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<ul class="summary-list"><li>Tesla investors want answers over Elon Musk's plans for more affordable EVs.</li><li>An investor Q&amp;A for Tesla's earnings was dominated by questions about a long-rumored $25,000 car.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> may have unveiled <a target="_blank" class="" href="https://www.businessinsider.com/tesla-robotaxi-event-cybercab-elon-musk-2024-10">his robotaxi</a>, but investors are more interested in hearing about Tesla's plans for a $25,000 EV.Ahead of Tesla's third-quarter earnings call on Wednesday, retail investors are submitting questions for Musk and other executives in an <a target="_blank" class="" href="https://app.saytechnologies.com/tesla-2024-q3?sort=num_shares">anonymous Q&amp;A forum</a> — and want more detail about its long-rumored affordable electric car."Is Tesla still on track to deliver the more affordable model next year, as mentioned by Elon earlier, and how does it align with your AI and product roadmap?" read the top-voted question on the platform, with nearly 5,000 votes representing holders of some 2.2 million Tesla shares.The second most popular investor question also addressed the affordable EV, asking when shareholders could expect a "~$25K, non-robotaxi, regular car model?"Other questions from investors concerned the Semi truck, long waiting times at Tesla service centers, and the <a target="_blank" class="" href="https://www.businessinsider.com/tesla-roadster">updated Roadster, which has faced multiple delays</a> since being announced six years ago.The questions indicate shareholders' unease over Tesla's affordable EV, which has been mired in uncertainty for months.Musk told investors in April that Tesla was <a target="_blank" class="" href="https://www.businessinsider.com/tesla-investors-cheaper-cars-soon-musk-said-earnings-stock-up-2024-4">accelerating plans to build cheaper cars</a>, after denying a report that Tesla was <a target="_blank" class="" href="https://www.businessinsider.com/tesla-scrapping-25k-car-report-elon-musk-denies-2024-4">scrapping a $25,000 "Model 2."</a>Musk added that production could start in early 2025, but Tesla has released few details since then.The affordable EV was not mentioned when Musk unveiled the robotaxi at an event in Los Angeles, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-cybercar-analysts-self-driving-fleet-ai-2024-10">with some analysts expressing disappointment and Tesla's stock falling</a> after the "Cybercab" failed to wow Wall Street.Elon Musk has instead focused on products such as the robotaxi and Tesla's Optimus humanoid robot. The billionaire has been clear that he regards <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-robotaxi-day-tesla-robotics-ai-2024-10">Tesla as an AI and autonomy business</a> rather than an automotive enterprise.But Tesla is very much still a car company, with the vast majority of its revenues coming from EV sales. The automaker's dominant share of the US electric vehicle market has been <a target="_blank" class="" href="https://www.businessinsider.com/tesla-loses-market-share-but-elon-musk-still-wins-2024-7">slipping in recent months</a>, as rivals roll out cheaper EVs.Tesla is also under pressure from China's electric car giants, which have grown rapidly by offering a wide range of electric vehicles at attractive price points.BYD, which briefly overtook Tesla as the world's largest EV producer in 2023, <a target="_blank" class="" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">sells electric vehicles for less than $10,000 in China</a>, and several local EV startups have rolled out models that <a target="_blank" class="" href="https://www.businessinsider.com/tesla-chinese-ev-rivals-record-deliveries-pressure-on-elon-musk-2024-10">undercut Tesla's prices</a> in recent months.Tesla did not immediately respond to a request for comment from Business Insider.

Tesla investors want answers about Elon Musk's long-rumored $25,000 EV

<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>EV charging has improved, but there is still a long way to go to convince the average driver.</li><li>Demand for electric vehicles in the US fell 14% in 2023, according to EY's study.</li></ul>We're getting closer to a cure for range anxiety, so why don't more people <a target="_blank" class="" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">want an EV</a>?Only 34% of US shoppers planning to buy a vehicle in the next two years say they're likely to buy an EV, down significantly from the prior year, despite diminishing concerns about things like range anxiety and charging.The diverging trends were illustrated in EY's annual <a target="_blank" class="" href="https://www.ey.com/en_us/newsroom/2024/09/us-consumers-less-likely-to-purchase-an-ev-than-last-year">Mobility Consumer Index</a>, which surveyed 20,000 respondents in 28 countries who said they were considering buying a new car in the next 24 months. Among US respondents, the firm found that only 24% of potential buyers cited range limitations as a top concern (down from 30% in the prior year), and only 23% are concerned about finding a place to plug in (down from 34%).This dip in demand is reflected in a <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">stagnation in EV sales growth</a> over the past year as companies adjust to a new crop of more practical green-car shoppers. Simply put, these shoppers are also much more difficult to please than the enthusiastic early adopters of years past. EY found that only 24% of US car buyers named range limitations a top concern, down from 30% a year ago. Meanwhile, only 23% of US buyers said they were concerned about <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-range-ev-charging-station-infrastructure-issues-2024-5">finding a place to plug in</a>, down from 34% of respondents in 2023.That should be a huge deal, but <a target="_blank" class="" href="https://www.businessinsider.com/ev-electric-car-sales-plateau-early-adopters-competition-2023-8">today's electric-car shoppers</a> are less willing to endure the steep learning curve associated with switching to a fully electric car — even if they're getting cheaper and the tech is getting better."To keep momentum and make EV ownership appealing, it's imperative to educate and create a seamless customer experience from the dealership to the charge point," EY's Americas Power &amp; Utilities eMobility Leader Marc Coltelli said in the study.Battery-powered cars accounted for a record 7.6% of all car sales in 2023, according to Kelley Blue Book, up from 5.9% in 2022. But that sales growth has hit a plateau after years of exponential growth. Industry executives and analysts this year are estimating a more modest increase by the end of 2024, with EVs expected to account for between 8% and 10% of sales this year.<h2 id="5e995481-cafc-4a05-bbdd-943490394d6e">EV charging has improved, but there is still a long way to go</h2>Both the automotive industry and the US government have rallied around this issue, and at the start of this year the number of public charging stations in the US had doubled from 2020, according to Pew Research and the Department of Energy.In addition to this improvement in infrastructure, several EVs have been engineered to drive about as far as a gas car on a single charge, and batteries today are built to charge faster.But it's still not enough. The network of 61,000 public charging stations in the US pales in comparison to the roughly 120,000 gas stations nationwide. And just because a charger exists doesn't mean it's in the right place or compatible with the EV you're driving.<a target="_blank" class="" href="https://www.jdpower.com/business/press-releases/2024-us-electric-vehicle-experience-evx-public-charging-study">JD Power</a>'s annual study of EV public charging experiences released in August found that 19% of respondents visited a charger but were not actually able to charge their vehicle. A majority of these failed charging visits were due to lack of availability or the charger being broken, JD Power found.Affordability is also a key issue for today's electric car shoppers, an issue the industry has tried to address with lower sticker prices. The average price paid for an EV has fallen steadily for the past year, and some of the best <a target="_blank" class="" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">leasing deals</a> are reserved for electric cars right now.But EV shoppers have found a new cost to angst over.EY also found improvements in <a target="_blank" class="" href="https://www.businessinsider.com/meet-dozens-of-startups-leading-the-electric-car-charging-market-2022-2">charging and range attitudes</a> were dampened by an increase in worry about battery life and maintenance fees, with 27% of US respondents reporting concerns about expensive batteries.<h2 id="4c339c1e-7bfe-4082-9692-fca09b6cc911">EVs are still a tough sell for the average buyer</h2>US consumers are still quite skeptical about making the jump to a fully electric car, with 21% of respondents in EY's study saying they prefer a gradual transition from gas-powered cars to battery-powered cars.That's stoking demand for <a target="_blank" class="" href="https://www.businessinsider.com/car-buyer-interest-hybrids-as-electric-vehicle-adoption-slowing-2023-10">hybrid vehicles</a>, which come in plug-in varieties or with gas-electric engines that don't need to recharge at all, due to the higher mileage per gallon and less of a lifestyle switch."With many still hesitant to go all in with EVs, hybrids offer an 'easier-to-swallow' solution," EY Americas Aerospace, Defense and Mobility Leader Raman Ram said in the report. "For those who are looking to transition due to the environment, hybrids allow owners to lessen their reliance on fuel and creates options for batteries and parts. For many, it's a win-win."It's not quite that simple, though. Hybrids are hard to find right now as automakers rush back to the once-withering segment. The current mismatch between supply and demand for these vehicles makes shopping for them stressful and <a target="_blank" class="" href="https://www.businessinsider.com/plug-in-hybrid-prices-soaring-demand-electric-cars-2024-9">prices hard to swallow</a>.

Drivers are feeling better about EV range and charging infrastructure, but still aren't ready to go electric

<ul class="summary-list"><li>EVs go a lot farther these days, but chargers are still hard to find.</li><li>No one seems to agree whose job it is to build charging infrastructure.</li></ul>Electric vehicles have come a long way — literally.In the earliest days of the EV transition, a fully battery-powered car (like the first-generation <a target="_blank" href="https://www.businessinsider.com/nissan-leaf-revew-cheapest-affordable-electric-car-in-us-2021-10">Nissan Leaf</a> that went on sale in 2010) could only drive for about 100 miles on a full charge in the best weather conditions.That's fine for an enthusiastic early adopter or someone looking to replace just one of their multiple gas cars, but it didn't satisfy <a target="_blank" href="https://www.businessinsider.com/car-buyer-interest-hybrids-as-electric-vehicle-adoption-slowing-2023-10">the average car shopper</a>.Today, a mass-market EV can deliver about 300 miles on a single charge. That's a huge improvement in just 14 years, but the great American road trip is still far from achievable in an EV, thanks to one persistent issue: range anxiety.Car companies and battery suppliers have spent years working to quell this anxiety. But despite the vast improvements in battery technology, <a target="_blank" href="https://www.businessinsider.com/meet-dozens-of-startups-leading-the-electric-car-charging-market-2022-2">EV charging</a> still can't hold a candle to the 5-minute stop to fill a gas tank.Even as charging times come down (GM boasts its <a target="_blank" href="https://www.businessinsider.com/gms-new-ultium-battery-is-for-electric-car-gearheads-2020-3">Ultium batteries</a> can gain about 100 miles of range in 10 minutes on a DC fast charger), there simply aren't enough public chargers in the right spots.Car companies hoped the <a target="_blank" href="https://www.businessinsider.com/ev-charging-stations-explained-levels-plugs-tesla-supercharger-2022-12">public charging infrastructure</a> would improve along with them as they built more range into their vehicles. This hasn't really happened, though, and a slew of EVs are hitting the market with nowhere to charge up on a road trip, exacerbating one of the biggest barriers to adoption.<h2 id="7513a323-210d-4f78-a628-38d4f5085936">Charging is a hot potato issue</h2>One thing essentially everyone can agree on in the <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">EV transition</a> is that vast and reliable fast-charging infrastructure is essential. Studies have shown that areas with <a target="_blank" href="https://www.businessinsider.com/charging-logistics-top-barrier-to-electric-car-adoption-survey-2022-7">more access to public charging infrastructure</a> have higher rates of EV adoption, even though a majority of charging happens at home.What no one can seem to agree on is who is responsible for building out public charging infrastructure. And a closer look reveals that perhaps pinning the problem on one entity, public or private, will only slow efforts to grow.Car companies have made some efforts to build out charging infrastructure, <a target="_blank" href="https://www.evgo.com/press-release/evgo-and-general-motors-open-1-000th-dc-fast-charging-stall-as-part-of-metropolitan-charging-collaboration/">partnering with charging companies</a> and <a target="_blank" href="https://sourceability.com/post/seven-major-automakers-to-partner-on-new-30-000-unit-ev-charging-network">other stakeholders</a> to install public chargers and help new EV buyers install home charging systems.Tesla, which has always led the way with its Supercharger network, is also <a target="_blank" href="https://www.businessinsider.com/how-teslas-charging-partnership-ford-and-gm-works-consumers-2023-6">opening its stations to other car manufacturers</a>, aiding in patching the holes in the public charging network.All these industry efforts have helped to feed an EV charging infrastructure boom in recent years. At the start of 2024, there were some 61,000 public charging stations in the US, more than doubling the amount of stations there were in 2020, according to <a target="_blank" href="https://www.pewresearch.org/data-labs/2024/05/23/electric-vehicle-charging-infrastructure-in-the-u-s/">Pew Research</a> and the Department of Energy.Still, that's way less than the roughly <a target="_blank" href="https://www.convenience.org/Research/Convenience-Store-Fast-Facts-and-Stats/FactSheets/IndustryStoreCount">120,000 gas stations</a> nationwide, and public efforts to grow charging infrastructure appear to be slow-going so far.The Biden Administration has set aside $7.5 billion for charging infrastructure with a vow to add 500,000 EV charging stations by 2030. Since Congress approved this funding two years ago, only a handful of stations have gone live, <a target="_blank" href="https://www.washingtonpost.com/climate-solutions/2024/03/28/ev-charging-stations-slow-rollout/">according to reports</a>.<h2 id="ce7d279d-604f-4a94-bcca-5b61c75310f7">Building out charging infrastructure is just one piece of the puzzle</h2>We're still far from the level of infrastructure required for mass adoption, even as the rate of <a target="_blank" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">EV sales hits a slowdown</a>.One slowdown appears to feed the other: <a target="_blank" href="https://www.businessinsider.com/ev-electric-car-sales-plateau-early-adopters-competition-2023-8">a new crop of EV shoppers</a> isn't interested in buying a car that might die on a road trip, and charging companies aren't willing to grow for customers that don't exist yet.On top of the issue of infrastructure coverage, there is the question of where we will get the power to run all of these new charging stations.A recent study from the <a target="_blank" href="https://www.globenewswire.com/news-release/2024/05/21/2885659/0/en/Study-from-the-University-of-Michigan-Transportation-Research-Institute-UMTRI-Shows-New-Reliability-Concerns-Related-to-Electric-Vehicle-Charging.html">University of Michigan Transportation Research Institute</a> found that utilities are not fully equipped to handle the large swings in usage that can be caused by increased amounts of EV charging.All this means that cross-industry efforts — between car companies, their suppliers, charging startups, and public utilities — will be crucial as we continue to grow the share of electric cars on the road.

EV range is making huge strides, but there still aren't enough places to charge.

<ul class="summary-list"><li>Germany's automotive industry is facing an increasingly difficult outlook.</li><li>Volkswagen may close factories in Germany for the first time, and BMW and Mercedes-Benz are struggling.</li></ul>Germany's car giants were once the envy of the world, but now find themselves facing a myriad of threats.BMW and Mercedes-Benz have issued profit warnings in recent weeks amid <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">slumping EV sales in Europe</a> and <a target="_blank" class="" href="https://www.businessinsider.com/chinas-electric-vehicle-market-could-face-a-brutal-reckoning-2024-5">brutal competition in China</a>, while Volkswagen is <a target="_blank" class="" href="https://www.businessinsider.com/volkswagen-considers-closing-factories-germany-job-salary-cuts-autos-2024-10">also facing a reckoning</a>.On Wednesday VW said net profit for the three months to September 30 plunged by almost 64% to 1.57 billion euros, with a 30% decline to 12.8 billion euros for the first nine months of the year. A 4% rise in vehicle sales in North America and 16% growth in South America for the nine months was offset by a 1% decline in western Europe and a 12% slide in China — VW's biggest market outside Europe. It now expects to deliver about nine million vehicles this year, or about 240,000 fewer than 2023.Volkswagen is seeking to cut billions in costs after issuing two profit warnings in three months. On Monday, its top union official said the company was planning factory closures in Germany for the first time, along with pay cuts and layoffs. The Golf and Polo maker is one of Germany's biggest employers with about 300,000 workers.Mercedes-Benz is also <a target="_blank" class="" href="https://www.businessinsider.com/mercedes-benz-sliding-ev-sales-and-weak-demand-in-china-2024-10">pursuing "cost improvements"</a> after last week's lackluster earnings, while BMW stock has been hit by the recall of some <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/bmw-recalls-1-5-mln-vehicles-over-braking-system-issue-1033765005">1.5 million cars over a braking issue</a>.<div type="image" title="New Volkswagen cars at a factory" height="2574" width="4625" msid="114777386" hostid="261" sizebytes="794156"></div><h2 id="58206ab8-4040-4a0f-ac1e-b07e60c53b6a">Fight for survival in China</h2>All three giants face a similar problem: they're no longer selling enough cars in China, the world's largest car market and a one-time cash cow for European automakers. About 21.7 million new vehicles were sold in China last year, per the China Passenger Car Association figures, compared with about 15.6 million in the US and 10.5 million in Europe.Like VW, BMW and <a target="_blank" class="" href="https://www.businessinsider.com/mercedes-benz-sliding-ev-sales-and-weak-demand-in-china-2024-10">Mercedes</a> also reported a slide in sales in China in the third quarter, amid waning demand for luxury vehicles and the growing dominance of Chinese EV makers.<div type="image" title="BYD Yangwang U8" height="4093" width="6140" msid="114777389" hostid="261" sizebytes="1395046"></div>Helena Wisbert, professor of automotive economics at Ostfalia University in Germany, told Business Insider: "BMW and Mercedes are selling fewer cars, because the new players in the market for EVs have become really competitive, especially in China."Wisbert said that German manufacturers have failed to anticipate the changing behavior of Chinese consumers and diversify their product lines. She added that Mercedes, BMW, and Volkswagen offer comparatively few hybrid and <a target="_blank" class="" href="https://www.businessinsider.com/extended-range-electric-vehicles-erev-gas-generator-range-anxiety-2024-8">extended-range vehicles</a> — categories that have proven extremely popular in China.European carmakers are under intense pressure from Chinese rivals such as <a target="_blank" class="" href="https://www.businessinsider.com/ev-electric-vehicle-china-brands-byd-nio-wuling-zeekr-geely-2023-5">BYD, Nio, and Xiaomi</a>, which offer luxurious EVs vehicles with better <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-makers-battle-for-market-dominance-with-smart-features-2024-5">software experiences</a> — and all at far lower prices.<div type="image" title="Chinese customers assess the Xiaomi SU7 at a flagship store in Shanghai, China." height="2800" width="4200" msid="114777392" hostid="261" sizebytes="344146"></div>To make matters worse, some Chinese automakers are now eyeing expansion in Europe, even with <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">the European Union planning tariffs on BYD and its rivals</a>.Wisbert said the brand strength of BMW and Mercedes in Europe gave them a crucial advantage over Chinese interlopers — but added that VW would likely face competition from Chinese brands that can build and sell EVs far more cheaply. "In the long run, it's a big threat, especially for Volkswagen."<h2 id="4b4f7370-2052-4695-8ad7-e34b879663db">Slow sales in Europe</h2>At the same time, Germany's automakers are also dealing with a slowdown in EV sales in Europe.Mercedes said last week that <a target="_blank" class="" href="https://www.businessinsider.com/mercedes-benz-sliding-ev-sales-and-weak-demand-in-china-2024-10">sales of battery-powered cars</a> fell 31% in the third quarter compared with the same period last year, while deliveries of Volkswagen Group EVs in Europe were <a target="_blank" class="" href="https://uploads.vw-mms.de/system/production/files/cws/040/668/file/151d368085a7d93bdc93358b5dc3bc7714ea72d0/20241011_Deliveries_Tables_icl_BEV.pdf?1728635690">down 12% in Q3</a>.Demand for electric vehicles has slowed in Europe amid a lack of affordable options and the end of subsidy schemes in some countries, including Germany, where new EV deliveries <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">plunged by 69% in August</a>."The European market has failed to return to health as quickly as hoped post-Covid," Matthias Schmidt, an independent auto analyst based in Germany, told BI in an email."That is causing an over-capacity and under-utilisation problem leading to the need for restructuring across European operations, alongside new market entrants such as Chinese carmakers and Tesla increasingly eating up market share."<div type="image" title="Union workers rally outside a Volkswagen plant" height="5464" width="8192" msid="114777385" hostid="261" sizebytes="1564854"></div>Wisbert said that despite Volkswagen and BMW starting to sell battery-electric vehicles more than a decade ago, German companies failed to make EVs their "focus" and are now losing out to rivals such as Tesla and BYD that can build and sell electric cars more cheaply."They missed the chance to get the cost for the battery under control. That's the problem because their competitors can sell cars at a really low price level because they have the battery cost under control," Wisbert said.She warned that attempting to save money by scaling back EV plans would render German carmakers even less competitive in the future. Volkswagen and Mercedes have both adjusted their EV strategies and pushed back targets in recent months as sales stagnate."Right now they're cutting their plans for future investment — and that's not the best way to stay competitive in the future," said Wisbert.Investors are also sounding the alarm, sending Mercedes-Benz shares down more than 11% this year, with BMW sliding 28%. VW, meanwhile, is down about a fifth this year, and close to half the stock price of October 2019. Analysts at UBS have a "sell" recommendation on the stock, and the potential cost and disruption that could be sparked by a "major restructuring."VW, Mercedes, and BMW did not respond to requests for comment from BI.

Volkswagen stumbles in China as Germany's auto giants struggle to compete in the EV race

<ul class="summary-list"><li>Chinese EV firms like BYD have been effectively shut out of the US thanks to high tariffs.</li><li>Many of them sell their electric vehicles in Europe, despite the EU introducing its own tariffs.</li></ul>US tourists who visited Europe this summer may have spotted some unfamiliar EVs on the road — some of which will have been built in China.<a target="_blank" class="" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6#">China's electric vehicle</a> giants were <a target="_blank" class="" href="https://www.businessinsider.com/china-evs-tariffs-joe-biden-transport-2024-5">effectively shut out of the US in May</a>, when the government imposed crippling tariffs on China-based EV companies amid growing geopolitical tensions.The tariffs, designed to prevent the US auto market from being flooded with cheap Chinese EVs, have made it virtually impossible for companies like BYD to export their EVs stateside.The European Union set out <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-companies-hit-with-new-tariffs-in-the-eu-2024-6">its own trade restrictions on China's Tesla rivals in June</a> — but unlike in the US, many have a sizable presence in the European market.Here are some of the Chinese electric vehicles that European drivers can buy right now but US drivers can't:<h2 id="8c27c4d8-53fb-4dcf-a9e7-30de84bd3e37">BYD</h2><div type="image" title="BYD Seal" height="683" width="1024" msid="113258283" hostid="261" sizebytes="34490"></div><a target="_blank" class="" href="https://www.businessinsider.com/tesla-rival-byd-chinese-evs-expands-in-europe-new-factory-2024-7">BYD</a><a target="_blank" href="https://www.businessinsider.com/tesla-rival-byd-chinese-evs-expands-in-europe-new-factory-2024-7"> is expanding rapidly in Europe</a>, and plans are underway to build two factories in Hungary and Turkey in the coming years.The Warren Buffett-backed automaker sells <a target="_blank" class="" href="https://www.byd.com/eu">six EV models in Europe </a>— from the Dolphin Hatchback, which <a target="_blank" class="" href="https://www.byd-cars.de/marken/byd/dolphin#8dfa9335-fae6-48ae-ade9-929a8d4761ba">costs from €32,990</a> ($36,400), to the Han sedan, which <a target="_blank" class="" href="https://www.byd-cars.de/marken/byd/han#a658351d-cfa0-49fd-b324-ff9e61445dd1">starts at €69,000</a> ($76,100) in Germany.Despite the EU imposing <a target="_blank" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_24_4301">a 17% import tariff on BYD in August</a>, the company isn't slowing down. As it competes with Tesla worldwide, it plans to <a target="_blank" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">bring its $10,000 Seagull EV to Europe in 2025</a>.<h2 id="28cbf932-e633-467a-ba74-145fd9eebf92">Nio</h2><div type="image" title="Nio ET7" height="742" width="1024" msid="113258297" hostid="261" sizebytes="65766"></div>Chinese EV brand Nio is known in its home country <a target="_blank" class="" href="https://www.businessinsider.com/ev-battery-swapping-china-rescue-us-revolution-2024-2">for its battery swapping stations</a>, designed to prevent long charging times by removing flat batteries and replacing them with fully charged ones.Like BYD, Nio has been expanding in Europe, establishing battery swap stations across the continent and <a target="_blank" class="" href="https://www.nio.com/news/nio-house-amsterdam?&amp;noredirect=">selling six models as of May 2024</a>.That includes the stylish ET7, which Nio says comes with an <a target="_blank" class="" href="https://www.nio.com/et7?&amp;noredirect=">AI-powered suspension and an estimated 1,000km (620 mile) range</a>.<h2 id="93224fa1-31bc-45f4-8dc3-cadaccde6d4f">Xpeng</h2><div type="image" title="Xpeng G6" height="684" width="1024" msid="113258292" hostid="261" sizebytes="71784"></div>Xpeng is known for its quirky EV models, including a <a target="_blank" class="" href="https://www.businessinsider.com/xpeng-tesla-rival-flying-car-prototype-drone-evtol-2022-11">flying car</a>.In Europe, the automaker sells its G9, G6, and P7 models in various markets, including Denmark, Sweden, and Norway.<h2 id="985d743a-d9a6-45bc-82ed-a4c4ae7f187f">Zeekr</h2><div type="image" title="Zeekr 001" height="683" width="1024" msid="113258285" hostid="261" sizebytes="39634"></div>Chinese manufacturer Zeekr is one of many companies <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-byd-selling-record-cars-tesla-competition-deliveries-2024-7">vying to take on Tesla in China.</a> It has two models available in parts of Europe.Both the Zeekr X and the Zeekr 001 are luxury EVs priced between <a target="_blank" class="" href="https://shop.zeekr.eu/en-nl/configuration/?linkCode=1">42,490 euros and 59,490 euros ($46,800 to $65,600)</a> in the Netherlands. The Zeekr 001 boasts an estimated <a target="_blank" class="" href="https://www.zeekr.eu/models/001">620km (385 miles) of range and 0 to 60 mile acceleration in 3.8 seconds</a>.Like many other Chinese automakers, Zeekr faces EU's tariffs. CEO Andy An <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-19/geely-s-zeekr-considers-building-evs-in-europe-to-avoid-tariffs">told Bloomberg that</a> the company may move production to Europe in the coming years as a result.<h2 id="3d2d47ce-d5f2-48a3-b76e-1431dec40a8b">MG</h2><div type="image" title="The MG Cyberster" height="681" width="1024" msid="113258295" hostid="261" sizebytes="64984"></div>Historic British car brand MG is owned <a target="_blank" class="" href="https://www.reuters.com/article/business/saic-to-sell-mg-cars-in-eu-by-year-end-idUSTRE60O088/">by one of China's largest automakers, SAIC Motor</a>.Since it came under SAIC Motor's control, MG has <a target="_blank" class="" href="https://www.bbc.co.uk/news/uk-england-birmingham-37449289">moved some of its vehicle production to China</a> and produced a series of electric models, including the MG4.This electric hatchback starts at <a target="_blank" class="" href="https://www.mg.co.uk/new-cars/mg4-ev">£26,995 ($35,300)</a> in the UK, making it <a target="_blank" class="" href="https://www.tesla.com/en_gb/model3/design#overview">£12,995 ($17,000) cheaper</a> than Tesla's least expensive offering in the country.MG also recently launched the Cyberster, a stylish electric roadster that is available <a target="_blank" class="" href="https://www.mgcyberster.co.uk/configurator">for preorder in the UK for £54,995 ($72,000)</a>.As of yet, there's no sign of the MG4 or the Cyberster coming to the US — although MG is planning to <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/mg-motor-build-manufacturing-plant-rd-center-mexico-2024-08-08/">build a manufacturing plant in Mexico</a>, a move some US lawmakers have warned could provide Chinese manufacturers <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-companies-byd-mg-plan-factories-mexico-washington-concern-2023-12">with a "backdoor" to the US market</a>.

Chinese EVs you can buy in Europe — but not in the US

<ul class="summary-list"><li>The Cybertruck is the newest addition to Tesla's electric lineup.</li><li>You can order a Cybertruck today, but it likely will take months to be delivered.</li></ul>The angular, steel-clad Cybertruck is the latest addition to <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla's</a> growing lineup of electric vehicles.The Cybertruck, assembled in Texas in the heart of pickup truck country, finally hit the market at the end of 2023 with a starting price of $60,990 (though the first models to roll off the assembly line were the <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-foundation-series-first-models-resale-clause-lawsuit-2023-12">$120,000 Foundation Series</a> trucks).The Cybertruck, first announced in 2019, arrived late to the electric pickup truck segment — just as EV drivers began favoring smaller and more inexpensive models. Even its least expensive trim level is $20,000 more expensive than <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">CEO Elon Musk</a> originally promised.Several <a target="_blank" class="" href="https://www.businessinsider.com/tesla-fans-slam-cybertruck-disappointing-launch-and-unexpected-price-hike-2023-12">Tesla fans expressed disappointment</a> at the Cybertruck launch, complaining that the price and final specs that didn't live up to Musk's original promises for the truck.Demand for the truck initially outpaced production, with delivery dates over the summer pushed out until the end of the year or early next year. Tesla has since managed to shorten this wait to a few months, according to its website.Here's everything we know about <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-my-favorite-features-wireless-charging-speed-range-2024-6">Tesla's Cybertruck</a> today.<h2 id="9bd43199-dd06-4315-bc0f-00d38d6f699d">How much does the Tesla Cybertruck cost?</h2>There are currently only two trim levels of the Foundation series listed on Tesla's website, ranging in price from $99,990 to $119,990. All trim levels require a $250 deposit at the time of your order.<ul><li>All-wheel drive: $99,990. The dual-motor all-wheel drive Foundation series Cybertruck is equipped with an estimated 340 miles of range. It also has a top speed of 112 miles per hour and can achieve 0-60 miles per hour in 4.1 seconds.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-price-expensive-cyberbeast-option-2023-11">Cyberbeast</a>: $199,990. The top-of-the-line Cybertruck has a slightly lower range of 320 miles, sacrificing range for performance. The Cyberbeast is purported to reach 0-60 miles per hour in a blistering 2.6 seconds with a top speed of 130 miles per hour and 845 horsepower. It also delivers 10,296 pounds-feet of torque, according to Tesla, with an 11,000-pound towing capacity.</li></ul>At the Cybertruck's initial reveal, Tesla also announced two lower-price trim levels, which no longer appear on the company's website. A $60,990 base model was listed with 250 miles of range while an all-wheel drive model with 340 miles of range was listed for $79,990. At the time, these models were due to arrive in 2025.Like other pickup trucks in its class, the Cybertruck is a five-passenger vehicle. The angular bed with a lockable cover is 6 feet long and boasts 54.2 cubic feet of storage space.The advertised charging speed for the Cybertruck is about 250 kilowatts-per-hour, which translates to 128 miles of range added in 15 minutes on a Tesla Supercharger.<h2 id="204ad935-0968-4b15-8900-56d2b115ed81">How long is the wait for a Cybertruck?</h2>Tesla currently estimates delivery of the available Foundation series Cybertrucks for October and November 2024. Tesla first <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-price-release-event-delivery-truck-live-updates-2023-11">started deliveries of the Cybertruck</a> in November of 2023.The company doesn't break out Cybertruck in its quarterly delivery reports, so the exact number of Cybertrucks that have been ordered, sold, and delivered is unclear. But a <a target="_blank" class="" href="https://www.businessinsider.com/tesla-recalls-cybertrucks-due-to-wiper-issue-2024-6">Tesla recall</a> for a windshield wiper defect in June covered more than 11,000 Cybertrucks on the road in the US, likely all built so far.The Cybertruck is assembled at <a target="_blank" class="" href="https://www.businessinsider.com/tesla-gigafactory">Tesla's Austin Gigafactory</a> with a new manufacturing process. Reports of hiccups in the production launch have hinted at the complexity of Cybertruck manufacturing, which may explain why the Cybertruck took so long to get to market, but the launch is far from the stressful ramp of the Model 3 in 2018.<h2 id="64c45f5e-c315-4e5a-a661-c1f59cea08fa">How does the Tesla Cybertruck stack up against other electric trucks?</h2>The Cybertruck debuts a bevy of new <a target="_blank" class="" href="https://www.businessinsider.com/tesla-features">Tesla features</a>, bringing Musk's electric car company into the bloodsport of American pickup trucks.On towing, Tesla outdoes the <a target="_blank" class="" href="https://www.businessinsider.com/f150-lightning-is-fast-fun-you-probably-dont-need-one-2023-11">F-150 Lightning</a> by 1,000 pounds and the <a target="_blank" class="" href="https://www.businessinsider.com/tesla-vs-rivian">Cybertruck ties the Rivian R1T</a> with an 11,000-pound towing capacity on the top two trim levels. The base model Cybertruck is expected to have a towing capacity of around 7,500 pounds.Tesla's advertised maximum payload of 2,500 pounds also outdoes the Lightning's 2,235 pounds. Both trucks beat out the R1T's 1,764-pound maximum payload.To accommodate the <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-new-status-car-celebrities-billionaires-2024-2">Cybertruck's unwieldy size</a> and dimensions, Tesla has outfitted the truck with a steer-by-wire system, which allows for more nimble driving. The steering wheel's responsiveness changes depending on speed, while rear-wheel steering allows the massive truck to maneuver into tight spaces.The Cybertruck is also equipped with Tesla's standard Autopilot driver-assist software. Cybertruck drivers can also subscribe to the more advanced Full Self Driving software, which has started to work on some models, according to owners.<h2 id="69315fcc-a0e4-4863-b812-9a87220668e0">What's the deal with Cybertruck's steel body?</h2>One of the Cybertruck's most unique features is its <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-polishing-is-it-safe-legal-2024-6">stainless steel exterior</a>.The ultra-hard steel exoskeleton is stamped as one piece, which Tesla has claimed will lead to fewer dents and easier repairs due to the lack of paint. Elon Musk initially promised the Cybertruck would be completely <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-fails-youtubers-bulletproof-test-2024-3">bullet-proof</a>, though that hasn't panned out in reality.While the Cybertruck can withstand 9mm bullets from a handgun, some bigger guns dealt more damage.Skeptics of the Cybertruck were concerned that the stainless steel exterior would <a target="_blank" class="" href="https://www.businessinsider.com/the-cybertrucks-stainless-steel-will-always-be-a-little-smudgy-2023-8">show unsightly smudges</a> and other imperfections heading into the launch.Upkeep has been reportedly complex, with owners reporting trouble at the car wash. Tesla's owner's manual recommends putting the truck in "Car Wash Mode" to protect certain features from damage.In the first few months after the $99,900 Cyberbeasts started hitting the road, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-owner">Tesla owners</a> took to social media to <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-owners-starting-rust-rain-orange-specks-elon-musk-2024-2">complain about the Cybertruck's rust spots</a> that developed when the vehicles were left out in the rain.A Tesla engineer later addressed the complaints, offering advice on how to <a target="_blank" class="" href="https://www.businessinsider.com/cybertruck-engineer-addresses-claims-the-tesla-evs-rust-in-rain-2024-2">buff out the orange spots on the Cybertruck</a>.

Tesla Cybertruck: What to know about the truck's price, specs, range, and customer reactions

<ul><li><keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric vehicles</keyword> (EVs) are gaining popularity worldwide</li><li>However, concerns remain about their environmental impact</li><li> <keyword id="21881868" type="General" weightage="20" keywordseo="alternative-fuel" source="keywords">Alternative fuel</keyword> vehicles like hydrogen fuel cells and biofuels are some more alternatives we can tap into</li></ul> Electric vehicles or EVs are in their prime right now, with the demand crossing an all-time high. A trend noticeable around the world, EVs are not only becoming increasingly popular but also fairly affordable. Slowly but surely EVs are overcoming the challenges that crossed them — design, features, safety, and most importantly range. A major credit to this trend can be given to consumer acceptance, policy backing, and improving infrastructure. However, there is a downside to EVs as well. Having featured multiple EVs with our series<a href="https://www.youtube.com/watch?v=TCR3PaYxcmk&amp;t=1s" data-type="tilCustomLink" target="_blank"> Short Spin, </a>I developed a strong reference point. This made me wonder why are we so heavily reliant on them. Over its life cycle, EVs cannot be termed as particularly environmentally friendly, which has been their main selling point over the past few decades. <h2>The ‘Red’ side of EVs</h2> There is a bit of red within the go-green agenda that EV manufacturers push. EVs as a whole do come with benefits like low maintenance, improved efficiency and ultimately lower fuel emissions. However, <keyword id="21357488" type="General" weightage="100" keywordseo="EV-production" source="keywords">EV production</keyword> and disposal can have detrimental effects on the natural environment. Here are some socio-ecological concerns over EVs: 1. High carbon footprint in battery production: EV battery production is energy-intensive and often relies on electricity from fossil fuels, leading to a high initial carbon footprint. This is elaborated in a story recently published by Earth Org. 2. Resource constraints and ethical concerns: Particularly with the extensive mining of cobalt and other minerals for EVs, there has been a global outcry. Limited availability of critical minerals like lithium, cobalt, and nickel, shady mining practices long work hours, unsafe work environments, and use of child labour in underdeveloped parts of the world have raised several ethical issues around the sustainability of EVs. This issue can be explored further in this essay by Al Jazeera. 3. Recycling and end-of-life challenges: EV battery recycling is currently inefficient, costly, and poses significant environmental risks, with a huge amount of batteries ending up in landfills. 4. Manufacturing costs and economic barriers: High production costs, especially for batteries, make EVs more expensive than conventional vehicles and require significant investments in new manufacturing facilities and supply chains. 5. Supply chain and geopolitical risks: Critical mineral resources necessary for EV production are concentrated in a few countries. This leads to vulnerabilities in the complex supply chain and often risks disruptions due to geopolitical tensions, trade conflicts, or natural disasters. China as of today controls 83% of EV battery production in the world, with a major stronghold on the supply chain. While I am in no way suggesting to drop out of EVs, I believe sticking to just one alternative risks replicating the same mistake we did for ICE vehicles. So, what are the alternatives? <h2>The alternates fuel vehicles (<keyword id="23193800" type="General" weightage="20" keywordseo="AFVs" source="keywords">AFVs</keyword>)</h2> AFVs are a growing segment of the automotive industry that utilize fuels other than traditional gasoline or diesel. These vehicles offer similar potential benefits such as reduced greenhouse gas emissions, improved air quality, and reduced dependence on fossil fuels. While EVs are also a form of AFVs, here we will list out other major alternatives like hydrogen fuel and biofuel options. Hydrogen fuel cells: Convert hydrogen gas into electricity, emitting only water vapour. Currently, <keyword id="19906788" type="General" weightage="20" keywordseo="Toyota" source="keywords" meta.keywordsubtype="org" meta.entityname="Toyota" meta.hostid="261" meta.entityid="Toyota">Toyota</keyword> and Hyundai are the only hydrogen-based cars in the Indian market. Hydrogen internal combustion engines: These vehicles use hydrogen as a fuel in modified combustion engines. While road-legal vehicles for this fuel type aren’t out, BMW with hydrogen 7 is working on a prototype. Ethanol: This is a renewable fuel made from plant materials, commonly mixed with gasoline. In America, Ford F-150 Flex-Fuel and Chevrolet Silverado Flex-Fuel are utilizing this technology. Biodiesel and renewable diesel: Derived from vegetable oils, animal fats, or recycled grease, these fuel types can be used in diesel engines. Compressed Natural Gas (CNG): Perhaps the most famous alternative for cabbies in Delhi, CNG is in popular demand. Technically it is used in specially modified internal combustion engines, primarily for lower emissions. Propane (Liquefied Petroleum Gas, LPG): A byproduct of natural gas processing and crude oil refining, used in internal combustion engines. As technology continues to advance, these AFVs are becoming more accessible and affordable, making them a promising option for sustainable transportation. If you are an eco-conscious buyer in today’s auto market, bear in mind that there are options beyond EVs as well. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/mercedes-expands-bev-range-rolls-out-second-locally-produced-model-in-india/articleshow/113388002.cms" data-type="tilCustomLink" target="_blank">Mercedes expands BEV range; rolls out second locally produced model in India</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-adoption-in-india-rising-13-share-expected-by-2026-27-jefferies/articleshow/113361787.cms" data-type="tilCustomLink" target="_blank">Electric two-wheeler adoption in India rising, 13% share expected by 2026-27: Jefferies</a>

EVs are not the only options for alternative fuel — make way for hydrogen and bio-fuel

<ul class="summary-list"><li>The 2023 Chevrolet Bolt started at just $27,495 new, making it $19,995 with the federal EV incentive.</li><li>Andrew Lambrecht and his roommates rented one for the summer and enjoyed their time with it.</li></ul>Not all EVs are expensive. I usually get a surprise reaction when I tell someone they can leave a Tesla showroom with a <a target="_blank" class="" href="https://www.businessinsider.com/tesla-model-3-review-quirks-difficulties-experienced-autos-reporter-2024-1">Tesla Model 3</a> for $36,630 with incentives or an incredibly fast-charging Hyundai Ioniq 6 for $31,150, thanks to a recent special. Compared to the average new car transaction price of <a target="_blank" href="https://www.coxautoinc.com/market-insights/kbb-atp-march-2024/#:~:text=Last%20month%2C%20the%20average%20transaction,15.5%25%20compared%20to%20March%202021.">$47,218</a>, these two impressive EVs cost far less.You don't need to spend even that much to get your hands on a solid electric car. The <a target="_blank" class="" href="https://www.businessinsider.com/chevy-bolt-ev-euv-cheapest-electric-car-discontinued-dead-2023-4">2023 Chevrolet Bolt</a> EV LT started at just $27,495. Factoring in the federal EV incentive courtesy of the Inflation Reduction Act (IRA), the Bolt EV's price dropped to just $19,995.Chevrolet recently discontinued the Bolt to focus on its new Ultium-powered products. While disappointing, plenty of used 2022 and 2023 Bolts are dotted across the market for <a target="_blank" href="https://www.cars.com/shopping/results/?clean_title=true&amp;dealer_id=&amp;include_shippable=true&amp;keyword=&amp;list_price_max=&amp;list_price_min=&amp;makes[]=chevrolet&amp;maximum_distance=all&amp;mileage_max=&amp;models[]=chevrolet-bolt_ev&amp;monthly_payment=&amp;no_accidents=true&amp;page_size=20&amp;sort=list_price&amp;stock_type=all&amp;year_max=&amp;year_min=2022&amp;zip=90001">as low as $14,000</a>.The Bolt is one of the most affordable EVs on the road. I tried one this summer to figure out how well it fit into my life.<h2 id="fb0b0f01-5d2c-48a3-a4b0-9243048c0441">"Choosing" the Chevrolet Bolt EV</h2><div type="image" title="A 2023 Chevrolet Bolt EV LT in Ghost Gray Metallic" height="1200" width="1600" msid="114581093" hostid="261" sizebytes="473650"></div>Before I flew to San Francisco to start a summer internship, I sold my 2019 Tesla Model 3, expecting to buy something in The Bay. I considered a used Mach-E, <a target="_blank" class="" href="https://www.businessinsider.com/polestar-2-price-review-photos-tesla-model-3-psny-2022-9">Polestar 2</a>, or another Model 3. I must've hit a used auto market dry spell, as few good deals were available.My three intern roommates and I resorted to plan B: splitting a Hertz rental for the summer.We opted for the least expensive option: the "mystery EV." While I hoped to end up in the sleek Polestar 2, we got the bottom-of-the-barrel option: the Chevrolet Bolt EV.<h2 id="d9e7cb6b-2bbe-475f-b3e7-15258f4410ff">The Chevrolet Bolt EV is better than you think</h2><div type="image" title="the interior of a Chevrolet Bolt EUV" height="1200" width="1600" msid="114581104" hostid="261" sizebytes="165968"></div>When the words "cheap" and "EV" combine, you might envision one of those quasi-Golf Carts from <a target="_blank" href="https://www.alibaba.com/product-detail/1500w-3000w-popular-mini-chinese-electric_1600231967046.html?spm=a2700.7724857.0.0.58c73ef2nl5NEO">Alibaba</a>. There's compromise in some areas, but it's not as bad as you think.When you first enter the Bolt EV's cabin (or the EUV, as the interiors are nearly identical), you see a nicely laid-out interior and a vivid center infotainment display. I've been in cars far more pricey than the Bolt EV with worse interiors.The base 1LT model has few amenities compared to the more expensive 2LT version, but it's not bad for its price point. You get remote cabin preconditioning through the key fob, an OK-sounding six-speaker sound system, Apple CarPlay, LED headlights, and some basic safety features. The Bolt EV won't wow anyone, but it is honest and functional.It's still a tall and tippy hatchback, but it's got plenty of power. The Bolt's front-mounted electric motor delivers 200 horsepower nearly instantly, meaning it can accelerate to 60 in around six and a half seconds.A 66-kilowatt-hour battery powered by LG Chem cells delivers energy to the Bolt's motor, which results in an EPA driving range of 259 miles. Based on my driving, that's quite accurate. Some electric cars, like older Teslas, often miss the mark on real-world range.<h2 id="79cfed4e-dc46-4822-9481-f9634374b223">Charging the Bolt</h2><div type="image" title="a Chevrolet Bolt charging in a parking lot" height="1200" width="1600" msid="114581098" hostid="261" sizebytes="282028"></div>While our rental house had a garage and a 120V socket, the Hertz Bolt didn't have a charging cable (these cost anywhere from $100 to $250 on <a target="_blank" href="https://affiliate.insider.com?h=cd9b7c31e7af9c7afe2dc50a0f58558a149b771f6b0b247d80551187f0552921&amp;postID=671a98e4e5b5408300694b77&amp;postSlug=chevrolet-bolt-cheap-capable-wish-charged-faster-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.amazon.com%2Fs%3Fk%3Dmobile%2Bev%2Bcharger%26crid%3D314HKM0FAG5HH%26sprefix%3Dmobile%2Bev%2Bcharger%252Caps%252C111%26ref%3Dnb_sb_noss_1">Amazon</a>). My friend in the area lent me a charging cable, so we were back in business.When charging on 120V (also known as Level 1), it draws 1.3 kilowatts or adds around four miles of range per hour. It's not a lot, but it worked as my commute to work was just four miles round trip and six if I went to the gym.My workplace offered free access to Level 1 chargers, so the Bolt EV could charge up to 18 hours daily. Eighteen hours of charging equates to 72 miles of range added per day.There were also 6.6 kilowatt Level 2 chargers at work, though they cost $0.25 per kilowatt-hour of energy ($1.65 an hour). Using the Bolt's full battery, you'd pay $16.50 to go 259 miles. In a 32-mpg Chevrolet Cruze, you'd spend around $40 to go the same distance.Sometimes, you need to charge your car faster when driving long distances. That's where DC fast charging comes into play but where the Bolt EV begins to lag. It's one of the slowest DC charging cars on the market.<h2 id="1b2d052b-4d60-4c3d-bd3f-f8ef6c63f7a3">The Little Bolt that could</h2><div type="image" title="five guys take a selfie inside a car" height="1200" width="1600" msid="114581085" hostid="261" sizebytes="195388"></div>My friends and I decided to take a trip with a round-trip distance of 291 miles. Thanks to PlugShare, we could easily calculate routes and find nearby chargers.After packing up in Newark, we headed off with a starting charge of around 85% battery. When we reached Monterrey, our battery was down to 23%, or 54 miles of range.We stopped at a four-stall Electrify America station and plugged it in to charge while we ate lunch. After 48 minutes, we were up to 78% charge or 191 miles of range, and we made it home.Charging the Bolt was doable. Would I have taken it on my 1,100-mile Joshua Tree trip? Probably not, but the Chevrolet Bolt is undeniably capable for daily driving and occasional weekend trips.<h2 id="47e297ed-b2b2-44b2-b176-c0f29e4e5f8c">Should I consider a Chevrolet Bolt?</h2><div type="image" title="a Chevrolet Bolt parked on the side of a highway next to water" height="1200" width="1600" msid="114581478" hostid="261" sizebytes="164528"></div>After putting 1,500 miles on the odometer, we enjoyed our time with the little hatchback. Are there better options out there? Of course, but with prices well below $20,000, the Bolt is a tough value proposition to beat.If I were buying one, the upgrade to the Bolt EUV would be worth it. It has more rear passenger space, feels more substantial, and looks more rugged.When I got home, I still wanted something that charged a little faster and had a more engaging driving experience. With the federal EV incentive, I bought a newer Model 3 for a little over $20,000.The Bolt EV and Model 3 are incredible used values, though avid road trippers or performance enthusiasts might want to look beyond the little Chevrolet.

I rented a 2023 Chevrolet Bolt EV for the summer. It won't wow anyone, but it is reliable — with one downside.

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

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