Toronto, Ontario — In this–the final Tuesday Ticker of 2022–Tesla introduces temporary Canadian ‘credits’ on certain models; Magna picks up a long-expected acquisition and J.D. Power estimates EV growth in the U.S. car parc.
Sales in the name of supply goals
Tesla announced discounts n its Model 3 and Model Y electric vehicles on Dec. 22, prompting demand concerns from some investors.
The EV company is offering a CAD$5,000 credit on the models above, so long as they are purchased by Dec. 31, 2022. In the U.S., the electric vehicle maker is slashing prices by US$7,500.
The company refers to the discounts as a “Supercharging credit” on their site, available Dec. 15 through Dec. 31, 2022.
In the U.S., some believe the discount to be a result of changing tax rules—as Tesla’s models would no longer qualify for federal discounts—though those deadlines have been extended to March.
Tesla is known to occasionally offer quarter-end and end-of-year pushes to meet vehicle delivery estimates, reports Electrek, though the EV maker has admitted its attempt to avoid such efforts as of late.
Tesla delivered 343,000 vehicles in Q3 2022.
Magna makes its mind up
Magna International has made an agreement to buy Veoneer Active Safety for US$1.53 billion so the Canadian supplier can tap into its portfolio of self-driving tech.
The announcement comes 14 months after Magna’s bid for the entirety of Veoneer fell through in favour of Qualcomm, which paid about 18 percent more than Magna’s bid.
Analysts have been expecting this move from Magna; they believed it was only a matter of time before the Aurora, Ont.-based company bid on the segments of Veoneer that Qualcomm didn’t want.
Magna says the Veoneer Active Safety acquisition will provide “enhanced experience and scale” throughout vehicle systems required for Level Two autonomy.
America is electric
A snippet of new data from J.D. Power says the U.S. electric vehicle market share will rise 12 percent in 2023, marking a five-point increase from 2022 levels.
The company’s analysts anticipate growth could occur even faster than current predictions, too, once the Inflation Reduction Act tax incentives go into effect in January.
