Dependence on Suppliers
2 years, 8 months ago

Automakers Chasing Tesla to Become EV Primes Are Rethinking Dependence on Suppliers

News 18  

Automakers racing to develop battery-powered, software-driven vehicles to compete with Tesla Inc are confronting a new challenge: what technology to build themselves, and what to keep buying from suppliers. “Major players have realized electric vehicles are the future, but they have yet to widely recognize that they have to up their game in terms of motors, transmissions, battery technologies, inverters …

Elon Musk Corrects Joe Biden on Twitter, Says Tesla Invested More in EV than Ford, GM Combined
2 years, 9 months ago

Elon Musk Corrects Joe Biden on Twitter, Says Tesla Invested More in EV than Ford, GM Combined

News 18  

Tesla has hit out at US President Joe Biden and corrected him after the latter tweeted in support of GM, Ford, claiming that the automakers are creating thousands of jobs and making the largest investment in the country. In his tweet, Joe Biden said “Ford is investing $11B to build electric vehicles—creating 11,000 jobs across the country. Tesla CEO Elon …

GM’s $7 billion investment intensifies EV battle with Ford, Tesla
2 years, 10 months ago

GM’s $7 billion investment intensifies EV battle with Ford, Tesla

Live Mint  

General Motors Co said Tuesday it will invest $7 billion in Michigan, much of that aimed at dramatically boosting production of full-size electric pickups, intensifying a battle with Detroit rival Ford Motor Co for EV supremacy in North America. GM said its Detroit-Hamtramck and Orion Township plants will be able to build more than 600,000 electric trucks a year by …

GM, Ford outdo each other with electric vehicle investments
3 years, 6 months ago

GM, Ford outdo each other with electric vehicle investments

Associated Press  

DETROIT — General Motors will raise spending on electric and autonomous vehicles and add two U.S. battery factories as it gambles that consumers will eagerly switch from gasoline to the new technology. The announcements Wednesday came as crosstown rival Ford said its entire Lincoln luxury brand lineup would be electric or gas-electric hybrid by 2030, including four fully electric vehicles. …

Ford raises EV spending, expects 40% of global vehicle volume to be all-electric by 2030
3 years, 6 months ago

Ford raises EV spending, expects 40% of global vehicle volume to be all-electric by 2030

The Hindu  

Ford Motor Company has increased its planned total spending on electrification to more than $30 billion by 2025, and the firm expects 40% of its global vehicle volume to be fully electric by 2030, it said in a statement. The Michigan-based company is also creating Ford Pro, a global vehicle services and distribution business that is said to deliver new …

Ford Reveals EV Investment Plans Till 2030, Says 40 Percent Sales To Come from Electric Vehicles
3 years, 6 months ago

Ford Reveals EV Investment Plans Till 2030, Says 40 Percent Sales To Come from Electric Vehicles

News 18  

Ford said on Wednesday it is ramping up investment in zero-emission cars and by 2030 expects 40 percent of its vehicle volume to be comprised of fully electric vehicles. The company last week unveiled an all-electric version of its bestselling F-150 truck in an eco-friendly reinvention of a flagship American car brand, and said it has received 70,000 reservations from …

Automakers are going green to save money, not just the planet
3 years, 10 months ago

Automakers are going green to save money, not just the planet

CNN  

New York CNN Business — Virtually all of the world’s major automakers are shifting to an all-electric future — and that’s as much about the bottom line as it is the environment. Electric vehicles come with several inherent cost advantages — with no internal combustion engine, they have far fewer moving parts, and they require far less labor to assemble. …

Want to invest in electric cars? GM could be a better bet than Tesla
4 years, 1 month ago

Want to invest in electric cars? GM could be a better bet than Tesla

CNN  

New York CNN Business — It’s been a long time since General Motors has been a hot stock for investors. “GM is one of the few that is showing tangible progress in its transition to EVs,” wrote Morgan Stanley auto analyst Adam Jonas in a note late last month as GM announced a $2 billion investment to build electrics at …

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