New Long-Range Rear-Wheel Drive Tesla Model 3 Launched
The American auto giant is accepting orders and the deliveries will commence in August or September.
Tesla
Here’s How To Convert Your Tesla Cybertruck Into A Camper Van
Aftermarket automobile modification houses have devised a near-production accessory to make the futuristic electric truck into a camper van.
Shipments Of China-Made Tesla EVs Down By 24% Y-o-Y
The imminent tariffs on Made-in-China EVs by the West seem to have an adverse effect on the production at Tesla Giga Shanghai.
This Tesla Model S Has Done 666,666 km With Single Battery
The long-term ownership experiences of EVs in general, are not all that easily available.
Astronomical Prices of Used Tesla Cybertruck Recede
Increased production capacity and reduced exclusivity are the chief reasons to drive the prices down. The prices of a used Tesla Cybertruck were around $200,000 in the second-hand car market only a few months ago. In recent years, it has become quite common to charge a markup on the original value of a famous or trendy vehicle and sell it in the used car market. Basically, the asking prices are directly proportional to the traction a new vehicle commands. When it comes to the buzz, I reckon there has hardly been an EV as widely anticipated as the Tesla Cybertruck in the last 4 years. No wonder, flippers were charging a premium of over 100%. You might also like: Ford F-150 Lightning Outsells The Next 3 Electric Pickup Trucks Combined in Q1 2024 Prices of Used Tesla Cybertruck The internet has been full of outrageous quotes from Tesla Cybertruck owners for the electric pickup truck as a used car. For instance, one owner in Beverly Hills, CA is asking for $209,000 for his/her 2024 Tesla Cybertuck with just 105 miles on the odometer. Most listings on this portal indicate a price of above $170,000. That is quite a markup for the MY2024 model. Note that there are some people whose full-time job is to book an anticipated car early, and then flip it for insane gains quickly as its demand surges. After the Cybertruck was launched back in December 2023, there were reports of the futuristic electric pickup truck having bagged 2 million reservations. I understand that the conversion rate would be dramatically low. Still, that amount would’ve taken a lot of time to fulfil as per the production capacity. As a result, it became incredibly popular in the used car market. At the time, there was also a sense of exclusivity associated with it. Hence, wealthy elites among us happily paid the premiums. However, as months passed and the owners started reporting some problems, the demand for the electric pickup truck was reduced. Don’t get me wrong, the issues are much less in comparison to the success. Still, due to the tall claims of Elon Musk, every little problem was amplified by the public and media alike. In any case, after around 6 months of the launch, Tesla has increased the production capacity and the exclusivity quotient is almost non-existent. Therefore, you can find a used Tesla Cybertruck for prices ranging around $130,000 in the market at the moment. One could argue that these are acceptable premiums, especially after considering the registration and taxes on the brand-new model. There are still huge waiting periods for the Tesla Cybertruck. Hence, if you happen to have a bunch of cash lying around and want to experience the distinct electric truck, going for these options with a couple of hundred miles on them might not be such an insane idea. What Did Tesla Do? Knowing what was going on in the used car market, the American EV giant responded by allegedly making the buyers sign an agreement which said that the Cybertruck couldn’t be sold within the first year of ownership unless the owner followed a strict set of procedures and Tesla approved the VIN for resale. Any owner who refused to follow this agreement would supposedly be compelled to pay “$50,000 or the value received as consideration for the sale or transfer, whichever is greater.” Furthermore, Tesla could also refuse to sell a vehicle to such people in the future. Unfortunately, it remains unknown whether Tesla ever implemented this process on anyone. You might also like: 2 in Top 5 Used EVs Come From Tesla as Used Car Industry Grows Learn Electric Cars Says Flipping new in-demand cars in the used car market is an established practice. This is prevalent all across the world. People who constantly follow the electric car industry know which vehicles are creating a buzz among potential buyers. They often book a car on the first day. When the launch takes place and the waiting times surge, they offer the new car at a premium. Depending on your negotiating skills, you can beat the long queues for delivery by paying a markup. I believe this is not a bad idea since no one is forcing anyone to buy. If you have the funds, are enthusiastic enough about a car and are willing to pay the premium, you can own it.
Ford F-150 Lightning Outsells The Next 3 Electric Pickup Trucks Combined in Q1 2024
The Q1 of 2024 showed some pretty interesting sales statistics with one electric pickup truck dominating the field. The Ford F-150 Lightning managed to outsell the next three electric pickup trucks combined for the first quarter of 2024. The F-150 has unequivocally been the highest-selling pickup truck in the U.S. for over 4 decades. These are some staggering facts. It sure seems like its electric counterpart is replicating that popularity in the eco-friendly mobility realm. It was able to decimate the competition which included the likes of Tesla Cybertruck, Rivian R1T, Chevrolet Silverado EV and GMC Hummer EV. You might also like: Tesla and BYD Have 34% Share of Global Q1 2024 EV Sales Ford F-150 Lightning Electric Pickup Dominates Sales Charts As per S&P Global Mobility data, Ford managed to register 8,589 units of the F-150 Lightning in Q1 of 2024. This marks a significant 51% growth in comparison to the same time last year. In total, Ford sold 20,223 EVs in Q1 of 2024 including 9,589 units of the Mustang Mach-E. Staying with electric pickup trucks, Tesla dispatched 1,791 units of its futuristic Cybertruck in this same time period. It is intriguing to witness how customers responded to the Cybertruck in the first few months of the launch. Social media has been full of reviews and incidents of people with the Cybertruck since its launch back in December. The other prominent player in this space is Rivian with its R1T pickup truck. In Q1 of 2024, the American startup sold 1,786 units of the R1T. Unfortunately, this marks a decline of 56% in sales in comparison to Q1 of 2023. Finally, the Chevrolet Silverado EV, despite its established success and popularity in the ICE guise, was only able to secure a rather disappointing 803 units in Q1 of 2024. Out of these, 319 came in March itself. Furthermore, the GMC Hummer EV sold only 192 units in March 2024. These statistics confirm the sheer dominance of the Ford F-150 Lightning despite the buzz created by the Cybertruck and others. Apparently, the familiar silhouette and legacy of the iconic truck still have its charm. Model Sales in Q1 2024 Ford F-150 Lightning 8,589 Tesla Cybertruck 1,791 Rivian R1T 1,786 Chevrolet Silverado EV 803 Sales of Electric Pickup Truck in Q1 of 2024 You might also like: Ford Will Have Hybrids In Every Segment – Ford CEO Jim Farley Learn Electric Cars Says This sales data reveals some pretty interesting trends in the EV industry in the U.S. While a lot of people, particularly outside the U.S., might think that Cybertruck has been insanely popular due to its social media presence, the sales charts show a different picture. The veteran F-150 moniker is reigning supreme even in this electric age. Going forward, there seem to be no reasons for a significant shift in this trend, at least in the near term. F-150 Lightning and Mustang Mach-E continue to rake in the numbers on the EV sales charts. It would be interesting to see how other international markets shape up once EVs face mass adoption. In any case, we shall keep an eye out for more such details in this regard.
Tesla and BYD Have 34% Share of Global Q1 2024 EV Sales
The situation is almost similar in terms of global plug-in (BEVs and PHEVs) car sales with these two accounting for over 31%. The global EV sales data for the first quarter of 2024 reveals some intriguing trends. The stats I am about to share with you have been sourced from EV Volumes. It is a reputed organization and is a part of J.D. Power. This portal has gathered data pertaining to the total global sales of pure electric cars, as well as plug-in cars which include BEVs and PHEVs. The two giants, in the form of Tesla and BYD, dominate the sales charts. Interestingly, 5 car marques comprise of over 55% of global EV sales out of the total 2.03 million. You might also like: U.S. Could Ban or Restrict Chinese Connected Vehicles Global Q1 2024 EV Sales The report mentions that the top five car conglomerates/OEMs for pure EV sales for Q1 2024 are – Tesla, BYD, Geely-Volvo, SAIC (incl. SAIC-GM-Wuling) and Volkswagen Group. Together, they own 55% of total EV sales while the rest of the carmakers own the other 45%. The details of each of these groups/OEMs as per car registration data are as follows: Carmaker Sales Market Share (Q1 2024) Market Share (Q1 2023) Tesla 386,825 19% 23.6% BYD 300,124 14.8% 14.7% Geely-Volvo 149,647 7.4% 5.7% SAIC (incl. SAIC-GM-Wuling) 149,290 7.3% 7.4% Volkswagen Group 136,949 6.7% 7.5% Global Sales Data for EVs in Q1 2024 Hawk-eyed among you would instantly notice that there is a significant decline in Tesla sales this year in comparison to the same time period last year. The number of EV sales for BYD and SAIC has remained roughly the same. Only Geely-Volvo has demonstrated healthy growth while the VW Group has also shown some depleting sales. Global Plug-in (BEVs + PHEVs) Car Sales in 2024 Interestingly, the list of top global plug-in car companies/conglomerates also consists of these 5 players only. However, the order is slightly different when we include plug-in hybrid cars. Still, the total number of plug-in cars sold globally in Q1 2024 is just over 3.21 million. Out of these, the top 5 hold over 51% market share. The breakdown of this data incorporates: Carmaker Sales Market Share (Q1 2024) Market Share (Q1 2023) BYD 624,398 19.4% 21.3% Tesla 386,825 12% 16.5% Geely-Volvo 251,106 7.8% 6.1% Volkswagen Group 205,652 6.4% 7.4% SAIC (incl. SAIC-GM-Wuling) 190,409 5.9% 5.5% Global Sales Data for Plug-in Cars in Q1 2024 This time around, BYD is at the top of the list because it sells tons of PHEVs in the domestic market. On the other hand, Tesla doesn’t sell a single PHEV which is why it slides down to the second spot. Still, it is quite impressive to post such numbers solely from pure EVs. Geely-Volvo maintains its third spot. Volkswagen Group overtakes SAIC this time around to clinch the 4th spot. You might also like: VW CEO Says PHEVs Are Necessary Transitional Technology Learn Electric Cars Says These stats unequivocally show that the initial surge of the electric mobility revolution which was resting on the shoulders of a select few car companies is slowly getting distributed evenly. Sure there is still a long way to go. But the market share of the top 5 players has reduced drastically in Q1 2024 in comparison to the same time period last year. That is also evident when we look at new players and more legacy carmakers emerging on the scene. Still, numerous established names in the automobile world are yet to enter the EV race completely including the likes of Toyota and Honda. Apart from that, many new emerging markets will also participate and contribute to global EV sales going forward. The EV industry is still in its infancy in many emerging global markets. Once they start chipping in with sales, the market share will be distributed much more evenly.
Elon Musk Says There’s A Way To Unlock More Range In Tesla Model Y
The Tesla CEO announced via X that the higher range can be unlocked by paying an amount of $1,500 to $2,000. Tesla CEO Elon Musk took to his other company, X, to announce that Tesla Model Y owners can unlock more range by paying $1,500 to $2,000. However, he also clarifies that it will depend on the battery cells your EV has. This means that this unlocking of more range is not across the board. Furthermore, he states the owners can experience a bump in range in the vicinity of 40 to 60 miles (64 to 96 km). Tesla is working through regulatory approvals to enable this. You might also like: 2 in Top 5 Used EVs Come From Tesla as Used Car Industry Grows More Range in Tesla Model Y This announcement came in response to a tweet by Sawyer Merritt which mentions that Tesla has launched a brand new Long Range RWD Model Y variant in the U.S. It has a price tag of $44,990 which can go as low as $37,490 after the Federal EV credit. It offers a range of 320 miles (515 km). For comparison, the outgoing Model Y RWD had 260 miles (418 km) of range. But it has now been discontinued. It looks like Tesla wants to earn some extra bucks by unlocking extra range in the discontinued EVs. A certain Ethan commented on this announcement by saying, “Why not just give it for free?”. To this, Musk replied, “We have to pay the bills tomorrow”. This is in line with what has been happening at Tesla lately. We know that Elon had to fire the entire Supercharger team to cut costs. Charging $1,500 to $2,000 to unlock a feature which is already there in a car is also a step in that very direction. You might also like: Tesla Cars Cheapest To Maintain, Land Rover Most Expensive Learn Electric Cars Says It fascinates me to see how well-equipped Tesla cars already are. The technology is so advanced that even the owners don’t know what their EVs are capable of. Moreover, we already know that Tesla offers a myriad of hardware components which support autonomous driving (called the Autopilot in Tesla’s parlance) well before the technology is available. Being the visionary that Elon is, he has kept the provision for the future in the current cars. Hence, knowing that the existing batteries can offer a surge in range is not that alien afte all.
2 in Top 5 Used EVs Come From Tesla as Used Car Industry Grows
The used electric car industry is growing strongly as more EVs get old and people have the option of choosing new models. In a recent study, it was found that 2 in every 5 used electric cars belong to Tesla. Now, that shouldn’t be a huge surprise for anyone. Tesla is the largest EV maker in the world. It has been widely regarded as the poster boy for the electric mobility revolution across the globe for almost a decade. As the EV market matures, we are bound to have a surge of EVs in the user car market. The trend of people opting for used electric cars is in an upward momentum. Let us glance at the top 10 used electric cars in the U.S. at the moment. You might also like: StoreDot and Polestar Achieve 10-Minute Charging w/ Si-Dominant Cells Top 10 Used Electric Cars The top 2 spots are reserved by Tesla Model 3 and Model Y, respectively. These are followed by the Nissan Leaf, VW ID.4 and Ford Mustang Mach-E at numbers 3, 4 and 5, respectively. The bottom half of the table is dominated by Audi e-tron, Chevrolet Bolt EUV, Bolt EV, Tesla Model S and Hyundai Ioniq 5, respectively. Hence, in total, there are 3 Tesla cars in the list of top 10 used electric cars on sale in the U.S. at the moment. Fun fact, the Tesla Model X fell out of this list this time around. Moreover, user car giant CarMax reports that searches for EVs on its website grew by 177% between 2021 and 2024. Also, the top vehicles which were traded-in include Ford F-150, Honda Accord, Honda Civic, Toyota Prius and Tesla Model 3. EV Average Price Tesla Model 3 $34,045 Tesla Model Y $43,896 Nissan Leaf $18,465 VW ID.4 $31,576 Ford Mustang Mach-E $38,713 Audi e-tron $41,205 Chevrolet Bolt EUV $26,776 Chevrolet Bolt EV $22,564 Tesla Model S $45,574 Hyundai Ioniq 5 $37,036 Top 10 User Electric Cars in the U.S. You might also like: Failure Rate of Modern EV Batteries is 0.1% – Study Learn Electric Cars Says With the expanding EV market across the globe, the used car industry is bound to experience a boost. However, things can get a bit complicated with EVs due to the astronomical expenses attached to battery replacement. I am particularly intrigued to see how will that shape the mindset of potential buyers. We know that battery replacement is the biggest cost associated with the ownership experience of electric cars. Generally, carmakers offer a warranty of around 150,000 – 200,000 km or 8 years (whichever is earlier). Therefore, if EVs are available well before that time period, people would be comfortable spending money. But I don’t see a scenario where anyone would want to risk it near the 8-year mark. Let’s see how things pan out in this regard going forward.
Tesla Cars Cheapest To Maintain, Land Rover Most Expensive
A latest study by Consumer Reports suggests that vehicles from the EV giant are the cheapest to maintain over a 10-year-long period. As per a recent study from Consumer Reports, Tesla cars came out to be the cheapest to maintain. The other end of the spectrum was occupied by Land Rover. The other expensive car marques in terms of ownership costs include the German luxury brands. On the other hand, the American carmakers featured toward the top of this list (cheaper to maintain). Tesla’s title also corroborates the theory of electric cars being less expensive to maintain. You might also like: Tesla Cuts FSD Prices By $4,000 and Model X, Y and S By $2,000 Tesla Cars Cheapest To Maintain In this survey, the ownership costs were calculated in two segments – 1-5 years and 6-10 years. We all know that vehicles generally don’t demand too many expenses during the initial few years. On top of that, a majority of this time period is covered under warranty. As a result, the maintenance costs are extremely low. But after let’s say, the first 5 years, the servicing and repairs costs start climbing. Spare parts are needed to keep the vehicles in top shape. Hence, the ownership costs are disproportionately high during this part of the lifecycle. The details of the maintenance costs related to specific carmakers are as follows: Company 1-5 Years 6-10 Years Total (10 Years) Tesla $580 $3,455 $4,035 Buick $900 $4,000 $4,900 Toyota $1,125 $3,775 $4,900 Lincoln $940 $4,100 $5,040 Ford $1,100 $4,300 $5,400 Chevrolet $1,200 $4,350 $5,550 Hyundai $1,140 $4,500 $5,640 Nissan $1,300 $4,400 $5,700 Mazda $1,400 $4,400 $5,800 Honda $1,435 $4,400 $5,835 Kia $1,450 $4,400 $5,850 Dodge $1,200 $5,200 $6,400 Jeep $1,100 $5,300 $6,400 Chrysler $1,600 $4,900 $6,500 Volkswagen $1,095 $5,435 $6,530 Cadillac $1,125 $5,400 $6,565 Ram $1,470 $5,200 $6,670 Lexus $1,750 $5,000 $6,750 GMC $1,400 $5,800 $7,200 Subaru $1,700 $5,500 $7,200 Mini $1,525 $6,100 $7,625 Acura $1,800 $6,000 $7,800 Infiniti $2,150 $6,350 $8,500 Volvo $1,785 $7,500 $9,285 BMW $1,700 $7,800 $9,500 Audi $1,900 $7,990 $9,890 Mercedes-Benz $2,850 $7,675 $10,525 Porsche $4,000 $10,090 $14,090 Land Rover $4,250 $15,000 $19,250 Ownership Costs of Car Companies You might also like: Tesla Eyeing Indian Factory With Capacity Of 500,000 EVs Learn Electric Cars Says Ownership cost is a crucial element that people consider prior to purchasing a car. It is often said that EVs have lower running and ownership costs in comparison to ICE cars. While there are not all that many EVs that have been around for 10 years, only the Tesla Model S has this title. The only real huge expense electric cars have is that of the batteries. But modern EVs often come with a warranty of up to 150,000 – 200,000 miles. Therefore, if owners change their electric cars before that expense sets in, there would be a significant cost-saving in comparison to ICE cars.