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World EV day: Top 10 most popular EVs in India

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

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

Electric vehicles (EVs) are all the rage these days. With their promise of lower emissions and smooth, quiet rides, it’s no wonder that the global demand for EVs has been soaring. However, if you live near the coast — or anywhere prone to flooding — there’s a less-talked-about risk that could make you rethink that shiny new electric car parked in your driveway: saltwater-induced fires from flooded EV batteries. <h2>Saltwater and EV batteries</h2>When it comes to EVs, the heart of the vehicle’s power lies in its battery, usually a lithium-ion (Li-ion) pack. These batteries are highly efficient, but they’re also sensitive to water, especially the salty kind. In September and October 2024, the Southeast U.S. was hit by hurricanes Helene and Milton, which caused catastrophic flooding. Thousands of homes were damaged, and in a particularly frightening twist, 11 electric cars and 48 lithium-ion batteries caught fire after being exposed to salty floodwaters. Saltwater is a conductor of electricity, which means it can get into the EV battery packs, triggering a dangerous reaction. When water seeps into the battery, it can cause a short-circuit between the battery's terminals, which may lead to overheating, violent fires, and even explosions. In many cases, the fire doesn’t start right away — it can take hours or even days after the exposure before a thermal runaway event occurs, causing a dangerous blaze. Once the fire starts, it’s nearly impossible to put out with regular fire-fighting methods. Firefighters often have no choice but to let the battery burn itself out. <div type="Article" hostid="261" msid="113906136" title="Planning to purchase an EV? Here&amp;#39;s how to ensure it never catches on fire" mstype="2" mssubtype="0"></div>In 2022, during Hurricane Ian in Florida, 36 EVs that had been flooded reportedly caught fire, even some that were being towed on flatbed trucks. The problem lies in how lithium-ion batteries react to saltwater. The metal terminals in these batteries, when exposed to salty water, can corrode and build short-circuiting paths that lead to fires days later. The fire hazard remains even in fully discharged batteries, meaning even seemingly "safe" vehicles after flooding could still pose a serious threat. <h2>The risk to coastal cities</h2>This issue is especially concerning for coastal cities where rising sea levels and hurricanes are becoming more frequent. According to a 2023 report by the International Energy Agency (IEA), <keyword id="381751" type="General" weightage="20" keywordseo="electric-vehicle" source="Orion">electric vehicle</keyword> adoption is growing rapidly in many parts of the world, including India, where EV sales increased by around 50% in the first quarter of 2024 alone. Cities like Mumbai, Chennai, and Kochi are embracing EVs due to their environmental benefits and growing infrastructure support. However, these coastal cities are also at higher risk for flooding, making the combination of increased EV adoption and rising sea levels a perfect storm for potential disaster. In fact, areas prone to heavy rains and floods, like India’s coastal cities, are facing unique challenges. The combination of frequent monsoon floods and rising sea levels presents a scenario where more and more EVs could end up submerged in salty floodwaters, increasing the risk of battery fires in the region. <h2>What does this mean for you?</h2>While electric cars are generally safe under normal conditions, the growing risk of battery fires due to flooding is an important factor to consider if you live in flood-prone areas, especially near the sea. The key takeaway here is that EV owners should take extra precautions when natural disasters loom, particularly hurricanes and floods. Here's what you can do to protect your EV: <ul><li>Move your EV to higher ground: If you're in a flood zone, take your EV to higher ground or evacuate it if possible. This will help prevent it from being submerged in salty water.</li><li>Evacuate early: Be proactive and evacuate before the floodwaters hit. Don't wait for the last minute to move your vehicle to safety.</li><li>After the flood, treat submerged EVs with caution: If your EV has been submerged in water, especially saltwater, it’s essential to avoid using it, charging it, or even moving it until it’s been inspected by professionals. Contact the manufacturer for a thorough inspection of the battery.</li><li>Do not attempt DIY fixes: If your vehicle has been exposed to saltwater, do not try to start it, charge it, or fix the battery yourself. The risks of fire are too high, and professionals are trained to handle such situations safely.</li></ul>

Buying an EV may be a somewhat dangerous move if you live near the sea

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

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

<ul class="summary-list"><li>Car companies are cutting costs heading into the end of the year.</li><li>A price war in China poses a threat to profitability.</li></ul>It's been a busy few days for auto companies.Ford and Volkswagen each pulled back vehicle production plans this week. After the last shift on Friday, November 15, Ford will <a target="_blank" class="" href="https://www.businessinsider.com/ford-pauses-electric-f-150-lightning-production-cuts-manager-bonuses-2024-10">pause F-150 Lightning production</a> until next year, while VW said it is considering historic plant closures in Germany that would lay off hundreds of workers.Meanwhile, Tesla fell behind China's BYD in quarterly revenue for the first time, and GM CEO Mary Barra warned of an unsustainable price war in the Chinese EV market.Amid the flurry of news, two themes stand out: the China threat and <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">EV slowdown</a> loom large for automakers.<h2 id="26021238-9d8a-4010-bec4-f6bfd9ac81e2">Another EV price war threatens profitability</h2>In China, the world's largest auto market, EV leaders <a target="_blank" class="" href="https://www.businessinsider.com/why-byd-is-beating-tesla-ev-rivals-china-2024-11">BYD</a> and Tesla are engaged in a bitter price war that initially weighed heavily on BYD's bottom line.But by August, BYD (which also sells hybrid cars) reported its best-ever passenger car sales, driving up revenue 24% in the third quarter to $28.24 billion, topping Tesla for the first time. It's the latest sign that after nearly two years of deflating the value of its cars, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">Tesla is finally starting to feel the pinch</a> of a slowdown in the EV market.The Chinese EV market is more competitive than ever, according the GM's Barra, who <a target="_blank" href="https://www.businessinsider.com/general-motors-gm-ceo-mary-barra-ev-china-not-sustainable-2024-10">questioned the sustainability</a> of a broader price war in the region driven by an uptick in Chinese EV startups selling inexpensive vehicles.Inexpensive Chinese EVs have long threatened the US EV market. They aren't just well-priced; many are also good-looking and well-equipped. Ford CEO Mark Ford said last week that he's been driving the <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-xiaomi-su7-driven-by-fords-ceo-faster-model-2024-10">Chinese-made Xiaomi SU7</a> for six months and doesn't want to give it up.Some car companies already sell <a target="_blank" class="" href="https://www.businessinsider.com/cars-imported-from-china-us-ev-tariffs-buick-lincoln-volvo-2024-5">China-built EVs</a> in the US, but Biden Administration bans on Chinese vehicles keep competitors like BYD from entering the market. Europe is also slapping tariffs on Chinese EVs as these cars upend their retail market.<h2 id="8dfa0b70-314e-4d64-b16a-ce59212e9bed">Companies will have to build fewer cars for now</h2>As <a target="_blank" class="" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">Volkswagen loses ground</a> to BYD in Europe, the automotive giant is considering massive production pull-backs, including closing three German factories for the first time in its history.In the US, Ford announced its own EV production pull-backs this week, stopping assembly of its electric F-150 Lightning pickup truck until next year in a bid to improve profitability for its money-losing EV segment.Both companies are coupling these production rationalizations with other cost-cutting measures. At Ford, managerial bonuses tied to quality and manufacturing costs will be slashed to 65% of last year's levels. VW has said it plans to lay off workers and may cut wages.Over-production isn't just <a target="_blank" class="" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">a problem for EVs</a>, though. Overall vehicle inventory levels remained elevated at the end of October, driving up manufacturer-funded discounts, according to JD Power. Dealers ended October with about 2 million units in stock, a 4% increase from September and a 25% increase from the previous year.Some companies are more affected by inventory bloat than others. <a target="_blank" class="" href="https://www.businessinsider.com/stellantis-jeep-ceo-falling-sales-shrinking-profit-margins-dealers-strike-2024-10">Stellantis</a>, which is navigating the toughest year in its short history, is specifically focused on reducing inventory levels in the US, and reported some progress on that effort in the third quarter.

The China threat and the EV slowdown— 2 takeaways from a busy few weeks in auto news

<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>Investors Marc Andreessen and Ben Horowitz said Chinese EVs are beating out American and European automakers.</li><li>Chinese automakers, like Xiaomi, are gaining global traction with affordable, quality EVs.</li></ul>It's not just Ford's CEO singing the praises of low-cost Chinese electric cars from buzzy companies like Xiaomi.Andreessen Horowitz founders Marc Andreessen and Ben Horowitz said on their <a target="_blank" class="" href="https://www.youtube.com/watch?v=1_ZB7O_9hlQ">podcast</a> that Chinese automakers have developed high-quality and affordable vehicles supported by a robust supply chain ecosystem.With the American auto industry struggling with slowing growth in its EV market, American automakers need to be able to offer a compelling $20,000 EV that also competes on quality if the US doesn't want to "lose the auto industry," Andreessen said."What China has now is not just really good car companies, but they've got this entire constellation of supply chain componentry," Andreessen said.China's government has spent at least $230 billion to support electric vehicle makers such as BYD since 2009, according to a study published in 2024 by the <a target="_blank" rel=" nofollow" href="https://www.csis.org/blogs/trustee-china-hand/chinese-ev-dilemma-subsidized-yet-striking">Centre for Strategic &amp; International Studies</a> think tank.Andreessen and Horowitz specifically highlighted Chinese tech giant Xiaomi, which is known for making smartphones but has turned heads in the auto sector after <a target="_blank" class="" href="https://www.businessinsider.com/china-xiaomi-launch-electric-car-apple-failed-tesla-2024-3">launching its first line of EVs </a>with the Speed Ultra 7, also known as the SU7, in March. Along with <a target="_blank" class="" href="https://www.mi.com/global/discover/article?id=3263&amp;ref=renatomitra.com">impressive performance</a>, the SU7 is also integrated with Xiaomi smart home devices, which allows for remote voice control of household appliances from inside the car."You watch the reviews, and it's just crystal clear how good the thing is," Andreessen said.The SU7 <a target="_blank" class="" href="https://www.businessinsider.com/xiaomi-loses-speed-ultra-7-electric-vehicles-9200-per-car-2024-8">sold out</a> after attracting 90,000 pre-orders within a day of its unveiling, and Horowitz said its popularity has spread globally in favor of other American and European brands.The electric sedan is the designated ride of <a target="_blank" class="" href="https://www.businessinsider.com/xiaomi-su7-chinese-ev-features-specs-photos-ford-ceo-2024-10">Ford CEO Jim Farley</a>, who called Xiaomi an "industry juggernaut." "It's just been all around the world," Horowitz said. "In Mexico and the Middle East, and so forth — they love these Chinese cars. They like them better than their Porsche Cayenne."The VC founders said they had recently met with "one of the most successful guys in Dubai" whose "entire personal fleet of cars has been replaced by Chinese cars, not because they're cheaper but because they're better."The Xiaomi SU7 range is cheaper than much of the competition — starting at 215,900 yuan ($30,000) compared to the lowest Porsche Cayenne model price of $87,400. The SU7 also beats out Tesla's most affordable model, the Model 3 Long Range Rear-Wheel Drive, which retails for $42,490.Other Chinese carmakers have even lower-priced offerings. Chinese automaker BYD, Tesla's rival as one of the world's top-selling EV companies, <a target="_blank" class="" href="https://www.businessinsider.com/byd-china-ev-price-war-yuan-plus-tesla-elon-musk-2024-3">released a newer version</a> of its best-selling Yuan Plus for $16,000, which is 12% cheaper than the original model.Andreessen said that Chinese car brands are outperforming American EV automakers in affordability and quality, calling them "super technologically sophisticated.""For example, they've got this feature where you just come in, and you just drop your phone down on the center divider, and basically, the car lights up," he said. "The whole system inside the car comes off your phone — like all your music and your maps and your calendar and all that stuff is just automatically there."The venture capitalist also highlighted other features, such as customized dancing animations in the LED headlights that greet the driver and self-driving capabilities, which are already integrated into several <a target="_blank" class="" href="https://www.businessinsider.com/tesla-rival-china-xpeng-launches-cheap-ev-self-driving-tech-2024-8">lower-cost</a> Chinese EVs.To keep up, American automakers need to be able to offer a similarly affordable and full-featured car at the $20,000 price point, Andreessen said.The investor said that the American carmaker with the "highest odds" of competing on price was Elon Musk and Tesla.Tesla has said lower-priced vehicles are on the way, including the fully autonomous Cybercab robotaxi, a two-seater without a steering wheel or pedals. Musk has said it will cost around $25,000 to $30,000 and is expected to launch in 2026. Musk has also said <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-building-regular-tesla-pointless-self-driving-earnings-stock-2024-10">there are no plans to offer a traditional version of the Cybercab</a> with a steering wheel and pedals, as the company is all-in on autonomous vehicles being the future. In the US, the cheapest electric vehicle is currently the Nissan Leaf S. The 2025 model carries an MSRP of $28,140.Meanwhile, Xiaomi is also experimenting with targeting the luxury market. On Wednesday, the company <a target="_blank" href="https://www.businessinsider.com/chinese-ev-xiaomi-su7-driven-by-fords-ceo-faster-model-2024-10">revealed the SU7 Ultra</a>, a high-performance version of the original SU7, priced at 814,900 yuan ($114,000). With a range of 630 km (391 miles), the SU7 Ultra is set to release in China in March 2025.

Marc Andreessen says US carmakers need to make a $20,000 EV if they don't want to 'lose the auto industry' to China

<ul class="summary-list"><li>Tiny EVs like the Nissan Sakura and BYD's Seagull are challenging Tesla in Japan and China. </li><li>But these minuscule motors are unlikely to come to the US anytime soon.</li></ul>Tiny EVs are having a moment.In markets like China, Japan, and Europe, ridiculously small EVs are selling in large numbers, with vehicles like BYD's Seagull and the Nissan Sakura challenging the likes of Tesla.That's in contrast to the US EV market, where SUVs like the Tesla Model Y and pickups like the Ford F150 Lightning rule the roads.This may be changing, with consumer data showing that US drivers are <a target="_blank" href="https://www.businessinsider.com/ev-shoppers-dont-want-detroits-pickup-trucks-they-want-this-2024-3">increasingly asking for smaller vehicles</a> and automakers like Ford and Tesla vowing to <a target="_blank" href="https://www.businessinsider.com/ford-joins-tesla-in-touting-affordable-evs-as-demand-stalls-2024-4">build cheaper models</a>.Tens of thousands of cars manufactured in China <a target="_blank" href="https://www.businessinsider.com/cars-imported-from-china-us-ev-tariffs-buick-lincoln-volvo-2024-5?mrfhud=true">are sold in the US every year</a>, but it's unlikely anyone in the US will be able to get behind the wheel of a Seagull or Sakura anytime soon.The government's <a target="_blank" href="https://www.businessinsider.com/china-evs-tariffs-joe-biden-transport-2024-5">tariff hikes on Chinese EVs</a> and regulations restricting the ability to <a target="_blank" href="https://www.bloomberg.com/news/features/2022-12-13/make-room-for-minicars-the-electric-vehicles-cities-need">import smaller vehicles</a> make it harder still.Here are some of the tiny EVs making a splash in Asia and Europe.<h2 id="2379c669-7104-453f-bd25-74bfa3e7a6b4">BYD Seagull</h2><div type="image" title="The yellow BYD Seagull electric hatchback." height="3666" width="5500" msid="110212346" hostid="261"></div>BYD has rapidly eclipsed its rivals in China — and become <a target="_blank" href="https://www.businessinsider.com/how-chinese-automaker-byd-rose-to-challenge-tesla-2024-4">Elon Musk's primary challenger in the country</a> — thanks to its massive range of EVs, including several smaller, cheaper options.Chief among those is <a target="_blank" href="https://www.businessinsider.com/byd-seagull-cheap-ev-electric-car-tesla-china-2023-4">the Seagull</a>, a tiny EV that can go 305 km on a single charge and costs $11,000.The Seagull, which launched last year, has proven <a target="_blank" href="https://thedriven.io/2023/11/30/byd-produces-200000-low-cost-seagull-compact-city-evs-in-first-8-months/">predictably popular</a> in BYD's home country — but it's unlikely to come to the US anytime soon after the US government <a target="_blank" href="https://www.businessinsider.com/white-house-joe-biden-hikes-tariffs-on-chinese-made-evs-2024-5">hiked tariffs on Chinese EVs</a>.<h2 id="f5f4bc1b-f7eb-4eab-b8bb-01f77b0c1f47">Hongguang Mini</h2><div type="image" title="Wuling Hong Guang Mini" height="681" width="1024" msid="110212348" hostid="261"></div>The Hongguang Mini EV, which was developed by Chinese automakers SAIC Motor and Wuling Motor in partnership with General Motors, <a target="_blank" href="https://www.businessinsider.com/tesla-model-3-saic-motor-hong-guang-electric-vehicle-china-2021-2">caused a sensation</a> when it launched in 2020.The diminutive people carrier was <a target="_blank" href="https://www.iea.org/reports/global-ev-outlook-2024/trends-in-electric-cars">the bestselling EV in China in 2022</a>, and continues to <a target="_blank" href="https://autovista24.autovistagroup.com/news/ev-registrations-in-china-nearly-double-from-2023/">outsell the Tesla Model 3</a> more than four years after being unveiled.It's not hard to see why. The Hongguang Mini has a range of around 170 km on a single charge and reportedly costs between <a target="_blank" href="https://www.scmp.com/business/china-business/article/3232170/nissan-and-honda-partner-dongfeng-launches-national-mini-ev-compete-gm-bestseller-hongguang">28,800-38,800 yuan, or $3,955- $5,375</a>. Plus it's adorable.<h2 id="2d38cfce-6f32-4619-ae52-64960be8a6fa">Nissan Sakuru</h2><div type="image" title="Nissan Sakura" height="683" width="1024" msid="110212349" hostid="261"></div>Japan has long had a soft spot for tiny EVs, known as Kei cars — and the Nissan Sakura is <a target="_blank" href="https://www.businessinsider.com/nissan-sakura-tiny-car-is-japans-best-selling-ev-2023-10">one of the most popular</a>.The 11-foot-long electric car, which costs around $13,000, was <a target="_blank" href="https://www.reuters.com/business/autos-transportation/nissan-may-bring-ultra-compact-ev-production-in-house-2028-sources-say-2024-03-08/">Japan's best-selling EV in 2023</a>.Drivers <a target="_blank" href="https://www.businessinsider.com/japans-best-selling-ev-nissan-sakura-car-drivers-review-photos-2023-11">previously told Business Insider</a> the Sakura, which is only available in Japan, is perfect for navigating Tokyo's narrow streets and taking day trips to the countryside."It takes off like a rocket from a standing start and can climb hill and mountain roads like a full-sized car with all that torque," said one.<h2 id="9ab43101-834f-4169-8020-a133235d683f">Citroen Ami</h2><div type="image" title="Citroen Ami" height="3024" width="4032" msid="110212350" hostid="261"></div>Technically speaking, the Citroen Ami isn't an electric car at all, but an "electric quadricycle."The cute four-wheeler, which <a target="_blank" href="https://business.citroen.co.uk/ami">costs $12,285 in the UK</a>, was <a target="_blank" href="https://www.theguardian.com/world/2020/sep/11/ami-the-tiny-cube-on-wheels-that-french-14-year-olds-can-drive">first launched in France in 2020</a> and is <a target="_blank" href="https://www.media.stellantis.com/em-en/citroen/press/citroen-ami-success-without-borders">widely available</a> in Europe.With a top speed of 28 miles per hour and a range of just 46 miles, the Ami (which means "friend" in French) is very much an urban vehicle — but it certainly turned heads <a target="_blank" href="https://www.businessinsider.com/tiny-ev-citroen-ami-ridiculous-car-real-blast-stellantis-electric-vehicles-2024-3">when BI gave it a test drive in London</a>.<h2 id="97841ec2-636b-46ba-98db-d640104727d8">Microlino</h2><div type="image" title="The Microlino" height="682" width="1024" msid="110212352" hostid="261"></div>The best thing about this "bubble car" is how you get into it — the Microlino has a fridge-style door that allows you to enter and exit from the front.The Microlino is designed by Swiss scooter company Micro. It offers a maximum range of 228 km and <a target="_blank" href="https://configurator.microlino-car.com/en/choose-edition/">starts at $19,900</a>.The tiny microcar has been <a target="_blank" href="https://www.businessinsider.com/microlino-tiny-electric-vehicle-2020-3#micro-which-also-produced-the-microletta-e-scooter-is-marketing-the-microlino-vehicle-as-the-ideal-mix-between-motorbike-and-car-1">on sale in Europe since 2021</a>, with a UK launch mooted for <a target="_blank" href="https://www.autocar.co.uk/car-news/new-cars/exclusive-microlino-ev-bubble-car-sale-uk-year">later this year</a>.You can't buy one in the US, but Micro has just unveiled a more stripped-back version dubbed the Microlino Lite, which <a target="_blank" href="https://www.theverge.com/24083014/microlino-lite-microcar-moped-license-price-specs">CMO Merlin Ouboter told The Verge</a> the company hopes to have on sale in the US by the end of 2024.<h2 id="d7d15ad1-703c-4392-ae90-e90f0140e700">Vinfast VF3</h2><div type="image" title="Vinfast VF3" height="1666" width="2500" msid="111317561" hostid="261" sizebytes="174368"></div>Vietnamese EV firm VinFast is one of the more unusual companies battling for global electric vehicle dominance.The automaker, which briefly became the <a target="_blank" href="https://www.reuters.com/business/autos-transportation/vinfast-rallies-after-becoming-worlds-third-most-valuable-automaker-2023-08-28/">world's third-most valuable car company</a> last year, was founded by Vietnamese billionaire <a target="_blank" href="https://markets.businessinsider.com/news/stocks/who-is-pham-nhat-vuong-fortune-vinfast-founder-vfs-stock-2023-9">Pham Nhat Vuong</a>, who made his fortune selling instant noodles in Ukraine.VinFast is now challenging the likes of BYD and Wuling with its own tiny EV, the <a target="_blank" href="https://www.cnbc.com/2024/06/26/vietnams-vinfast-looks-to-tiny-ev-priced-at-less-than-10000-to-change-its-fortunes.html">10-foot-long VF3</a>.The VF3 costs less than $10,000 and has a <a target="_blank" href="https://vinfastauto.us/newsroom/press-release/vinfast-globally-launches-the-vf-3-a-green-mobility-solution-for-everyone">range of over 125 miles. </a>The mini-SUV will be sold in Vietnam and the Philippines this year and available in the US and Europe by 2025.<h2 id="8ee1c360-9de0-4429-b6bf-56c2a5f21e4e">Honda N-VAN e</h2><div type="image" title="Honda N-VAN e" height="1446" width="2262" msid="111317741" hostid="261" sizebytes="85916"></div>The success of the Sakura has seen other Japanese automakers try their hand at making electric kei cars.Honda became the latest to get into the tiny EV game when it <a target="_blank" rel=" nofollow" href="https://global.honda/en/newsroom/news/2024/4240613eng-n-van-e.html">unveiled the N-VAN e</a>, a miniature electric truck that starts at 2.44 million yen, or $15,500.The diminutive truck will launch in Japan in October. It is primarily targeted at delivery and construction companies rather than ordinary consumers.It's packed full of high-tech features, including <a target="_blank" rel=" nofollow" href="https://www.honda.co.jp/N-VAN-e/webcatalog/performance/#ecology">a cooling and heating system</a> that ensures the battery doesn't get too hot or cold (a <a target="_blank" href="https://www.businessinsider.com/why-ev-batteries-drain-faster-dont-last-long-cold-weather-2023-8">notorious issue for EVs</a>).Honda says the N-VAN e will even function as a mobile power storage device, with drivers able to use the truck's external power outlet to charge household appliances such as hot plates and electric kettles.

These tiny EVs are hoping to make a big impact 

<ul class="summary-list"><li>The Chinese automaker BYD is planning to introduce its bargain Seagull electric hatchback to Europe in 2025.</li><li>The car's base model sells for less than $10,000 in China.</li></ul>As some US drivers pine for more <a target="_blank" href="https://www.businessinsider.com/ev-demand-still-strong-despite-slowdown-hybrids-survey-2024-1">affordable electric-vehicle options</a>, America is left to watch the rest of the world get access to some of the cheapest EVs on the market.The Chinese automaker BYD, Tesla's largest rival in China, announced last month that it was planning to bring its affordable <a target="_blank" href="https://www.businessinsider.com/byd-seagull-cheap-ev-electric-car-tesla-china-2023-4">Seagull</a> electric hatchback to Europe as soon as 2025, according to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-22/china-carmaker-byd-s-budget-seagull-ev-is-a-challenge-for-european-rivals">Bloomberg</a>.The Seagull's base model sells for less than $10,000 in China.Bloomberg reported that while European consumers wouldn't see that same price because of tariffs and local standards, BYD executives said the car was expected to sell for less than 20,000 euros, or about $21,500.BYD's Seagull already went overseas when it was introduced in smaller EV markets such as <a target="_blank" href="https://www.businessinsider.com/chinese-ev-companies-byd-mg-plan-factories-mexico-washington-concern-2023-12">Mexico</a>, where the car is sold as the Dolphin Mini for about $21,000. And its plans to expand into European territory only increase BYD's position as a dominant <a target="_blank" href="https://www.businessinsider.com/china-byd-tesla-electric-car-ev-race-2023-11">global force in the EV auto sector</a>.US drivers are meanwhile becoming increasingly isolated when it comes to access to cheaper alternatives from the Chinese brand.Business Insider reported in March that the <a target="_blank" href="https://www.businessinsider.com/china-byd-electric-car-ev-why-not-coming-to-us-2024-3">chances of BYD coming to America</a> were already slim to none because of a combination of demand and geopolitical tensions. The Biden Administration said in February that it would be <a target="_blank" href="https://www.businessinsider.com/biden-administration-investigating-technology-in-chinese-cars-2024-2">investigating Chinese automakers</a> because of national-security concerns that they were collecting sensitive data from consumers.In a survey earlier this year by the analytics firm <a target="_blank" href="https://www.gbkcollective.com/thoughtleadership/auto-study">GBK Collective</a>, half of the US drivers interviewed said they'd consider buying an electric or hybrid car for their next vehicle. Those respondents who didn't already own an EV, however, had a lower median budget, and Biden just further nixed any opportunity for a Chinese company to enter the US market.The <a target="_blank" href="https://www.businessinsider.com/white-house-joe-biden-hikes-tariffs-on-chinese-made-evs-2024-5">White House</a> announced Thursday that it would be applying a 100% tax on EVs from Chinese brands, citing unfair trade practices and threats to US businesses.This means US consumers just have to hope that automakers free to operate in America will provide an <a target="_blank" href="https://www.businessinsider.com/top-cheapest-evs-electric-vehicles-cars-2024-2">affordable option under $30,000</a>.So far, big brands such as Tesla or Ford have been slow to deliver.Tesla CEO Elon Musk has for years teased the idea of an under-$30,000 EV.After Reuters reported in April that Tesla was shifting its focus to <a target="_blank" href="https://www.businessinsider.com/tesla-robotaxi-not-enough-model-2-needed-wedbush-analysts-2024-4">robotaxis</a>, analysts said a cheaper model was more important if the company was looking for a turnaround amid slumping sales. Musk announced in an earnings call in late April that a <a target="_blank" href="https://www.businessinsider.com/tesla-investors-cheaper-cars-soon-musk-said-earnings-stock-up-2024-4">cheap Tesla</a> was coming.Days after Musk's assurance, <a target="_blank" href="https://www.businessinsider.com/ford-joins-tesla-in-touting-affordable-evs-as-demand-stalls-2024-4">Ford CEO Jim Farley</a> also confirmed in an earnings call that the company was working on EVs that would cost as low as $25,000 to $30,000."Increasingly, our bet will be on our new small, affordable platform developed by our team on the West Coast," he said.Spokespeople for BYD, Tesla, and Ford didn't respond to requests for comment from Business Insider.

China's $10,000 EV is coming to Europe. Sorry, America.

<ul><li><keyword id="20399945" type="General" weightage="20" keywordseo="Coldplay" source="keywords" meta.keywordsubtype="org" meta.entityname="Coldplay" meta.hostid="261" meta.entityid="Coldplay">Coldplay</keyword> is set to perform in Abu Dhabi in January 2025.</li><li>If you could not get your hands on tickets for their Mumbai concert, you can instead see them perform in Abu Dhabi.</li><li>Here’s how much you will have to spend to watch Coldplay perform in Abu Dhabi.</li></ul>Grammy-winning pop band Coldplay is all set to perform in India in January 2025 and the tickets went on sale recently. While excited fans rushed to book the tickets, most fans unfortunately couldn’t get their hands on them despite the band adding an extra show due to overwhelming demand. Not all tickets were booked by fans as a lot of tickets showed up on re-selling platforms and social media, with scalpers charging a bomb for these tickets. With tickets costing as much as ₹3.65 lakh on re-selling platforms such as Viagogo, there’s another option for Coldplay fans to see their favourite band perform without burning a hole in their pocket. <h2>Watch Coldplay perform in Abu Dhabi</h2>As part of the <keyword id="23232180" type="General" weightage="20" keywordseo="Music-of-the-Spheres-World-Tour" source="keywords">Music of the Spheres World Tour</keyword>, Coldplay will perform at Zayed Sports City Stadium on January 11, 2025. If you are someone who couldn’t get their hands on the tickets for the concert in Mumbai, you can instead visit Abu Dhabi and watch the band perform. We look at the approximate costs that you will incur and how you can book the tickets to help you understand. <h3>Ticket prices</h3>Starting with the ticket prices, there are several options to choose from, starting at AED 195. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ticket </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price in Rupees </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Standard seating </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 195 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,440.15 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bronze </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 295 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,717.15 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Silver </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 495 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,271.15 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gold </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 595 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹13,548.15 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ruby </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 695 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15,825.15 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Platinum </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 995 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22,656.15 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deluxe </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 1,495 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹34,041.15 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">General Admission Standing </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 395 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,994.15 </td></tr></tbody></table> While the pre-sale for the tickets has already started for those who had registered, you can get the tickets during the general sale which will begin on September 27 at 1:30 PM IST. The pre-sale on Live Nation will begin on September 26 at 1:30 PM IST. <h3>Flight tickets</h3> As per various flight booking platforms, round-trip tickets from Delhi to Abu Dhabi in January 2025 will cost around ₹21,000 for an economy ticket. <h3>Visa fees</h3>You can apply for an Express UAE Visa, which costs ₹820 for a 48-hour stay and ₹2,650 for a 96-hour stay. <h3>Hotel and more</h3>The cost of a hotel stay is completely dependent on what kind of hotel you want to stay at, the kind of room you are looking for and more. It can either be an affordable option to keep the costs down or a premium option if you wish to splurge Three-star Hotel options within a 10 km radius of the stadium start around ₹15,000 per day for two adults. Apart from these expenses, you can add a bit more for food, transportation, sightseeing and more. Setting aside ₹15,000 for transportation, ₹20,000 for food and some amount for miscellaneous expenses might be wise. You can extend your stay and make a trip out of the concert instead of paying exorbitant amounts to scalpers in the country. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/hyundai-motor-indias-25000-crore-ipo-gets-sebi-approval-indias-biggest-ipo-expected-to-launch-in-october/articleshow/113658837.cms">Hyundai Motor India’s ₹25,000 crore IPO gets SEBI approval – India’s biggest IPO expected to launch in October</a> <a href="https://www.businessinsider.in/business/auto/news/tata-nexon-ev-with-a-bigger-battery-launched-starting-at-13-99-lakh/articleshow/113631992.cms">Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh</a> <a href="https://www.businessinsider.in/stock-market/news/sebi-report-reveals-the-ugly-truth-of-fo-trading-in-india-93-of-retail-traders-incurred-losses/articleshow/113620397.cms">SEBI report reveals the ugly truth of F&amp;O trading in India – 93% of retail traders incurred losses</a>

It is cheaper to watch Coldplay perform in Abu Dhabi than to pay scalpers for Mumbai tickets

<div type="image" title="One Planet Banner Test" height="138" width="1100" msid="109509214" hostid="261" sizebytes="5076"></div>On one Upper West Side side street, you can hear the quiet hum of electric vehicles almost all day and night.Manhattan isn't known for its plentiful parking. But this street has something even rarer: two public spots reserved for EV charging. Often, vehicles linger for hours.On a recent weekday, one licensed ride-hailing driver had been charging for more than 12 hours. Another EV sat for more than five hours at the neighboring plug. For the ride-hailing driver, that's 12 hours they didn't work. For other EV owners, it's one less charger to plug in to. A Tesla slowed as it drove by in hopes the spaces weren't occupied.This snapshot in time comes as New York City aims to convert almost its entire ride-hailing industry to EVs by 2030, with the exception of wheelchair-accessible vehicles. Mayor Eric Adams' Green Rides Initiative affects the city's more than 84,000 Uber and Lyft drivers — among the largest markets in the world. It's an ambitious target, given that under 10% of rides were taken in an EV in March, according to city data.The biggest hurdle is building enough public chargers, especially in such a densely packed city with an old power grid and lengthy bureaucratic delays. For Uber and Lyft drivers, time is money, so widely accessible charging is key to the EV switch. The majority live in NYC's outer boroughs, such as Queens, and park on the street, where chargers are sparse. A <a target="_blank" href="https://www.nrel.gov/docs/fy22osti/82293.pdf">study by the US Department of Energy</a> found that 1,000 fast chargers were needed for every 20,000 EV drivers on the road. Currently, there are fewer than 200 across NYC. Plus, building thousands of new chargers requires billions of dollars of investment.City officials and ride-hailing companies told Business Insider that electrifying the sector could unlock a broader EV revolution because it could solve a crucial conundrum: Companies won't build charging stations if there aren't enough drivers, but drivers won't buy an EV if charging isn't widely accessible."This is the industry that's going to get this infrastructure off the ground because a ride-share driver is a great customer for a charging station," said Bobby Familiar, a spokesperson for Revel, an all-electric ride-hailing service that operates three public fast-charging stations in NYC. "They have to charge every single day that they do a shift. They want fast charging because every minute spent at the charger is time they could be on the road earning a fare."Electrifying the ride-hailing industry also has big returns for the environment, Michael Replogle, a former deputy commissioner for policy at NYC's Department of Transportation, said."If you can electrify Ubers, Lyfts, and taxis that drive several hundred miles a day, it will really reduce the city's carbon footprint and clean up the air," he said.Given the stakes, a lot has to go right in the coming years. The city has to strike a balance between the number of EV drivers and charging sites. Long wait times risk turning off drivers from making the switch, but if there isn't enough demand, the economics could fall apart for stations run by the government or private entities. Chargers also must be in neighborhoods with a history of underinvestment.<h2>A mad dash for EV licenses</h2>The transition is getting an early test this year now that thousands more ride-hailing drivers have licenses.In October, the Taxi &amp; Limousine Commission opened applications for this gig work for the first time in five years — but for EV drivers only. A cap had been in place since 2018 to stabilize drivers' wages and decrease traffic congestion.The TLC approved about 8,400 EV licenses. That brought the total to more than 11,000, a huge jump compared with several years ago.The program is on hold because of a lawsuit filed by the New York Taxi Workers Alliance. It represents the yellow-cab industry, which isn't under the EV mandate but can voluntarily make the switch to certain models. The alliance argued that the market would become oversaturated.TLC Commissioner David Do said many of those who applied were ride-hailing drivers already and the total number of drivers in NYC was still lower than pre-pandemic levels.A lot of ride-hailing drivers are excited about the EV push because it's a pathway to owning their own car, rather than renting from fleet owners, according to Aeraj Qazi, the owner of Primetime Brokerage, which helps drivers through the TLC licensing process."Rentals are like handcuffs for drivers, so EVs provide an opportunity for drivers to own their own plates," Qazi said.Weekly rental rates average between $450 and $600, several drivers told BI. That's more than a typical monthly car payment.Qazi said he and other brokerages helped file thousands of EV applications before the court-ordered injunction took effect late last year."We didn't realize how crazy it would get. The charging infrastructure isn't there right now," Qazi said.Guillermo Fondeur, an Uber driver who bought a Tesla in 2021, charges at home. He said the switch had saved him money on gas and maintenance, and he earns some perks from Uber, including an extra $1 on every ride.But he's heard complaints from other EV owners about the lack of public charging infrastructure."It's very inconvenient to find chargers," Fondeur said. "There are one- to two-hour waits to plug in some places."He added: "Drivers want to charge on the block where they live. The city could put chargers in the parking spaces. There's also a lot of parking lots."<h2>NYC's most valuable asset</h2>Today, there are nearly 200 fast chargers in NYC and more than 1,900 Level 2 chargers. The Adams administration <a target="_blank" href="https://climate.cityofnewyork.us/subtopics/electric-vehicles/">wants to grow the network</a> this decade to 6,000 fast chargers and 40,000 Level 2 plugs."We need every space we can find," Do said.In general, EVs can get up to 30 miles of range for every hour they're plugged in to a Level 2 charger. That makes them ideal for overnight street parking, or for several hours during the day while drivers run errands or go to work. Fast chargers, such as those in Tesla's Supercharger network, can add up to 200 miles of range in just 15 minutes, helping ease range anxiety among road trippers and ride-hailing drivers who need a quick refill but don't want to lose too much time.Making progress in NYC requires coordination across the government, power utilities, and private companies. Do is part of a charging task force that brings those parties together.The TLC is sharing data on where drivers live and where and how often trips happen to help inform where chargers should be. The utility Con Edison is identifying where enough power is already available for new chargers and expanded a statewide program that subsidizes the cost of bringing electricity to chargers to $585 million. The Department of Transportation is investing in some curbside charging and fast chargers <a target="_blank" href="https://www.nyc.gov/html/dot/html/pr2023/fast-charging-hubs.shtml">in municipal parking lots</a>.The department's efforts build on a <a target="_blank" href="https://rosap.ntl.bts.gov/view/dot/68833">curbside-charging pilot</a> with Con Edison and a Canadian company, Flo. It created 100 Level 2 plug-ins across all five boroughs, a spokesperson for the department said, and there are plans for hundreds more.But those efforts alone won't spur enough development, Replogle, the former DOT official, said."It took us 3 ½ years to stand up that pilot," he said. "We recognized we would not be getting thousands of on-street Level 2 chargers by scaling up that model. It's going to take some competitive procurement with the private sector to make this happen."There are barriers, Replogle added. There isn't a clear path for private charging companies and real-estate owners to get regulatory approval for installing curbside plugs."Street space is one of the most valuable assets the city owns," Replogle said. "There are 3 million parking spaces, and less than 250,000 of them are priced. So there are a fair number of spaces that can produce the kind of economic return for electrification to happen."A DOT spokesperson said the department last year sent out a request for information from EV-charging companies, which will inform future partnerships.Beyond curbside, there are hurdles for companies such as Revel that are building larger fast-charging stations with dozens of plugs. These sites often need electrical-power upgrades to connect to the grid, a lengthy process with Con Edison."We're approaching every charging station like it's a new high-rise building," Familiar said. "But the timeline for getting a charging station up and running is a lot different than a building. If we have power, we can get a site done within months, not years. The power-upgrade timeline does not match that."Charging stations should go to the front of the line, he added.A spokesperson for Con Edison said the utility was evolving its grid-planning process to prepare for large EV loads."When upgrades are needed at the customer property, we are working to reduce interconnection timelines at every step in the process from early customer engagement and education through improved work coordination and collaborating closely with municipalities on permitting," the spokesperson said.<h2>The charging pipeline</h2>Despite the delays, Revel has a pipeline of 300 fast chargers over the next two years, Familiar said. That figure reflects active site leases in various phases of design and construction.Revel owns a fleet of 500 vehicles and more than 50 plugs in NYC that are open to any model.One of the new stations is set to be at LaGuardia Airport, one of the busiest areas for ride-hailing trips in the city. Installing 48 plugs would make it the largest fast-charging location at any airport nationwide. It's expected to open next year.Revel in March also struck a deal with Uber that guaranteed its drivers would use at least 250 of Revel's plugs a certain amount of the time. If Uber doesn't meet the use threshold, it's financially liable. In exchange, Uber drivers will get up to a 25% discount when they charge.The agreement could help Uber meet its own goal to have its drivers go fully electric this decade. So far, more than 6% of Uber's fleet in the US and Canada has zero emissions, and more than 17% of trips in NYC were in EVs last year. The company said it's spending $800 million by 2025 to encourage drivers to make the switch.Josh Gold, Uber's senior director of public policy, said that after the TLC lifted its cap on EV licenses, he saw longer lines at Tesla's Superchargers. And for years, many of the platform's early EV adopters were going to Manhattan to charge, often in paywalled parking garages."That's not where our drivers live," he said. "So that's been a worry, but now we're seeing the charging infrastructure develop more."Uber is sharing ride data with Revel so it can locate chargers in the most convenient places for drivers. Uber has a similar agreement with Tesla.Lyft, for its part, said it's investing $80 million through 2025 on its EV push and working with charging companies including EVgo and Electrify America to offer discounts. Nearly 17% of NYC Lyft rides were in EVs last year.The rising demand from the ride-hailing industry for EV charging could help buoy other startups. Itselectric is piloting some Level 2 curbside charging using excess power from buildings, which avoids the need for utility upgrades and therefore could speed up the build-out. In a parking garage in midtown Manhattan, Gravity in March opened what it says are the 24 fastest chargers in the country.Almost everyone BI interviewed for this story acknowledged that the city's EV's ambitions were lofty.There are some promising signs, however.Do said that the Green Rides Initiative was two years ahead of schedule. By 2025, at least 15% of ride-hailing trips were supposed to be in zero-emissions or wheelchair-accessible vehicles. That threshold was crossed in January and ticked up even higher in March to 17%. That month, more than 2 million trips were taken in an EV — a fivefold increase compared with November.Do said he wanted to boost the TLC's outreach to drivers so they could understand the perks of switching to an EV."There are so many more benefits to a green vehicle, not only for the future of our city but for kids who will breathe cleaner air, and it also might be a little cheaper," he said. "So we've laid the foundation, but now we need to convince many other drivers to convert."Juliana Kaplan contributed to this article.This article is part of "<a target="_blank" rel="" href="https://www.businessinsider.com/category/the-great-transition">The Great Transition</a>," a series covering the big changes across industries that are leading to a more sustainable future. For more climate-action news, visit Insider's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/one-planet">One Planet</a> hub.

NYC's EV revolution is riding on Uber and Lyft drivers

<ul class="summary-list"><li>Saudi Arabia's Public Investment Fund, led by Crown Prince Mohammed Salman, is going global.</li><li>The sovereign wealth fund is investing in everything from Uber and Blackstone to Heathrow and LIV Golf.</li></ul>In the months before <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-crown-prince-mohammed-bin-salman-mbs-2023-10">Mohammed bin Salman</a> celebrated his 30th birthday nearly a decade ago, the yet-to-be anointed Crown Prince of Saudi Arabia was gifted a vital key to unlocking the kingdom's future: full purview of its Public Investment Fund.Back in 2015, MBS became chairman of the sovereign wealth fund established in 1971 by a former king at a time when it was ready to be transformed. A slow-moving cog of the state no more, PIF was ready to become an investment juggernaut with global presence.It's a task the fast-rising royal hasn't shied away from. PIF, officially led by governor Yasir Al-Rumayyan, has been stepping up its mission to invest in high-profile assets globally in recent years to help fulfill its mission of reducing Saudi Arabia's economic dependence on oil.That mission, a fundamental part of <a target="_blank" class="" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">an ambitious program called Vision 2030</a> that MBS is in charge of, depends in part on how successful the PIF is in generating returns from its big bets overseas — and leveraging those bets to build hot new industries at home."MBS' personal ambition is very much to make Saudi Arabia a highly visible and internationally respected post-oil economy," Steffen Hertog, associate professor at the London School of Economics, told Business Insider. "The PIF is by far his most important vehicle in this endeavor."But as PIF spreads its wings, it is becoming increasingly unclear as to just how successful it stands to be beyond the Gulf.<h2 id="ab7cae77-96ba-4c12-be58-1085931cd388">Saudi Arabia goes global</h2><div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>A look at the <a target="_blank" class="" href="https://www.pif.gov.sa/en/our-investments/our-portfolio/#ourportfolio_e=0">PIF's portfolio</a> presents a show reel of some of the most prolific names in global business.In the tech sector, it has <a target="_blank" href="https://www.businessinsider.com/how-investment-in-uber-brought-saudi-prince-to-silicon-valley-2020-9">pumped $3.5 billion into Uber</a>, poured $45 billion into SoftBank's Vision Fund, taken a 60% stake in <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> rival Lucid, and become majority owner of augmented reality startup Magic Leap.Beyond that, it has pumped <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-pif-sports-influence-pga-liv-2023-6">billions of dollars into LIV Golf</a>, led a $415 million takeover of Newcastle United, backed up a Blackstone infrastructure fund with $20 billion and invested in Carnival, the world's biggest cruise operator. In June, PIF expanded its stake in London's Heathrow Airport.Figures published in July by <a target="_blank" href="https://globalswf.com/reports/2024gsr#market-update-1h-2024-1">GlobalSWF</a>, a data firm tracking sovereign-wealth-fund activity, found that PIF deployed more capital in the first half of 2024 than all other state-owned investors, which collectively invested close to $100 billion in the six-month period.According to LSE's Hertog, PIF's attraction to high-profile brands isn't just about making itself more visible to the West. "These for the most part are corporates active in sectors that the PIF and MBS see as key for Saudi Arabia's domestic economic diversification."To make these deals happen, the kingdom has been busy doing a lot of courting.In February, it backed a two-day conference in Miami, where the likes of Blackstone leader Stephen Schwarzman and Donald Trump's son-in-law Jared Kushner were <a target="_blank" class="" href="https://fii-institute.org/wp-content/uploads/2023/12/02.22_FII-PRIORITY-Miami-2nd-Edition-Program.pdf">billed as speakers.</a> In October, the kingdom will be prepared for the global elite to descend on capital city Riyadh for its "<a target="_blank" class="" href="https://www.businessinsider.com/saudi-business-conference-davos-in-desert-costs-15000-attend-2023-9">Davos in the desert</a>" investment conference.<div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>The event, which has previously attracted the likes of JP Morgan and BlackRock CEOs <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-career">Jamie Dimon</a> and <a target="_blank" class="" href="https://www.businessinsider.com/blackrock-ceo-larry-fink-net-worth-career-history">Larry Fink</a>, has proven controversial in the past. <a target="_blank" class="" href="https://www.businessinsider.com/biden-mbs-responsible-for-jamal-khashoggi-murder-2022-7">MBS's alleged role</a> in the murder of journalist Jamal Khashoggi in 2018, which he denies having involvement in, gave some dealmakers pause for thought.That said, the world's corporate elite appear to be looking past the incident as time passes — something the Saudis seem to be aware of. This year's theme, <a target="_blank" href="https://fii-institute.org/conference/fii8/">"Infinite Horizons,"</a> offers a nod to the global scope it has in mind for its future.For global companies, fund managers, and bankers, Saudi Arabia's wealth has been a big draw at a critical time. While other investors have exercised caution in the face of a higher interest rate environment, the kingdom has kept its money flowing.That's partly because the fund has set a target of $2 trillion in assets under management by the end of the decade, and is racing against the clock to meet the deadline for its ambitious Vision 2030 program.Saudi Arabia also finds itself l<a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-vs-uae-middle-east-economic-power-supremacy-dubai-2023-9">ocked in a tense rivalry with other economic powerhouses</a> in the region such as the United Arab Emirates, where funds such as Mubadala and <a target="_blank" class="" href="https://www.businessinsider.com/satya-nadella-microsoft-ai-kingpin-g42-openai-china-2024-4">G42 have been busy securing their own big international deals</a>. Bragging rights are on the table.<h2 id="daf6e7aa-7788-42a8-84dd-cb066c69057e">Risky high-stakes game</h2><div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>However, while the Saudis prepare to continue flashing their cash abroad, the PIF faces some risks.For one, the fund has had to learn the hard reality of going big, as a number of its high-profile investments overseas have struggled financially. Earlier this month, for instance, <a target="_blank" class="" href="https://www.businessinsider.com/middle-east-funds-racing-rescue-investments-saudi-arabia-pif-mubadala-2024-8">PIF had to plug a funding gap for Lucid</a> by pumping in an extra $1.5 billion.The electric vehicle maker first <a target="_blank" href="https://lucidmotors.com/fr-ca/media-room/lucid-motors-executes-us1bn-investment-agreement-public-investment-fund-saudi-arabia">raised more than $1 billion from the Saudis in 2018</a> after <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-blames-saudi-investor-backpedaling-taking-tesla-private-trial-2023-1">PIF's talks with Elon Musk to take Tesla private fell through</a>, but has struggled with a high burn rate and waning demand for EVs.PIF has also had to backstop another company. According to filings released in the UK this month, the fund has put $750 million into Magic Leap since the start of 2023, as it struggling to take its immersive reality headsets mainstream.For Hertog, though companies like Lucid have "fallen on hard times" — and other bets from PIF on the likes of the <a target="_blank" class="" href="https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12">SoftBank Vision Fund</a> have "indeed not done well" — it is still too early to say how the overall performance will turn out. The fund did swing to an annual profit in 2023 following an $11 billion loss the previous year, Bloomberg reported, though many bets are still in their early days."There are inherent risks in investing in new sectors so what matters is not individual failures but the performance of the whole portfolio," Hertog said.PIF's tanglings with political figures are also raising concerns. Donald Trump's son-in-law Kushner, who started private equity firm Affinity Partners in 2021, <a target="_blank" class="" href="https://www.businessinsider.com/jared-kushner-private-equity-firm-funding-from-saudi-arabia-report-2022-4">received a $2 billion commitment from PIF</a> for its debut fund, with that commitment now facing an investigation by Senate Finance Committee chair Sen. Ron Wyden.<div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>In <a target="_blank" class="" href="https://www.finance.senate.gov/chairmans-news/wyden-probes-kushner-firm-payments-from-gulf-states-potential-fara-loophole">a letter published in June</a>, the senator raised concerns that PIF and other Middle Eastern funds were "using payments to Affinity executives as a means to influence Kushner and other politically powerful individuals."For Abdullah Alaoudh, a director at the Middle East Democracy Center, it seems clear that buying "a lot of influence" — or "whitewashing" as he puts it — is a key part of the fund's dealmaking overseas. If potential partners can gloss over some of its more controversial activities, such as <a target="_blank" class="" href="https://www.businessinsider.com/biden-investigation-us-military-aid-saudi-arabia-massacre-migrants-yemen-2023-9">the Kingdom's war in Yemen</a>, it'll have an easier time seeing deals through.As Hertog notes, it's worth remembering that PIF's main priority remains its domestic portfolio. "While some domestic investments have been pruned, the fund's main ambition is domestic diversification," he said.Still, Saudi Arabia seems intent on making its mark on the global stage through the PIF. The world will be keeping watch.The PIF did not immediately respond to a request for comment from BI.

Saudi Arabia is on a high-stakes mission to buy the world 

<ul class="summary-list"><li>The European Commission announced additional tariffs on Chinese electric vehicle imports on Wednesday.</li><li>The tariffs follow a probe into Chinese subsidies and include up to 48.1% in duties.</li></ul>The <a target="_blank" rel=" nofollow" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_24_3231">European Commission, or EC,</a> announced it will be slapping hefty tariffs on China's electric vehicle imports — but most investors seem unfazed.On Wednesday, the <a target="_blank" href="https://www.businessinsider.com/chinese-ev-companies-hit-with-new-tariffs-in-the-eu-2024-6">EC</a> said it will impose tariffs of up to 38.1% on Chinese EV imports from next month — on top of existing 10% duties.All Chinese EV imports will be subject to additional tariffs from next month, but the commission singled out three major EV makers: BYD, Geely, and SAIC.BYD will be subject to an additional 17.4% in duties, while Geely will pay an extra 20%. State-backed SAIC will be subject to additional levies of 38.1%.On Thursday — less than a day after EC dropped its bombshell announcement — the shares of most Chinese EV automakers were up.EV giant BYD was surging as much as 8.8% in Hong Kong, while Geely gained as much as 2.4%. The shares of EV startups Nio and Li Auto were also higher.Shanghai-listed SAIC was an outlier in Thursday's Chinese stock rally, declining by as much as 3%.The unlikely rally for most Chinese EV companies appears to stem from the perception that the European Union's tariffs were "modest," as Vincent Sun, an equity analyst at Morningstar, wrote in a note on Wednesday.After all, US President Joe Biden's administration is levying a 100% tax on Chinese EVs.BYD, one of the world's largest EV makers alongside Tesla, would be less impacted by the new EU tariffs than its peers, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-13/china-ev-makers-have-room-to-absorb-eu-tariffs-find-new-markets">Bloomberg Intelligence</a> analyst Joanna Chen said on Thursday."BYD will likely be able to absorb most of the burden from EU import duties, since its cars carry peer-beating profitability," said Chen.Even though the market indicates that the EU's tariff hike on Chinese EVs is manageable, Beijing is still extremely displeased."I would like to stress that the anti-subsidy probe is typical protectionism," <a target="_blank" href="https://www.fmprc.gov.cn/eng/xwfw_665399/s2510_665401/202406/t20240612_11434964.html">Chinese foreign ministry</a> spokesperson Lin Jian said of the EU's tariffs on Wednesday."To levy additional tariffs on EVs imported from China violates market economy principles and international trade rules, disrupts China-EU economic and trade cooperation and the global automotive industrial and supply chains and will eventually hurt Europe's own interests," said Lin.In recent months, <a target="_blank" rel="" href="https://www.businessinsider.com/western-countries-name-shame-china-economy-industrial-overproduction-profits-g7-2024-5">Western countries have been lining up to criticize China</a> for its barrage of cheap exports flooding the world's markets. They say China's dumping and unfair trade practices have hurt their economies.However, Beijing has consistently pushed back on the West's criticisms. Chinese authorities say the West's accusations are protectionist and aimed at containing China's economic growth.

The EU slapped massive tariff hikes on China's EV giants. Investors don't seem to care.

World EV Day with Gul Panag

<cmsannotation type="cmsannotation" annotationid="summary" comment="summary" text="As the onset of the new year beckons us towards new beginnings, Business Insider India invites you to experience our innovations — a showcase of new editorial initiatives, products and brand partnerships from 2022 which have helped leading global companies engage with our select audience. These activities have established the foundation for our unique editorial mission around sustainability, personal finance, and enterprise tech which delivered sharp, incisive and compelling content to our readers. This year, we look forward to collaborating with you on your brand journey and help you emulate the same success that our longstanding partners have achieved.">As the onset of the new year beckons us towards new beginnings, Business Insider India invites you to experience our innovations — a showcase of new editorial initiatives, products and brand partnerships from 2022 which have helped leading global companies engage with our select audience. These activities have established the foundation for our unique editorial mission around sustainability, personal finance, and enterprise tech which delivered sharp, incisive and compelling content to our readers. This year, we look forward to collaborating with you on your brand journey and help you emulate the same success that our longstanding partners have achieved.</cmsannotation> <cmsannotation type="cmsannotation" annotationid="summary" comment="summary" text="Dive in to discover our success stories and drop us a line to harness the very best of Business Insider India’s creative approaches.">Dive in to discover our success stories and drop us a line to harness the very best of Business Insider India’s creative approaches.</cmsannotation> <bulletContentEmbed name="Sustainability Insider" columns="1"><bulletContentHeading name="Sustainability Insider_head"> <div type="image" title="Sustainability Insider" msid="97128329" hostid="261" caption="&amp;lt;p&amp;gt;Sustainability Insider&amp;lt;/p&amp;gt;"></div></columnHeadThumb><keyword id="14107500" type="General" weightage="20" keywordseo="Sustainability-Insider" source="Orion">Sustainability Insider</keyword></columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="Sustainability Insider_body"><bulletContentRow name="Sustainability Insider_1673794911834810"><bulletContentRowHeading><bulletContentRowHead col="1"></bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">2023 and beyond… Environment, Social and Governance (ESG) will take the centre stage. 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The Virtual panel, shifting Gears; Evaluating the Road to Sustainability featured Dr. Raji Mathi, Director, Automative Research Association of India (ARAI); Anmol Jaggi, CEO, BluSmart Mobility; Suhas Rajkumar, Founder and CEO, Simple Energy; and Anshul Khandelwal, Chief Marketing &amp; Revenue Officer, Ola Group. The group highlighted the challenges and opportunities of fast-tracking EV adoption in India. Watch the feature <a href="https://www.businessinsider.in/sustainability/article/sustainability-forum-shifting-gears-evaluating-the-road-to-sustainable-mobility/articleshow/94248881.cms">here</a></bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody><payload><![CDATA[left]]></payload></bulletContentEmbed> <bulletContentEmbed name="left_image" columns="1"><bulletContentHeading name="left_image_head"><div type="image" title="Quiz Image" msid="96687183" hostid="261"></div></columnHeadThumb>PRODUCT INNOVATION INTERACTIVE QUIZ</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="left_image_body"><bulletContentRow name="left_image_2671779128491774"><bulletContentRowHeading><bulletContentRowHead col="1"></bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Interactivity came to the fore as Business as Business Insider India launched the interactive quiz, drawing audiences to engage with the platform and test their acumen on all things sustainability. you can also participate in the quiz and see how you stack up when it comes to sustainability. Click <a href="https://www.businessinsider.in/sustainability/news/lok-sabha-approves-energy-conservation-bill-to-accelerate-climate-action-opens-multi-billion-dollar-carbon-market/articleshow/93479684.cms">here</a> to take the quiz</bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody><payload><![CDATA[left]]></payload></bulletContentEmbed> <bulletContentEmbed name="right_image" columns="1"><bulletContentHeading name="right_image_head"> <div type="image" title="saasscions_roundup" msid="96702847" hostid="261"></div></columnHeadThumb>MARQUEE BRAND INNOVATION VIA INSIDER STODIOS-</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="right_image_body"><bulletContentRow name="right_image_6519875174873057"><bulletContentRowHeading><bulletContentRowHead col="1">SAAS SCIONS FOR AWS</bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Business Insider India partnered with AWS to custom create SaaS Scions, a content IP six-part series featuring visionaries in the SaaS space who have catalysed the SaaS domain globally. 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Business Insider India’s Money Insider brings together the country’s leading ‘Fin-fluencers’ who are heralding a new beginning in the world of financial literacy. Catch insights, bust myths, share a chuckle as you learn more about investing, insurance, home-buying, credit cards, planning taxes and all things personal finance.</bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody><payload><![CDATA[left]]></payload></bulletContentEmbed> <bulletContentEmbed name="Decoding Season 1’s performance success" columns="1"><bulletContentHeading name="Decoding Season 1’s performance success_head"> <div type="image" title="Decoding Season 1’s performance success" msid="97128114" hostid="261" caption="&amp;lt;p&amp;gt;Decoding Season 1&amp;#8217;s performance success&amp;lt;/p&amp;gt;"></div></columnHeadThumb>Decoding Season 1’s performance success</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="Decoding Season 1’s performance success_body"><bulletContentRow name="Decoding Season 1’s performance success_0072309969741672"><bulletContentRowHeading><bulletContentRowHead col="1"></bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Money Insider tapped right into the current trend of financial literacy among Millennials and GenZ. It approached influencers such as Mandeep Gill, Raj Shamani, Ashna Tolkar, Neha Nagar, Shashank Udapa and Abhiraj &amp; Niyati to curate concise, crisp and educational content to fit in perfectly with Instagram's current demand for extensive information quickly. With a mix of these strategies, Money Insider hit over 2+ million views on Instagram and will be back soon to help you take control of your personal finances and make smart money decisions.</bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody><payload><![CDATA[right]]></payload></bulletContentEmbed> <bulletContentEmbed name="Partner with Us" columns="1"><bulletContentHeading name="Partner with Us_head"> <div type="image" title="Partner with Us" msid="97128159" hostid="261" caption="&amp;lt;p&amp;gt;Partner with Us&amp;lt;/p&amp;gt;"></div></columnHeadThumb>Partner with Us</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="Partner with Us_body"><bulletContentRow name="Partner with Us_3017289699399519"><bulletContentRowHeading><bulletContentRowHead col="1"></bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Thank you for joining us on this overview of Business Insider India innovations. 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You Searched For "World EV day" and got 15 results

World EV day: Top 10 most popular EVs in India

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World EV Day with Gul Panag

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