Category: EV

Jul 12

Significant Drop in New EV Prices: A 20% Decrease Over the Past Year

Declining Average Prices

The average cost of new electric vehicles (EVs) in the U.S. has seen a substantial decrease, falling to $53,438 in June—a 20% reduction compared to the previous year, as reported by Kelley Blue Book. This marks a notable drop from January’s average price of over $61,000 and the June 2022 average of $66,390. In just one year, the typical price of an EV has decreased by nearly $13,000, reflecting a significant shift in the market.

Factors Influencing the Price Drop

Tesla, a dominant player in the U.S. EV market, has been a major contributor to the decrease in prices, primarily due to substantial price cuts. Additionally, increased inventory levels for EVs have led to longer timeframes before vehicles are sold, with the EV segment averaging 103 days on dealer lots compared to the industry average of 53 days. Cox Automotive’s Michelle Krebs highlights that the reduced EV prices are bringing them closer to the industry average, showing a marked contrast to last year’s prices which were higher than luxury vehicle prices.

Market Trends and Incentives

In June, manufacturer incentives for EVs surged to their highest point in a year, averaging $2,048—up 0.2 percentage points from May. This increase in incentives, combined with an overall slight rise in car prices by 1.6% to $48,808, indicates a broader trend of price moderation across the industry. Notably, the decline in transaction prices from January to June represents the largest decrease in the past decade, underscoring a significant shift in the automotive market.

Your thoughts on this dramatic shift in EV pricing are welcome—feel free to share your views in the comments section below.

Jul 11

Mercedes-Benz Sees Record-Breaking Surge in Electric Vehicle Sales in Q2 2023

Q2 2023 Sales Overview

In the second quarter of 2023, Mercedes-Benz experienced a slight decline in overall vehicle sales in the United States, totaling 77,287 cars—a 2.3 percent drop from the previous year. When including commercial vans, the total sales amounted to 96,019, marking a 2.8 percent decrease year-over-year. Despite this, Mercedes-Benz has reason to celebrate as their electric vehicle sales have soared to unprecedented levels.

Electric Vehicle Milestones

The second quarter was particularly remarkable for Mercedes-Benz’s all-electric vehicles, with sales hitting 11,927 units—a staggering 509 percent increase from the previous year. This surge represents 15.4 percent of the brand’s total vehicle sales, driven largely by the new EQE SUV and EQS SUV models, which have quickly become customer favorites. The success of these models highlights the growing shift towards electric mobility and the strong reception of Mercedes-Benz’s latest electric offerings.

Strong Start to 2023 for Mercedes-Benz Electric Vehicles

So far in 2023, Mercedes-Benz has sold over 19,000 electric vehicles, accounting for nearly 14 percent of their total sales volume. Key contributors include the EQB, EQE Sedan, EQE SUV, EQS Sedan, and the new EQS SUV. With a year-to-date increase of 376 percent, the brand is on track to potentially exceed 40,000 electric vehicle sales this year, underscoring a significant shift towards electric options among consumers.

Mercedes-Benz’s commitment to expanding its electric lineup and increasing the availability of high-performance models is clearly resonating with customers, marking a transformative period for the brand in the electric vehicle market.

Jul 11

Republican Proposals Aim To Derail The Pentagon’s Electric Vehicle Push

New GOP proposals aim to restrict the US Army from obtaining combat and non-combat EVs.

The Pentagon’s push to electrify the US Arny’s fleet can encounter major hurdles in the near future. A new report reveals contents from several GOP proposals that aim to restrict electric vehicle research and development for the US armed forces.

Under President Biden, the military is looking to adopt EVs into its fleet, but Republicans’ proposed amendments to the National Defense Authorization Act (NDAA) could hinder these efforts, reported The Washington Post.

The amendment by Representative Scott Perry of Pennsylvania includes defunding developments in “electric vehicles, electric vehicle charging, or photovoltaic technology.”

Perry also aims to restrict the use of critical minerals for manufacturing EV batteries. Additionally, Colorado Rep. Lauren Boebert has proposed “termination of contracts for electric non-tactical vehicles.”

The House might vote on the NDAA this week, but it’s unclear whether the amendments will garner enough support, or pass the chamber. But conservatives’ influence over the House Rules Committee might impact the success of the amendments.

Militaries are among the world’s biggest emitters of greenhouse gas emissions, and the Pentagon is the world’s largest institutional consumer of oil.

Last year, the US Army Climate Strategy listed the hazards of continued use of fossil fuels in war zones and the possible solutions. Climate change-fuelled natural disasters can increase the frequency of crisis deployments, disrupt operations, and jeopardize soldiers’ health.

To counter the dangers, the army plans to field an all-electric non-tactical vehicle fleet by 2035, and fully electric tactical vehicles by 2050. The plan also includes providing green electricity for army installations by 2030 and charging infrastructure on all Department of Defense (DoD) installations.

A June 2023 report by the Institute for Energy Research suggests that the disadvantages of EVs on the battlefield far outweigh the benefits at the moment.

A 50-ton combat vehicle would require a 17-megawatt charger to recharge within 15 minutes, and if the charging station is fossil fuel dependent, it would consume 1200 gallons of diesel per hour.

Even though EVs can be stealthy on the battlefield, they can generate electromagnetic fields for enemies to detect using sensory equipment. Hence, electrification may only be practical for support vehicles, as per the report.

Some automakers have already joined the DoD’s efforts to reduce carbon emissions. Last month, General Motors Defense revealed its Electric Military Concept Vehicle (EMCV) for the US Army’s electric Light Reconnaissance Vehicle (eLRV) program. The EMCV is based on the Hummer EV and uses GM’s Ultium battery and architecture.

Jul 11

BMW Group Doubles All-Electric Vehicle Sales in Q2 2023

Record-Breaking EV Sales

In the second quarter of 2023, BMW Group achieved a remarkable milestone, with all-electric vehicle (BEV) sales more than doubling to 88,289 units, marking a 117% increase from the previous year. This surge brought the BEV share of BMW Group’s total vehicle sales to a historic high of 14.1%. This robust growth underscores the company’s successful strategy and timely product launches, which have clearly resonated with consumers.

Strategic Shifts and Future Plans

Despite the impressive BEV figures, plug-in hybrid electric vehicles (PHEVs) have seen a decline, with sales falling 14% compared to the previous year. However, overall, plug-in vehicles now make up 21.5% of BMW Group’s total sales, reflecting a significant shift towards electrification. Looking ahead, BMW plans to further boost its all-electric lineup, with ambitious targets to have at least 20% of new vehicles fully electric by 2024, advancing to 33% by 2026.

Jul 11

Chinese EV Startup Byton Files For Bankruptcy

Byton, the Chinese EV startup that revealed its first production-ready vehicle in 2019, has filed for bankruptcy in its home country, according to Pandaily.

Two companies, Nanjing Zhixing New Energy Vehicle Technology Development Co., Ltd., and Nanjing Zhixing Electric Vehicle Co., Ltd., both of which are related to Byton, had their bankruptcy cases filed last month, crushing hopes for the company’s sole vehicle – the M-Byte SUV – of ever reaching series production status.

The firm’s troubles began in 2019, the same year when the all-electric SUV was revealed as a finished product at the Frankfurt Motor Show in Germany.

Back then, a round of funding led by the Chinese auto group FAW failed, followed by a change in management, and a few months later Foxconn stopped its investment. Another backer, the investment arm of the Nanjing government, also pulled its funding soon after.

Furthermore, in 2021, its main business unit, Nanjing Zhixing New Energy Vehicle Technology Development, was forced in court by a creditor to begin the bankruptcy procedure.

Pre-production of the M-Byte started in October 2019 at the company’s new manufacturing facility in Nanjing, China, with the firm reportedly receiving more than 50,000 reservations for the zero-emissions vehicle. However, financial troubles and pandemic-induced shortages prompted the company to pause manufacturing shortly after, and then to restart it in April 2021.

Byton planned on becoming a global brand, with first deliveries scheduled to begin in China in the middle of 2020, followed by Europe and North America. It even received dealer and distributor licenses in California, but customer cars were never shipped.

The Byton M-Byte featured an immense, 48-inch display bolted on top of the dashboard, plus an additional screen mounted on the steering wheel base.

Rear-wheel drive and all-wheel drive options were advertised, as well as two battery variants. The standard battery was 72 kilowatt-hours (usable), which Byton claimed would offer a driving range of 250 miles, while the optional 95 kWh pack (also usable capacity) was capable of offering a 323-mile driving range.

As always, we’d like to know what you think about this, so head over to the comments section below to give us your thoughts.

Jul 11

Toyota and Stellantis Challenge White House’s Ambitious EV Sales Targets

Automakers Criticize White House’s EV Sales Strategy

Toyota and Stellantis are raising concerns over the Biden administration’s ambitious plan to boost battery-electric vehicle (BEV) sales, arguing that it imposes unrealistic expectations and places undue strain on essential mineral resources. According to their statements submitted to the federal government, the proposed emissions standards for cars and light trucks are excessively optimistic and could marginalize plug-in hybrid vehicles (PHEVs). Both automakers highlight that the plan underestimates the challenges of sourcing rare minerals for batteries, building necessary infrastructure, and managing the high costs associated with BEVs.

Industry Response and Future Outlook

The proposed regulations are set to introduce the most stringent tailpipe emission limits ever, starting with the 2027 model year, aiming for a significant increase in BEV adoption. The Environmental Protection Agency (EPA) anticipates that by 2032, BEVs will account for 67% of new light-duty vehicle sales and 46% of medium-duty vehicle sales, surpassing previous goals set by President Biden. However, critics argue that these targets are overly ambitious, suggesting that the industry may face substantial hurdles in ramping up production and meeting consumer demand for electric vehicles. Despite the controversy, some like Tesla support more stringent regulations, while others, such as Ford, advocate for a gradual transition to avoid abrupt industry shifts.

Jul 11

Toyota and Stellantis Challenge Biden’s Ambitious Electric Vehicle Sales Plan

Automakers Raise Concerns Over New EV Sales Targets

The Biden administration’s push to reduce auto emissions through increased battery-electric vehicle (BEV) sales is facing criticism from Stellantis and Toyota. Both automakers argue that the proposed targets are overly aggressive and may strain the supply of essential minerals needed for EV batteries. They also express concerns that the plan fails to account for significant obstacles such as the lack of domestic mineral resources, insufficient infrastructure, and the high cost of electric vehicles.

Industry Reaction and Future Implications

The Environmental Protection Agency (EPA) has proposed the strictest tailpipe emission limits to date, aiming for BEVs to comprise 67% of new light-duty vehicle sales and 46% of new medium-duty vehicle sales by 2032. This ambitious goal surpasses earlier targets set by President Biden, who aimed for 50% zero-emission vehicles by 2030. While Tesla supports even stricter requirements to accelerate EV adoption, Stellantis and Toyota caution that the rapid transition could pose risks to manufacturing capacity and consumer acceptance, urging for a more gradual approach.

Jul 11

MG4 EX4 Concept Unveiled: A Bold Homage to the Iconic Metro 6R4

Exciting New Debuts at Goodwood Festival of Speed

MG Motor, under the ownership of China’s SAIC Motor, is set to make waves at the Goodwood Festival of Speed this week. Alongside the European debut of the MG Cyberster electric sports car, MG will showcase two new electric models, including the eagerly anticipated MG4 EX4 Concept. This striking new concept car promises to be a standout with its bold reimagining of the legendary Metro 6R4 rally car from the 1980s.

A Nod to Rally Legends with a Modern Twist

Though full details of the MG4 EX4’s design remain under wraps, teaser images suggest an aggressive homage to the classic Metro 6R4. The concept will likely feature an array of rally-inspired design elements, including a massive front wing, a dramatic rear spoiler, and a wide body kit. Celebrating the 40th anniversary of the Metro 6R4, the concept will sport a unique livery designed specifically for the Goodwood event.

Performance and Innovation on Display

While MG has yet to reveal specific performance metrics for the MG4 EX4, it is expected to exceed the already impressive capabilities of the MG4 EV XPower. The concept car is anticipated to benefit from weight-saving enhancements and an advanced aerodynamic package, potentially achieving zero to 62 mph in under 3.8 seconds. With these innovations, the MG4 EX4 Concept is set to capture the spirit of its rally heritage while pushing the boundaries of electric performance.

Jul 11

Tesla’s Electric Minibus Prototype Surfaces in Leaked Video

Mysterious New Tesla Van Sparks Excitement

A video circulating on social media, shared by Las Vegas-based content creator Jacob Orth, seemingly showcases Tesla’s electric minibus prototype. Featuring the company’s logo prominently on the steering wheel, this prototype appears to be in the early stages of development, with its design hinting at a sleek, autonomous shuttle bus. The vehicle boasts a spacious interior with 12 seats and a large glazed area, enhancing its futuristic appeal.

Potential Connection to The Boring Company’s Vision

This prototype could potentially align with Tesla’s long-discussed ambitions for high-density urban transport, first highlighted in their 2016 Master Plan Part 2. While the video’s authenticity remains unconfirmed, it bears resemblance to earlier concepts proposed by The Boring Company for its Las Vegas Loop. Whether this prototype will evolve into a practical vehicle or remains a concept is yet to be seen, but the buzz around it suggests that Tesla might be nearing a significant breakthrough in electric urban transport solutions.