Biden to Announce Approval of $900 Million in U.S. EV Charging Funding
President Joe Biden on Wednesday will announce the approval of the first $900 million in U.S. funding to build EV charging stations in 35 states as part of a $1 trillion infrastructure law approved in November, the White House said. Congress approved nearly $5 billion over five years to give grants to states to build thousands of electric vehicle charging stations. At an appearance at the Detroit auto show, Biden will also announce that U.S. government purchases of EVs have risen dramatically. In 2020, less than 1 percent of new federal acquisitions were electric, which more than doubled in 2021 and in 2022 "agencies have acquired five times as many EVs as all of last fiscal year," the White House said. Reuters reports Biden signed an executive order in December directing the government to purchase nearly all EV or plug-in hybrid electric models by 2027. A lack of charging stations remains a key hurdle to wider EV adoption, officials say. "We're going to need a see a rapid increase in electric vehicle charging," Detroit Mayor Michael Duggan told reporters. Click here for the full story.
Car Brands with the Highest Customer Satisfaction Ratings in 2022
The numbers are in, and the news isn't all good. Overall customer satisfaction with cars fell by 1.3 percent from 2021 to 2022, according to a study conducted by the American Customer Satisfaction Index. Many luxury carmakers gained points, while some mainstream brands fell behind, reports Autoblog. After interviewing 4,708 customers chosen at random between July 2021 and July 2022, the American Customer Satisfaction Index concluded overall customer satisfaction fell to a score of 77 out of 100, down from 78 in 2021. Here are the numbers published by the AMSI. The study found that drivers who own a so-called mass-market car are most satisfied with comfort, dependability, driving performance, and safety; these areas all scored 81 out of 100. Drivers are least satisfied with warranties (75) and fuel economy (74). In the luxury segment, drivers are happy with comfort (84), interior (83), and safety (83), though warranties and fuel economy sit at 79 and 76, respectively. Japanese and South Korean manufacturers collectively gained a percentage point, meaning they're tied for first with European brands at 79. Click here to view the rankings.
Strong U.S. Dollar Could Weaken U.S. Auto Industry Exports
The rising value of the U.S. dollar in international exchange markets is inflating the value of exported U.S.-made vehicles while reducing the cost of competing imports and parts sourced overseas. With war and inflation making the U.S. dollar an attractive option to currency traders, the greenback has been appreciating, including against the euro, Japanese yen, Canadian dollar, British pound, Swedish krona and Swiss franc — making up the U.S. dollar index (USDX). In September 2021, this index rating was 92.1. On Aug. 30, it was 108.4. Matt Blunt, president of the American Automotive Policy Council, tells Wards: “Currency exchange rates do have a significant impact on trade. I am sure each automaker will respond to the strength of the U.S. dollar in their own unique way.” Blunt, a former Missouri governor, hopes governments will not interfere in markets: “AAPC is a firm believer in allowing the currency markets to freely adjust based on market forces and avoid, as much as possible, undue interference by one or more countries to gain an unfair trade advantage.” Click here for the full story.
BMW Adopts New Battery Cell Format for Next Class of Electric Vehicles
BMW has announced plans to switch from prismatic cells to cylindrical lithium-ion battery cells for its upcoming generation of EVs, including the next-generation Neue Klasse, scheduled for release in 2025. The company said the change to a new cell format, combined with improved chemistry and a new battery pack design, will result in better performance, lower costs, and reduced environmental impact. BMW expects up to a 50 percent cost reduction on the pack level. CBT News reports BMW’s new “round cells” will have a standard diameter of 46 millimeters, similar to Tesla’s 4680-type cylindrical battery cells. As disclosed in a press release, there will be two different heights: 95 and 120 millimeters. Tesla’s cells have a height of 80 millimeters. BMW released a long list of benefits it expects to gain by switching to the new battery format, including more than 20 percent higher volumetric energy density, up to 30 percent higher, or more than 500 miles, driving range, up to 30 percent improved charging speed, and up to 60 percent reduction in CO2 emissions from cell production. Click here to learn more about BMW’s new battery cell format.
Ferrari Could Close Orders for 4-Door Purosangue after Demand 'Exploded'
Ferrari could soon close the order book for its first four-door production model, the Purosangue, because of overwhelming demand. "We risk not being able to satisfy demand, and maybe we will need to close the order intake very soon," Ferrari’s chief commercial and marketing officer, Enrico Galliera, said. Galliera declined to say how many pre-orders Ferrari had received ahead of the Purosangue’s public debut on Tuesday, when orders officially open. He said that demand for the $397,000 Purosangue went beyond Ferrari’s expectations, reports Automotive News. Limited-edition models are normally sold out before they are publicly unveiled, but those models have total runs of a few hundred units rather than the thousands a year planned for the Purosangue. To protect the exclusivity of the brand as well as sales of its core range of coupes, roadsters and convertibles, the company will cap Purosangue output at no more than 20 percent of annual production. Ferrari’s installed capacity is about 15,000 units, so annual Purosangue output could be about 3,000 units a year. Click here for the full story.
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