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China's electric car drive, led by BYD, leaves global brands behind

SHANGHAI, April 17 (Reuters) - China's auto market, the world’s largest, is accelerating toward an electric future – leaving established global brands stuck in the slow lane.

When auto executives convene in Shanghai for the auto show starting Tuesday, they will return to a sharply different market from the one they left in 2021 when the industry gathered for a limited event under strict COVID-19 controls. The biggest change: China-made brands now lead in key segments and their rise has been powered by new electric-drive models that are gaining share at home and overseas. The biggest winner has been BYD (002594.SZ), which will use the Shanghai show to unveil a new hatchback electric vehicle (EV) for value-seeking buyers and a pricier EV styled as an SUV. BYD’s sales in China are up almost 69% this year, giving it an 11% share of the overall car market, more than the Volkswagen (VOWG_p.DE) brand or the Toyota (7203.T) brand, according to an analysis of sales data. "The stratification of this market into clear winners and losers is becoming clear," Bill Russo, founder of consultancy Automobility said in a note issued on Tuesday. "And there are very few winners and a whole lot of losers." China’s passenger car sales were down 13% in the first quarter, data from the China Passenger Car Association show. But sales of EVs and plug-in hybrids – an area where Chinese automakers led by BYD now dominate – were up 22%. Sales of internal-combustion vehicles were down by an almost equal margin. The result has been a double whammy for the likes of Volkswagen, General Motors (GM.N), Honda (7267.T) and Nissan (7201.T). Sales are down and so is market share. More than 40 auto brands have followed Tesla in cutting prices on EVs since January in a price war that has supported sales of EVs and plug-in hybrid electric vehicles (PHEVs), both of which are classed as “new energy vehicles” in China. It has also cut into industry-wide profitability, analysts say. THE ‘FINAL BASTION’ FOR COMBUSTION For years, China’s entry-level market for passenger cars was dominated by combustion-engine cars made by global automakers in partnership with Chinese brands. But for cars priced between $22,500 and $30,000, this year has been a wipeout for gasoline-only vehicles. Sales were down 20.5% in the first quarter, compared to a 68% gain for EVs and plug in hybrids. BYD’s Song plug-in hybrid SUV, with a starting price of about $20,000, outsold the Nissan Sylphy, which had been China’s top-selling car for three straight years. BYD’s Dolphin EV, which starts at about $17,000, was ahead of the Volkswagen Passat. Because of the cost pressure on EVs from battery materials, the entry-level market is likely to be “the final bastion” for gasoline-only vehicles in China, Xu Haidong, deputy chief engineer at the China Association of Automobile Manufacturers said. In China’s premium market, with prices between about $52,500 and $60,000, electric-drive cars are already the best sellers. BYD dominates China’s market for plug-in hybrids, cars that have a combustion engine but are capable of being charged and running for shorter distances on electric power. Plug-ins represent more than half of BYD sales this year, giving the company scale to compete on price across its line-up, analysts say. TESLA’S ‘HEART AND LUNGS’ Tesla saw a 27% increase in Chinese sales in the first quarter to just over 137,000 of its Model 3 sedans and Model Y crossovers. Tesla also increased share after cutting prices in China by between 6% and almost 14% in January. That put starting prices for Teslas in China between $7,500 and about $10,700 lower than current U.S. prices, which have also been discounted. Analysts and investors will focus on what that means for margins when Tesla announces first-quarter results on Wednesday. “Gaining further share in the key China market will be the hearts and lungs of the Tesla growth story,” Wedbush analyst Daniel Ives said in a note on Monday. In a further threat to established brands, China’s exports are growing fast, led by EVs and PHEVs. Industry-wide exports from China were up 83% last quarter from a year earlier. BYD, which markets its cars in Europe and Southeast Asia, had a 13-fold increase in exports from China. Reporting by Zhang Yan in Shanghai Writing by Kevin Krolicki in Singapore Editing by Mark Potter * FOR COMPLETE ARTICLE SEE: https://www.reuters.com/business/autos-transportation/chinas-electric-car-drive-led-by-byd-leaves-global-brands-behind-2023-04-17/

WHY DID FORD CUT TIES WITH RIVIAN TRUCK COMPANY???????

Ford Motor Company has sold a majority of its Rivian shares, according to regulatory filings. Ford’s stake in the electric vehicle maker, which has been dropping steadily since May 2022, is now at 1.15%, or 10.5 million shares.

The sell comes a week after Ford reported a $7.3 billion write-down on its Rivian investment last year. Since February 2022, Rivian’s stock has plummeted almost 70%. Ford has followed this playbook with Rivian before: Report a write-down, then sell to recuperate some of the losses. Last April, Ford reported a $5.4 billion “mark-to-market loss” on its investment in Rivian. The following month, Ford sold 15 million shares in two separate transactions, bringing its stake in the EV maker below 10%. Ford’s relationship with Rivian began with a $500 million investment in the precocious EV startup back in 2019. At the time, Ford also said it would build a vehicle on Rivian’s “skateboard” platform. The legacy automaker canceled those plans in November 2021, citing a shift in direction toward building its own lineup of EVs. Four months later, Ford increased its in-house electrification investment to $50 billion through 2026, up from the previous $30 billion by 2025. The automaker also said it would run its EV unit as a separate business from its combustion engine business. Other companies, like Amazon, have reported several losses from their investment in Rivian. Last week, Amazon reported a $2.3 billion valuation loss in its Rivian stock, which caused a hit to its income. Why are companies paying the price for investing in the promising, if not troubled, EV company? Recall that Rivian’s stock hit a high of $179.47 per share before falling to the $19.62 it is at today. Rivian’s stock is down 2.29% in afternoon trading following reports of Ford’s sale. FOR COMPLETE ARTICLE GO TO:https://techcrunch.com/2023/02/09/ford-sells-majority-stake-rivian/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAACb_fhnSQUnRT8OcAvY0jMU3E1K6Cx7GmpmIwMn1nH1vAMxBZnXQdjSNAf857SldM9Yvxph27MxMIqCyCs0h23m2UX7cTdJWFVP9RKfU6M7H0FzDmrfbEYCPv-AB6Vj8r77qZDCb2jET_oOTi845IRL4otB1GsvI7ROVDzsGtpce

2022 Rivian R1T Review // The Cybertruck That Actually Exists

New Federal Tax Credits in the Inflation Reduction Act

Federal tax credit for EVs will remain at $7,500 Timeline to qualify is extended a decade from January 2023 to December 2032 Tax credit cap for automakers after they hit 200,000 EVs sold is eliminated, making GM, Tesla, and Toyota once again eligible The language in the bill indicates that the tax credit could be implemented at the point of sale instead of on taxes at the end of the fiscal year That means you can get your credit up front at the dealer, but these terms may not kick in until 2024 In order to get the full tax credit, the EV must be assembles in North America and… Two binary pieces separate the full $7,500 credit meaning the vehicle either qualifies for each piece of the credit or it doesn’t $3,750 of the new credit is based upon the vehicle having at least 40% of its battery critical minerals from the United States or countries with a free trade agreement with the United States. This is a list of countries with free trade agreements with the US. The other $3,750 of the new credit is based on at least 50% of the battery components of the vehicle coming from the United States or countries with a free trade agreement with the US Note – these battery requirements are now being enforced as April 18, 2023. More below. The 40% minerals requirement increases to 50% in 2024, 60% in 2025, 70% in 2026 and 80% in 2027 The 50% battery components requirement increases to 60% in 2024, 70% in 2026, 80% in 2027, 90% in 2028 and 100% in 2029 Beginning in 2025, any vehicle with battery minerals or components from a foreign entity of concern are excluded from the tax credit Qualifying EVs must also have a battery size of at least 7 kWh and a gross vehicle weight rating less than 14,000 pounds New federal tax credit of $4,000 for used EVs priced below $25k Subject to other requirements like lower annual income (see below) Revised credit applies to battery electric vehicles with an MSRP below $55,000 Also includes zero-emission vans, SUVs, and trucks with MSRPs up to $80,000 New credit also expands to commercial fleet customers Includes separate qualifications and limits The federal EV tax credit will be available to individuals reporting adjusted gross incomes of $150,000 or less, $225,000 for heads of households, or $300,000 for joint filers The new credit will also continue to apply to Plug-in Hybrid EVs (PHEVs) as long as they meet the same requirements outlined above Revamped used vehicle credit

Used EVs also got revised terms that now offers a credit equal to 30% percent of the sale price (up to $4,000). That should help consumers like yourselves get some change back in your pocket at the end of the fiscal year. As long as you stick to these terms as outlined by the IRS. To qualify as a customer, you must: Be an individual who bought the vehicle for use and not for resale Not be the original owner Not be claimed as a dependent on another person’s tax return Not have claimed another used clean vehicle credit in the three years before the EV purchase date Modified adjusted gross income must not exceed $75k for individuals, $112,500 for heads of households, and $150k for joint returns For the used EV to qualify for federal tax credits, it must: Have a sale price of $25,000 or less Have a model year at least two years earlier than the calendar year when you buy it For example, a vehicle purchased in 2023 would need a model year of 2021 or older Not have already been transferred after August 16, 2022, to a qualified buyer Have a gross vehicle weight rating of less than 14,000 pounds Be an eligible FCV or plug-in EV with a battery capacity of least 7 kilowatt hours (kWh) Be for use primarily in the United States You buy the vehicle from a dealer For qualified used EVs, the dealer reports required information to you at the time of sale and to the IRS Purchaser must be an individual (no businesses) to qualify for used credit A used vehicle qualifies for tax credit only once in its lifetime FOR COMPLETE ARTICLE SEE: https://electrek.co/2023/04/17/which-electric-vehicles-still-qualify-for-us-federal-tax-credit/

2023 toyota that runs on hydrogen with about a 500 mile range........................

BY DREW DORIAN AND MIHIR MADDIREDDY Overview As an electric car that runs off hydrogen, the 2023 Toyota Mirai is a niche car within a niche segment. Its handsome design and luxurious cabin are as unexpected as its fuel-cell powertrain, which produces 182 horsepower and can motor on for more than 400 miles before needing a refill of hydrogen. It’s not as quick as EV rivals that use charging stations to fill their batteries, but the Mirai at least offers a refined ride and lively handling. Why aren’t more of these finding homes among the motoring public? Well, right now only the state of California has a reasonable infrastructure of hydrogen fueling stations, a fact that severely limits the Mirai’s—and its chief rival, the Hyundai Nexo’s—appeal.

Pricing and Which One to Buy XLE $50,595 Limited $67,095 Toyota offers the Mirai in either the base XLE trim or the loaded Limited guise, but we'd stick with the less expensive of the two. Standard interior features include heated and power-adjustable seats, keyless entry and ignition, faux-leather upholstery, and a 12.3-inch infotainment touchscreen. All Mirai models come with a $15,000 fuel credit and 21 days of complimentary vehicle rentals for when travel dictates drives away from areas with hydrogen fueling stations. EV Motor, Power, and Performance The Toyota Mirai relies on what’s called a fuel-cell electric powertrain, meaning that hydrogen (which could actually come from cow manure, among other sources) is converted into electricity by the onboard fuel cell—essentially a chemical laboratory on wheels. Fuel cells create electricity by stripping electrons from hydrogen atoms; the hydrogen then bonds to oxygen to create water, while the electrons power the electric motor. The result is an electric vehicle that relies on hydrogen fueled from a pump rather than electrons drawn from the nation's electrical power grid. The electric motor powering the Mirai produces 182 horsepower, and a direct-drive transmission sends those ponies to the rear wheels. Although Toyota claims the Mirai requires a leisurely 9.1 seconds to reach 60 mph, the immediate nature of the electric motor's power delivery makes it feel perkier than that when driving around town. Likewise, the rear-wheel drive chassis delivers a surprising level of athleticism while preserving a refined and composed ride. Fuel Economy and Real-World MPGe The EPA hasn't released estimates for the Mirai's fuel economy yet, but the previous generation model earned ratings of 67 MPGe for both city and highway driving. The more frugal of the two Nexo models comes in at 65 MPGe city and 58 MPGe highway. According to Toyota, the Mirai is good for up to 402 miles per fill-up of hydrogen. For more information about the Mirai's fuel economy, visit the EPA's website. Interior, Comfort, and Cargo The Mirai boasts a snazzy cabin that matches its swoopy exterior. Copper-colored trim pieces highlight several curvy elements on the dash and door panels while the nearly all-digital instruments and large infotainment screen dominate the upper part of the dashboard. It's a futuristic and rich-looking design that's appropriate for a car with a $50,000 starting price. The more expensive Limited trim brings even more niceties than the standard XLE, including a moonroof, heated-and-ventilated front and rear seats, three-zone automatic climate control, and more. for complete article go; here