NewsRoom Articles - Page 31 of 122

WednesdayNov 08, 2023 11:42 am

Rich Millennials View EVs as a Status Symbol

Electric vehicles are becoming a status symbol among wealthy millennials in America. While high EV prices have kept a majority of U.S. drivers from purchasing electric cars, the nation’s millennials are taking to EVs despite their often exorbitant prices. According to a J.D Power Survey, 72% of millennials expressed interest in purchasing an EV, with 37% being “highly likely” to buy an electric vehicle as their next car. A trip to affluent Silicon Valley neighborhoods will reveal white Teslas parked on nearly every block. With 42% of all electric cars in America being sold in California, the state represents the…

TuesdayNov 07, 2023 3:42 pm

IRS Unveils Portal Allowing Dealerships to Give EV Buyers Access to Tax Credits

The Internal Revenue Service has unveiled a portal that will allow prospective electric vehicle buyers to access EV tax credits at the point of sale. Car dealers can now dole out EV tax credits of up to $7,500 when customers on-site buy electric cars by registering with a website called Energy Credits Online. This could potentially alleviate an issue that has kept many drivers from purchasing EVs even when they have access to federal tax credits. Rather than providing EV buyers with cash at the point of sale, the U.S. government would provide tax credits once tax season rolled around,…

MondayNov 06, 2023 2:22 pm

Teslas, Chevrolets Top List of EVs Used by Fleets

With consumers becoming less interested in purchasing electric vehicles thanks to issues such as range anxiety and high prices, fleets have quickly become a major market for electric vehicle companies. Rather than developing EVs with the hope of selling them individually on the market, EV companies such as Tesla are hedging their bets by partnering with company fleets to produce hundreds or even thousands of EVs for only a few customers. Data shows that Tesla and Chevrolet have seen the greatest success in the EV fleet segment. Major customers in this segment include corporate and government fleets as well as…

FridayNov 03, 2023 1:16 pm

Why EV Sales May Be Slowing Down

The nascent electric vehicle industry is currently experiencing a sales decline that has forced many carmakers to either cut back or delay EV production. For the majority of the industry’s existence, extremely limited supply coupled with high demand allowed carmakers such as Tesla to charge a high premium for their offerings. However, with several established automakers and startups flooding the EV market with new EV models, electric vehicle supply seems to have finally surpassed the demand. Many automakers are now rethinking their electrification plans in the wake of reduced EV demand and adjusting their EV strategies. General Motors is ditching…

ThursdayNov 02, 2023 2:03 pm

Maryland Scientists Discover Novel Battery Design That Could Curb EV Fires, Boost Power Density

Scientists from the University of Maryland have discovered a novel battery design that could increase EV battery density while reducing the risk of electric vehicle fires. Although the research team will have to address various cost and design issues before scaling up the technology, they have tentative plans to roll the new batteries out commercially by 2026. While lithium-ion batteries have proven their power capability in consumer electronics such as mobile phones and laptops, applying them to electric cars has presented several challenges. This includes limited capacity, which limits overall range and negatively impacts EV adoption, and a risk of…

WednesdayNov 01, 2023 11:01 am

Mercedes Calls EV Market ‘Brutal,’ Expects Squeezed Sales Margins

German automaker Mercedes says the electric vehicle market is becoming increasingly “brutal” for automakers, forcing many to cut vehicle prices amid intense competition. While Tesla has been the most dominant player in the global EV industry for almost a decade, with established automakers and startups are quickly catching up to the Texas-based automaker. China and Europe have seen a surge in EV sales in recent months, primarily thanks to a major influx of affordable Chinese electric cars. Massive subsidies from the Chinese government have allowed EV makers in China to significantly reduce production costs and pass the savings on to…

TuesdayOct 31, 2023 10:06 am

Japanese EV Makers to Showcase Upcoming Models at Auto Show

Japanese automakers are poised to debut a variety of electric vehicle models at an upcoming auto show in a bid to catch up to EV industry leaders Tesla and BYD. Toyota, Japan’s largest vehicle brand, has been slow to take to electrification and is one of the only major automakers with barely any footprint in the nascent EV industry. Aside from its limited hybrid offerings, Toyota has only one battery-electric car on the market: the Toyota bZ4X. Toyota’s executive in charge of EVs Takero Kato has said more than once that the company “loves battery EVs,” a sentiment he believes…

MondayOct 30, 2023 11:43 am

Companies Race to Develop Battery Testing Tech to Assess Used EVs

Companies are racing to develop technology for certifying the health and performance of used electric vehicle batteries. More than a decade after Tesla popularized mass-market electric cars, the secondhand electric vehicle market is growing larger by the year. Most initial adopters have already traded in their old EV models for newer ones, and as the market matures and sales increase, we can expect the market for used electric cars to expand even further. The battery health and performance of used electric vehicles will be critical to how they fare in this secondhand market. An electric car's value is largely determined…

FridayOct 27, 2023 11:55 am

Toyota Beats Tesla as Desirable EV Brand in US

Toyota has surpassed Tesla as the top electric vehicle brand in the United States with only one battery electric vehicle (BEV) model in the American market. While Tesla has several best-selling EVs, including the Model 3 and Model Y, Toyota has one — the bZ4X — along with the popular Toyota Prius and RAV4 Prime as its hybrid offerings. The Japanese automaker is one of the only automakers that hasn’t invested in battery electric vehicles in recent years, focusing instead on hydrogen-powered, plug-in vehicles in select U.S. markets. Toyota has also made significant investments in solid-state batteries, a new kind…

ThursdayOct 26, 2023 3:04 pm

EV Shoppers Can Now Access Significant Discounts as Sales Stutter

After prohibitively high prices have prevented most drivers from purchasing electric cars for several years, increased competition coupled with reduced demand is making electric cars more affordable. Electric cars have been out of the reach of most consumers for nearly a decade thanks to high prices, keeping a majority of drivers from buying EVs and lowering EV adoption rates. Early adopters and high-earning individuals who love to have the latest technology already own electric vehicles, Edmunds consumer insights analyst Joseph Yoon says, and the time for capturing that specific market segment is long past. Carmakers that want to remain relevant…

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