Electric Cars
"Car Shares: Making Electric Vehicles Accessible for All"
2024-12-06
Electric vehicles (EVs) are increasingly becoming a part of our transportation landscape. However, the upfront cost and accessibility issues have often posed barriers for many. In this article, we explore how car shares are making EVs more accessible and how they are transforming the way we think about transportation.

Revolutionizing Transportation with Community-First EV Car Shares

ZEV: A Growing Movement in Community-First EV Car Shares

Edwin Lindo used to view new EV chargers as a sign of being priced out. But now, with two chargers in front of Estelita's Library, where he cofounded a community library and bookstore, things have changed. ZEV, an electric car-share cooperative, operates 11 vehicles around Washington State. One charger is available to all, while the other is reserved for a rentable wheelchair-accessible EV that costs $8 per hour. These vehicles are used by locals for various purposes like church visits, hospital trips, and field trips. Sometimes, Lindo himself drives the car to give rides to those carrying heavy groceries.

The EPA reports that transportation is a significant source of CO2 emissions, and passenger cars and light-duty trucks contribute a large portion. EVs could be a key driver of electrification, and car shares can help make them more accessible and reduce car ownership. Tax credits and low maintenance costs make EVs cheaper in the long run, but the upfront cost still poses a challenge.

History and Growth of Community-First EV Car Shares

From 1998 to 2009, nonprofits like San Francisco's City CarShare and PhillyCarshare gained popularity in the US. But in the 2010s, corporations took over many of these nonprofits. Since 2016, the federal government has been funding community-first EV car shares for low-income and underserved communities. In 2021, the Infrastructure Investment and Jobs Act and the Build Back Better Act provided significant funds for car-sharing and EV infrastructure in underserved areas. At the state level, California has been a leader with $70 million invested through the California Air Resources Board from 2015 to 2021.

Across the US, community-first EV car shares range in scale from two to 300 vehicles. Examples include Míocar and BlueLA in California and Evie in Minnesota. These car shares charge between $4 and $16 per hour.

ZEV: A Publicly Funded Car-Sharing Co-op

ZEV is the only publicly funded car-sharing co-op, launched in 2021. Founder Greg Dronkert says a co-op can be more flexible in seeking revenue. Users can be subscribers or members. Subscribers pay a $15 registration fee, a $20 monthly access fee, and $16 per hour each time. Members pay a $500 equity investment and only $8 per hour to use a car. One membership equals one vote and the opportunity to run for the board. Currently, most enjoy introductory rates of $5 per hour or $8 per hour depending on the car. A $5 low-income rate is also available. All locations have a grant-funded dedicated charger exclusive to the car share.

To scale, ZEV partners with organizations like Estelita's and Town and Country Markets, as well as entities like the city of Port Townsend. Through their membership, a community group can buy memberships for their neighbors, and they pay $8 per hour with no other fees.

Míocar: One of the Most Sustainable Car-Share Nonprofits

Gloria Huerta founded Míocar in 2019. With a $20 membership fee and an orientation, one can get a few hours of driving credit. Huerta hasn't raised the launching rate of $4 per hour and $35 a day. Jennifer Flores, who couldn't afford a repair for her 2001 Honda Civic, found Míocar helpful. It helped her get groceries and even led to a job planting trees in her community. Míocar now has 45 cars in nine locations in California (expected to double next year) and 700 members, but only 75 use the cars monthly.

Míocar rewards social media posts and survey fills with driving credit. They work with UC Davis to analyze and include the results in grant proposals and are funded through 2028. Huerta also points to the community's attentiveness as a sign of buy-in. But a car share can't always meet a community's needs, like when electrical panels aren't up to standards or when there are installation costs.

Individual Experiences with EV Car Shares

Nighel Cobb and his wife live on Bainbridge Island. He learned about ZEV from a car parked near his house. After an accident, he considered buying an EV but was unsure about infrastructure at their next location. Now a subscriber, he uses the EV network when taking the ferry to Seattle and is considering a membership upgrade. He has recommended ZEV to a friend with an older car facing issues.

Both word-of-mouth and outreach events help in promoting EV car shares. Míocar organizes events for each new location. At Estelita's Library, the ZEV team pitched the service to passersby. As Lindo said, it takes time and community work to make these initiatives successful.

UK's November Record: 25% of Car Sales Were Electric
2024-12-06
According to the latest statistics from New AutoMotive, the United Kingdom achieved a remarkable feat in November by setting a new record for electric vehicle (EV) sales. More than 25 percent of the total car registrations during that month were for EVs. This significant milestone indicates a continuous upward trend in the country's EV market.

Record-Breaking Market Share

The latest figures reveal that EV sales in the United Kingdom have maintained a share of over 20 percent for the fourth consecutive month. This is an astonishing record, as reported by Transport and Energy. Quentin Willson, an advisory board member of EVUK and the founder of FairCharge, emphasized the importance of these figures, stating, "November’s record EV registration figures – up over 50% compared to Nov 2023 – show that consumers are busting the myth that EV sales are falling. The ZEV Mandate is working and increasing numbers of buyers are recognizing the hi-tech value and lower running costs of electric cars."

Gas-Powered Car Sales Plunge

In Britain, sales of gas-powered cars have reached a record low. Manufacturers are conserving supplies in an effort to meet strict EV targets. As reported by The Telegraph, only 29 percent of new car sales last month were fossil fuel vehicles, a significant decrease from 42 percent the previous year. Auto Trader predicts that gas-powered cars will "peak" in 2024 and then enter a permanent decline. The number of fossil fuel vehicles is expected to fall from 18.7 to 11.1 million in the coming decade. Ian Plummer, the commercial director for Auto Trader, highlighted this landmark, saying, "Peak petrol is a genuine landmark for the UK. We expect to see a seismic shift in British motoring over the next decade as the number of petrol cars falls by nearly half and EVs take a much bigger share."

EV Numbers on the Rise

Meanwhile, EV numbers in the United Kingdom are projected to increase significantly. As stated by The Telegraph, EV numbers are expected to rise from 1.25 to 13.7 million. This substantial growth is being driven by government "ZEV mandates" – legally enforced EV sales targets that compel manufacturers and drivers to transition to EVs. The rules stipulate that 22 percent of auto sales must be electric in 2024, rising to 28 percent in 2025, with an annual increase reaching 80 percent by the end of the decade.

Challenges and Incentives

Some manufacturers, such as Ford, Nissan, and Stellantis, express concerns about the strictness of the rules. They believe that consumer demand is not as strong as expected, and the high prices of EVs are deterring a number of drivers. Manufacturers are urging ministers to either relax the requirements or use consumer incentives to boost EV demand. Ginny Buckley, the founder of Electrifying.com, pointed out that while the car industry has introduced more affordable models, registrations to fleets and businesses are still driving the switch to EVs. She emphasized the need for the government to introduce incentives for both new and used electric cars to enable more private buyers to embrace electric vehicles. "Buoyant sales of second hand EVs will be key to us hitting our net-zero targets more efficiently," she said.

Charging Infrastructure Investment

In anticipation of the booming EV sales, charging companies have made substantial investments in infrastructure. They are keen to see the government maintain its commitment. Vicky Read, the chief executive of ChargeUK, stated, "It’s imperative that we keep this momentum going and this is why the ZEV mandate’s sales quotas are so important. They give charging investors the confidence to keep deploying ahead of demand."
See More
Samsara Stock Dips as Q3 Revenue Guidance Falls Short
2024-12-05
Samsara, a prominent player in the Internet of Things (IOT) space, recently made waves in the stock market. The company's third-quarter earnings and revenue performance was a mixed bag. While earnings per share exceeded expectations on an adjusted basis, revenue growth slightly missed the mark. This led to a significant drop in Samsara stock on Thursday.

Guidance Disappoints: Analysts' Expectations vs. Reality

Analysts had anticipated Samsara to report a profit of 4 cents per share on sales of $310.6 million. However, the actual figures showed earnings of 8 cents per share on revenue of $322 million. For the current quarter ending in January, Samsara's revenue outlook of $335 million at the midpoint was just below estimates. This discrepancy between expectations and actual results had a notable impact on the stock price. 1: The market's reaction to Samsara's guidance was swift and significant. Analysts and investors closely monitor these figures as they provide insights into the company's future performance. The slight miss in revenue guidance led to a more than 9% decline in Samsara stock during extended trading, dropping to 49.70. This shows the sensitivity of the stock market to even small variations in earnings and revenue forecasts. 2: Despite the disappointment in guidance, Samsara's other metrics still show strong growth. Annual recurring revenue from subscriptions rose 35% to $1.35 billion, topping estimates. This indicates the company's underlying business is still expanding and has potential for future growth. However, the market's focus was primarily on the revenue shortfall in the current quarter.

New "Asset Tags" and Investor Sentiment

Heading into the earnings report, some analysts were optimistic about Samsara's new "asset tags" introduced at an investor conference in June. These non-vehicle tags are designed to track a variety of smaller, industrial assets. This expansion into new markets could potentially open up new revenue streams for the company and boost its growth prospects. 1: The introduction of these asset tags shows Samsara's innovation and ability to adapt to different market needs. It also indicates the company's focus on diversifying its product offerings beyond traditional vehicle fleet management. Investors will be closely watching how these new tags perform and whether they can contribute significantly to the company's bottom line. 2: However, the stock market's reaction to these new tags was somewhat muted. While some analysts saw potential, others remained cautious. The overall market sentiment was still influenced by the revenue guidance disappointment. This highlights the importance of a balanced approach when evaluating a company's performance and potential.

Company Background and Services

Samsara was founded in 2015 and provides sensors and cloud-based software to manage vehicle fleets and industrial operations. Its Internet of Things platform offers GPS tracking for trucks and monitors routes and vehicle performance. This comprehensive suite of services has made Samsara a leader in the IOT space, serving a wide range of industries. 1: The company's focus on leveraging technology to improve operational efficiency has been a key driver of its success. By providing real-time data and analytics, Samsara enables businesses to make more informed decisions and optimize their operations. This has led to strong customer adoption and revenue growth over the years. 2: Samsara's long history and established presence in the market give it a competitive advantage. The company has built a strong reputation for delivering reliable and innovative solutions. As the IOT market continues to grow, Samsara is well-positioned to capitalize on this trend and further expand its business.
See More