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Hertz continues to feel EV losses, plans to dump more from its fleet

Teslarati

Hertz said it had increased the number of EVs it will let go of by 10,000 units, now planning to sell 30,000 of its purchased electric cars this year. Hertz said it incurred a $195 million charge to vehicle depreciation to write down the EVs held for sale. 119 of the $339 was related to EVs held for sale. .

Fleet 145
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Tesla’s direct-to-consumer model is better for companies and consumers

Teslarati

Of those who spent above MSRP, 31% would not buy from the same dealer again, while 27% would no longer buy from the same manufacturer. Alternatively, customers who paid at MSRP had a far better experience; only 14% chose not to buy from the dealer again, and 10% decided not to buy from the manufacturer again. Why I hate dealers.

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Volvo Group to acquires 45% of Dongfeng Commercial Vehicles for $900M; Volvo to become world’s largest manufacturer of heavy-duty trucks

Green Car Congress

AB Volvo has signed an agreement with the Chinese vehicle manufacturer Dongfeng Motor Group Company Limited (DFG) to acquire 45% of a new subsidiary of DFG, Dongfeng Commercial Vehicles (DFCV), which will include the major part of DFG’s medium- and heavy-duty commercial vehicles business. The purchase price is RMB 5.6

Volvo 294
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Hertz announces ‘strategic decision’ to slash EV fleet

Teslarati

. “These vehicle dispositions, which were initiated in December 2023 and are expected to take place in an orderly fashion over the course of 2024, will cover multiple makes and models,” the company said in the filing. The EVs that Hertz has put up for sale will “remain eligible for rental” until they ultimately sell.

Fleet 124
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Ballard signs $25M deal with Broad-Ocean for manufacture & sales of 30 and 85 kW fuel cell systems in China

Green Car Congress

Broad-Ocean) for the assembly and sale of FCveloCity 30 kW and 85 kW fuel cell systems in China. Under the deal, Broad-Ocean will manufacture fuel cell modules in three strategic regions in China, including Shanghai. Stack supply will be transferred to Guangdong Synergy Ballard Hydrogen Power Co.,

China 150
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Honda targeting 100% BEV & FCEV sales in N America by 2040; new e:Architecture EVs coming in second half of this decade

Green Car Congress

Honda last week announced key targets for sales of electrified vehicles in North America, with a plan to make battery-electric and fuel cell electric vehicles (BEVs and FCEVs) to represent 100% of its vehicle sales by 2040, progressing from sales of 40% by 2030 and 80% by 2035.

Honda 400
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Phillips 66 taking 16% stake in synthetic graphite supplier NOVONIX; building US-based battery supply chain

Green Car Congress

Phillips 66 has entered into an agreement to acquire a 16% stake in NOVONIX Limited, an Australia-based company that develops and supplies synthetic graphite materials for lithium-ion battery anodes. —Greg Garland, Chairman and CEO of Phillips 66. Additionally, Phillips 66 will nominate one director to NOVONIX’s Board of Directors.

Supplies 186