Volvo Could Import EX30 From Belgium To The U.S.
The Swedish auto giant currently manufactures the EX30 in Zhangjiakou, China but EU and the U.S. are planning tariffs on China-made EVs.
$8,000 GM Wuling Bingo EV Launched, Cheaper Than BYD Seagull
The GM Wuling Bingo EV is the latest addition to the unbelievable list of the cheapest mass-market electric cars on sale in China currently.
8 Out of 10 Used Cars With Biggest Price Drops Are EVs – Study
It is for the first time ever that the prices of used EVs have dropped below used gas cars. A comprehensive study by iSeeCars reveals that used EVs are witnessing a significant drop in prices in comparison to used gas cars. This survey incorporated over 2.2 million used cars which are 1- to 5 years old sold between May 2023 and 2024. It concluded that the price of an average used electric car was 29.5% less vs 6.1% less for the average used gas car. This translates to $28,767 for EVs in contrast to $31,424 for gas cars. These numbers were $40,783 and $33,469 a year ago. You might also like: Affordable Sub-$25,000 Jeep Renegade EV To Launch In 2027 Used EVs Cheaper Than Gas Cars To prevent anomalies, heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2023 model year, and vehicles in production for fewer than four of the last five model years for each period were excluded from further analysis. The executive analyst at iSeeCars, Karl Brauer said, “There’s no denying the crash in used electric vehicle values over the past year. We’ve watched EV prices fall between 30 and 40 per cent since June of last year, while the average gas car’s price has dropped by just 3 to 7 per cent in that same timeframe.” Month Avg. Used EV Price Avg. Used Gas Car Price $ Diff. % Diff. May 2024 $28,767 $31,424 -$2,657 -8.5% April 2024 $29,066 $31,391 -$2,325 -7.4% March 2024 $29,925 $31,015 -$1,090 -3.5% February 2024 $30,904 $31,169 -$265 -0.9% January 2024 $33,275 $31,689 $1,586 5.0% December 2023 $33,572 $29,789 $3,783 12.7% November 2023 $34,275 $30,116 $4,159 13.8% October 2023 $34,994 $30,906 $4,088 13.2% September 2023 $34,926 $31,147 $3,779 12.1% August 2023 $36,161 $31,446 $4,715 15.0% July 2023 $38,797 $32,251 $6,546 20.3% June 2023 $40,916 $32,715 $8,201 25.1% 1- to 5-Year-Old Used EV Prices vs Used Gas Car Prices Brauer continues, “It’s clear used car shoppers will no longer pay a premium for electric vehicles and, in fact, consider electric powertrains a detractor, making them less desirable – and less valuable – than traditional models. Over the past year, the average used price for traditional internal combustion engine vehicles has shifted by no more than 7 per cent, with prices most months changing between 3 and 6 per cent. This is in stark contrast to the 30 to 40 per cent drops in used EV pricing.” What is intriguing in this study is that the 8 out of 10 used cars with the biggest price drops are EVs. Here is the list of the top 10 used cars with the biggest year-on-year price reductions. Rank Model Avg. Used Price YoY $ Price Diff. YoY % Price Diff. 1 Jaguar I-PACE $32,651 -$14,053 -30.10% 2 Chevrolet Bolt EV $18,081 -$7,041 -28.00% 3 Hyundai Kona Electric $21,602 -$7,780 -26.50% 4 Kia Niro EV $22,893 -$7,561 -24.80% 5 Nissan LEAF $17,593 -$5,546 -24.00% 6 Tesla Model 3 $28,439 -$8,932 -23.90% 7 Tesla Model X $59,296 -$13,690 -18.80% 8 Jaguar E-PACE $27,811 -$5,658 -16.90% 9 Tesla Model S $55,340 -$10,399 -15.80% 10 Maserati Levante $49,096 -$8,991 -15.50% – Average $31,368 -$2,184 -6.50% Top 10 cars with the biggest Y-o-Y price drops You might also like: Hyundai Casper-based Inster Sub-compact EV Teased w/ 355 km of Range Learn Electric Cars Says It is understandable that people would be wary of buying used EVs. The main reason is the potential expenses related to the battery. Also, since new EV sales are rising rapidly, the used EV market is getting excessive supply without a corresponding increase in demand. Hence, the prices are tanking. Finally, there is still not an overtly majority of car owners looking to switch to EVs. Therefore, this vast study incorporates all these aspects to infer that the average prices of used EVs are lower than used gas cars. Having said that, we know that carmakers offer a warranty of around 8 years on EV batteries in most cases. Hence, if you are getting a 2- or 3-year-old electric car at a massively discounted price, you could consider buying it. Even if you end up driving for around 4-5 years, you will not have to worry about the battery replacement costs. You can get some pretty decent deals even on slightly premium EVs at the moment. This would give you an opportunity to experience living with an electric car. Going forward, you will be in a better place to make the right decision for yourself.
Affordable Sub-$25,000 Jeep Renegade EV To Launch In 2027
A presentation slide at the Investor Day Event contained “under $25k for BEV variant” information. The under-$25,000 Jeep Renegade EV has been confirmed for launch in 2027 by Stellantis. The information was revealed at the Investor Day Event held at Stellantis headquarters in Auburn Hills, Michigan. Jeep, along with many other legacy carmakers, has been aiming for an affordable EV for a while now. The American auto giant believes it is the only way to boost its depleting sales. Note that its sales have gone down from 973,227 units in 2018 to just 641,166 units in 2023. You might also like: Jeep Plans To Increase Its PHEV Sales By 50% In 2024 Jeep Renegade EV To Launch In 2027 In order to replenish its consistently declining sales in the last 5 years, Stellantis is planning affordable electric SUVs. That seems like the only feasible strategy to cater to the mass market. During this conference, Stellantis CEO Carlos Tavares was quoted saying, “If you ask me what is an affordable BEV, I would say €20,000 in Europe and $25,000 in the U.S. So our job is to bring the safe, clean and affordable BEV to the U.S., $25,000. We’ll do it.” With this, the compact electric SUV will join the other eco-friendly models in the lineup including the Wagoneer S and the upcoming Recon (an electric variant of the Wrangler). The latter is slated for launch later this year. The aim is to sell 50% more vehicles in 2027 in comparison to 2023. While there are not many details surrounding the electric Renegade just yet, we could make the logical assumption that it might borrow the powertrain from Citroen e-C3. The e-C3 was announced for Europe last year. It has a starting price of €23,300 or $25,000 which is what Jeep will also be targeting. If that turns out to be the case, the electric Renegade will feature a 44 kWh LFP battery which could offer a range of around 200 miles (322 km) on a single charge as per WLTP. There is a 111 hp motor and the e-C3 is capable of using a 100 kW DC charger via its 400 V electrical architecture. Certainly, Jeep will make sure that it designs the electric Renegade such that the EV carries the rugged traits of a typical Jeep. That will include appropriate elements on the exterior, as well as the interior. You might also like: Hyundai Casper-based Inster Sub-compact EV Teased w/ 355 km of Range Learn Electric Cars Says The need for affordable EVs is becoming apparent with each passing day. Most legacy car marques are working tirelessly to achieve the ambitious goal of sub-$25,000 EVs. This includes Ford, Volkswagen, Volvo, Jeep, Kia, Hyundai, Chevrolet, etc. The current demand for EVs is plateauing in the U.S. and China (the two largest automobile markets in the world). The next phase of EV adoption seems possible only on the back of affordable electric cars. Additionally, the infrastructure around EVs is also developing rapidly. All these factors would combine to ensure sustainable growth in this space going forward. That seems to be the only way to achieve the massive carbon neutrality targets set by most car companies for the coming decade. Image Source
Genesis GV60 Magma Spy Shots Reveal A High-Performance Trim
The performance iteration of the luxury EV borrows elements from the famed Hyundai Ioniq 5 N. The Genesis GV60 Magma spy shots indicate an even more powerful version of the luxury EV. The Hyundai Motor Company is not satisfied with keeping its Genesis sub-brand a premium-only affair. Sure it offers some of the most ostentatious automobiles out there, but the future looks diversified. Also, it makes sense since Genesis cars can easily borrow powertrains and platforms from established successful vehicles like the Hyundai Ioniq 5 and Kia EV6. You might also like: Hyundai Casper-based Inster Sub-compact EV Teased w/ 355 km of Range Genesis GV60 Magma Spy Shots The spy shots capture the luxury electric car with a partially camouflaged body. At the front, the split-LED light cluster is reminiscent of the Genesis design philosophy. We even get to witness a broad grille section with a splitter at the front. Apart from that, the side profile captures the crossover silhouette of the luxury EV. The roof rails, sloping roofline, flush-fitting door handles and ginormous wheel arches accentuate the road presence significantly. I particularly like the 21-inch elegant alloy wheels. At the rear, the sloping roofline culminates into a tailgate-mounted spoiler. It extends out of the body making it noticeable. The rear bumper wears a rather unique and rugged appearance with a chrome frame. The ‘V’-shaped elements near the C-pillar are a cool touch to elevate the exterior design language. I noticed that the ground clearance is quite low due to the suspension setup. That can be expected from a performance crossover. Now, there have been no official announcements regarding the powertrain of the Genesis GV60 Magma. Nevertheless, I expect it to borrow most elements from the Hyundai Ioniq 5 N. Since, the Performance variant of the existing GV60 already boasts a potent dual-motor AWD configuration with 483 hp (with boost mode) and 700 Nm, the more hardcore driving version is bound to have a higher output than this. Note that the Ioniq 5 N makes 641 hp and 769 Nm. I believe the GV60 will also get a tuned electric powertrain to produce something similar if not slightly higher. You might also like: Xiaomi To Launch More Powerful SU7 To Rival Porsche Taycan Learn Electric Cars Says The luxury department of Hyundai Motor Company looks determined to enter the performance EV race as well. This would be a great situation for those who want to experience the thrilling driving dynamics of a hot EV along with the utmost comfort and top-notch quality cabin. I believe it will be a niche market. Still, with the backing of Hyundai’s expertise in this matter, it is worth a shot. This Genesis GV60 Magma prototype could go into production soon, first in Europe and then in other international markets. Image Source – Autoevolution and the_carspy
Xiaomi To Launch More Powerful SU7 To Rival Porsche Taycan
The Chinese smartphone giant aims to take the title of the fastest production EV at the iconic Nürburgring race track. Xiaomi is prepping a performance version of the SU7 EV to challenge the Porsche Taycan Turbo GT for being the fastest production EV at the iconic Nürburgring race track. The Chinese EV has been in the news for clocking over 100,000 bookings within 6 days of launch. That is a testament to its impact on potential customers. The EV left international car experts impressed with its driving dynamics at the relatively affordable price point. Now, Xiaomi is aiming for a hardcore performance trim of the EV. You might also like: Taycan Turbo GT Becomes The Most Powerful Porsche Ever Xiaomi SU7 Performance Version To Rival Porsche Taycan A heavily camouflaged avatar of the Xiaomi SU7 was spotted performing hot laps on the Nordschleife at the Nürburgring race track. The Nordschleife is 20.830 km (12.943 mi.) long and has an elevation of more than 300 m (1,000 ft) between its lowest and highest points. The SU7 burning rubber can only mean bad news for the likes of the Porsche Taycan Turbo GT and Tesla Model S Plaid. The German phenomenon currently holds a lap time of 7:07.55 at the legendary race track. This makes it the second fastest production EV after Rimac Nevera. The Chinese smartphone giant holds high ambitions of achieving the Nürburgring glory. In order to do so, I expect this special version of the SU7 to come with a powertrain which outputs in excess of 1,000 PS of maximum power. The current fastest version of the SU7 makes 663 hp (495 kW) and 838 Nm (618 lb-ft) of peak power and torque. With this setup, the electric sedan can sprint to 100 km/h (62 mph) from a standstill in an impressive 2.78 seconds. But to match the performance of the Porsche Taycan Turbo GT with the Weissach Lightweight Package, this number has to be even lower. Remember, with this package, the Taycan produces a ginormous 1,108 PS (815 kW) of top power for small durations of time. Looking at the test mule, it is clear that Xiaomi is working towards that goal. For instance, this SU7 carries a fixed rear wing and a compact chin spoiler underneath the front bumper to capitalize on the massive extra downforce at the rear. A few more aerodynamic alterations to the design and a stiffer suspension setup should be the bare minimum requirements to make the EV breathe fire. More details will emerge with time. You might also like: Hyundai Casper-based Inster Sub-compact EV Teased w/ 355 km of Range Learn Electric Cars Says It is becoming apparent that Xiaomi didn’t just want to make an affordable lookalike of the Taycan, but an electric monster which would be able to defeat Porsche at its own game. All this with a relatively affordable price point. This is a polite way to announce rivalry. Now, whether it is able to defy all odds to appear at the top of the Nürburgring table or not, remains to be seen. Nevertheless, the fact that the Chinese car marque is offering such a capable SUV at a fraction of the cost of the Porsche Taycan Turbo GT or Tesla Model S Plaid is rather commendable and impressive. Recognizing this, potential customers are flocking to buy it, as indicated by the bookings and ongoing deliveries. We shall have to wait and watch how it manages to conquer the monumental Nürburgring race track. Image Source
Hyundai Casper-based Inster Sub-compact EV Teased w/ 355 km of Range
Once launched, it will be the cheapest electric car from the Korean auto giant by quite some margin. Hyundai has officially teased the Casper-based Inster sub-compact EV ahead of the debut at the Busan International Mobility Show in late June. The first glimpses of the A-segment EV evidently inform about Casper’s inspiration. Note that Casper is a Korea-only sub-compact SUV which was introduced back in 2021. It was almost imminent that an electric version of the Casper would eventually make its way into the international market at some point. Later this month, we get to acquaint ourselves with the Inster at the Busan International Mobility Show in South Korea. You might also like: Upcoming Affordable Kia Electric EVs – EV2 and EV3 Hyundai Inster Sub-Compact EV The official images surfaced courtesy of an official press release by Hyundai. The first aspect one notices is the round LED DRLs on the bumper. On top of these sit LED plus pixel-graphic turn indicators on the bonnet. Hyundai is following the modern approach of placing the main headlights on the bumper. These bear a striking resemblance with the Casper. The silhouette even captures functional roof rails. That accentuates the SUV-ish traits even further. The charging point is located at the front and one can also see a rather unique 4-spoked alloy wheel pattern. While it is a bit difficult to estimate the dimensions of the EV from these images, I reckon they would be in the vicinity of Casper. Interestingly, the teaser images even capture a tiny bit of the rear profile. Here, we witness the ‘Inster’ badging and pixel LED taillamp pattern. This is something similar to what the Ioniq 5 and Ioniq 6 get. I am also inclined to believe that it will bear an upright stance, much similar to the Casper. Hyundai says that the ‘Inster’ name is derived from “intimate” and “innovative” and “it will set new standards in terms of driving range, technology, and safety features, redefining what buyers can expect from a vehicle in this class.” Since the sub-compact EV is yet to debut, we don’t have any details regarding the powertrain and battery. However, the press release states that the maximum projected range of the Hyundai Inster EV will be 355 km (220 miles) (WLTP). Hence, we can ascertain that it is for urban usage as a daily driver rather than for long highway hauls. That is in line with what one expects from the estimated €20,000 (~ $21,500) price tag EV. You might also like: Hyundai Ioniq 7 Electric SUV Spied Testing Ahead of June 27 Debut Learn Electric Cars Says The world is moving toward affordable electric cars. In order to make EVs mass market, cost is the primary hurdle. We have seen the EV demand, sort of, plateauing in recent times in the biggest automobile markets – the U.S. and China. I feel in order to spur the demand now, the masses have to be involved. The first wave attracted contributions more from the relatively affluent sections of society. However, to make EVs a household name, prices have to be lower. That is where sub-$25,000 EVs come into the picture. Once the initial costs drop, people will be more open to taking the plunge. Granted, a lot of work still needs to be done on developing adequate charging infrastructure. But that is a long-term process and is being done rapidly. Finally, governments all across the major automobile markets in the world are offering incentives and subsidies to promote EVs. With time, we should be able to see the impact of all these factors. An EV like the Inster could be instrumental in creating a wave of affordable electric cars in times to come.
Around 72,000 Volvo EX30 EVs Recalled Due To Software Bug
The bug is causing the digital speedometer to enter ‘test’ mode. Volvo has recalled almost 72,000 EX30 electric SUVs for a software glitch. The Geely-owned Swedish carmaker has been struggling with issues pertaining to software glitches for a while now. You must remember that the production of the large EX90 electric SUV was delayed by over 6 months due to the same reason last year. In fact, the 3-row electric SUV went into production last week at Volvo’s Charleston plant in South Carolina. You might also like: Volvo Starts Production of EX90 Electric SUV in the U.S. Volvo EX30 EVs Recalled The bug is sending the digital speedometer into ‘test’ mode for some reason. This was occurring on the central vertically-oriented touchscreen. However, the best thing about most software issues in any modern EV is the fact that the owners don’t have to queue up at the service center for hours. The approximately 72,000 affected vehicles were conveniently fixed by an over-the-air (OTA) update. Hence, the EX30 owners were not bothered by this problem all that much. Note that the EX30 deliveries were delayed earlier this year due to another software glitch. Unfortunately, Volvo has consistently been plagued by such electrical anomalies for quite some time now. But the EX90 production hurdle has been overcome and this latest bug has also been fixed. We can only hope that Volvo doesn’t encounter any more obstacles as the brand expands its footprint in various international markets. Another poignant information pertaining to Volvo EX30 is that some parts of the production will now move from China to Belgium (Europe) to prevent tariffs which the EU is planning to slap on Chinese-made vehicles. Interestingly, this is not a last-moment reaction to these tariffs. Volvo had the Belgium production plan in the works for a while now. Hence, there won’t be a huge issue shifting the production to Europe from China. You might also like: Jeep Plans To Increase Its PHEV Sales By 50% In 2024 Learn Electric Cars Says As automotive electronics increase in modern cars, it becomes crucial to understand that the fixes are also mostly over-the-air. However, it is slightly concerning that these software glitches can be this frequent in an established carmaker like Volvo. Therefore, we must be aware of the kind of world we live in. I don’t think this is something to be worried about. Most bugs are easily fixed with software updates anyway. Companies keep working behind the scenes to take care of these problems. Essentially, the relevance of tech companies is evident in modern cars. That is also the reason why we see tech companies trying to get into the business of making cars. Xiaomi, Apple (Apple has dropped the plans now), Sony, etc. are perfect examples of this. There are minimal hardcore mechanical components in modern EVs. Electronics form the biggest portion of any modern automobile. Hence, such issues are going to be rather common in our world going forward.
Range Anxiety and High Costs Prime Reasons Against EV Sales
A new poll interacts with 6,265 people to discuss their views on owning EVs, along with challenges associated with it. As per the latest survey, potential EV owners highlight range anxiety and high initial costs as top reasons for the reluctance to purchase an electric car. This poll was conducted by The Associated Press-NORC Center for Public Affairs Research and the Energy Policy Institute at the University of Chicago. Interestingly, the results resemble the concerns of people from last year. It brings forth the challenges in front of President Biden’s plans to boost EV sales. This poll even suggests that people are still more likely to consider plug-in hybrids. You might also like: Average Gas Cars More Expensive Than Long-Range EVs – Study Range Anxiety and High Costs Stand Against EV Sales The survey shows that only 9% of participants currently own an electric. However, 13% own or lease a gas-hybrid vehicle. Moreover, about 4 in 10 U.S. adults say they would be at least somewhat likely to buy an EV the next time they buy a car. On the other hand, 46% say they are not too likely or not at all likely to purchase one. Note that the Environmental Protection Agency requires that about 56% of all new vehicle sales be electric by 2032, as per the new rule. In addition, at least 13% must be plug-in hybrids or other partially electric cars. The possibility of young people buying an EV is higher than those over 45. Only 21% of U.S. adults say they are “very” or “extremely” likely to buy an EV as their next car. The major reasons for people not as into EVs as anticipated include range anxiety and high initial costs. We know that the average price for a new electric car in the U.S. was $52,314 in February, as per Kelley Blue Book. While this is 12.8% lower than last year, it is still higher than the average price of all new vehicles, $47,244. Due to this reason, 6 out of 10 adults cite cost as the prime reason why they would not opt for an EV as their next car. One of the participants of this survey, Caleb Jud from Cincinnati, is leaning towards buying a plug-in hybrid instead of an EV. He states, “The thought of getting stuck in the driveway with an EV that won’t run is worrisome, and I know it wouldn’t be an issue with a plug-in hybrid.” This is in reference to the performance of electric car batteries in cold weather conditions. Also, people not living close to a charging station cite it as a major hurdle preventing them from contemplating an EV. You might also like: Jeep Plans To Increase Its PHEV Sales By 50% In 2024 Learn Electric Cars Says Even though EV sales have been rising rapidly and the costs of Lithium-ion batteries are coming down steadily, regular folks still don’t buy into the idea of purchasing an electric car. We must understand that the initial wave of EVs was driven by the relatively affluent people in society everywhere across the globe. That is why sales have risen so rapidly in the last few years. However, we are at a point where a slowdown is expected. This is particularly true for the largest markets including the U.S., China and Europe. To bring new buyers on board, affordable mass-market EVs are the need of the hour. On top of that, rapid development of charging infrastructure is imperative. The government subsidies and incentives are already in place. All these factors need to combine to result in a boost in EV sales going forward. We see many carmakers working in this direction. Affordable EVs are the next big target for legacy, as well as new carmakers to spur demand.
Average Gas Cars More Expensive Than Long-Range EVs – Study
The study claims that long-range EVs have become more affordable than average gas cars. A Bloomberg study finds that the average new gas cars in the U.S. is more expensive than new long-range EVs. Long range, here, implies an electric car with a range of over 300 miles (483 km). In a certain manner, 300 miles has become a benchmark as to what potential EV owners and carmakers are aiming for in a ‘regular’ electric vehicle. As range anxiety remains a prevalent issue, new EV buyers look at this figure as a somewhat acceptable range. That is the reason why we see multiple variants of an EV – Standard, Long Range and Performance. You might also like: VW Confirms An Affordable €20,000 Entry-Level EV For 2027 Average Gas Cars More Expensive Than EVs As per this report, the national average cost of a new gas car in the U.S. is around $47,000. Hence, there are a few key EVs which are priced below this mark from top carmakers in the world. These include electric cars from Tesla, Hyundai-Kia and General Motors. For instance, the 2024 Hyundai Ioniq 6 offers a range of an attractive 361 miles (581 km) on a single charge. Its SE trim has a retail sticker of $42,450 before taxes and fees. Similarly, the Tesla Model Y starts at just $44,900 before taxes and fees. It boasts a range of 320 miles (515 km) on a single charge. Interestingly, if we take into consideration the federal tax credit of $7,500, these prices can drop further significantly. Finally, the new Chevy Equinox EV in its 2LT variant costs $42,000. With the tax credit, it would dip even below $35,000. However, things could really get exciting once the 1LT version launches later in the year. It will have a price tag of a mere $33,600 before taxes and fees. It will let the users drive for 319 miles (513 km) as per EPA. Therefore, we can reasonably conclude that the future is certainly pointing in the direction where EVs would be much closer to regular cars in terms of pricing. Now, I understand that some of you might consider this too microscopic an analysis and I agree. But we have to start from somewhere. I must also mention here that, in general, EVs are still around 15% more expensive than gas cars. This is confirmed by a report from Cox Automotive. Clearly, carmakers need to come up with many more affordable EVs for the masses. The good news is that they are already working towards this. For instance, the CEO of Stellantis, Carlos Tavares said, “Affordability is the key success factor right now. If you want the scale to materialize, you need to be selling BEVs to the middle classes. It’s not ‘Watch out, there is a storm coming, and we are in the storm, and this storm is going to last a few years. It’s going to put a number of companies in trouble.” He remarked about the need to come up with affordable EVs for the mass market and the upcoming $25,000 electric Jeep will be crucial in that strategy. You might also like: Young Americans Open To Chinese EVs Despite 100% Tariffs – Study Learn Electric Cars Says As this initial wave of EVs slowed down a little, the early adopters were definitely the most affluent personalities, for the most part. However, in order to make EVs widely popular, the contribution of the masses is a must. That is what we see with major carmakers including the likes of Hyundai-Kia, Ford, GM, Volkswagen Group, Tesla, Stellantis, etc. We already know how successful budget Chinese EVs have been in China and Europe. The future of electric mobility, I feel, definitely belongs to affordable EVs and mass markets. As the EV wave spreads its roots across emerging nations, the need for compact and inexpensive electric cars is apparent. I must also add that the costs of components like lithium-ion batteries are going down as well. The technology is becoming more and more sophisticated. Hence, we must brace ourselves for the onslaught by affordable electric cars in the immediate future.