Plus, stay tuned to hear which EV is the least stolen, any guesses?
GM Adjusts EV Production Goals Due to Shifting Demand
– General Motors (GM) is scaling back its electric vehicle (EV) production targets for North America, moving some aims to 2025, in response to demand that hasn’t quite met expectations.
– This move, expected to save GM a cool $1.5 billion in the coming year, was confirmed by CFO Paul Jacobson during a recent earnings call.
– GM’s ambitions were set high: the company aimed to sell a staggering 400,000 EVs in North America from 2022 until mid-2024. Additionally, they had eyed the production of 100,000 EVs just in the latter half of the present year. Models impacted by these delays are the Equinox EV, Silverado EV, and GMC Sierra EV.
– Adding to this, GM made public last week that there would be production lags in EV truck manufacturing. The intent behind this move is twofold: judicious management of capital expenditure and aligning with the apparent softening demand for electric trucks.
– However, it’s not all about cutting back. GM remains steadfast in its electrification drive, pledging to invest $35 billion by 2025 and harboring ambitions to go entirely electric by 2035. GM churned out 32,000 EVs in the third quarter.
– If you’ve got your eyes on the Chevy Blazer EV, brace yourself for a potential pricing jolt. Some markups even touching the $10,000 mark.
– The US government’s generous federal tax credit, maxing out at $7,500 for new EV purchases, is still a strong lure for consumers to lean green. But the rising costs have made consumers more price-conscious, leading to an interesting twist: the used EV market is flourishing, sometimes even overshadowing brand new EV sales.
– A neat stat to illustrate this? About a third of used EVs are eligible for a clean vehicle credit of $4,000, per data from Recurrent Auto. If you’re wondering about the going rate for a pre-owned electric vehicle, it averages around $27,800.
GM Rethinks Bolt’s Future Amid Surging Sales
– The initial strategy for GM revolved around introducing an assortment of redesigned electric vehicles targeting entry-level markets, allocating roughly $5 billion for this endeavor.
– However, given the Bolt’s skyrocketing sales, the decision pivoted towards rejuvenating the existing model. The sales figures for the Bolt in 2023 have already surpassed its previous record, emphasizing its market demand.
– To put it in perspective, Bolt’s sales surged by over 50% in 2022, reaching slightly above 38,000 units. This momentum continued into 2023, with close to 50,000 Bolts being sold by September’s end.
– GM’s current game plan includes halting the production of the present Bolt version at its Michigan-based facility by the year’s conclusion. There’s a veil of mystery as to when the reimagined Bolt will hit the markets and its production location.
Unlocking Used EV Value: The Battery Health Challenge
– There’s a growing momentum in the industry to accurately assess and verify the health and performance of batteries in used electric vehicles (EVs). Quick EV battery tests, some of which conclude in mere minutes, are rapidly being developed and implemented by startups.
– Batteries usually contribute to approximately 40% of a new EV’s total cost. The battery’s lifespan can be impacted by habits such as frequent rapid charging, keeping it almost fully charged, or leaving it fully charged for extended durations.
– Aviloo, an Austrian-based startup, has introduced a specific battery test catered to dealerships and individual consumers.
– Car manufacturers often provide in-car EV range data that some experts believe is overly optimistic. The need for independent and objective tests has never been more evident, especially as ambiguous battery life information hampers the EV market’s growth.
– Recent data from the EV battery monitoring startup, Recurrent, indicates that used EV prices in the U.S. dropped by 32% from the previous year in September. This is compared to a mere 7% decrease in prices for traditional gasoline-powered vehicles. In the UK, the decline in used EV prices was 23% year-on-year in August, in contrast to fossil-fueled vehicles that witnessed a price increase of at least 4%. AutoTrader attributes this trend to the prevalent concerns over battery longevity in used EVs.
– Scott Case, the CEO of Recurrent, mentioned the importance of a robust used-car market to ensure reasonable resale values for new vehicles. Recurrent is already collaborating with Black Book and several dealers, and has successfully enlisted 20,000 EV owners to monitor battery data.
– Interestingly, EV owners who diligently maintain their batteries might be able to ask for a “potential premium of thousands of dollars” upon resale, as highlighted by Case.
Tesla’s Updated Model 3 Reaches European Shores
– The refreshed Tesla Model 3, nicknamed “Project Highland” during its development phase, has started reaching its European customers.
– Even though global consumers can already customize the revamped sedan through Tesla’s online platform and receive a delivery timeline, U.S. enthusiasts are still waiting. They currently only have access to the previous Model 3 variant without any indication of when the updated version will be introduced.
Stellantis Boosts Electric Van Capabilities
– Stellantis has revamped its van offerings, aiming to surpass Ford as the top global player in the light commercial vehicle segment by 2027.
– The electric van lineup now boasts improved range, positioning them as best-in-class for both compact and larger van categories.
– The compact electric van segment includes the Citroën ë-Berlingo, Fiat E-Doblò, Opel/Vauxhall Combo Electric, and Peugeot e-Partner. Their range has been enhanced to 205 miles per charge, an increment of 30 miles.
– Interiors of these vans have seen upgrades too. There’s a new, bigger 10-inch infotainment screen. Added features encompass level-two autonomous driving tech and a comprehensive 360-degree camera view.
– A unique wireless connection to fleet management systems has been incorporated. This facilitates efficient planning for charging and maintenance, coupled with in-vehicle guidance for fuel-saving driving habits.
– The medium-sized electric vans, namely the Citroën ë-Dispatch, Fiat E-Scudo, Opel/Vauxhall Vivaro Electric, and Peugeot e-Expert, have also experienced a bump in range. Vans equipped with a 75kWh battery now cover 224 miles, an enhancement of 28 miles. Their interiors have been refreshed in line with the compact van updates.
– The larger electric vans, including the Citroën ë-Relay, Fiat E-Ducato, Opel/Vauxhall Movano Electric, and Peugeot e-Boxer, have been outfitted with a heftier 110kWh battery. This results in a notable range of 261 miles. Furthermore, these vans support rapid charging speeds, peaking at 150kW.
Fisker Ocean’s 2024 Pricing Shuffle
– Fisker is overhauling the pricing model for its Ocean SUV. There’s a substantial drop in the price for the top-end trim, but hikes for the lower trims.
– The premium Ocean Extreme trim witnesses the most significant price reduction. The MSRP has been slashed by $7,500, bringing it down to a neat $61,499.
– Existing customers aren’t left out; those who’ve already placed an order or completed the purchase for the Ocean Extreme will benefit from a $7,500 price adjustment in their favor.
– As for the other trims: The Ultra will now set you back by an extra $3,000, totaling $52,999. Meanwhile, the Sport gets a bump of $1,500, positioning it at $38,999.
– The revamped pricing structure will be implemented starting November 6
Generous Discounts on 2023 Mustang Mach-E by Ford
– Ford has rolled out appealing financial incentives for its all-electric SUV, the 2023 Mustang Mach-E, which includes both purchasing and leasing deals.
– A notable offer on the table: For the 2023 Mustang Mach-E GT, Ford is handing out a whopping $6,250 in the form of Retail Customer Cash. This promotion is set to last until January 2. What’s even cooler? You can stack this with the $3,750 EV tax credit, pushing potential savings up to $10,000.
– If leasing is more your style, you’re in luck. Ford Credit has extended the same financial advantage as Red Carpet Lease Cash for the 2023 Mach-E variants.
– Dealers are also given the liberty to pass on an additional $3,000 discount for any Mustang Mach-E models that are ordered by May 1. This means eager buyers could rake in a maximum saving of up to $13,000.
Tesla’s Price Cuts Drain California’s EV Rebate Fund
– The Clean Vehicle Rebate Program in California has been a significant driving force for the adoption of EVs, helping countless buyers make the switch.
– An unexpected consequence arose this year. A surge in applications, largely attributed to Tesla slashing prices on some of its vehicles, caused the program funds to be depleted much faster than anticipated.
– Key contributors to this situation: Tesla’s Model 3 and Model Y were reintroduced to the program, resulting in a monthly average of roughly 12,000 applications since March 2023. For context, these specific Tesla models had previously been removed from the program in 2022 after surpassing the price caps set by CVRP.
– An interesting observation from the summer: In some regions of California, after considering all tax deductions – local, state, and federal – a brand new Model 3 was available for below $20,000
Teslas Lead in Theft Prevention with GPS and More
– Tesla vehicles have emerged as the least stolen cars in the United States, a testament to their top-notch security measures.
– The standard inclusion of GPS tracking systems plays a pivotal role in this achievement.
– Particularly, the Model 3 and Model Y have secured their spots as the first and second least stolen vehicles, respectively.
– Moreover, other Tesla models and trims join their ranks at the top of the list, further cementing Tesla’s dominance in vehicle security.
– In addition to GPS tracking, Tesla offers a “PIN to Drive” feature, adding another layer of protection against theft.
– For added security, Tesla drivers have the option to carry their key card in an RFID card holder. However, it’s worth noting that this method may not be applicable for those who use their phones as car keys, a common practice among Tesla owners.
Ram’s Electric Vehicles to Revamp Stellantis’ North American Commercial Offerings
– Stellantis is set to give its North American commercial vehicle segment a new lease of life with the electrification of its Ram brand products.
– The electric lineup is headlined by two major launches: the Ram ProMaster EV, set to debut by the end of 2023, and the Ram 1500 REV, which will roll out in the latter part of 2024.
– With its introduction, the Ram ProMaster EV is expected to rival vehicles like the Ford E-Transit and the Mercedes-Benz eSprinter vans in the competitive market.
– On the other hand, the Ram 1500 REV is Stellantis’ foray into the electric pickup truck space.
– The Ram 1500 REV comes with two distinct battery options for potential buyers:
– The standard battery variant offers an approximate range of 350 miles.
– Those looking for extended mileage can opt for the larger battery pack, which promises an impressive range of up to 500 miles.
– A significant indicator of the anticipation and demand for the Ram 1500 REV was evident in February 2023. As soon as reservations opened, slots filled up rapidly. Prospective customers received a notification indicating that the Ram REV Insider+ program had “reached max capacity.”
PHIL ROBERTS / ELECTRIC FUTURE
PORSCHE OF THE VILLAGE CINCINNATI
AUDI CINCINNATI EAST
VOLVO CARS CINCINNATI EAST
NATIONAL CAR CHARGING ON THE US MAINLAND AND ALOHA CHARGE IN HAWAII
DEREK REILLY FROM NEVO.IE AND THE NEVO EV REVIEW IRELAND YOUTUBE CHANNEL
OCTOPUS ELECTROVERSE GLOBAL PUBLIC CHARGING MADE SIMPLE WITH ONE APP AND ONE MAP.
LEASEPLAN ELECTRIC MOMENTS PROVIDING ALL THE TOOLS AND GUIDANCE EV DRIVERS NEED
RICHARD AT RSEV.CO.UK
JUKKA KUKKONEN FROM WWW.SHIFT2ELECTRIC.COM
BATTERY REPORTS FOR EVS AT RECURRENTAUTO.COM
JAN TORE GJØBY
ANDY NANCARROW AND LILIAN KASS
BRENDAN MCCARTHY AT NORTHFORK IRONWORKS
COLIN HENNESSY AND CAMBSEV
GARY A HAMMOND
IAN ‘STILL WATERS UK’ BENJAMIN
IAN (WATTIE) WATKINS
JOHN VAN DEVOORT
JON AKA BEARDY MCBEARDFACE FROM KENT EVS
LAURENCE D ALLEN
NEIL E ROBERTS FROM SUSSEX EVS
PETER & DEE ROBERTS
REALTORS CHOICE PHOTOGRAPHY
ROB FROM THE RSTHINKS EV CHANNEL ON YOUTUBE
THE PLUGSEEKER’S EV YOUTUBE CHANNEL
THOMAS J. THIAS