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| 1 | | A panel created by India's oil ministry has recommended that the country should ban diesel vehicles in cities with over 1 million residents. The ban would go into effect in 2027. More: - The recommended ban would first be implemented for four-wheeled vehicles by 2027.
- The government panel also suggested banning motorcycles, scooters, and three-wheelers, or tuk-tuks, with internal combustion engines by 2035.
- While these recommendations are not on their way to becoming legislation yet, they come from a panel that was established by the country's oil ministry and could be debated by legislators soon.
- Diesel and gasoline comprise more than 50% of India's total oil consumption.
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| 2 | | EV maker Lucid has reported an $800M Q1 net loss. The company's Q1 revenue, however, grew 159% YoY. More: - The company had $149.4M in Q1 revenue, missing investor estimations of $209M.
- Earnings per share stood at $0.43 per share.
- Lucid sold 1,406 vehicles in the year's first quarter and built 2,314.
- The company says it aims to produce 10,000 vehicles in 2023.
- As for cash reserves, Lucid reported a stockpile of $3.4B.
- This stockpile could last the company until H1 2024, according to its CFO.
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| 3 | | French plug-in car sales in April increased by 30,000. The Dacia Spring was the most popular vehicle during the month. More: - New passenger car registrations in France increased in April by 22% YoY, taking the year-to-date total to 553,399, a 17% increase.
- 30,227 new plug-in vehicles were registered in France, up 26% YoY.
- All-electric passenger vehicles were up 35% (17,113), while light commercial vehicles were up 125% (2,194).
- Plug-in hybrids, on the other hand, are on track to match last year's sales numbers.
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| 4 | | Tesla Giga Texas has reached a 5,000-unit weekly production rate. The company has yet to announce the milestone publically. More: - Tesla has already reached a new milestone of 5,000 units in a single week, increasing its capacity by 20% in a short amount of time.
- Tesla Giga Texas reached a production rate of 3,000 Model Y units per week in December and 4,000 units in April 2023.
- The Model Y has become Tesla's most popular vehicle model, meeting expectations set by company CEO Elon Musk who previously stated that Model Y would become the most popular car in the world.
- Tesla sold 747,500 Model Y vehicles in 2022 globally. The car became the best-selling EV in the world and the third-best-selling passenger car overall.
- Giga Texas is expected to be the main factory for the Tesla Cybertruck, a highly anticipated EV with over 1 million preorders. Production for this vehicle is expected to begin this year.
Zoom Out: - Standing at over 10 million square feet, Giga Texas is the second largest building by volume in the world, trailing only Boeing's factory in Everett, Washington, and the largest by floor area.
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| 5 | | The International Energy Agency has predicted that 14 million EVs will be sold in 2023. The figure would be a 35% YoY increase. More: - The figure would account for about 18% of total car sales for 2023.
- In Q1 2023, more than 2.3 million EVs were sold globally, a 25% YoY increase.
- In the U.S., EVs had a market share of 8% in 2022, a 55% increase year over year.
- Globally, EVs made up 14% of the auto market in 2022, an increase from 9% in 2021, and around 5% in 2020.
- Global sales in 2022 were largely dominated by China, which had 60% of worldwide EV sales.
- Europe and the U.S. represented the second-and third-largest EV markets, respectively.
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| 6 | | A police department in California has converted its entire fleet to Tesla Model Y SUVs. The department believes it can save up to $800,000 in costs. More: - The South Pasadena Police Department bought a total of 10 Tesla Model Y vehicles and installed nine level 2 charging stations and one DC fast charger.
- South Pasadena Councilmember Michael Cacciotti stated that by using the EVs, officers would be using the safest and most effective police vehicles on the market.
- The Somerset PD was one of the first police departments to buy a Model Y to use as a police patrol, claiming that a single Model Y could save them $80,000 over 10 years due to gas savings and lower maintenance costs.
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- A report claims that Mercedes-Benz has been testing the next-generation CLA/EQA in Germany.
- Volvo has confirmed that the EX30 will be launched on June 7.
- Kia has recalled around 109,000 vehicles because of a display malfunction.
- Mercedes-Benz has confirmed that the production of the CLS will end on Aug. 31, 2023.
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| Upcoming Events | | MAY
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17 | | Monthly Meditation guided by Nicholas Whitaker | | | | | | | MAY
17 | | Join Vanta's webinar to see Vendor Risk Management in action and learn about automating security reviews. | | | | | | | MAY
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 | Writer | | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. | | This newsletter was edited by Aaron Crutchfield | |
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