A few EV items that caught my eye...
EVs and the budget: A new Citi research note looks at the relationship between growing EV market penetration and gasoline tax revenues. The inverse relationship, that is. They point out that even if mid-range forecasts of EV adoption come to pass, it'll affect gas tax revenues that are used for roads and other infrastructure.
"If electric vehicles represent 60% of new car sales by 2030, annual tax revenue in 2030 (federal and state combined) could be reduced by $10 [billion], or ~14%, versus a scenario where EV sales stay flat at 1%. Even a penetration of 20% would imply a reduction in annual tax revenues by $3 [billion], or ~5%," Citi points out.
State of the U.S. race: Forbes has a nice breakdown of the U.S. market by automaker and model.
- "Tesla was the EV market's dominant force in the first six months this year with the Model S and X accounting for 45 percent of all American EV sales. The Chevrolet Bolt had 16 percent of sales from January to June while the Nissan leaf had 15 percent," Forbes reports.
- No other models in the U.S. market, such offerings from Fiat, VW, and Ford, cracked double digit penetration.
Meanwhile, in Europe: Climate Home reports from Brussels that the European commission "is considering implementing an electric car quota to be achieved by automakers by 2030."
Battery business: "NorthVolt AB, the Swedish battery factory developer founded by a former Tesla Inc. executive, is planning to close its first major fundraising round this autumn, potentially drawing in 100 million euros ($118 million)," Bloomberg reports.