💲Tesla, BYD, Rivian & Q4
Happy New Year! News delivered straight to your inbox, this week's topics include Tesla’s results for the fourth quarter, the vehicles eligible for the full federal tax credit, Rivian’s production, and BYD beating Tesla for the second straight year.
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- In the fourth quarter of 2023, Tesla produced around 495,000 vehicles and delivered over 484,000 vehicles, marking a 38% year-over-year increase in annual vehicle deliveries to 1.81 million and a 35% YoY growth in production to 1.85 million.
- The number of electric vehicle models eligible for a consumer tax credit of up to $7,500 significantly decreased as new Biden administration rules, effective from January 1, narrowed criteria, excluding vehicles with battery components made by Chinese manufacturers. Vehicles qualifying for the full $7,500 include:
- Chevrolet Bolt EUV and EV
- Chrysler Pacifica PHEV
- Ford F-150 Lightning (Standard and Extended Range)
- Tesla Model 3 Performance
- Tesla Model X Long Range
- Tesla Model Y (AWD, Performance, and RWD)
- Rivian Automotive announced that it produced 57,232 vehicles and delivered 50,122 in full-year 2023, surpassing its production guidance, and it will release its fourth-quarter 2023 financial results on February 21, hosting an audio webcast to discuss business performance and outlook.
- BYD produced over 3 million new energy vehicles in 2023, surpassing Tesla's production for a second consecutive year. BYD's overall production includes 1.6 million battery-only passenger cars and 1.4 million hybrids; furthermore, BYD announced its overseas sales exceeded 242,000 new energy passenger vehicles in 2023.
- The electric vehicles market, valued at $147.8 billion in 2021, is projected to reach $1.9 trillion by 2031, with a compound annual growth rate of 29.5%.
- Dealers achieving their 2023 sales targets for Chinese automaker BYD will be rewarded with approximately $93 for each car sold, amounting to a total payout of up to roughly $281.7 million, as BYD.
- Effective immediately, Kentucky electric vehicle and hybrid owners face additional fees, with an annual charge of $120 for electric vehicles and $60 for hybrids and electric motorcycles, aiming to fund state roads and bridges.
- A judge dismissed legal challenges to the zoning of Rivian's 16 million-square-foot factory on a 1,800-acre mega site, chosen for its new R2 vehicles, ruling that the site falls under the jurisdiction of the Joint Development Authority of Jasper, Morgan, Newton, and Walton counties, exempting it from local regulations and zoning.
- The Treasury Department reports that over 7,400 auto dealers nationwide have registered to offer the new point-of-sale tax credit for electric vehicle purchases, effective January 1, with Rivian, Stellantis, Ford, and Tesla submitting eligible vehicle identification numbers as of Friday.
- Demonstrating the success of its relatively low-key approach in 2023, Tesla achieved remarkable sales results in Europe, with impressive growth in Sweden, where it registered 20,330 vehicles, a 121.3% YoY increase, driven by the Model Y; similar success was seen in Denmark, where the Model Y outsold other popular cars, with 17,955 units sold, and in Norway, where Tesla dominated car sales for the third consecutive year, reaching a 20% market share in 2023.
- Oklahoma received its first three locally made electric vehicles from Canoo, marking the return of vehicle manufacturing to the state after 17 years; costing a combined $119,850, these Canoo Lifestyle Delivery Vehicles are part of the state's fleet modernization initiative.
- Before undergoing Environmental Protection Agency testing, which is crucial for determining vehicle emissions and fuel mileage, cars, trucks, and SUVs must cover 1,000 miles on a repetitive mileage accumulator called the Standard Road Cycle, ensuring proper aging; the EPA's testing process also includes verifying the battery's amp-hour capacity and testing vehicles at loaded vehicle weight to provide accurate and realistic range figures for electric vehicles.
The Positive- Instead of dealing with a tax credit that you claim on your taxes, the EV federal tax credit is now at the point of sale. Instant! It looks like quite a few dealerships are participating as well.
The Not Positive- With the new changes starting in 2024, you don’t have a ton of options for qualifying for the full and partial federal tax credit.
I understand the intent behind the changes and promoting US manufacturing, but I’m not sure if it lines up with reality. We’ll keep an eye on the list as the year evolves. There are a lot of talks and new construction taking place for manufacturing EVs and batteries in America, but that takes time. I hope it doesn’t slow the progress made so far with EV adoption.