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| EV inventory reaches critical mass in U.S. |
Electric vehicles have reached critical mass, outpacing average days’ supply of gasoline vehicles at dealerships, according to Cox Automotive, but some dealers still need convincing.
EVs are no longer exclusive to the new-vehicle market, said Chief Economist Jonathan Smoke. EV emergence in the used and wholesale market gives them more staying power, he said.
“Up until now, this has been a Tesla, Nissan, GM story and a little bit of Volkswagen,” he told Automotive News. “The critical point is that it finally means something in every part of the industry, but it also means we’ve got ample opportunity to find where it’s successful and where it’s not quite as successful.”
Dealers’ average EV supply climbed to 92 days in the second quarter, up from 36 days a year earlier. EV inventory soared to more than 92,000 industrywide, compared with less than 21,000 in the second quarter of 2022. New-vehicle supply industrywide was 51 days.
—Hannah Lutz
What you need to know
Millions of charging ports needed to support EVs by 2030: A cumulative public and private capital investment of $53 billion to $127 billion in charging infrastructure — including private residential charging — also would be needed by 2030, U.S. study finds.
SAE to develop standards for Tesla NACS connector: SAE is fast-tracking safety, performance, manufacturing and reliability standards for Tesla’s NACS connector as other automakers work to adopt the EV maker’s charging technology.
EV growth puts battery suppliers into auto industry’s top ranks: The automotive supply chain is changing fast as the industry electrifies, and those changes are reflected in this year’s top suppliers rankings.
Roundup
Lordstown Motors files for Chapter 11 bankruptcy, sues Foxconn, seeks buyer.
Zoox headcount grows as Amazon’s self-driving unit expands testing in Vegas.
Stellantis to launch Free2move Charge suite of EV services, products.
Rivian acquires route planning app maker Iternio, CEO says.
Lithium producers warn global supplies may not meet EV demand.
Tetsuo “Ted” Ogawa, president and CEO of Toyota Motor North America, will join Joby Aviation’s board. Toyota is the largest external shareholder for Joby, which is developing an all-electric, vertical takeoff and landing aircraft. Toyota has invested about $400 million in Joby since 2020. In April, the automaker agreed to supply key powertrain and actuation components for Joby’s aircraft.
Carlton Rose joins REE Auto board. Rose, former global president of fleet maintenance and engineering at UPS, has been appointed to REE Automotive’s board of directors. Rose spent more than four decades at UPS. Arik Steinberg, chairman of REE, called Rose “one of the most experienced and respected fleet leaders in the world.”
Hyundai Motor North America taps Jim Park as senior vice president of commercial vehicle and hydrogen business development. Park will oversee hydrogen initiatives, including commercial vehicle sales, infrastructure development, commercialization of hydrogen and related future mobility solutions. Park has worked in the auto industry for more than three decades with leadership positions at Harman-Samsung and Chrysler. Park was most recently president of Harman International Korea.
Brain food
For EV batteries, lithium iron phosphate narrows the gap with nickel, cobalt.
Last mile
John Goodenough, Nobel laureate and lithium ion battery pioneer, dies at 100.