Volvo Cars and Volkswagen are the only major carmakers ready to switch to electric in line with Europe’s net zero climate target, according to new analysis by Transport & Environment (T&E) transportenvironment.org/press/volvo-an…
T&E’s EV readiness index looks at carmakers’ current and short-term EV sales, as well as their wider industrial strategies
- battery supply chain
- charging infrastructure
- dedicated BEV platforms, etc
T&E’s ranking of the readiness of 10 major OEMs in Europe to transition to electric by 2030 shows there are big differences in ambition and quality of their plans
Volkswagen and Volvo Cars have aggressive and credible strategies
Others like Ford have an ambitious phase-out target but lack a robust plan to get there
Stellantis, Daimler, BMW, Jaguar Land Rover, and Toyota rank the worst with low short-term battery electric BEV sales, no ambitious phase-out targets, no clear industrial strategy, and an over-reliance in the case of BMW, Daimler and Toyota on hybrids
Julia Poliscanova, senior director for vehicles and emobility, said :
"Carmakers are desperate to show off their green credentials, but the reality is most of them are miles away from where they need to be."
"Even those that are ambitious lack a suitable strategy to get there. Carmakers have failed to deliver on their promises before, who says this time will be different?”
The report also reveals:
BEV production in the EU27 is expected to increase
- from around 1 million units in 2021 or 7.4% of production
- to 3.3 million units in 2025 or 24.2%
- surpass sales of cars with internal combustion engines ICE in 2030 with 6.7 million or 50.2%
Carmakers’ production plans show that plug-in hybrid ICE vehicles PH-ICEVs are expected to peak at 1.6 million units in 2026 with 12% of total car production and then stagnate throughout the second half of the decade
Ford has an ambitious commitment to become fully electric by 2030
But it appears to be running out of time
It is expected to produce just 13% BEVs by 2025
Toyota has not set a target for 2030 and it plans to produce just 10% BEVs in 2025
It is expected to rely on polluting hybrid technologies with 44% of its EU production in 2030
The report raises concerns over the reliance on carmakers’ voluntary commitments, which are too low and not backed up by a coherent industrial strategy
Previous analysis by T&E showed that in 2016, carmakers failed on their collective target of selling 3.6% electric cars, achieving less than half of that
But even if the current promises are met, Europe’s sales of battery electric vehicles BEVs are likely to be at least 10 percentage points lower than they need to be in 2030
To ensure carmakers ramp up production of affordable electric cars in time to decarbonise by mid-century, European regulators need to set binding car CO2 targets in the next decade leading to TWO-THIRDS of new cars being fully electric by 2030 and ALL new cars in 2035, says T&E
Julia Poliscanova concluded :
“There is no longer any doubt that a fossil-fuel-free, all-electric future is possible. But with only two carmakers close to where Europe needs to go, policymakers can’t leave it to carmakers to get there on their own"
"Targets need to be gradually tightened so that carmakers not only commit to phasing out fossil fuels, but develop a strategy that gets them there on time"
RECOMMENDATIONS :
- A higher 2025 standard of -25% and an additional target of at least -40% in 2027 are needed to make electric cars affordable, and the EU car industry globally competitive
- A 2030 target of at least -65%, followed by a complete phase-out of combustion engine vehicles in 2035
- No multipliers or credits for current PHEV models, whose CO2 values should be adjusted based on their real-world emissions
- No fuels credits and tightening of existing regulatory loopholes such as mass adjustment
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“The FBI does not have a prayer of a chance of finding out who is who"
Bitcoin’s anonymity is also a powerful tool for financing crime : The virtual money can keep shady transactions secret
But things have evolved since then
The Federal Bureau of Investigation FBI and other law enforcement agencies have been active :
- in February 2015 Ross Ulbricht, the 31-year-old American who created Silk Road, a Bitcoin market facilitating the sale of $1 billion in illegal drugs, was sentenced to life in prison
On the left-hand side of these two charts we see two mature automobile companies with essentially no growth
- their Automotive Revenues are around $220~250 billion
- their Full Enterprise Values FEV are around $580~600 billion
This gives an FEV / Automotive Revenues Multiple of about 2.5x
This "mature company" Revenue Multiple will tend to be higher for higher Operating Profit Margins and vice versa
- and it can be a helpful to provide a "first estimate" of other auto companies' FEV at maturity
So if you can project the future Revenues of an auto company out to the point where it can be expected to have no more growth, then you can use it to give you a first estimate of that company's future value
Volkswagen AG’s top U.S. executive met with the head of the Environmental Protection Agency on Thursday to talk about electric vehicles and the push toward cleaner cars as the Biden administration works to revise vehicle emissions rules reuters.com/article/us-aut…
Scott Keogh, president and chief executive of Volkswagen Group of America, spoke with EPA Administrator Michael Regan and reaffirmed the company’s support for an emissions deal with California
Ford Motor Co, Honda Motor Co, Volkswagen and BMW in July 2019 struck a voluntary agreement with California on reducing vehicle emissions through the 2026 model years which would allow them to meet a single nationwide standard