EVs -- Finishing Up The Day -- Part 2 -- January 4, 2024

Locator: 46458EVS.

Ford loses EV bragging rights to GM: link here. Best summary to date.

Tax credit ... fading away. Link to The Verge.  

Tax credit ... fading away. Link to Barron's. Really an excellent update.

EVs: destined to fail.

From the linked article:

Sure, sales of EVs keep going up — a record 300,000 cars sold in the US in the third quarter of 2023 were electric — but the pace of adoption has markedly slowed, and analysts have suggested the country is no longer on track to hit the government's sales targets.

The trickle-down effects of this decreased demand are everywhere.

EVs accumulated at dealerships this fall, even as automakers cut prices to try to entice customers.

Automakers have backtracked on their promised investments: Ford delayed $12 billion of its planned $15 billion investment in EV manufacturing capacity, while General Motors delayed production of key EV models and scrapped a $5 billion partnership with Honda to make cheaper EVs. Even Tesla — once the superstar of EVs — announced it would delay a planned factory in Mexico. Auto execs who were once trumpeting the potential of electric cars are even publicly acknowledging that EVs aren't working.

On the hand, from Barron's:

From the linked article:

U.S. sales. Overall sales were flat year over year at just over 625,000 units. Battery-EV sales came in at 19,469 units, up 20% year over year.

Total GM sales came in at just under 2.6 million units, up about 14% year over year. For the full year, BEV sales came in at 75,585 units, up about 90% year over year. Not too shabby. GM has sold more than 100,000 BEVs over the past six quarters; it has six such models, and more, like the lower-cost electric Chevy Equinox, are coming soon.

Still, Tesla sells way more BEVs in the U.S. than GM. The EV giant sold a record 485,000 units in the fourth quarter, perhaps one-third of those were in the U.S. Tesla doesn’t break down sales by region, and industry data providers haven’t aggregated all the BEV sales yet.

Ford, link here:

Ticker, F: