Latest news with #incentives
Bloomberg
5 hours ago
- Automotive
- Bloomberg
Tesla's Darkening Outlook to Test Robotaxi Vision Pushed by Musk
Tesla Inc. 's core car-making business is facing a deteriorating outlook, providing a major test of Chief Executive Officer Elon Musk's ability to lift the stock price with his vision of a self-driving future. The electric-vehicle maker is expected to post the sharpest drop in revenues in more than a decade when it reports earnings on Wednesday, as demand for Tesla products dries up. And with federal incentives meant to encourage EV sales set to disappear later this year, things are likely to get even more challenging in the coming months.
Auto Express
2 days ago
- Automotive
- Auto Express
The Electric Car Grant has shot the UK car industry in the foot
Talk about a great way to ruin good news. With electric car take-up growing far more slowly than required to hit the Government's ZEV mandate targets, the car industry has been crying out for incentives to help boost interest in what is still very much new tech to most drivers. Advertisement - Article continues below So it's impressive to do what a whole sector has been calling for but still shoot yourself in the foot with a scheme so complicated that no-one understands how it's going to work, or which cars will be eligible, days after it's announced. It's a shambles, or as one senior UK car industry exec put it to me last week, a 'flipping nightmare'. I also hear that the E-mail address that manufacturers need to use to register their cars wasn't even working when the announcement of the scheme went live. Then there's the issue of cars just over the £37,000 threshold, which is oddly close to, yet not the same as the Government's VED expensive-car cut-off of £40k. Brands will be frantically recalculating to see how many of the 15 or so cars within £3,000 of the £37k line could be reduced in price to become eligible. That's if they jump through the required eco hoops to make the cut for £3,750 or £1,500 grants. Renault's Scenic dropped by £200 within 48 hours of the announcement to be a fiver under the threshold. Provided Renault ticks those secret eco boxes. We've ended up with a scheme seemingly designed with what some might see as the noble aim of helping European brands to compete with Chinese rivals under the guise of environmental credentials. It seems – although any level of actual detail or evidence of a full plan from the Department for Transport would be helpful – that the environmental aspect of the grant is designed to increase transparency and encourage more local production. But because the policy apparently wasn't fully formed when it was announced, we don't really know. That causes a ripple through the market. EV purchases dived through the floor in the days following the announcement as buyers wait, potentially for weeks, to see if their prospective new EV gets a whopping discount. So the Government's move to boost EV sales could have harpooned them in the short term. Which is careless. Buy a car with Auto Express. Our nationwide dealer network has some fantastic cars on offer right now with new, used and leasing deals to choose from... Find a car with the experts Range Rover's secret mid-size EV: Inside its £500m factory Range Rover's secret mid-size EV: Inside its £500m factory We take an exclusive look inside JLR's revamped Liverpool site as the brand gears up for EV production Car Deal of the Day: The Audi A3 Saloon may be posh but not at this price Car Deal of the Day: The Audi A3 Saloon may be posh but not at this price It's posh, well appointed, and refined to drive – the Audi A3 Saloon is our Deal of the Day for July 18 Chinese cars will take over as Britain's best sellers Chinese cars will take over as Britain's best sellers With a dramatic rise in sales, Mike Rutherford thinks it's only a matter of time before Chinese cars outsell all other countries in the UK
Globe and Mail
15-07-2025
- Automotive
- Globe and Mail
New York State to Offer New Commercial EV Incentives in August; Perfect Time to Buy the Bollinger B4 All-Electric Truck
BREA, Calif., July 15, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) ('Mullen' or the 'Company'), an emerging electric vehicle ('EV') manufacturer, today announces its subsidiary, Bollinger Motors, reveals that August will be one of the best times to buy a commercial electric vehicle, as funding for state incentives in New York are set to be replenished, according to Bollinger Motors. The New York Truck Voucher Incentive Program ('NYTVIP') is a state incentive aimed to accelerate commercialization by providing point-of-sale vouchers to make advanced vehicles more affordable. The NYTVIP program can provide credits from $85,000 up to $144,000. Paired with the 45W federal tax credit — up to $40,000 for a Class 4 — and you've got unprecedented up-front affordability for commercial EVs. The federal tax credit will expire for any commercial electric vehicle delivered after September 30, 2025. 'The New York program is a model for how government incentives can stimulate the market for clean transportation,' said Jim Connelly, chief revenue officer for Bollinger Motors. 'Any company with sustainable transportation goals that wants to take advantage of this access to important incentives should act quickly. We anticipate demand for program funds will be high and they could be gone again in a matter of weeks.' Connelly urged companies to prepare purchase orders in July so they can be at the front of the line when the programs reopen in August. Bollinger Motors' commercial Class 4 all-electric truck, the Bollinger B4, is a prime example of a vehicle supported by programs such as HVIP and NYTVIP. The Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. Bollinger's unique chassis design protects the 158-kWh battery pack and components to offer unparalleled capability and safety in the commercial market. The B4 also has been designed with exceptional driving characteristics. The company's patented Quad Bend frame construction allowed for the battery pack to be housed inside the frame wells, while tapering toward the cab to allow tighter turning radius for the vehicle's tires. The vehicle's powerful pickup, combined with its tight turning radius, makes the B4 a versatile truck for multiple urban use cases. About Bollinger Motors Founded in 2015, Bollinger Motors, Inc. is a U.S.-based company headquartered in Oak Park, Michigan. Bollinger Motors is producing and selling its all-electric commercial Class 4 chassis cab truck. In September of 2022, Bollinger Motors became a majority-owned company of Mullen Automotive, Inc. (NASDAQ: MULN). Learn more at About Mullen Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles ('EVs') with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board ('CARB') and EPA certified and available for sale in the U.S. The Company's commercial dealer network consists of seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets. In September 2022, Bollinger Motors, of Oak Park, Michigan, became a majority-owned EV truck company of Mullen Automotive. Bollinger Motors has passed numerous milestones including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer network with over 50 locations across the United States for sales and service support. To learn more about the Company, visit Forward-Looking Statements Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, how long the NYTVIP incentive and other government incentives will be available and the net pricing impact of these programs on Bollinger's vehicles. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen's ability to successfully expand in existing markets and enter new markets; (iv) Mullen's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen's business; (viii) changes in government licensing and regulation that may adversely affect Mullen's business; (ix) the risk that changes in consumer behavior could adversely affect Mullen's business; (x) Mullen's ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen's plans and expectations as of any subsequent date. Mullen Automotive Contact: Bollinger Media Contact: Mike DeVilling, (248) 875-4207, mdevilling@ Corporate Communications IBN Austin, Texas 512.354.7000 Office
Khaleej Times
14-07-2025
- Business
- Khaleej Times
India's Madhya Pradesh offers airlines Dh66,000 per trip to resume direct Dubai flight
Indian expats disheartened by the discontinuation of the lone direct flight to Madhya Pradesh from Dubai last year could soon be in luck — the central Indian state is looking to lure airlines back with per-trip incentives. The Madhya Pradesh government is considering offering up to Rs1.5 million (around Dh66,000) per flight to airlines operating direct international services from the state to destinations currently without such connectivity, Chief Minister Mohan Yadav told Khaleej Times on Monday during his Dubai visit. The plan is part of the state's forthcoming Civil Aviation Policy, which aims to boost global access from Madhya Pradesh, home to cities like Indore, Bhopal, and Gwalior. 'We are deliberating the fine print. We hope the incentive will attract airlines to explore new international routes from Madhya Pradesh,' Yadav said. The proposal comes nearly a year after Air India Express discontinued its Indore–Dubai flight, which had launched in March 2023. Currently, the low-cost carrier operates four flights a week between Sharjah and Indore. There are no direct flights to Bhopal, the state's capital. Yadav's visit to Dubai was aimed at strengthening trade, tourism, and industrial ties between Madhya Pradesh and the UAE. 'We've had some very productive meetings with key stakeholders across multiple sectors,' he told Khaleej Times. Over two packed days, the chief minister met with Dr Thani Al Zeyoudi, Minister of Foreign Trade; Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group; Arab Parliament President Mohammed Al Yamahi; and several top Indian-origin business leaders based in the Emirates," according to a press release. "We are looking to position Madhya Pradesh as a rising global investment hub, particularly in renewable energy, textiles, logistics, electric vehicles, and food processing," he said. One of the outcomes was an agreement to set up a permanent coordination mechanism at the Indian Embassy level to ensure continuous engagement between Madhya Pradesh and the UAE. Indian Consul General Satish Kumar Sivan will serve as a key liaison to facilitate direct engagement between the state's industries department and Dubai-based investors. Yadav also made a strong pitch for UAE participation in Madhya Pradesh's plug-and-play industrial parks, including the PM Mitra Park for textiles in Dhar, medical and electronics clusters in Ujjain and Bhopal, and various renewable energy zones.
Bloomberg
13-07-2025
- Automotive
- Bloomberg
UK Plans New Measure to Boost EV Sales, Transport Secretary Says
The UK plans to introduce new incentives to make it cheaper for people to buy new electric vehicles as the Labour government attempts to phase out the sale of polluting cars. Speaking on Sunday, Transport Secretary Heidi Alexander confirmed she will be announcing new measures to boost sales of EVs this week but declined to directly address reports in the Telegraph and the Times that the incentives will include up to £700 million ($948 million) in new subsidies and grants to buyers to help offset costs.
