Read about the evolving landscape of electric vehicles, from the surge in EV sales in China and the United States to advances in EV battery production. Scrappage schemes are shaping the strategies of car manufacturers like Tesla and Kia.
Scrappage Programs
According to Bloomberg, Colorado has seen a big increase in electric vehicle (EV) sales, with 9,446 EVs bought recently. A special part of this is the Vehicle Exchange Program, which got 45 old cars swapped for new EVs. The scheme gives up to £5,000 to people who trade their old petrol cars for new EVs.
This program is like others in the U.S., aiming to get more EVs on the road and remove old, polluting cars. States like Vermont and California have similar ideas. The U.S. has 282 million cars with an average age of over 12 years.
Colorado’s program is partly paid for by a new fee for online shopping, like Amazon orders and to get the rebate, the old car must be over 12 years old or fail emissions tests. The old cars are broken down and recycled and the the money from this helps train new car mechanics.
But these programs can be tricky. In Vermont, for example, not many people have joined because of high used car prices and not enough advertising.
Europe has tried similar programs though France ran out of money for its program in just two months because it was so popular. These programs all want to cut pollution, help the economy, and get more people to drive cleaner cars.
Even with challenges, Colorado’s plan shows a way to help the environment and society. This could be a good example for the UK as it moves towards more EVs.
BYD
China’s electric vehicle (EV) industry is thriving, even as the country’s economy faces challenges according to Reuters. In 2022, China led the world in EV production and sales, with over 60% of the total production and nearly 60% of global EV sales according to the World Economic Forum.
A key player in this success is BYD, whose sales are just behind Teslas. They have focused on making more affordable EVs and have attracted a wide customer base with the Seagull, launching at around £8,000.
BYD’s models are among the top 10 best-selling EVs in China and Tesla’s Model Y is the only non-BYD model on this list!
China’s lead in the EV market is also thanks to its control over EV battery supply chains and its extensive charging network. Companies like CATL and BYD lead in battery production and high-powered chargers are placed every 50km on major highways.
This is all despite BYD currently only selling only electric buses in the U.S.
Stellantis and CATL to Boost European EV Market with New Battery Venture
In an exciting development for the European electric vehicle (EV) market, Stellantis has teamed up with CATL, China’s leading battery manufacturer according to Autocar. They have agreed to explore the production of lithium-iron-phosphate (LFP) batteries in Europe.
The two companies are contemplating a joint venture, with each holding a 50% share, to establish a battery plant in Europe. Specifics regarding the location are still under wraps. What’s clear is the ambition behind this partnership; enhancing the battery supply chain in Europe.
This partnership could lead to more cost-effective EV options, aligning with the growing demand for sustainable and accessible vehicles as the EV market continues to expand.
U.S. Safety Recalls
CNBC reports U.S. safety regulators are looking into recalls for Hyundai and Kia vehicles that affect 6.4 million vehicles. These relate to brake fluid leaks that could cause electrical problems, which increases the risk of fires.
The National Highway Traffic Safety Administration (NHTSA) is checking how quickly and well Hyundai and Kia dealt with these issues. They are also making sure these companies follow the rules for reporting problems.
Hyundai and Kia had to recall nearly 3.4 million vehicles in the U.S. in September. They told car owners to park away from buildings until the cars were fixed. The recall in September affected many car models and years.
Kia’s recall included cars like the Sorrento and Sportage. Hyundai’s recall included the Santa Fe, Tucson and Sonata Hybrid.
Hyundai has had 21 fires and other heat-related problems since 2017. Kia has had at least 10 fires and issues where parts melted. This investigation shows how important it is to keep the transition to electric vehicles safe and to fix problems quickly.
