Until recently, Tesla Inc (NASDAQ: TSLA) rivals were mostly all about the EV talk, but Nissan Motor Co Ltd (OTC: NSANY) is among the first to walk its EV talk. Nissan CEO Mokoto Uchida made an official statement on September 25th, in which the automaker committed to all-electric vehicles in Europe by the end of the decade. Also on September 25th, Nissan celebrated the 20th anniversary of its Nissan Design Europe studio in London and unveiled its all-new sporty urban electric concept car for the occasion, named Nissan Concept 20-23.
Automakers Are Still Do Walk Their Talk
General Motors (NYSE: GM) CEO Mary Barra also committed to phase out all internal combustion engines by 2035 but the undergoing strike will undoubtedly complicate things. Back during the fourth quarter of fiscal 2019, General Motors took a $3.6 billion hit, its bottom line that is, from the 40-day UAW strike. The industrial action is a major setback for GM who is trying to capitalize on demand. But additionally, adhering to UAW's terms could jeopardize its EV cost structure where GM is already at a disadvantage compared to Tesla who even sparked a price war this year.
Morgan Stanley analyst, Adam Jonas, estimated that a month of lost production would cost GM, Ford Motor (NYSE: F) and Stellantis (NYSE: STLA) $7 billion to $8 billion in lost profits.
Although it dodged a bullet on Friday by making progress in negotiations with the UAW, Ford said there are still key issues to resolve before reaching a new labor agreement. Ford Motor still didn't reveal the targeted date for becoming all-electric in the U.S. while it adopted a transition strategy for Europe where it aims to reach this goal by the end of the decade. Ford already exited the ICE small car market in Europe due to strict emission standards. But even Ford has been having EV issues with slow sales forcing the Blue Oval to double the output of hybrid F-pickups.
By embracing hybrids, Ford joined Toyota Motor (NYSE: TM) who has also been criticized for its slow EV transition. Although Toyota is also ramping up its EV production and even claiming a battery breakthrough that promises to challenge the dominance of Tesla, even the legendary Toyota is yet to walk its talk. Although it ambitiously plans to make 3.5 million EVs by the end of the decade, even Toyota did not set a date for its fully-electric transition.
Toyota has announced its groundbreaking battery advancement could reach the market as early as 2026 but even the EV king, Tesla, has been promising more affordable and longer-life batteries for a while now, but still hasn't shown any signs of delivering its promise.
Nissan Is Replacing Its Flagship EV
Back in 2010, Nissan created the first mass-produced EV in the world. The Leaf was the top selling EV during its first four years on the road. But Nissan will be replacing its star EV with a new model by 2026.
Nissan's New EV Concept
The sporty urban EV concept that Nissan revealed is said to be bringing a 21st century twist to its long tradition of small city cars. Last year, Nissan ramped up its EV production by launching its Ariya Crossover/SUV. Additionally, its subsidiary Infiniti will be producing its new EV sedan at its Canton, Miss., factory, along with a new crossover EV.
There's no turning back now
Some are going faster, others slower but one thing is certain at this point and that is that there's no turning back for automakers as they race towards an all-electric future.
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