Main topic: BMW's progress in electric vehicle sales and investment in e-mobility.
Key points:
1. BMW's electric vehicle sales increased to 12.6% of total deliveries in the first half of 2023, up from 10% in 2022.
2. The company aims to achieve a 15% share of battery-electric sales by the end of 2023.
3. BMW is investing more than originally planned in the global ramp-up of e-mobility due to increasing demand for electric cars.
4. The automaker increased its research and development spending by nearly 19% in Q2 2023, reaching about $2 billion.
5. BMW has not set an end date for selling combustion engine vehicles, stating that there is no indication that the world is renouncing them.
6. This contrasts with other automakers like Mercedes-Benz, Ford, and GM, which have plans to phase out combustion-engine sales by 2040.
Main topic: Dissatisfaction with the electric vehicle charging experience in the US.
Key points:
1. Growing electric vehicle adoption in the US, but satisfaction with charging experience is low.
2. Study finds that people are unhappy with charge times and one in five reported being unable to charge.
3. Car companies are switching to Tesla's North American Charging Standard plug to gain access to the Tesla Supercharger network.
### Summary
The majority of Americans are not convinced by federal incentives to buy electric vehicles (EVs), and some are even discouraged by them, according to an exclusive survey. While President Joe Biden aims for two-thirds of new vehicle sales to be electric by 2032 and plans to build a network of 500,000 chargers across the country, only 29% of respondents said incentives influenced their decision to buy an EV.
### Facts
- 🚗 Only 29% of Americans said government incentives had increased their consideration of purchasing an EV.
- 💰 Americans in higher income brackets are more likely to consider owning an EV than those earning less.
- 💸 The cost of EVs remains a barrier across all income brackets, as they are generally more expensive than gas-powered cars.
- 📉 EV sales growth in the US has started to slow, suggesting that high upfront costs are deterring consumers.
- ⚡ Americans have concerns about running out of charge and access to charging stations, particularly in low income areas where the charging infrastructure is lacking.
- 🚙 Two of the world's largest carmakers, Toyota and Stellantis, criticized the government's electric car push as overly optimistic and cited challenges such as the cost to consumers and gaps in the charging infrastructure.
- 📊 Seven major car manufacturers, including General Motors and Stellantis, have announced a plan to install 30,000 chargers to alleviate the shortage.
The majority of Americans are not convinced to buy electric vehicles despite federal incentives, with only 29% saying the incentives impact their decision, according to an exclusive survey by DailyMail.com. Concerns about cost, limited charging stations, and running out of charge are among the main reasons cited for not considering an EV purchase. Higher-income Americans are more likely to consider owning an electric vehicle, but the cost remains a barrier across all income brackets.
The electric bus market is projected to grow at a rate of 41.7% from 2023 to 2030, reaching a value of $678.3 billion, as countries embrace electric buses to curb emissions and improve efficiency in mass transit.
Huge price reductions and increased availability are driving growth in the electric vehicle market, which saw record sales in 2023, as major manufacturers like Tesla, Ford, and General Motors lower their prices and pass on cost savings from raw materials to consumers.
India is seeing a significant rise in the adoption of electric vehicles, particularly two- and three-wheelers, driven by a $1.3 billion federal plan, rising fuel costs, and awareness of the long-term cost benefits, as well as efforts to reduce emissions and improve air quality.
China has announced new guidelines to boost car sales, with a focus on new energy vehicles, aiming to sell around 27 million new vehicles this year and increase sales of electric cars to approximately 9 million units, as the country looks to revive its post-Covid economy.
Used cars are selling faster than new cars as consumer fatigue with pricing impacts sales, with the average used car selling in 49 days (6.1% faster than last year), while new cars are selling 25.7% slower; electric vehicles (EVs) now take twice as long to sell despite price drops, with the Tesla Model S being the slowest-selling used EV at an average of 88.3 days to sell, and the Honda HR-V being the fastest-selling new car at an average of 34.4 days to sell.
Kia America reported a nine percent increase in vehicle sales in the US in August, with 2,449 EV6s sold, representing a 33 percent year-over-year increase and about 3.4 percent of the total volume, indicating strong sales for their battery-electric vehicles and positioning the company as a leader in innovative mobility.
Car buyers are finding some relief in the US market, as prices for new vehicles have dropped by up to 20% thanks to an increase in unwanted EVs, although certain vehicles remain expensive.
Lucid is exploring the possibility of entering the Chinese electric car market, but has not yet set a timeline for its entry, according to a top executive at the company. Lucid recognizes China as the world's largest and fastest adopting EV market, but wants to ensure it enters on the right terms to avoid mistakes. The company is currently assessing the viability of entering the market and considering factors such as pricing and manufacturing strategy. Additionally, Lucid plans to expand its product range to include lower-priced vehicles, with a mid-sized car potentially being unveiled in 2026. However, entering the mass-market segment will take time and require a strong supply base and the right pricing.
China's passenger vehicle sales experienced growth in August, driven by discounts and tax breaks on environmentally friendly and electric cars, despite a weak economy, and Tesla's share of the Chinese electric vehicle market nearly doubled.
The rapid adoption of electric cars in the US is being hindered by the lack of available charging stations, which vary widely from state to state, potentially slowing down the projected growth of EV sales in the country.
Americans' hesitations to buy electric vehicles (EVs) are largely due to concerns around charging, with surveys showing that a lack of charging stations is a significant barrier to purchase, but efforts are being made to expand and improve the U.S. charging landscape through major incentives, partnerships, and the development of a single charging standard like Tesla's NACS plug design.
In the Netherlands, plug-in electric car sales are reaching a majority share of the market, with 45 percent of total sales and all-electric cars holding one-third of the market.
Electric vehicle sales are rapidly increasing worldwide, leading to a decline in gas- and diesel-powered vehicle sales, but the US government continues to project a growing demand for oil, raising concerns about the accuracy of these projections and the consequences if they are wrong.
Despite electric vehicle (EV) sales hitting records in the U.S., concerns arise as EVs are selling slower than expected due to excess inventory and weaker demand in regions like Michigan and Ohio, which could be attributed to cold weather impacting EV range, requiring smarter marketing and incentives from manufacturers like Ford and GM to drive adoption.
The share of electric vehicle sales in the US is rising but varies greatly by state, with California leading at 25% of all vehicles sold in the first half of 2023 being electric, followed by Washington at 18%, according to BloombergNEF.
The transition to electric vehicles in the US could face a setback under a second Donald Trump presidency, as his opposition to EVs and proposed policy reversals on incentives and regulations may undermine automakers' investments and hand control to foreign manufacturers.
Tesla continues to dominate the US electric vehicle market, outselling the combined sales of its 19 closest competitors during the first half of 2023, illustrating the company's significant lead and dominance in the industry.
In certain areas of the United States, the adoption rate of plug-in electric cars is significantly higher than the average, with four counties in California having a market penetration of over 30 percent for electric vehicles. However, the geographical distribution of EVs is expected to vary as electrification progresses in different regions, similar to trends seen in Europe. The introduction of electric pickup trucks may play a role in increasing EV market share across the country in the coming years.
The rise of electric vehicles in China is causing a shakeout in the auto market, with midsize automakers struggling to compete with local rivals and the government supporting select companies in its bid to become an automotive powerhouse.
Legacy carmakers like Ford are struggling to catch up with the electric vehicle (EV) revolution led by Tesla and Chinese competitors, as they face a significant technology gap and higher production costs, which hinder their ability to deliver affordable EVs while governments are planning to ban or limit gas and diesel car sales.
Electric Drive Transportation Association President Genevieve Cullen believes that the future of electric vehicles (EVs) is promising, as three factors - technology, policy, and markets - are driving the adoption and expansion of EVs. Despite concerns from autoworker unions about potential job losses, the rise of EVs is unstoppable, with increasing sales and government support.
The Tesla Model Y and Model 3 are the top-selling electric vehicles in Europe, with the Model Y expected to become the most popular new passenger car by the end of the year.
Electric-vehicle maker Rivian Automotive surpassed analysts' expectations with third-quarter deliveries as it increases production to meet the demand for its pickup trucks and SUVs, targeting to produce 52,000 vehicles in 2023, while the EV industry in the US shows signs of positive growth despite a slowdown and price cuts by rivals.
A new study reveals that premium electric vehicles have higher ownership costs compared to their gas counterparts, while mass-market EVs are 18% more expensive to own than equivalent gas cars, highlighting the challenge of achieving price parity in the EV industry. However, the study predicts that the upcoming Chevrolet Equinox EV could lead the movement towards parity in the mass market.
Despite strikes and high interest rates, analysts expect new vehicle sales in the U.S. to continue growing, with an estimated annualized pace of 15.5 million in September, along with positive sales growth forecasts for general motors, Toyota, Ford, and Honda.
Ford Motor's third-quarter U.S. new vehicle sales rose 7.7%, driven by increased sales of traditional pickup trucks, while sales of electric vehicles were up by 14.8% and hybrid sales saw a 41.4% increase.
Ford's third quarter EV sales surpassed 20,000 vehicles, with the Mustang Mach-E leading the way, although electric models make up just over 4% of the company's overall sales, and it still trails behind Rivian in terms of EV sales.
The Treasury Department has outlined guidelines for car dealers to offer immediate access to federal tax credits for electric vehicles, aiming to incentivize more people to purchase EVs and help achieve President Biden's goal of increasing EV sales to 50% by 2030. This move provides consumers with a point-of-sale rebate for EVs, reducing the purchase price by up to $7,500 at the time of purchase instead of waiting for the annual tax filing period.
The Treasury Department has released new guidance that allows car dealers to provide customers instant access to electric vehicle rebates, aiming to reduce the cost of EVs and encourage more people to purchase them, with the goal of making EVs account for 50% of new car sales by 2030.
Starting next year, low- and middle-income buyers will be able to receive the full $7,500 electric vehicle tax credit upfront at the point of sale, regardless of their tax liability, thanks to new guidance from the IRS. The changes include a provision allowing buyers to transfer the credit to the dealership, making EVs more affordable for lower-income individuals and addressing a regressive aspect of the previous credit system.
Starting in January 2024, car dealers can offer instant rebates to buyers for purchasing eligible electric vehicles, with a tax credit of up to $7,500, contingent on meeting certain requirements, such as minimum battery capacity and income thresholds.
New car registrations in the UK increased by 21% in September, the 14th consecutive month of growth, with electric vehicle numbers also rising by 18.9%, despite the government's decision to postpone the ban on new petrol and diesel vehicles until 2035.
The states of Washington, Oregon, Hawaii, Nevada, Colorado, New Jersey, Massachusetts, Maryland, Virginia, and California are leading in electric vehicle (EV) sales, with Tesla's Model Y being the bestselling car in California, raising concerns about the nation's aging power grid as EVs gain popularity and the transition to renewable energy sources is accelerated.
Mercedes-Benz's electric vehicle sales in the US have risen by 284% in Q3 compared to last year, bringing their market share to nearly 15%, while Ford and GM's market share remains around 3% to 4%.
Car sales in China increased 4.7% in September, driven by discounted and new models ahead of holidays, with new energy vehicle sales growing 22.1% and accounting for 36.6% of total car sales.
Tesla's early lead in the American EV market is slipping as other companies, such as Chevrolet and Volkswagen, experience significant sales growth, resulting in Tesla's reduced market share and the need for further innovation.
Electric vehicle (EV) sales in the United States reached over 300,000 in the third quarter, with Tesla's market share dropping to its lowest on record due to aggressive price cuts by competitors, but the company could regain ground with the launch of its Cybertruck, according to a report by Cox Automotive.
Tesla's share of the U.S. electric vehicle market has dropped to 50% as new competitors, including EV startups and legacy automakers, gain market share due to increased competition and the release of their own electric models.
US electric vehicle sales reached a new milestone in the third quarter, with a 50% increase from last year, but Tesla's market share is shrinking as other automakers see significant EV sales gains.
US electric vehicle (EV) sales reached over 313,000 in Q3, a nearly 50% increase from a year ago, with Tesla accounting for 50% of total sales, but its market share is decreasing; meanwhile, the overall EV market share reached 7.9%, driven by higher inventory, more product availability, and downward pricing pressure, according to Kelley Blue Book.
New passenger car registrations in France increased by 9% year-over-year in September, with plug-in electric cars accounting for almost 30% of the market and all-electric cars making up 19.6% of new car sales, indicating a growing shift towards electrification in the country.
The average transaction price for new electric vehicles in the US has dropped over 22% compared to last year, driven by Tesla's price cuts, leading to increased demand and growth in EV sales.
Battery-electric vehicles accounted for 7.9% of all new cars sold in the U.S. during the third quarter, with over 300,000 EVs sold, reflecting a 49.8% increase from the same period in 2021.
Sales at U.S. retailers increased by a larger-than-expected 0.7% in September, driven by strong demand at auto dealers and online stores, indicating that households have sufficient buying power to support economic growth.
US electric vehicle sales have increased by 50.1% year-on-year as more car buyers opt for electric vehicles, with a total of 313,086 battery EVs purchased between July and September 2023, according to Kelly Blue Book.
