Where, oh where, did the stupid rich people go?

As automakers continue to delay their electric-vehicle plans and report lower-than-expected sales, Canada’s goal of ensuring that at least 20 per cent of new vehicles sold by 2026 are electric seems to be in jeopardy.

Ford Motor Co. last week said it was going to delay EV production at its assembly plant in Oakville, Ont., by two years to 2027 from 2025. The additional time will allow the company to take advantage of an emerging battery technology and let the number of consumers grow.

Earlier this month, Tesla Inc. reported a decline in quarterly deliveries for the first time in nearly four years. The Elon Musk-led company attributed the fall to logistical issues, but analysts say that slowing demand for EVs also played a role.

General Motors Co.’s chief executive Mary Barra referred to this slowdown as well on an earnings call in January, when she said the slowing pace of EV growth had created some uncertainty. She still expects EV sales in 2024 to improve, but said “if demand conditions change, we’ll take advantage of our manufacturing flexibility … to build more internal combustion engine models and fewer EVs.”

Emphasis mine.

EV startup Canoo

… paid $1.7 million for CEO Tony Aquila’s private jet bills, twice its total revenue last year. According to its earnings report released this week, Canoo lost $302 million in 2023 – but it’s apparently been champagne and caviar for its top executive.

Canoo, which hasn’t turned a profit as a public company, brought in $886,000 last year in revenue, according to its full-year earnings report filed Monday. But, as TechCrunch first cited, Aquila’s hefty travel bill included “air travel expenses for either, at our option, first-class airfare or the business use of his private jet,” the company said in the filing.”

Related: HAHAHAHAHA

They ran out of stupid rich people faster than forecast.

A new study is claiming that automakers lose an average of $6,000 for every $50,000 electric vehicle they sell. Boston Consulting Group, an American-based global management consulting firm that issued the report, said the figure accounts for customer tax credits — painting a rather bleak picture for the future of EVs.

However, this was attributed largely to the fact that automakers had spent so much upfront developing electrification. Assuming production continues and the public ends up buying them in meaningful numbers, EV profitability should improve over time. Of course, we’ve been hearing that for well over a decade at this point.

While segment growth has improved, it’s not happening at the pace industry leaders expected. Five years ago, automakers assumed electric vehicles would reach parity with combustion vehicles by roughly 2025. But none of the major markets are on pace to hit those targets.

Vancouver’s all-electric vehicle was unveiled Dec. 4, with VFRS Chief Karen Fry referring to it as a “reinvention of the fire truck.”

The department said the truck is smaller and more maneuverable than a traditional truck, and can go 100 kilometres on a single charge.

At a cost of $1.8 million, it’s $300,000 to $500,000 more than a new diesel engine, but Fry said there are huge environmental and health benefits to an electric truck, as diesel fumes are a known carcinogen.

Trudeau did not say when the truck will return to service.

Hertz swaps out its CEO as it looks to revitalize business after failed EV push.

Hertz’s stock has struggled recently, falling 27% to start the year and 53% over a 12-month basis. The rental-car company recently made a pivot, saying it would downside its electric-vehicle fleet by about a third as customer demand didn’t live up to expectations and the vehicles were proving too costly to repair. Hertz emerged from bankruptcy in 2021.

Shares were down about 3% in Friday’s late trading.

BC Transit’s plan to buy 10 electric buses falls through after supplier goes bankrupt.

Fisker may not make it through 2024;

Fisker said that there is “substantial doubt” that it will have enough money to make it through the year, the company said in filings with the Securities and Exchange Commission yesterday. As such, it’s embarked on a cost-cutting spree, laying off 15 percent of employees, while casting around for more investment. Fisker said it’s “in discussions with an existing noteholder about potentially making an additional investment in the company.”

“We are aware that the industry has entered a turbulent, and unpredictable period,” Fisker CEO Henrik Fisker said in a statement. “With that understanding and taking the lessons learned from 2023, we have put a plan in place to streamline the company as we prepare for another difficult year.”

WSMB4;

When a Tesla crashed and burst into flames in Scottsdale, it reignited on the tow truck. On a California highway, it took firefighters three hours and 6,000 gallons of water to stop an Electric Vehicle (EV) from burning. “Electric vehicle fires have become really a pain for us,” said Dave Folio of the Scottsdale Fire Department.

EV fires are dangerous, costly, and full of unknowns. “We’re still figuring out ways to deal with them; Everything from putting them in a dumpster and loading sand on top of them and possibly even burying them in some cases,” Folio said. “Right now, we’re all scrambling to come up with a better way.”

Rivian stock fell more than 27% in midday trading on Thursday.

Sooner or later, you run out of other peoples’ money.

Ford Motor Co. cut the price of its electric Mustang Mach-E by as much as $8,100 after its sales tumbled 51% in January when the automaker had to stop offering tax incentives on the plug-in model.

The automaker lowered prices on multiple versions of the 2023 model Mach-E by a range of $3,100 to $8,100, according to an emailed statement Tuesday. The battery-powered crossover SUV that Ford makes in Mexico now starts at $39,895, down from $42,995. The biggest discount is offered on several versions, including the high-end premium model with an extended range battery, which now starts at $45,895.

Related.

One bump wonders: The price tag of EVs and higher costs for repairs are likely to be key factors that could drive Canadian auto insurance higher in the coming years, similar to a trend seen in the U.K., the report published by Morningstar DBRS on Monday shows.

EV Pricing Could Go The Way Of Gasoline Pricing: According to Automotive News, combined net losses for three of the biggest charging companies (ChargePoint, EVgo, and Blink) exceeded $600 million last year. Something’s gotta give – and it’s likely to be reflected in the cost of public charging.