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That Car Smell You Love? Well, It Might Be Cancerous

Buckle up; you’ve got mail! Street Drift is your daily newsletter that turbocharges your auto industry knowledge, leaving other newsletters in the rearview mirror. Just don’t get caught speeding. ๐Ÿš“.

So, buckle up, and let’s hit the road together!


The Greenlight: ElectraMeccanica Announces Repurchase and Suspension of 3-Wheel Solo EVs

Car Parts: Bits and pieces of the latest automotive news

Dashboard: Rare Earth Magnets for Sourcing More AutoParts

Around the Car: That Car Smell You Love? Well, It Might Be Cancerous

GreenLight!

ElectraMeccanica Announces Repurchase and Suspension of 3-Wheel Solo EVs

  • ElectraMeccanica is pulling the plug on its Solo EV model ๐Ÿšซ, offering to repurchase all existing vehicles at full price. Talk about a U-turn! ๐Ÿ”„
  • Market challenges and a mysterious power failure issue forced the company to recall all 429 Solos sold in the US since 2019. We’ll miss those quirky three-wheelers! ๐Ÿ˜ข
  • While the Solo managed to dodge federal automobile safety requirements by slipping under “autocycle” regulations, it still boasted safety features like crumple zones. Safety first, even for autocycles! ๐Ÿ›ก๏ธ
  • Shifting gears, ElectraMeccanica plans to focus on developing a four-wheel vehicle ๐Ÿš— with advanced safety features, broader marketability, and a cozy two-passenger seat feature โ€“ perfect for date night! ๐ŸŒน
  • The company realized that building a support ecosystem for three-wheeled autocycles would be too expensive ๐Ÿ’ธ, time-consuming โฐ, and wouldn’t align with their goal of expanding the market for practical EVs. Farewell, three wheels โ€“ hello, four! ๐ŸŽ‰

Car Parts!

1- โ€˜Remarkable- Mercedes-Benz exceeded market expectations in Q1 with an adjusted return on sales of 14.8%, earnings before interest, and taxes equal to 5.5 billion euros.

2- โ€˜Speed-record!โ€™- American powered Honda-Civic sets a recent lap record for front-wheel-drive cars at Nรผrburgring Nordschleife racetrack, with a time of 7:40.1, beating Honda’s 2017 record.

3- โ€˜Full-tax!โ€™- According to Volkswagen, its U.S.-assembled ID.4 models will be eligible for a $7,500 tax credit this year, effective following the implementation of new U.S. Treasury requirements on battery sourcing.

4- โ€˜The Irony!โ€™- Tesla’s decision to reduce EV prices to compete in the market has backfired due to tighter profit margins, resulting in a 22% YoY decrease in earnings and a $1.3 billion drop in revenue despite record deliveries.

5- โ€˜Competition.โ€™- German automakers are fiercely competing to maintain their market dominance amid this electric age, in China as well as on a global level.

Dashboard

Rare Earth Magnets for Sourcing More AutoParts

  • UK auto supplier Dowlais is revving up to bring rare earth magnet production to the US market, aiming for the green light in just 12 to 18 months! ๐Ÿ
  • Why the bold move? Carmakers are craving local parts, and Dowlais wants a slice of those sweet subsidies from the Inflation Reduction Act (IRA). Cha-ching! ๐Ÿ’ฐ
  • Dowlais is setting their sights on EV carmakers and top-tier US suppliers, ready to electrify the market with their rare earth magnets. โšก๏ธ
  • Four years of localizing production and supply chains in Europe, North America, and Asia? Check! โœ…
  • To ensure a rock-solid supply chain, Dowlais is gathering its rare earths from Canada, the US, Australia, and Europe. Talk about going global! ๐ŸŒ
  • Sideshafts, propshafts, and e-drive systems for EVs? Dowlais has got it covered, supplying around 90% of the world’s carmakers. Now that’s what I call a market dominator! ๐Ÿš˜
  • Dowlais isn’t playing favorites; they’re focused on legacy carmakers, new entrants, and Chinese EV makers in equal measure. Spread the love! ๐Ÿ’™
  • Their goal? Get their e-drive into more models with a focus on long-term, profitable prospects. Because who doesn’t want to ride the wave of success? ๐ŸŒŠ
  • To sum it up: UK Auto Supplier Dowlais is ready to take on the US market and produce rare earth magnets for EV makers. Bring it on! ๐Ÿ‡ฌ๐Ÿ‡ง๐Ÿ‡บ๐Ÿ‡ธ

Around The Car

That Car Smell You Love? Well, It Might Be Cancerous

Hold onto your steering wheels, folks, ’cause that sweet, sweet new car smell might have a dark side! In a plot twist straight out of a Hollywood movie, a study by the Beijing Institute of Technology and the Harvard T.H. Chan School of Public Health just spilled the beans on our beloved scent. Turns out, it’s packing some cancer-causing chemicals in its aromatic punch.

Now, before you go sniffing your new ride with fear, let’s break it down: the study found that the cozy cabin of a new car contains 20 common “volatile organic compounds” (VOCs) that could potentially contain cancer-causing agents, like formaldehyde and acetaldehyde. (Cue the dramatic music.)

But wait, there’s more! Researchers put their detective hats on and conducted a 12-day stakeout, using sensors to test the chemical content inside an airtight, parked new car. The plot thickens as they discover that higher temperatures on the dashboard correlate with higher amounts of chemicals. So, next time you’re baking in the sun, remember: it’s not just the cookies that could be getting toasty.

So, here’s the million-dollar question: can we still enjoy that new car smell without living in fear? Only time (and more research) will tell. In the meantime, maybe it’s time to invest in some air fresheners with less ominous scents โ€“ like “Pine Forest” or “Vanilla Delight.”

P.S. If you enjoy our newsletter, don’t forget to press the gas paddle and spread the word to your friends and family.

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