Michael Long’s Post

“I think it was overhyped and now it’s probably underhyped,” GM CEO Mary Barra said on the US outlook for EVs 🤷♂️ For every negative PR on EVs, there’s usually a positive data point around the corner… Exciting new technologies tend to invite two sides to the debate (no, not referring to politics, but leaders and laggards). After all, it’s what keeps the category fun to watch for both, outsiders & insiders. Here’s the facts: - For six of the top 10 brands, growth topped 50%+ in Q1⚡️📈 - GM has committed to electrifying some of its biggest brands, which are finally reaching production including: $35,000 Equinox SUV and its sibling Blazer; Silverado EV, and GMC Sierra electric pickups with up to 450 miles of range - This year Hyundai, GM and Ford are each on track to reach that 100,000 threshold of mass production, a potential turning point for US EV competition - Stellantis is expected to start selling its first electric Jeeps and Ram pickups - Hyundai is unleashing a diverse stable of EVs for its new factory opening in Georgia in October - Honda just started delivering the Acura ZDX and is building a production hub in Ohio for additional EVs coming in 2025 - “If the global market for EVs continued at this “slowdown” pace indefinitely, virtually all cars would be electric in a decade.” Yes, in a bear case scenario where growth remains at this pace, EVs are still on track to dominate the auto market now - 2030. Xeal Kirsten Swanson Regan Hartley Danny Fawcett Sean Steele Helen Bowman (Revell)

Camron Savarani is general manager of Walnut Creek #Ford in the East Bay area of greater San Francisco. His store is one of Ford Motor Company’s best in the country for #EVs, with electric models making up about half of sales. He has observed the way #EV sales gain a self-perpetuating momentum. “It’s really just a factor of time as more people decide that they’re ready” to buy an #EV, he said. “There continues to be more #charging #infrastructure; more people have friends and family members driving them; and that just continues to increase the growth rate.” #California has the highest #EV #market #share in the #US, due to consumer #preferences and a history of state laws that support #EVs. His store’s experience may give a sense of what it will be like when other regions reach a similar level. “It becomes less novel and less complicated or scary,” he said. The Mach-E is his top model, and the price cut helped to boost sales, he said. #EV #prices have fallen across brands, with an average transaction price of $54,021 in March, down about 10% from a year ago, according to Kelley Blue Book, a website for auto buyers. But even with the decrease, #EV are more #expensive than the #average for all light vehicles, which was $47,218 in March, down 1% from a year ago. Savarani views the #prices of #EVs as one of the main #factors that hinder the growth of sales. This underscores why the Mach-E price cut was so important. “As we continue to have EVs that are more and more affordable, that’s a huge step in the right direction,” he said. EV sales in the United States rose 2.6% in the first quarter of this year compared to the first quarter of the prior year, but they were down 15.2% compared to the fourth quarter of the prior year, according to Kelley Blue Book. For the overall vehicle market, it’s normal for first quarter sales to be the lowest of the year and fall behind fourth-quarter sales. But this hasn’t been the case for EVs, sales of which have grown every quarter since mid-2020. The main reason for the sluggish 2024 growth was that Tesla, the market leader for #EVs, posted a 13% #decrease in #sales for the quarter. Since Tesla sells about half of the EVs in the country, its struggles reverberate across the market. Tesla has faced an array of #challenges, including a lackluster rollout for the #Cybertruck and few substantial updates for its top sellers, the Model Y and Model 3.

The U.S. auto market faced a slight setback in Q3 2024, with overall sales dipping by 2% year-over-year. Economic hurdles like high interest rates and soaring vehicle prices are putting the brakes on consumer spending. Notably, while Honda and Ford prepare to thrive, Stellantis is anticipated to suffer a staggering 21% sales decline due to its profit-centric strategy, potentially losing touch with price-sensitive buyers. However, it’s not all doom and gloom—electric vehicle sales are projected to expand by 8%, driven by incentives and growing eco-consciousness. Still, even Tesla is feeling the heat, expecting a 2.4% decrease in sales and a drop in market share below 50%. As the landscape shifts, automakers must adapt or risk being left in the dust. It’s a stark reminder that, in an evolving market, agility and consumer connection are keys to success! What do you think?

While Tesla's recent struggles might cast a shadow, the US EV market is far from collapsing! Ford's Electrification Charge Ford's EV sales are soaring, with a 97% year-to-date increase compared to last year. The Mustang Mach-E and F-150 Lightning are leading the charge, with impressive sales figures. This surge highlights the growing consumer appetite for diverse EV options. EV Momentum Continues Experts predict continued EV growth, with sales projected to reach 10% of the new car market in 2024. Falling EV prices and increasing charging infrastructure are fueling this momentum. Tesla's Challenges Tesla's recent sales decline hasn't dampened the overall market. Several automakers, including Ford, BMW, and Hyundai, are experiencing significant EV sales growth. The Takeaway The EV market is undergoing a healthy evolution, with competition driving innovation and affordability. While challenges remain, the future of electric transportation looks bright! Stay tuned for further insights on the exciting world of EVs! https://flip.it/RBQkt_

Interesting comparison of warranty claim rate. We need to note that high end model price as average price of Ford cars is at par or higher than Tesla still % is higher which indicates EV technology and reliability effect. It will be further interesting to see comparison for Total Cost of Ownership but we may need to wait for few more years to get trend established and stabilized. U.S.-based Auto Manufacturers Warranty Claims Rates (as a % of product sales, 2020-2024)

🔋🚗 EV Sales Slowdown? Just a Blip! 🚗🔋 Recent reports of an #EV sales slowdown in the US might suggest the boom times are over, but this doesn’t tell the full story. Figures released by Bloomberg and Cox Automotive Inc. reveal that despite a flat start to the year, the #ElectricVehicle industry is far from stalling. 🚘 While Q1 saw underwhelming sales, with Ford Motor Company scaling back expansion plans and Tesla laying off 10% of its global workforce, these dismal indicators only paint a small part of the overall picture as more and more consumers adopt #battery electric vehicles. 📈 In reality, the EV industry is on the verge of its next growth spurt. For many automakers, even the first quarter was a blockbuster. Six of the 10 biggest EV makers in the US saw sales grow at a scorching pace compared to a year ago— up anywhere from 56% at Hyundai Motor Company (현대자동차) to 86% at Ford Motor Company, among others such as Rivian, Toyota Motor Corporation, Mercedes-Benz AG and BMW Group. Early Q2 figures also show a continuation of this promising trend. ☀ Don’t let the headlines fool you. The future of EVs is bright, and the growth of #eMobility is just beginning. - Jesse Morris 🔔 Follow Jesse Morris and modual AG to stay informed of exciting developments in: #Technology, #Sustainability and #BatteryTech Source: https://lnkd.in/ejwgdRvD

🚗 US EV sales are set to soar. 📈 Despite a recent slowdown in sales growth, EVs could make up nearly a third of new car sales by 2027, reaching 4.5M units. Affordable models from Ford, Rivian, and Tesla, plus increased local manufacturing, are key drivers. California, leading with EVs nearly 25% of car sales in 2023, plans to phase out conventional cars by 2035. Nationwide, EVs are projected to hit 48% of new car sales by 2030, nearing President Biden’s 50% target. Dive into the full analysis: https://bloom.bg/3RVaPEk

🔌 The EV industry is experiencing a reality check. Recent trends in the electric vehicle (EV) sector show a shift in strategy among major automakers: - Production Adjustments: Ford cuts back on its electric F-150 Lightning to boost production of traditional models. GM pauses sales of the Chevy Blazer EV due to technical issues. - Market Dynamics: Stellantis CEO warns of an "EV bloodbath" due to pricing wars. Hertz plans on selling 20,000 EVs to buy more gas-powered rentals. - Weather:  The recent cold weather makes issues apparent as charging takes longer and the range falls to 70%. While automakers remain committed to EVs, the pace is moderating. Sales are up, but growth is slowing. This period marks a critical juncture for the industry to reassess and innovate. How do you think the market will recover from this setback? Let us know in the comments. Source: https://lnkd.in/eK_z7AaQ