It’s Monday 4th June 2018 and this is your EV News Daily. Good morning, good afternoon and good evening! Wherever you’re listening around the world, a very warm welcome from London, UK. Here is today’s news about electric cars and the future of transport. My name is Martyn Lee and I go through every EV article online so you don’t have to.
HYUNDAI KONA ELECTRIC ORDER BOOK CLOSED IN NORWAY AFTER BIG DEMAND AND LOW PRICE
- According to CarksUK.net “The Hyundai Kona Electric order book has been closed in Norway after 20,000 expressions of interest in Hyundai’s new electric SUV are made. Just 2,500 Kona EVs will be available this year in Norway. So, for the time being, Hyundai in Norway is closing their order book whilst they try and figure out how to deal with demand. Demand which is going to be further fuelled with a list price in Norway of just £30,000. That price of £30,000 for the Hyundai Kona in Norway isn’t for the entry-level, smaller battery and motor model, but for the full fat 64kWh battery, chunky 210bhp electric motor, 300 mile range and 100kW rapid charge ability. Even adding extras doesn’t cost a fortune, with a leather interior adding under £1k to the price, and adding leather and a Panoramic roof just under £2k. They plan to re-open the order book on 2 July. “
NEW YORK STATE WILL SPEND $250 MILLION TO BUILD MORE EV CHARGING
- “New York State Governor Andrew M. Cuomo announced a new $250 million electric vehicle expansion initiative, EVolve NY, with the New York Power Authority. In addition to state funding, the program will also seek to create private sector partnerships through 2025 to aggressively accelerate the adoption of electric vehicles throughout New York State.” according to ELECTRIC CARS REPORT: “EVolve NY is a key pillar of the Governor’s Charge NY 2.0 initiative, which aims to encourage and support electric car adoption by increasing the number of charging stations statewide, and will help bring the state closer to its goal of installing at least 10,000 Vcharging stations by the end of 2021.”
QUEBEC LOOKS TO SPEED UP CHARGER INSTALLS WITH NEW BILL
- And heading North, in Canada, InsideEVs has news of more investment in chargers: “Currently there are some 133 public DC chargers installed, but in 10 years there are 1,600 more planned to handle growth of electric cars. The government of Québec expects that the number of plug-ins will increase from 24,694 (as of end of March), to 100,000 by 2020, 300,000 by 2026 and one million by 2030.”
TESLA WON’T LEASE YOU A MODEL 3 UNTIL 2019
- Torque Report says: “Generally it’s recommended to lease an electric car rather than outright buy one, since the residual values for electric cars aren’t as great as their gas powered counterparts. Well if you’re hoping to lease a Tesla Model 3, you’ll have to wait until probably some time in 2019 to do so.”
- On Twitter, Elon Musk said: “Leasing negatively effects Tesla cash flow, so we prob won’t offer Model 3 leases for 6 to 9 months. Loan financing is a better deal anyway, as bank conservatism for new car models is v conservative about residual value, but Teslas have always had strong residual value.”
YOUR AVERAGE CAR PAYMENT IS NOW A RECORD $523 PER MONTH
- Talking of leasing, and Jalopnik reports on a CNBC piece: “Car buyers are taking out loans with exceptionally long, record-setting terms?in some cases approaching 96 months?and yet that still hasn’t stopped average monthly payments from continuing to grow. Now, CNBC reports, the typical loan payment for new cars has reached a record $523 per month. in the first quarter of 2018, the average monthly loan payment for a new vehicle increased $15 compared to a year ago, and now it’s at $523.”
- That CNBC source article says: “The credit analysis company’s review of new and open auto loans for the first three months of this year found buyers of new cars, trucks and SUVs borrowed an average of $31,453 ? also a record high. Experian based its review off an analysis of 4.7 million auto loans, according to CNBC. The increase in monthly payments for new vehicles is not surprising given the rise in interest rates. In the first quarter, the average interest rate for a new vehicle loan was 5.17 percent, up 31 basis points compared with a year ago, according to Experian.”
TESLA MODEL 3 LONG RANGE HITS THE DYNO, PUTS DOWN 340 RWHP
- Finally, Auto Evolution have some dyno news!: The Long Range is what Mountain Pass Performance ordered from Tesla, and three hours after delivery, the company specialized in aftermarket parts for the Model 3 took the car to On Point Dyno for testing. “We were lucky to be able to receive our car on the first day of mass deliveries,” explains the uploader, adding that the car had an 80% charge when it was dynoed.”
- “After a bit of fussing around tricking the traction control system,” the Model 3 Long Range “put down 340 WHP and about the same amount of torque.” Considering that Tesla quotes an estimated 306 horsepower and 415 pound-feet, that’s not bad at all. But there’s more to this dyno session that what meets the eye, as follows: “The X-Axis displays the motor’s RPM, and torque displayed is torque at the motor, not at the wheels.”
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