According to a new report out from IDTechEx, electric car sales have hit new records as governments double down on support for the sustainable energy future. “While 2022 continues to add to the challenges electric vehicle (EV) makers face, markets are still growing,” the report states. “Indeed, electric car sales for the first half of…
In an unusual move, Ford Motor Co. is planning to cut up to 8,000 jobs in the next few weeks in order to boost profits to fund the push into electric vehicles. According to Crain’s Detroit Business, the job cuts come in the newly formed Ford Blue unit that produces internal combustion engine vehicles and other salaried jobs throughout Ford. This is according to insiders, and plans have not been finalized and could still change.
A number of materials shortages have challenged automakers’ efforts to get more EVs on the road in the last year, but General Motors has now secured an agreement to get the raw materials needed to produce EV batteries. GM and Glencore, a company that mines, recycles, and produces raw materials, have just announced that they have signed a multi-year agreement to source materials for GM’s electric vehicle batteries.
Combining a shift to electric vehicles over the next decades and paying to offset emissions, General Motors announced yesterday a plan to finally put internal combustion engines and their climate-altering pollution in the rearview within 2 decades. Historically, GM is not known for quick corporate change or for prioritizing the planet over shareholder value, but the writing has been on the wall now for over a decade between government regulations and urgent climate change priorities shifting how consumers aim to purchase next vehicles. GM has worked for a number of years to retrofit older vehicle designs with hybrid and electric options, and recently put nearly all of its R&D budget into designing electric vehicles from the ground up, signaling a serious commitment to EVs. Currently, electric vehicle sales are in the single digits percentage-wise of vehicles sold, but rising quickly as more practical options become available and rapid charging becomes viable for the average consumer.