Main topic: Subaru's plans to release a full lineup of electric vehicles.
Key points:
1. Subaru aims to sell 600,000 EVs per year by 2030, making up half of its global sales.
2. The automaker plans to boost its battery-electric lineup to eight models.
3. Subaru plans to double its electric-vehicle lineup by the end of 2028, including a three-row electric SUV.
4. Toyota will reportedly build the three-row electric SUV for Subaru in Kentucky starting in 2025.
5. Subaru plans to invest around $10.5 billion towards its electrification efforts by around 2030.
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: The onshoring of battery manufacturing for EVs in the United States.
Key points:
1. The number of battery factories in the US has increased significantly, with about 30 factories either planned, under construction, or operational.
2. The Inflation Reduction Act (IRA) signed by President Joe Biden has incentivized automakers and consumers to produce batteries domestically.
3. Automakers and battery manufacturers have collectively invested close to $100 billion in building domestic cell and module manufacturing, with a capacity of over 1,200 gigawatt-hours before 2030.
Hint on Elon Musk: The article mentions Tesla's plans to invest billions in expanding its Gigafactory in Nevada and producing batteries for 1.5 million light-duty vehicles annually.
### 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.
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.
Hyundai Motor America reported a one percent increase in vehicle sales in the United States in August, with a year-to-date result of 526,186 units, while their all-electric car models, the Ioniq 5 and Ioniq 6, saw a significant year-over-year increase in sales, with 5,235 units sold in August, representing 8.0 percent of the total volume.
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.
China's share of the European electric car market has more than doubled in less than two years, with the UK being the largest market for Chinese electric car brands, as new battery electric technology and lower prices have boosted sales and wiped away concerns about lower-quality cars, posing an "imminent risk" to the European industry, according to industry experts.
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.
BYD, a leading electric car manufacturer, achieved its fourth consecutive monthly sales record in August 2023, selling 274,086 plug-in electric vehicles, although the growth rate has slowed down compared to previous years.
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.
Once electric vehicle adoption reaches 5-10 percent of new car sales, researchers predict that a significant surge in sales will occur, potentially reaching up to 80 percent of new sales, as early adopters are replaced by mainstream consumers looking for a good deal; however, a hesitant American public and inadequate charging infrastructure may hinder the country's progress in this transition.
Low-decibel and torquey electric vehicles are expected to have a global market share between 62-86 percent by 2030, as per a report by Rocky Mountain Institute (RMI), with the boom driven by price parity with internal combustion engine vehicles and competition among carmakers, despite challenges in upgrading infrastructure and battery recycling.
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.
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.
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.
Chinese automaker BYD is set to surpass Tesla as the world's largest seller of electric vehicles, with sales of 431,603 fully-electric vehicles in Q3, just 3,456 units shy of Tesla's global delivery figures, driven by BYD's expansion into luxury EV brands and increased exports.
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 delivered 500,504 vehicles in the U.S. in the third quarter, including 20,962 all-electric vehicles and 34,861 hybrids, edging out GM in electric-vehicle sales but still falling short of Tesla.
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 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.
Tesla's sales of China-made electric vehicles decreased by 10.9% in September compared to the previous year, while Chinese competitor BYD experienced a 42.8% growth in passenger vehicle deliveries.
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 market share in the electric vehicle (EV) market in the United States has fallen to its lowest ever, despite a price war, but the launch of its Cybertruck could reverse the trend, according to a report by Cox Automotive.
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.
Dealerships are offering significant discounts on electric vehicles (EVs) to boost demand, with some EVs being sold for up to 12% below their listed price, according to Edmunds data.
During the third quarter of 2023, Tesla improved its market share in the largest car markets globally, reaching a record of four percent in the United States/Canada, increasing sales and expecting to continue expanding its market share in the near future.
Major automakers, including Mercedes-Benz, are facing challenges in the electric vehicle market due to waning customer demand, high interest rates, and intense price competition with Tesla and Chinese competitors. The slow growth of EV sales and ongoing strikes in the industry are further impacting the adoption of EVs.
US electric vehicle sales have reached a tipping point, with a 50% increase in the third quarter compared to last year, but automakers are concerned about the need to be cost-competitive in the market due to consumer reluctance to pay premiums for EVs over gas or hybrid vehicles.
The Biden administration aims to have 50% of all new car sales be electric vehicles by 2030, with local dealers preparing for increased sales due to generous state and federal incentives.
