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Should Americans Be Excited for Sono Motors and the EV Revolution?
Meaning it is not a business that makes money and in fact it destroys profit. This is a little unsettling since the economy is trying to shift towards EV cars.
Sono is targeting second-half of 2023 deliveries of the Sion to customers in Germany, Austria, and Switzerland.
Considering what is happening with Germany and Europe not having enough electricity and gas – it seems that going EV would be detrimental?
The EV revolution seems to be a nothing burger. Trying to force people to accept something they don’t want.
The company did not give any indication as to how many Sions will be delivered in the coming year. The only measure it shared was that it expected to produce 43,000 Sions a year, out of production capacities of 257,000 for a period of seven years, according to a company spokeswoman. Even the best-funded electric vehicle startups, though, have had difficulty getting into production lately
Just another day using my fun little Chinese electric mini pickup truck around the ranch. Today’s #electrictruck job: several raised planting beds. I wrote about the whole experience getting the truck on @ElectrekCo at https://t.co/or1tfyKuJo pic.twitter.com/lM6Fuanfwc— Micah Toll (@MicahToll) April 3, 2022
Americans Are Not Buying the Hype
Electric cars are taking the scene, faster than people think. Sometimes American investors, as well as car buyers, are skeptical about the notion that the automobile industry is in an epochal shift away from gas-powered personal transport and toward battery-powered vehicles. They simply do not see enough electric cars on the roads to be convinced.
Demand Destruction in the Auto Industry
Battery-electric vehicles made up 16% of new vehicle sales in June, compared with around 11% the previous year.
SMMT chief executive Mike Hawes said in a press release: “Electric car demand continues to be a bright spot, with more EVs on the roads than ever before.
“With motorists facing rising fuel costs…the move to an electric vehicle makes ever-more sense, and the sector is working to increase supply and prioritize delivery of these new technologies, given the savings that can afford drivers.”
Battery-electric penetration in the United States may have peaked by June, maybe at 10% of new vehicle sales, according to the latest reports from carmakers. That is an increase over the past few months, but it is still lower than in other parts of the world, and it is still early-adopter. Battery-electric car penetration among US households is about 2 percent today, on balance.
The U.S. industry is still at a “model T” stage in terms of electric car adoption. General Motors (GM) CEO Mary Barra told Barrons recently that EV costs are the impediment to higher adoption. That is why she is focused on providing more affordable electric vehicles in the coming years. EVs are more expensive upfront than conventional cars, though the fuel and maintenance costs are lower.