Honda and Toyota are promising billions in new EV investments as governments hand out subsidies and tax credits. But EV sales in North America have slowed amid concerns over costs and range anxiety.Prime Minister Justin Trudeau, left, Honda CEO Toshihiro Mibe, centre, and Ontario Premier Doug Ford, right, visit Honda's automotive assembly plant in Alliston, Ont.
The EV giant's quarterly earnings this week showed a 9 per cent drop in first-quarter revenue. That's the biggest decline Tesla has reported since 2012 and came as a surprise to even pessimistic analysts. Tesla had initially said it would start production on its long awaited $25,000 US model near the end of next year. Musk now says the company plans to start production in "early 2025, if not late this year."Tesla CEO Elon Musk promised a new cheaper EV model by 'early 2025, if not late this year.'
That came on the heels of an announcement from General Motors that it would cut production of its EVs, citing slowing demand. EVs traditionally have higher repair costs, but the rental car company was clobbered on re-sale values after Tesla cut prices last year. Electric vehicles are still considerably more expensive than traditional alternatives. Meanwhile, range anxiety and a lack of charging infrastructure make some consumers think twice about buying electric.
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Honda nears deal with Canada to boost EV capacity in Ontario, report sayspCanada is on the verge of an agreement with Honda Motor Co. that would see the Japanese firm build electric vehicles and their components in the province of Ontario, according to people familiar with the matter./p
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