MARKET NEWS
The problem with Biden’s EV subsidy: hardly any cars will qualify Link
Hive's EV charging uses the cheapest possible energy to charge up your electric vehicle Link
Ford to axe 3,000 workers as it ‘reshapes’ operations for new era of electric cars Link
Toyota exec says lack of consumer demand makes U.S. goal of 50% EVs by 2030 a long shot Link
Mercedes-Benz expects 25% of sales in India from EVs in next 5 years Link
Steel Dynamics pushes back timeline for Texan plant as mill won’t reach 80% utilisation until end of 2023 Link
RELEVANT ARTICLES
Evening Standard - Why I gave up petrol - and went fully electric Link
There are now over 6,000 EV drivers on the Uber app, with the most popular car is a Tesla due to its superior battery. There are a range of reasons why drivers have switched to electric cars: from climate motivations to business decisions. The financial savings, especially in London, are huge, these include savings on fuel and avoiding ULEZ charges. EVs are also a smoother drive. Uber now has an Uber Green option where riders can choose electric rides for the same price, but drivers receive 15% more in earnings. The app has launched this scheme in line with government targets that by 2025, all cars in London will be fully electric.
Financial Times - Hyundai is catching up with Tesla in the global EV race Link
The gap has closed between Tesla, the number one EV manufacture, and Hyundai Motor (and affiliate Kia). This is in terms of market share, 27% and 12% respectively, and global sales. As prices of individual parts rise, specifically lithium meaning the cost of the battery of an EV is 60% of the total cost of the car, margins will tighten. However, Hyundai has an advantage – a weaker Korean won, which has fallen 13% against the dollar this year, has absorbed the higher costs. Local suppliers, more stable supply chain, lower currency fluctuations mean prices will continue to be more constant and preserve margins.
