Welcome to the latest edition of the EV Universe Electric Newsletter #002, your go-to source for all things electric vehicles!
In each edition, we take a closer look at the exciting developments in the EV world and dive into the latest news and trends shaping the industry. From the latest makes and models to advancements in electrification, to innovative accessories and technologies, we’ve got you covered.
Join us on this journey. Let’s explore the future of sustainable transportation and its electrifying impact on our world. In this edition, we are covering Tesla to open U.S. charging networks to rivals, Ford temporarily halts production of F-150 Lightning, and global EV sales has surpasses $1 trillion.
“Tesla to Open U.S. Charging Network to Rival Electric Vehicles as Part of $7.5 Billion Federal Program to Electrify Highways”
- Tesla will open up portions of its U.S. charging network to competing electric vehicles as part of a $7.5 billion federal program to electrify U.S. highways and reduce carbon emissions.
- By the end of next year, Tesla will open 3,500 new and existing Superchargers along highway corridors and his 4,000 slow chargers in places like hotels and restaurants to non-Tesla customers.
- Tesla is eligible for subsidies that include retrofitting existing fleets, as long as the chargers are able to charge other vehicles using a government-backed charging standard called CCS.
- Opening up access to the Tesla network would be a quick win for an ambitious federal program to build 500,000 of his EV chargers by 2030 from 130,000 currently.
- Opening up the network could increase Tesla’s sources of funding and revenue, but it could erode brand exclusivity and make it harder for the automaker to control the network.
“Ford Halts Production of F-150 Lightning Electric Pickup Truck Due to Battery Issue”
- Ford Motor Company has confirmed that production of its F-150 Lightning electric pickup truck has been halted due to a battery issue that may have caused the vehicle to catch fire on February 4th.
- The automaker expects production to stop until at least the end of this week while engineers work to find the root cause of the problem and adjust the battery production process. This can take several weeks.
- Ford has not disclosed details of the matter, but the investigation is expected to be completed by the end of this week. The truck battery supplier is SK On, a spin-off from SK Innovation, with Ford forming a joint venture in 2021 to set up a battery production facility in the United States.
- Retailers can continue to sell vehicles they already have in stock, and automakers are unaware of instances of problems affecting vehicles already delivered to customers and dealers.
- The F-150 Lightning is Ford’s major launch and has attracted the attention of investors. The battery issue is part of an ongoing “execution issue” that impacted the automaker’s fourth-quarter earnings, detailed to investors by Ford CEO Jim Farley earlier this month. Farley said the company needs to operate better in order to be more profitable and have margins that is equivalent to those of its competitors, which includes redesigning the company’s 120-year-old manufacturing process.
“Electric Vehicle Sales Soar Past $1 Trillion, Paving the Way for the Future of the EVs in the Automotive Sector”
- In 2022, annual passenger electric vehicle spending will have reached $388 billion, a 53% year-on-year increase, and the total amount of electric vehicles sold in the passenger car segment now exceeds $1 trillion.
- Electric vehicle sales have grown significantly, accounting for nearly 60% of total electric vehicle spending in the last 18 months alone, and passenger vehicle sales are expected to exceed $500 billion this year.
- Automakers work with long product cycles, and the next vehicle cycle is critical to turning the ship. If the automaker is caught off guard by their EV strategy, it could be years before the full impact of any mistake is seen.
- Japanese automakers have been slow to adapt to the rise of EVs, and their market share is shrinking in countries such as China, where 30% of sales this year is expected to be EVs.
- The EV industry continues to face challenges such as strains on the battery supply chain and public charging infrastructure, but as EVs continue to gain market share, the $1 trillion milestone establishes importance to the automotive sector.