In today’s edition of EV News Daily, we have covered headlines from, the European Union which has finally approved the landmark law to ban sales of new CO2-emitting cars by 2035; Polestar which is gearing up to launch a $20 million mega marketing campaign for the Polestar 3; Lucid motors which is planning to layoff nearly 18% of its workforce.
European Union Finally Approves the Landmark Law to Ban Sales of New CO2 Emitting Cars by 2035
European Union Finally Approves the Landmark Law to Ban Sales of New CO2 Emitting Cars by 2035- European Union countries gave final approval on Tuesday to a landmark law to end sales of new CO2-emitting cars in 2035, after Germany won an exemption for cars running on e-fuels.
- The approval from EU countries’ energy ministers means Europe’s main climate policy for cars can now enter into force – after weeks of delay caused by last-minute opposition from Germany.
- The EU law will require all new cars sold to have zero CO2 emissions from 2035, and 55% lower CO2 emissions from 2030, versus 2021 levels. The targets are designed to drive the rapid decarbonization of new car fleets in Europe.
- The European Commission has pledged, however, to create a legal route for sales of new cars that only run on e-fuels to continue after 2035, after Germany demanded this exemption.
- The EU policy had been expected to make it impossible to sell combustion engine cars in the EU from 2035. But the exemption won by Germany offers a potential lifeline to traditional vehicles – although e-fuels are not yet produced at scale.
- E-fuels are considered carbon neutral because they are made using captured CO2 emissions – which proponents say balances out the CO2 released when the fuel is combusted in an engine.
- The Commission will, in autumn 2023, propose how sales of e-fuel-only cars can continue after 2035. Such cars will have to use technology to prevent them from starting when filled with petrol or diesel.
- Poland voted against the law, while Italy, Bulgaria, and Romania abstained.
Source: Reuters
Polestar to Launch a $20 Million Mega Marketing Campaign for the Polestar 3
Polestar to Launch a $20 Mega Million Marketing Campaign for the Polestar 3- Swedish EV maker Polestar is gearing up to launch a $20 million mega marketing campaign in the second quarter for the Polestar 3 crossover in the truck-dominated U.S. market.
- This investment in the marketing campaign will even surpass Polestar’s marketing spend in the first quarter of 2021 when it splurged on a Super Bowl commercial. This clearly indicates how much is riding on the Polestar 3.
- Polestar’s North American boss, Gregor Hembrough told Automotive News, “The Volvo Cars affiliate will spend more on marketing the Polestar 3 to Americans in the second quarter than it did in the past nine months combined.”
- Hembrough said, North America will be Polestar 3’s largest market and the company expects it will account for about 25 percent of Polestar 3’s global sales.
- He expressed confidence that the “well-contented” Polestar 3 will stand up to the competition. He further said, “We’ve got a good story to tell around high standard content, competitive range, and high performance.”
- The marketing campaign will begin on April 4, involving online, television, and outdoor advertising to raise awareness of both, its first crossover and the brand as a whole.
- A 12-city product roadshow will kick off in New York City today and will allow Polestar 3 reservation holders and other early adopters to kick the proverbial tires.
Source: Automotive News
Lucid Plans to Layoff Nearly 18% of its Workforce
Lucid Plans to Layoff Nearly 18% of its Workforce- As per reports, Luxury EV maker Lucid motors is planning to lay off about 18% of its workforce in a cost-saving move, which it says is a “painful but necessary decision”.
- The company will disclose the details of the layoffs in the next three days but as per sources, the layoff will impact every level of the company, including executives.
- According to an internal memo, impacted employees are expected to receive a severance package including access to career resources, healthcare coverage continuation, and acceleration of equity.
- In a similar move last month, Rivian also decided to cut 6% of its workforce as economic concerns have companies cutting costs and watching their bottom lines.
- Companies in the U.S. have stepped up cost cuts as they brace for a looming recession.
Source: Reuters
How many employees does Lucid have?
At the end of last year, Lucid had about 7,200 employees, an 84.62% increase from 2021. Lucid employed a total number of 3,900 people in 2021.
For Yesterday’s edition of EV News Daily, Please click here
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