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<ul><li>Skoda recently launched the Kylaq SUV, the company’s latest entry-level subcompact SUV.</li><li>The company has announced its plans to launch an electric vehicle in India in 2025.</li><li>The Skoda Enyaq EV’s updated version will debut in India next year.</li></ul>Skoda Auto will roll out its electric vehicle in the Indian market in 2025. In an exclusive interaction with ANI Skoda Auto Brand Director Petr Janeba says Skoda's European bestseller, the Enyaq EV, was initially slated for an Indian debut this year but postponed to next year for an updated version. Janeba says a significant facelift planned for the model in March has led the company to hold off until the new version, featuring Skoda's latest design language, is ready. He said, "We have one of the best-selling EVs in Europe our European Enyaq. The car was tested, and the car was prepared for India. We have actually stopped bringing the car this year. Because there will be a huge facelift of the Skoda Enyaq coming in March following the new design language." He added, "We actually can choose one of the three EV cars coming to India or all three." Skoda is closely monitoring India's changing EV policies, especially the CAFE3 (Corporate Average Fuel Economy) norms set to be introduced in April 2027. On further investment in India Janeba highlighted the importance of a consistent regulatory environment, as state-level EV and hybrid tax policies currently vary widely, impacting long-term planning. "And within this plan, we understand nobody can survive in India without having a deeper localised CKD EV in India. We are ready for this. We are ready in Pune to make another investment for the car and for the production to get it. At the end of the day, we still take our time in order to decide the right measure car for the market, seeing the new competitors coming on the EVs." Said Janeba Skoda already has two manufacturing units in India, in Chhatrapati Sambhaji Nagar and Pune. EVs are planned to be manufactured in their Pune plant For the production, he stated, "In the same factory in Pune, Chakan we will be producing EVs. Currently we have increased because of the Kylaq the production capacity in Pune to 250,000 units a year and we will be increasing further once it is needed either for the current cars because of the export or because of the Indian demand or for the new cars like EVs." The facility is also set to support EV production with deep localisation efforts to make Skoda's electric lineup more affordable for Indian consumers. Piyush Arora, India CEO, Skoda Auto echoed this sentiment, expressing confidence that Skoda's expanded product offerings will capture the growing sub-four-meter SUV segment, a category that represents nearly 30 per cent of India's automotive market. "With the new Kodiaq and other upcoming models, we are aiming for a 5 per cent market share in the medium term," he added. Skoda's commitment to India extends beyond manufacturing. Arora highlighted the company's investment in local engineering talent and its dealer and supplier networks. "Our technical centre in India plays a crucial role in developing products like the Kodiaq, which was fully designed in India," he noted, calling it a testament to India's engineering prowess and the company's long-term vision for the region. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/skoda-kylaq-suv-launched-in-india-starting-at-7-89-lakh/articleshow/115013668.cms">Skoda Kylaq SUV launched in India starting at ₹7.89 lakh</a> <a href="https://www.businessinsider.in/stock-market/webstories/swiggy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115004939.cms">Swiggy IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms">Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away</a>

Skoda plans to launch an updated electric vehicle in India in 2025

<ul class="summary-list"><li>Georgia has received more private investment in EVs and battery manufacturing than any other state.</li><li>Gov. Brian Kemp said Georgia will be the "electric mobility capital of the world."</li></ul>Electric vehicle investments are surging in Georgia.According to a recent Wells Fargo <a target="_blank" href="https://wellsfargo.bluematrix.com/links2/html/2379e487-7800-433a-95b9-735589c4e1a1">report</a>, Georgia has received more private investments in electric vehicle and battery manufacturing than any other state, with just over $23 billion to date.Jackie Benson, an economist at Wells Fargo, told Business Insider that the state is poised to be a hub for EVs because of its business-friendly environment, robust population growth, and federal and state incentives attracting companies to the state.Since 2022, the Peach State has added over 30,000 clean energy jobs, more than any other state, according to a June <a target="_blank" class="" href="https://www.ossoff.senate.gov/press-releases/new-study-inflation-reduction-act-has-created-over-30000-georgia-jobs/">study</a> by Climate Power, a strategic communications firm. This comes as federal investment in green energy is ramping up, and people are <a target="_blank" class="" href="https://www.businessinsider.com/wealthy-leaving-california-new-york-moving-florida-texas-reasons-effects-2024-8">flocking south</a> for a lower cost of living and better economic opportunities.<h2 id="b74fbdcb-0db7-4a0a-afa0-222558bdddc9">Investments in the Battery Belt to boost EV manufacturing and infrastructure</h2>In 2023, Gov. Brian Kemp said that Georgia would become the "electric mobility capital of the world," per the <a target="_blank" class="" href="https://www.ajc.com/news/georgia-is-creating-its-first-ever-climate-plan-heres-what-to-expect/RKDANAY5DBCJLHYCUXVYCUDB5Q/">Atlanta-Journal Constitution</a>. So far, it's looking promising.Georgia, Alabama, North Carolina, South Carolina, and Tennessee are a part of the Battery Belt and have received nearly $77 billion in private investment in EV battery manufacturing to date, according to an August <a target="_blank" class="" href="https://www.atlasevhub.com/wp-content/uploads/2024/08/2024.08_Atlas-EV-Investment-Brief.pdf">report</a> by Atlas Public Policy.It's not just southern states: Michigan leads the nation in capacity for electric vehicle battery manufacturing, but Georgia is second, according to a January <a target="_blank" class="" href="https://www.edf.org/media/analysis-finds-us-electric-vehicle-battery-manufacturing-track-meet-demand">report</a> by the Environmental Defense Fund, a nonprofit advocacy group.The state has also greatly benefited from federal investments in green energy and electric vehicle manufacturing and infrastructure. The Biden Administration <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/04/17/fact-sheet-biden-harris-administration-announces-new-private-and-public-sector-investments-for-affordable-electric-vehicles/">aims</a> for 50% of new vehicles in 2030 to be EVs, and investment in green energy in Georgia is partly a result of the 2021 Bipartisan Infrastructure Law and 2022 Inflation Reduction Act.The Bipartisan Infrastructure Law <a target="_blank" class="" href="https://www.whitehouse.gov/wp-content/uploads/2023/10/Georgia-Fact-Sheet.pdf">allocated</a> over $175 million toward the EV battery supply chain in Georgia and $135 million over five years toward infrastructure for EV charging stations in Georgia. In February, Hyundai <a target="_blank" class="" href="https://www.prnewswire.com/news-releases/hyundai-announces-new-production-start-date-at-metaplant-america-during-hyundai-day-in-georgia-302071754.html#:~:text=Hyundai%20Motor%20Group%20is%20investing,that%20will%20employ%203%2C500%20workers.">announced</a> over $7 billion in investment in production facilities in Georgia. The company estimates their investments in Georgia will create nearly 40,000 jobs in the state."The Hyundai investment specifically has boosted Georgia's profile in terms of EV production on the national stage," Benson said.The Inflation Reduction Act also created a $7,500 tax credit for new EVs for both consumers and businesses and incentivized efforts to boost domestic EV supply chains.In May, Kia <a target="_blank" class="" href="https://www.ossoff.senate.gov/press-releases/u-s-federal-manufacturing-incentives-working-for-georgia-kia-begins-ev9-production-in-west-point/">announced</a> the production of its first American-made EV at its production facility in West Point, Georgia, enabling the company to take advantage of the tax credit.Manufacturing accounts for 10% of Georgia's gross state product, which is its economic output, and construction accounts for 4%, according to Wells Fargo.Investments in EV and battery manufacturing will boost job growth and output in both of these sectors, Benson said.While government, health care, and leisure are the leading industry drivers in Georgia, investments in manufacturing are poised to boost the state's overall economic growth.<h2 id="fb9799f7-223c-4b7b-9f9e-5b994c7dac21">Georgia transplants are helping fuel economic growth in the state</h2>Georgia's real GDP outpaced the nation in the first quarter of the year, at 2.3% and 1.4%, respectively. In seven of the last 10 years, the state's GDP has outpaced the national average, according to Wells Fargo.Strong population growth remains a tailwind for Georgia's economic growth and EV industry, Benson said.Between 2021 and 2022, there were 327,795 people who moved into Georgia, according to data from the Census Bureau. The Peach State had the fifth most new residents during that time, following Florida, Texas, California, and North Carolina.New state residents means more consumers at stores, more homebuyers and renters, and more demand for goods in Georgia, fueling economic activity.Among those people who moved from another US state into Georgia, nearly 26,000 came from California, and more than 23,000 from both Texas and North Carolina, according to data from the Census Bureau.The biggest influx of new residents in Georgia came from outside the US. Between 2021 and 2022, just over 60,000 people from abroad moved to Georgia, per Census Bureau data.Benson said single-family construction has recently scaled up in the state, in line with its robust population growth.Benson said the scale-up in single-family construction has helped shore up construction employment. The three-month moving average for job growth in construction in the state was up 0.1% year-over-year in July, the report noted.Unemployment in Georgia remains below the national average and is only 40 basis points higher than its historic low in 2022, Benson said."Nationwide, we're seeing builders pull back on single-family construction for multiple reasons," Benson said. "But in Georgia, that high population growth has spurred an upshift in single-family building this year. That's something unique to the state."Do you live in the Battery Belt? Share your story at <a target="_blank" class="" href="mailto:jtowfighi@businessinsider.com">jtowfighi@businessinsider.com</a>

Georgia is rich in EV money and jobs

<ul class="summary-list"><li>EV-related ads this election cycle are 75% negative and mostly in Michigan, <a target="_blank" href="https://www.evpolitics.org/news/ev-political-advertising-in-the-2024-election-cycle/">an analysis found.</a></li><li>Republicans claim EVs will cause massive job losses and only benefit China.</li></ul>Republicans are flooding Michigan with attacks on electric vehicles, warning they will only benefit China and spur massive job losses in the swing state.Former President Donald Trump during recent campaign events in Michigan <a target="_blank" href="https://www.youtube.com/watch?v=yv35JiI3XMc">said an "EV mandate"</a> would cost hundreds of thousands of US auto jobs and <a target="_blank" href="https://www.youtube.com/watch?v=9vDqenog400">the industry would be gone from the state</a> within a few years because China would take all the business. Mike Rogers, a Michigan Republican running for Senate, made similar <a target="_blank" href="https://www.youtube.com/watch?v=bb638Gwe5Yw">warnings in a debate this week</a>.Political strategists told Business Insider that the anti-EV messaging was drowning out positive ones in Michigan, putting Democrats on the defensive in a critical battleground. The <a target="_blank" href="https://projects.fivethirtyeight.com/polls/president-general/2024/michigan/biden-trump/">latest polls indicate</a> Trump and Vice President Kamala Harris are neck-and-neck in Michigan, with Trump gaining ground over the past few months. While EVs aren't a major issue for American voters writ large, they've been a hot-button issue in Michigan, given the state's long legacy of auto manufacturing and skepticism among union workers."Republicans are winning a few points on it," said Mike Murphy, a longtime GOP strategist who founded the EV Politics Project, a group that supports EVs and seeks to end the partisan divide.Murphy said the attacks were frustrating because the Biden administration's investments in electric vehicles under the Inflation Reduction Act had helped spur dozens of new EV and battery manufacturing plants in Michigan and were already creating jobs."We've run some advertising trying to make the massive surge of new EV manufacturing at jobs in Michigan famous, because nobody knows about them," Murphy said. "The Biden administration has not done a good job of telling that story."The vast majority of EV-related ads this election cycle have been negative — or 75% of the $15.5 million spent so far, <a target="_blank" href="https://www.evpolitics.org/news/ev-political-advertising-in-the-2024-election-cycle/">an analysis commissioned</a> by Murphy's group found. About 70% of the ads mentioned an "EV mandate" or "gas-car ban," and most of the spending was in Michigan.There is no mandate or ban, however. The Biden administration is incentivizing a switch to EVs through tax breaks and stricter limits on tailpipe pollution. Environmental Protection Agency <a target="_blank" href="https://www.businessinsider.com/biden-ev-emissions-rule-labor-unions-auto-industry-2024-3">officials said in March that its vehicle emissions standards</a> could be met if 56% of new car sales were electric by 2032, a huge jump from 7% today, and hybrids accounted for about 13% sales. Gas cars would also have to be more efficient.Meanwhile, Trump and Rogers' claims of massive job losses due to the EV transition have been debunked by outlets including <a target="_blank" href="https://www.politifact.com/factchecks/2024/oct/18/mike-rogers/michigan-senate-candidate-mike-rogers-uses-faulty/">PolitiFact</a> and <a target="_blank" href="https://www.washingtonpost.com/politics/2024/10/22/trumps-crazy-false-ad-claiming-massive-layoffs-among-auto-workers/">The Washington Post</a>.The conservative think tank <a target="_blank" href="https://americafirstpolicy.com/issues/ban-on-gas-powered-cars-would-eliminate-nearly-200000-auto-manufacturing-jobs">America First Policy Institute</a> estimated that a complete ban on gas-powered vehicles could cost nearly 200,000 US auto jobs — and 37,000 in Michigan — because EVs require less labor. But that analysis didn't account for jobs created by new EV and battery manufacturing plants popping up across the country.More than 30 new projects have been announced in Michigan since 2022, the business group <a target="_blank" href="https://e2.org/wp-content/uploads/2024/10/E2-BW-Clean-Economy-Works-_2024-Economic-Impact-Report-FINAL_10152024.pdf">E2</a>, which advocates clean energy policy, found. These projects could support 32,500 construction jobs and 8,400 jobs at the plants.The United Auto Workers has endorsed Harris. The union's president, Shawn Fain, <a target="_blank" href="https://www.reuters.com/world/us/uaw-chief-slams-trump-over-threat-revoke-ev-investments-2024-10-10/">earlier this month blasted</a> Trump and his running mate, Sen. JD Vance, over their pledges to end federal EV investments. Fain said the change would cost hundreds of jobs in Michigan and thousands more across states where EV and battery manufacturing plants are taking off. That includes major battleground states like North Carolina and Georgia. But rank-and-file UAW members during a strike last year <a target="_blank" href="https://www.eenews.net/articles/not-a-fan-uaw-workers-give-thumbs-down-to-bidens-ev-plan/">told POLITICO's E&amp;E News</a> that they were turned off by the EV transition, citing concerns about their jobs, the costs of EVs, and finding charging.China's dominance of the EV supply chain is another political lightning rod. A spokesperson for the Republican National Committee said the Inflation Reduction Act had been a boon for China. They pointed to<a target="_blank" href="https://www.wsj.com/articles/the-biggest-winners-in-americas-climate-law-foreign-companies-c672e09d"> Chinese-owned firms</a>, including<a target="_blank" href="https://www.azcommerce.com/news-events/news/2023/1/ja-solar-announces-first-us-solar-module-manufacturing-facility-in-phoenix/"> JA Solar</a>,<a target="_blank" href="https://solarbuildermag.com/news/longi-solar-panel-manufacturing-coming-to-ohio-via-invenergy-joint-venture/"> LONGi</a>, and<a target="_blank" href="https://wirepoints.org/emerging-scandal-why-are-we-giving-8-billion-to-chinese-company-with-ccp-ties-to-build-a-2-billion-il-battery-factory-wirepoints/"> Gotion</a>, that are building projects in the US and have collected <a target="_blank" href="https://www.wsj.com/articles/the-biggest-winners-in-americas-climate-law-foreign-companies-c672e09d">billions in tax breaks</a> from the Inflation Reduction Act. China also continues to supply the vast majority of EV batteries and the minerals inside them, the spokesperson said.Democrats are hitting back on Republicans' EV attacks, arguing that the US has to build its own domestic EV manufacturing base to compete with China. Otherwise, the US will cede its market share overseas."Everyone knows China is eating our lunch on these kinds of vehicles," Democratic Rep. Elissa Slotkin, who's running against Rogers for Senate, said during their debate this week. "Just go to Europe, they have 30% market share. Go to South America, 30% market share. America knows we haven't gotten it right when it comes to seeing the next generation of vehicles."

Republican EV attacks are flooding Michigan, putting Democrats on the defensive in a critical battleground

<ul><li><keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric vehicles</keyword> (EVs) are gaining popularity worldwide</li><li>However, concerns remain about their environmental impact</li><li> <keyword id="21881868" type="General" weightage="20" keywordseo="alternative-fuel" source="keywords">Alternative fuel</keyword> vehicles like hydrogen fuel cells and biofuels are some more alternatives we can tap into</li></ul> Electric vehicles or EVs are in their prime right now, with the demand crossing an all-time high. A trend noticeable around the world, EVs are not only becoming increasingly popular but also fairly affordable. Slowly but surely EVs are overcoming the challenges that crossed them — design, features, safety, and most importantly range. A major credit to this trend can be given to consumer acceptance, policy backing, and improving infrastructure. However, there is a downside to EVs as well. Having featured multiple EVs with our series<a href="https://www.youtube.com/watch?v=TCR3PaYxcmk&amp;t=1s" data-type="tilCustomLink" target="_blank"> Short Spin, </a>I developed a strong reference point. This made me wonder why are we so heavily reliant on them. Over its life cycle, EVs cannot be termed as particularly environmentally friendly, which has been their main selling point over the past few decades. <h2>The ‘Red’ side of EVs</h2> There is a bit of red within the go-green agenda that EV manufacturers push. EVs as a whole do come with benefits like low maintenance, improved efficiency and ultimately lower fuel emissions. However, <keyword id="21357488" type="General" weightage="100" keywordseo="EV-production" source="keywords">EV production</keyword> and disposal can have detrimental effects on the natural environment. Here are some socio-ecological concerns over EVs: 1. High carbon footprint in battery production: EV battery production is energy-intensive and often relies on electricity from fossil fuels, leading to a high initial carbon footprint. This is elaborated in a story recently published by Earth Org. 2. Resource constraints and ethical concerns: Particularly with the extensive mining of cobalt and other minerals for EVs, there has been a global outcry. Limited availability of critical minerals like lithium, cobalt, and nickel, shady mining practices long work hours, unsafe work environments, and use of child labour in underdeveloped parts of the world have raised several ethical issues around the sustainability of EVs. This issue can be explored further in this essay by Al Jazeera. 3. Recycling and end-of-life challenges: EV battery recycling is currently inefficient, costly, and poses significant environmental risks, with a huge amount of batteries ending up in landfills. 4. Manufacturing costs and economic barriers: High production costs, especially for batteries, make EVs more expensive than conventional vehicles and require significant investments in new manufacturing facilities and supply chains. 5. Supply chain and geopolitical risks: Critical mineral resources necessary for EV production are concentrated in a few countries. This leads to vulnerabilities in the complex supply chain and often risks disruptions due to geopolitical tensions, trade conflicts, or natural disasters. China as of today controls 83% of EV battery production in the world, with a major stronghold on the supply chain. While I am in no way suggesting to drop out of EVs, I believe sticking to just one alternative risks replicating the same mistake we did for ICE vehicles. So, what are the alternatives? <h2>The alternates fuel vehicles (<keyword id="23193800" type="General" weightage="20" keywordseo="AFVs" source="keywords">AFVs</keyword>)</h2> AFVs are a growing segment of the automotive industry that utilize fuels other than traditional gasoline or diesel. These vehicles offer similar potential benefits such as reduced greenhouse gas emissions, improved air quality, and reduced dependence on fossil fuels. While EVs are also a form of AFVs, here we will list out other major alternatives like hydrogen fuel and biofuel options. Hydrogen fuel cells: Convert hydrogen gas into electricity, emitting only water vapour. Currently, <keyword id="19906788" type="General" weightage="20" keywordseo="Toyota" source="keywords" meta.keywordsubtype="org" meta.entityname="Toyota" meta.hostid="261" meta.entityid="Toyota">Toyota</keyword> and Hyundai are the only hydrogen-based cars in the Indian market. Hydrogen internal combustion engines: These vehicles use hydrogen as a fuel in modified combustion engines. While road-legal vehicles for this fuel type aren’t out, BMW with hydrogen 7 is working on a prototype. Ethanol: This is a renewable fuel made from plant materials, commonly mixed with gasoline. In America, Ford F-150 Flex-Fuel and Chevrolet Silverado Flex-Fuel are utilizing this technology. Biodiesel and renewable diesel: Derived from vegetable oils, animal fats, or recycled grease, these fuel types can be used in diesel engines. Compressed Natural Gas (CNG): Perhaps the most famous alternative for cabbies in Delhi, CNG is in popular demand. Technically it is used in specially modified internal combustion engines, primarily for lower emissions. Propane (Liquefied Petroleum Gas, LPG): A byproduct of natural gas processing and crude oil refining, used in internal combustion engines. As technology continues to advance, these AFVs are becoming more accessible and affordable, making them a promising option for sustainable transportation. If you are an eco-conscious buyer in today’s auto market, bear in mind that there are options beyond EVs as well. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/mercedes-expands-bev-range-rolls-out-second-locally-produced-model-in-india/articleshow/113388002.cms" data-type="tilCustomLink" target="_blank">Mercedes expands BEV range; rolls out second locally produced model in India</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-adoption-in-india-rising-13-share-expected-by-2026-27-jefferies/articleshow/113361787.cms" data-type="tilCustomLink" target="_blank">Electric two-wheeler adoption in India rising, 13% share expected by 2026-27: Jefferies</a>

EVs are not the only options for alternative fuel — make way for hydrogen and bio-fuel

<ul class="summary-list"><li><keyword id="19906203" type="General" weightage="20" keywordseo="Trump" source="keywords">Trump</keyword> said at a rally on Saturday that he supports <keyword id="19895203" type="General" weightage="100" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> because <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> endorsed him.</li><li>However, he also criticized <keyword id="20415012" type="General" weightage="20" keywordseo="EV-infrastructure" source="keywords">EV infrastructure</keyword> and <keyword id="22767001" type="General" weightage="20" keywordseo="Bidens-EV-mandates" source="keywords">Biden's EV mandates</keyword>.</li></ul>Former President <keyword id="19918985" type="General" weightage="20" keywordseo="donald-trump" source="keywords">Donald Trump</keyword> said he had "no choice" but to support electric vehicles after <a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla CEO Elon Musk</a> "endorsed" him. Trump then went on to criticize the EV industry at length. Musk has long been a champion of the pivot to electric vehicles. His company, <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>, has largely led the way in developing the industry, which for a time made Musk a darling of the <keyword id="22767002" type="General" weightage="20" keywordseo="climate-conscious" source="keywords">climate-conscious</keyword> left. But Musk has more recently embraced conservative politics, especially the issue of free speech. Musk bought Twitter in 2022, rebranded it to X, and has dismantled many of the checks and balances meant to limit hateful speech and misinformation on the platform. Musk has publicly supported Trump since <a target="_blank" class="" href="https://www.businessinsider.com/trump-not-going-to-become-nice-shooting-didnt-change-him-2024-7">the assassination attempt</a> last month. Musk, however, has denied reports that he pledged <a target="_blank" class="" href="https://www.businessinsider.com/musk-trump-donation-campaign-finance-reform-2024-7">a $45 million donation</a> to a pro-Trump super PAC. At a rally in Georgia on Saturday, Trump told the crowd he supported electric cars but thought people should still have access to <keyword id="20758116" type="General" weightage="20" keywordseo="gas-vehicles" source="keywords">gas vehicles</keyword>. "I'm for electric cars. I have to be because, you know, Elon endorsed me very strongly," Trump told the crowd. "So, I have no choice." He then clarified that he only supports them as a "small slice" of the larger auto industry. "You want to have gas-propelled cars. You want to have hybrids. You want to have every kind of car," he said. Trump has repeatedly attacked the Biden administration's electric vehicle regulations, including its <a target="_blank" class="" href="https://www.businessinsider.com/biden-is-probably-going-to-ease-strict-ev-requirements-2024-2">plan to grow electric vehicle sales</a> to half of all new vehicle sales by 2030. While speaking at a bitcoin conference in July, Trump gave similar remarks when referencing Biden's regulations, which also make it more <a target="_blank" href="https://www.businessinsider.com/why-car-dealers-worried-about-biden-ev-mandate-letter-2023-11">difficult for gas-powered cars to meet EPA standards</a>. "Not everybody has to have an electric car. I told him that," Trump said, referencing Musk. "So we're going to get rid of that mandate if you don't mind. Some people want gasoline-propelled cars, some people want a hybrid, and some people like an electric car." Trump has also repeatedly criticized the cost of installing EV chargers nationwide. He erroneously claimed the government built eight chargers in the Midwest for $9 billion. He's given wildly inconsistent estimates for how much it would cost to install EV chargers nationwide. At the bitcoin conference, he said it would cost $12 trillion. At a North Carolina rally on July 24, he said it would cost $5 trillion. And at the Atlanta rally on Saturday, he said it would cost $9 trillion. The bipartisan Infrastructure Investment and Jobs Act of 2021 included $7.5 billion to help pay for thousands of electric vehicle chargers around the country, <a target="_blank" class="" href="https://www.eenews.net/articles/trump-targets-anemic-biden-effort-to-build-ev-chargers/">Politico reported</a>. The White House's infrastructure tracking website shows that only 15 charging stations have been installed so far. An analysis published by research firm Atlas Public Policy shows that each station received about $770,000 in federal funding, Politico reported. Correction: August 5, 2024 — An earlier version of this story misstated when Trump's Atlanta and North Carolina rallies were. His Atlanta rally was on Saturday, not Sunday, and his North Carolina rally was on July 24, not Thursday. It also misstated when he gave different estimates for the cost of installing EV chargers nationwide. He said it would cost $5 trillion at the North Carolina rally and $9 trillion at the Atlanta rally, not the other way around.

Trump says he has 'no choice' but to support electric vehicles because Elon Musk 'endorsed me very strongly'

<ul class="summary-list"><li>Europe is clamping down on Chinese electric cars.</li><li>The EU voted to impose sweeping tariffs on Chinese carmakers on Friday.</li></ul>Europe is <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-companies-hit-with-new-tariffs-in-the-eu-2024-6">clamping down on Chinese electric cars</a> — but the move to protect the continent's automakers could create a new problem for the likes of Volkswagen and BMW.The European Union <a target="_blank" class="" href="https://ec.europa.eu/commission/presscorner/detail/en/statement_24_5041">voted to impose sweeping tariffs</a> on Chinese EV makers on Friday as it seeks to protect its automotive industry from what the bloc claims are <a target="_blank" class="" href="https://www.businessinsider.com/eu-chinese-ev-subsidies-market-cheap-prices-cars-2023-9">unfairly subsidized cheap Chinese electric vehicles</a>.The move will see China's fast-growing EV makers hit with a maximum 35.3% tariff on their vehicles, on top of an existing 10% levy. They will be as low as 7.8% for Teslas made in China, with the highest for manufacturers such as MG owner SAIC.The decision to impose the new tariffs wasn't unanimous, with Germany and Hungary among the nations expected to have voted against them.Germany has faced pressure from its automotive industry, with companies like Mercedes-Benz Group and BMW that sell large numbers of cars in China concerned the Chinese government might retaliate.China is the biggest market for Volkswagen, which sold 3.23 million vehicles in 2023, up 1.6% on the previous year, despite what it called a "challenging market environment."The BMW Group sold almost 825,000 BMW and MINI vehicles in China last year, up 4.2%, while Mercedes-Benz car and van sales dipped 2% to about 770,000.German Finance Minister Christian Lindner posted on X on Friday that the new tariffs "should not trigger a trade war.""We need a negotiated solution," he wrote.Investors appeared relaxed about a potential sales threat, however, with VW stock trading 2.5% higher, BMW up 1.8% and Mercedes-Benz 1.5% ahead in Frankfurt on Friday.Hungary, meanwhile, has bet big on EVs under <a target="_blank" class="" href="https://www.businessinsider.com/trump-praises-hungarian-leader-viktor-orban-leader-of-turkey-gaffe-2023-10">Viktor Orbán</a>, with BYD setting up <a target="_blank" class="" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">its first European manufacturing plant in the country</a>.The tariffs are meant to provide European carmakers breathing space as they transition to selling all-electric vehicles by the <a target="_blank" class="" href="https://www.businessinsider.com/jeep-chrysler-stellantis-halting-belvidere-illinois-plant-blaming-electric-vehicles-2022-12">EU's target of 2035</a>.But they also run the risk of Beijing retaliating, with the Chinese government already opening investigations into a range of European products.<h2 id="140f6f42-8327-4541-b56d-b6faf5d45fad">Sliding sales</h2>Meanwhile, <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">EV sales in Europe slumping</a>, and many companies are growing increasingly nervous about the prospect of big fines if they fail to meet strict emissions targets that kick in next year.The CEO of French carmaker Renault warned last month that if EV sales stay at the same level, the European car industry may face fines of up to 15 billion euros ($16.5 billion)."Everyone is talking about 2035, in 10 years, but we should be talking about 2025 because we are already struggling," Luca de Meo told French radio in comments reported by Reuters.Experts have warned that any changes to these emissions targets could hurt Europe's already stuttering EV sales.A report from the NGO <a target="_blank" class="" href="https://www.transportenvironment.org/articles/tariffs-wont-save-european-ev-manufacturing-if-eu-drops-co2-targets-analysis">Transport &amp; Environment</a> found that while tariffs on Chinese EV companies would likely be effective, delaying the 2025 emission targets could hamper the rollout of more affordable European EVs, potentially leaving consumers with fewer cheap electric options.The report said that delaying this target would cause European car manufacturers to continue prioritizing more profitable combustion engine vehicles, delaying the rollout of cheaper EVs and ultimately hurting sales."Higher EV tariffs are right but only in tandem with the car CO₂ targets. They are part of a coherent industrial policy to boost electric car production in Europe," said Julia Poliscanova, a senior director at Transport &amp; Environment."The EU risks having the worst of both worlds if it delays the 2025 CO₂ targets while limiting the affordable models imported from China," she added.The EU did not immediately respond to a request for comment from Business Insider.

The EU just made Chinese EVs a lot more expensive — and created a new threat for European automakers

The <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords">Supreme Court</keyword> on Thursday opined on the need for identifying creamy layers in <keyword id="20490946" type="General" weightage="100" keywordseo="SC/STs" source="keywords">SC/STs</keyword>, as four out of seven judges of the Constitution Bench on Thursday suggested excluding these people from the benefit of affirmative <keyword id="19914887" type="General" weightage="20" keywordseo="reservation" source="keywords">reservation</keyword>. Justice BR Gavai expressed his view that the state must evolve a <keyword id="19958928" type="General" weightage="20" keywordseo="policy" source="keywords">policy</keyword> for identifying the <keyword id="22418374" type="General" weightage="20" keywordseo="creamy-layer" source="keywords">creamy layer</keyword> for the <keyword id="19936432" type="General" weightage="20" keywordseo="Scheduled-Castes" source="keywords">Scheduled Castes</keyword> and <keyword id="19957637" type="General" weightage="20" keywordseo="Scheduled-Tribes" source="keywords">Scheduled Tribes</keyword> (SCs and STs). The suggestion of identifying creamy layers in scheduled castes and scheduled tribes was part of the judgment delivered on Thursday by the seven-judge bench, whereby a majority judgment of 6:1 held that <keyword id="20495193" type="General" weightage="20" keywordseo="sub-classification" source="keywords">sub-classification</keyword> within the SC/STs is permissible. The judgment was delivered by the seven-judge bench led by Chief Justice of India DY Chandrachud, which overruled an earlier judgment in the EV Chinnaiah matter, which held that sub-classification was not permissible because SCs and STs form homogenous classes. Besides CJI Chandrachud, other judges on the bench were Justices BR Gavai, Vikram Nath, Bela M Trivedi, Pankaj Mithal, Manoj Misra, and Satish Chandra Sharma. Justice Bela M Trivedi, in a dissenting opinion, said that she disagreed with the majority judgment that sub-classification within the scheduled caste and scheduled tribes is permissible. Justice BR Gavai suggested that the state evolve a policy for identifying the creamy layer, even from the Scheduled Castes and Scheduled Tribes to exclude them from the benefit of <keyword id="20572974" type="General" weightage="20" keywordseo="affirmative-action" source="keywords">affirmative action</keyword>. "I am therefore of the view that the State must evolve a policy for identifying the creamy layer even from the Scheduled Castes and Scheduled Tribes so as exclude them from the benefit of affirmative action. In my view, only this and this alone can achieve the real equality as enshrined under the Constitution," Justice BR Gavai said. Justice Gavai further added that the criteria for exclusion of the creamy layer from the Scheduled Castes and Scheduled Tribes for the purpose of affirmative action could be different from the criteria as applicable to the Other Backward Classes. Expressing similar opinions to Justice Gavai, Justice Vikram Nath, Justice Pankaj Mithal, and Justice Satish Chandra Sharma, they said that they agreed with his brother's judge for the exclusion of the creamy layer for affirmative action. In the order copy, Justice Vikram Nath said, "I am also in agreement with the opinion of Brother Justice Gavai that the 'creamy layer' principle is also applicable to Scheduled Castes and Scheduled Tribes and that the criteria for exclusion of creamy layer for affirmative action could be different from the criteria as applicable to the other backward classes." An identical view was also given by Justice Pankaj Mithal, who said, "It is reiterated that periodical exercise has to be undertaken to exclude the class of person who after taking advantage of reservation has come to march, shoulder to shoulder with the general category." Relatable suggestions came from Justice Satish Chandra Sharma, who remarked that the identification of the 'creamy layer' of Scheduled Castes and Scheduled Tribes ought to become a constitutional imperative for the state. "However, on the question of the applicability of the 'creamy layer principle' to Scheduled Castes and Scheduled Tribes, I find myself in agreement with the view expressed by Justice Gavai, i.e., for the full realization of substantive equality between the Scheduled Castes and Scheduled Tribes, the identification of the 'creamy layer' qua Scheduled Castes and Scheduled Tribes ought to become a constitutional imperative for the State," Justice SC Sharma said in the order copy. Justice Gavai, in his order copy, also highlighted disparities and social discrimination that are highly prevalent in rural areas. "I have no hesitation in holding that putting a child studying at St Paul's High School and St. Stephen's College and a child studying in a small village in a backward and remote area of the country in the same bracket would obliviate the equality principle enshrined in the Constitution," Justice Gavai said. Justice Gavai noted that some of the officers from the Scheduled Castes and Scheduled Tribes categories, who, after receiving the benefit of reservation under the Constitution, have reached high positions, are doing their bit to pay back to society. "They are providing coaching and other facilities to the less advantaged so that they can compete and come up in their life. However, putting the children of the parents from the Scheduled Castes and Scheduled Tribes who on account of the benefit of the reservation have reached a high position and ceased to be social, economically and educationally backward and the children of parents doing manual work in the villages in the same category would defeat the constitutional mandate," Justice Gavai said. "However, I may observe that, taking into consideration that the Constitution itself recognises the Scheduled Castes and Scheduled Tribes to be the most backward section of society, the parameters for exclusion from affirmative action of the person belonging to this category may not be the same that applies to the other classes. If a person from such a category, by bagging the benefit of reservation, achieved a position of a peon or maybe a sweeper, he would continue to belong to the socially, economically, and educationally backward class," Justice Gavai said. "At the same time, the people from this category, who, after having availed of the benefits of reservation, have reached the high echelons in life cannot be considered to be socially, economically, and educationally backward to continue availing of the benefit of affirmative action. They have already reached a stage where, on their own accord, they should walk out of the special provisions and give way to the deserving and needy," Justice Gavai said. Justice Gavai quoted the observations of Dr BR Ambedkar, which are as follows: "History shows that where ethics and economics come into conflict, victory is always with economics. Vested interests have never been known to have willingly divested themselves unless there was sufficient force to compel them." The Supreme Court on Thursday ruled by a majority judgment of 6:1 that sub-classification within the scheduled caste and scheduled tribes (SC/STs) reservation is permissible. The top court was dealing with the issue of whether subclassification of the Scheduled Castes for reservation is constitutionally permissible. The apex court was dealing with the constitutional validity of Section 4(5) of the Punjab Act, which depends upon whether any such classification can be made within the class of Scheduled Castes or Scheduled Tribes or whether they are to be treated as a homogenous class. The Punjab Government had stipulated that fifty percent of the vacancies of the quota reserved for Scheduled Castes in direct recruitment shall be offered to Balmikis and Mazhabi Sikhs, subject to their availability, by providing first preference from amongst the Scheduled Caste candidates. On March 29, 2010, the Punjab and Haryana High Court struck down the provisions, relying on the decision in EV Chinnaiah. The appeal was filed in the top court against the High Court judgment. In August 2020, the top five-judge benches referred the matter to a larger bench.

Creamy layer of SC/STs must be identified and excluded from affirmative reservation: SC Justice Gavai

<ul><li>The government has announced a new scheme aimed at increasing investment in the EV market.</li><li>The scheme is aimed at increasing domestic EV manufacturing by offering a short-term reduction in import duty.</li><li>This is expected to pave the way for <keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>’s <keyword id="107096" type="General" weightage="20" keywordseo="tesla" source="Orion">Tesla</keyword> in India.</li></ul>In what may come as a big boost to Tesla’s plans to enter India, the Indian government has announced a new scheme aimed at boosting domestic manufacturing of electric vehicles. The Indian government aims to achieve the dual goal of promoting less-polluting EVs as well as ensuring ‘make-in-India’ through the upcoming policy changes. The lower import taxes on certain electric vehicles are contingent on companies committing an investment of at least $500 million in setting up manufacturing facilities within three years. <cmsannotation type="cmsannotation" annotationid="Here’s what the new policy entails" comment="subhead" text="Here’s what the new policy entails">Here’s what the new policy entails</cmsannotation> As part of this policy, companies will be able to import a limited number of electric vehicles in India. These companies will have to invest a minimum of $500 million to establish local manufacturing facilities within three years. Additionally, at least 25% of the components will have to be sourced domestically within three years and at least 50% within five years. Companies that follow this will be allowed to import 8,000 completely built-up (CBU) electric cars per year at an import duty of 15% on cars costing above $35,000 (approx. ₹28.99 lakh). At present, India levies a tax of 70% to 100% on imported cars, based on their value. This means that the import duty has been reduced by up to 85% for companies under this scheme. The investment commitment made by companies will be backed by a bank guarantee which will be invoked if the company fails to follow the policy guidelines. <cmsannotation type="cmsannotation" annotationid="Would the new policy pave the way for Tesla’s entry?" comment="subhead" text="Would the new policy pave the way for Tesla’s entry?">Would the new policy pave the way for Tesla’s entry?</cmsannotation> Many industry experts believe that the new policy could pave the way for the entry of Tesla into the country. Musk has been at loggerheads with the India government over the imposition of import duties on electric vehicles. Four models of Tesla, including the Tesla Model 3 and Model Y were reportedly<a href="https://www.businessinsider.in/business/auto/news/tesla-inches-closer-to-its-india-debut-as-four-models-approved/articleshow/85792404.cms"> approved</a> in India in 2021 but a 2022 report revealed that the company’s India debut was put on<a href="https://www.businessinsider.in/business/auto/news/elon-musk-dashes-hopes-of-tesla-fans-in-india-entry-plan-put-on-hold/articleshow/91543214.cms"> hold</a> as Musk was not able to obtain lower tariffs for the company. It’s not just Tesla, other electric vehicle makers will also benefit from this policy. Vietnamese EV maker VinFast recently announced its plans to invest $2 billion in India and has started constructing its first factory in Tamil Nadu. <cmsannotation type="cmsannotation" annotationid="Impact on existing companies" comment="subhead" text="Impact on existing companies">Impact on existing companies</cmsannotation> The move could come as a hit to companies like Tata Motors and Mahindra and Mahindra, which have been reportedly lobbying officials to not lower import taxes on electric vehicles to protect the domestic industry. Tata Motors is India’s biggest electric car maker and enjoys a market share of over 70%. It’s not just these companies, other existing EV makers are also expected to be impacted by Tesla’s entry. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/retail-auto-sales-grow-by-13-in-february-but-elevated-inventory-levels-a-concern/articleshow/108289901.cms">Retail auto sales grow by 13% in February, but elevated inventory levels a concern</a> <a href="https://www.businessinsider.in/business/auto/news/byd-seal-electric-sedan-launched-in-india-starting-at-41-lakh/articleshow/108234000.cms">BYD Seal electric sedan launched in India starting at ₹41 lakh</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms">Electric two-wheeler sales grow by 24% in February 2024, Ola Electric leads with over 40% market share</a>

New EV Policy: Elon Musk’s Tesla may soon enter India as import taxes slashed for electric vehicles

<ul class="summary-list"><li>Trump has been critical of EVs and Biden's policies to encourage manufacturing and sales. </li><li>The potential loss of a $7,500 tax credit has sparked concern in the EV industry. </li></ul>Donald Trump <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-electric-car-supporters-rot-hell-christmas-truth-social-2023-12">has been an outspoken critic of EVs</a> — and that could spell trouble for America's electric vehicle industry.His rhetoric has made it clear that the former president's return to the White House — which looks increasingly likely <a target="_blank" class="" href="https://www.businessinsider.com/trump-beating-biden-debate-polling-election-2024-7">according to the most recent polls</a> — will pose a reckoning for <a target="_blank" class="" href="https://www.businessinsider.com/electric-car-ev-sales-prices-problem-transportation-2024-1">the US' already-flagging EV industry</a>.Despite this, Trump's candidacy has attracted the support of a man whose wealth depends almost entirely on electric cars — <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>.<h2 id="8e5276a4-bb06-4f63-9935-b04a87aac54d">A Trump charm offensive</h2>The billionaire <a target="_blank" class="" href="https://www.businessinsider.com/biden-campaign-says-musk-trying-to-control-country-with-money-2024-7">officially endorsed Trump</a> following his attempted assassination this month, and reportedly plans to <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donate-45-million-pro-trump-pac-report-2024-7">donate $45 million a month</a> to pro-Trump super PAC as he throws his enormous wealth behind Trump's re-election bid.Musk also reportedly played a <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-jd-vance-elon-musk-tucker-carlson-david-sacks-2024-7">part in Trump choosing Ohio senator JD Vance</a>, an even <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-elon-musk-tesla-electric-vehicle-tax-credit-oil-2024-7">fiercer critic of electric vehicles</a>, as his vice president.His selection as Trump's running mate was <a target="_blank" class="" href="https://x.com/elonmusk/status/1812931869023084912">favorably received by Musk</a>. But Vance introduced legislation last year to repeal the <a target="_blank" class="" href="https://www.vance.senate.gov/press-releases/senator-vance-unveils-legislation-to-eliminate-biden-ev-credits-promote-domestic-auto-manufacturing/">$7,500 tax credit for US-made electric vehicles</a> and has accused Biden of <a target="_blank" class="" href="https://www.vance.senate.gov/press-releases/senator-vance-biden-ev-agenda-threatens-u-s-auto-industry/">"subsidizing an industry that benefits Communist China more than it does American workers."</a>Musk has defended Vance's proposals, saying removing the subsidies would <a target="_blank" class="" href="https://x.com/elonmusk/status/1813112958157005259">"only help Tesla"</a> — but that's at odds with Tesla's marketing, with the federal tax break <a target="_blank" class="" href="https://www.tesla.com/modely">included in price breakdowns on the company's website</a> and promoted on <a target="_blank" class="" href="https://x.com/tesla_na/status/1789090040997400657">Tesla's social media</a>.<h2 id="1c73f6bd-70b1-47b2-81b0-26dc074c7ac0">Subsidy fears</h2>The potential loss of the $7,500 tax credit has already sparked concern in the EV industry.General Motors board member and former Tesla president of global sales Jon McNeill warned that rolling back on this tax credit would hand Chinese manufacturers like BYD, <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-vehicles-government-subsidies-win-ev-race-byd-tesla-2024-6">who benefit from significant state support</a>, a huge advantage over their US rivals."I think we risk losing the auto manufacturing share to China. We really do, globally," <a target="_blank" class="" href="https://www.cnbc.com/2024/05/22/rollback-ira-electric-vehicle-credits-would-benefit-china-gm-board-member.html">he told CNBC</a>.Dylan Khoo, an EV analyst at intelligence firm ABI Research, told Business Insider that the cost of EVs is one of the <a target="_blank" href="https://www.businessinsider.com/evs-too-expensive-5-upcoming-affordable-models-kia-chevy-volvo-2024-6">key factors holding consumers back from going electric</a>."If we see that tax credit cut, then EVs start looking insurmountably expensive for most consumers," he said.Sam Fiorani, vice president of Global Vehicle Forecasting at automotive consultancy AutoForecast Solutions, told BI that the tax credit had become increasingly targeted at middle-class vehicle buyers in recent years."Pulling it away will lessen the opportunity for middle-class people to entertain the idea of an electric vehicle, and potentially make the industry less competitive by raising prices," he said.Ultimately, the political uncertainty surrounding the election is probably already a factor causing automakers to reconsider their EV plans, Khoo said.He warned the withdrawal of government support could have dire consequences for legacy automaker's <a target="_blank" class="" href="https://www.businessinsider.com/ford-asks-suppliers-for-help-cutting-ev-costs-2024-5">mostly unprofitable EV businesses</a>."It could be potentially fatal to the industry," said Khoo.<h2 id="fa426172-8a21-4795-8832-c7b461eea064">Elon Musk's gamble</h2>This grim picture leaves Musk's full-throated support for Trump looking somewhat contradictory.The billionaire has been on a Trump charm offensive for months, telling shareholders Trump would <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donald-trump-calls-him-up-tesla-electric-vehicles-2024-6">often "call him out of the blue,"</a> and that he was trying to convince the former president of the benefits of EVs.That strategy appears to be working. In a recent interview with Bloomberg Businessweek, Trump <a target="_blank" class="" href="https://www.bloomberg.com/features/2024-trump-interview-transcript/">said he had "no objection" to EVs and praised Musk as "fantastic"</a> — but he still warned that the US could not have 100% of its cars electric, and criticized them for being too heavy and expensive.Some experts think there is method in Musk's apparent madness.Dan Ives, an analyst at Wedbush Securities, wrote in a recent note that while a Trump presidency would be broadly negative for EVs, it may prove a positive for Tesla."Tesla has the scale and scope that is unmatched in the EV industry and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment," said Ives, adding the company would also benefit from the fact Trump is likely to impose <a target="_blank" class="" href="https://www.businessinsider.com/china-evs-tariffs-joe-biden-transport-2024-5">higher tariffs on China's EV giants</a>.Khoo agreed, telling BI that Tesla has the market share and the production scale to survive a withdrawal of government subsidies, while its rivals do not."If you can already do something without the support, and it's going to help the competitors to catch up to you, you can secure your position in the market and maintain that," he said."A lot of these incentives are helping other companies transition towards electric vehicles, and Tesla's already there with 15 years of history behind them," said Fiorani."They're already making money building electric vehicles, and the incentive just helps boost volume rather than boosting profits," he added.With <a target="_blank" class="" href="https://www.businessinsider.com/tesla-loses-market-share-but-elon-musk-still-wins-2024-7">Tesla's market share beginning to slip</a> as other automakers ramp up their EV efforts, Musk seems to be gambling that this prediction will come to pass.

Here's what a Trump victory could mean for the entire EV industry

<ul><li>The Indian EV (electric vehicle) industry reported nearly a 100% increase in sales in 2023.</li><li>The sale of EVs is expected to grow by 66% in 2024 and double its share when it comes to the overall passenger vehicle (PV) segment.</li><li>EVs are expected to account for nearly a third of the overall PV shipments by 2030.</li></ul>Indian EV makers had a great year in 2023, nearly doubling their sales compared to 2022, despite the overall passenger segment reporting only a 10% increase in sales. According to a report by Counterpoint Research, Indian <keyword id="19914921" type="General" weightage="20" keywordseo="EV-sales" source="keywords">EV sales</keyword> nearly doubled in 2023 and now account for 2% of the overall passenger vehicle (PV) sales. The reason for the increase in shipments includes government initiatives such as the FAME subsidy (Faster Adoption and Manufacturing of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric Vehicles</keyword>), infrastructure development, concerns over climate change and more. <cmsannotation type="cmsannotation" annotationid="Tata Motors leads the EV race" comment="subhead" text="Tata Motors leads the EV race"><keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="261" meta.entityid="Tata Motors">Tata Motors</keyword> leads the EV race</cmsannotation> Tata Motors leads the electric vehicles race in India, accounting for 70% of the electric cars sold in India in 2023. The company reported a year-on-year growth of 58% in 2023, but its share declined from 87% in 2022 to 70% in 2023. <keyword id="19993198" type="General" weightage="20" keywordseo="MG-Motor" source="keywords" meta.keywordsubtype="org" meta.entityname="MG Motor" meta.hostid="261" meta.entityid="MG Motor">MG Motor</keyword>, which had a share of 9% in India in 2022 reported a growth of 186% and accounted for 14% of the sales in 2023. Mahindra &amp; Mahindra has emerged as the fastest growing brand in 2023, reporting a 2476% growth and accounting for 7% of the market share. Mahindra sells the XUV400, the only electric car in the country. BYD also reported excellent growth in the Indian electric vehicles industry, recording a growth of 1538%. <cmsannotation type="cmsannotation" annotationid="EV sales to double in 2024" comment="subhead" text="EV sales to double in 2024">EV sales to double in 2024</cmsannotation> According to Counterpoint, the share of electric vehicles in the overall passenger vehicles segment will double from 2% to 4% in 2024. EV sales in India are expected to grow by 66% in 2024. According to the report, the share of electric vehicles is expected to rise from the present 2% to 29% by 2030. “The EV ecosystem is in a fairly nascent stage. As the infrastructure and consumer traction develops, we will see the entry of newer players such as Tesla and fast-growing Chinese brands like Xiaomi, which will catalyze innovation and competition in the world’s fourth-largest PV market,” said Neil Shah, research vice president, Counterpoint Research. <cmsannotation type="cmsannotation" annotationid="India’s new EV policy to give a boost" comment="subhead" text="India’s new EV policy to give a boost">India’s new EV policy to give a boost</cmsannotation> The Indian government’s recent<a href="https://www.businessinsider.in/business/auto/news/new-ev-policy-elon-musks-tesla-may-soon-enter-india-as-import-taxes-slashed-for-electric-vehicles/articleshow/108527306.cms"> EV policy</a> is expected to boost the EV industry, making it easier for international companies to enter the market. As part of the policy, the companies will be allowed to import 8,000 completely built-up (CBU) electric cars per year at an import duty of 15% on cars costing above $35,000 (approx. ₹28.99 lakh). At present, India levies a tax of 70% to 100% on imported cars, based on their value. This means that the import duty has been reduced by up to 85% for companies under this scheme. Tesla is expected to soon enter the Indian market, with the company reportedly searching for appropriate places for its factory in the country. Vietnamese EV maker VinFast recently announced its plans to invest $2 billion in India and has started constructing its first factory in Tamil Nadu. “Government initiatives such as the PLI scheme for Advanced Chemistry Cells (ACC) and the recent reduction in import duties on EVs under $35,000 to 15% are game changers. All this not only opens doors for Tesla but also signals India’s readiness to welcome significant investments and foster a new ecosystem for EVs and their component suppliers,” said Liz Lee, associate director, Counterpoint Research. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/electric-scooters-get-a-price-hike-of-up-to-16000-as-fame-subsidy-ends/slidelist/109136771.cms">Electric scooters get a price hike of up to ₹16,000 as FAME subsidy ends</a> <a href="https://www.businessinsider.in/business/auto/news/ather-rizta-electric-scooter-launched-in-india-starting-at-rs-109999/articleshow/109128809.cms">Ather Rizta launched in India as the Hero MotoCorp-backed EV forays into the family scooter segment</a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-march-2024/slidelist/109066534.cms">Top selling cars in India in March 2024 – Tata Punch leads the pack</a>

EV sales expected to grow by over 65% in 2024, double its overall market share

<ul class="summary-list"><li>Ford is trying to get its own employees to buy more EVs. </li><li>The automaker is changing its leasing scheme to encourage managers to go electric, per Reuters.</li></ul><a target="_blank" href="https://www.businessinsider.com/ford-joins-tesla-in-touting-affordable-evs-as-demand-stalls-2024-4">Ford</a> is urging its managers to lease its EVs and share their experiences with their friends and family as it looks to drum up interest in these vehicles. According to an internal company email viewed by <a target="_blank" href="https://www.reuters.com/business/autos-transportation/ford-urges-its-managers-buy-more-evs-with-new-leasing-policy-2024-07-02/">Reuters</a>, the automaker has changed its leasing policy for some employees to encourage them to buy the company's EVs.Ford runs a leasing program that allows eligible current and former managers to order a supplementary vehicle after leasing a set number of cars, usually one or two.According to the internal email, that supplementary vehicle must now be either an electric Mustang Mach-E SUV or an F-150 Lightning pickup. A Ford spokesperson told Reuters that the move would help employees see how easy it is to drive an electric vehicle and encourage them to "share their experiences with friends and family."Vehicles leased to Ford employees count as sales for the company, per Reuters.Ford's EV sales have struggled amid a slowdown in demand for battery-powered vehicles, and the company recently cut<a target="_blank" href="https://www.businessinsider.com/ford-cuts-electric-f-150-lightning-production-affecting-jobs-2024-1"> production of its flagship F-150 Lightning pickup truck.</a>Ford's EV business reported losses of $1.3 billion in the first quarter of 2024. To stem the bleeding, it has resorted to asking suppliers to come up with ways to cut manufacturing costs. In an interview with CNBC's Julia Boorstin <a target="_blank" href="https://www.youtube.com/watch?v=s6eq8ABvyYQ">at the Aspen Ideas Festival in June</a>, Ford CEO Jim Farley said it was critical that the Detroit automaker worked out how to make EVs profitable within the next five years.He pointed out that Ford was in a race against Chinese manufacturers like BYD, who have been able to <a target="_blank" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">sell their electric cars at lower prices</a> and are <a target="_blank" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">rapidly expanding across the globe</a>."If we cannot make money on EVs, we have competitors who have the largest market in the world, who already dominate globally, already setting up their supply chain around the world," Farley said."And if we don't make profitable EVs in the next five years, what's the future? We will just shrink into North America," he added.Ford did not immediately respond to a request for comment made outside normal working hours.Do you work at Ford or have a tip? Get in touch with this reporter via email at <a target="_blank" href="mailto:tcarter@businessinsider.com">tcarter@businessinsider.com</a>.

Ford is so desperate to push EVs that it's making managers lease them

<div type="image" title="One Planet Banner Test" height="138" width="1100" msid="109509214" hostid="261" sizebytes="5076"></div>On one Upper West Side side street, you can hear the quiet hum of electric vehicles almost all day and night.Manhattan isn't known for its plentiful parking. But this street has something even rarer: two public spots reserved for EV charging. Often, vehicles linger for hours.On a recent weekday, one licensed ride-hailing driver had been charging for more than 12 hours. Another EV sat for more than five hours at the neighboring plug. For the ride-hailing driver, that's 12 hours they didn't work. For other EV owners, it's one less charger to plug in to. A Tesla slowed as it drove by in hopes the spaces weren't occupied.This snapshot in time comes as New York City aims to convert almost its entire ride-hailing industry to EVs by 2030, with the exception of wheelchair-accessible vehicles. Mayor Eric Adams' Green Rides Initiative affects the city's more than 84,000 Uber and Lyft drivers — among the largest markets in the world. It's an ambitious target, given that under 10% of rides were taken in an EV in March, according to city data.The biggest hurdle is building enough public chargers, especially in such a densely packed city with an old power grid and lengthy bureaucratic delays. For Uber and Lyft drivers, time is money, so widely accessible charging is key to the EV switch. The majority live in NYC's outer boroughs, such as Queens, and park on the street, where chargers are sparse. A <a target="_blank" href="https://www.nrel.gov/docs/fy22osti/82293.pdf">study by the US Department of Energy</a> found that 1,000 fast chargers were needed for every 20,000 EV drivers on the road. Currently, there are fewer than 200 across NYC. Plus, building thousands of new chargers requires billions of dollars of investment.City officials and ride-hailing companies told Business Insider that electrifying the sector could unlock a broader EV revolution because it could solve a crucial conundrum: Companies won't build charging stations if there aren't enough drivers, but drivers won't buy an EV if charging isn't widely accessible."This is the industry that's going to get this infrastructure off the ground because a ride-share driver is a great customer for a charging station," said Bobby Familiar, a spokesperson for Revel, an all-electric ride-hailing service that operates three public fast-charging stations in NYC. "They have to charge every single day that they do a shift. They want fast charging because every minute spent at the charger is time they could be on the road earning a fare."Electrifying the ride-hailing industry also has big returns for the environment, Michael Replogle, a former deputy commissioner for policy at NYC's Department of Transportation, said."If you can electrify Ubers, Lyfts, and taxis that drive several hundred miles a day, it will really reduce the city's carbon footprint and clean up the air," he said.Given the stakes, a lot has to go right in the coming years. The city has to strike a balance between the number of EV drivers and charging sites. Long wait times risk turning off drivers from making the switch, but if there isn't enough demand, the economics could fall apart for stations run by the government or private entities. Chargers also must be in neighborhoods with a history of underinvestment.<h2>A mad dash for EV licenses</h2>The transition is getting an early test this year now that thousands more ride-hailing drivers have licenses.In October, the Taxi &amp; Limousine Commission opened applications for this gig work for the first time in five years — but for EV drivers only. A cap had been in place since 2018 to stabilize drivers' wages and decrease traffic congestion.The TLC approved about 8,400 EV licenses. That brought the total to more than 11,000, a huge jump compared with several years ago.The program is on hold because of a lawsuit filed by the New York Taxi Workers Alliance. It represents the yellow-cab industry, which isn't under the EV mandate but can voluntarily make the switch to certain models. The alliance argued that the market would become oversaturated.TLC Commissioner David Do said many of those who applied were ride-hailing drivers already and the total number of drivers in NYC was still lower than pre-pandemic levels.A lot of ride-hailing drivers are excited about the EV push because it's a pathway to owning their own car, rather than renting from fleet owners, according to Aeraj Qazi, the owner of Primetime Brokerage, which helps drivers through the TLC licensing process."Rentals are like handcuffs for drivers, so EVs provide an opportunity for drivers to own their own plates," Qazi said.Weekly rental rates average between $450 and $600, several drivers told BI. That's more than a typical monthly car payment.Qazi said he and other brokerages helped file thousands of EV applications before the court-ordered injunction took effect late last year."We didn't realize how crazy it would get. The charging infrastructure isn't there right now," Qazi said.Guillermo Fondeur, an Uber driver who bought a Tesla in 2021, charges at home. He said the switch had saved him money on gas and maintenance, and he earns some perks from Uber, including an extra $1 on every ride.But he's heard complaints from other EV owners about the lack of public charging infrastructure."It's very inconvenient to find chargers," Fondeur said. "There are one- to two-hour waits to plug in some places."He added: "Drivers want to charge on the block where they live. The city could put chargers in the parking spaces. There's also a lot of parking lots."<h2>NYC's most valuable asset</h2>Today, there are nearly 200 fast chargers in NYC and more than 1,900 Level 2 chargers. The Adams administration <a target="_blank" href="https://climate.cityofnewyork.us/subtopics/electric-vehicles/">wants to grow the network</a> this decade to 6,000 fast chargers and 40,000 Level 2 plugs."We need every space we can find," Do said.In general, EVs can get up to 30 miles of range for every hour they're plugged in to a Level 2 charger. That makes them ideal for overnight street parking, or for several hours during the day while drivers run errands or go to work. Fast chargers, such as those in Tesla's Supercharger network, can add up to 200 miles of range in just 15 minutes, helping ease range anxiety among road trippers and ride-hailing drivers who need a quick refill but don't want to lose too much time.Making progress in NYC requires coordination across the government, power utilities, and private companies. Do is part of a charging task force that brings those parties together.The TLC is sharing data on where drivers live and where and how often trips happen to help inform where chargers should be. The utility Con Edison is identifying where enough power is already available for new chargers and expanded a statewide program that subsidizes the cost of bringing electricity to chargers to $585 million. The Department of Transportation is investing in some curbside charging and fast chargers <a target="_blank" href="https://www.nyc.gov/html/dot/html/pr2023/fast-charging-hubs.shtml">in municipal parking lots</a>.The department's efforts build on a <a target="_blank" href="https://rosap.ntl.bts.gov/view/dot/68833">curbside-charging pilot</a> with Con Edison and a Canadian company, Flo. It created 100 Level 2 plug-ins across all five boroughs, a spokesperson for the department said, and there are plans for hundreds more.But those efforts alone won't spur enough development, Replogle, the former DOT official, said."It took us 3 ½ years to stand up that pilot," he said. "We recognized we would not be getting thousands of on-street Level 2 chargers by scaling up that model. It's going to take some competitive procurement with the private sector to make this happen."There are barriers, Replogle added. There isn't a clear path for private charging companies and real-estate owners to get regulatory approval for installing curbside plugs."Street space is one of the most valuable assets the city owns," Replogle said. "There are 3 million parking spaces, and less than 250,000 of them are priced. So there are a fair number of spaces that can produce the kind of economic return for electrification to happen."A DOT spokesperson said the department last year sent out a request for information from EV-charging companies, which will inform future partnerships.Beyond curbside, there are hurdles for companies such as Revel that are building larger fast-charging stations with dozens of plugs. These sites often need electrical-power upgrades to connect to the grid, a lengthy process with Con Edison."We're approaching every charging station like it's a new high-rise building," Familiar said. "But the timeline for getting a charging station up and running is a lot different than a building. If we have power, we can get a site done within months, not years. The power-upgrade timeline does not match that."Charging stations should go to the front of the line, he added.A spokesperson for Con Edison said the utility was evolving its grid-planning process to prepare for large EV loads."When upgrades are needed at the customer property, we are working to reduce interconnection timelines at every step in the process from early customer engagement and education through improved work coordination and collaborating closely with municipalities on permitting," the spokesperson said.<h2>The charging pipeline</h2>Despite the delays, Revel has a pipeline of 300 fast chargers over the next two years, Familiar said. That figure reflects active site leases in various phases of design and construction.Revel owns a fleet of 500 vehicles and more than 50 plugs in NYC that are open to any model.One of the new stations is set to be at LaGuardia Airport, one of the busiest areas for ride-hailing trips in the city. Installing 48 plugs would make it the largest fast-charging location at any airport nationwide. It's expected to open next year.Revel in March also struck a deal with Uber that guaranteed its drivers would use at least 250 of Revel's plugs a certain amount of the time. If Uber doesn't meet the use threshold, it's financially liable. In exchange, Uber drivers will get up to a 25% discount when they charge.The agreement could help Uber meet its own goal to have its drivers go fully electric this decade. So far, more than 6% of Uber's fleet in the US and Canada has zero emissions, and more than 17% of trips in NYC were in EVs last year. The company said it's spending $800 million by 2025 to encourage drivers to make the switch.Josh Gold, Uber's senior director of public policy, said that after the TLC lifted its cap on EV licenses, he saw longer lines at Tesla's Superchargers. And for years, many of the platform's early EV adopters were going to Manhattan to charge, often in paywalled parking garages."That's not where our drivers live," he said. "So that's been a worry, but now we're seeing the charging infrastructure develop more."Uber is sharing ride data with Revel so it can locate chargers in the most convenient places for drivers. Uber has a similar agreement with Tesla.Lyft, for its part, said it's investing $80 million through 2025 on its EV push and working with charging companies including EVgo and Electrify America to offer discounts. Nearly 17% of NYC Lyft rides were in EVs last year.The rising demand from the ride-hailing industry for EV charging could help buoy other startups. Itselectric is piloting some Level 2 curbside charging using excess power from buildings, which avoids the need for utility upgrades and therefore could speed up the build-out. In a parking garage in midtown Manhattan, Gravity in March opened what it says are the 24 fastest chargers in the country.Almost everyone BI interviewed for this story acknowledged that the city's EV's ambitions were lofty.There are some promising signs, however.Do said that the Green Rides Initiative was two years ahead of schedule. By 2025, at least 15% of ride-hailing trips were supposed to be in zero-emissions or wheelchair-accessible vehicles. That threshold was crossed in January and ticked up even higher in March to 17%. That month, more than 2 million trips were taken in an EV — a fivefold increase compared with November.Do said he wanted to boost the TLC's outreach to drivers so they could understand the perks of switching to an EV."There are so many more benefits to a green vehicle, not only for the future of our city but for kids who will breathe cleaner air, and it also might be a little cheaper," he said. "So we've laid the foundation, but now we need to convince many other drivers to convert."Juliana Kaplan contributed to this article.This article is part of "<a target="_blank" rel="" href="https://www.businessinsider.com/category/the-great-transition">The Great Transition</a>," a series covering the big changes across industries that are leading to a more sustainable future. For more climate-action news, visit Insider's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/one-planet">One Planet</a> hub.

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