The main topic is the stock rally of EV startup VinFast, which has pushed its value higher than GM and Ford.
Key points:
1. VinFast's stock rally has resulted in a higher market value than that of GM and Ford.
2. The EV startup's success is attributed to its strong performance in the Vietnamese market.
3. VinFast's rise in value reflects the growing interest and potential of the electric vehicle industry.
The main topic is the stock rally of EV startup VinFast, which has pushed its value higher than GM and Ford.
Key points:
1. VinFast's stock rally has resulted in a higher market value than that of GM and Ford.
2. The EV startup's success is attributed to its strong performance in the Vietnamese market.
3. VinFast's rise in value reflects the growing interest and potential of the electric vehicle industry.
The main topic is the valuation of EV startup VinFast compared to Ford and GM.
The key points are:
1. VinFast's valuation surpasses that of Ford and GM.
2. VinFast's success contrasts with the troubled rollout of EVs in the US by Ford and GM.
3. VinFast's growth potential and market strategy contribute to its high valuation.
### 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.
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.
BMW and Mercedes are intensifying their efforts in the electric vehicle market, unveiling new platforms and concept cars in response to competition from Chinese automakers and Tesla, although they may still lag behind in certain aspects.
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.
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.
General Motors is an undervalued and attractive investment in the electric vehicle market, with plans to expand its EV production capacity and a strong free cash flow guidance, although it faces competition and risks from contract negotiations and a potential U.S. recession.
Ford CEO Jim Farley warns that consumers have "charging anxiety" rather than "range anxiety" when it comes to electric vehicles (EVs), suggesting that they are not willing to pay a premium for EVs despite increased offerings in the market.
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.
The market for electric vehicles (EVs) in Japan remains small, causing closures of charging stations and hindering the spread of EVs.
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.
Despite the record-breaking sales of electric vehicles in the U.S., Ford and GM are urged to develop new strategies to compete with Tesla based on new EV data.
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.
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.
Automakers are facing challenges due to rising EV sales, decreasing customer loyalty, and increased competition, forcing them to do more with less, target buyers more accurately, and analyze data closely to make effective marketing decisions.
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.
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.
The U.S. Department of the Treasury has proposed new rules that would allow car dealers to offer upfront discounts on electric vehicles (EVs) through tax credits at the point of sale, benefiting all eligible buyers and making EVs more affordable, especially for low- and middle-income drivers.
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%.
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 (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.
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.
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.
Automakers are facing a slowdown in demand for expensive battery-powered vehicles, leading to growing inventories and high discounts, raising questions about whether the industry pushed EVs too early.
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.
Automakers are offering significant discounts on electric vehicles, particularly luxury models, as competition in the market grows and consumer interest in hybrids outweighs that in EVs.
Investors are realizing that electric vehicles are not a guaranteed source of profit, as evidenced by Tesla's disastrous third-quarter earnings, prompting skepticism from Toyota's chairman Akio Toyoda and other automakers who advocate for investing in a variety of eco-friendly vehicles.
Auto industry executives, including GM's Mary Barra and Mercedes-Benz's CFO, are expressing concerns about the growth of the electric vehicle market as slowing sales and growing inventory jeopardize their ambitious EV plans.
General Motors (GM) is reconsidering its target of making 400,000 electric vehicles (EVs) by June 2024 due to the slowdown in consumer demand for EVs, but remains committed to its goal of an all-electric lineup by 2035, as automakers face challenges with economic uncertainty, lack of charging infrastructure, and higher prices compared to gasoline-powered vehicles.
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.
Top automakers, including Ford, General Motors, and Mercedes-Benz, are grappling with declining demand for electric vehicles (EVs) and are facing losses and price wars due to customers hesitating to pay a premium for EVs over conventional models, prompting these companies to cut costs and slow down EV production.
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.
