The Environmental Protection Agency (EPA) announced finalizing the strictest tailpipe emission standards ever.
Inputs that matter: Oilprice.com reports that "the new standards would make all gasoline and diesel-powered light vehicles illegal in less than 10 years."
- Electric vehicles (EVs) account for less than a tenth of total car sales.
The opportunity: The Wall Street Journal reports that the revised standard would require a massive increase in EV sales, at 31% and 40% for model year 2030.
- PBS reports, "The U.S. Department of Energy's Energy Information Administration reported that American oil production in the first week of October hit 13.2 million barrels per day, passing the previous record set in 2020 by 100,000 barrels."
Zoom in: Grist reports, "Connecticut wants to penalize insurers for backing fossil fuel projects."
- "Legislation in Connecticut, the capital of the American insurance industry and home to several of its largest carriers, could make insurers pay for that contradiction."
- "It's important to begin to hold [insurers] accountable for how they've played it both ways in terms of climate change," said Tom Swan, the executive director of Connecticut Citizen Action Group.
- "The assessment would apply not only to new pipelines and fuel terminals, which require ample insurance to attract lenders and investors, but to current coverage for existing infrastructure as well."
Between the lines: The Street reports, "Automaker Stellantis (STLA), which manufactures top car brands such as Jeep, Chrysler, and Dodge, laid off about 400 of its U.S. corporate employees late last week."
- Autoblog explains that on Wednesday, the automaker signed further deals with unions in Italy for voluntary layoffs, meaning it could cut its workforce by over 3,000 roles in the country.
- "The cuts are being driven in part by the transition to cleaner energy in the industry."
Follow the money: The Ringer reports, "America's Big Three automakers—Ford, General Motors, and Stellantis (which owns Dodge, Chrysler, and Jeep)—are in big trouble."
- Reuters reports, "Chinese electric vehicle maker BYD has set a 3.6- million-unit sales target for 2024, a jump of 20% from its record-breaking sales last year."
- "The world's largest EV manufacturer aims to sell 500,000 vehicles overseas this year, more than double last year's total, and one million units in 2025, Chairman Wang Chuanfu told a BYD investor meeting on Wednesday."
- "BYD stepped into the global spotlight after it became the world's biggest EV seller late last year, overtaking Tesla (TSLA.O)."
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Read More
- https://oilprice.com/Energy/Energy-General/EPAs-New-Car-Emission-Standards-Doom-the-Gasoline-Car.html
- https://grist.org/regulation/connecticut-disaster-insurance-fossil-fuels/
- https://www.autoblog.com/2024/03/27/new-stellantis-layoffs-mean-over-3000-jobs-set-to-go-in-italy/
- https://www.thestreet.com/employment/stellantis-uses-sneaky-new-tactic-to-lay-off-corporate-employees
- https://www.theringer.com/2024/3/26/24107134/american-auto-companies-dangerous-dilemma-electric-vehicles-hybrids
- https://www.reuters.com/business/autos-transportation/chinese-electric-vehicle-maker-byd-targets-20-jump-annual-sales-2024-03-27/
- https://www.pbs.org/newshour/politics/u-s-oil-production-hits-all-time-high-conflicting-with-efforts-to-curb-climate-change