Fear of cheap Chinese EVs spurs automaker dash for affordable cars
Fear of cheap Chinese EVs spurs automaker dash for affordable cars
The rise of inexpensive Chinese electric vehicles has upped the pressure on legacy automakers who have turned to suppliers, from battery materials makers to chipmakers, to squeeze out costs and develop affordable EVs quicker than previously planned.
Chinese EVs are being sold at a loss of up to 35k per car:
https://www.nytimes.com/2023/10/05/business/nio-china-electric-vehicles.html
The Chinese government is subsidising their car industry, so they can engage in dumping, and decimate our car industries. When our domestic car industries are dead, they'll raise prices. It's like Amazon or any other scummy megacorp that kills local businesses.
This being said, it's hard to feel sorry for companies who also receive plenty of government subsidies and tax breaks, broke the law on emissions testing and likely killed a lot of people because of it, and refused to innovate or lower prices out of sheer greed.
"We can't lower the prices, it's impossible so soon"
Somewhat unrelated: IINM most Europeans don't drive even a quarter of the max range of EVs on most of their trips. The current range of EVs should be just fine it you plug it in every day like your phone. Getting an EV that can get you to work and back or to a friend and back without charging should already allow to buy an EV that's quite affordable.
So they CAN make cars cheaper. I bet they still post profit while claiming they're losing money.
China isn't making EVs for the sake of going green and the companies making them should have their manufacturing methods questioned.
This is the best summary I could come up with:
LONDON/DETROIT, Dec 8 (Reuters) - The rise of inexpensive Chinese electric vehicles has upped the pressure on legacy automakers who have turned to suppliers, from battery materials makers to chipmakers, to squeeze out costs and develop affordable EVs quicker than previously planned.
"Automakers are really now only turning to affordable vehicles, knowing they've got to or they will lose out to Chinese manufacturers," said Andy Palmer, chairman of UK startup Brill Power, which has developed hardware and software to boost EV battery management system performance.
Palmer, formerly Aston Martin's CEO, said Brill Power's products could boost EV range by 60% and enable smaller batteries.
Stellantis (STLAM.MI) is building a European plant with China's CATL (300750.SZ) to make cheaper LFP batteries and recently unveiled the Citroen electric e-C3 SUV, which starts at 23,300 euros ($24,540).
Vincent Pluvinage, CEO of Palo Alto, California-based OneD Battery Sciences, said that on his recent visits with European automaker customers, every meeting started with the same refrain: "'Reducing costs is now more important than anything else.'"
Veekim CEO Peter Siegle said using cheaper ferrite and low-cost processes - including 3D-printed copper wiring - can cut an EV motor's price by 20%.
The original article contains 809 words, the summary contains 195 words. Saved 76%. I'm a bot and I'm open source!
In Southern Ca these are becoming popular, we also have the largest Viet population outside Vietnam I believe.