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<ul class="summary-list"><li><keyword id="19895433" type="General" weightage="100" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>'s falling California sales point to bigger problems for the car company.</li><li>Changes to the EV market are finally catching up to Tesla.</li></ul>Tesla is losing some ground in its former home state of California, signaling more trouble ahead for the world's largest electric car company. As <keyword id="20360560" type="General" weightage="20" keywordseo="electric-car-sales" source="keywords">electric car sales</keyword> rose 2% in California, Tesla's sales in the state fell 3.5%, according to third-quarter <a target="_blank" class="" href="https://www.cncda.org/news/california-new-car-dealers-association-releases-q3-2024-auto-outlook-report/">figures</a> from the California New Car Dealers Association. That's not an anomaly. It's the third straight quarter of Tesla sales declines in the largest EV market in the US. The losses don't upset Tesla's market dominance: the Elon Musk-led company still accounted for more than half of all EV sales in California for the quarter. Through September 30, Tesla's EV market share in California declined from 64% to 55% year-over-year— still nearly five times that of Hyundai (5.6%) and BMW (5%) combined. The trend in California underscores Tesla's challenges as the <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">EV market matures</a> and new competition makes it harder for the company's aging lineup to entice new buyers. In addition to these economic challenges, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-political-beliefs-public-stances-timeline-republican-desantis-2022-6">Musk's political views</a> have shifted further right, with the CEO endorsing and campaigning for Republican presidential candidate Donald Trump in the 2024 election. That can impact sales in a solidly blue state like California. Actor Jason Bateman recently said he isn't driving a Tesla anymore because of Musk's connection to Trump. "I got rid of my Tesla," Bateman told vice presidential candidate Tim Walz on an episode of his podcast <a target="_blank" href="https://www.smartless.com/episodes/episode/288fe449/governor-tim-walz">Smartless</a>, which he hosts with Sean Hayes and Will Arnett. "I feel like I'm driving around a Trump sticker with that car, so it's gone." <h2>The EV market is maturing</h2>EV demand in the US has been slowing for about a year. It took longer for that slowdown to hit <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> than other competitors, but it's clear now that Musk is feeling the pinch as its once-reliable buyer base of wealthy early adopters is replaced by a more practical and frugal green-car shopper. Previous tactics like slashing prices and offering dealership-like incentives to buy Teslas over other EVs aren't working as well as they used to. Following <a target="_blank" class="" href="https://www.businessinsider.com/tesla-production-deliveries-second-quarter-decline-2024-7">two quarters of slipping sales</a>, Tesla's share of the US electric car market dipped below 50% for the first time at the end of the second quarter, according to data from Cox Automotive. The automotive retail firm attributed much of <a target="_blank" class="" href="https://www.businessinsider.com/tesla-loses-market-share-but-elon-musk-still-wins-2024-7">Tesla's waning dominance</a> to an influx of new competition, which offered EV shoppers more choices. This increase in choices is especially threatening for Tesla, which does not regularly update the looks of its electric cars — a strategy industry experts have been warned for years could come back to bite the company. An increase in demand for hybrid-electric vehicles has also been "detrimental" to Tesla and overall EV adoption, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-blames-hybrids-for-lower-sales-2024-4">according to Musk</a>. Many industry experts disagree, arguing that hybrids are a necessary bridge technology for EV adoption among later adopters. <h2>Elon's politics turn off some customers</h2>Musk is no stranger to controversy. The bombastic billionaire's rise over the past decade has been in part due to his willingness to thumb his nose at some social codes and government agencies. But as Musk becomes a more permanent fixture in the US's far-right movement, some owners and potential customers have been having <a target="_blank" class="" href="https://www.businessinsider.com/tesla-owners-consider-selling-cars-shares-cybertruck-elon-musk-post-2023-11">second thoughts about supporting Tesla</a>. As Tesla owners take to social media to express their displeasure with Musk's political involvement, automotive industry experts say there could be real consequences for the CEO's "Dark MAGA" era. <a target="_blank" class="" href="https://www.businessinsider.com/ev-demand-still-strong-despite-slowdown-hybrids-survey-2024-1">Today's electric car shopper</a>, who is often considering an EV for environmental reasons, is less willing to look past Musk's support for Trump and other conservative leaders, experts say. Musk, for his part, has denied that his involvement in politics is impacting sales. "Tesla's sales are actually doing great," he said during a recent X space. "We're hitting all-time highs." Correction — October 31, 2024: An earlier version of this post incorrectly said California was Tesla's home state. The company's headquarters is now in Texas.

Why Tesla's sales are slipping in California, and what it means for Elon Musk's car company

<ul class="summary-list"><li>Three of Japan's iconic car companies are struggling.</li><li>Toyota, Honda, and Nissan reported underwhelming earnings in the most recent quarter, partly because of slumping sales in China.</li></ul>Japan's iconic auto industry is going through a rough patch, with three of its most important companies reporting underwhelming earnings in the most recent quarter.Toyota, Nissan, and Honda all reported slumping profits. The three automakers are grappling with ferocious competition in China and a bumpy transition to electric vehicles.Toyota, the world's largest automaker, saw <a target="_blank" class="" href="https://www.businessinsider.com/toyota-bmw-face-reckoning-in-china-sinking-sales-2024-11">profits for the quarter ending in September drop to 573.7 billion yen ($3.7 billion)</a>, down from nearly 1.28 trillion yen ($8.3 billion) over the same period last year.Rival <a target="_blank" class="" href="https://www.businessinsider.com/nissan-cutting-9-000-jobs-globally-production-capacity-reduce-costs-2024-11">Nissan announced it would cut 9,000 workers</a> amid falling sales, while Honda reported a 15% drop in operating profit in the second quarter.All three companies face a similar problem; they are failing to sell enough cars in China.Toyota's sales in China were down just over 10% in the first nine months of the year, with the company blaming "severe market conditions" such as "intensifying price competition."Still, a Toyota spokesperson told Business Insider that its declining profits were not only attributable to China; it also saw weakness in Japan and North America.Honda flagged a decline in sales in China in its most recent quarter, dragging down its total group sales. While Nissan reported a drop of over 5% in retail sales in China in the first half of the fiscal year — the largest drop of any of its regions.<a target="_blank" class="" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">Like other foreign automakers</a>, Japan's car giants are being squeezed in China by local rivals. These rivals have rapidly gained market share by offering a range of affordable but high-tech EVs and hybrids.<a target="_blank" class="" href="https://www.businessinsider.com/why-byd-is-beating-tesla-ev-rivals-china-2024-11">BYD</a>, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-chinese-ev-rivals-record-deliveries-pressure-on-elon-musk-2024-10">Zeekr, and Nio</a> have reported bumper sales recently, as European automakers like <a target="_blank" rel="" href="https://www.businessinsider.com/mercedes-benz-sliding-ev-sales-and-weak-demand-in-china-2024-10">Mercedes-Benz</a><a target="_blank" class="" href="https://www.businessinsider.com/luxury-european-carmakers-china-sales-competition-electric-vehicles-bmw-mercedes-2024-10"> and BMW</a> are being squeezed in this region.Many of <a target="_blank" class="" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">China's EV champions are now expanding overseas</a>, something Felipe Munoz, auto analyst at JATO Dynamics, told BI was putting the likes of Toyota and Honda under growing pressure."The real battle is happening in the emerging markets. And that's exactly where the Japanese car makers are suffering the most," said Munoz, pointing to the rapid expansion of the likes of BYD in <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-companies-shut-out-of-us-target-mexico-brazil-2024-6">Southeast Asia and Latin America</a>."Japanese carmakers have a strong presence in Southeast Asia. And Southeast Asia right now is a hot market for Chinese cars," he said.<h2 id="063c7ce4-3202-4df2-8359-3a26c5e32696">Electric woes</h2>Japanese automakers have taken a broadly cautious approach to the transition to EVs, focusing instead on hybrid vehicles.<a target="_blank" class="" href="https://www.businessinsider.com/toyota-hybrid-cars-ev-sales-growth-prius-bz4x-2024-2">That approach has mostly paid off</a> as EV demand has slowed, with Toyota reporting bumper profits on the back of strong hybrid sales in the US earlier this year.<div type="image" title="A Toyota Prius" height="1500" width="2000" msid="115219890" hostid="261" sizebytes="88360"></div>However, Munoz said that while the hybrids-first strategy may have worked out in the US and Europe, it has created problems for Japanese automakers in China, leaving them without a strong lineup of EVs that can compete with <a target="_blank" class="" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">local offerings that can cost less than $10,000</a>."China is definitely shifting to fully electric. And this leaves out all of the car makers that are not competitive with their electric cars," said Munoz.He added that Toyota, Honda, and Nissan are at risk of becoming overly dependent on US and European markets, which are <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">experiencing stagnating growth</a> while losing out in expanding markets like China."At the end of the day, the hybrid strategy worked in Japan, worked in the US, and worked very well in Europe, but that's not the case in China," he added.There are signs that Japan's auto giants are changing their strategies.Nissan has pledged to accelerate the introduction of new EVs in China and hybrids in the US, while Toyota is <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/toyota-aims-ramp-up-china-production-strategy-pivot-sources-say-2024-11-09/">reportedly planning to expand production</a> in China as it attempts to take on local firms.A Nissan spokesperson told BI that the company is taking measures to meet the market's and customers' needs, including introducing new products.They added that the US remains a priority market for Nissan, and that the company was expecting an increase in sales from new models.Shares of the carmaker jumped on Tuesday after it was revealed that activist investor Effissimo Capital Management took a 2.5% stake in the company.Japanese automakers will likely face new challenges in the coming years, especially in the wake of <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-threaten-elon-musk-tesla-mexico-factory-limbo-2024-11">Donald Trump winning the US presidential election</a> this month.Speaking on an earnings call on Wednesday, <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tariffs-threats-world-ceos-thoughts-trade-2024-11">Honda executive vice president Shinji Aoyama warned</a> that Trump's proposed tariffs on vehicles imported from Mexico could have a huge impact on Japanese automakers, many of whom have factories in the country.Honda did not respond to a request for comment, sent outside normal working hours.

Japanese carmakers are losing ground as China surges ahead in the EV race 

<ul class="summary-list"><li>Tesla Cybertruck, with a starting price of $80,000, is now available for lease.</li><li>Leasing an EV is a popular option, making up 46% of franchise EV sales, per J.D. Power.</li></ul>Tesla is offering the Cybertruck for lease a year after the EV company made its first deliveries to customers.Under a three-year lease with no down payment and 10,000 annual miles, leasing a Cybertruck costs $1,249 per month, not including taxes and fees, according to Tesla's website.The Cybertruck, which has a base MSRP of $79,990, makes up a small part of Tesla's overall volume production, but it still plays an important role in CEO Elon Musk's hopes to compete in the crowded <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-elon-musk-has-a-lot-to-learn-in-pickup-market-2023-7">pickup truck segment</a>. In its third-quarter earnings report from October, Tesla reported that the <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-profit-2024-10">Cybertruck reached profitability</a> for the first time in less than a year since deliveries were made to customers in November 2023.Leasing an electric vehicle has become a popular option for consumers. According to <a target="_blank" class="" href="https://www.jdpower.com/business/resources/e-vision-intelligence-report-october-2024">J.D. Power</a>, a market research firm, 46% of EV purchases, not including Tesla, were leases in 2023.EV maker <a target="_blank" href="https://www.businessinsider.com/rivian-q3-earnings-call-tariffs-ev-tax-credit-trump-change-2024-11">Rivian</a> said during its third-quarter earnings call earlier this month that 42% of vehicles sold were leased. According to Rivian's website, the company's lowest-priced vehicle is the R1T truck, which costs $69,900. Over the last few years leasing became a popular financing option for EVs due largely to a $7,500 federal tax credit issued under the Biden administration's <a target="_blank" class="" href="https://www.businessinsider.com/inflation-reduction-act-how-it-reduces-price-growth-deficit-pressures-2022-8">Inflation Reduction Act</a>.Under the program, drivers buying an EV with cash or through a loan could be eligible for a <a target="_blank" class="" href="https://www.businessinsider.com/tesla-tax-credit">$7,500 tax credit</a>, making the overall purchase more affordable. However, the credit only comes if certain provisions are met, such as vehicle manufacturing requirements, whether the buyer remains under an income threshold, and if the vehicle's price doesn't exceed $80,000.However, leasing an EV offers buyers another way to take advantage of the tax credit program without meeting every requirement. Through what's known as a <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-lease-payments-cheaper-affordability-hack-2024-9">"leasing loophole,"</a> dealerships can receive the tax credit and choose to pass those savings on to the buyer or lessee.Rivian said during its earnings call earlier this month that lessees make up a large population of those who take advantage of the tax incentive program.But Tesla's Cybertruck has largely been left out of the federal incentive program. A spokesperson for the Internal Revenue Service pointed BI to the Department of Energy's website, which has a list of eligible vehicles under the federal program. The Cybertruck was not listed.A Tesla spokesperson did not immediately respond to a request for comment.

Tesla Cybertrucks have joined the growing number of luxury EVs that can now be leased

<ul class="summary-list"><li>Fisker has backtracked on telling owners of its EVs to pay for recall repairs.</li><li>The bankrupt EV firm previously said customers would have to cover the "labor costs" of two outstanding recalls themselves.</li></ul>Owners of Fisker Ocean EVs will no longer have to pay for <a target="_blank" class="" href="https://www.businessinsider.com/fisker-ev-ocean-owners-pay-for-recall-repairs-bankruptcy-2024-9">recall repairs</a>.The bankrupt auto company has changed a post on its website to say it will cover the cost of repairs for two outstanding recalls, after initially saying owners of its Ocean EV would have to pay for "labor costs" themselves.According to the National Highway Traffic Safety Administration (NHTSA), automakers are <a target="_blank" class="" href="https://www.nhtsa.gov/sites/nhtsa.gov/files/documents/mvdefectsandrecalls_808795.pdf">legally required</a> to provide safety recall repairs free of charge for vehicles less than 15 years old. A spokesperson for the NHTSA told Business Insider that the agency "is working to ensure vehicle owners receive recall remedies without charge, as required by federal law."<h2 id="1f6cab01-3167-4ce2-9588-d4a632911209">An expensive 'lawn ornament'</h2>BI previously reported that some customers who had paid as much as $70,000 for their Oceans had been left with <a target="_blank" class="" href="https://www.businessinsider.com/fisker-owners-describe-chaos-to-keep-cars-running-after-bankruptcy-2024-7">undrivable and unfixable vehicles</a> following Fisker's bankruptcy in June.One owner told BI that a battery problem had left his Ocean unusable."It's literally a lawn ornament right now," he said.The Fisker Ocean <a target="_blank" class="" href="https://www.nhtsa.gov/vehicle/2023/FISKER/OCEAN#recalls">currently has five outstanding recalls</a>, with two — concerning the car's door handles and its water pump — requiring physical inspection and repairs.In a <a target="_blank" class="" href="https://www.fiskerinc.com/recalls?fbclid=IwZXh0bgNhZW0CMTAAAR36gEwyTRnTBwX0oyZgOlM_tJdjixr1dLQNDIWwbskuI95PEZvtG22MNtU_aem_MHVp_9xGAO3goYBNqViD2Q">recall FAQ</a> previously posted to Fisker's website, the bankrupt EV firm said that due to its "current financial situation," it could only <a target="_blank" class="" href="https://www.businessinsider.com/fisker-ev-ocean-owners-pay-for-recall-repairs-bankruptcy-2024-9">cover the cost of the necessary parts for those recalls</a>, not the repairs themselves.The recall FAQ also stated that any "labor costs" associated with repairs would need to be covered by vehicle owners. Fisker apologized for "any inconvenience this may cause."However, by early Wednesday, the recall FAQ had been updated to state that Fisker would "provide the necessary parts (including the labor) at no cost" to Ocean owners.The reversal will come as a relief for long-suffering Fisker Ocean owners, some of whom previously told BI they had <a target="_blank" class="" href="https://www.businessinsider.com/fisker-owners-describe-chaos-to-keep-cars-running-after-bankruptcy-2024-7">struggled to contact the company</a> or find repair shops that could fix their vehicles.Fisker owner Steven Hammer told BI the prospect of having to pay for recall repairs was "positively infuriating.""It's just one more punch to the gut," said the Colorado resident, who previously had to pay to transport his Ocean to a dealership in another state to fix a broken roof panel after being unable to reach anyone at Fisker."There's a level of cost cutting and incompetence that's hard to bear. We paid BMW prices and got Yugo quality," Hammer added, referring to the Yugoslavian hatchback that <a target="_blank" class="" href="https://www.nytimes.com/2021/06/10/business/yugo-cars.html">became notorious for its unreliability</a> when it was released in the US in the 1980s.In the recall FAQ, Fisker said it would address the other three recalls on the Ocean with a software update.The company warned customers to drive their vehicles "with caution" until the recalls have been addressed.Fisker is the second failed auto company founded by famed former Tesla designer Henrik Fisker. It <a target="_blank" class="" href="https://www.businessinsider.com/fisker-automotive-files-for-bankruptcy-2024-5">collapsed into bankruptcy earlier this year</a>.The EV startup struggled to ship cars and address <a target="_blank" class="" href="https://www.businessinsider.com/mkbhd-fisker-ocean-review-marques-brownlee-video-tiktok-2024-3">quality issues</a> with its electric cars, with <a target="_blank" class="" href="https://www.businessinsider.com/what-happened-henrik-fisker-automotive-startup-ocean-electric-vehicle-2024-6">former and current employees telling BI mismanagement and cost cutting</a> were partly to blame for its demise.Fisker did not respond to a request for comment sent outside normal working hours.Do you work at Fisker or own an Ocean? Get in touch with this reporter at <a target="_blank" href="mailto:tcarter@businessinsider.com">tcarter@businessinsider.com</a>.

Fisker backtracks on telling owners to pay for repairs of malfunctioning EVs

<ul class="summary-list"><li>EV leases are becoming more popular as customers focus on monthly payments.</li><li>Leasing is a lower-stakes financial commitment than a car loan.</li></ul>More car shoppers are opting to <a target="_blank" class="" href="https://www.businessinsider.com/automakers-electric-vehicles-tax-credits-commercial-vehicle-7500-2023-1">lease their EVs</a> in an attempt to keep monthly payments low while the average sticker price remains out of reach.At the end of July, leases accounted for 75% of EV purchases, compared to 51% of purchases in the same month a year ago, according to data from car-shopping website Edmunds. Overall, only about 25% of vehicles are leased, according to Experian data. While EVs still tend to cost about $10,000 more than the average car, monthly payments in July were actually about $160 cheaper than the industry-wide average monthly payment, according to Edmunds.Affordability is becoming increasingly important in the<a target="_blank" class="" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8"> electric-car market</a> as a wave of wealthy early adopters gives way to more frugal and practical shoppers. Regardless of powertrain, these customers are usually budget-conscious and shop based more on monthly payments than the overall sticker price.That's where leases come in.<h2 id="f745d4cc-fe0a-49c9-8b01-1a7a05262b19">Leases require less financial commitment</h2><a target="_blank" class="" href="https://www.businessinsider.com/leasing-a-car-vs-buying-why-lease-is-a-good-idea-2023-6">Leasing</a> is a lower-stakes financial commitment than purchasing a car, as the lessee is only responsible for the vehicle's depreciation during the lease term. The monthly payment is calculated by subtracting the residual value of the car from the current value and dividing that by the lease term (plus taxes and fees, of course).A car loan, on the other hand, requires the purchaser to cover the entire cost of the vehicle. The monthly payment is calculated by dividing the cost of the vehicle by the length of the loan term plus the average interest rate, taxes, and fees."A lease is a great way for these new EV customers to test the waters on these cars," Ivan Drury, an automotive analyst for Edmunds, told Business Insider.The bumper-to-bumper coverage offered by a lease, as well as the fact that the dealer will take back the car after the lease is up, are also attractive to <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">a new group of EV shoppers</a>, who are often more hesitant about making the leap to electric.As EV leases have become more popular, average monthly payments for these cars have plummeted. In July, the average EV customer paid $575 a month for their battery-powered car in July, about $200 cheaper than the average monthly payment a year ago."A drop in monthly payments like this almost never happens. This is once-in-a-lifetime stuff, and I don't think it will last long," Drury said. "If you've been thinking about getting an EV, the time is now."<h2 id="0146320d-84c2-4be5-a614-276cae6283ef">The EV leasing loophole</h2>As EV shoppers have become pickier, the industry has been forced to <a target="_blank" class="" href="https://www.businessinsider.com/automakers-over-estimated-electric-vehicle-demand-early-adopters-2023-10">adjust to a slower growth rate</a> for these cars.In addition to changing production schedules and future product plans, car companies and their dealers are attempting to juice demand for EVs by taking advantage of a loophole in EV leasing that gives customers more unfettered access to a <a target="_blank" class="" href="https://www.businessinsider.com/list-evs-electric-cars-qualify-for-federal-tax-credit-2024-1">$7,500 federal EV tax credit</a>.New restrictions on this tax credit have made it harder for purchasers to qualify for the discount, but <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-tax-credit-loophole-leasing-incentives-automakers-dealers-2023-3">leasing is not held to the same standards.</a>Leased EVs do not have to meet the same rigorous parts-sourcing requirements or income caps that restrict buyers from accessing the $7,500 credit.

The sneaky way to pay less for a new EV  

<ul class="summary-list"><li>ChargePoint said it is rescinding charging credits for Fisker Ocean owners who received promos.</li><li>ChargePoint cited Fisker's contract and said the company had not paid for the credits.</li></ul>Fisker filed for bankruptcy on Monday and Ocean owners are already beginning to feel the pinch.EV charging company ChargePoint notified some <a target="_blank" href="https://www.businessinsider.com/fisker-ocean-owner-experience-customer-service-complaints-bugs-2024-3">Fisker Ocean owners</a> that the company had rescinded their promotional charging credits on Tuesday morning. The company said in an email to owners who had received charging credits through Fisker that Henrik Fisker's company had "abandoned its contract with ChargePoint.""It has done so without paying for any of the promotional charging offers given out to its customers, including the one you redeemed to your ChargePoint account," the email reads, according to a screenshot viewed by Business Insider. "ChargePoint has done everything in our control to reach Fisker and find a way to take care of its drivers, however they have abandoned all communication without resolving payment."As a result, ChargePoint said in the email that it would have to relinquish any charging credits on the owners' accounts, but Ocean owners would not have to pay for any credits they had already used via Fisker's promo codes.ChargePoint customer service confirmed the email when contacted by Business Insider. A spokesperson for Fisker declined to comment.<div type="image" title="A ChargePoint electrical vehicle charger next to a Tesla." height="5504" width="8256" msid="111094231" hostid="261"></div>Fisker had given some of its customers ChargePoint credits or credits that could be used to subsidize their charging needs to mitigate long repair waits or delivery issues, several owners and two former employees told BI. Fisker first <a target="_blank" href="https://investors.fiskerinc.com/news/news-details/2023/Fisker-Announces-ChargePoint-as-North-American-Partner-for-Public-Charging-Solutions/default.aspx">announced</a> a partnership with ChargePoint ahead of the SUV's release in 2023. The company had also said it would <a target="_blank" href="https://store.fiskerinc.com/fisker+ocean+one+benefits.html#:~:text=%241%2C000%20ChargePoint%20gift%20card%3A,charging%20stations%20nationwide%20through%202024.">offer</a> owners of the Ocean One, a special version of the SUV that was limited to 5,000 cars, a $1,000 ChargePoint credit.ChargePoint is not the first company to accuse Fisker of stiffing them. Last month, an engineering company <a target="_blank" href="https://www.businessinsider.com/fisker-accused-not-paying-engineering-firm-lawsuit-2024-5">sued Fisker</a> seeking $13 million in damages, alleging the company failed to meet the terms of its agreement. At the time, a Fisker spokesperson said the lawsuit was "without merit."The charging credits are just one of many problems Fisker Ocean owners might face in the coming months. Business Insider previously reported that owners were concerned their cars might <a target="_blank" href="https://www.businessinsider.com/fisker-owners-worry-about-vehicles-working-bankruptcy-2024-4">become unusable</a> if Fisker were to go under. The company told BI last week that it has delivered about 7,000 cars to date.Do you work at an EV company or have a tip? Reach out to the reporter via a non-work email and device at gkay@businessinsider.com or 248-894-6012

EV charging company says Fisker 'abandoned its contract' &mdash; so it's yanking promo credits from Fisker customers

<ul class="summary-list"><li>GM is the latest company to get access to Tesla's Superchargers.</li><li>Most major automakers said last year they would adopt Tesla's NCAS.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/chevrolet-ready-to-close-gap-with-tesla-silverado-equinox-2024-5">General Motors</a> is the latest car company to grant its drivers access to Tesla's vast Supercharger network.The company announced Wednesday that GM electric vehicle drivers, including those from brands like Chevrolet and Cadillac, can charge at any of Tesla's 17,800 <a target="_blank" class="" href="https://www.businessinsider.com/tesla-supercharger-map">Supercharger</a> stations using a $225 adapter. This is the latest move by GM to <a target="_blank" class="" href="https://www.businessinsider.com/ev-charging-stations-explained-levels-plugs-tesla-supercharger-2022-12">improve charging access</a> for its EV customers. With the addition of the Supercharger network, GM drivers can now charge at more than 231,800 Level 2 and DC fast chargers across North America, according to the Detroit-based automaker.That number is expected to grow even more in the coming months as GM expands its network of <a target="_blank" class="" href="https://www.businessinsider.com/gm-ev-chargers-look-like-gas-stations-2024-9">public charging stations with EVgo</a>. Earlier in September, the companies announced they are working together on a network of fast-charging hubs that will look and operate like gas stations (minus the gas). These back-to-back charging announcements from GM should signal to customers that the Detroit car company is committed to improving the public charging experience, said GM Energy Vice President Wade Sheffer."It is our intent to be the leader in providing fast, convenient, and safe charging in the public infrastructure," Sheffer told Business Insider.<h2 id="cb4e0e8a-ed18-4c61-a275-f9d027c4619c">Car companies working together is rare — but necessary for EV charging</h2>GM was among the many car companies that partnered with Tesla last year to adopt the North American Charging Standard (NCAS). Crosstown rival <a target="_blank" class="" href="https://www.businessinsider.com/tesla-to-bring-supercharger-network-to-rival-ford-musk-says-2023-5">Ford was the first to join Tesla</a> on NCAS in May 2023, and companies like GM, Rivian, Volvo, and BMW later followed suit.Adoption has been slow, however, as <a target="_blank" class="" href="https://www.businessinsider.com/gm-recruiter-wants-to-hire-interns-impacted-by-tesla-cuts-2024-5">Tesla shrank its Supercharger team</a> earlier this year. GM is only the third company to gain access after Ford and Rivian drivers started using Superchargers earlier this year.Efforts to patch holes in the US charging infrastructure have been haphazard over the past decade, and <a target="_blank" class="" href="https://www.businessinsider.com/ev-charging-range-improving-americans-still-dont-want-electric-cars-2024-9">access to public charging</a> on longer drives has long been a pain point for electric vehicle drivers.The last few years have seen rapid improvements, with the number of charging stations in the US more than doubling since 2020 and $7.5 billion in promised federal funding for 500,000 new EV stations by 2030.In the meantime, though, Sheffer says otherwise aggressive competitors will have to work together to <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-range-ev-charging-station-infrastructure-issues-2024-5">solve the charging problem</a>."Even though there is fierce competition when it comes to our vehicles, we can all align on wanting to provide the best charger experience for our customers collectively," Sheffer told Business Insider.

GM's EV drivers are finally getting access to the Tesla Supercharger network

<ul class="summary-list"><li>Ford's plan to replace <keyword id="20674913" type="General" weightage="20" keywordseo="Electric-SUVs" source="keywords">electric SUVs</keyword> with hybrids will cost the company nearly $2 billion.</li><li>Ford's next <keyword id="23228796" type="General" weightage="20" keywordseo="Electric-pickup-truck" source="keywords">electric pickup truck</keyword> won't start production until 2027.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/ford-pulling-back-electric-vehicle-production-again-2024-4">Ford</a> has changed its electric vehicle strategy again, canceling long-held plans for electric three-row SUVs and delaying production of its next electric pickup truck. In a strategy shift that Ford says will initially cost the company nearly $2 billion, the American automaker is replacing the canceled electric SUVs with <keyword id="20810032" type="General" weightage="20" keywordseo="Hybrid-models" source="keywords">hybrid models</keyword>, its chief financial officer, John Lawler, told reporters on a Wednesday-morning call. After assessing current pricing pressure on EVs, the cost of a battery large enough to power three-row SUVs, and <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cant-impress-new-ev-buyers-thats-a-problem-2024-7">taking into account consumer demand</a>, Lawler said that Ford wouldn't be able to meet its goal of achieving profitability for the previously planned electric SUVs within the first year of launch. "These vehicles need to be profitable," Lawler said. "If they're not profitable based on where the customer is — where the market is — we will pivot and adjust." In addition to the canceled EVs, Ford is pushing back production of its <a target="_blank" class="" href="https://www.businessinsider.com/ford-plans-new-electric-pickup-truck-to-rival-tesla-2023-3">next full-size electric pickup truck</a> to late 2027. Output of that vehicle was previously planned to start next year at Ford's new EV assembly complex in Tennessee. Lawler said the delay would allow Ford to spend more time <a target="_blank" class="" href="https://www.businessinsider.com/ford-asks-suppliers-for-help-cutting-ev-costs-2024-5">reducing battery costs</a>, making the future truck more affordable. Lawler said this new family of hybrid SUVs would include a variety of propulsion options but did not specify whether that would include a plug-in hybrid option or provide details on when these cars would go on sale. <h2>EV growing pains</h2>Ford's revised EV strategy is just the latest in <a target="_blank" class="" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">a series of shifts</a> from car companies this year as they adjust to a more practical and frugal group of EV shoppers. A slew of high-end EVs have hit dealer lots after years of development. At the same time, the wealthy early adopters these cars were designed for are dropping out of the market. That has led to a <a target="_blank" class="" href="https://www.businessinsider.com/when-will-electric-cars-cost-less-get-more-affordable-2024-8">mismatch of supply and demand</a> for EVs that car companies are scrambling to remedy. Ford has leaned heavily on its <a target="_blank" class="" href="https://www.businessinsider.com/ford-hybrid-battle-against-tesla-ev-maverick-pickup-2024-3">hybrid offerings</a> as demand for those vehicles has increased. Hybrids appeal more to today's green car shoppers who are looking for a practical replacement for their gas-powered car, not just an extra car for the driveway. "It's coming back to understanding the customer," Lawler said. "The goal here is to be nimble and to pivot." Correction: August 21, 2024 — An earlier version of this story misstated the date of Ford's call with reporters. It was Wednesday, not Tuesday.

Ford just put its EV plans in reverse

<ul class="summary-list"><li>The best EV deals are on the used lot.</li><li>Bargain hunters can find more used EV options than ever.</li></ul>Electric car shoppers on a budget may want to consider checking out <a target="_blank" class="" href="https://www.businessinsider.com/used-ev-electric-car-buying-battery-range-tax-credit-2023-2">the used lots</a>.An<a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5"> influx in new EV sales</a> in recent years has dramatically increased the number of these cars hitting the used market. In addition to lower prices and more choices, that's given the market some much-needed insights into how the technology in these cars will age — and how their pricing may stand up over longer periods of time. In August, used electric vehicles priced under $30,000 accounted for nearly 60% of the available inventory on used lots, according to data from Recurrent, which tracks used <a target="_blank" class="" href="https://www.businessinsider.com/when-will-electric-cars-cost-less-get-more-affordable-2024-8">EV prices</a>. Two years ago, used EVs at that price only accounted for less than 20% of inventory, Recurrent found.According to the used-car index Manheim, used battery-powered vehicles saw the biggest price decrease of any other powertrain on the used market last month, down 7.2% compared to a total industry decrease of only 3.9%.These cars are also much younger than their gas-powered counterparts, with an average age of three years compared to an overall industry average of four years. They're often cheaper, too. <a target="_blank" class="" href="https://www.businessinsider.com/used-car-shopping-how-to-get-a-good-deal-research-2023-7">Gently used cars</a> have long been an affordable alternative for shoppers who cannot afford a brand-new vehicle, but this option hasn't been afforded to EV shoppers for a long time. But in the early years of the EV transition, battery-powered cars weren't on the road long enough to make their way to used lots, and resale values for those that did could be volatile.That's different today, according to Jessica Caldwell, executive director of insights for Edmunds."EVs are different than the rest of vehicles out there today in that they have such a good used market right now," Caldwell recently told Business Insider. She pointed out that shoppers <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-lease-payments-cheaper-affordability-hack-2024-9">clamoring for a sub-$30,000 EV</a> may just have to adjust to the idea of shopping used over new.<h2 id="42a603c7-d5b8-46d8-bd66-18bb6cca535a">The EV affordability problem</h2><a target="_blank" class="" href="https://www.businessinsider.com/automakers-over-estimated-electric-vehicle-demand-early-adopters-2023-10">Demand for electric cars has cooled</a> after several years of exponential growth as a new group of more practical shoppers enters the market. Unlike the wealthy early adopters who drove early EV sales growth, today's green-car shoppers are much more price-sensitive and less willing to change their daily lives to fit in an electric car.This dramatic change in buyer base happened more quickly than car companies expected, leaving them with a <a target="_blank" class="" href="https://www.businessinsider.com/ev-shoppers-dont-want-detroits-pickup-trucks-they-want-this-2024-3">mismatch between the EVs they're selling</a> and the average customer's needs.Companies and dealers are finding workarounds to make new EVs more affordable, lathering on leasing deals that help shoppers get more unfettered access to the <a target="_blank" class="" href="https://www.businessinsider.com/list-evs-electric-cars-qualify-for-federal-tax-credit-2024-1">$7,500 EV tax credit</a>.There is also a renewed push to bring an affordable EV to market. While Tesla CEO <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> has pulled back from specifically targeting a sub-$30,000 EV, Tesla's Model 3 now starts at $33,990, a price point that has pressured Tesla's rivals to lower their EV prices and helped make electric cars more affordable.For now, though, anything cheaper will be over on the used lot, Caldwell said."If you want a $30,000 EV you can buy it — it's just going to be used," Caldwell said.

Don't overlook a used EV when shopping for a bargain

<ul class="summary-list"><li>Electric cars have hit a major speed bump in Europe.</li><li>According to industry data, EV sales fell 44% in August as demand cooled across the continent.</li></ul>Europe is facing plunging sales of electric vehicles — and the continent's struggles are a warning sign for the US.Registrations fell by nearly 44% in August compared with the same month last year, according to the European Automobile Manufacturers' Association. The slump was driven by a 69% decline in Germany, Europe's biggest car market and economy.The cooling demand has led to questions over whether European automakers can meet the European Union's ambitious climate goals, which require all new cars to be zero-emission by 2035.It's also put pressure on EV companies and their suppliers. One of Europe's key battery manufacturers, Northvolt, announced on Monday <a target="_blank" class="" href="https://www.businessinsider.com/northvolt-european-battery-startup-cutting-jobs-sweden-ev-tesla-2024-9">it will lay off 1,600 employees</a> and scale back its expansion plans to focus on existing customers.<h2 id="03606594-0832-457a-a25e-b3bc29e8114e">EVs hit a speed bump</h2>Europe's EV industry is suffering from a complex mixture of challenges, auto industry analysts told Business Insider.In Germany, home to a massive Tesla gigafactory and a famous automotive tradition, demand has been hit by a government decision to phase out subsidies for EVs in December 2023.William Roberts, automotive research lead at battery consultancy Rho Motion, described the decision to pull the country's EV subsidies with barely a week's notice as a "shock removal" that, coupled with <a target="_blank" class="" href="https://www.businessinsider.com/us-vs-china-economy-europe-global-decoupling-wall-street-markets-2024-">weak economic conditions,</a> has severely dented consumer sentiment in Germany and the rest of the EU.A lack of affordable electric vehicles has not helped the situation. Although EU customers do have access to some EVs that are <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-cars-you-can-buy-in-europe-not-us-2024-9">not available in the US,</a> Roberts said most still fall into the premium category.Dylan Khoo, an analyst at technology intelligence firm ABI Research, told BI: "There are only a handful of models that you could really say are mass market, and even those are quite a bit more expensive than their gasoline counterparts."The lack of affordable models is unlikely to be helped by the EU's proposed tariffs on China-made EVs, which include a <a target="_blank" class="" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_24_4301">17% tariff on BYD vehicles and 9% on Teslas</a> imported from China.Roberts said that's probably not great news for drivers. "If the consumer is just looking for the cheapest possible EV, then at the moment, that would probably be satisfied by an imported Chinese vehicle."<h2 id="f811f30f-e910-4869-9a83-5e59c6307df5">Supply chain struggles</h2>Europe has also faced difficulties in developing its EV supply chain, with many <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-09-11/vw-s-german-factory-closures-highlight-wider-problems-for-europe-s-carmakers">factories left with under capacity</a> and startups such as Northvolt struggling after the demand slowdown hit their ambitious expansion plans."I think for Northvolt there was a sense of over-optimism and over-ambitiousness, when you compare their plans to where some of the manufacturers are," Khoo said.Roberts said Europe has suffered from a patchwork attempt to encourage EV demand and build out its supply chain."The EU is not a federal government like the US — they can't blanket provide huge incentives and subsidies and have every country take them up," he said."So the supply chain is always going to be a bit more fragmented, and that's going to lead to difficulties when you're all trying to move towards one target as a bloc."<h2 id="62b2ae38-d830-442a-bdde-324e3689eed4">A warning for the US</h2>The struggles faced by Europe provide a warning sign to the US, which lags behind its cross-Atlantic neighbor in EV adoption.Electric cars accounted for 25% of new vehicle sales in Europe last year, compared to just 10% in the US, <a target="_blank" class="" href="https://www.iea.org/reports/global-ev-outlook-2024/trends-in-electric-cars">according to IEA data</a>.Like Europe, few affordable EV models are on sale in the US, which experts have suggested has <a target="_blank" class="" href="https://www.businessinsider.com/electrc-vehicle-demand-problem-affordability-expense-price-cost-2023-10">contributed to a slowdown in demand</a> in recent months.Key EV factories and infrastructure have also been delayed as automakers rethink their EV plans and shift focus to hybrids. Ford is halting production of a new electric pickup at a planned factory in Tennessee, and GM is delaying an EV battery plant in Indiana.<a target="_blank" class="" href="https://www.businessinsider.com/what-trump-presidential-victory-could-mean-for-evs-tesla-musk-2024-7">Consumers face concerns over subsidies with the election</a> looming, too.Trump and his running mate, JD Vance, have cast doubt over whether the $7,500 tax credit for purchasing a new EV, introduced by Joe Biden's Inflation Reduction Act, will continue if they win the presidential election in November.The prospect of crucial subsidies being suddenly removed, as in Germany, could have an equally chilling effect on America's EV industry. However, Roberts said while the US will likely face its own pressures down the line, it has a significant supply chain advantage over the EU."There's a lot more funding available," he said. "If that's used correctly to build out the supply chain, then that can have a much more positive impact than in Europe, where the funding for the supply chain has been a lot more reliant on just the private sector."Still, "I'd argue the US is still in an early adopter phase when it comes to EVs. You'd be silly to not take these warning signs from anyone further ahead of you in the curve," he added.

EV sales in Europe hit a speed bump — and the US should be worried too

<ul class="summary-list"><li>Hurricane Helene caused at least 6 EV fires in Florida, according to state officials.</li><li>Saltwater can corrode lithium-ion batteries, leading to short-circuits and fires.</li></ul>Soon after Hurricane Helene barreled into northwestern Florida, local government officials <a target="_blank" href="https://www.facebook.com/watch/?v=1886706438505288&amp;ref=sharing">shared footage</a> of an electric vehicle catching fire in a flooded garage.The video, posted by Pinellas County officials on social media, came with a warning for EV owners about the risks posed by salt water, which can corrode lithium-ion batteries and cause them to short-circuit and overheat. Don't "charge, drive, or store your EV or E-bike in your home or garage,"the post said. It recommended they "move the EV or E-bike 50 feet away from any other combustible material" and "have the vehicle towed to a dealership for inspection."Florida officials said on Tuesday that they had <a target="_blank" href="https://myfloridacfo.com/news/pressreleases/press-release-details/2024/10/02/fire-safety-alert-cfo---state-fire-marshal-jimmy-patronis--lithium-ion-batteries-are-ticking-time-bombs-in-wake-of-hurricane-helene">since confirmed 16 lithium-ion-battery fires</a> related to Hurricane Helene's storm surge, six of which were in EVs. Electric golf carts, e-bikes, and other battery-powered devices are also a hazard. The fires led Florida's chief financial officer and fire marshal, Jimmy Patronis, to call on automakers to be more proactive about notifying customers about moving their EVs to higher ground ahead of a storm (as <a target="_blank" href="https://www.businessinsider.com/hurricane-helene-electric-vehicles-evs-owners-fire-risk-safety-tips-2024-10">Gov. Ron DeSantis</a> did before Helene arrived) and about what to do if an EV is flooded."It's not too late for these manufacturers to send out notifications and fire safety information directly to their consumers," Patronis said in a statement, adding that his office was coordinating with emergency responders to make residents aware of the risks.The warnings come at a critical time for the EV industry. Consumer demand for EVs has been slower than expected this year, and Republicans including <a target="_blank" href="https://www.businessinsider.com/jd-vance-elon-musk-tesla-electric-vehicle-tax-credit-oil-2024-7">JD Vance have attacked the industry</a> in the run-up to the presidential election in November. J.D. Power has forecast that EVs will account for 9% of the market this year — a figure the group <a target="_blank" href="https://www.jdpower.com/business/resources/jd-power-revises-ev-retail-share-forecast">revised down from 12% because of slower adoption</a>. Surveys have suggested that <a target="_blank" href="https://www.businessinsider.com/ev-charging-range-improving-americans-still-dont-want-electric-cars-2024-9">Americans are a lot more concerned about finding chargers</a> than safety, but viral videos of EV fires could fuel skepticism.Brent Gruber, the executive director of J.D. Power's electric-vehicle practice, told Business Insider that because of the recent fires, his team planned to begin tracking consumers' concern about EV fires.Some data from the Transportation Department and Tesla suggests EVs catch fire less often than hybrid or gas-powered cars on the road or in crashes. Saltwater storm surges during Hurricanes Ida, Ian, and now Helene pose a risk to lithium-ion batteries, but it's not clear how often EV fires occur during extreme weather events.A spokesperson for the National Highway Traffic Safety Administration said its data on vehicle fires was limited to fires after fatal crashes. The agency said that since Hurricane Ian struck Florida in 2022, it has monitored reports of EV fires during coastal storms in the southeastern and northeastern US and in California. It said reports of EV fires resulting from saltwater flooding came only from Florida."More research is underway to better understand the interaction of high-voltage battery systems and saltwater immersion," the spokesperson said. They added that the agency had proposed updating some safety requirements for EV batteries to reduce the risk of these fires.Albert Gore, the executive director of the Zero Emission Transportation Association, which represents EV makers like Tesla and Rivian, told Business Insider that manufacturers had done a lot of outreach over the past decade to local fire departments about EV-battery safety. He emphasized that the fires seemed to be limited to coastal regions where saltwater storm surge is a risk and argued that EVs in general are much less likely to catch fire than gas-powered vehicles."The most important piece of information to communicate is if you live in an area where there's a risk of hurricanes and storm surge, it's really important to move that vehicle to higher ground," Gore said.Several fire departments along Florida's coastline told Business Insider that they'd been <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-fires-what-to-know-2023-11">educating their emergency responders</a> and the public about how to prevent and put out EV fires since Hurricane Ian in 2022.Kelsey Grentzer, a spokesperson for the government in Pinellas County, which covers St. Petersburg and Clearwater, said that so far during Hurricane Helene, emergency responders in the county had been called out to at least 93 vehicle fires. Grentzer said they were still analyzing the breakdown of how many were gas cars versus EVs.Heather Mazurkiewicz, a spokesperson for the North Collier Fire Control and Rescue District, which covers Naples, didn't have an exact figure for Helene but said the district had been taking the problem seriously."There's no predictability as to how or when a fire will start from the battery compartment. They're extremely volatile," Mazurkiewicz said.Even after an EV battery fire appears to be extinguished, lingering stored energy can cause what's known as a "thermal runaway," a cycle of overheating and over-pressurizing. Putting out the battery fire can require more than 10,0000 gallons of water, Mazurkiewicz added.The volatility was on display in the Pinellas County officials' viral video. The EV owners <a target="_blank" href="https://www.fox13news.com/news/electric-vehicle-catches-fire-garage-destroys-home-during-hurricane-helene">told a local Fox affiliate</a> that they narrowly escaped their home in Siesta Key as it became engulfed in flames and that they didn't know that a small amount of flooding could ignite the EV.

Viral videos of EVs catching fire after Hurricane Helene raise safety concerns in Florida

<ul class="summary-list"><li>GM's new EV charging hubs look exactly like gas stations.</li><li>The joint venture with EVgo will produce 400 new charging stalls nationwide.</li></ul>GM Energy and EVgo are deploying a new network of fast-charging hubs designed to fit in on the <a target="_blank" class="" href="https://www.businessinsider.com/ev-charging-needs-to-improve-amenities-offerings-stores-2024-6">classic American road trip</a>.Several large hubs of roughly 20 fast chargers each are being installed in major metropolitan areas in Arizona, California, Florida, Georgia, Michigan, New York, and Texas, for a total of 400 new charging stalls.These pull-through stalls will be protected by a lit canopy and built near retail locations and convenience stores with bathrooms and <a target="_blank" class="" href="https://www.businessinsider.com/ev-electric-car-charging-station-need-better-amenities-bathrooms-food-2023-8">other amenities</a>, according to GM Energy Vice President Wade Sheffer.If all of that sounds familiar, that's the idea. You might not even clock one of these<a target="_blank" class="" href="https://www.businessinsider.com/gm-rivals-tesla-enabling-americans-energy-storage-evs-power-home-2022-10"> GM Energy</a>-EVgo hubs from the road as anything other than another gas station."If you're going on a longer trip — maybe you're out doing some shopping or thighs of that nature — we're offering ease, comfort, and reduction of that anxiety," Sheffer said in an interview with Business Insider. "You see it, you know it, you understand it."The first GM-EVgo flagship charging station is expected to open in 2025, the companies said in their Thursday announcement. This new project builds on the existing relationship between GM and the charging company, which has already resulted in more than <a target="_blank" class="" href="https://www.evgo.com/press-release/evgo-and-general-motors-open-1-000th-dc-fast-charging-stall-as-part-of-metropolitan-charging-collaboration/">1,000 fast-charging stalls</a> nationwide.<h2 id="4b153d4a-4628-4f70-8054-e3b604684075">Solving the charging problem</h2>Charging outside the home has long been a pain point for EV drivers. There simply aren't enough places to plug in when you're far from home, which can lead to the <a target="_blank" class="" href="https://www.businessinsider.com/ev-charging-range-improving-americans-still-dont-want-electric-cars-2024-9">dreaded range anxiety</a>.Efforts to patch holes in US charging infrastructure have resulted in a proliferation of plugs in the last several years. Since 2020, the number of charging stations in the US has more than doubled, and the Biden Administration has set aside $7.5 billion to fund 500,000 new EV charging stations by 2030.But the very existence of a plug only solves about half of the problem.Stalls are often tucked away in inconvenient places, many are not well-maintained, and the speed of charging fluctuates based on external factors like weather and battery technology.In fact, the charging experience has become so bad that some EV drivers are even considering <a target="_blank" class="" href="https://www.businessinsider.com/ev-charging-is-so-bad-its-driving-owners-back-to-gas-2024-6">returning to gas-powered cars</a>.Early adopters in the EV segment were more willing to endure the charging challenges, but a new crop of more <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">practical electric car shoppers</a> will be less patient. These drivers are looking for a charging experience that more closely mirrors a stop at the gas station.The idea is to give EV drivers a safe and easy "charging in the wild" experience, Sheffer said."We're taking every opportunity to provide to our customers the most convenient, the safest and most simplistic way to all-in on the EV lifestyle," Sheffer said.

GM's new EV charging hubs look exactly like gas stations 

<ul class="summary-list"><li>Rivian CEO RJ Scaringe spoke on the competitive dynamics among EV brands at the Atlantic Festival.</li><li>He said there's an "extreme lack of choice" in the EV market, especially for vehicles under $50,000.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/rivian-ceo-intentional-effort-to-not-copy-tesla-strategy-2024-9">Rivian CEO RJ Scaringe</a> thinks people are missing the mark on the competitive dynamics between EV brands.Scaringe discussed what he believes a thriving EV industry should look like and the lack of viable options for consumers at the Atlantic Festival in Washington, DC, on Friday.The CEO lamented headlines that try to<a target="_blank" class="" href="https://www.businessinsider.com/tesla-loses-market-share-but-elon-musk-still-wins-2024-7"> crown a single brand or manufacturer as a winner</a>. That's not what he believes a successful EV industry needs."This is such as big space. We as a planet consume 90 million new cars a year," Scaringe said. "This, by definition, needs many successful companies building many different flavors of what a car might be.""They give customers lots of choices that make customers run toward these new options," he added.<div type="image" title="RJ Scaringe" height="1667" width="2500" msid="113551830" hostid="261" sizebytes="107954"></div>Rivian is often compared to and framed as an up-and-coming competitor gunning for the segment leader, Tesla. But the <a target="_blank" class="" href="https://www.businessinsider.com/rivian-r2-suv-release-price-range-specs-photos-2024-3">Rivian</a> boss posited that instead of fighting to be king of the hill, the way forward is to draw consumers in with a variety of compelling products. He believes <a target="_blank" class="" href="https://www.businessinsider.com/rivian-ceo-rj-scaringe-explains-slowdown-ev-growth-tesla-variety-2024-7">the "extreme lack of choice"</a> for consumers at competitive prices, especially compared to internal combustion models, has contributed to slower-than-expected EV sales growth this year.The lack of strong options is particularly bad for those looking to spend less than $50,000, with Tesla being the only compelling choice, according to Scaringe."There's not a lot of other great options, and it's precisely why I think it's so important that Rivian exists," he said. "Our next product, the R2, we hope will help solve this, but we need lots of others to come into this space."Tesla's current lineup includes two vehicles that start under $50,000; the compact <a target="_blank" class="" href="https://www.businessinsider.com/2024-tesla-model-3-improved-features-model-y-better-option-2024-4">Model 3 sedan </a>at $39,000 and the <a target="_blank" class="" href="https://www.businessinsider.com/tesla-model-y">Model Y SUV</a> at $45,000.<div type="image" title="The Rivian R2 SUV" height="2001" width="3000" msid="113551826" hostid="261" sizebytes="460666"></div>Rivian launched its first consumer EVs in 2021 with the full-size R1T pickup and R1S SUV. Although highly capable, the duo is spendy. The <a target="_blank" class="" href="https://www.businessinsider.com/rivian-ugrades-r1-truck-suv-ev-more-power-range-speed-2024-6">second-generation R1s, which were introduced this Summer</a>, carry starting prices that range from $70,000 to more than $110,000.The<a target="_blank" class="" href="https://www.businessinsider.com/rivian-r2-suv-release-price-range-specs-photos-2024-3"> R2 SUV</a> aims to deliver the R1's performance in a smaller, more affordable package. Its set to go on sale in 2026 and have a starting price of $45,000.The company also unveiled an even more affordable model called the R3, but the timing and pricing for that vehicle have not yet been confirmed.

Rivian's CEO explains why there won't be just one winner in the EV market 

<ul class="summary-list"><li>General Motors is investing $625 million in the electric vehicle supply chain.</li><li>The funds will help Lithium Americas Corp develop and operate a major lithium mine in Nevada.</li></ul>Detroit-based automaker General Motors is pumping money into the domestic supply chain for electric vehicle batteries.Canadian mining company Lithium Americas Corp announced in a <a target="_blank" class="" href="https://www.businesswire.com/news/home/20241016466651/en/">press release</a> on Wednesday that GM investing a total of $625 million to fund the mining of lithium carbonate, a critical component of EV batteries. The cash-and-credit joint venture will fund the development, construction, and operation of the Thacker Pass lithium mine in Humboldt County, Nevada, in which GM will acquire a 38% asset-level ownership stake, the press release states.The automaker's investment in Thacker Pass, the<a target="_blank" class="" href="https://lithiumamericas.com/news/news-details/2024/Lithium-Americas-Provides-a-Thacker-Pass-Construction-Plan-Update/default.aspx"> largest known lithium resource in North America</a>, will also help Lithium Americas unlock a $2.3 billion conditional loan from the US Department of Energy, which was first announced earlier this year, the mining company said.GM will give $430 million in cash to help fund the building of Phase 1 of the mine, as well as a $195 million letter of credit facility to be used as collateral for the DOE loan, according to the press release."Our relationship with GM has been significantly strengthened with this joint venture as we continue to pursue a mutual goal to develop a robust domestic lithium supply chain by advancing the development of Thacker Pass," Jonathan Evans, President and CEO of Lithium Americas, said in the company's press release."Today's joint venture announcement is a win-win for GM and Lithium Americas," Evans continued.Jeff Morrison, GM's senior vice president of global purchasing and supply chain, said in Wednesday's press release that investing directly in the raw materials needed for EVs will help the company develop a resilient supply chain and "manage battery cell costs, deliver value to our customers and investors, and create jobs."GM's investment in the EV supply chain comes after the automaker announced this summer that it <a target="_blank" class="" href="https://markets.businessinsider.com/news/etf/auto-industry-pulls-back-on-evs-as-consumers-hesitate-over-high-price-inconvenience-1033570316#:~:text=On%20Wednesday%2C%20General%20Motors%20Co,from%20200%2C000%20to%20250%2C000%20vehicles.&amp;text=Even%20Tesla%2C%20Inc.,investment%20in%20battery%2Dpowered%20vehicles.">would be scaling back its 2024 EV production goal</a> by 50,000 units, as consumer demand for the battery-powered vehicles has waned and sales have slowed down.Even so, the investment by GM will help the automaker secure a steady domestic supply of battery metals.Despite the auto industry's recent pullback on EV production, lithium mining company Rio Tinto agreed last week to take over Arcadium Lithium for $6.7 billion, under the expectation that lithium demand will increase in the coming decade, <a target="_blank" class="" href="https://www.wsj.com/business/rio-tinto-to-acquire-arcadium-lithium-for-6-7-billion-2bce3360?mod=article_inline">The Wall Street Journal reported</a>.

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