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Musk: Buying EV batteries from suppliers costs less vs. Tesla's own

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Musk: Buying EV batteries from suppliers costs less vs. Tesla's own

Tesla CEO Elon Musk, in Thursday’s annual shareholder meeting, called himself “a helpful accelerant” to the company’s future, as shareholders approved a pay package for Musk valued at $46 billion based on current stock prices.

Meanwhile, one aspect that was due to change the company’s trajectory, cut costs, and enable everything from a $25,000 Tesla EV in 2023 to mass-production of the Semi in 2021 hasn’t yet arrived in 2024: the dramatic cost reductions of Tesla’s 4680 cells.

“With respect to our own cell production, we do see a path to cost parity by the end of this year—a very difficult path to cost parity,” Musk summed. 

Battery Day and 4680 aimed to halve the cost

While Musk is now talking about cost parity, it’s a very different reality for Tesla’s signature battery move, nearly four years after its September 2020 Battery Day. Tesla made the 4680 cells and its own future production of them the centerpoint of that event and claimed it would make the breakthrough cell at half the cost, on an energy basis, versus suppliers—and boasted that it could even supply it to other automakers. 

Comparing 4680 vs. 2170 - Panasonic

Comparing 4680 vs. 2170 – Panasonic

“Currently our 4680s cost more than our suppliers’,” Musk revealed on Thursday, as he noted the volatility of EV battery prices. “They cost more than the suppliers’ today but they cost less than the suppliers’ a year ago.”

“There’s a bit of a feast-famine thing with battery cell suppliers, kind of for VRAM chips,” he added. “But we expect to achieve cost parity, even be much lower than the supplier cell price today, by the end of the year.”

Tesla’s big battery bet hasn’t paid off—yet

The cost of EV battery cells has indeed been a rollercoaster ride. After Battery Day, EV battery cost soared to new heights in 2022, hampering EV affordability. Lithium-ion battery prices dropped through 2023 and into this year, but they’re not showing signs of stopping. Goldman Sachs analysts now anticipate a nearly 40% decline in EV battery prices between 2023 and 2025, which in turn will boost sales. 

Tesla Battery Day - Bigger costs less

Tesla Battery Day – Bigger costs less

In so many respects, the economics of EV battery supply are looking very different than how they presented around Battery Day. There is now such a global glut in battery production, if you consider China, that China itself now makes enough batteries to cover all global EV production, according to an assessment earlier this spring by Bloomberg New Energy Finance. And in format, no other major automaker has yet committed to the 4680 cylindrical format (46 mm diameter, 80 mm height). BMW has, for instance, instead committed to 4695 (same 46 mm diameter, greater 95 mm height).

Musk had said in 2021 that without Tesla’s own production of the 4680 cells, it wouldn’t have enough for mass-production of the Semi—a stage of Semi ramp that Musk only confirmed in this week’s event. 

In 2021, Panasonic’s top battery executive said that mass-producing the 4680 cell format would “require new techniques.” But that didn’t stop other top battery suppliers from vying to make the new format. 

2025 Tesla Cybertruck - Courtesy of Tesla, Inc.

2025 Tesla Cybertruck – Courtesy of Tesla, Inc.

Tesla’s VP of engineering Lars Moravy did give an update on 4680 production during the company’s Q1 financial call in April, suggesting it’s at a rate leading to about 7 gigawatt-hours per year, with enough to stay ahead of the production ramp of the Cybertruck, which is otherwise the only model to use them. 

As Musk mentioned, Tesla may soon be able to match other batteries and battery makers, but half the cost still looks as far away now as it did in 2020.



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Tesla confirms 3 upcoming "amazing" EVs, omits Roadster

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Tesla confirms 3 upcoming "amazing" EVs, omits Roadster

Tesla is developing three new EVs, but appears to have nixed the second-generation Roadster.

During the automaker’s 2024 stockholder meeting, which was live-streamed on YouTube Thursday, CEO Elon Musk announced three upcoming “amazing” EVs and showed a slide with three vehicles under covers alongside the current Tesla lineup. However, the Roadster was absent.

Future Tesla models teased at 2024 stockholder meeting

Future Tesla models teased at 2024 stockholder meeting

 

The Roadster has now been delayed for more than four years, as it was originally due for a start of production in 2020. Musk has at several times teased rocket tech in the form of a “SpaceX package,” with actual rocket thrusters. Tesla began accepting reservations after the Roadster’s 2017 reveal, asking for a $50,000 deposit for the standard version and the full $250,000 price upfront for the Founders Series launch special.

Musk didn’t go into detail on the new EVs, but said later in the presentation that “figuring out ways to make more affordable vehicles is really the game-changer…we have to make it affordable, that’s essential.” But Tesla has already reportedly shut down one affordable EV. After an April report suggesting that Tesla had nixed its $25,000 Model 2 project in favor of robotaxis, Musk announced a Tesla Robotaxi reveal for August 8.

Tesla Semi (Courtesy of Tesla, Inc.)

Tesla Semi (Courtesy of Tesla, Inc.)

Tesla has also teased the idea of a van for a long time, which one of those products appears to be based on the outline. The shape in the bottom lefthand corner has a distinctively van-like profile.

Musk also said he had just approved a mass-production ramp of the Tesla Semi. The company has said in the past that it depends on battery cell supply, and it appears to be plentiful right now. 


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Chevy cuts Equinox EV lease prices by nearly $140 per month

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Chevy cuts Equinox EV lease prices by nearly $140 per month

If you were looking to lease Chevy’s new all-electric Equinox, it just got a lot cheaper. Chevy cut Equinox EV lease prices by nearly $140 per month. With new offers, the Chevy Equinox EV can be leased for as little as $379 per month.

After kicking off Equinox EV deliveries last month, Chevy is already introducing significant savings opportunities.

On Chevy’s website, 2024 Equinox EV lease prices start at just $379 per month. The deal is for 36 months, with $3,198 due at signing. It includes 10,000 miles a year and is based on an MSRP of $43,295. GM included $500 off for qualified lessees.

With an effective rate of $468, the 2024 Chevy Equinox EV is nearly $100 cheaper per month to lease than the Tesla Model Y.

According to online research firm CarsDirect, Tesla Model Y lease rates went up $50 this month. The Long Range model now starts at $449 with $4,143 due at signing, or $564 per month.

Meanwhile, the RS trim is significantly discounted. The Chevy Equinox RS can be leased for $429 for 36 months. With $3,109 due at signing, that amounts to $515 per month.

Chevy-Equinox-EV-lease-prices
2024 Chevy Equinox EV 3RS (Source: GM)

Chevy Equinox EV lease prices drop to just $379/mo

Previously, the RS trim had an effective cost of $651 per month ($569 for 39 months and $3,209 due at signing), meaning it’s $136 cheaper per month to lease.

Based on CarsDirect data, GM raised the 36-month residual values on the RS model to 75% from 68%, while the lease rate dropped from 7.3% to 5.5%.

Chevy Equinox EV trim

Starting Price
1LT FWD$34,995
2LT FWD$43,295
2RS FWD$44,795
3LT FWD$45,295
3RS FWD$46,795
Chevy Equinox EV prices (including $1,395 destination fee)

Chevy’s current 2LT FWD is the cheapest model hitting dealerships, starting at $43,295. The lower-priced $34,995 will be available to order later this year. All trims are eligible for the $7,500 federal tax credit.

Although this is a significant deal, Chevy Blazer EV lease prices are even more appealing. The 2024 Chevy Blazer EV is listed at $369 per month for 24 months. With $1,679 due upfront, the effective lease rate is $439 per month, only $10 more than the gas-powered model.

Chevy-Equinox-EV-lease-prices
Chevy Equinox EV 1LT interior (Source: GM)

Chevy isn’t the only one cutting EV lease prices. Honda slashed lease prices on its first electric SUV, the Prologue. The 2024 Honda Prologue now starts at $399 per month for 36 months (with $3,999 due at signing).

If you’re in the market for a new EV, you can take advantage of significant savings opportunities. Use our links below to find deals on popular models at a dealer near you.

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Podcast: Tesla shareholders meeting, more lawsuits, ultra-fast charging, and more

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Podcast: Tesla shareholders meeting, more lawsuits, ultra-fast charging, and more

On the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the Tesla shareholders meeting, more lawsuits coming for Tesla, ultra-fast charging by Lotus, and more.

Today’s Podcast is sponsored by the Electrek American Solar Challenge 2024.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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Save $550+ on Trek e-bikes from $1,200, Bluetti power station bundles hit new lows, VEVOR 16A to 40A EV chargers, more

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Save $550+ on Trek e-bikes from $1,200, Bluetti power station bundles hit new lows, VEVOR 16A to 40A EV chargers, more

Headlining today’s Green Deals and leading the group into the weekend for Father’s Day, is a summer sale from Trek Bikes taking up to $550 off a large lineup of e-bikes, lead by the Electra Cruiser Go! Step-Over e-bike for $1,200. It is joined by the Bluetti AC180 Portable Power Station with a 200W Solar Panel at a new $849 low, along with several other units that are hitting new low prices as well. Closing out this week is VEVOR’s 16A to 40A Level 1 and 2 EV Chargers that are starting from a new $93 all-time low. Plus, all the other hangover Green Deals that are still alive and well.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Trek’s Electra Cruiser Go! e-bikes now $1,200

Trek Bikes has launched a summer sale that is taking up to $550 off a large lineup of the company’s popular e-bikes, like the Electra Cruiser Go! Step-Over e-bike for $1,199.99 shipped, or its counterpart step-thru model that is also going for $1,199.99 shipped – plus other e-bikes that are seeing general price cuts. Normally fetching $1,600, we have seen this particular model go for $200 less before, back during Black Friday sales, which hasn’t reoccurred since. In 2024 we’ve seen one previous discount that dropped costs to $1,200 in February, with today’s deal coming in to repeat the savings as a 25% markdown that saves you $400 and returns it to the second-lowest price we have tracked. For years we’ve been covering Trek Bikes’ many models, all of which you can browse, read through, and learn about here.

The Cruiser Go! e-bike is an homage to the American beach-cruising classics of years past, equipped with a 250W rear-hub motor and a fully-integrated 250Wh battery that reach a max speed of 20 MPH for up to 40 miles on a single charge. It features mechanical disc brakes, fatter 27.5-inch tires for a smoother ride, and an LED controller that lets you monitor and change the e-bikes functions and settings. It also comes supported by the Trek Central app which lets you get pre-ride information such as battery levels before even heading out the door, as well as live performance levels, GPS mapping, and it even saves the information from your previous rides for future reviews.

More Go! 40-mile e-bike discounts:

More Go! 50+ mile e-bike discounts:

Bluetti AC180 Portable Power Station bundle within post for Trek Electra Cruiser Go! e-bikes

Bluetti AC180 Portable Power Station with 200W Solar Panel hits new $849 low

The official Bluetti Amazon storefront is offering up to 50% off discounts on its line of power stations, solar generator bundles, and accessories. A notable standout amongst the crowd is the AC180 Portable Power Station with 200W Solar Panel for $849 shipped. Usually going for $1,598, its been dropping to the same two rates since the start of 2024, first to $899 for the first few months and now more recently to the former $879 low, which today’s deal outshines as a massive 47% markdown that gives you a total $749 in savings and lands it at a new all-time low. You can grab the power station alone for $579, or add a B80 extra battery with it for $1,148, or get the power station with a 350W solar panel for $1,149.

With the AC180 power station, you can rest assured your charging and power needs are met on your next trip out of town or just the house thanks to its 1,152Wh capacity and 11 output ports: four ACs, four USB-As, one USB-C, one DC, and one wireless charging pad for your personal devices. It can be recharged up to 80% in just 45 minutes via a standard wall outlet or with a 500W solar input that takes just 2.8 to 3.3 hours (so with the included 200W panel, you’re looking at a recharge in around 7-ish hours, give or take). You’ll also be able to control the power station’s settings and keep track of charging levels on your tablet or smartphone via the BLUETTI app.

Notable Bluetti power station discounts:

Notable Bluetti bundle discounts:

VEVOR 16A to 40A Level 1 and 2 EV charger within post for Trek Electra Cruiser Go! e-bike

VEVOR’s 16A to 40A Level 1 and 2 EV Chargers start from new $93 low

Amazon is offering the VEVOR 16A Level 1+2 Portable EV Charger for $92.69 shipped. Down from its usual $130 price tag, since the new year began we haven’t seen much diversity in its discounts, often falling to the same $105 rate on average, which does beat out the $125+ rates from 2023, though the price hasn’t fallen lower past $100. Today’s deal, however, finally breaks the slow and steady progression for a sharp and sudden spike downwards as a 29% markdown that lands at a new all-time low.

Compatible with both NEMA 6-20R and NEMA 5-15P plugs, this 16A (maximum) portable EV charger is suitable for EVs that adhere to the J1772 standard and could use a handy backup charger when out on the road far from home. Its controller automatically adjusts the current according to the charging status to avoid overcharging, while also providing lightening, leakage, grounding, over-voltage, under-voltage, overcharge, over-current, and overheat protection. You can control and monitor the charging status remotely through the Smart App, as well as schedule charging time for 1-12 hours, letting you take advantage of off-peak charging and reduce your vehicle usage costs. Package also includes a hard-shell storage bag, a base, a charging cable hook, and an adapter.

Of course, I’m sure most of you, like me, saw the 16A maximum output of the above charger and immediately thought “I’ll be waiting so much longer for a full charge.” Well, Amazon has also cut prices on the VEVOR 40A Level 2 Portable EV Charger that is now at $133, down from $200. This upgraded model features a similar LED display, as well as the smart chip that provides the same list of protections as the above model. You’ll also get the same smart controls – especially for off-peak hour scheduling – and it arrives compatible with vehicles and plug-in hybrids that comply with the J1772 standard, requiring only a NEMA 14-50 outlet to plug the charger into. The main difference here is the obvious increase in amperage limit, with this model able to reach 40A while charging over the previous model’s 16A.

Summer e-bike deals!

father's day electric tool guide promo pic within post for Rad power flash sale

Other new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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Ricardo teams with Wuzheng to develop electric agricultural machinery

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Ricardo teams with Wuzheng to develop electric agricultural machinery

UK-headquartered engineering consultancy Ricardo has signed a strategic cooperation agreement with Chinese commercial vehicle manufacturer Wuzheng to research and develop powertrains for electric tractors and agricultural machinery.

The companies will work together to investigate new technologies and more efficient powertrains for Wuzheng’s agricultural machinery equipment product range.

Ricardo’s global network of automotive engineers and energy transition specialists will support Wuzheng’s development of intelligent tractors and hybrid extended-range tractors. They will also provide technical consultancy on the integration of intelligent power shift transmissions and the development of hybrid extended-range transmission systems and power take-off mechanisms. The two companies will also look at the feasibility of cooperating on the development of automatic transmission products for agricultural machinery.

“Wuzheng has been an early pioneer of large-horsepower tractors in China and also in new energy commercial vehicle technology. We are excited about collaborating with Ricardo to provide products that consume less fuel and make operations faster and easier for our agricultural customers,” said Jiang Wenjuan, Wuzheng’s General Manager.

Source: Ricardo



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GOP Senators go after inflated EV efficiency in fleet standards

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GOP Senators go after inflated EV efficiency in fleet standards

In their ongoing effort to push back against stricter emissions standards expected to lead to more EV sales, Senate Republicans have drafted a bill calling for regulators to change the way EV efficiency is calculated.

Dubbed the Recalculating Electric Vehicle Efficiency for Accuracy and Legitimacy (REVEAL) Act, the bill questions the methods the Department of Energy currently uses to calculate a petroleum-equivalent efficiency value for EVs, explains Transport Topics.

The bill calls for new criteria for these calculations, which are expressed on car window stickers as MPGe or “miles per gallon equivalent” in order to give consumers a point of comparison with gasoline and diesel-vehicle fuel economy. Republicans believe these calculations are skewed in favor of EVs.

2024 Ford F-150 Lightning Flash

2024 Ford F-150 Lightning Flash

“No administration should be able to rig efficiency calculations for electric cars,” Sen. John Barrasso (R-Wyo.), the bill’s sponsor, said in a statement. “The REVEAL Act would prevent the secretary or energy from using these faulty calculations to prohibit the sale of gas- or diesel-powered cars or trucks.”

It’s worth noting that the Biden administration’s new emissions rules, covering model years 2027-2032, don’t prohibit the sale of gasoline or diesel-powered cars or trucks. They set tougher targets that will likely require more EV sales for automakers to meet, but they don’t specify what powertrain or mix of powertrain types must be used.

2024 Chevrolet Silverado EV WT

2024 Chevrolet Silverado EV WT

One way the bill aims to protect gasoline and diesel vehicles from being slandered is to require that EVs are sorted into classes comparable to internal-combustion vehicles when calculating efficiency. Automakers might not like that so much, as each EV wouldn’t enable them to build as many gas-guzzling full-size trucks, as the current rules allow. Trucks already got a softer climb from the Biden administration in fleet mpg standards versus what had originally been proposed.

While perhaps not what Republican Senators have in mind, this does beg the question of whether EPA rules should incentivize more efficient EVs—something they currently don’t entirely do—or whether upstream emissions should be included in efficiency calculations to give a better idea of an EV’s total carbon footprint.


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Rad Power Bikes announces response to China tariffs and rising e-bike prices

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Rad Power Bikes announces response to China tariffs and rising e-bike prices

Rad Power Bikes, one of the leading electric bicycle companies in the US, has announced its response to rising e-bike costs in the US after the tariff exclusion on Chinese-produced electric bikes expires.

The statement from Rad’s CEO Phil Molyneux comes as nearly all electric bike makers in the US will begin reeling from the expiration of 25% tariffs on e-bikes imported from China.

While there does exist a very small amount of US-based manufacturing for e-bikes, the vast majority are produced in Asia, usually in China.

Tariffs on Chinese electric bicycles were first put in place under the Trump Administration and then continued under the Biden Administration. In both cases, exclusions have occasionally been granted, though often have been allowed to expire with painful periods between renewals and no guarantee that such renewals will even arrive.

“A longstanding tariff exemption on ebikes is set to expire on June 14, 2024, which will result in higher costs for manufacturers,” Molyneux explained in an emailed statement to customers. “In response, we will be raising the price by $100-$200 on a handful of ebikes: the RadTrike, the RadRunner 3 Plus, and our latest releases.”

Those latest releases include Rad’s four new models unveiled earlier this year.

The increased prices at Rad won’t come immediately. “We’ve postponed these adjustments through June 30th,” Molyneux continued, “to give those of you who’ve had your eyes on these models ample time to get them at their current price.”

Molyneux explained that the company would continue to focus on many of its central tenants, despite the price increase.

“While we share your frustration over these changes, we are committed to maintaining all of the things that make us Rad. We will continue to keep our prices affordable – and the price decrease we announced in January to help our riders weather inflation will remain in effect. We will continue to offer free shipping. We will continue to provide a free two-year warranty with every ebike purchase. We will continue to offer live customer service at our new, expanded 7-day a week schedule. We will continue to give you access to in-person care for your ebike at our RadRetail locations and through our nationwide network of 1,000+ service providers. And most importantly, we will continue to innovate on behalf of our riders with products that make your time in the saddle safer and more enjoyable than ever before.”

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Tesla produces 1,300 Cybertrucks per week, moving from Foundations Series next quarter

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Tesla produces 1,300 Cybertrucks per week, moving from Foundations Series next quarter

Tesla confirmed that it managed to produce 1,300 Cybertrucks in a week and it is moving from its Foundations Series production run next quarter.

We haven’t had a lot of updates from Tesla about the Cybertruck production ramp.

Actually, the best one we got was from a recall, which confirmed that Tesla had produced just short of 4,000 Cybertrucks as of April.

Shortly after, Tesla confirmed that it achieved a production of 1,000 Cybertruck in a week in April.

We haven’t seen an update since, but we noted that Tesla seemed to be ramping up production based on sightings at Gigafactory Texas.

Yesterday, at Tesla’s annual shareholder meeting, Tesla released a bit more information about the Cybertruck production ramp:

  • Elon Musk said Tesla recently produced a peak of 1,300 Cybertrucks in a week
  • Elon Musk said Tesla would move away from production Foundation Series Cybertrucks in Q3
  • Tesla said it aims to be at 2,500 Cybertrucks per week by the end of the year

This would currently put Tesla at a capacity of 65,000 Cybertrucks per year and looking to exist the year with an annual capacity of 125,000 units.

Tesla has previously stated that it aims to have a full capacity of 250,000 Cybertrucks, but it plans to achieve that next year.

Moving away from the Foundation Series would presumably mean that Tesla is going to stop bundling all options together for the Dual Motor and Cyberbeast. The automaker might also release new trims – though those weren’t expected until next year.

Electrek’s Take

The Foundation Series bundles push the Cybertruck price to $100,000. Despite the hype around the Cybertruck, there’s a limited market for trucks at over $100,000.

Moving away from the Foundation Series bundles should reduce the price a bit as the dual motor is actually supposed to start at $80,000.

It will also give us more clarity into the option pricing.

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Germany looks to keep the peace by halting or at least softening incoming tariffs on Chinese EVs

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Germany looks to keep the peace by halting or at least softening incoming tariffs on Chinese EVs

Just days after the EU Commission determined EVs imported from China have an unfair advantage due to government subsidies and responding with higher tariffs, Germany, one of the region’s largest automotive markets, has spoken against the decision, stating the imposed tariffs could hurt the success of local automakers selling vehicles in China.

It has been a long saga leading up to this week’s decision by the EU Commission that Chinese EVs have an unfair advantage in European markets following a probe that began last fall. While the probe was taking place behind closed doors, the EU was already threatening tariffs on Chinese imports.

Meanwhile, the US didn’t need a probe (or many Chinese EV imports, for that matter) to impose its own steep tariffs. In retaliation, China threatened tariffs of up to 25% on European-built models like those from Germany, for example, imploring the EU to play fair and not follow the US’ decision.

Unfortunately for China, the EU Commission confirmed the results of its probe, hailing EV imports as unfair due to local subsidies. As a result, it announced plans to slap massive tariffs of up to 48% on those incoming models that are just starting to hit their stride in new markets overseas.

Days later, Germany spoke out against the EU’s decision on tariffs, expressing hope there is still time to reach an agreement to avoid them. Or, at the very least, soften those percentages.

Germany tariffs
The incoming G-Class EV, which is expected to be sold in China later this year / Source: Mercedes-Benz

Germany argues Chinese tariffs hurt EU automakers too

Following the EU Commission’s decision to impose tariffs on Chinese EVs next month, the government of Germany is stepping up to try to mediate tensions and, ideally, stop the upcharges altogether.

Per Automotive News Europe, a spokesperson with ties to Berlin officials who requested anonymity said the group remains optimistic the EU can resolve the issue through direct talks with China. With allies overseas, Germany believes there’s still room (and time) to reverse or soften the tariffs, but both sides must compromise.

Germany’s strongest argument is that retaliatory tariffs against China may also hurt local OEMs, including Volkswagen, Mercedes-Benz Group, and BMW – all of which rely heavily on sales in Asia, particularly China.

Mercedes-Benz is an especially popular automaker in China, and its G- and S-Class vehicles, in particular, have done well with those consumers. As the German automaker goes electric, Mercedes has seen EV growing sales in China and intends to bring its new all-electric G-Class overseas this year. Germany argues the EU’s tariffs could throw a wrench in those plans as its local OEMs could face the eye-for-eye wrath from the Chinese government.

Germany’s Economy Minister Robert Habeck said there’s still time to stop this looming tariff escalation and will travel to China next week to discuss the issue with government officials.

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