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<ul class="summary-list"><li>Georgia has received more private investment in EVs and battery manufacturing than any other state.</li><li>Gov. Brian Kemp said Georgia will be the "electric mobility capital of the world."</li></ul>Electric vehicle investments are surging in Georgia.According to a recent Wells Fargo <a target="_blank" href="https://wellsfargo.bluematrix.com/links2/html/2379e487-7800-433a-95b9-735589c4e1a1">report</a>, Georgia has received more private investments in electric vehicle and battery manufacturing than any other state, with just over $23 billion to date.Jackie Benson, an economist at Wells Fargo, told Business Insider that the state is poised to be a hub for EVs because of its business-friendly environment, robust population growth, and federal and state incentives attracting companies to the state.Since 2022, the Peach State has added over 30,000 clean energy jobs, more than any other state, according to a June <a target="_blank" class="" href="https://www.ossoff.senate.gov/press-releases/new-study-inflation-reduction-act-has-created-over-30000-georgia-jobs/">study</a> by Climate Power, a strategic communications firm. This comes as federal investment in green energy is ramping up, and people are <a target="_blank" class="" href="https://www.businessinsider.com/wealthy-leaving-california-new-york-moving-florida-texas-reasons-effects-2024-8">flocking south</a> for a lower cost of living and better economic opportunities.<h2 id="b74fbdcb-0db7-4a0a-afa0-222558bdddc9">Investments in the Battery Belt to boost EV manufacturing and infrastructure</h2>In 2023, Gov. Brian Kemp said that Georgia would become the "electric mobility capital of the world," per the <a target="_blank" class="" href="https://www.ajc.com/news/georgia-is-creating-its-first-ever-climate-plan-heres-what-to-expect/RKDANAY5DBCJLHYCUXVYCUDB5Q/">Atlanta-Journal Constitution</a>. So far, it's looking promising.Georgia, Alabama, North Carolina, South Carolina, and Tennessee are a part of the Battery Belt and have received nearly $77 billion in private investment in EV battery manufacturing to date, according to an August <a target="_blank" class="" href="https://www.atlasevhub.com/wp-content/uploads/2024/08/2024.08_Atlas-EV-Investment-Brief.pdf">report</a> by Atlas Public Policy.It's not just southern states: Michigan leads the nation in capacity for electric vehicle battery manufacturing, but Georgia is second, according to a January <a target="_blank" class="" href="https://www.edf.org/media/analysis-finds-us-electric-vehicle-battery-manufacturing-track-meet-demand">report</a> by the Environmental Defense Fund, a nonprofit advocacy group.The state has also greatly benefited from federal investments in green energy and electric vehicle manufacturing and infrastructure. The Biden Administration <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/04/17/fact-sheet-biden-harris-administration-announces-new-private-and-public-sector-investments-for-affordable-electric-vehicles/">aims</a> for 50% of new vehicles in 2030 to be EVs, and investment in green energy in Georgia is partly a result of the 2021 Bipartisan Infrastructure Law and 2022 Inflation Reduction Act.The Bipartisan Infrastructure Law <a target="_blank" class="" href="https://www.whitehouse.gov/wp-content/uploads/2023/10/Georgia-Fact-Sheet.pdf">allocated</a> over $175 million toward the EV battery supply chain in Georgia and $135 million over five years toward infrastructure for EV charging stations in Georgia. In February, Hyundai <a target="_blank" class="" href="https://www.prnewswire.com/news-releases/hyundai-announces-new-production-start-date-at-metaplant-america-during-hyundai-day-in-georgia-302071754.html#:~:text=Hyundai%20Motor%20Group%20is%20investing,that%20will%20employ%203%2C500%20workers.">announced</a> over $7 billion in investment in production facilities in Georgia. The company estimates their investments in Georgia will create nearly 40,000 jobs in the state."The Hyundai investment specifically has boosted Georgia's profile in terms of EV production on the national stage," Benson said.The Inflation Reduction Act also created a $7,500 tax credit for new EVs for both consumers and businesses and incentivized efforts to boost domestic EV supply chains.In May, Kia <a target="_blank" class="" href="https://www.ossoff.senate.gov/press-releases/u-s-federal-manufacturing-incentives-working-for-georgia-kia-begins-ev9-production-in-west-point/">announced</a> the production of its first American-made EV at its production facility in West Point, Georgia, enabling the company to take advantage of the tax credit.Manufacturing accounts for 10% of Georgia's gross state product, which is its economic output, and construction accounts for 4%, according to Wells Fargo.Investments in EV and battery manufacturing will boost job growth and output in both of these sectors, Benson said.While government, health care, and leisure are the leading industry drivers in Georgia, investments in manufacturing are poised to boost the state's overall economic growth.<h2 id="fb9799f7-223c-4b7b-9f9e-5b994c7dac21">Georgia transplants are helping fuel economic growth in the state</h2>Georgia's real GDP outpaced the nation in the first quarter of the year, at 2.3% and 1.4%, respectively. In seven of the last 10 years, the state's GDP has outpaced the national average, according to Wells Fargo.Strong population growth remains a tailwind for Georgia's economic growth and EV industry, Benson said.Between 2021 and 2022, there were 327,795 people who moved into Georgia, according to data from the Census Bureau. The Peach State had the fifth most new residents during that time, following Florida, Texas, California, and North Carolina.New state residents means more consumers at stores, more homebuyers and renters, and more demand for goods in Georgia, fueling economic activity.Among those people who moved from another US state into Georgia, nearly 26,000 came from California, and more than 23,000 from both Texas and North Carolina, according to data from the Census Bureau.The biggest influx of new residents in Georgia came from outside the US. Between 2021 and 2022, just over 60,000 people from abroad moved to Georgia, per Census Bureau data.Benson said single-family construction has recently scaled up in the state, in line with its robust population growth.Benson said the scale-up in single-family construction has helped shore up construction employment. The three-month moving average for job growth in construction in the state was up 0.1% year-over-year in July, the report noted.Unemployment in Georgia remains below the national average and is only 40 basis points higher than its historic low in 2022, Benson said."Nationwide, we're seeing builders pull back on single-family construction for multiple reasons," Benson said. "But in Georgia, that high population growth has spurred an upshift in single-family building this year. That's something unique to the state."Do you live in the Battery Belt? Share your story at <a target="_blank" class="" href="mailto:jtowfighi@businessinsider.com">jtowfighi@businessinsider.com</a>

Georgia is rich in EV money and jobs

<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

<keyword id="434999" type="General" weightage="50" keywordseo="hyundai-motor-group" source="Orion">Hyundai Motor Group</keyword> said on Monday it will utilise 7.8 trillion won ($5.9 billion) worth of reservation money held by its overseas operations to push forward the group's planned investments in domestic electric vehicle (EV) plants. <keyword id="70910" type="General" weightage="80" keywordseo="hyundai-motor" source="Orion">Hyundai Motor</keyword>, its smaller affiliate <keyword id="6372046" type="General" weightage="80" keywordseo="kia" source="Orion">Kia</keyword> and auto parts maker <keyword id="596" type="General" weightage="100" keywordseo="hyundai" source="Orion">Hyundai</keyword> Mobis will receive $2.1 billion, $3.3 billion and $200 million, respectively, from their operations in the US and Europe in the form of dividends, the group said in a statement. Hyundai Motor said it will also receive dividends from its Indian operations, reports Yonhap news agency. "The dividends from their overseas operations will help the three companies cut back on bank loans, which will enhance their financial status and will allow them to make an aggressive investment (in EV plants)," the statement said. The group's overseas operations, including Hyundai Motor America, Hyundai Motor India, <keyword id="17681423" type="General" weightage="50" keywordseo="hyundai-motor-manufacturing-czech" source="Orion">Hyundai Motor Manufacturing Czech</keyword>, Kia America, Kia Europe and Kia Slovakia SRO, posted improved earnings results in the 2021-2022 period despite the COVID-19 pandemic. Hyundai Motor plans to complete a 150,000-unit-a-year EV plant in its main Ulsan plant, 299 kilometers southeast of Seoul, by 2025. In April, Kia began the construction of a 150,000-unit-a-year EV plant inside its existing factory in Hwaseong, just south of Seoul, with a goal to start production in late 2025. In the same month, the Korean automotive group announced it will invest 24 trillion won in its domestic EV plants and other EV projects by 2030. The three affiliates will collectively make the investment to help the group become the world's No. 3 EV maker in terms of sales by 2030. The companies plan to spend most of the planned investments in expanding their existing EV production lines, developing future mobility parts and technologies, establishing EV infrastructure and exploring new EV business opportunities. Hyundai Motor and Kia plan to release a total of 31 battery-powered EV models by 2030, including the Kia EV9 this month and the Hyundai IONIQ 7 next year. Hyundai Motor and Kia have set a combined sales goal of 7.52 million units this year, up 9.8 percent from the 6.85 million units they sold last year. The two together form the world's third-largest carmaker by sales after Toyota Motor Corp. and Volkswagen Group. On top of the domestic EV plants, the group is building a 300,000-unit-a-year EV and battery plant in the U.S. state of Georgia, with a goal to start production in the first half of 2025. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/stock-markets-snap-two-day-falling-streak-it-oil-shares-advance/articleshow/100937567.cms">Stock markets snap two-day falling streak; IT, oil shares advance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/with-international-travel-on-the-rise-indian-aviation-regulator-eases-norms-for-carriers/articleshow/100937433.cms">With international travel on the rise, Indian aviation regulator eases norms for carriers</a>

Hyundai to utilise $5.9 billion in overseas operations' money for EV investments

<ul class="summary-list"><li>China's EV industry is booming — but it could be about to face a painful reckoning.</li><li>Price wars and slowing demand are putting Chinese EV players under pressure. </li></ul><a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">China's EV industry has boomed</a> over the last few years — but it could soon face a painful reckoning.The International Energy Agency <a target="_blank" href="https://www.iea.org/reports/global-ev-outlook-2024/trends-in-electric-cars">wrote in a recent report</a> that despite EV adoption in China being expected to grow to 45% this year, there are still "far more EV companies in China than can possibly survive in a competitive market.""In 2014 alone, ten years ago, over 80,000 companies registered in China entered the electromobility sector. In 2023, over 80% of electric car sales in China were concentrated in just over 30 companies," it read.China's EV market is known for being brutally competitive, with around <a target="_blank" href="https://www.businessinsider.com/china-tesla-electric-vehicle-market-dominance-competition-byd-aion-wuling-2024-4">123 companies jockeying for customers</a>. Executives and experts are warning that the number of players will likely shrink in the coming years, with economic headwinds piling the pressure on electric vehicle manufacturers.The IEA report concludes that China's EV market will likely coalesce around a handful of "robust champions."Some Chinese EV CEOs have echoed that sentiment, and are steeling themselves for what Xpeng boss He Xiaopeng described as a <a target="_blank" href="https://www.cnbc.com/2024/02/19/xpeng-plans-to-hire-4000-people-invest-in-ai.html">"knockout round" that could end in a "bloodbath"</a> with prices continuing to drop even as growth slows."It is not correct for a startup firm to chase idealism," said William Li, CEO of Tesla rival Nio said at a media briefing in December, per <a target="_blank" href="https://finance.yahoo.com/news/chinese-ev-makers-face-day-093000058.html">The South China Morning Post</a>."Nio, as an EV business, has to face the grim reality and try to dodge the bullet as market competition intensifies," he added.<div type="image" title="He Xiaopeng" height="681" width="1024" msid="110421205" hostid="261" sizebytes="47422"></div><h2 id="a7b9f4d3-4343-4d28-b655-4fbe03c46881">Consolidation looming</h2>This pessimism is rooted in expectations that <a target="_blank" href="https://www.businessinsider.com/china-electric-cars-ev-elon-musk-tesla-byd-price-war-2024-4">the rapid pace of EV adoption in China will slow this year</a>, as the Chinese economy struggles with <a target="_blank" href="https://www.businessinsider.com/china-economy-debt-property-market-crisis-fitch-downgrade-xi-jinping-2024-4">rampant deflation and an ongoing property crisis</a>.According to China's Passenger Car Association, sales of new energy vehicles are expected to rise by 25% in 2024, down from 36% the year before.Two of China's biggest automakers, BYD and Li Auto, both recently reported mixed first-quarter earnings. BYD sold <a target="_blank" href="https://www.bbc.co.uk/news/articles/c9rznkq3vqro">300,000 battery EVs in the first three months of the year</a>, a drop from a record 526,000 in the previous quarter.Li Auto, meanwhile, saw vehicle sales and net income <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-20/li-auto-sales-disappoint-amid-tepid-demand-for-pure-electric-car">fall short of analyst targets</a> and cut delivery targets for its new battery-electric van after it failed to sell as well as expected.Slowing demand has sparked a brutal price war initiated by <a target="_blank" href="https://www.businessinsider.com/tesla-waging-price-war-against-chinese-rivals-2024-4">Elon Musk's Tesla</a>. The automaker started cutting the prices of some of its Chinese models in 2022 and has continued since then, forcing local rivals to retaliate and slash their own prices to keep up.It has also led to fears of overcapacity, with <a target="_blank" href="https://www.businessinsider.com/eu-chinese-ev-subsidies-market-cheap-prices-cars-2023-9">healthy subsidies for the EV industry</a> leading to a glut of new factories being built over the past few years.Many of them now sit empty, with China's National Bureau of Statistics estimating that capacity utilization across the auto industry was at 65% in the first three months of this year, down from 75% in 2023 and 80%-plus before the Covid-19 pandemic, according to <a target="_blank" href="https://www.nytimes.com/2024/04/23/business/china-auto-factories-price-cuts.html">The New York Times</a>.This has put increasing financial pressure on China's EV makers, many of whom have accumulated losses as they have rapidly scaled up their businesses.<div type="image" title="William Li" height="683" width="1024" msid="110421207" hostid="261" sizebytes="61448"></div>Nio, for example, has never turned a profit and reported a <a target="_blank" href="https://ir.nio.com/news-releases/news-release-details/nio-inc-reports-unaudited-fourth-quarter-and-full-year-2023#:~:text=Net%20loss%20for%20the%20full,US%242%2C584.6%20million)%20in%202023.">$2.9 billion loss last year</a>. Rival Xpeng posted a narrower-than-expected <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-21/xpeng-quarterly-loss-narrows-but-outlook-shows-tough-times-ahead">net loss of 1.41 billion yuan ($195 million)</a> for the first three months of 2024, delivering 21,821 vehicles.Regulators have issued their own warnings. Xin Guobin, vice minister of industry and information technology, <a target="_blank" href="https://www.ft.com/barrier/corporate/9f5c1249-c9df-4015-9ec5-a4d83edbbf73">cautioned</a> against expansion in the face of "insufficient" consumer demand for EVs and said Beijing would take "forceful measures" to address "blind" construction of new EV projects."There are a lot of EV companies in China. The average volume per brand is very low, not sustainable, and so there will be eventual consolidation," Stephen Dyer, head of Asia auto and industrials consulting at Alixpartners, told Business Insider.Dyer said consolidation would likely be a protracted process, with investors and local governments reluctant to let EV companies die.But he added that only "a handful" of Chinese firms are likely making a profit on their EV business, meaning a crunch is inevitable."Among the little over 120 EV brands that are selling EVs in China, we think about 20 to 30 will probably be financially viable in the long term," he added.<h2 id="c6a2473c-6b6f-4c7f-85e3-20da35e2afc6">The red ocean</h2>There are signs this thinning of the herd has already begun.Several smaller Chinese EV makers have run into financial difficulties in recent months, with <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-10-10/chinese-ev-startup-wm-motors-seeks-bankruptcy-in-shanghai-court">Shanghai-based WM Motor</a> filing for pre-restructuring last October and the company behind the premium EV brand HiPhi <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-19/chinese-ev-maker-hiphi-suspends-operations-for-six-months">suspending production</a> in February for at least six months.<div type="image" title="AIways" height="683" width="1024" msid="110421210" hostid="261" sizebytes="105650"></div>Tencent-backed Aiways, meanwhile, is reportedly moving its operations from China to Germany, with <a target="_blank" href="https://www.autocar.co.uk/car-news/business-electric-vehicles/chinese-ev-brand-aiways-moves-germany-escape-price-war">sources familiar with the matter telling Autocar</a> the move was due to intense competition and pricing pressure back home.EV parts suppliers are also feeling the squeeze as car makers take longer to pay the bills.Bloomberg reported this month that both Nio and Xpeng are <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-19/china-s-ev-makers-taking-longer-to-pay-bills-amid-rising-stress?srnd=technology-vp">taking longer to clear their receipts payable</a> — something Alvarez &amp; Marsal consultant Lin Zhu warned was pushing smaller suppliers to the brink."We've seen more car components producers approaching us to improve their performance and some of them are thinking about offloading unprofitable businesses," Zhu told Bloomberg."The weak ones in the supply chain will face a high risk of being kicked out of the game," she added.The pain is even more severe for foreign automakers, who have seen their position in China <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-13/japan-s-carmakers-look-to-china-tech-to-claw-back-market-share">gradually decline in favor of local manufacturers</a>."It is a matter of existing at the moment. It's becoming more and more difficult for European manufacturers in China," Linda Jackson, CEO of French brand Peugeot, told the Financial Times Future of the Car Summit. Peugeot did not respond to BI"s request for comment on whether it is currently selling EVs in China. "To be there, you either enter into what I would call the red ocean (of losses), or you stand back, reduce your volume and wait to see where the market goes," she said."There will be consolidation, even in the Chinese market … a large majority of Chinese electric vehicle startups are not making any money," Jackson added.<h2 id="1a28705a-6e10-4746-99f4-1c56ab12633c">A fight to survive</h2><div type="image" title="BYD Seagull" height="683" width="1024" msid="110421212" hostid="261" sizebytes="90798"></div>Paul Li, the CEO of China-based EV tech firm U-Power, told BI that Chinese EV companies needed to change their business models to become profitable and avoid extinction.This means developing vehicles with an "EV methodology," he said, by <a target="_blank" href="https://www.businessinsider.com/chinese-ev-makers-battle-for-market-dominance-with-smart-features-2024-5">prioritizing intelligent vehicles and new features</a> rather than simply converting combustion engine vehicles into electric models.He also said they needed to find new ways to profit from their vehicles after the initial purchase, as EVs require less maintenance and <a target="_blank" href="https://www.lek.com/insights/ind/us/ei/impact-electric-vehicles-aftermarket">fewer part replacements than gasoline vehicles</a>."The carmakers can find a lot of new ways to make a profit rather than just selling the car," Li said."Batteries can become a service, charging can become a service, finance, insurance, and autonomous driving can all become a service," he added.Ultimately, the biggest challenge Chinese EV makers face is differentiating themselves from the hundred-plus other companies fighting for customers — and until they do, the price war will likely continue, Stephen Dyer of AlixPartners told BI."Most of the companies are not clearly differentiated. And if your product is not differentiated, it is going to end in a price war," he added.

China's EV market could soon face a brutal reckoning

<ul class="summary-list"><li>We recently spent a week with Kia's new EV6 electric crossover, which starts at $49,000. </li><li>The GT trim we drove starts at $62,000, and it accelerates at supercar speeds. </li></ul>I heard a lot of great things about the Kia EV6 GT before driving one myself. Friends and colleagues raved about its <a href="https://www.businessinsider.com/kia-ev6-gt-electric-suv-pros-cons-review-2023-3">sleek new looks</a> and <a href="https://www.businessinsider.com/kia-ev6-gt-electric-suv-review-tesla-rival-2023-2">lightning speed</a>, and after a week with the car, I now do the same.But I don't just want to tell you about that, because you've probably heard it. I want to tell you eight other things I learned while driving the EV6 GT.<h2>1. The Kia EV6 GT is genius</h2>The EV6 is Kia's new electric crossover, and it starts at $48,700. The GT is the performance trim, with nearly 600 horsepower and lime-green brake calipers. <div type="image" title="The 2023 Kia EV6 GT" height="4016" width="6016" msid="99987166" hostid="261" sizebytes="642810"></div>One of my favorite parts about the EV6 I drove was how it blended touchscreen and tactile controls. There's a line of buttons and knobs on the dashboard, and they're screens themselves.With the press of a button, they reprogram from climate to infotainment controls. The "tune" and "volume" knobs become temperature dials, while the radio buttons become fan adjustments.It's hard to remember to switch back and forth at first, but you appreciate the ingenuity of it as soon as you're used to it. Plus, I hate when interiors are fully touchscreen — you end up having to poke around with no tactile cues, which is distracting while you drive.<h2>2. The EV6 is also even faster than I thought</h2>Electric cars are known for speed, mainly due to <a href="https://www.caranddriver.com/features/a38887851/why-are-evs-so-quick/" target="_blank" rel="noopener">instant torque</a>.Traditional gas cars have a torque curve — basically, you hit the accelerator and the car builds toward its peak torque (and peak power). There's no buildup with instant torque, and the car effortlessly shoots forward as soon as you hit the pedal.<div type="image" title="The 2023 Kia EV6 GT" height="5184" width="3180" msid="99987168" hostid="261" sizebytes="482914"></div>I knew all of that going in, yet the performance in the EV6 GT was still startling. The car launches with the slightest tap of the pedal, shifting the gravity in your core and magnetizing to the road. It's not just lightning fast; it feels safe and controlled. <h2>3. We're in a golden age for EV performance </h2>When I sat back and thought about how fast the EV6 is, I had a broader realization: Right now, this is new. A fast Kia crossover is startling because Kia crossovers aren't supposed to be fast.<div type="image" title="The 2023 Kia EV6 GT" height="4117" width="3085" msid="99987169" hostid="261" sizebytes="1176420"></div>But eventually, as EVs from mainstream automakers get more popular, this will be the norm. Everyone will have instant torque, and it won't be special anymore. I'm going to enjoy it while it is. <h2>4. One-pedal driving is king</h2>In an EV, you can choose to drive with just one pedal. This happens through a process called regenerative braking, where instead of the driver using the brake pedal, the car slows itself down when their foot comes off the accelerator.The driver can choose from different levels of regen where the braking gets harsher, and the kinetic energy captured from regen goes back to the battery to increase its charge.<div type="image" title="The 2023 Kia EV6 GT" height="3879" width="2495" msid="99987170" hostid="261" sizebytes="383410"></div>I've never been sold on one-pedal driving. In the EVs I've tested, I've always felt like the highest level of regen is either too harsh or not harsh enough. But in the EV6, it's perfect — and it's relaxing to sit at stoplights without your foot on the brake.<h2>5. EV speed isn't always worth the money</h2>The three major factors in an EV purchase are often price, performance, and range. Performance is expensive, but it often lowers range. Based on their budget and the charging infrastructure where they live, buyers have to decide what's most important.<div type="image" title="The 2023 Kia EV6 GT" height="5184" width="3456" msid="99987387" hostid="261" sizebytes="1316828"></div>The EV6 is a perfect example of this. The cheapest trim is the $48,700 <a href="https://www.kia.com/us/en/ev6/specs-compare" target="_blank" rel="noopener">Wind</a> with rear-wheel drive, 225 horsepower, and an EPA-estimated range of 310 miles. Go up to the $61,600 <a href="https://www.kia.com/us/en/ev6/specs-compare" target="_blank" rel="noopener">GT</a>, and you'll get 576 throat-in-your-chest horsepower but only 206 miles of range. That means you pay $13,000 more to go 100 fewer miles on a charge.I love the GT's speed, but ultimately, it's a party trick. If I own the car, I'm not going to be flooring it every second. That's bad for the range, which is already low, and it gets old after a few days. I'd rather spend less on the car and travel farther between charges. <h2>6. EVs still aren't easy to drive in many places</h2>The range in the EV6 GT was a challenge. I planned to take it to the <a href="https://www.youtube.com/watch?v=auwMRe4I0as&amp;ab_channel=NASCAR">NASCAR race at Circuit of The Americas</a>, which was a 196-mile round trip through rural Texas with no good charging options along the way. That was dangerously close to my 206-mile range.<div type="image" title="The 2023 Kia EV6 GT" height="3456" width="5184" msid="99987390" hostid="261" sizebytes="528324"></div>I had two options: take a 30-minute detour into Austin to charge the car, or try to go without charging. My husband and I drove to the track on Saturday and Sunday, so we tried both ways. The first day, we took the car into Austin and looked for a charger. The best option was on the ninth floor of a parking garage, where we parked for two hours and 32 minutes. It wasn't a fast charger, so we only gained enough battery to cover our trip from the track into Austin. We got home and parked the car with 14 percent battery left. <div type="image" title="The 2023 Kia EV6 GT" height="5037" width="3098" msid="99987393" hostid="261" sizebytes="1089624"></div>To go back to Circuit of The Americas on Sunday, we had to park the EV6 at a public charger all night. (Estimates on the ChargePoint app were 10 hours to a full battery.) That meant we had to drive another car to the charging station and leave it there all day, then swap our belongings between the two when we got home at midnight.We returned to a full charge on Sunday. We cranked the regen to the max, got to the track with 62 percent left, then got home with 13.<div type="image" title="The 2023 Kia EV6 GT" height="2588" width="2092" msid="99987395" hostid="261" sizebytes="292622"></div>When we pulled up to our town's charger, one plug was taken and the other was broken. We crawled home and tried again later. <h2>7. You have to rethink EV battery percentages</h2>I feel like we're conditioned to look at battery percentages a certain way: More than 50 is good, less than 50 is iffy, and when the bar turns red, it's time to panic. But you can't think like that in an EV. <div type="image" title="The 2023 Kia EV6 GT" height="4055" width="6083" msid="99987400" hostid="261" sizebytes="1026898"></div>The percentage in an EV isn't the same as on your phone or laptop. You don't hit 20 percent and stop checking notifications until you get a charger. Instead, it's like a fuel gauge: When you have 20 percent left, it's one-fifth of the capacity.That's a lot of time before you need to charge again. Don't freak out.<h2>8. Stopping to charge isn't always a burden</h2>EV charging is a mindset, just like EV ownership. I had to put extra time, thought, and planning into the route to NASCAR, but that let me savor the trip — instead of rushing back and forth and stopping at gas stations along the way, I went into downtown Austin to charge and hung out with friends.<div type="image" title="The 2023 Kia EV6 GT" height="2752" width="4492" msid="99987402" hostid="261" sizebytes="375484"></div>The day was more leisurely by force. I had to slow down and enjoy myself, and that wasn't a bad thing.

I drove the $62,000 Kia EV6 GT — a genius electric SUV with supercar speed. Here are 8 things it taught me.

<ul class="summary-list"><li>Automakers are scrambling to react to a shift in demand for expensive battery-powered vehicles.</li><li>The EV segment has enjoyed a long period of exponential growth.</li></ul>Car companies talk a big game about the transition to electric cars. But behind the scenes, many of these automakers are scrambling to react to a change in demand for expensive battery-powered vehicles.Take the last few weeks for example: <a href="https://www.wsj.com/business/autos/ford-considers-cutting-shift-at-f-150-lightning-pickup-plant-uaw-memo-says-91075154" target="_blank" rel="noopener">Ford temporarily dropped an F-150 Lightning production shift</a> (despite <a href="https://media.ford.com/content/fordmedia/fna/us/en/news/2023/08/01/ford-restarts-expanded-rouge-electric-vehicle-center--f-150-ligh.html" target="_blank" rel="noopener">upping capacity for the electric pickup</a> just months earlier), and said it would renew its focus on hybrids. <a href="https://www.cnbc.com/2023/10/17/gm-to-delay-ev-truck-production-at-michigan-plant.html" target="_blank" rel="noopener">General Motors said it would postpone some of its electric truck production</a> by a year.All the while, the <a href="https://www.businessinsider.com/electric-vehicle-startups-trouble-insiders-reveal-layoffs-production-manufacturing-2022-8">once bustling EV startup industry is shrinking by the day</a>, with former Wall Street darlings like Lordstown, Volta, and Lucid folding or missing predictions.Electric-car shoppers have more options than ever before, a turning point many in the industry hoped would draw more buyers away from gas-powered cars into the battery-powered segment. But the first real test of a fully-loaded EV market <a href="https://www.businessinsider.com/electric-vehicle-revolution-hits-delays-production-sales-tesla-china-2023-4">isn't going so well</a>. Electric vehicle inventories are <a href="https://www.businessinsider.com/dealers-turning-away-evs-velectric-cars-demand-cools-inventory-2023-8">building up on dealer lots</a> quickly. While the companies argue this bloat is normal for a new vehicle ramp-up, it's still <a href="https://www.businessinsider.com/electric-vehicle-inventory-most-least-dealerships-availability-hyundai-kia-2023-6">taking dealers longer to sell these cars</a>, sending <a href="https://www.businessinsider.com/electric-vehicle-incentives-at-dealerships-high-affordability-price-parity-2023-10">EV discounts to an all-time high</a>. "It's always been the 'build it and they will come' strategy," Vince Sheehy, a car dealer in the Washington, D.C. area, told Insider. "And they're just not coming."Sheehy, who sells a stable of brands including Ford, Hyundai, Volkswagen, and GMC, says electric cars are the slowest sellers on his lots right now. He currently has enough electric cars to last for 100 days across all brands.Though the <a href="https://www.coxautoinc.com/wp-content/uploads/2023/10/Q3-EV-share-chart.jpg" target="_blank" rel="noopener">EV share of some automakers' businesses is small</a>, the EV segment has been enjoying a long period of exponential growth. Hovering for years around under 1% of the total US market, EV sales hit a record of 300,000 last year and, through September 2023, the segment accounts for 9% of all sales, according to JD Power.But that pace of growth – easy to achieve in such a small segment – is showing clear signs of slowing. That begs the question as to whether automakers pushed their transition just a little early."It's not necessarily bad news, it's just a matter of, they over-anticipated," said Cameron Johnson, CEO of Magic City Auto Group, a Virginia dealership group selling mostly domestic brands. "The customer and the dealer started to say, 'Can you turn off the faucet or can you at least slow these things down?' Because they're coming so fast. We're not able to fill all the seats," he said. <h2>A perfect storm for EVs</h2>As tons of highly-anticipated electric models hit dealer lots, the entire auto industry was hit with <a href="https://www.businessinsider.com/car-loan-vehicle-shoppers-denied-what-to-do-2023-7">a wave of macroeconomic changes</a>. It's a perfect storm of headwinds for the plug-in market, with high interest rates, difficulty getting loans, and monthly payments at record highs making the already-expensive vehicles hard to justify for the average driver.Sheehy is seeing this play out on his lots. With the wealthy early adopters largely sated at this point, he says the profile of the average EV shopper has changed dramatically even in the last six months."People are no longer evaluating EVs as 'I'm gonna buy an EV, but which one?' It's, 'I'll buy an EV depending on the value proposition relative to a plug-in hybrid, a hybrid, or a traditional ICE vehicle," Sheehy said. "When you look at it that way, you almost invariably don't choose the electric vehicle."The industry is trying to react to this change, lathering on discounts and taking advantage of <a href="https://www.businessinsider.com/tesla-tax-credit">new federal programs</a> to bring the average price paid for an EV in September to $50,683, down from more than $65,000 a year ago. But even that is still a price point unobtainable for many, and, as automakers like <a href="https://www.businessinsider.com/tesla-price-cuts-ford-mach-e-discounts-angry-customers-different-approaches-2023-1">Ford and Tesla have found out</a>, price <a href="https://www.businessinsider.com/teslas-price-cuts-margins-ever-musk-not-giving-up2023-7">cuts cut deeply into the margins of already-unprofitable vehicles</a>. Price parity between EVs and gas-powered cars is getting closer in the luxury market, but the same can't be said yet for mass-market cars, which cost<a href="https://www.businessinsider.com/electric-vehicles-pricing-mass-market-luxury-parity-2023-10"> an average of $16,000 more than their fossil-fueled counterparts</a>. "The one glaring issue," Eric Frehsée, president of the Tamaroff Group of dealerships said, "is frankly, the unrealistic timelines that are being set. I don't know if that means we need to change some of the timelines."<h2>Understanding the new EV shopper</h2>All of this is a sign that fully-electric cars – and even their hybrid counterparts – are likely to be relegated to the luxury and ultra-luxury segment for several years to come while the industry inches more slowly toward mass-market affordability.Stewart Stropp, executive director of EV intelligence at JD Power, said the firm is still forecasting significant increases in EV share moving forward, but the rate of that growth will depend on external factors like improvements to charging infrastructure and a proliferation of EVs that stack up more evenly against their gas-powered counterparts in terms of price and performance."Those are absolutely essential elements that need to be in place in order for us to shift out of the early adoption phase," Stropp said.High-spending, early adopters are harder to come by some 10 years after Tesla reshaped the segment. And without more affordable options, dealers told Insider they are running out of customers to pitch their electric cars to.One Ford dealer in the Midwest, who turned away Mustang Mach-E allocation earlier this year, said the electric options on his lot aren't matching up with what his customers are looking for – or even what they can afford. Fully-loaded Mach-Es sit on his lot for weeks and months at a time because customers can't justify the hefty price tag – especially while <a href="https://www.businessinsider.com/tesla-model-3-model-y-less-than-average-gas-car-2023-10">Tesla keeps dropping its prices.</a>Martin French, managing director at automotive consultancy Berylls, says the transition to EVs is coming. But the inflection point is at least five years off because the industry still hasn't done enough to make an electric car an attractive alternative to a gas-powered car, he said."The future is definitely going to be EVs," French said, "but the future for EVs is 2030."

The auto industry overestimated EV demand this year. Now companies are scrambling.

<ul class="summary-list"><li>In the EV revolution, tires remain largely unchanged, posing environmental and safety issues.</li><li>A variety of startups and established firms are innovating to make tires better, cleaner, and safer.</li></ul>As auto manufacturing undergoes an EV revolution, one part of cars remains basically unchanged: <a target="_blank" href="https://www.businessinsider.com/when-shopping-for-ev-electric-vehicle-inspect-look-tires-2023-8">the tires.</a>That's a problem, because tires are troublesome. Drivers must keep track of their condition because driving on old, bald tires is a disaster waiting to happen.As tires wear down, they spew microparticles into the air, meaning even EVs with no tailpipe emissions are polluting as the rubber meets the road. And disposing of or recycling millions of old tires around the world is a dirty business in dire need of new solutions.We don't need to reinvent the wheel, but innovators do need to take a serious look at the tire. A variety of startups and established firms are doing just that, racing to make tires better, cleaner, and safer while improving life for drivers. Here are seven key players to watch.<h2>The Smart Tire Company</h2>Location: Los Angeles, California.Robots roving the surface of Mars need something more resilient than a typical car tire, since different planets have different atmospheres, and you can't fix a flat millions of miles from home. That's why scientists at NASA's <a target="_blank" href="https://www.nasa.gov/feature/glenn/2020/the-little-tires-that-could-go-to-mars">Glenn Research Center</a> are working on non-pneumatic tires that don't need to be filled with air. Their "spring tire" design uses a shape memory alloy that can deform when it drives over an obstacle like a sharp rock and then regain its shape.<a target="_blank" href="https://www.smarttirecompany.com/team">The Smart Tire Company</a> is a startup that has licensed NASA research in the hopes of developing it for commercial applications such as bicycle or automotive tires. The company was created in 2020 as part of the FedTech NASA Startup Program, and has secured a partnership with Hyundai and Kia to investigate the car tire of the future.<h2>The Tyre Collective</h2>Location: London, UKThe British company won a James Dyson award in 2020 for its clever idea to reduce pollution from tires: It would install a copper plate near the tires that is electrostatically charged by the car's battery. Tiny pieces of rubber flying off the tires are positively charged because of the friction between the rubber and the road, the company says. The plate would attract and capture most of those particles.<a target="_blank" href="https://www.thetyrecollective.com/">The Tyre Collective</a> wants to turn this capture process into a closed loop by using the recovered plastic to make new tires or in technologies such as 3D printing. It's supported by venture firms like the Planet Fund and partners such as Imperial College London, where the trio of founders were in school when they came up with their idea.<h2>Tyromer</h2>Location: Ontario, CanadaThere are billions of car tires rolling down the world's roads, and with tires wearing down to unsafe levels after five years or so, that's a lot of rubber to be recycled. Unfortunately, the process of vulcanizing rubber, in which it is treated with sulfur at high temperatures to create hard and tough tire rubber, is difficult to undo.<a target="_blank" href="https://tyromer.com/product/">Tyromer</a> uses an energy-efficient chemical process invented by its cofounder at the University of Waterloo in Canada to achieve the rapid devulcanization of rubber so it can be quickly returned into a reusable state the company calls Tire-Derived Polymer (TDP). Tyromer says TDP can be used in new tires or in applications such as conveyors.<h2>Robotire</h2>Location: Plymouth, MichiganRobotic arms have taken on much of the work of building cars, so why not change their tires? That was the idea behind Michigan's Robotire, which launched an automated tire changing service. A pair of mechanical arms, one on either side of the car, can scan the vehicle's VIN to access all the necessary information about how to service it, then complete the entire tire change and balance in about 25 minutes, freeing up an auto shop's human workers for other tasks.Robotire, which launched in 2019, has now installed the system at two <a target="_blank" href="https://robotire.com/robotire-launches-tire-changing-system-in-second-discount-tire-location/">Discount Tire locations</a> in Texas.<h2>Treads</h2>Location: Park City, UtahEvery industry seemingly has a monthly subscription service, and tires are no exception. <a target="_blank" href="https://www.treads.app/">Treads</a> charges a monthly fee starting at $30, delivering to its customers new tires when they need them plus a variety of other services including tire rotations, repair, and roadside assistance. For eco-minded users, Treads promises to recycle all your old tires and donate a percentage of profits to atmospheric carbon removal.Helpfully, the app tracks the time and mileage statistics for a set of tires so users don't have to remember whether their rubber quartet is due for rotation or replacement.<h2>TyreFlow</h2>Location: Lancaster, PennsylvaniaAccording to Pennsylvania-based <a target="_blank" href="https://tyreflow.com/">TyreFlow</a>, only about 30 percent of U.S. tires are recycled — the rest are burned for fuel or thrown into landfills. The company aims to change that by integrating the entire process of recycling old tires, from sourcing them from auto repair shops to processing them into materials that can be easily reused by industry.For example, TyreFlow says it can process tire rubber into <a target="_blank" href="https://recovered-carbon-black.com/en/">carbon black</a> — a material used to make new car tires and also in a variety of other applications, such as a pigment for black electronic devices —while creating far fewer carbon emissions compared to creating virgin carbon black.<h2>Sailun</h2>Location: ChinaSailun is not a startup, but an established Chinese tire company. However, it is one of the first tire providers to sell a product made specifically with electric vehicles in mind. Sailun says the rubber compound in its <a target="_blank" href="https://erangetires.com/en/?rdt_cid=3811437342093162855">ERange</a> electric vehicle tires has a lower rolling resistance compared to ordinary tires. That means less wasted energy as the car rolls down the road, which extends an EV's range. The company also claims to have achieved better load-bearing capacity in the ERange line to account for the fact that EVs, because of their large batteries, tend to be heavy.Andrew Moseman is a freelance writer for Insider.

EVs need new and improved tires. These 7 companies are reinventing them for the electric era.

<ul class="summary-list"><li>Kathleen Goforth went on a 9-day road trip to the Carrizo Plain National Monument, California.</li><li>The monument didn't have any EV chargers for her Tesla Model Y within more than 50 miles.</li></ul>Kathleen Goforth said she took her <a href="https://www.businessinsider.com/tesla-owner">Tesla Model Y</a> on a 9-day road trip through a rural area and had to get creative at one point when it came to charging.Goforth, a climate-action advocate, detailed her experience traveling to the Carrizo Plain National Monument with her husband in a <a href="https://www.acterra.org/blog/2023/7/25/all-electric-road-trip">blog post on Acterra</a>, an environmental-education nonprofit."It is remote and almost entirely undeveloped – the perfect challenge for planning our first road trip in our new, all-electric Tesla Model Y," Goforth wrote of the Carrizo Plain, a grassland in San Luis Obispo County, California, that is about 50 miles long and 15 miles wide. "There are no services within or anywhere near the Monument – no food, water, gas stations, and, certainly, no EV charging stations. Could we do it?"The Tesla owner said she planned her route ahead of time using a Travelocity filter that allowed her to find hotels with EV chargers and Plugshare's Trip Planner, which helped her plot out charging stations along the way.Goforth said they faced their greatest hurdle once they reached the Carrizo Plain because there were no chargers within at least 50 miles of the location. At their first stop, the couple was able to make use of a Level 2 fast charger, but they had to find other methods to charge at the California Valley Lodge, the only motel that was within 20 miles of the Carrizo Plain National Monument, the Tesla owner said. Goforth said the couple had initially planned to charge using an RV hook-up site near the lodge and were a "little nervous" about how it would work. But, they were told the RV hook-up site was no longer available when they arrived.However, the owner of the lodge told the couple they could use an unused gas station across the street that was also owned by the lodge.<div type="image" title="Kathleen Goforth took her Model Y on a road trip through a rural area and had to use an outlet at an abandoned gas station to recharge at one point." height="1210" width="1613" msid="102339275" hostid="261"></div>"Although the pumps had been removed long ago and the building was vacant, the electricity still worked and there was an exterior outlet we could use," Goforth wrote of the gas station. "It was only a standard 120V outlet, so we would be trickle charging, not supercharging, but that was sufficient to more than replace, overnight, whatever energy we used on our daily excursions around the Monument. I loved the poetic justice of recharging our EV at a defunct gas station!"A trickle charge adds only a few miles an hour to the car's battery life, while a Level 2 charger can charge an EV to 80% from four to 10 hours, according to the <a href="https://www.transportation.gov/rural/ev/toolkit/ev-basics/charging-speeds" target="_blank" rel="noopener">Department of Transportation.</a> The couple relied on the old gas station to replenish their car for two days while they explored the surrounding area and later used a Level 2 charger and Tesla Supercharger to finish their trip and eventually travel home, Goforth said.In the blog post, Goforth said she traveled nearly 1,000 miles and saved on fuel costs."Now that we've experienced how easy, fun, and economical road tripping in an EV can be, we're looking forward to many more all-electric adventures," she wrote.Not all EV owners share Goforth's optimism about charging their vehicles on long road trips. EV owners have shared horror stories about trying to <a href="https://www.businessinsider.com/couple-electric-car-kia-road-trip-charging-range-anxiety-2023-2" rel="">find chargers on long road trips</a>, including a road trip where a Kia EV owner had to <a href="https://www.businessinsider.com/couple-electric-car-kia-road-trip-charging-range-anxiety-2023-2" rel="">stop 12 times to charge</a> at <a href="https://www.businessinsider.com/electric-car-road-trip-highlights-issues-driving-cross-country-charging-2022-6" rel="">slow public chargers</a> and a Mustang Mach-E driver who had to <a href="https://www.businessinsider.com/tesla-owners-hold-advantage-electric-cars-charging-stations-2021-7" rel="">stop at four charging stations</a> while frantically searching for a working one. Earlier this year, another Tesla owner said he faced some "hiccups" on a 6,392-mile road trip but that the carmaker's <a href="https://www.businessinsider.com/tesla-driver-road-trip-using-full-self-driving-autopilot-fsd-2023-1">Autopilot driver assist feature</a> was a "lifesaver." A Hyundai Ioniq 5 EV owner previously told Insider that <a href="https://www.businessinsider.com/electric-car-long-distance-ev-road-trip-what-to-know-2023-6">successful EV road trips</a> needed to be properly plotted out.Some <a href="https://www.businessinsider.com/tesla-owners-share-perks-best-features-electric-car-ev-2023-7">Tesla owners say they have a distinct advantage</a> when it comes to navigating longer journeys because of the company's ultrafast Superchargers and Tesla's internal navigation system, which helps owners plot paths with multiple charging sites.An Acterra spokesperson said the organization was working to "dispel the idea that EVs are out of reach for some because of cost, believing that EVs are truly for everyone."Update August 1, 2023: This story has been updated to clarify the California Valley Lodge owned the gas station where the couple charged their Tesla and recommended it as a solution for their charging needs.Do you own an electric car or work at Tesla? Reach out to the reporter from a non-work email at gkay@insider.com

A Tesla owner says she made a 9-day rural road trip through a town without an EV charger by trickle charging from an outlet at an abandoned gas station

<keyword id="596" type="General" weightage="100" keywordseo="hyundai" source="Orion">Hyundai</keyword> Motor on Monday launched the N brand's first all-electric model, the Ioniq 5 N, in the domestic market as it accelerates its transition to a future mobility solutions provider. The Ioniq 5 N, first unveiled at the 2023 Goodwood Festival of Speed in Great Britain in July, comes with an 84 kWh battery pack and can accelerate from zero to 100 kph in 3.4 seconds, the company said in a statement. The new model represents a new segment of driver-focused high-performance EVs since it boasts advanced cornering and racetrack capabilities as an everyday sportscar, reports Yonhap news agency. It is priced at $58,000 after individual consumption taxes and tax benefits given to environment-friendly vehicles. It can travel about 350 kms on a single charge, the statement said. Ioniq 5 N combines the standard Ioniq 5 model's electric global modular platform (E-GMP) with N's motorsport-bred technologies. E-GMP is Hyundai Motor Group's dedicated EV platform. Hyundai's Ioniq 5 and Ioniq 6 are built on the E-GMP platform, with the same platform-based Ioniq 7 set to be released next year. Hyundai's independent Genesis brand's GV60 SUV, and its smaller affiliate Kia Corp.'s EV6 and EV9 SUVs also share the E-GMP platform. The maker of Sonata sedans and <keyword id="141245" type="General" weightage="50" keywordseo="santa-fe" source="Orion">Santa Fe</keyword> SUVs plans to invest 109.4 trillion won by 2032 to secure a leading position in the global future mobility market, while aiming to sell 1 million pure electric models by 2030. Hyundai's first dedicated EV factory, the 300,000-unit-a-year Hyundai Motor Group Metaplant America in Georgia, the U.S., is under construction with a goal to start operations in the second half of 2024. Another EV-dedicated plant is being built in Korea with the aim of starting production in 2025. The N models bring full performance capability to daily driving, while the <keyword id="10035310" type="General" weightage="50" keywordseo="n-line" source="Orion">N Line</keyword> brings performance-inspired elements to base model vehicles. The N Line models sit between Hyundai's high-performance N brand and the general Hyundai brand. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/royal-enfield-launches-2023-bullet-350-with-a-new-engine-starting-at-1-74-lakh/articleshow/103287993.cms">Royal Enfield’s Bullet 350 rides in a new avatar with a legacy essence</a> <a href="https://www.businessinsider.in/tech/news/iphone-15-series-apple-watch-and-airpods-pro-expected-in-upcoming-apple-event/articleshow/103238563.cms">Apple set to launch new iPhone, watch &amp; AirPods Pro on Sept 12 – Here’s what we know so far</a> <a href="https://www.businessinsider.in/tech/mobile/news/honor-to-re-enter-the-indian-market-with-the-honor-90-smartphone-in-september/articleshow/103138615.cms">Honor to re-enter the Indian market with the Honor 90 in September</a>

Hyundai launches N brand's 1st EV model Ioniq 5 N

<ul class="summary-list"><li>The US is lending Ford $9.2 billion to build battery plants in Tennessee and Kentucky.</li><li>The sum from the Loan Programs Office is the biggest to an automaker since the 2009 bailouts.</li></ul>The US government is lending $9.2 billion to Ford for three battery plants in a sign of the Biden administration's desire for America to become a leading EV player.The Department of Energy's Loan Program Office <a href="https://www.energy.gov/lpo/articles/lpo-announces-conditional-commitment-loan-blueoval-sk-further-expand-us-ev-battery" target="_blank" rel="noopener">announced Thursday</a> it was financing the BlueOval SK joint venture involving Ford and South Korean battery manufacturer SK On for one factory in Tennessee and two in Kentucky.The loan for the factories, which are <a href="https://media.ford.com/content/fordmedia/fna/us/en/news/2022/12/05/ford--sk-on-make-significant-construction-progress-at-blueoval-s.html" target="_blank" rel="noopener">already under construction</a>, is the biggest handed out to a carmaker since the <a href="https://www.reuters.com/article/autos-bailout-study-idUSL1N0JO0XU20131209" target="_blank" rel="noopener">$80 billion bailout loans of 2009</a>, and is the latest step in the US's drive for energy security amid rising tension with China. The Energy Department said the two factories would create 5,000 construction jobs and eventually employ about 7,500 people. It said the factories would produce 120 gigawatt hours of battery capacity annually and displace 455 million gallons of gasoline a year over the lifetime of the vehicles using the batteries.The loan is more than three times the amount <a href="https://www.energy.gov/articles/us-department-energy-announces-25-billion-loan-ultium-cells-three-domestic-battery-cell" target="_blank" rel="noopener">handed out last year to General Motors</a> to build three battery factories. It's also 20 times the <a href="https://www.energy.gov/lpo/tesla" target="_blank" rel="noopener">$465 million loan provided to Tesla</a> by the Obama administration in 2010 to help complete its breakthrough Model S, which paved the way for its EV market leadership. The loan is the latest step by the White House to on-shore production of crucial EV components amid rising geopolitical tensions, particularly with China. Chinese EV capabilities also appear to be <a href="https://www.businessinsider.com/china-crushing-us-america-battle-energy-evs-batteries-tech-war-2023-5">overpowering the US</a>.In the final quarter of last year, China accounted for about 87% of lithium-ion battery imports to the US, according to <a href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-lithium-ion-battery-imports-mostly-from-china-skyrocket-in-2022-74474788" target="_blank" rel="noopener">analysis by S&amp;P Global</a>.It's also a sign of rising demand for EVs amid a wave of subsidies brought in by Biden under his <a href="https://www.whitehouse.gov/invest/" target="_blank" rel="noopener">Investing in America</a> pledge for EVs to make up <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/04/17/fact-sheet-biden-harris-administration-announces-new-private-and-public-sector-investments-for-affordable-electric-vehicles/">half of all new US vehicles sold</a> by 2030. Demand for EVs has caught some manufacturers off-guard. In December, Ford's EV chief Darren Palmer <a href="https://www.businessinsider.com/ford-electric-f150-lightning-popular-building-another-factory-next-door-2022-12">told Insider</a> that demand for the F-150 electric pick-up truck had been so strong that it decided to build a second factory next door.

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