The Biden administration has EV goals that include hybrids, Exxon has goals as well, and Tesla. All that and more in The Morning Shift for August 5, 2021.
1st Gear: Half Electrified By 2030
That is what the Biden administration wants, which is less than what California is doing by 2035. Moreover, it isn’t even strictly for actual EVs. Regular-ass plug-in hybrids count towards the goal. I find the lefty types who are perpetually disappointed with the Democrats fairly irritating and yet I am still disappointed with this, as it seems like a capitulation to big business. Just tell the automakers to start making EVs, Joe! I think they’ll figure it out, like they have in Europe.
From The Wall Street Journal:
In a joint statement, General Motors Co. , Ford Motor Co. , and Chrysler maker Stellantis NV said their commitment hinges on federal funding for manufacturing and supply-chain research and development, purchase incentives and an EV-charging network.
The auto makers said their commitment was to have electric, fuel cell and plug-in hybrid vehicles comprise 40% to 50% of sales by 2030, saying the action “represents a dramatic shift from the U.S. market today.” Biden administration officials, however, said the president plans to sign an executive order setting a voluntary target of 50%.
None of this means anything, of course.
Some environmentalist critics of the industry reacted with skepticism to advance reports Wednesday night of the auto makers’ voluntary commitment.
The plan “relies on unenforceable voluntary commitments from unreliable car makers,” said Dan Becker, a long-time environmental advocate for clean transportation now serving as director of the Safe Climate Transport Campaign of the Center for Biological Diversity, a non-profit environmental advocacy group. “These are the companies that tore up the agreement they made with President Obama to cut pollution, so why would anyone trust them now?”
Every automaker is a hypocritical sack of shit, but I don’t blame them because the incentives are set up for them to be hypocritical sacks of shit. That’s why government regulations exist, to rein in the worst capitalist impulses of big business. None of this is particularly complicated, nor is the problem — New York City has a subtropical climate nowadays, it’s real fun — particularly hard to grasp.
It is funny, however, that Tesla has apparently been left out:
2nd Gear: This Is More Hopeful From The Biden Administration, However
The EPA is also in the process of setting new emissions requirements for automakers; that’s right, requirements, not some mealy-mouthed voluntary goal.
From Automotive News:
As automakers set targets for electric vehicle-only lineups and seek to sell more electrified options in the U.S., EPA official Bill Charmley says the agency’s performance-based emissions requirements ensure the industry is making progress on meeting clean air and environmental goals.
“It’s not the type of thing that you want to leave it to chance,” said Charmley, director of the assessment and standards division within EPA’s Office of Transportation and Air Quality.
Charmley spoke Wednesday during a hybrid version of the annual CAR Management Briefing Seminars.
“We want the industry to be successful on this transition,” he said. “We want to make sure that EPA’s policies help provide long-term goals and stability, if possible.”
Charmley, who was unable to comment on the EPA’s soon-to-be proposed rule on vehicle emissions, said the agency’s standards also provide a “level playing field” to make sure all automakers work toward meeting the same requirements.
3rd Gear: Exxon Also Has Goals
I can’t get over the headline for this story leading The Wall Street Journal’s website this morning; the headline is, “Exxon Considers Pledging ‘Net-Zero’ Carbon By 2050.” That’s right, Exxon is thinking about making a meaningless pledge. I’m sure this means quite a lot to Wall Street types who have money on the line but, for those of us worried about the future of the planet, this is the saddest bit of incrementalism.
Exxon XOM is considering a pledge to reduce its net carbon emissions to zero by 2050, according to people familiar with the matter, in what would amount to a significant strategic shift by the oil company.
[...]
[Exxon Chief Executive Darren Woods] and others on Exxon’s board are now giving the same idea serious debate, the people said. Mr. Woods is facing pressure from investors to demonstrate a bolder path to reducing emissions. Following a bruising proxy fight this year, an activist hedge fund elected three new members to the company’s board.
The Irving, Texas, company hasn’t made a final decision on a net-zero pledge, according to the people. It plans to unveil a series of strategic moves on environmental and other issues before the end of the year, the people said.
I am also considering a pledge to eat better and exercise more this year, according to people familiar with the matter.
4th Gear: UK Car Sales Bad
They were the worst in July since 1998, apparently in large part because of something called the “pingdemic,” according to Reuters.
British new car sales fell by 29.5% to their lowest July level since 1998 as the ‘pingdemic’ of people self-isolating alongside supply shortages hit demand, according to an industry body.
[...]
As cases rose last month, hundreds of thousands of people were being “pinged” by the National Health Service’s contact-tracing app to isolate for 10 days, although it has now been tweaked to reduce the numbers contacted.
A total of 123,296 vehicles were registered in July, according to the Society of Motor Manufacturers and Traders (SMMT), which said it is marginally downgrading its full-year forecast to around 1.82 million cars.
5th Gear: Tesla’s Chair Has Cashed Out $22 Million In Stock
Robyn Denholm became Tesla chair after Tesla CEO Elon Musk fucked up and could no longer be chair. According to a new filing with the SEC, Denholm recently cashed out some of her stock in the company, in what is probably a small amount for her but a large amount for any normal person.
From Reuters:
Tesla Inc chair Robyn Denholm sold more than $22 million worth of shares in the electric-car maker after exercising stock options, according to a filing with the U.S. Securities and Exchange Commission (SEC).
Denholm sold 31,250 shares at weighted average prices ranging from $703 to $726.200 in transactions that took place on Aug. 2, according to the filing from Wednesday.
Tesla stock is way overvalued but that fact hasn’t seem to hurt it much. It’s almost like Wall Street isn’t rational.
Reverse: Stop Lights
Neutral: How Are You?
I was completely perplexed by this New York magazine story about a person who parallel-parked their car somewhat tightly in New York City and posted about it and then got a bunch of shit for it. Mainly: Who cares? It is true that New York is the only city I can think of in which it is completely all right to bump someone else’s car when parallel parking, but, you know, limited space and all that. This isn’t Los Angeles.
Also, if people are mad about their bumper getting nicked then let’s bring back real bumpers already. Also, if you live in New York City and you are fortunate enough to own a car and you don’t want your bumper to get nicked then you are probably also fortunate enough to rent a garage space. Also, the two cars in danger of getting nicked in the story are a Honda Odyssey and a third-generation Ford Ranger. Also, in NYC if you street park anything worth more than a Honda Odyssey or Ford Ranger or regular Volkswagen Golf, you kinda deserve whatever happens to you.