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Toyota can’t seem to grasp why it’s being criticized for its lack of progress in fully electric vehicles. The Japanese automaker is making headlines Wednesday after an executive went off on a tangent defending Toyota’s carbon reduction efforts and future EV plans – the frustration comes as Toyota has come under fire for not going all in on electric vehicles.

The world’s largest automaker stands by its position to not rush into electric vehicles despite the overwhelming demand growing in every primary market.

Almost every automaker has turned to a preorder system for their electric models because they can’t keep up with orders. According to the International Energy Agency (IEA), electric vehicle sales are on pace to hit another global record this year after almost doubling in 2021 to 6.6 million.

With new government incentives and rebates, electric vehicle adoption is expected to continue gaining momentum as production capacity comes online and automakers switch their focus to EVs.

Despite this, less than two months ago, the EVP of sales at Toyota Motor North America claimed, “I don’t think the market is ready” for electric vehicles, citing high costs and lack of infrastructure (charging).

In response to that, the IEA reports:

Deployment of publicly available EV charging points increased by close to 40% in 2021.

New federal incentives are expected to drive this number significantly higher in 2022. The US DOT announced $5 billion in funding under the National Electric Vehicle (NEVI) Formula Program, part of the Bipartisan Infrastructure Law, to build an EV charging network across the US over the next five years.

Meanwhile, Toyota’s first attempt at a fully electric car, the bZ4X, was (to say it nicely) less than ideal as it was recalled due to the wheels falling off (they resumed sales earlier this month).

And then, two weeks ago, Toyota’s CEO told reporters it would stick with a hybrid strategy, stating, “playing to win means playing with all the cards in the deck,” referring to offering fuel cell alternatives, hybrids, and EVs. It seems the entire company is on board with these plans as another executive reiterated the same train of thought, defending the company’s progress so far.

Toyota-EV-plans-bZ4X-1
2023 Toyota bZ4X Source: Toyota

Executive gets heated defending Toyota’s EV plans

Sean Hanley, VP of Sales and Marketing at Toyota Motor Australia, delivered remarks during the debut of the automaker’s new Toyota Corolla Cross Hybrid in Sydney.

After the speech, while addressing the media, questions about the company’s carbon reduction plans and EV progress (or lack thereof) seemed to strike a nerve. Hanley said:

Toyota is not opposed to battery-electric vehicles. We believe that to get to carbon neutrality, you have to take everyone on the journey.

Adding:

We believe that you have to have a diverse range of technologies to get there. The point is this: carbon is the enemy here, not the powertrain.

Mr. Hanley continues, explaining Toyota is in “full support of some mandated type of legislation” for reducing carbon emissions and believes carbon neutrality must be achieved. However, in Hanley’s words:

What we’re disagreeing on is … how and when you get there.

He then directed his attention toward those criticizing Toyota, pointing to the automaker’s efforts in reducing carbon emissions in Australia since 2001 with hybrid vehicles.

We are the only car company that represents 30 percent of our sales that are hybrid right now. That is playing a role in reducing (emissions).

According to Toyota’s calculations, three hybrid vehicles are “almost equal” to one electric car, comparing the carbon emissions reduced with its 300,000 hybrids sold in Australia to about 90,000 EVs.

Electrek’s Take

Hybrids did play a role in reducing carbon emissions in the transportation sector, and Toyota played a significant role over the past 21 years. However, the issue Toyota doesn’t seem to be grasping here is hybrids were never the solution; they were a great innovation to eventually graduate to fully electric cars as tech progressed.

Technology has advanced significantly in the past several years – allowing for a higher range – which is the primary concern for those looking to buy an electric vehicle. And although hybrids are a better alternative to gas-powered cars, they are still not fully efficient.

A new study finds that because hybrids are heavier, they can consume more fuel in the long run, eroding the benefits.

Toyota insists on continuing to offer hybrids, and fuel-cell vehicles, refusing to adapt and update its EV plans for the modern age.

The popularity behind EVs is only expected to accelerate in the next few years as new electric models are introduced to the market, and federal incentives are designed to lower the costs while expanding access to charging. Toyota is known for being cautious, but this time it may cost them in the long run.

Toyota was a first mover in the hybrid space, a big reason it grew to become the most prominent global automaker. However, with all major markets (North America, Europe, China, etc.) accelerating pure electric sales, it may fall behind as demand for zero-emission EVs continues building.

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Ørsted’s largest solar farm in the world is now online in Texas

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Ørsted's largest solar farm in the world is now online in Texas

The Mockingbird Solar Center, Ørsted’s largest solar project globally, is now online, next to protected prairie donated by the renewable energy giant.

This massive 468-megawatt (MW) solar farm is set to power 80,000 homes and businesses, providing a major boost to the Texas grid.

But the launch of Mockingbird Solar isn’t just about clean energy – it’s also about restoring precious ecosystems. Ørsted has donated 953 acres of the Smiley-Woodfin Native Prairie Grassland, which sits next to the solar center, to The Nature Conservancy. The donated land is now the Smiley Meadow Preserve, a protected area for tallgrass prairie that’s home to more than 400 species of grasses and wildflowers.

Tallgrass prairies are some of the rarest ecosystems in the US, with less than 1% of Texas’ original tallgrass prairies still in existence. Tallgrass prairie does a lot of heavy lifting for the environment, including storing carbon, preventing floods, and providing crucial habitats for pollinators.

“Native prairies are the rarest landscapes left in Texas – so much so that many people have never seen one,” said David Bezanson, land protection strategy program director for The Nature Conservancy in Texas. He added that preserving Smiley Meadow will not only conserve one of the best prairie remnants left but also help restore other prairie habitats and boost regional biodiversity.

The Mockingbird Solar Center, a half-billion-dollar project, is part of Ørsted’s $20 billion push to expand renewable energy production across the US. Beyond generating electricity, it will inject $75 million into local property taxes, benefiting schools and other public services. The project also created over 550 construction jobs and will continue to be supported by operations staff moving forward.

Ørsted worked with US companies, including First Solar, for solar panels and partnered with local businesses like Drake Construction and Pfifer Farms for construction materials. It also gave more than $50,000 to local volunteer fire departments in Roxton and Brookston.

With Mockingbird Solar now up and running, Ørsted has more than 6 gigawatts of onshore wind, solar, and battery storage projects either in operation or being built across the US.

Read more: Ørsted got a huge Tesla battery storage system for the world’s single-largest offshore wind farm


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Cramer names oil and natural gas stocks set to do well under Trump

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Cramer names oil and natural gas stocks set to do well under Trump

CNBC’s Jim Cramer on Friday said companies related to natural gas and oil will thrive under President-elect Donald Trump’s administration and a majority Republican Congress.

“We’re hearing about all sorts of Trump trades right now, and many of these things have made insane moves in less than three weeks, to the point where, actually, they’re feeling precarious to me,” he said. “If you want a sustainable Trump trade, I say bet on the natural gas ecosystem. This is an industry that already had a lot going for it, it just needed some cooperation from the federal government, which it is about to get.”

President Joe Biden’s administration is largely opposed to fossil fuels, Cramer said, and the federal government has worked to block pipelines and paused new liquified gas export authorizations. This dynamic, coupled with a weaker global economy, caused the sector to underperform for much of the year, he suggested. But Trump has shown more favor to the industry, and Cramer pointed out that he tapped prominent oil executive Chris Wright to lead the Department of Energy.

Cramer recommended several stocks in the sector, including energy producers EQT and Coterra. The former is focused on natural gas and recently acquired peer Equitrans, raising the combined company’s valuation to an estimated $35 billion, Cramer noted. He added that Coterra is a good long-term holding and called the company “one of the shrewdest operators in the industry.”

He highlighted pipeline companies, including Energy Transfer and Kinder Morgan, and said he was especially bullish on Enbridge. Enbridge says it transports about 20% of all natural gas consumed in the U.S., and Cramer claimed the Canadian outfit has “strategically located assets.” He also named Cheniere and Sempra, saying the former is the “best playfor liquified natural gas exports.

“Seasonally, this is a good time for the commodity,” he said, pointing out that natural gas itself has climbed since the election. “But I also think there’s some optimism about the future of the industry driving this move.”

Jim Cramer’s Guide to Investing

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Jeep launches Wagoneer S EV lease prices starting at just $599 per month

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Jeep launches Wagoneer S EV lease prices starting at just 9 per month

Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.

2024 Jeep Wagoneer S EV lease prices

After unveiling its first global electric SUV, Jeep’s CEO said the Wagoneer S “marks a new chapter” in its storied history.

Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.

The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.

Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.

Jeep-Wagoneer-S-EV-lease-prices
Jeep Wagoneer S Launch Edition (Source: Jeep)

The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.

Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.

Jeep-Wagoneer-S-EV-lease-prices
Jeep Wagoneer S Launch Edition Radar Red interior (Source: Jeep)

Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.

According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.

Jeep Wagoneer S vs Tesla Model Y Starting Price Range Lease Price
Jeep Wagoneer S Launch Edition $71,995 +300 miles $599/mo
Tesla Model Y RWD $44,990 320 miles $299/mo
Tesla Model Y AWD $47,990 308 miles $399/mo
Tesla Model Y AWD Performance $51,490 279 miles $599/mo

In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.

Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.

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