Energy Video Week 5 of 2024: EVs – Tesla and Ford Struggle While Honda and Toyota Expand North American Investments

Amid declining sales, Tesla slashes costs and plans to cut 10% of its workforce.

Ford reports steep losses on its EVs – to the tune of $1.3 bn for the quarter – as it struggles to cut costs. 
 
Hertz to sell of yet another 10,000 EVs, adding to the 20,000 it’ss already working to dispose of. 
 
Honda announces plans to develop an $11bn EV manufacturing capability in Ontario, involving JV investments from South Korea’s Posco and Japan’s Asahi Kasei. 
 
Toyota puts down an additional $1.4 bn into its Indiana EV plant for a three-row electric SUV, and battery pack assembly line using batteries from its North Carolina facility. 
 
Japan’s NGK insulators receives order for over 230 MWh of sodium-sulfur batteries from BASF’s stationary storage business unit.

Texas load growth forecast soars, increasing 40,000 MW in a single year, reflecting load growth and a change in the way ERCOT forecasts future demand. Total potential load by 2030 could be as high as 152,000 MW. For context, ERCOT’s record peak demand was 85,435 MW set last August.