
Fire on ship carrying EVs forces evacuation after blaze reignites
It's another case of EVs morphing into infernos, a chronic safety and public relations headache for the fast-growing industry.
Although the initial cause is not yet known, fire safety experts said the presence of so many vehicle batteries on board would almost certainly worsen the situation beyond what the cargo ship's fire suppression systems could reasonably handle.
The incident 'does sound consistent with a failure in electric vehicles, especially the deployment of the CO2 system and the reignition,' said Sean DeCrane, a director with the International Association of Fire Fighters.
EV fires are notoriously hard to put out, resisting the effects of traditional foam-based fire extinguishers and small amounts of water. This is because battery fires spread through the excessive accumulation of heat from one battery cell to another, and from one battery to the next, said Rich Meier of Florida-based Meier Fire Investigation.
Advertisement
Permanently extinguishing this sort of fire, according to experts, requires lowering the heat; a carbon dioxide-based system like the one used on the Morning Midas would have starved the fire of oxygen and prevented it from spreading to other materials, but it wouldn't have stopped the batteries from overheating. There is also the potential for battery fires to spread from one EV to another in a chain reaction, Meier said.
'The prevailing wisdom is that it takes 10,000 gallons of water to put out a single lithium-ion EV fire. … When you multiply that by the number of vehicles on a ship, you may sink the ship before you put the fire out,' Meier said.
Dousing the ship with seawater also presents problems, experts have said, because salt water is known to have corrosive effects, raising the risk of a short-circuits elsewhere on the ship.
The company said all 22 crew members are safe and accounted for, with no reports of injuries. A tugboat has been deployed to salvage the ship.
'Our priorities are to ensure the continued safety of the crew and protect the marine environment,' Zodiac Maritime said in its statement.
The Morning Midas fire is at least the third ship fire in recent years involving a vehicle carrier. In 2022, a cargo ship had to be abandoned in the Atlantic Ocean, with all crew members safely evacuating as luxury cars burned onboard. In a 2023 fire, one person was killed and six injured on a ship carrying nearly 3,000 vehicles.
Advertisement
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Rivian vs. Lucid: 1 Reason Jim Cramer Likes One Stock Over the Other
Key Points Lucid closed a deal with Uber to power its robotaxi division. Wall Street veteran Jim Cramer is doubting the deal's long-term potential. Rivian may be a better buy due to a deal with VW. 10 stocks we like better than Lucid Group › Lucid Group (NASDAQ: LCID) soared in value following the announcement of its partnership with Uber Technologies. According to the deal's terms, Uber will invest $300 million in the electric vehicle (EV) maker. Uber also committed to purchase 20,000 vehicles from Lucid to kick-start its robotaxi division. Wall Street veteran Jim Cramer recently weighted in on the deal, and his take was surprising to many. He compared Lucid's deal with Uber to a partnership Rivian Automotive (NASDAQ: RIVN), another EV stock, made earlier this year. If you're invested in either Lucid or Rivian, you'll want to give Cramer's comments some consideration. How big is the Uber and Lucid partnership in reality? The details of Lucid's partnership with Uber are fairly straightforward. The latter says it is expecting to launch a robotaxi service later next year in a major U.S. city. To power this launch, Uber plans to order 20,000 Lucid Gravity SUVs over the next six years. According to a press release, the vehicles will be owned and operated by Uber or its third-party fleet partners and made available to riders exclusively via the Uber platform. To help Lucid scale up enough to produce this many vehicles, Uber also agreed to invest $300 million into the business. Around the same time, Lucid announced a 1-for-10 reverse stock split, but it's not clear how connected these two events are. While all of this looks promising on paper, there are two obvious problems. First, Uber's robotaxi division remains in its infancy. Whether it can actually grow big enough to acquire 20,000 Lucid vehicles remains a huge open question. Second, $300 million won't do much to keep Lucid financially viable over the next six years. While it ended 2024 with more than $6 billion in liquidity, the company also posted a net loss of $2.7 billion, roughly the same net loss it posted in 2023. A $300 million cash infusion is helpful, but it will hardly cure its ongoing financial challenges. Jim Cramer thinks Rivian's deal with Volkswagen is superior When Jim Cramer was asked about Lucid's partnership with Uber last week, he called the deal a "dalliance." In other words, he views it more as a short-term arrangement than a bona fide long-term partnership. "I think that you need a commitment, like the Volkswagen commitment to Rivian is extraordinary," Cramer said. "That's an open-ended check from one of the biggest car companies." He is referring to a joint venture between Volkswagen and Rivian that was announced in November 2024. The German automaker will receive crucial access to Rivian's software operating platform and technological back end. In exchange, Rivian receives up to $5.8 billion in funding. It's not hard to see the difference in commitments here. Uber is investing just $300 million into Lucid, with the promise of buying vehicles over the next six years. Rivian, meanwhile, is receiving up to $5.8 billion in funding by the end of 2027, starting with an immediate $1 billion convertible note. To be clear, Lucid's deal with Uber is still very exciting. ARK Investment CEO Cathie Wood eventually sees the robotaxi market being worth up to $10 trillion by 2030. But Rivian's deal with Volkswagen gives more credence to Rivian's tech stack and differentiation. If you're excited about the Uber-Lucid tie-up, be sure to dive into Rivian's and Volkswagen's partnership, as Cramer correctly points out. Should you invest $1,000 in Lucid Group right now? Before you buy stock in Lucid Group, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Lucid Group wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Uber Technologies. The Motley Fool recommends Volkswagen Ag. The Motley Fool has a disclosure policy. Rivian vs. Lucid: 1 Reason Jim Cramer Likes One Stock Over the Other was originally published by The Motley Fool
Yahoo
an hour ago
- Yahoo
A More Affordable EV Won't Save Tesla
Key Points Tesla fell 5% after hours on its second-quarter earnings report. Some investors saw production of a new, more affordable vehicle as a positive sign. The company launched its robotaxi network in June. These 10 stocks could mint the next wave of millionaires › Tesla (NASDAQ: TSLA) issued another disappointing earnings report on Tuesday. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You The Insurance Savings You Expect Great Rates and Award-Winning Service The leading electric vehicle (EV) maker finished the after-hours session down 5%, but the sell-off could have been worse. The company reported a decline in both sales and profit. Revenue was down 12% to $22.5 billion, and adjusted net income was down 23% to $1.39 billion, or $0.40 per share. Those numbers actually topped a muted revenue estimate at $22.13 billion, while the bottom-line consensus matched the results at $0.40. Tesla's problems have been well-documented at this point. CEO Elon Musk's turn in the political spotlight seemed to backfire after his relationship with President Donald Trump went sour. Due in part to Musk's involvement with politics, the brand has become unappealing in the eyes of some potential buyers, leading to a 16% decline in automotive revenue. Sales have plunged in Europe, and the company is losing ground to more affordable Chinese EVs. One seemingly bright spot Musk has a long history of overcoming weak results by telling investors what they want to hear on the earnings call, including making big promises about its robotaxi network and other initiatives in autonomy like its Optimus robot. He seemed to do that again on the latest earnings call, with some comments about the more affordable model he has long promised, which some have dubbed the Tesla Model 2. Musk said that the company started production of the vehicle in June and is ramping up production now. He added: "The goal with those products was not to negatively impact revenue or gross margin, but just to make a car that everyone loves and wants at a more affordable price." Musk has long argued that price competition was one of the biggest headwinds facing the company, but the brand crisis seems to have overshadowed that. By introducing its own lower-priced model, Tesla may end up cannibalizing its more expensive vehicles. Customers may be choosing between a more expensive Tesla and that lower-priced model, rather than another brand. The new vehicle is just a cheaper Model Y, rather than a brand-new vehicle model. The robotaxi initiative The biggest reason Tesla has maintained its premium valuation even as sales and profits have tumbled is that investors believe that Tesla's robotaxi network could go mainstream, fulfilling Musk's long-term vision. However, the robotaxi has gotten off to only a modest start after launching in June, and it seemed to get less attention on Tuesday's earnings call, though Musk reminded the audience: "As you can tell, autonomy is the story." Management said that robotaxis in Austin, Texas have topped 7,000 miles with no significant safety interventions. The company is aiming to launch the robotaxi in the San Francisco Bay Area next. Tesla needs growth in its core business Investors have bid up Tesla stock on hopes for its initiatives in robotaxis and more affordable vehicles, but the company needs to return to growth in selling EVs for the stock to be successful over the long term. The decline in EV sales is a reflection of a backlash against Tesla's brand. The company is also expected to struggle over the next few quarters due to the elimination of the EV tax credit and a change in other federal policies that supported EV adoption. The company also faces a $300 million effect from tariffs. Tesla could get back on track, especially if the robotaxi network takes off. But the current valuation in the stock leaves little room for upside if it does, especially given the persistent challenges in EV sales. While a more affordable vehicle might be a step in the right direction, it seems more likely to undercut demand for Tesla's more expensive vehicles, rather than competing with alternatives. Should you buy stock in Tesla right now? The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy. A More Affordable EV Won't Save Tesla was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 hours ago
- Yahoo
Bad News Keeps Rolling in for Tesla
Key Points Tesla has generated billions from the sale of regulatory credits. A recent policy change has removed the fines for automakers not meeting emissions standards, eliminating that source of income for the EV maker. Analysts predict a huge drop-off in demand for the credits, hurting Tesla's bottom line. These 10 stocks could mint the next wave of millionaires › Investors in Tesla (NASDAQ: TSLA) have arguably faced as much adversity in 2025 as they have at any point in the company's young history. Right now, they are dealing with sales and profits spiraling lower, consumer backlash to Elon Musk's political ambitions, and the State of California trying to suspend Tesla's dealer license for 30 days, among other developments. But there's maybe an even bigger problem brewing, and one that will come with serious financial impact for the electric vehicle (EV) maker. What's going on? One big problem brewing for Tesla investors involves the company's sale of regulatory credits. These sales have always been a part of the EV maker's story, and for years, the company generated billions of dollars selling regulatory credits to its rivals. Essentially, the U.S. government put in place an incentive system for automakers to meet environmental regulations. It dished out credits to auto companies that complied with emissions standards and gave out financial penalties to those that didn't meet the standards. What this has meant for automakers that primarily still sell gasoline-powered vehicles is that they had to purchase regulatory credits from companies like Tesla, which only sells EVs and faces no penalties. However, the Republican tax and spending bill that passed earlier in July removes the financial penalty for automakers falling short of emissions standards. That means the incentive for buying regulatory credits from Tesla is gone, and demand for its credits could dry up much faster than anticipated. According to analysts at the financial services company William Blair, Tesla's regulatory credit revenue is expected to fall 75% in 2026 before disappearing completely in 2027. So just how big a deal is this? Goodbye, easy money Tesla's sale of regulatory credits alone has generated $10.6 billion since 2019, and investors likely remember that the EV maker would have lost money during the first quarter this year without the sale of these credits beefing up the bottom line. To say that the company might not exist without this income source during its early years is not an exaggeration. There is a bit of a silver lining for Tesla, though, because the company has long-term contracts with some of its competitors to buy these credits, and if the latter honor the contracts, rather than try to get out of them early, the regulatory gravy train could continue a bit longer. This development also comes as Tesla could really use the extra profits, since its margins are thinning, sales are declining, and its vehicle lineup is aging. It's also happening as the company is almost facing an identity crisis: Is it an EV maker, an artificial intelligence company, or a robotaxi service -- or some combination of the three. Long-term investors should stay the course, but they would also be wise to expect a tough few quarters as incentives expire in the U.S. market, tariffs continue to add uncertainty, and the early stages of its robotaxi story develop. Should you buy stock in Tesla right now? The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Daniel Miller has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy. Bad News Keeps Rolling in for Tesla was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data