Summary
- America sets EV sales record in Q3 of 2024, with global sales of EVs rising by almost a third
- Tesla’s Cybertruck becomes third best-selling EV in America, with Ford’s Mustang Mach E leading non-Tesla EV sales
- Stellantis CEO warns automakers against delaying transition to EVs, calls it a "trap" that could lead to higher costs
- German union accuses Tesla of aggressive tactics and union busting at its plant in Gruenheide
- Tesla’s Cybercab launch receives mixed reactions, causing Tesla’s stocks to drop while Uber and Lyft see an increase in value
Article
In October 2024, The Morning Shift reported that global sales of electric vehicles (EVs) were on the rise, with a significant boost in the third quarter of that year. China saw a 47.9% increase in EV sales, while the United States and Canada saw a 4.3% increase. In Europe, EV sales rose by 4.2%. In the United States, EV sales set a new record, with over 346,000 EVs sold in the third quarter of 2024, making up almost nine percent of all cars sold in the country. Discounts and incentives played a significant role in driving this growth, with incentives making up 12% of the average EV transaction price.
Tesla’s Cybertruck emerged as one of the top-selling EVs in America, alongside the company’s Model 3 and Y cars. Ford’s Mustang Mach E was the best-selling non-Tesla EV. Automakers globally have been preparing for the growing shift towards EVs, with companies like Ford and Hyundai investing in EV infrastructure. Stellantis CEO Carlos Tavares warned that delaying the transition to EVs could be a costly trap for automakers, as they would have to invest in both electric and combustion-engine vehicles simultaneously.
At Tesla’s German plant, workers were attempting to unionize, but the company fired a union representative, leading to accusations of aggressive tactics from the German union IG Metall. Tesla has faced previous scrutiny in Germany for home visits to check on sick employees. The company also faced backlash following the launch of its Cybercab, which included promises of an autonomous taxi and self-driving van, but lacked clarity on timelines and financial returns. Tesla’s shares dropped, leading Uber and Lyft’s stocks to rise.
Tavares and Stellantis have heavily invested in a multi-energy platform for their models, working on various powertrain options. Tesla’s lack of clarity around its new products has raised concerns among experts, echoing previous delays with products like the Cybertruck and the second-generation Tesla Roadster. The launch event for the Cybercab raised questions about the company’s ability to deliver on its promises, leading to a drop in Tesla’s share value and a rise in Uber and Lyft’s stock prices. As the industry continues to shift towards EVs, automakers face challenges and opportunities in navigating this transition.
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