Tesla Model 3 Wins 2024 Best Urban Electric Vehicle Under $100K

Drive Car of the Year: Top Urban Electric Vehicle Under $100K

The Tesla Model 3 has achieved a significant milestone by being named the 2024 Drive Car of the Year for the Best Urban Electric Vehicle under $100K. This accolade underscores the Model 3’s exceptional performance, cutting-edge features, and rising popularity in a competitive landscape.

Inclusion of Electric Vehicles in Broader Categories

In 2024, the Drive Car of the Year categories expanded to include electric vehicles alongside traditional gasoline-powered options. This comprehensive approach ensures the best vehicle, regardless of its power source, is recognized. With the growing interest in electric vehicles, Drive also introduced specific categories for EVs to assist consumers in making informed decisions.

Tesla Model 3: Leading the Urban EV Category

The Best Urban EV Under $100,000 category was highly competitive, but the Tesla Model 3 distinguished itself with its luxurious features, advanced technology, and efficiency. With prices ranging from $61,900 to $71,900, the Model 3 offers a driving range between 513km and 604km, making it a practical choice for city dwellers.

Additional Insightful Information:

Enhanced Interior Comfort and Design

Recent updates to the Tesla Model 3 have significantly improved its ride comfort and interior quality. The latest model features new materials, a brighter touchscreen, improved suspension, and more comfortable seats. The interior now includes soft-touch synthetic leather, rubberized grips, and felt-like fabric, enhancing the overall feel and user experience.

Outstanding Performance and Advanced Technology

The Tesla Model 3 Long Range variant, priced at $71,900, boasts a driving range of up to 629km and can accelerate from 0 to 100km/h in just 4.4 seconds. It also includes a 17-speaker sound system, all-wheel drive, and a larger battery capacity. Although it does not support Apple CarPlay or Android Auto, the infotainment system offers a variety of apps, maps, and streaming services.

Commitment to Safety and Efficiency

The Model 3 prioritizes safety, earning a five-star rating in 2019, and includes the ‘Autopilot’ suite with features like adaptive cruise control, lane-keep assist, and autonomous emergency braking. Maintenance is condition-based, requiring service only when necessary. Additionally, the Model 3 is highly efficient, with an energy consumption rate of 13.2kWh/100km.

While some minor issues were noted, such as the new touchscreen gear selector and button-press indicators, these do not overshadow the Model 3’s overall excellence. The Tesla Model 3’s combination of speed, comfort, and quiet operation solidifies its position as the Best Urban Electric Vehicle under $100,000.

Drive Car of the Year – Every Category, Every Winner

Explore all the Drive Car of the Year 2024 category winners at our DCOTY content hub.

Drive

Drive Car of the Year 2024

Discover all the categories and winners of the Drive Car of the Year 2024.

MG 4 Named Best Electric Vehicle Under $50K for 2024

Drive Car of the Year: Best Electric Vehicle Under $50K

Affordable electric vehicles are now within reach! Congratulations to the MG 4 for winning the 2024 Drive Car of the Year award for the Best Electric Vehicle under $50K. This recognition highlights the MG 4’s remarkable performance and affordability in an increasingly competitive market.

Electric Vehicles Entering the Mainstream

In the past year, electric vehicles in Australia have become more accessible, with many models priced under $50,000 and some even below $40,000. These affordable options, primarily from Chinese manufacturers like MG Motor, BYD, and GWM, have made EVs a viable option for many Australians. This shift marks a significant change from the past when electric cars were seen as luxury items.

The MG 4: Leading the Charge

The MG 4 stands out in the crowded market with its blend of affordability and quality. Priced from $39,990 to $47,990, the MG 4 offers a driving range between 350km and 530km, making it a practical choice for many drivers. Its combination of value and performance has made it a popular option since its release.

Toyota’s Strategic Edge in the Electric Vehicle Market Could Surpass Tesla

Toyota’s Diverse Approach in the EV Sector

Toyota is charting a unique course in the electric vehicle (EV) market with a dual focus on hybrid models and the development of solid-state batteries, presenting a robust challenge to Tesla’s dominance. While Tesla has been a frontrunner in the EV industry due to its innovative technologies and high market valuation, Toyota’s approach could offer a more sustainable investment opportunity. The company’s investment in both hybrid technology and advanced battery solutions positions it well to cater to a broader market, potentially leading to a greater upside for investors.

Financial Performance and Market Dynamics

Despite Tesla’s impressive revenue and earnings growth, Toyota’s financials remain significantly stronger, with revenue and earnings approximately three times larger than Tesla’s over the last fiscal year. However, Tesla’s market capitalization far exceeds that of Toyota, illustrating the market’s high expectations from the electric car giant. The performance of Tesla’s stock has been notably volatile, with dramatic gains and significant drawdowns, reflecting the high-risk, high-reward nature of investing in such innovative technologies.

The Hybrid Advantage and Future Battery Innovations

Toyota’s strategic emphasis on hybrids as a transitional technology offers a practical alternative to consumers not yet ready to fully commit to EVs. This approach not only meets immediate consumer needs but also positions Toyota as a leader in efficiency and environmental responsibility. Looking forward, Toyota’s leadership in developing solid-state batteries could revolutionize the industry by providing safer, more efficient, and faster-charging batteries, potentially setting a new standard in the EV market.

Toyota’s methodical strategy in expanding its hybrid offerings and advancing battery technology demonstrates a pragmatic approach to the evolving automotive landscape. This diversified strategy not only mitigates the risks associated with the nascent EV market but also enhances Toyota’s potential to lead the next wave of automotive innovation, challenging Tesla’s current market stronghold.

Dodge Charger EV May Have 1,000 Horsepower

I am now officially confused. I was absolutely certain that the Banshee trim of the Dodge Charger Daytona EV would come in at 880 horsepower. But I may have been wrong. That beast may be churning out closer to 1,000 ponies. And this time, I’m getting my info from a leak in Italy.

Let’s back up a bit. Dodge shocked the world when it announced it was killing the V8 Charger to make room for an “eMuscle” lineup. It is working on a Charger to introduce in late 2024 which will have both hybrid gasoline and fully electric powertrains. I suspect the gasoline Chargers will share the new Ram truck’s turbocharged I6 which makes up to 520 horsepower. But Dodge’s true Hellcat replacements will be electric.

As part of its electric vehicle plan, Stellantis revealed that the new Charger will ride on the shared “STLA Large” chassis. The electric version of this chassis is AWD, with capacity for one engine at both ends of the vehicle. So far so good. Stellantis has also revealed that it has three levels of electric motors. The smallest makes up to 93 horsepower. The largest tops out at 440 horsepower.

Why 440 horsepower? I suspect Dodge requested Stellantis build that motor. Not only is 440 an important number to Dodge muscle cars (both a historic engine size and trim level), but so is 880. The “Custom 880” was a full-size Dodge built from 1962-65. And Dodge is leaning on old names to make its EV transition seem more legit. It’s first prototype is the Dodge Charger Daytona for goodness-sake.

What’s more, 880 puts the new Banshee trim of Dodge’s EVs comfortably ahead of the 808-horsepower “Redeye” tune of the Hellcat V8. Obviously, with maximum torque at zero rpm and AWD, a humble 600 horsepower EV would be able to put a lot more power down on a drag strip than a Hellcat. But hey, a higher number still makes for good marketing.

Green fender of an Alfa Romeo Giulia Quadrifoglio trim sedan
2024 Alfa Romeo Giulia Quadrifoglio Badge | Stellantis

I thought I had it all figured out. But hey, you know what they say about assuming, and making a donkey out of you and me both.

In a 2023 Top Gear interview, Alfa Romeo CEO Jean-Philippe Imparato let slip that the Quadrifoglio trim of the Giulia EV would make 1,000 horsepower. Here’s the kicker: the Giulia is the Charger’s Stellantis cousin and they’ll be sharing that “STLA Large” platform. What the hey?

I see several possibilities. I suppose Stellantis could be planning to make a more powerful Alfa Romeo Giulia than anything Dodge builds. But I can’t believe that’s true. Our second option is that Imparato was making up numbers. Perhaps he saw the Tesla Model S Plaid makes 1,020 horsepower and hopes this claim will push Stellantis to one-up it. But if you read the whole interview, it seems he has a plan and knows it well.

That leaves us with a third possibility: All the top-trim STLA Large EVs will have 1,000 horsepower and Imparato just inadvertently revealed the max horsepower number Dodge has been so tight-lipped about.

The STLA Large EV chassis that underpins the Jeep Wagoneer S
STLA Large EV Chassis | Stellantis

How will Stellantis pull this off? I suppose they could be working on a much more powerful electric motor. But Imparato said something else interesting: the mid-trim Giulia will make 800 horsepower. My money is on a tri-motor chassis that’s been kept under tight wraps. The two-motor Charger and Giulia EVs will make 800 and the Banshee/Quadrifoglio trim will take a page out of the Model S Plaid’s book and have two motors at the back. And this makes some sense: if Dodge is going electric, it will want to show up even Tesla.

Shouldn’t three 440-horsepower motors make a bit more than 1,000 horsepower? That depends on how much electricity it can put out to three motors simultaneously. It may truly top out at 1,000 ponies. Alternatively, Stellantis may just under rate this thing, having rightfully decided that 1,000 horses is plenty.

So there you have it: a pretty good chance the Dodge Charger Daytona EV claims 1,000 horsepower. But until Dodge announces it for sure, I’ll be the last to assume anything.

BYD Atto 3: Revolutionizing Europe’s Electric SUV Market with Cutting-Edge Innovation

Reworked

BYD Atto 3: A Trailblazer in European Electric Mobility

The BYD Atto 3 has carved a niche for itself in the competitive European electric vehicle landscape, quickly gaining popularity and surpassing traditional automotive leaders such as Volvo. This vehicle symbolizes a significant shift in the industry, highlighting a move toward innovative technology and eco-friendly designs. The Atto 3 not only serves as a premier choice for consumers but also signifies a larger trend of shifting preferences towards sustainable electric vehicles in Europe.

Tailored Design for Modern Needs

The rise of the BYD Atto 3 in the compact SUV market is attributed to its strategic design and market alignment. With its attractive aesthetics and multifunctional features, the Atto 3 appeals to contemporary consumers who value both style and substance. Its competitive pricing and impressive range of 420 kilometers per charge effectively address major concerns around electric vehicle adoption, making it a practical option for a variety of travel needs.

Enhanced Factual and Beneficial Information:

Fusing Advanced Technology with User-Focused Design

BYD has committed to merging state-of-the-art technology with user-oriented design in the Atto 3, setting a new standard in vehicle interiors. The cabin features premium materials that rival more costly segments, enhancing user comfort and driving pleasure while minimizing road noise. Although it faces challenges on rough terrains and at high speeds, these are minor compared to its overall benefits and the value it offers to consumers.

Transforming Electric Vehicle Perceptions in Europe

The BYD Atto 3’s success in the European market exemplifies a shift in consumer behavior towards embracing innovative, affordable, and sustainable vehicles. Surpassing established brands like BMW and Volkswagen, the Atto 3 reflects a growing preference for environmentally friendly options that do not compromise on functionality or affordability. This shift is reshaping the automotive industry, encouraging a broader acceptance of alternative brands and technologies that prioritize environmental sustainability alongside consumer needs.

The ascent of the BYD Atto 3 from a lesser-known brand to a market leader in Europe underscores a remarkable journey of technological innovation and strategic foresight. It illustrates a broader change within the automotive sector towards embracing sustainable solutions that meet contemporary demands. As the automotive landscape evolves, the Atto 3’s trajectory offers a compelling story of how emerging manufacturers are poised to lead in the new era of electric mobility, challenging traditional industry norms and setting new benchmarks for success.

Is Ford working on an Escape-sized electric SUV?

Ford CEO Jim Farley’s recent statements at the Wolfe Research Global Auto Conference have sparked discussions about a potential new direction in Ford’s electric vehicle (EV) lineup.

Addressing the EV market’s unpredictability and the necessity for more cost-effective EV solutions, Farley remarked, “I’ve been in the prediction business in the EV business; it hasn’t been a great journey. It feels great in the moment to say, ‘it’s 2027,’ or whatever it is, but it’s not reality anymore.”

Ford’s response to an evolving EV market

Ford’s answer to these market challenges includes working on a low-cost EV platform. This platform aims to be profitable within its first year, a significant shift from Ford’s US$36,000 (around $NZ58,700) loss per EV sold in 2023.

Farley elaborated on customer preferences, noting, “What the customer has now said to us is, if you have [an electric car] larger than Escape, it better be really functional or a work vehicle… But if you do the economics for a vehicle, let’s say the Escape or smaller, it’s totally different, it completely works. In fact, it’s dramatically better operating cost than a Corolla or Civic or even a Maverick.”

Is an all-electric Escape on the way?

This strategy hints at the development of an Escape-sized electric SUV. The existing Explorer EV, sold in Europe and based on Volkswagen’s MEB platform, provides a glimpse into this potential new offering.

However, a Ford Escape EV would need to be competitively priced to attract a broad consumer base.

In New Zealand, with the Mustang Mach-E priced at $74,990 (before ORC), a smaller SUV would need a substantially lower price tag to be attractive, ideally under $60,000 – which, perhaps not coincidentally, is also the price range of the Escape in its current plug-in hybrid guise.

Record-Breaking Electric Vehicle Sales in the U.S. Reach Over 1.1 Million in 2023

Surge in Electric Vehicle Popularity

The U.S. witnessed a historic surge in electric vehicle (EV) sales in 2023, with figures soaring to new heights. According to a report by Argonne National Laboratory, December alone saw 141,055 rechargeable vehicles sold, encompassing 100,928 all-electric models and 40,127 plug-in hybrids. This remarkable volume accounted for 9.8% of total light-duty vehicle sales in the U.S., marking a significant 42% increase from the previous year.

Annual Achievements and Market Growth

Throughout 2023, the U.S. significantly expanded its electric vehicle footprint, selling over 1.4 million plug-in models, which represented 9.1% of all vehicle sales—up from 6.8% the prior year. This growth underscores a strong market trend toward electrification, with electric vehicle sales peaking in September at a 9.9% market share. The increasing preference for EVs indicates a robust shift in consumer behavior, favoring more sustainable and technologically advanced vehicles.

external_image

Additional Insightful and Beneficial Information:

Long-term Market Trends and Global Context

By the close of 2023, nearly 5 million plug-in vehicles had been sold in the U.S. since December 2010, showcasing a swift adoption curve particularly noticeable over the last year. This trend is still lagging behind Europe and China, where EV market penetration is higher, but the consistent month-over-month growth throughout 2023 suggests a solid foundation for future expansion.

Future Outlook and Industry Impact

Looking forward, projections suggest a potential rise in all-electric vehicle sales to between 1.5 to 2 million units in 2024, driven by increasing consumer demand and expanding EV infrastructure. The predominance of Tesla and other EV-specific startups illustrates a significant shift within the automotive industry, emphasizing innovation and environmental considerations in vehicle manufacturing.

This surge in electric vehicle adoption not only highlights advancements in automotive technology but also reflects a broader societal move towards environmental sustainability and energy efficiency, setting the stage for continued growth in this dynamic sector.

China’s EVs Consumed As Much Energy As Ireland In 2023

It’s not as big a problem as you might think.

Will a deluge of energy-sucking electric cars spell disaster for the U.S. power grid? Looking to China—which is lightyears ahead of the States on just about every front of the EV transition—the answer to that question appears to be a resounding “nope.”

What’s clear is that China’s rapidly ballooning EV fleet requires an increasingly enormous amount of electricity to keep it moving. According to a recent analysis by BloombergNEF (BNEF), the news wire’s energy research arm, China’s electric cars consumed as much electricity from public charging stations in 2023 as the entire country of Ireland. (Note that BNEF lumped fully electric vehicles and plug-in hybrids together for its study.)

For all the energy nerds out there, that’s 35 terawatt-hours. This year, BNEF projects that figure will rise to 52 terawatt-hours, exceeding the energy demand of Greece. Those are indeed astonishing figures when put into context (even if Ireland isn’t that big a country). Still, EVs haven’t broken China’s electrical infrastructure. Far from it.

“There are industry-wide discussions about the impact of EVs on electricity systems,” BNEF researchers said in their report. “Data in China, however, shows that the electricity distributed from public chargers is already at significant levels but has not led to widespread breakdowns of the electricity system.”

EV critics have sounded the alarm about the dangers electric cars pose to the U.S. power grid. During a heatwave in 2022, when California’s utility urged EV owners to avoid charging their cars during certain hours, detractors like Fox News’ Tucker Carlson latched on, pushing a narrative that our electrical infrastructure simply can’t handle more EVs. What we’re seeing in China proves that isn’t the case.

China is way ahead of the U.S. in EV adoption and provides a glimpse into what our future may hold. There are already some 20 million all-electric and plug-in hybrid vehicles swarming the country’s roads, according to BNEF. Last year, China put 890,000 public charging connectors in the ground, the group estimates. That’s over five times the amount of plugs the U.S. has installed, period.

More electric cars needing to charge will no doubt require improvements to America’s power generation and distribution infrastructure, experts say. But there are a few reasons that we shouldn’t expect everything to go haywire from too many Teslas topping up.

EVs don’t actually consume all that much energy, and they still won’t even when there are millions more of them. In California, which has more EV penetration than any other state, EVs account for less than 1% of energy demand during peak times, according to the California Energy Commission. By 2030, an estimated 5.7 million electric cars and trucks should only account for 4% of peak loads, the agency says.

Crucially, electric cars are quite flexible as far as when they need to be plugged in. During a heatwave, everyone runs their A/C simultaneously, putting extra stress on electrical infrastructure. That can lead to blackouts and other nasty consequences.

EVs, on the other hand, can charge essentially any time they’re parked and only need to do so for a few hours each week. Utilities and charging providers can manage grid stress by making EV owners pay more or less depending on when they plug in. That kind of smarter charging is something BNEF thinks we’ll see more of going forward.

How New Tax Incentives Are Expected to Transform the Used EV Market, According to Doug DeMuro

For the automotive industry, the early 2020s were marked by unprecedented disruption, including supply chain issues, soaring used car prices, and the uncertain rollout of the Inflation Reduction Act’s electric vehicle tax credits. While some stability has returned, the market is still grappling with remnants of that chaos. By 2024, the extreme markups and inflated prices of used vehicles are fading, yet peculiarities persist in the industry.

As the market sees an increase in electric vehicle (EV) availability, newer models are starting to populate the used car scene. With 2021 EVs like the Polestar 2 and Volkswagen ID.4 nearing the end of their leases, used versions are becoming more common. Additionally, the introduction of point-of-sale tax credits is significantly altering the buying experience for both new and used EVs.

What’s Driving the Shift in EV Prices?

2022 Mercedes-Benz EQS 450+ Exterior Front Quarter

In the past year, the cost of used electric cars has dropped sharply. Previously, luxury EVs like the Mercedes-Benz EQS 580 were fetching premium prices, but now, these vehicles are available at substantially lower costs. For instance, a used EQS 580, once priced at nearly $120,000, can now be found for around $65,000, reflecting a broader trend of significant depreciation across the luxury EV segment.

Doug DeMuro, founder of Cars and Bids, notes a dramatic fall in the prices of early high-demand EVs. Hummer EVs, which once commanded over $200,000, are now available for less than $120,000, illustrating the sharp decline in used EV values. DeMuro emphasizes that this trend is less about product failures and more about the high premiums early adopters were willing to pay, which has now corrected.

The Impact of Tesla’s Pricing Strategies

2024 Tesla Model 3 (Highland)

Tesla’s pricing adjustments have played a significant role in the shifting landscape of used EV values. The Model Y Long Range, which was priced at $67,440 in late 2022, now starts at around $50,630, with additional savings possible through point-of-sale tax credits. This substantial price drop has not only made new Teslas more affordable but has also influenced the used EV market, potentially contributing to the overall decline in used vehicle prices.

Despite these reductions, DeMuro points out that Tesla’s pricing changes are a natural part of its direct-to-consumer model, which differs from traditional dealership practices. Unlike dealers, who adjust prices frequently based on market conditions, Tesla updates its prices less often, which can create a lag in response to market changes.

The Role of Point-of-Sale Tax Credits

Tesla Model Y Point-of-Sale Price

A major shift in the EV market is the introduction of point-of-sale tax credits, allowing buyers to receive immediate discounts on qualifying EVs. For example, a $40,000 EV could be purchased for $32,500, with the IRS reimbursing the dealership. This new system is expected to significantly impact consumer behavior, potentially leading to a preference for models like the Model Y over the less discounted Model 3.

DeMuro highlights the potential confusion and strategic adjustments this new credit system might bring, particularly within Tesla’s lineup. With the Model Y priced lower than the Model 3 after applying the tax credit, buyers may lean towards the more spacious crossover, altering demand dynamics in the used EV market.

Addressing EV Depreciation and Market Adoption

2020 Audi E-Tron Sportback Exterior Front Quarter

Despite the growing availability of EVs, DeMuro notes that electric cars remain a premium choice, often inaccessible for those without convenient charging solutions. As EVs become more affordable and integrated into everyday life, DeMuro anticipates a broader adoption. He suggests that as prices continue to decrease and the point-of-sale tax credit makes EVs more financially viable, more consumers will consider electric vehicles as a practical option.

2021 Ford Mustang Mach-E Side View

The transition to electric vehicles is also hampered by lingering concerns about reliability and maintenance. Although EVs are generally more reliable than their gasoline counterparts, the limited age and mileage data on older models contribute to consumer hesitancy. Nonetheless, with robust warranties and decreasing costs, the EV market is poised for significant growth, potentially offering more appealing options for everyday buyers.

Enhancing Electric Range: Key Factors in EV Efficiency

Grasping EV Efficiency

Our discussion with Jason Fenske from Engineering Explained revealed that achieving an extended range in electric vehicles (EVs) involves more than just upgrading the battery size. The efficiency of an EV is influenced by various factors including the output of the electric motor, battery capacity, vehicle weight, and aerodynamic design. While larger batteries can extend the distance an EV can travel, they also add extra weight and expense. Therefore, optimizing efficiency is critical for improving range.

BMW i4 EPA Ratings
Nissan LEAF (2010 model)

The Role of Aerodynamics and Weight

Maximizing an EV’s range requires a focus on reducing weight and improving aerodynamics. According to Jason Fenske, aerodynamic design plays a crucial role in range performance. For instance, the Mercedes-Benz EQXX sedan demonstrated that aerodynamic drag was responsible for 62% of its range reduction. Moreover, minimizing vehicle weight and using low rolling resistance tires are essential strategies for enhancing how efficiently an EV utilizes its energy.

Hyundai Ioniq 6 aerodynamic efficiency
Tesla Model S Plaid

Balancing Power with Efficiency

A powerful motor does not always mean a reduction in range. In fact, improved power can enhance efficiency if managed properly. For example, the 2024 Volkswagen ID.4 achieved an improved range even with a more powerful motor. Proper management of motor performance and driving habits can ensure that increased power does not negatively affect overall efficiency.

StoreDot pouch cells 2022
2023 Lucid Air Touring

Balancing Power with Efficiency

A powerful motor does not always mean a reduction in range. In fact, improved power can enhance efficiency if managed properly. For example, the 2024 Volkswagen ID.4 achieved an improved range even with a more powerful motor. Proper management of motor performance and driving habits can ensure that increased power does not negatively affect overall efficiency.