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Volvo’s EX30 Electric Crossover Making Waves in Sales

– The Volvo EX30 electric crossover is already showing strong sales performance and is projected to become the top-selling EV in Volvo’s lineup by the end of this year.

– In the first quarter of 2024, Volvo achieved global deliveries of 14,500 EX30 EVs, with a significant portion delivered in March totaling 8,681 units worldwide.

– Despite being Volvo’s most affordable EV starting at $34,950 in the US, the EX30 is generating gross margins ranging between 15% and 20%.

– Volvo aims to have 50% of its sales comprised of all-electric models by the end of 2025, with the EX30, EX40, EC40, EX90, and EM90 leading the charge in the EV segment.

– The upscale EX90 SUV is scheduled for production in the second quarter, with deliveries slated to commence in the latter half of 2024, while the EM90 luxury minivan tailored for the Chinese market is already in production.

https://insideevs.com/news/717271/volvo-ex30-global-deliveries-q1-2024/

Tesla Model 3 Performance: Affordable Alternative to Long Range AWD

– The reengineered Tesla Model 3 Performance, starting at $52,990, is a cost-effective choice compared to the upgraded Long Range AWD model, especially with the $7,500 federal tax credit.

– Only the new Model 3 Performance qualifies for the federal tax credit among Tesla’s current Model 3 lineup, making it more budget-friendly than the Long Range AWD variant.

– The adjusted price of the Model 3 Performance, accounting for the tax credit and estimated gas savings, is listed at $40,490, making it $2,250 cheaper than the Long Range AWD model.

– The Model 3 Performance offers exceptional value at its starting price of $52,990, providing acceleration from 0-60 mph in 2.9 seconds, a time usually reserved for much higher-priced performance cars.

– Comparing prices, the Model 3 Performance at $45,490 with the federal tax credit is in a similar range to the 2024 Honda Civic Type R and the Toyota GR Corolla Circuit Edition.

– In contrast, luxury performance cars like the 2024 BMW M3 and the 2024 Mercedes-AMG C63 start at significantly higher prices before options, making the Model 3 Performance a compelling choice for performance enthusiasts.

https://www.teslarati.com/new-tesla-model-3-performance-federal-tax-credit-affordable-long-range-awd/

Hyundai Leads U.S. Electric Vehicle Sales Race in Q1 2024

– In the first quarter of 2024, Hyundai Motor Group outpaced Ford and General Motors in U.S. electric vehicle (EV) sales, delivering over 22,872 units.

– Ford followed closely with 20,223 units sold, while General Motors and Volkswagen Group sold 16,425 and 13,128 units, respectively.

– Hyundai’s EV market share improved to at least 6.0% in Q1 2024, a positive trend from the previous year.

– BMW sold over 10,000 units in the same period.

https://insideevs.com/news/717027/automotive-groups-us-ev-sales-2024q1/

Ford Outperforms Q1 2024 Expectations Despite EV Pricing Pressure

– Ford’s EV revenue dropped significantly by 84% in Q1 2024 due to intense pricing competition within the market.

– Despite the decline in EV revenue, Ford experienced an 86% surge in EV sales, selling 20,233 electric vehicles in the first quarter of 2024.

– Ford’s electric vehicle unit, Model e, incurred losses of $1.3 billion in the first quarter, equating to $132,000 per vehicle sold, affecting the company’s overall earnings negatively.

– The F-150 Lightning emerged as the top-selling electric pickup in the US, with a sales increase of 80% compared to the previous year.

– Ford CFO John Lawler highlighted the challenges of profitability in the EV market due to a prolonged price war, with revenue declining faster than cost reductions on vehicles.

– The full-year EBIT loss for Ford Model e in 2023 was $4.7 billion on 116,000 EV sales, averaging $40,525 per vehicle.

– Ford’s Mustang Mach-E secured its position as the second best-selling electric SUV in the US, with a 77% sales rise.

– Ford’s commercial Pro unit saw a notable growth of 40% in EV adoption, with E-Transit sales spiking by 148% in Q1.

– Ford’s strategic pricing adjustments led to a sales boost, propelling the company to the second spot in the US EV market.

– In response to market dynamics, Ford postponed EV production at its BlueOval City facility until 2026 and delayed the launch of its three-row electric SUV.

– Ford is focusing on developing smaller, more affordable EVs while introducing additional hybrid models to its lineup.

– Despite facing challenges, Ford remains optimistic about improving EV costs and maintaining its full-year EBIT guidance.

– Ford’s recent cost-cutting measures and strategic shifts align with the industry trends, as evidenced by its new brand campaign “Freedom of Choice.”

– Ford Pro, responsible for fleet sales, showed strong demand with notable orders from the US Postal Service and Ecolab, while traditional vehicle sales in Ford Blue also declined.

– Ford CEO Jim Farley expressed optimism about future profitability in the EV business with planned next-generation EV models.

– General Motors and Stellantis also provided insights into their EV profitability, with General Motors aiming for profitability in North America in the second half of the year, and Stellantis already achieving profitability in its European EV business last year.

https://electrek.co/2024/04/24/ford-tops-q1-2024-earnings-pricing-pressure-weighs-ev-unit/

Kia Teases Production Model of Compact EV3 Ahead of Official Unveiling

– Kia is gearing up to introduce the production model of the compact EV3, following the success of its electric vehicle lineup globally. The EV3, part of a new range that includes the EV5, EV4, and EV2, is set to be revealed later this year.

– The EV3 is anticipated to be similar in size to the Niro and is likely to be available in the US market. It retains the sleek design showcased in the concept version, featuring a minimalist interior with a focus on a central infotainment display for most functions.

– All Kia EV models, including the EV3, will utilize the E-GMP dedicated EV platform developed in collaboration with Hyundai. Notably, while the EV6 and EV9 utilize an 800-volt architecture, the smaller models like the EV3 will adopt a 400-volt system for cost-efficiency reasons.

– The 400-volt system on the EV3, although offering slightly lower charging power and efficiency compared to the 800-volt counterparts, enables Kia to offer these models at a more affordable price point without compromising on key features.

https://insideevs.com/news/717350/kia-ev3-teased/

Maxus Unveils the Maxus eDeliver 5: Key Technical Details

– The Maxus eDeliver 5 is equipped with a 64kWh battery, offering a WLTP range of 208 miles (335 km) and a 120kW drive generating up to 240Nm of torque.

– This electric transporter van has a payload capacity of 1,200 kg and is available in two roof heights, providing load volumes of 6 m³ or 7.6 m³.

– Pricing for the Maxus eDeliver 5 starts at £34,000 (ex VAT), with orders now open and initial deliveries expected in August.

– Maxus introduced the eDeliver series with the eDeliver 3 in 2020, followed by the eDeliver 7 in 2023, with strong reception from customers like the Austrian Post, which ordered over 700 vehicles last May.

https://www.electrive.com/2024/04/24/maxus-presents-the-edeliver-5-at-the-commercial-vehicle-show/

Decline in Used Tesla Prices Over Past Year

– Tesla used car prices have significantly dropped in 2024, with the Tesla Model S experiencing the largest decrease at 34.4% compared to the previous year. Other models also saw substantial declines:

  – Tesla Model 3: -31.5%

  – Tesla Model X: -32.4%

  – Tesla Model Y: -34.1%

– The price reductions are attributed to Tesla’s strategy of cutting new-car prices, impacting the values of used vehicles in the market. This trend reflects wider industry movements, as Recurrent’s data also shows a 27% decrease in popular used EV prices in the past year.

– Recurrent predicts that the decrease in prices could help drive demand and stabilize values by the end of the second quarter of 2024. This forecast suggests a potential shift in the market dynamics for used electric vehicles.

– Research indicates that the prevalence of battery replacements in used EVs is lower than commonly perceived, making them a compelling option for buyers. Additionally, many pre-owned electric models qualify for EV tax credits, further enhancing their affordability for consumers.

https://www.autoblog.com/2024/04/24/report-heres-how-far-used-tesla-prices-have-fallen-in-the-past-year/

EPA Grants $1B for Electric School Buses and Heavy-Duty Vehicles

– The US Environmental Protection Agency (EPA) has announced grants worth nearly $1 billion to help the transition from gas-powered heavy-duty vehicles and school buses to electric vehicles.

– The Clean Heavy-Duty Vehicles Grant Program is designed to support the adoption of electric Class 6 and 7 vehicles, along with funding for charging infrastructure, workforce development, and training.

– The grants are divided into two sub-competitions: The School Bus Sub-Program (70% of funding) and the Vocational Vehicles Sub-Program (30% of funding) for various heavy-duty vehicle types such as box trucks, refuse haulers, and delivery trucks.

– At least $400 million of the program’s funding is mandated to benefit communities facing significant pollution issues as per EPA’s standards.

– The initiative aims to address the environmental impact of over 3 million Class 6 and 7 vehicles currently in use in the US, which contribute to greenhouse gas emissions and health-harming pollution.

– “In addition to progress in electrifying light-duty vehicles, today’s funding will accelerate projects deploying electric school buses, garbage trucks, and delivery vans across the nation,” highlighted John Podesta, senior advisor to the President for International Climate Policy.

– The transportation sector, being a major source of greenhouse gas emissions and health-harming pollution, stands to benefit from this program funded by the Inflation Reduction Act under President Biden’s agenda.

https://electrek.co/2024/04/24/epa-grants-electric-school-buses-heavy-duty-vehicles/

PetroChina Forecasts Peak in Oil Consumption for Transport by Next Year in China

– PetroChina predicts a peak in oil consumption for transportation in China by next year due to the rapid adoption of electric vehicles (EVs), with overall domestic oil demand expected to increase by only 1% in 2024 compared to 11% growth in 2023.

– The company anticipates China’s oil consumption will reach its peak before 2030 at 780 to 800 million tonnes per year, leading to a shift towards using oil as a feedstock for chemical production post-2030.

– China’s transition towards net-zero carbon emissions by 2060 is expected to further decrease oil consumption to 200 to 250 million tonnes per year after 2050, aligning with the global trend towards clean energy.

– Data reveals that new energy vehicles (NEVs) accounted for 31.6% of new car sales in China in 2023, with NEVs projected to represent 50% of new car sales by 2030, highlighting the significant growth in the EV market.

– PetroChina acknowledges the opportunities presented by NEVs, emphasizing the increased use of plastics in manufacturing lighter-weight vehicles, thus requiring oil for plastic production.

https://www.scmp.com/business/china-business/article/3260353/petrochina-rapid-ev-uptake-means-oil-consumption-transport-peak-next-year-latest-china

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