Today’s theme was “What’s going on, Japan??” So, we kicked some headlines around to get some facts formed into an answer.
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Despite a slowdown in overall EV sales growth to 2.6% in Q1 2024 from 46.4% in Q1 2023, according to KBB data, some automakers showcased remarkable performance.
Company-By-Company Deets:
Ford: The highest Q1 sales growth was at 86.1%.
GM: Sales dropped by 20.5% due to Bolt discontinuation and Ultium rollout issues.
Nissan: Modest 1.3% growth, discontinuing Leaf in 2025.
Hyundai: 56.1% increase, $51 billion investment plan.
Rivian: 58.8% sales increase, 100,000th EV milestone.
Mercedes: 66.9% increase, diverse EQ lineup.
BMW: 57.8% rise, expanding i4 lineup.
Toyota: 85.9% growth, $1.4 billion BEV investment.
Kia: 127% increase, record-breaking 7,197 sales, local EV9 production.
Meanwhile, China's BYD posted its second-highest sales in May, driven by aggressive price cuts and strong demand for its NEVs.
Of course, EV prices and limited charging infrastructure in the US still keep some potential buyers out of the market.
Ford Motor Co. has transformed Detroit's Michigan Central Station into a $950 million technology campus to boost talent acquisition. The restoration preserved original features, showcasing Ford's commitment to innovation and heritage.
A tale of two cities, but they're both Detroit. CEO Jim Farley emphasizes hybrids as crucial for the future, aiming to quadruple hybrid sales while pulling back on some EV investments. In contrast, GM CEO Mary Barra focuses on electric vehicles, viewing hybrids as temporary. Both companies recognize the need for cost efficiency and competitiveness, particularly against Chinese manufacturers, blending legacy and forward-thinking in their strategies.
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