Toyota isn't quite ready to boost the power of its EVs

Toyota isn’t quite ready to boost the power of its EVs

Image for article titled Toyota isn't quite ready to ramp up the power of its EVs

Photo: Toyota

Toyota says he still won’t really increase sound production first consumer electric vehicle a few more years, Faraday’s future is cutting wages because the electric vehicle maker’s start-up is running More speciesand Mercedes-Benz is the latest manufacturer to exit the Russian market. All this and more in The morning shift for Wednesday, October 26, 2022.

1st Gear: Toyota needs time to boost bZ4x production

Toyota is reportedly considering a huge leap in bZ4X production, but not before 2025. It would be part of a wider strategic overhaul by the Japanese company.

The automaker is considering the decision to increase production of its first consumer electric vehicle by six or 12 times its current monthly output. Right now, that’s about 1,000 cars a month. But that doesn’t happen overnight. The move would take place in 2025 if the components (including semiconductors) can be secured in time. Of Reuters:

The car is produced at Toyota Motor Corp’s Motomachi plant near its headquarters on an assembly line shared with gasoline and hybrid cars. Current and potential production figures include those of the Subaru Corp Solterra, which is manufactured on the same platform.

The increase would see Toyota add production at another plant near its headquarters, the Takaoka plant, said the three people, who spoke on condition of anonymity because the information was not public.

[…]

The potential production increase comes as the automaker has been criticized for not moving faster to embrace fully electric cars and pushing hybrid technology instead. He launched a review of its EV strategyReuters reported this week.

As part of that review — which could result in a more aggressive roadmap for future electric vehicles based on technologies that promise to cut costs and improve performance — it also suspended development work on some of the 30 new electric vehicle models announced last year and slated to launch by 2030, Reuters reported.

Toyota recently restarted bZ4X production after a few recalls hampered it. At the height of the planned production increase, Toyota would produce more than 190,000 electric vehicles per year.

2nd Gear: Faraday’s Dark Future

Faraday Future would cut employee wages by 25% starting next month. Movemente is done in order to save money (since it is almost sold out) while the company seeks new capital in order to finally launch FF91.

In an email sent to employees last week, Faraday said the pay cuts are expected to last from Nov. 1 through the end of the year. Earlier this month, the company also laid off a few dozen employees. Of Bloomberg:

Faraday has seen his cash reserves dwindle rapidly. This recently said it had $39 million in cash as of September 21, compared to about $47 million at the end of August.

The company said in the emailed memo, which was seen by Bloomberg News, that employees will be awarded restricted stock units, or RSUs, equal to the reduced amount of their salary, which will vest in December. Faraday also offered employees the option of taking a bigger pay cut in exchange for more valuable RSUs, although he noted that any RSUs awarded will be forfeited if the employee is terminated.

Faraday has delayed the launch of its first vehicle until at least 2023. Things don’t look too hot for the Los Angeles-based company right now, although they never really were.

3rd gear: Mercedes-Benz leaves Russia

Add Mercedes-Benz to a growing list of automakers pulling out of the Russian market. The company would sell shares in its industrial and financial services subsidiaries to a Russian investor: the car dealership chain Avtodom. Of Reuters:

Mercedes CFO Harald Wilhelm, when presenting third quarter results, said the transaction is not expected to have any other significant effects on the group’s profitability and financial condition beyond those reported in previous quarters.

“Final completion of the transaction is subject to approval by the authority and the implementation of contractually agreed terms,” he added.

[…]

“The main priorities in the agreement on the terms of the transaction were to maximize the fulfillment of obligations to Russian customers both in terms of after-sales services and financial services, as well as to preserve the jobs of employees of the divisions. companies,” Natalia Koroleva, CEO of Mercedes-Benz Russia, said in a statement.

Mercedes suspended manufacturing in Russia in early March.

Mercedes now joins Volkswagen, Toyota, Nissan and Renault in leaving Russia market. Other companies like Mazda and Kia are also considering exiting the country.

4th gear: $1 billion for buses

The US Environmental Protection Agency announced that it is allocating nearly $1 billion to about 400 school districts across the country to purchase zero- or low-emission school buses.

The funding will lead to the purchase of 2,463 buses. More than 95% of them will be electric and a “very small number” will be powered by compressed natural gas. another 100 will be propane buses. Of The Detroit News:

The school districts that will receive funding were chosen through a lottery system, and 99% of the projects are in districts serving low-income, rural, or Indigenous students. The EPA originally planned to allocate $500 million in the first round of funding, but the agency increased it to nearly $1 billion after receiving “overwhelming demand” from districts.

Millions of children ride the bus to and from school every day, said EPA Administrator Michael Regan. “It’s an essential part of being a kid in America.”

“But we all know that traditional vehicles that rely on internal combustion engines emit toxic pollutants into the air,” he added. With this funding, “we are forever transforming school bus fleets across the United States.”

Currently in the United States, more than 90% of all school buses run on diesel. The outlet reports that the $1 billion allocation is part of a more than $5 billion plan for zero- and low-emission school buses under the Investment and Jobs Act. in infrastructure. Another billion dollars will be available next year.

School districts that have applied for and received funding will place purchase orders with manufacturers, which will be paid directly by the EPA, [Karl] Simon [director of the transportation and climate division of the EPA] said. This must be completed by April.

5th Gear: Hyundai’s Electric Vehicle Expansion Begins in Georgia

Hyundai on Tuesday inaugurated its $5.54 billion electric vehicle and battery manufacturing project that will build vehicles for Hyundai, Kia, and Genesis.

Factory – called the Metaplant — is ready to build up to six different models and has the ability to produce up to 500,000 vehicles per year on its 2,800 acres of land located approximately 30 miles northwest of Savannah, Georgia. Of Automotive News:

“We are making the current investment to reach 300,000 vehicles in the first phase, then 500,000,” Munoz said during a media roundtable after the inauguration ceremony.

[…]

Munoz did not specify which models the Metaplant will produce, but a new three-row Hyundai EV crossover called Ioniq 7 should be the first. Munoz also said Hyundai was still considering which models it would export from the new plant.

The project will also see the construction of an adjacent battery factory which will be built in a joint venture with a battery supplier which Hyundai has not yet identified.

A new supply chain will also be established to support the electric vehicle factory, Munoz said.

Thanks to this decision, Hyundai should once again be able to allow its buyers to obtain Federal tax credits for electric vehicles under President Biden’s Inflation Reduction Act.

Currently, Hyundai/Kia/Genesis electric vehicles are not eligible for the credit because they are imported from Korea, and this does not meet the criteria set out in the IRA.

Reverse: Bad!

#Toyota #isnt #ready #boost #power #EVs

Leave a Comment

Your email address will not be published. Required fields are marked *