Category Archives: Economy

The world needs cheap electric cars. That spells trouble for big carmakers

October 20, 2023Cost of ownership, Economy, Electric Cars, News, Reviews and Comment, Opinion, PollutionRepost

In 1913, Henry Ford’s moving assembly line transformed carmaking. Ford’s groundbreaking innovation drastically reduced the time it took to assemble a car, enabling mass production and slashing vehicle prices.

More than a century later, carmaking is undergoing a similarly seismic shift. Only this time, Ford Motor Company (F) is scrambling to catch up, rather than leading the charge.

Electric vehicles represent a fundamental shift in the technologies and manufacturing processes that have turned Ford and rivals such as Toyota (TM) and Volkswagen into the biggest car companies on the planet.

Established automakers have been racing to adapt at an enormous financial cost, but are still miles behind Tesla (TSLA) and a crop of new Chinese competitors, including BYD and Xpeng (XPEV).

The world needs affordable EVs more than ever as electric cars will play a big role in hcelping countries cut planet-heating pollution. But can automakers in Europe and the United States — where governments are already planning to ban or limit the sale of new gas and diesel cars — deliver them?

“Ultimately, some of these car companies that have been the cornerstone of how we’ve thought about cars for the last 100 years will be a fraction of their size in future,” said Gene Munster, a managing partner at Deepwater Asset Management.

It’s Time to Go Green!

If you would like to know more about Solar Panels and the PowerBanx range of home battery systems, and get a free instant quote, please complete our online form:

New AutoMotive: Why we’re refusing to throw in the towel and get the UK back on track to 2030

October 19, 2023Buying/Leasing, Charging, Economy, Electric Cars, Energy and Climate Change, Hyundai, News, Reviews and Comment, Opinion, PollutionRepost

Last week, Rishi Sunak confirmed that he will reverse certain green targets. Amongst several policies that Sunak was willing to cut or delay, the phase out of petrol and diesel cars was put on the chopping block, with a confirmed five-year delay despite the [Conservative] government’s original target.

This move is not only unpopular with motorists, industry, and the wider public – it also raises economic concerns and threatens vital aspects of Britain’s industrial strategy moving forward.

From January 2018, no more new diesel taxis will be licensed in London

Electric vehicles are undeniably cheaper to run, contribute to improved air quality due to their lack of tailpipe emissions, and are increasingly preferred by drivers over their combustion counterparts. Our data at New AutoMotive shows that the UK could achieve an 85% electric vehicle (EV) market share by 2028 and is making consistent progress toward the goal of 300,000 public charge points. The UK is also the fifth best prepared nation for the EV transition, thanks to sensible and fact-driven policies implemented by Sunak’s predecessors.

Reacting to the news, the UK motor industry has criticised plans to water down policies. Kate Brankin, the chair of Ford UK, noted that the industry has already made considerable investments to meet the 2030 deadline, with a $50 billion commitment from Ford alone.

We were clear in our response that delaying the 2030 deadline would pull the rug out from under motorists and industry, and would deal a hammer blow to the UK’s leadership on climate change.

It’s Time to Go Green!

If you would like to know more about Solar Panels and the PowerBanx range of home battery systems, and get a free instant quote, please complete our online form:

Electric cars approach ‘tipping point’ as battery prices plummet

October 11, 2023Economy, Electric Cars, Energy and Climate Change, News, Reviews and CommentRepost

‘The death of the internal combustion engine is near,’ says energy analyst

The cost of batteries fell by nearly 10 per cent in August, taking them past a key milestone that is seen by energy analysts as a “tipping point” to supercharge the transition to electric vehicles.

The price of lithium-ion battery cells, which power everything from smartphones to the International Space Station, fell below $100/ kilowatthour (kWh) last month – a 33 per cent drop from March 2022 and an 8.7 per cent month-on-month drop.

Energy analytics firm Benchmark Mineral Intelligence, who compiled the figures, noted that battery pack prices need to reach $100/kWh for electric vehicles to reach price parity with fossil fuel-burning vehicles.

“Decreasing cell prices could allow [manufacturers] to sell mass market electric vehicles at comparable prices to internal combustion engine vehicles, with the same margin, improving the attractiveness of the EV transition for both consumers and automakers,” said Benchmark analyst Evan Hartley.

“Falling cell prices are of particular concern for companies investing in cell production outside of China, particularly when there is already concern surrounding the profitability of factories in regions such as Europe.”

The drop in price could also have implications for other technologies, the report noted, including for solar and wind installations that need to store excess energy during periods of overproduction.

ScottishPower launches new overnight charging tariff for EV drivers

October 3, 2023Away From Home, Charging, Charging, Economy, Electric Cars, Energy and Climate Change, News, Reviews and CommentRepost

Energy company ScottishPower has launched a new tariff for electric vehicle (EV) drivers with “one of the lowest overnight charging rates available”, it claims.

The EV Saver tariff allows drivers to charge their cars for 7.45p/kWh between midnight and 5am.

The company, a subsidiary of Spanish utilities giant Iberdrola, said that they want to help encourage more drivers to make the switch to electric vehicles. The new tariff adds on to an existing home charging package which comes with free AA support for 12 months.

Andy Mouat, head of smart mobility at ScottishPower, said: “Latest figures show that more than 20% of new cars sold in the UK are now all-electric and we’re here to help lead the electrification of transport by making the transition to EVs easier and more affordable.

“Our new, competitive charging tariff offers clean affordable energy for our EV-driving customers while supporting the UK’s decarbonisation journey.”

The company says it is currently investing £8 million “every single working day” in the UK to support the energy transition.

The new EV Saver Tariff is available to existing ScottishPower domestic customers who have a smart meter and opt to pay by Direct Debit, and new domestic customers joining ScottishPower on its Standard Variable Tariff (SVT) who meet the same criteria.

In August, SocttishPower’s parent company Iberdrola secured a €500 million (£432 million) loan with Citi for the construction and development of the East Anglia III offshore wind farm.

It’s Time to Go Green!

If you would like to know more about Solar Panels and the PowerBanx range of home battery systems, and get a free instant quote, please complete our online form:

Blow for Putin and MBS as oil demand set to slow

August 30, 2023Economy, Electric Cars, Electric Motorhomes, Electric Taxis, Electric Vans, News, Reviews and Comment, Oil, OpinionRepost

Growth forecasts for global oil demand next year have been downgraded as the post-pandemic recovery stalls just as electric vehicle (EV) use surges.

The International Energy Agency (IEA) said on Friday that demand will rise by only one million barrels per day (bpd) in 2024, which is 150,000 bpd less than previously forecast.

This will be a blow to both Russian President Vladimir Putin, who is using oil and gas revenues to fund his war in Ukraine, and Saudi Arabia’s Crown Prince Mohammed bin Salman, whose oil profits are driving the country’s economic diversification.

The IEA said: “With the post-pandemic rebound running out of steam, and as lacklustre economic conditions, tighter efficiency standards, and new electric vehicles weigh on use, growth is forecast to slow to 1m bpd in 2024.”

The Paris-based energy watchdog has forecast that 14 million electric vehicles will be sold by the end of 2023, a 35pc surge compared to 2022.

By 2030, it expects EV use will be displacing five million barrels of oil per day.

But for now, world oil demand is still hitting record highs following China’s post-pandemic reopening and a rebound in global air travel.

In June, demand hit an all-time peak of 103m bpd. The IEA said August demand could surpass this level.

The IEA said global oil demand will jump by 2.2m bpd to hit 102.2m bpd in 2022, with China driving more than 70pc of this growth.

It’s Time to Go Green!

If you would like to know more about Solar Panels and the PowerBanx range of home battery systems, and get a free instant quote, please complete our online form:

Calls for VAT relief on electric car ‘street charging’

February 17, 2023Away From Home, Economy, Electric Cars, News, Reviews and Comment, PollutionRepost

Electric car owners with driveways are paying less to power their vehicles at home than those forced to rely on on-street charging points.

The disparity risks “undermining the Government’s net-zero transport strategy”, claim critics. Campaigners are now calling for VAT on public charging points to be slashed from 20 per cent to the domestic rate of five per cent.

The Government plans to ban the sale of new diesel and petrol cars from 2030.

But Bath MP Wera Hobhouse said: “Not everyone has access to home EV charging. In dense urban areas many do not have a driveway, so charging a vehicle at home is not an option.”

The RAC is calling for VAT on public charge-points to be cut to five per cent. Spokesman Simon Williams said: “A quality charging infrastructure will be key to helping people switch from conventional vehicles to electric ones.

“We must ensure those without driveways are not penalised with higher costs, otherwise there’s a risk the Government’s net-zero transport strategy will be undermined.”

But treasury minister Victoria Atkins said: “VAT relief for public EV charging would impose additional pressure on the public finances, to which VAT makes a significant contribution. VAT is the UK’s third largest tax, forecast to raise £157billion in 2022-23, helping to fund key spending priorities such as the NHS, education and defence.”

It’s Time to Go Green!

If you would like to know more about Solar Panels and the PowerBanx range of home battery systems, and get a free instant quote, please complete our online form:

Inflation Reduction Act passes the US House of Representatives

August 26, 2022Buying/Leasing, Economy, Electric Cars, News, Reviews and Comment, Press ReleaseRepost

The Inflation Reduction Act, which also includes the reform of the EV tax credit, has now passed the House of Representatives after the Senate and is expected to be signed by President Joe Biden in the coming days. The new eligibility requirements will make most electric models ineligible for the tax credit.

After the package was repeatedly reduced in the Senate in numerous rounds of negotiations, the vote in the House of Representatives was considered a formality due to the majority ratios there. The same applies to the final signature of US President Biden. Even in its greatly reduced scope, the climate-related expenditure of 369 billion US dollars is the largest climate package ever passed in the USA.

For the tax credit on the purchase of an electric car, the changes are massive – it remains at the maximum $7,500 subsidy amount, but the requirements to qualify for the full subsidy have been tightened enormously. And the requirements will continue to increase in the coming years. The Alliance for Automotive Innovation, whose members include the US corporations GM and Ford, as well as BMW, Mercedes-Benz, Porsche and Hyundai-Kia, estimates that 70 per cent of BEVs and PHEVs will no longer be eligible for subsidies as early as 2023.

It’s Time to Go Green!

If you would like to know more about Solar Panels and the PowerBanx range of home battery systems, and get a free instant quote, please complete our online form:

‘Brilliant’: Electric car owners could charge for free using hack as charging costs rise

August 16, 2022Charging, Economy, Electric Cars, News, Reviews and Comment, UncategorizedRepost

ELECTRIC car owners without off-street parking are paying up to £1,320 a year to charge, but a clever hack could allow them to charge for free.

With inflation at its highest in 30 years and public charging costs rising fast, many drivers across the UK may be concerned about their finances in the future. New data has found that an electric car could cost an average driver without access to off-street parking up to £1,320 per year to “fuel”.

This is more than £1,155 more than those with a driveway, based on average charging costs.

This is still cheaper than the cost of refuelling a petrol car, but owners can top up for free, according to Electrifying.com.

Supermarkets including Tesco, Sainsbury’s, Lidl and Aldi all offer free charging at many stores across the country, which could help to offset the rising cost of food bills.

The National Trust also has free charging at 36 of its English and Welsh properties.

Many hotels across the UK also offer their customers free charging.

In some instances, car dealerships will have charge points which customers will be able to access.

According to Zap Map, as of June this year, nearly 5,500 of the 35,000 public charge points across the UK were free to use.

It’s Time to Go Green!

If you would like to know more about Solar Panels and the PowerBanx range of home battery systems, and get a free instant quote, please complete our online form:

Electric vehicle breakthrough as UK’s ‘amazing’ progress set to save Britons £12billion

July 26, 2022Buying a new car, Economy, Electric Cars, News, Reviews and CommentRepost

BRITAIN has performed “better than expected” as its electric vehicle masterplan is set to save Britons £12billion, experts told Express.co.uk.

Last week, the independent Climate Change Committee(CCC) released a landmark 600-page assessment of the Government’s various policies and strategies surrounding the energy crisis and climate change. While the report slammed several aspects of the Government’s handling of the energy crisis, particularly surrounding insulation and emissions reduction, experts involved in the report hailed the incredible progress that the UK has made in the past few years, surpassing expectations.

The Government has previously announced plans to ban the sale of all new petrol and diesel cars by 2030, as the report noted that the UK was “on track” to hit this target.

Speaking to Express.co.uk, David Joffe, the Head of Carbon Budgets at CCC, and one of the leads on the report said: “We’re really happy with most of the plans in the sort of road-transport area where electric vehicles seem to be adopted quite widely now.

“We’re optimistic now on the path to every new car being all-electric by 2030, so that’s really positive and the government has policies to ensure that it’s properly funded.

“The latest data says 12 percent of new car sales is electric and that’s more than we expected at this point and that’s growing at this time.”

It’s Time to Go Green!

If you would like to know more about Solar Panels and the PowerBanx range of home battery systems, and get a free instant quote, please complete our online form:

A living room on a skateboard: how electric vehicles are redefining the car

June 22, 2022Economy, Electric Cars, News, Reviews and Comment, Pollution, UncategorizedRepost

Future EV designs offer drivers more space and leisure, with fewer parts making production more sustainable

Take any petrol car sold today and show it to a mechanic working on a Ford Model T 100 years ago and there is a fairly good chance they would understand roughly how it works. An internal combustion engine at the front turns the wheels, carrying a driver behind a steering wheel, some passengers and luggage.

The advent of electric cars changes everything. No longer will the shape of the car be defined so rigidly by bulky engines, exhaust gas handling or driveshafts. At the same time, digital technology promises to replace everything from rear-view mirrors to the human driver. Never has the car industry had to cope with so many changes all at once.

All of these changes will come to a head in the next few years, says Adrian van Hooydonk, the design boss for BMW Group. Carmakers’ main concerns will be electric power and integrating fast-evolving digital technology – all while improving environmental sustainability. “It will be a reinvention,” he says.

It’s Time to Go Green!

If you would like to know more about Solar Panels and the PowerBanx range of home battery systems, and get a free instant quote, please complete our online form: