December 5, 2023

Happy December!  Today, we cover Ford’s November sales, foreign entity rules, Toyota’s FT-3e concept, and the country’s leading hotspots for EVs to name a few! 

Mobility EVo- EV News in 5 minutes or less.

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1. Ford Motor’s electric vehicle sales soared 43.2% in November with 8,958 vehicles sold, despite a 0.5% decline in overall sales and a workers’ strike that affected production.

2. The Biden administration has outlined rules to determine foreign entities of concern ineligible for electric vehicle tax credits under the Inflation Reduction Act, with FEOCs defined as entities under the control or jurisdiction of North Korea, China, Russia, or Iran.

3. The United States International Development Finance Corporation has expressed interest in considering a $500 million loan application from Vietnamese electric vehicle manufacturer VinFast for its expansion and the establishment of lithium-ion battery manufacturing facilities in Vietnam.

4. Toyota Motor Europe unveiled details of its electrification plans, including the presentation of the Urban SUV and Sport Crossover concepts set for introduction in the next two years, and the development of next-generation battery technologies targeting a solid-state battery's market introduction in 2027-2028 with a recharge time from 10 to 80% in 10 minutes.

5. Toyota unveiled its FT-3e concept in Europe, showcasing next-generation battery electric vehicle technology with a focus on performance, accessibility, and natural resources, featuring a versatile new-generation BEV architecture and serving as a medium for transferring energy and data.

6. Toyota introduced its Sport Crossover Concept in Europe, providing a preview of a new battery-electric model expected to join its electrified range in 2025.

7. According to NIO, they reported a total of 15,959 vehicle deliveries in November, a 12.6% year-over-year increase, bringing the year-to-date total to 142,026 and the cumulative total to 431,582 vehicles delivered.

8. Data from mobility analytics platform Replica reveals that electric vehicle use in the United States is concentrated in the "four corners" of California, the Pacific Northwest, the Northeast, and the Southeast, with Colorado and Hawai'i standing out as exceptions, based on estimated EV miles traveled per 1,000 residents at the county level in the second quarter of 2023. 

9. During a Barclays conference, GM's CFO Paul Jacobson acknowledged challenges in meeting its original electric vehicle manufacturing goals but expressed confidence that GM's EVs would be profitable in 2025, citing plans to spread costs over more vehicles, promote sales of higher-priced EVs, and realize battery cost savings.

10. Delaware will gradually phase out the sale of gas and diesel-powered vehicles over the next nine years, with the Advanced Clean Car II Act mandating increasing percentages of zero-emission vehicle sales for automobile manufacturers between 2027 and 2032, starting from 43% in 2027 and reaching 82% by 2032.

11. XPeng delivered 20,041 Smart EVs in November 2023, marking a 245% year-over-year increase, with the XPeng G6 leading as the top-selling electric SUV.

12. Octopus Electric Vehicles secures a $694 million debt securitization facility from Lloyds Bank, bringing its total EV funding to $1.5 billion, with the funds aimed at enhancing Octopus’s flagship EV salary sacrifice scheme, which has over 4,000 businesses participating.

13. Addressing common concerns for potential electric vehicle owners, Volkswagen has introduced tools in the UK that offer instant data on range, charging times, and running costs, allowing users to compare EVs with petrol and diesel alternatives by adjusting factors like weather, driving style, and charging locations.

My Take- States Dominating EVs

I’m not surprised that EVs are dominant in California, the PNW, Colorado, and Hawaii.  Living in CO and recently visiting California, EVs seem to be everywhere.  Based on the data, this confirms that it’s not a Baader-Meinhof phenomenon.  Look that one up.

My question is, will it look the same next year?  If interest rates come down, I would say no.  If they stay high, I would say maybe, but probably yes.  

If interest rates come down, I think we may see states like Florida and Texas join the list. With more EVs readily available, I think people are more inclined to try something new.  This would especially be the case if they qualify for the point-of-sale federal incentive next year.

If rates remain high, I think people are less likely to make a big purchase like a new car.  

For EV adoption to happen outside of the big players, we need to get the charging right.  More reliable chargers and more education.  Not everyone needs a car that has a range of 400-500 miles.

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