• Aug 4th 2014 at 10:14AM
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Zap is poising itself to take advantage of China's extension of its electric vehicle incentive program. The government will be offering rebates on EVs, forgiving sales taxes and licensing fees, installing EV charging infrastructure and other measures to encourage adoption of zero-emission vehicles beyond 2015, through the year 2020. In response, electric vehicle company Zap and its partner Jonway Autos are decreasing production of gasoline-powered vehicles to make more EVs. It plans to increase production of its two EV production lines from 50 to 100 vehicles per day each, as well as positioning certain models for larger-scale production. Zap hopes customers will make use of rebates of up to $20,000 from the central government, plus local EV incentives. In October, Zap and Jonway will unveil new SUV and minivans that they intend to offer as less-than-gasoline- and zero-ownership-cost and vehicles under the umbrella of China's incentives. Read more in the press release below.

Tesla Model S owner David Zygmont shares tips for taking cross-country road trips in an electric vehicle in a two-part podcast. David talks about his two-week road trip in his Tesla, and how he managed to make the most of charging his vehicle. One of his tools is the site EV Trip Planner. He also shares advice on overnight charging while staying at hotels. If you're thinking of going on an adventure in your EV, you should check this out to gain some valuable insights into the experience. Listen to part one of the podcast at EV Parade, and part two at Teslarati.

Oil companies paid federal income taxes of just 11.7 percent over the last five years, according to a new report from Taxpayers for Common Sense. Oil companies reported a pre-tax income of $133.3 billion, and paid just $15.6 billion in federal income taxes. Some of the smaller oil companies paid much less than average, or about 3.7 percent. Oil companies enjoy many tax provisions that aren't available to other taxpayers, and the companies are able to defer taxes year after year, without paying any interest on it. Read more in the press release from Americans United for Change below.
Show full PR text
ZAP's Jonway Auto Targets China's EV Comprehensive Multi-Billion Dollar Stimulus Program Extended to 2020

SANTA ROSA, Calif., July 31, 2014 /PRNewswire/ -- ZAP (ZAAP), an Electric Vehicle (EV) automotive company incorporated in California and headquartered in Santa Rosa, California, and its subsidiary Jonway Auto aligns its companies' strategy and priorities to fully utilize the comprehensive multi-billion dollar EV stimulus program announced by the Chinese government on July 14th by China's General Office of the State Council. This announcement commits the central government to implement a comprehensive macro program that is inclusive of EV rebates, sales tax and license fees elimination, electric charging infrastructure installation mandates as well as electric power pricing incentives to stimulate EV market adoption through to the year 2020, thus extending another five years from the 2015 programs announced in prior years. http://www.gov.cn/zhengce/content/2014-07/21/content_8936.htm

Chinese central government has laid out the plan, policies and priorities in this recent announcement for an overall EV stimulus program in China that aims at promoting mass market adoption in the urban cities where fuel consumption and pollution problems are the most prevalent. This creates favorable macro-economic drivers, policies that accelerate EV charging infrastructures and tax incentives and fuel pricing that favors EV, including specific programs that require government vehicle purchasing quotas to allocate a minimum of 30% of its new vehicles to be full electric. Besides the already in place "free" new auto license registration for EVs, which in cities like Shanghai has been more than US$20,000 for new vehicle registrations priced under an auction scheme, there are now other additional stimulus programs offered to buyers of full electric vehicles, whether the buyers are individuals, corporations or leasing companies, starting September 1, 2014. This includes elimination of automobile sales tax for EVs compared to gasoline or hybrids, which is 8.5%, and also the elimination of consumer tax for the manufacturers which ranges from 6% to 10% depending on EV product types and class. Other policies stated by this announcement are requirements for parking garages for building and public areas to install charging stations, with improvement and upgrades from the State Grid to support fast charge. The announcement of deregulation in installation of charging systems where private enterprises can now install charging stations in urban developments or parking garages, and provide charging facilities in public areas will greatly stimulate deployment of charging systems in the cities. This opens up the industry where previously only the State Grid can install charging stations and charge users for the electric power, now private companies can do so. The central government also announced reduction of subsidies for gasoline fuel and tapering this down to zero. There will also be pricing policies for charging electric power at private charging stations and the re-pricing of electricity usage, favorably catering to EVs, in order to drive market adoption.

ZAP and Jonway Auto are revamping Jonway Auto's factory facilities to deliver Electric Vehicle products as its mainstream business and taper off the gasoline car business of Jonway Auto in order to focus the business only on EVs. Already in place are 2 production lines that are producing more than 50 vehicles a day per line as of June 2014, and ramping to 100 per day per line by 3Q2014. The EV SUV and EV minivans from Jonway Auto are well positioned in the EV market and uniquely offers the most cost competitive EV products in SUV and minivan to buyers in China today, given its larger size and range. With the already type approved EV SUV and the soon to be available type approved EV minivan, these EV licensed products could be eligible for up to US$20,000 per vehicle from the central government and local governments' rebates on a per EV basis, depending upon the range between recharges. Today these models are being re-configured for mass production to support optimal eligibility for rebate and performance efficiency. EVs with ranges of over 250Km are eligible for up to US$20,000 in rebate from just the central government, not counting the local government rebates, and EVs with ranges of over 150km in range are eligible for US$10,000 in rebate from the central government, and then would scale up in rebate as the range efficiency improves. ZAP and Jonway's EV minivans in particular will be aiming for getting to a price point that is below the gasoline version in price for its lithium EV product models after the central government's rebate. Therefore, ZAP and Jonway Auto's EV minivan will give city delivery owners savings in not only operational fuel costs but overall cost of ownership either through leasing or purchase. Where there is local government subsidies in the larger cities like Hangzhou, Shenzhen, Guangdong, Shanghai, Tianjin and Beijing, the total rebate could result in little to no cost to the buyer after receiving both central and local government subsidies.

The new models of EV SUV and EV minivan to be unveiled in October 2014, will specifically be engineered and configured to target China's stimulus program, and aims to achieve the ZERO cost ownership threshold for the EV minivan, and "less than gasoline" cost threshold for the EV SUVs; thus, fully leveraging the financial stimulus that is in place in China through 2020.

About ZAP and Jonway Auto

ZAP and Jonway Auto designs and manufactures quality, affordable new energy and electric vehicles (EVs). Jonway Automobile has ISO 9000 manufacturing facilities, engineering, sales and customer services facilities in China, ZAP Jonway has production capacity of up to 50,000 vehicles per year, and has established sales distribution network in China. ZAP, an early pioneer of EVs, brings to both companies a broad range of EV product technologies that is applied to the new product lines. ZAP Jonway is headquartered in Santa Rosa, California and Jonway Auto is located in Zhejiang Province of the People's Republic of China. Additional information about ZAP Jonway is available at http://www.zapworld.com.

This press release contains certain forward-looking statements is defined in the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "estimate," "expect," "intend," "plan," and similar expressions that may tend to suggest a future event or outcome are not guarantees of performance, which cannot be predicted or anticipated. These forward-looking statements are based largely on expectations and are subject to a number of risks and uncertainties, many of which are beyond the control of the Company. Actual results could differ materially from these forward-looking statements.


New Report: Oil Companies Paid Just 11.7% Tax Rate

Gutting the Renewable Fuel Standard Would Be Yet Another Favor Big Oil Doesn't Need

Washington DC -- A new report from Taxpayers for Common Sense shows that oil companies paid just 11.7 percent of their U.S. income in federal taxes over the last five years, far less than most working Americans paid in that time, and just a fraction of the statutory 35% corporate tax rate.

"This is a perfect example of how the oil industry is allowed to play by a different set of rules than everyone else. They can dodge billions of dollars in taxes, and Washington lets them get away with it. This is the same industry that is now fiercely lobbying the White House for yet another special interest favor: gutting the Renewable Fuel Standard and allowing more foreign oil into the U.S. gasoline supply at the expense of cleaner, cheaper renewable fuels made in America," said Jeremy Funk, Communications Director for Americans United For Change. "Isn't the system rigged enough in Big Oil's favor without Washington helping them become a monopoly at the pump, too?"

The U.S. EPA and the White House are in the final stages of consideration on a proposal that would gut the bipartisan Renewable Fuel Standard by actually reducing the renewable fuel content of gasoline while increasing the foreign oil content. Since gasoline costs more than renewable fuels like ethanol, the EPA proposal would cost Americans more money at the gas pump while killing American jobs. And because the EPA proposal effectively allows oil companies to block access to the marketplace by refusing to install fueling infrastructure for renewable fuels, it will be particularly devastating to America's emerging advanced biofuel industry.

To achieve such a low current tax rate, oil companies were able to take advantage of special tax breaks and loopholes that allowed them to defer more than $17 billion in taxes they would have otherwise owed. One "small" oil company, Apache, earned $6 billion in profits between 2009 and 2013 but deferred its entire tax bill. Not only did the company avoid paying any taxes, but it actually reaped a tax benefit worth $220 million.

The report concludes with a damning indictment of the oil industry's deceitful rhetoric about its tax obligations:

"Oil and gas companies may pay a lot in income taxes, but it is not to the U.S. government. Indeed, the "current" federal income tax rate of some of the largest oil and gas companies – the amount they actually paid during the last five years – was 11.7 percent. The "smaller" companies included in the study which reported positive earnings only paid 3.7 percent. Many of the tax provisions available to the oil industry are not available to other taxpayers, giving these companies a significant tax advantage. The language the industry uses gives the impression that it pays a high federal income tax rate. The American Petroleum Institute cites an industry-wide effective tax rate of 44.3 percent. In reality, the amount oil and gas companies pay in federal income tax is considerably less than the statutory rate of 35 percent, thanks to the convoluted system of tax provisions allowing them to avoid and defer federal income taxes."


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    • 1 Second Ago
  • 15 Comments
      korblalak
      • 1 Year Ago
      "Oil companies enjoy many tax provisions that aren't available to other taxpayers, and the companies are able to defer taxes year after year, without paying any interest on it." Corruption is a systematic disease.
      Marco Polo
      • 1 Year Ago
      It's very hard to correct such blatant disinformation, on a website with so many passionate anti-oil supporters. The article makes errors and vague allegations which, if made about the renewable energy industry would attract passionate cries of indignation. 1) "Oil companies reported a pre-tax income of $133.3 billion, and paid just $15.6 billion in federal income taxes" . Now, that's just wrong ! Oil companies are not only the largest taxpayers in the US, but pay the highest percentage ratio of tax. ( In contrast, to Google and Apple ! ) . Exxon: Pretax income: $52 billion. Provision for income taxes (worldwide): $21.6 billion. Net income: $30.5 billion. US Income tax rate: 45% Exxon pays $15.7 billion in US taxes. Now that's just one oil company ! No one would argue that oil company accountants use every legal endeavour to minimise tax. Every corporation, and individual does the same ! Oil companies are less easily able to avoid tax burdens than most companies, because they have very little opportunity to hide revenue sources. Refineries, oil wells, gas stations, are all very viable. These companies are also obliged to hold huge capital reserves, against accidents, and similar disasters. It's fine to hate oil companies, (they're certainly not paragons of virtue) or believe that we should move away from oil as a transport fuel, but how does this kind of inaccurate reporting help? In the end, oil companies don't really care about such attacks from rabid anti-oil groups, why would they ? Governments may huff and puff, but no government can really afford to interfere with the nation most lucrative industry. Disrupting the oil industry, would bring economic chaos to Western World governments, on a scale not seen since 1929 ! No government would even consider such a proposal, and it's just unrealistic to think they would. I know rational common-sense isn't popular, and I don't expect such a positive response from some ABG readers, but inventing distorted hatred of oil companies, is a waste of time, and largely counter-productive for an industry that produces 28% of the Western World economic prosperity. It just makes EV supporters look like unrealistic cranks.
        Grendal
        • 1 Year Ago
        @Marco Polo
        The fact that the report came from someone titled "Taxpayers for Common Sense" should be a big red flag for anyone thinking the report is accurate and non-biased. It doesn't sound like an EV group either. I'll stand by my comment which had nothing to do with taxes but a comment on government support in general. I wasn't anti-oil either. Since that would make me a massive hypocrite to think that oil is bad. I am typing this comment on a computer which has a lot of plastic in it.
          Marco Polo
          • 1 Year Ago
          @Grendal
          @ Grendal Oil is a much bigger and more complex industry that most people believe. Most people have a misconception about exactly how much we depend on processed hydro-carbons. " I've bought a Tesla and I 'll never need anything from an oil company again" That comment on ABG, shows how well meaning and sincere people can get confused. The person who wrote that comment, obviously thought that by not buying gasoline, he was avoiding dealing with the ' Evil' of Chevron, Exxon, Shell etc. He probably believed that he was not buying oil from terrorist nations. In fact, the US buys very little oil from the middle east, and all from allies with whom it enjoys a healthy trade balance. In addition, the tyres in his models S are made from oil, the paint, electrical insulation, fenders, head light covers, etc, even the blacktop road surface he drives on, are all products of the oil industry. His parent's, (and his own) retirement/superannuation depends on the oil industry. When he suffers misfortune of a house-fire, the ambulance that rushes his child to hospital, the medicine s that relieve her suffering and heap to heal her burns, the fire tender that puts out the fire, and the police patrol car that takes the arsonist to gaol, are all product of the oil industry. But what the commentator misses, is the real reason why the world can't continue wasting oil as transport fuel. The world is running out of fertilizer. The only , even vaguely economic replacement, currently known is derived from oil.
          Marco Polo
          • 1 Year Ago
          @Grendal
          @ Joeviocoe Joe, in other words, you can't actually disagree with what I wrote, but you hate the fact that anyone could write such " inconvenient truth ". :) In a way, I sympathise with your position, you love to hate big corporations, and oil companies in particular (they do make great villains), but you can't live your life without those products, and you know that there are no viable alternatives. That's always the dilemma, isn't it ? Reconciling idealist philosophy, with the harsh realities of a world that won't conform to any ideology.
        Spec
        • 1 Year Ago
        @Marco Polo
        Marco . . . don't post garbage propaganda. "US Income tax rate: 45%" Dead wrong right there. It is 35%. You are posting complete garbage. Stop it.
        GoodCheer
        • 1 Year Ago
        @Marco Polo
        Interestingly, your numbers and those from the report are in pretty good agreement. However, they break down the numbers they present by US vs. non-US, and while you attribute the $20B in taxes as mostly US, while they seem to think they're mostly non-US, and only $1-3B are paid in the US. They give a non_US tax rate of 40-47% (depending on year), which is entirely consistent with your numbers. Is it possible you're mixing up US and non-US numbers?
      jimmy_james44
      • 1 Year Ago
      Lower and lower taxes = Unfunded Social Security.
      Grendal
      • 1 Year Ago
      Protecting our oil interests definitely had an influence on Iraq I, a possible lesser influence on Iraq II, and the fact that our carrier groups are parked off the Persian Gulf most of the time. Anyone think to add that cost into the "subsidy" of big oil? I'm not one to say that we shouldn't be there and that it does have an important impact on American industry. But most people don't hesitate to add every penny they possibly can into "subsidies" of EVs and other alternative forms of transportation. They even count the "loss" of taxes from the tax credit as the hated word "subsidy."
        Marco Polo
        • 1 Year Ago
        @Grendal
        @ Grendal Ironically, Iraq eports the vast majority of it's oil to the PRC ! ( So what those carriers are defending is dubious) . In addition, the absurd policies of the Obama administration mean that the Kurds. are not allowed to sell oil except through Iraq. The Kurds find this situation a little bizzare since without the highly successful Kurdish military intervention, all of Iraq's northern and western oil fields would have fallen into the control of the extremist group ISIS, which is easily defeating Iraq's US trained paper army. The Kurdish State, could easily smash ISIS, but the US refuses to recognise Kurdish independence. Instead supporting an unpopular, and corrupt regime in Iraq. This is even odder, since unlike Iraq, the Kurdish State has not nationalised US oil interests, and is eager to be an ally. ISIS is the creation of the blundering US policies to interfere ( ineptly) with the internal affairs of Syria. Iraq, is a creation of the great powers, in the aftermath of WW1. It was always an artificial nation, peopled by different factions, who have ancient hatreds for one another. The US attempt to patch over, by military force, the mistakes of colonial powers, nearly 100 years ago, has led to disaster, for everyone, including the US. A start to correct these failures would be to abandon US support for the current Iraqi regime, recognise the Kurds as an independent nation (and ally), withdraw from Syrian politics, re-arm the Sunni Iraqi's and with Kurdish assistance, crush the ISIS extremists. ( Oh, and buy the oil from the Kurdish tankers anchored off the US coast ). Maybe then the US navy can return home !
          Grendal
          • 1 Year Ago
          @Marco Polo
          Thanks very much for the political overview of the region. I see it all as one massive convoluted expensive mess.
          Joeviocoe
          • 1 Year Ago
          @Marco Polo
          Having spent years in the region... and spoken to the military there.... I know exactly why the U.S. is embroiled in Iraq. Regardless of who ultimately gets the crude.... the market is global... which means disruptions in supply to PRC still means economic disaster for the U.S. and our allies. Speaking to a few Kuwaiti officers, and Qataris too... the prevailing military strategy for conflicts in that region are to hold their territory and interests for about 72 hours... and wait for U.S. aid. That is what the Kuwaitis and the Saudis did... that is why we needed Saddam gone... he was a threat to the region's oil export stability. Even now... regardless of shale oil in Canada, and Iraqi exports to Europe and Asia.... supply disruptions still affect global prices and cause Oil Shocks. ---------------------- There is no easy solution... I know it may sound great to outsiders to just give the Kurds a nation... but carving out new nations is what gets the U.S. "into trouble", not out. There are too many factions, tribes, and sects... and they all want their independence... and all have their claim to the same land too. There isn't anything simple that can be done... it is a complicated mess.
      RoyEMunson
      • 1 Year Ago
      Big OIL can suck it. There was a provision on the ballots here in Colorado a few years back that would eliminate the tax breaks for big oil in the state and I couldn't tell you how many commercials they aired threatening higher gas prices if it was passed. Spineless voters voted against it... so yeah, the threat angle apparently is very effective.
      jalberts.houston
      • 1 Year Ago
      At one time incentives were appropriate to the risks of exploration in finding commercially viable oil/gas producing formations; but, that is no longer the case, current advanced equipment and anlyses methods now essentially guarantee that any well drilled by a major petroleum company will be a successful producer. At the same time, since the majority of successful "small' petroleum companies focus on expansionm drilling of exisitng producing petroleum/gas containing geologic formations their risk has also reduced. In short, the old "wildcatting" days are long past and it is time for the federal government to act accordingly and make the petroleum producers pay their fair share of U.S. taxes.
      Joeviocoe
      • 1 Year Ago
      @ Marco Polo --"" I've bought a Tesla and I 'll never need anything from an oil company again"" WOW... quoting your straw man directly. Didn't know it could talk. Nobody has ever said such a thing.
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