The Tesla Cybertruck is Already the Second Most Popular Electric Truck on the Market - Latest Global News

The Tesla Cybertruck is Already the Second Most Popular Electric Truck on the Market

Good morning! It is Thursday, May 16, 2024 and this is The morning shift, your daily roundup of the biggest automotive headlines from around the world, in one place. Here are the important stories you need to know.

1st Gear: Cybertruck is already outperforming electric truck mainstays

The Tesla Cybertruck already sells most of them The market for electric pickupsonly lost against them Ford F-150 Lightning. In March the Cybertruck recorded 1,158 new vehicle registrations. This is more than that Rivian R1Tis 548, that Chevy Silverado EVs’ 319, and the GMC Hummer EVis 192. Still, everyone stayed behind Lightning a healthy 2,893 registrations. Out of Automotive News:

“By the fourth month, the Cybertruck had over a thousand registrations and was oversold the R1T by more than two to one,” said Tom Libby, deputy director of industry research at S&P Global Mobility. “And to be honest, I’m a little surprised. The Cybertruck is very, very unique and it’s interesting that it was able to achieve this kind of volume so quickly.”

The registration data is used as a proxy for official sales figures because Tesla does not break down its U.S. sales by global shipments. Additionally, Rivian does not report sales by model, and other electric vehicle manufacturers omit some model data.

Before going on sale, the Cybertruck had collected one million reservations from Tesla fans who paid a $100 refundable deposit, Tesla CEO Elon Musk said in October.

However, the Cybertruck’s base price rose from $39,900 when it was first revealed in November 2019 to $60,990 when the revised launch price was announced. Both prices apply before shipping.

Additionally, Tesla has begun production of a special Foundation series that starts at $99,990 before delivery. Tesla said on its website that lower trims will go on sale next year.

In order to undercut them even more drastically Cybertruck Foundation seriesRivian lowered the base price of the R1T to $71,700, a decrease of $3,100. The lightning starts at $57,090 and a base Silverado EV costs buyer $74,900, both including shipping. Except for CybertruckThe Lobster EV is the most expensive with a base price of $98,845.

In the first quarter 8,589 Lightning registered, which corresponds to an increase of 51 percent compared to the previous year. At the same time it is Cybertruck had 1,791, and the R1T had 1,786 registrations. This corresponds to a decrease of 56 percent year-on-year. Not ideal for Rivian, no.

2nd Gear: Honda will invest $65 billion in electric vehicles by 2030

Honda has pledged to double its electrification and software investments to around $65 billion by fiscal 2030. CEO Toshihiro Mibe made the announcement the Japanese car manufacturer would double the amount it originally planned to invest in April 2022 at a press conference on May 16 Reuters:

The company, a relative latecomer to electric vehicles, first needs to ensure it can reliably source batteries and achieve cost reductions and performance improvements before it can focus on software-defined vehicles, Mibe said.

“As far as strengthening software development, we realized that the amount we agreed on two years ago was simply not enough, so we significantly increased that share,” Mibe said after a presentation focused mostly on hardware -Improvements focused.

Models of a series of battery-powered vehicles that Honda will launch starting in 2026 will have a range of 300 miles (482 km) or more, Mibe said, promising to equip the cars with an ultra-thin battery pack and a newly developed compact e-axle .

The automaker said its goal is to reduce battery procurement costs in North America by more than 20% by 2030 and reduce production costs by about 35%, including through increased parts integration.

Here’s a little more about Honda’s electric vehicle plans:

Mibe said Honda plans to launch seven models of its electric vehicle series globally by 2030, but noted that EV adoption in North America and Europe was slowing after reaching a plateau.

Honda last month announced plans to invest $11 billion in new electric vehicle and battery production facilities alongside existing facilities in Ontario, Canada, as it prepares for expansion in the North American market.

Honda was originally launched its all-electric “0 series” at the CES in January (I’ve been there!) as it prepares for a long-term push to catch up with other automakers that previously embraced electric vehicles.

3rd Gear: Volkswagen is backing down on its EV push

Volkswagen And Honda seem to pass each other like ships in the night because The German car manufacturer Is scale back its plans for electric vehicles. VW said last week that more plug-in hybrids would be needed to compensate EV Sales are slowing down. Out of Bloomberg:

This is just the latest adjustment VW has made to electrification strategy after the company botched several model releases and fell behind in China, where local brands now dominate. The manufacturer has that too on the shelf It scrapped efforts to attract outside investors to its battery unit and plans for a €2 billion electric vehicle factory in Germany.

In fact, the automaker is selling so many cars that still run on internal combustion engines that it is on track to exceed its emissions limit next year, prompting Chief Executive Oliver Blume to ask European regulators for leniency. It’s a significant turnaround from just three years ago, when VW’s aggressive lobbying for electric vehicles in the European Union opened up divisions between the company and some of its competitors in the region.

VW had little choice but to embrace its electrification message after betting heavily on “clean” diesel engines. That bet unraveled when the company was caught cheating on emissions tests, forcing a hard switch to battery-powered vehicles. By 2019, then-CEO Herbert Diess announced plans to launch up to 75 all-electric models over the next decade.

His electric-car-or-bust strategy — Diess argued that automakers would have to change quickly if they wanted to survive — angered executives from Turin to Tokyo who wanted more time and flexibility to transition away from combustion cars. The CEO even praised what he saw as an early mover advantage.

Electromobility “has won the race,” said Diess when presenting VW’s battery strategy for 2021. “Many in the industry have questioned our approach. Today they are following suit as we do reap the fruits.”

But no worry, EV lovers. Volkswagen hasn’t completely given up on electric cars yet. Blume has partnered with companies like Xpeng and is Preparing a brand new electric car manufacturer for China. VW is apparently also discussing the development of cheaper electric vehicles with other European car manufacturers such as Renault.

VW isn’t alone in needing to recalibrate due to the EV slowdown. Countries like Germany and Sweden have stopped or cut subsidies for electric cars, which still tend to be more expensive than combustion engine vehicles, hurting the entire sector. Gaps in public charging networks also continue to deter potential buyers.

Any way you look at it folks, we’re in a really weird time for electric vehicles right now. I still think it’s probably the future, but getting there won’t be nearly as easy as it once seemed.

4th gear: Dieselgate agreement reached with Italians

In more Volkswagen encouraging news, The German car manufacturer and a group representing vehicle owners in Italy reached a settlement worth more than $54 million to end a legal battle the company’s “Dieselgate” emissions scandal. Out of Reuters:

As part of the settlement, over 60,000 car owners affected by emissions fraud will be compensated with up to 1,100 euros each, the Italian consumer group Altroconsumo said in a statement.

The scandal rocked the automotive industry in 2015 when it was revealed that vehicles were equipped with illegal software to manipulate environmental tests. It cost the German automaker more than 32 billion euros ($34.8 billion) in fines, retooling and legal costs.

Volkswagen’s Italian branch confirmed the agreement.

“We continue to work for the benefit of our customers here in Italy. “The agreement ends a years-long legal dispute and provides an amicable solution for all parties involved,” it said in a statement.

The comparison applies to drivers who bought Volkswagen, Audi, Skoda and SEAT cars with diesel EA189 engines between 2009 and 2015.

Altroconsumo initiated legal action against Volkswagen in 2015 in coordination with its sister organizations in Belgium, Spain and Portugal, which are part of the Euroconsumers organization.

Volkswagen was asked by the group to make proper repayments Dieselgate victims who were involved across Europe, saying that “all Dieselgate victims are equal and should be treated with equal respect.”

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