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As the world celebrates World EV Day, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s significant progress in adopting <keyword id="19895203" type="General" weightage="100" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> (EVs) across various categories is commendable, however, there is still a long way to go. The government of India's <keyword id="23096041" type="General" weightage="20" keywordseo="Vaahan-Dashboard" source="keywords" meta.keywordsubtype="org" meta.entityname="Vaahan Dashboard" meta.hostid="153" meta.entityid="Vaahan Dashboard">Vaahan Dashboard</keyword> data shows an increasing trend to shift towards green mobility solutions. The most notable trend in EV penetration has been witnessed in the three-wheeler category, where EVs have surged ahead in overall sales. According to the data, 53.61% of all new three-wheeler vehicles purchased this year (2024) were electric, making this segment the leader in <keyword id="20421629" type="General" weightage="20" keywordseo="EV-adoption" source="keywords">EV adoption</keyword>. The two-wheeler segment has also shown encouraging signs of EV adoption, with electric vehicles accounting for 4.97% of all two-wheeler sales so far in 2024. While the percentage is lower compared to <keyword id="20412606" type="General" weightage="20" keywordseo="three-wheelers" source="keywords">three-wheelers</keyword>, the two-wheeler category holds significant potential for growth, given its dominance in India's overall vehicle sales market. As more consumers seek cost-effective and <keyword id="20991927" type="General" weightage="20" keywordseo="environmentally-friendly" source="keywords">environmentally friendly</keyword> alternatives, the penetration of EVs in this segment is expected to grow further in the coming years. However, in the four-wheeler segment, the adoption of EVs remains relatively low, with electric cars making up just 2.14% of total car sales this year. Despite this, the increasing availability of EV models and government incentives are expected to drive further growth in this segment. Interestingly, the penetration of electric buses is higher than that of electric cars, with 3.20% of all new buses sold in 2024 being electric. This trend highlights the growing importance of sustainable public transport solutions as cities aim to reduce emissions and promote cleaner alternatives in mass transit. "Electric vehicles offer a very compelling solutions because they do not emit any tailpipe emissions so that improves their air quality that reduces their air pollution. It also reduces the carbon emission so it helps India to meet with its climate goals and generally, electric vehicles have lower operating cost as compared to the IC engine vehicles," said Samhita Shiledar, Director RMI to ANI. On a state-wise level, the Vaahan dashboard data highlighted that Goa leads the country in EV penetration, with 14.20% of all new vehicles sold this year being electric. Tripura ranks second, followed by Chandigarh in third place. Delhi also stands out with a 10.72% penetration of EVs in total vehicle sales, showcasing the capital's push towards sustainable urban mobility. On the other hand, Himachal Pradesh reported the lowest EV penetration, with only 1.09% of new vehicles sold being electric. In terms of total number of EV sales across all segments in India, the two-wheeler category dominates the electric vehicle market in India, accounting for approximately 51% of total EV sales this year. As World EV Day highlights the global commitment to cleaner mobility solutions, India's data reflects a promising shift but a long way to go towards electrification across various vehicle segments.

World EV Day: 50%+ three-wheelers, 5% of 2-wheelers, and 2% of cars purchased in 2024 are EVs.

New Delhi: The adoption of <keyword id="20643295" type="General" weightage="100" keywordseo="Electric-two-wheeler" source="keywords">electric two-wheeler</keyword> vehicles in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is on a gradual rise and it is expected that their share will rise to upwards of 13 per cent by 2026-27, investment banking company <keyword id="19905137" type="General" weightage="20" keywordseo="Jefferies" source="keywords" meta.keywordsubtype="org" meta.entityname="Jefferies" meta.hostid="261" meta.entityid="Jefferies">Jefferies</keyword> asserted in a report. In the financial year that ended in March 2024, the share of electric two-wheelers was at 5 per cent. Share of EVs in two-wheeler sales rose from just 0.4 per cent in 2020-21 to 5.4 per cent by early 2023, led by rising subsidies and new launches. However, Jefferies claimed that a subsequent reduction in incentives has resulted in the share remaining in the 4-7 per cent range for most of the past 24 months, despite the introduction of lower-priced vehicles by manufacturers. "We currently assume share of E2Ws rising from 5 per cent (0.9mn units) in FY24 to 7 per cent/10 per cent/13 per cent (1.4mn/2.3mn/3.4mn units) in FY25E/FY26E/FY27E, although we now see a downside risk to these estimates in the context of the new scheme targeting just 2.5mn E2Ws over two years," Jefferies said in its report released earlier this week. <keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword>, which has recently become a publicly listed company, has emerged as the dominant manufacturer in India's electric two-wheelers market, said Jefferies, noting that its market share rose from 21 per cent in 2022-23 to 35 per cent in 2023-24 and further to 49 per cent in 1Q-2024-25. However, as per the Jefferies report, Ola's market share has subsequently fallen to 31 per cent in August and just 29 per cent in September (month-to-date). Bajaj, TVS and Ather, on the other hand, have gained 5-9 percentage points each since June quarter, it said. This week, the Union Cabinet has approved a scheme for the promotion of electric mobility in the country. The scheme has an outlay of Rs 10,900 crore over two years. The Cabinet's approval for the 'PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme' was based on a proposal from the Ministry of Heavy Industries (MHI). Among others, subsidies or demand incentives worth Rs 3,679 crore would be provided to incentivise e-2Ws, e-3Ws, e-ambulances, e-trucks and other emerging EVs. The scheme will support 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses, a release said. The Ministry of Heavy Industries is also introducing e-vouchers for EV buyers to avail of demand incentives under the scheme.

Electric two-wheeler adoption in India rising, 13% share expected by 2026-27: Jefferies

<ul class="summary-list"><li><keyword id="19969321" type="General" weightage="100" keywordseo="EV-charging" source="keywords">EV charging</keyword> is so bad it's driving people back to <keyword id="19951339" type="General" weightage="20" keywordseo="fossil-fuels" source="keywords">fossil fuels</keyword>.</li><li>Lack of <keyword id="20111395" type="General" weightage="20" keywordseo="charging-infrastructure" source="keywords">charging infrastructure</keyword> is already a barrier for many would-be EV buyers.</li></ul>Difficulty charging and other issues are leading some EV buyers to consider switching back to fossil fuels — the latest bad sign for the <a href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5" target="_blank">EV transition</a>. A recent consumer study conducted by <a href="https://executivedigest.sapo.pt/wp-content/uploads/2024/06/Mobility-Consumer-Pulse-2024_Overview.pdf" target="_blank">McKinsey</a> found that 46% of US EV owners surveyed said they were likely to switch back to a gas-powered vehicle, compared to a global average of 29% of EV owners who said they would likely switch back to an internal-combustion engine. Respondents in 9 major countries said the top reason for potentially ditching their EVs was<a href="https://www.businessinsider.com/electric-car-ev-road-trip-toyota-bz4x-genesis-gv60-charging-2023-8" target="_blank"> a lack of charging infrastructure</a>, something the US has historically <a href="https://www.iea.org/reports/global-ev-outlook-2024/outlook-for-electric-vehicle-charging-infrastructure" target="_blank">lagged</a> behind other nations in building. Other charging issues high on the list included a lack of charging at home and the impact of long-distance driving. <keyword id="21396729" type="General" weightage="20" keywordseo="range-anxiety" source="keywords">Range anxiety</keyword> and access to charging infrastructure have long been considered <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-charging-availability-cost-automakers-tesla-supercharger-advantage-2023-2">one of the top barriers to electric vehicle adoption</a>, but the revelation that these same issues may drive current <keyword id="22369439" type="General" weightage="20" keywordseo="battery-powered-car-owners" source="keywords">battery-powered car owners</keyword> back into <keyword id="20635927" type="General" weightage="20" keywordseo="gas-powered-cars" source="keywords">gas-powered cars</keyword> is a new blow for the already rocky <keyword id="20729481" type="General" weightage="20" keywordseo="EV-transition" source="keywords">EV transition</keyword>. Despite the challenges facing the segment, EVs accounted for a record 7.6% of all cars sold in the US in 2023 while the number of charging stations hit 61,000. While the rate of growth has slowed, industry experts and executives have said they expect some EV share to grow to 8% in 2024 as new models continue to hit the market, helping to keep their <a href="https://www.businessinsider.com/ev-electric-car-deals-leases-kia-hyundai-tesla-ford-2024-6" target="_blank">average price falling.</a> While there are plenty of shoppers interested in an electric vehicle, the options on sale today are often too big, too expensive, or not practical enough to replace a gas-powered car. Car companies are already <a target="_blank" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">scrambling to adjust</a> to a sudden change in the electric vehicle market in order to draw more new customers. The slowdown in electric vehicle sales growth has rocked everyone from Ford to <a target="_blank" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">Tesla</a>, denting sales and forcing executives to rethink their long-term plans for electric vehicles. While the industry has made great strides in electric vehicle range and battery charging times, <a target="_blank" href="https://www.businessinsider.com/ev-charging-needs-to-improve-amenities-offerings-stores-2024-6">huge holes in the infrastructure</a> make certain areas nearly impossible to navigate without a gas-powered engine. McKinsey's study found this issue to be particularly acute in the US, which had the second-highest rate of respondents say they're considering ditching their EV. (In first place was Australia, with 49% of respondents saying they are likely to switch back.) America's high placement shouldn't come as too much of a surprise. <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-range-ev-charging-station-infrastructure-issues-2024-5">Charging infrastructure here has long been a hot-potato issue</a>, which has held back efforts to build more chargers. While a push from the automotive industry to fund charging infrastructure has led to a boom in public charging stations in the last two years, these have largely been money-losing ventures. On the government side, the Biden Administration has set aside $7.5 billion for charging infrastructure with a vow to add 500,000 EV charging stations by 2030. But that effort in reality has played out slowly so far, with only a handful of stations going live since the funding was approved two years ago. Addressing charging infrastructure is already high on the industry's list of priorities when it comes to removing barriers to adoption, but the fact that it might also drive existing EV owners away only amplifies the issue. Correction: July 9, 2024 — An earlier version of this story misidentified where respondents who said they were considering switching back to gas-powered cars because of charging issues were located. They were in 9 countries, not only the US.

EV charging is so bleak that some owners are considering going back to gas-powered cars, survey finds

<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>US lithium production is set to spike with new projects advancing in Nevada and California.</li><li>The expansion aims to reduce reliance on China for critical minerals and electric-vehicle batteries.</li></ul>The US is on the cusp of a lithium boom after years of laying the groundwork for an electric-vehicle supply chain that doesn't rely on China.Within the past month, the Biden administration has approved the Rhyolite Ridge lithium-boron mine in Nevada and loaned $2.6 billion to the company developing Thacker Pass, another lithium mine in the state. A project in California's Salton Sea started construction earlier this year. The three sites, expected to come online between 2026 and 2028, would massively increase the US's lithium supply. Since the 1960s, only one site, Silver Peak, in Nevada, has operated in the country.The expansion is aimed at curbing China's control over the metals used in EV batteries and other renewable-energy technologies that countries need to decarbonize their economies. While most of the world's lithium is produced in Australia and South America, some two-thirds of it is processed in China, which also dominates EV-battery manufacturing. The US imports about 25% of its lithium supply from Chile and Argentina, but an analysis of federal data by the Atlantic Council found that it relied on China for about 70% of its lithium-ion batteries in 2023."If we're electrifying the transportation industry, you don't want to rely on any one country," Bernard Rowe, a managing director of Ioneer, which is developing Rhyolite Ridge, told Business Insider. "There was a recognition that there had to be domestic production."<div type="image" title="A customs officer holds powdery white lithium carbonate during an inspection at Shanghai İnternational Port on June 6, 2022." height="683" width="1024" msid="114817441" hostid="261" sizebytes="27062"></div>The Biden administration is encouraging US mining and manufacturing through a mix of loans, grants, tax breaks, and research and development programs — a lot of which was authorized under the Inflation Reduction Act. The incentives cover activities including extracting critical minerals like lithium; manufacturing solar, wind, and battery parts; buying EVs; and recycling components.Rowe argued that while the US alone can't meet the skyrocketing demand for lithium due to rising sales of EVs and battery storage, some of the supply has to be sourced domestically for national security reasons.Karl Friedhoff, a fellow for Asia studies at the Chicago Council on Global Affairs, agreed. He said there's no world in which the US and its partners can quickly compete with China on critical minerals; China already has so much capacity that it sets global prices."The question then is, can the US and other partner countries create a supply chain that meets their basic requirements," Friedhoff, who's part of a project exploring how the US, Japan, Australia, and India can cooperate to shift supply chains away from China. "Can we supply our own batteries? Can we build our own battery technologies? Do we have enough rare-earth elements for defense?"Based on estimates from Ioneer and other lithium project developers, the US could produce more than enough supply for the 1.4 million EVs sold in the country last year, which accounted for 7% of the auto market.The Biden administration wants EVs to account for at least 50% of car sales by 2030, and states like California and Texas are quickly deploying more battery storage to help balance stressed power grids. In September, the White House said US lithium production was on track to meet one-fifth of global demand outside of China this decade.<h2 id="c11b28df-2899-481e-8b55-b52898315793">Some environmentalists, Native tribes are alarmed</h2>The lithium projects haven't been without controversy, however. The Center for Biological Diversity <a target="_blank" href="https://biologicaldiversity.org/w/news/press-releases/blm-grants-final-approval-to-nevada-lithium-mine-threatening-biodiversity-cultural-landscapes-2024-10-24/?_gl=1*jmu4dt*_gcl_au*MTc3Mjg1OTA3Ni4xNzI5ODYzNzkz">has threatened to sue the Biden administration</a> over its permit for Rhyolite Ridge, arguing that the project could drive an endangered wildflower to extinction. The Western Shoshone Defense Project, which works to protect the Western Shoshone peoples' native homelands, says the mine threatens local water sources and culturally important sites.<div type="image" title="A Tiehm's buckwheat plant in Esmeralda County, Nevada, grows beside where the Rhyolite Ridge lithium-boron mine is planned." height="682" width="1024" msid="114817435" hostid="261" sizebytes="82450"></div>Thacker Pass faced similar opposition, but a federal judge last year dismissed a lawsuit from three Native tribes who argued that the mine's construction near a sacred site along Nevada's border with Oregon violated the law, <a target="_blank" href="https://apnews.com/article/lithium-mine-tribes-climate-energy-lawsuit-nevada-7a65eee7d78d93a1e44e3f8e10445143">the AP reported</a>.Rowe said Ioneer redesigned the Rhyolite Ridge mine to limit its footprint in the critical habitat of the endangered wildflower, Tiehm's buckwheat. He said Ioneer would also monitor the pollinator population and adopt dust-control strategies. The Biden administration, in issuing the permit for the mine, said it would not jeopardize the flower's survival.Some companies are working on <a target="_blank" href="https://www.businessinsider.com/lithium-mining-electric-vehicles-climate-crisis-2023-5">direct lithium extraction techniques</a> that don't involve open-pit mining or large evaporation ponds and therefore could require less land and water and produce less toxic chemical waste. Controlled Thermal Resources is developing such a project in the Salton Sea, where lithium-rich brine is already being used to power geothermal plants.Tapping the US's newly discovered lithium resources likely hinges on the new extraction techniques, which currently cost more than traditional methods and still haven't been used commercially. The US Geological Survey this month estimated that there's enough lithium underneath southwestern Arkansas to meet the projected global demand for car batteries in 2030 nine times over.Actually extracting that lithium, including from brines left over from oil and gas production in the region, depends on whether the direct extraction techniques are viable, USGS researchers said.

The US is on the cusp of a lithium boom to loosen China's grip on EVs

<ul class="summary-list"><li>The IEA downgraded its global oil-demand forecast to 1.2 million barrels a day through the rest of the year. </li><li>The group cited weak OECD deliveries, the end of the post-COVID rebound, and the adoption of EVs. </li></ul>Iran's strikes on Israel over the weekend sparked a fresh wave of fears over oil supply disruptions, but the International Energy Agency foresees a global slump in oil demand amid a host of factors set to weigh on the market through the rest of 2024. The group slashed its forecast by about 100,000 barrels per day to 1.2 million barrels, attributing it to "exceptionally weak OECD deliveries," "the completion of the post-Covid rebound," and an expanding fleet of electric vehicles, according to a <a href="https://www.iea.org/reports/oil-market-report-april-2024" target="_blank" rel="noopener">report released on Friday.</a>With the COVID-19 recovery having run its course, the IEA projects a further slowdown in oil demand expansion to 1.1 million barrels a day in 2025, with most non-OPEC countries driving supply growth thanks to output curbs among OPEC members, while OECD states see their oil consumption decline by 60,000 barrels a day in both 2024 and 2025.The agency's reduced forecast for demand arrives amid simmering tensions in the Middle East between Israel and Iran, which have stirred up concerns of potential <a href="https://markets.businessinsider.com/news/commodities/oil-price-today-israel-iran-attack-middle-east-wti-brent-2024-4">supply snags</a> and a further surge in oil prices. Toril Bosoni, head of the oil industry and markets division at the IEA, said on <a href="https://www.cnbc.com/video/2024/04/12/iea-surge-of-ev-sales-in-china-and-europe-is-curbing-gasoline-demand.html" target="_blank" rel="noopener">CNBC's "Street Signs Europe"</a> that the surging sales of electric vehicles, particularly in China, Europe, and the United States, are putting a dent in global oil demand."There has been a lot of talk about sales not increasing as much as maybe was expected, but EV sales and increased fuel efficiencies in the car fleet is lowering gasoline demand, at least in advanced economies and particularly in China," she said. Meanwhile, following Iran's attacks against Israel over the weekend, Wall Street veteran Ed Yardeni <a href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-brent-wti-crude-iran-israel-geopolitics-yardeni-2024-4">predicted an 11% spike</a> in Brent crude prices to $100 a barrel, evoking memories of the 1970s energy crises and the ensuing economic turmoil.The IEA's Bosoni said there are numerous pain points she's keeping tabs on in today's oil market, which could potentially lead to "significant outages.""The continued tanker attacks in the Red Sea is of key concern, but also escalating tensions between Iran and Israel, and then we're seeing tensions between Russia and Ukraine continue, with attacks on Russian refineries," she said. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil fell 0.74% to $85.03 per barrel as of Monday 1:30 pm, while <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent</a> was down 0.74% to $89.78 a barrel.

IEA slashes oil demand outlook amid the end of the post-pandemic rebound and expanding EV adoption

The <keyword id="166267" type="General" weightage="50" keywordseo="volkswagen-group" source="Orion">Volkswagen Group</keyword> has announced that the company will adopt Elon Musk-run <keyword id="107096" type="General" weightage="100" keywordseo="tesla" source="Orion">Tesla</keyword>'s North American Charging Standard (NACS). The German automobile giant said late Tuesday that future vehicles in its portfolio of brands, including Audi, Porsche and the group's Scout Motors -- will get the NACS charge port built-in starting in 2025 in the US, reports Morningstar. According to <keyword id="6361865" type="General" weightage="50" keywordseo="volkswagen" source="Orion">Volkswagen</keyword>, the agreement with Tesla would provide customers with access to more than 15,000 Tesla rapid-charging stations in North America, known as the <keyword id="2634309" type="General" weightage="50" keywordseo="supercharger" source="Orion">Supercharger</keyword> network. It also mentioned more than 3,800 fast-charging outlets are already available to customers through Electrify America and Electrify Canada, a joint venture of Volkswagen and Siemens. Moreover, the report noted that the companies are exploring adaptors for existing owners as well. In May 2023, Ford announced that its EV owners would soon have access to approximately 12,000 Tesla chargers, initially via an adapter. Beginning in 2025, Ford's next generation of EVs will be integrated with Tesla's charging port known as the North American Charging Standard. Since then, major automakers, including GM, Rivian, Honda, Mercedes, Hyundai, Kia, <keyword id="6374528" type="General" weightage="50" keywordseo="toyota" source="Orion">Toyota</keyword>, and, most recently, Subaru have announced plans to use Tesla's charging standard. Lucid, a lesser premium EV manufacturer, stated in November that it would use the Tesla's charging standard. In February, the US administration revealed new initiatives to install 5,00,000 electric vehicle chargers on US roads by 2030 under its $7.5 billion plan, and as part of it, Tesla has committed to opening up 7,500 of its charging stations to non-Tesla vehicles by the end of 2024. SEE ALSO:<a href="https://www.businessinsider.in/sports/news/most-expensive-players-in-ipl-till-ipl-2024/slidelist/106147649.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/news/most-expensive-players-in-ipl-till-ipl-2024/slidelist/106147649.cms" target="_blank">Mitchell Starc to Yuvraj Singh, the most expensive players in IPL history</a><a href="https://www.businessinsider.in/tech/apps/news/list-of-features-introduced-by-whatsapp-in-2023/articleshow/106141000.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/list-of-features-introduced-by-whatsapp-in-2023/articleshow/106141000.cms" target="_blank">Multi-device support to chat lock – key features introduced by WhatsApp in 2023</a><a href="https://www.businessinsider.in/stock-market/webstories/new-ipos-in-the-market-at-year-end-2023-eight-companies-look-to-raise-4228-crore/slidelist/106125241.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/new-ipos-in-the-market-at-year-end-2023-eight-companies-look-to-raise-4228-crore/slidelist/106125241.cms" target="_blank">IPOs galore – Eight companies look to raise ₹4,228 crore as Nifty hits all-time high</a>

Volkswagen Group to adopt Tesla's EV charging standard

<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>VW-back Scout revealed its electric pickup truck and SUV in Nashville this week.</li><li>The vehicles will come in fully electric and plug-in hybrid varieties.</li></ul>Volkswagen's Scout brand is back with two new electric trucks, which will also come in a <a target="_blank" class="" href="https://www.businessinsider.com/hybrid-car-shopping-plug-in-traditional-what-to-know-2024-6">plug-in hybrid</a> variety.Scout unveiled pre-production models of the Terra pickup truck and Traveler SUV at an event in Nashville this week.<div type="image" title="The electric Scout Terra pickup truck and Traveler SUV." height="4097" width="6101" msid="114628889" hostid="261" sizebytes="1770142"></div>In addition to the expected all-electric versions of the rugged cars, Scout announced extended-range electric vehicle (EREV) configurations. EREVs are a newer plug-in hybrid technology that uses a smaller internal combustion engine to recharge the battery and increase range.Scout's addition of a <a target="_blank" class="" href="https://www.businessinsider.com/plug-in-hybrid-prices-soaring-demand-electric-cars-2024-9">plug-in hybrid</a> option comes as green-car shoppers flock to these more accessible electric options.The fully electric versions of Scout's new vehicles are expected to deliver about 350 miles of range on a full charge, the company said. The EREVs, however, will deliver more than 500 miles of range with the help of a gas-powered generator.<div type="image" title="A pre-production model of the Scout Traveler SUV." height="4082" width="6124" msid="114628892" hostid="261" sizebytes="1005082"></div>The event marked the opening of $100 reservations for the Terra and Traveler, which are set to start production in 2027. Both body styles and electrification options are available to order on Scout's website.The VW-backed EV company said both vehicles will have a retail starting price below $60,000 before tax incentives. The price for the Terra pickup truck's base model will start at $51,500 after tax incentives, while the Traveler starts at $50,000, according to Scout.<div type="image" title="A view of the Scout Traveler SUV interior." height="4216" width="5619" msid="114628884" hostid="261" sizebytes="1761340"></div>Those price points make Scouts quite a bit more affordable than other electric SUVs on the market today. <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-lease-payments-cheaper-affordability-hack-2024-9">Affordability is a key</a> issue for electric cars entering the market right now, as wealthy early adopters have fled the segment.<div type="image" title="A pre-production model of the Scout Terra pickup truck" height="6053" width="9079" msid="114628879" hostid="261" sizebytes="4668710"></div>Scout's rugged trucks are likely to compete directly with outdoorsy EV brand Rivian, which also offers electric pickup trucks and SUVs. (Scout's backer <a target="_blank" class="" href="https://www.businessinsider.com/volkswagen-invests-5-billion-rivian-software-development-r2-suv-affordability-2024-6">Volkswagen and Rivian</a> inked a $5 billion deal earlier to collaborate on EV software).<div type="image" title="The front seat of the Scout Terra pickup truck" height="4082" width="6123" msid="114628877" hostid="261" sizebytes="1425958"></div>The Rivians are more expensive, with the <a target="_blank" class="" href="https://www.businessinsider.com/rivian-electric-r1t-truck-available-for-lease-future-of-evs-2023-11">R1T pickup truck</a> starting at $71,700 and the <a target="_blank" class="" href="https://www.businessinsider.com/rivian-r1s-suv-truck-review-interior-photos-rivn-2022-9">R1S SUV</a> starting at $75,900.On capability, Rivian's R1T delivers 11,000 pounds of towing capacity, potentially edging out Scout's Terra estimated towing capacity of more than 10,000 pounds.R1S and Traveler are tied at over 7,000 pounds of towing capacity.

Volkswagen's revived Scout brand revealed its first outdoorsy EVs — see the new Rivian competitors 

<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.

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