Electric cars?

[sptrawler]

The rationalisation of EV manufacturers continues.

MSN

The American electric car brand Canoo has filed for Chapter 7 bankruptcy, leaving the company unable to meet its financial obligations.

Management owes several creditors amounts ranging between $10 million and $50 million each, while the company itself is left with just $50,000 in cash.


Despite its financial struggles, CEO Tony Aquila has faced criticism for receiving an exceptionally high salary and benefiting from private jets.

The company developed a versatile "lifestyle car" capable of functioning as a minibus, pickup truck, and transporter.

But the ambitious plans never materialized into commercial success. Canoo managed to produce only a small number of vehicles.

By 2023, the company generated just $6.5 million in revenue — one-third of which came from the sale of three vehicles to the state of Oklahoma. Hopes for financial backing from the U.S. Department of Energy’s loan program were dashed when the application was denied, leaving the company unable to secure additional funding.

 

[sptrawler]

It was more about Tesla making most of its profits from selling credits.

I read up a bit on this and apparently you are spot on the E.U rule changes due in 2025, may end up being a big money spinner for Tesla.

Tesla Set to Make Billions Selling Emission Credits in Europe

Carmakers are turning to Tesla for help.

www.dagens.com

Selling Excess Emission Credits​

The European Union has introduced stricter emission limits for automakers, requiring them to lower average CO₂ emissions to 93.6 grams per kilometer in 2025.

This is a significant reduction from previous limits, forcing many manufacturers to find ways to comply, according to Moto.

Some companies have focused on improving combustion engine efficiency or increasing the share of hybrid and electric vehicles in their fleets.

Others, unable to meet the new standards quickly enough, are turning to Tesla for help.

Tesla, which exclusively produces electric vehicles, does not have to worry about emissions penalties. Instead, it has the ability to sell its excess emission credits to other automakers.

This arrangement is expected to generate significant revenue for Tesla. Industry analysts estimate that selling emission credits could bring Tesla up to $1.1 billion in revenue.

Several major automakers, including Toyota, Ford, and Stellantis, are reportedly in talks with Tesla to secure these credits.

Tesla has opened applications for companies interested in purchasing credits, with a deadline of February 5.

Other automakers are also exploring this opportunity. Volvo and Mercedes-Benz are expected to generate around $330 million each through similar credit sales.

While their earnings are substantial, Tesla’s dominant position in the electric vehicle market gives it a much greater advantage.

 

[Knobby22]

Fascinating. Toyota back on top!

Whole article here.

Norway EV share hits 96 pct in January, as Toyota tops list and Tesla slumps

Norway has hit a record 96 pct share of EVs in the new car market, as Toyota leads the list and Tesla slumps sharply despite a booming new car market.

thedriven.io

Norway has once again demonstrated the possibility of a new car market dominated by electric vehicles (EVs), with fully electric passenger cars accounting for 96 per cent of the nearly 10,000 new cars sold in January.

New figures published this week by the Opplysningsrådet for veitrafikken (OFV), Norway’s Road Traffic Information Council, revealed that 9,343 new passenger cars were registered in Norway in January, a rise of 82 per cent than a year earlier.
Øyvind Solberg Thorsen, OFV director says the group is hopeful that positive economic signals will see new car sales return to previous highs, which given the makeup of EVs in the overall numbers, presages well for future records.

Of the 9,343 new passenger cars registered in January, 8,954 were electric, accounting for 95.8 per cent.
An additional 219 new hybrid variants were sold during January, accounting for 2.8 per cent, meaning that electrified vehicles accounted for a whopping 98.6 per cent of all new passenger car sales in Norway in January.

Interestingly, the list of best-selling EVs was topped by Toyota with its bZ4X, followed by three vehicles that are not yet available in Australia – the VW ID.4, the Nissan Ariya, the VW ID.3 and the VW ID.7.

Tesla sales slumped 38 per cent to 689, with the Model Y and Model 3 falling to the Number 6 positions respectively, despite the soaring overall market. Tesla’s market share plunged to just over 7 %, from more than 21 % in 2024.

 

[sptrawler]

MSN

Ford CEO Jim Farley did not mince words while explaining some of the drawbacks of fully electric large SUVs and trucks.

During Ford’s Q4 2024 earnings call on Wednesday, the automaker shared its electrification roadmap, reiterating that it would focus on small and medium-sized EVs that are more economically viable instead of going all guns blazing with battery-electric models across all segments.


“For larger retail, electric utilities, the economics are unresolvable,” Farley said. “These customers have very demanding use cases for an electric vehicle. They tow, they go off-road, they take long road trips. These vehicles have worse aerodynamics and they're very heavy, which means very large and expensive batteries.”
“Retail customers have shown that they will not pay any premium for these large EVs, making them a really tough business case,” Farley said.

Profitability for the large family haulers will instead come from “PHEVs, hybrids and EREVs” that on “one tank of gas can get over 700 miles of range, but still drive most miles electric,” he added.
Ford wants to take a novel approach with its large SUVs and trucks. As Bloomberg first reported on Tuesday, the automaker is now pursuing extended-range electric vehicles. EREVs have an electric powertrain like a traditional battery-electric vehicle, but they also get a gas-powered generator for backup. The generator is tasked with recharging the battery, but it’s the e-motors that drive the wheels at all times.