General Motors announced Thursday that it was dumping more money into its electrification plans and would also be accelerating its production to release more electric vehicles sooner than expected.

Speaking at a conference hosted by the British bank Barclays, GM CEO Mary Barra said the company would spend $27 billion on electric and autonomous vehicles through 2025 — up from the $20 billion it announced before the COVID-19 pandemic. Also by 2025, GM will launch 30 new electric vehicles around the world, more than two-thirds of which will be available in North America. The vehicles will span GM’s entire brand portfolio, including Cadillac, Buick, GMC, and Chevrolet, and will come in a range of prices.

 

Previously, the company said it would release 20 new EVs by 2023, though most of those were expected to launch in China, where demand for electric vehicles is much higher thanks to strict emissions rules.

GM has unveiled two new EVs in the last few months: the Cadillac Lyriq SUV, expected to go into production in late 2022, and the GMC Hummer EV, slated for late 2021. But the auto giant has been criticized for bringing vehicles to market too late, while other automakers are racing to get their EVs to customers much sooner.

“Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle,” Barra said in a statement. “We are transitioning to an all-electric portfolio from a position of strength and we’re focused on growth. We can accelerate our EV plans because we are rapidly building a competitive advantage in batteries, software, vehicle integration, manufacturing, and customer experience.”

The news is meant to convince those investors on Wall Street who have been jittery about GM’s ability to catch up to Tesla, which has been the only automaker to successfully build an EV business over the last few years. Meanwhile, legacy automakers are stepping up their own EV plans, with Ford expecting to begin delivering its Mustang Mach-E SUV to customers by the end of the year and Volkswagen going into production on its electric ID 4 SUV early next year.

GM also said it was bolstering its estimates about its scalable Ultium battery architecture thanks to “engineering advances.” The automaker now says it anticipates getting 450 miles of range out of its Ultium batteries on a full charge, up from the previously estimated range of 400 miles.

The company said it was already working on the second-generation version of Ultium, which is projected to deliver “twice the energy density at less than half the cost of today’s chemistry.” GM said that this next-gen version of Ultium will cost “60 percent less” than batteries in use today. The company is prototype testing this next-generation battery technology, which is expected to be available mid-decade.
 

Source: indiatoday

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Chinese electric car maker BYD Co Ltd and Toyota Motor Corp said on Thursday they planned to set up a joint venture to design and develop battery-electric cars as they ramp up efforts to produce zero-emissions vehicles.

The two companies said in a statement that they would each invest 50% of the capital needed to establish the company, which will be set up next year and be based in China. The companies did not disclose the value of the venture.

Widely considered a late comer in embracing battery EVs, compared with rivals including Nissan, Toyota had flagged in June that it aimed to get half of its global sales from EVs, including gasoline hybrids, by 2025, five years ahead of schedule.

The venture aims to develop vehicles that run solely on batteries, rather than plug-in hybrid or gasoline-electric vehicles which also have a combustion engine.

In July, the companies said they would develop battery-electric sedans and sport utility vehicles, which would then be sold under the Toyota brand in China before 2025.

Toyota also develops hydrogen fuel-cell vehicles and plans to launch fuel-cell car models with its Chinese partners, Guangzhou Automobile Group (GAC) and FAW Group, in China, as the world's largest auto market increases support for fuel-cell vehicles.

Shenzhen-based BYD, backed by Warren Buffett, whose models include the Song series and the Qin plug-in hybrid electric vehicle, aims to move to completely electric-powered vehicles. However, its profits are expected to drop this year as China cuts subsidies on EV.

Source: Toyota Newsroom

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General Motors Co and Ford Motor Co said on Wednesday they were in talks with White House, USA officials about how they could support the production of medical equipment like ventilators that may be needed to combat the coronavirus (Covid-19) outbreak.

GM Chief Executive Mary Barra spoke to White House, USA economic adviser Larry Kudlow about the issue after the Detroit automaker announced it will suspend North American production through March 30. Kudlow told Fox News on Wednesday that he had spoken to one automaker looking at producing ventilators.

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GM spokeswoman Jeannine Ginivan said the automaker “is working to help find solutions for the nation during this difficult time of CoronaVirus pandemic and has offered to help, and we are already studying how we can potentially support the production of medical equipment like ventilators.”

Ford said on Wednesday it “stands ready to help the administration in any way we can, including the possibility of producing ventilators and other equipment. We have had preliminary discussions with the U.S. government and are looking into the feasibility.” Kudlow praised the idea of autoworkers producing medical equipment when plans were idled. “That’s the kind of can-do spirit that we are hearing and seeing,” Kudlow said.

GM and Ford could face significant hurdles before it could build a complex piece of medical equipment like a ventilator and it is unclear how long it would take to do so, however.

Countries around the world have raised concerns about potential shortages of the ventilators needed to treat critically ill patients suffering from coronavirus (Covid-19). Running in the thousands of dollars per unit, ventilators are used to help people with respiratory difficulties to breathe.

Source: Reuters

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The government has slightly reduced the excise tax on electric vehicles from the current FY 2077-78 economic activity. A meeting of the Council of Ministers held today has decided to reduce the excise duty on electric vehicles. Government spokesperson Pradip Gyawali informed that it has been decided to reduce excise duty on few items. The government has fixed the excise duty on electric vehicles according to different capacities.

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From the current year’s budget, the government has allocated 30 per cent for 50 kW motor, 40 per cent for 50 to 100 kW, 50 per cent for 100 to 150 kW, 60 per cent for 150 to 200 kW, 70 per cent for 200 to 300 kW, and all over 300 kW. The excise duty on vehicles was fixed at 80 per cent. These rates have been reduced according to capacity. According to sources, low-capacity electric vehicles have been reduced by a large percentage, while high-capacity vehicles have been reduced by a small percentage.

The customs duty on electric vehicles was increased from 10 per cent to 40 per cent and the excise duty was fixed at a higher rate for the first time during the budget for FY 2077/78.

Despite the reduction in excise duty, the same tariff rate will be applicable to all capacity vehicles. The government has fixed  80 per cent customs duty and has given a 50 per cent discount. The price was doubled from the new tax added by the government to electric vehicles. 

The revised excise duty at a glance as below: 

Capacity (Kilowatt)    Previous Duty (%)    Revised Duty (%)
50 KW                               30 %                                06 %
50-100 KW                        40 %                               10 %
100-150 KW                      50 %                                15 %
150-200 KW                      60 %                               45 %
200-300 KW                       70 %                               52.2 %
Above 300 KW                   80 %                              60 %

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