Tag: electric vehicle

Ford Shareholders Reject Proposal to Audit Child Labor in Electric Vehicle Supply Chain

South Carolina Sun Staff
Ford electric vehicles

Shareholders at auto manufacturing giant Ford Motor Co. voted down a proposal Thursday requiring that a report be compiled on the use of child labor in its electric vehicle (EV) line.

The proposal, which was presented by the National Center for Public Policy Research (NCPPR) at Ford’s annual shareholder meeting, called for Ford to report to shareholders the extent to which the company’s EV supply chain involves, depends or relies on child labor outside of the U.S., according to Ford’s proxy statement. The NCPPR called for the report due to the prevalence of child labor in the harvesting of the components used to craft EVs, particularly cobalt, which is commonly sourced from the Democratic Republic of the Congo (DRC).

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Top Automaker Takes $1.3 Billion Bath on Key EV Line

South Carolina Sun Staff
Ford Headquarters

Top American automaker Ford hemorrhaged over a billion dollars on electric vehicles (EV) in the first quarter, leading to massive losses per vehicle.

Ford sold 10,000 vehicles in its EV Model e unit in the first three months of the year, losing $1.3 billion on the line altogether, equating to a loss of $130,000 per vehicle sold, according to data from the company’s first quarter earnings report. Despite the loss on EVs, Ford’s net income was $1.3 billion, selling over a million vehicles with $42.8 billion in revenue in the quarter.

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Tesla Reports One of Its Worst Quarters in Years in Latest Sign of Trouble for EV Market

South Carolina Sun Staff
Tesla Factory

Tesla disclosed a shaky earnings report to the public on Tuesday in the latest sign of weakness in the U.S. electric vehicle (EV) market.

The EV maker’s revenue for the first quarter of this year came in nearly 10 percent below its revenue for the first quarter of 2023, marking the largest decline the company has seen since 2012, according to its quarterly report and CNBC. Tesla’s net income also fell by about 55 percent relative to 2023, and the company warned investors that “volume growth rate may be notably lower than the growth rate achieved in 2023.”

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Electric Vehicle Maker Launches Another Round of Layoffs as Demand Slows

South Carolina Sun Staff
Rivian factory

Electric vehicle (EV) manufacturer Rivian announced its second round of layoffs just this year on Wednesday as consumer demand for EVs stalls.

The layoffs at Rivian will affect around 1 percent of the company’s staff as they continue to look for ways to cut costs to bolster struggling profits due to less-than-expected EV sales, the company confirmed to the Daily Caller News Foundation. Rivian announced in February that it was laying off 10 percent of its workforce after it released its 2024 production forecast, which was well below analyst expectations, according to Reuters.

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Biden Admin Threw Billions at EV Charging Stations, But Only a Handful Have Been Built

South Carolina Sun Staff
Electric Vehicle charging station

The Biden administration’s well-funded push to build out a national network of electric vehicle (EV) chargers has so far resulted in only a handful of installations, according to The Washington Post.

The bipartisan infrastructure bill of 2021 allotted $7.5 billion to subsidize thousands of EV chargers to help the administration’s goal of having EVs constitute 50 percent of all new cars sold in 2030, but only seven stations in total have been built in four states to date, according to the Post. The slow rollout of the EV charger funding is unfolding as the Biden administration has recently issued stringent emissions standards for light-, medium- and heavy-duty vehicles that will result in significant increases of EV sales for all three classes of vehicle.

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Biden Admin Finalizes Stringent Tailpipe Emissions Standards

South Carolina Sun Staff
Mechanic underneath car

The Biden administration unveiled its final tailpipe emissions standards for vehicles Wednesday, effectively requiring about 67 percent of all light-duty vehicles sold after model year 2032 to be electric vehicles (EVs) or hybrids.

The Environmental Protection Agency’s (EPA) finalized standards rolled back some of the de facto EV production benchmarks for manufacturers proposed initially, but still require automakers to reach the final standards set forth in the agency’s April 2023 proposal. The agency finalized the standards as the American EV market is struggling: demand has not grown as quickly as expected, manufacturers are losing billions on their EV product lines, executives have backed away from near-term production targets and Biden administration subsidy programs to facilitate the creation of a nationwide EV charging network have so far failed to make much of an impact.

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Bentley Pushes Back Ambitious All-Electric Goals

South Carolina Sun Staff
Driver getting into his Bently

British luxury carmaker Bentley Motors is pushing back its plans to have an all-electric vehicle (EV) offering by 2030, following other top vehicle manufacturers, according to CNBC.

Bentley had originally planned to transition all of its vehicle sales to EVs by 2030 but announced that it would be looking to delay that change by a couple of years, continuing to offer hybrids through that time, CEO Adrian Hallmark said in a media briefing following the company’s fourth quarter results, according to CNBC. General Motors, Ford, Mercedes-Benz and Honda have all backed off of previously made EV goals in the past year as low demand and high costs have stifled the commodity’s profitability compared to traditional vehicles.

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Rare Earth Mineral Mines Shutter as Demand for Electric Vehicles Plummet

South Carolina Sun Staff
Ablemarle Corporation mining site

A slowdown in the growth of electric vehicle (EV) demand has led to entire mines being shut down as the supply of rare earth minerals essential for EV components exceeds demand, according to The Wall Street Journal.

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