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<ul class="summary-list"><li>Tesla is falling behind in China as BYD's hybrids take off.</li><li>Hybrid sales have helped to drive up overall plug-in sales in China this year.</li></ul>Tesla's sales are slipping in China in the latest sign of trouble for <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>'s car company.Tesla's Shanghai factory shipped 68,280 Model 3s and Model Ys in October, down 5.3% from the same month in 2023, according to data released by the China Passenger Car Association on Monday.Month-over-month results were even worse for <a target="_blank" class="" href="https://www.businessinsider.com/tesla-falling-california-sales-are-bad-for-elon-musk-2024-10">Tesla</a>, with sales falling 23% from September to October.Meanwhile, EV competitors in the region, like BYD, posted record sales results in October, and the plug-in market overall in China is gearing up for a year-end boom.Plug-in sales in China (which include hybrid models) increased nearly 51% in October compared to last year, and the segment accounted for more than half of all car sales in China last month.Two compounding issues are driving <a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">Tesla's lackluster performance</a> in the world's largest automotive market: increased demand for hybrids and an aging lineup compared to <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-xiaomi-su7-driven-by-fords-ceo-faster-model-2024-10">flashy new entries.</a>While Tesla continues to focus on battery-powered vehicles solely, BYD has grown its market share in China with popular hybrid offerings. These vehicles, which offer an alternative for green-car shoppers who aren't ready to go fully electric, have gained in popularity in the past year.This has helped propel <a target="_blank" class="" href="https://www.businessinsider.com/auto-industry-faces-trouble-in-china-ev-slowdown-2024-11">BYD's record-breaking year</a>. The company recently surpassed Tesla in quarterly revenue for the first time, and reported a 66% increase in sales last month with 500,526 units. More than 300,000 of those sales were plug-in hybrids.Musk has criticized his competitors for relying on hybrid sales as demand for battery-electric cars hits a plateau. At an earnings reporter earlier this year, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-blames-hybrids-for-lower-sales-2024-4">Musk blamed a focus on hybrids</a> for eating into Tesla's sales.BYD also has a newer lineup than Tesla, which still sells the <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cars-starting-to-look-basic-sales-problem-2024-7">aging Model 3 and Model Y</a> in the region. BYD's vehicles have more updated styling and also come in a wider range of body styles and price points than Tesla's.While price cuts worked for a while to maintain Tesla's volumes in China, BYD has been able to beat Musk at his own game, waging a price war that has also created a headache for other US car companies in the region.

BYD's hybrid popularity catches up to Tesla in China

<ul class="summary-list"><li>Used EVs now cost less than their gas counterparts, with the gap ballooning since February.</li><li>Only 18% of consumers said they're likely to buy an EV, a multi-year low.</li></ul>Consumers are pumping the brakes on electric-vehicle demand as technological limitations erase the premium buyers used to be willing to pay.For the first time, used EVs are less expensive than their traditional gas counterparts. Not only are prices lower, they're also plummeting at a much steeper clip, a recent report from <a target="_blank" href="https://www.iseecars.com/used-car-prices-study">iSeeCars</a> said.According to the study, the average used EV fell $265 below the typical gas car in February, marking the trend's start. As of May, that difference has ballooned to $2,657.<div type="image" title="average used EV vs. gas prices" height="536" width="959" msid="111207904" hostid="261" sizebytes="19794"></div>"It's clear used car shoppers will no longer pay a premium for electric vehicles and, in fact, consider electric powertrains a detractor, making them less desirable — and less valuable — than traditional models," executive analyst Karl Brauer said in the report.By another measure, the average price of an EV fell 29.5% between May 2023 and 2024, compared to a 6.1% slide for combustion engine cars.An example provided by the study compared the BMW 3 Series with a Tesla Model 3: while the Tesla's price was $2,635 higher in June last year, it stood $4,806 below the BMW in May 2024.That slide is easy to explain for the broader auto industry, where <a target="_blank" href="https://www.businessinsider.com/car-prices-falling-forecast-outlook-new-used-electric-vehicle-market-2024-6">improved post-pandemic supply chains have led to declining prices</a>.But that's just part of the story for EVs, a market battered by an extra slew of niche headwinds.In a June AAA survey, only <a target="_blank" href="https://newsroom.aaa.com/2024/06/is-the-ev-hype-over/">18% of consumers indicated</a> that they would be likely to purchase an EV — a multi-year low. Leading hesitations included the higher costs, limited access to charging stations, and worries about how far an EV can drive without charging.Instead, consumer interest leaned more towards hybrid models, which offer both a gas and electric motor. In fact, one-third of respondents indicated they would purchase this type of vehicle.For industry players that wagered on a coming wave of EV consumption, faltering demand has not done any favors for production, Bank of America said this month."The unprecedented EV head-fake over the last three years has wreaked havoc on product planning. The prior acceleration in EV launches is doing a U-turn in favor of extending [internal combustion engine] programs and new hybrids," analysts wrote. "However, while there is a lot of talk about hybrids, there isn't much action."Vanishing EV consumers have tugged on the sector in other ways. For instance, below-estimate deliveries have dented the performance of <a target="_blank" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/rivn-stock">Rivian</a> stocks, and these companies have been among many to enact workforce cuts due to strained demand.Elsewhere, <a target="_blank" href="https://www.businessinsider.com/fisker-automotive-files-for-bankruptcy-2024-5">Fisker has filed for bankruptcy</a>, citing market issues in a statement this week. And earlier this year, the rental firm <a target="_blank" href="https://www.forbes.com/sites/bradtempleton/2024/02/09/renting-electric-cars-makes-sense-why-did-hertz-sell-off-teslas/">Hertz sold 20,000 of its Tesla rentals</a>. Among a handful of reasons, requests for the vehicles were not as high as expected.While the iSeeCars report does not, in fact, yet see where EV prices will bottom out, most analysts are not too concerned about a complete rejection of the market. If consumers don't lead an industry embrace, US emissions regulation will ensure continued production, just at a tempered pace, Bank of America said."Despite the apparent slowdown in the powertrain transition (EVs and Hybrids), there is still a wave, albeit smaller than before, of alternative powertrain launches from almost all automakers," the note said.Examples includes Ford products, and GM's Cadillac as a "spearhead for EVs," it added.

Used-EV prices are crashing as buyers shift back towards hybrid vehicles 

New Delhi, Global electrification, previously driven by strong electric vehicle sales, is now showing signs of growth moderation despite supply chain normalisation and price reductions by OEMs, as per a report by <keyword id="20309623" type="General" weightage="20" keywordseo="jm-financial-institutional-securities" source="keywords">JM Financial Institutional Securities</keyword>. Global automakers like <keyword id="19911527" type="General" weightage="20" keywordseo="mercedes" source="keywords">Mercedes</keyword>, Ford, GM, VW are scaling back EV investments and turning towards <keyword id="19906936" type="General" weightage="20" keywordseo="hybrids" source="keywords">hybrids</keyword> due to shifting consumer preferences and challenges like inadequacy and slow pace of charging infrastructure expansion. We believe the situation is no different in India, the analysts said. <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> reduced its EV sales estimate and prices recently to boost adoption, citing similar hurdles. MSIL, with its tech-agnostic approach (Hybrids, EVs, CNG, Flex-fuel, etc.), is well-positioned (&amp; hedged) amidst slowing pace of electrification, the report said. Reports indicate of MSIL's strong Hybrid model launch pipeline going forward (five models in next 2-3 years). Tax rationalisation on hybrids could act as a fillip and shift consumer preference towards this choice of powertrain, it added. Till last year, global electric vehicle sales continued to outpace supplies (partially owing to semiconductor shortages) with OEs' orderbook piling to record levels. However, despite normalisation of supply chain, pace of electrification seems to have moderated. Reduction in EV prices (by <keyword id="19895433" type="General" weightage="20" keywordseo="tesla" source="keywords">Tesla</keyword>, Ford etc.) to drive wider adoption also isn't helping. Global automakers like Mercedes, Ford, GM, VW have deferred EV related investments, reduced their EV sales guidance indicating moderation in EV growth going ahead, the research said. Few of these auto OEMs are turning their focus back to Hybrids amidst shifting consumer preference. Domestic demand scenario for electric PVs is no different. Recently, Tata Motors (market leader with 73% share) reduced its FY24 EV sales estimate by 20% (to 75-80K units) and also cut prices by upto Rs 125K/vehicle to drive wider adoption. Lack of adequate charging infra and hesitant customers (to pay premium over ICE vehicles) are the primary reasons for slower EV adoption, the report said. Currently, MSIL is working on multiple technologies (Hybrids, EVs, Flex-fuel and Bio-gas in addition to ICE/CNG) as the company believes multiple technologies can co-exist in the medium-to-long term. Its current tech-agnostic approach is again a well thought-out approach against committing resources to a single technology, the report said.

Global automakers scale back electric vehicles, turn towards hybrids

As part of his ambition to make <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> a green economy, Union minister <keyword id="19897455" type="General" weightage="20" keywordseo="nitin-gadkari" source="keywords">Nitin Gadkari</keyword> wants to slash GST on hybrid vehicles and has vowed to rid the country entirely of the over 36 crore petrol and diesel vehicles. "One hundred per cent," <keyword id="19934966" type="General" weightage="20" keywordseo="gadkari" source="keywords">Gadkari</keyword>, the Union Minister for Road Transport and Highways, said when asked whether it is possible for India to get rid of petrol and diesel cars altogether. "It is difficult but not impossible. This is my vision," Gadkari said in an interview to PTI. He said India spends Rs 16 lakh crore on fuel imports. This money will be used for improving the life of farmers, villages will be prosperous and the youth will get employment, the minister said. Gadkari did not give any timeline to meet this ambitious target which even proponents of green energy believe is mind bogglingly difficult. The proposal to reduce GST on hybrid vehicles to five per cent and to 12 per cent for flex engines has been sent to the Finance ministry which is considering the requisition, Gadkari said. The minister said he firmly believes the country can end fuel import by promoting the use of biofuels. Environmental activists welcomed Gadkari's vision for increasing green mobility, but also struck a word of caution by flagging the use of fossil fuels in the production of electricity. "In India, we are still heavily dependent on a fossil fuel-based energy system to power electric cars, and this needs to be changed. There is urgent need to ensure 100 per cent renewable energy alongside electric vehicles to tackle the climate crisis," <keyword id="21152150" type="General" weightage="20" keywordseo="avinash-chanchal" source="keywords">Avinash Chanchal</keyword>, a campaigner for Greenpeace India, told PTI. Gadkari said he has been pitching for alternative fuels since 2004 and is confident things will change in the coming five to seven years. "I cannot give you a date and year for this transformation to take place as it is very difficult. This is difficult but not impossible," Gadkari asserted. He said he firmly believes that given the speed with which electric vehicles are being introduced, the coming era will be of alternative and biofuels and this dream will come true. Gadkari said auto companies such as Bajaj, TVS and Hero are also planning to manufacture motorcycles using flex engines and auto rickshaws using similar technology too were on the way. "I roam around in a car that runs on hydrogen. You can see electric cars in every other household. People who used to say this was impossible, have changed their views now and started believing in what I have been saying for the last 20 years," the minister said. "Tatas and <keyword id="19906966" type="General" weightage="20" keywordseo="ashok-leyland" source="keywords">Ashok Leyland</keyword> have introduced trucks that run on hydrogen. There are trucks that run on LNG/CNG. There are 350 factories across the country of bio-CNG," he said. "Definitely, a revolution is taking place. The fuel imports will end and this country will become self-reliant - <keyword id="19952544" type="General" weightage="20" keywordseo="atmanirbhar-bharat" source="keywords">Atmanirbhar Bharat</keyword>. I strongly believe in this," Gadkari said. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/ussd-based-call-forwarding-to-be-suspended-soon-to-curb-fraud/articleshow/108933705.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-based-call-forwarding-to-be-suspended-soon-to-curb-fraud/articleshow/108933705.cms" target="_blank">USSD-based call forwarding to be suspended soon to curb fraud</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms" target="_blank">Upcoming cars and two-wheelers launching in India in April 2024</a><a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms" target="_blank">From AI photo editing to international UPI payments, here are upcoming WhatsApp features</a>

Gadkari vows to eliminate petrol, diesel vehicles in India, bats for lower tax for hybrid cars

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

Ford just put its EV plans in reverse

<ul class="summary-list"><li>Plug-in hybrids are way more expensive than electric vehicles right now.</li><li>Hybrids are having their best year ever.</li></ul>You might want to start saving up if you're looking for a plug-in hybrid.These cars, equipped with an internal combustion engine to take over when the battery powering the vehicle runs out of juice, have become an alluring compromise for a new group of <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">more practical green-car shoppers</a>.That's giving new life to the <a target="_blank" href="https://www.businessinsider.com/car-buyer-interest-hybrids-as-electric-vehicle-adoption-slowing-2023-10">once-withering hybrid segment</a>. Car companies are leaning into this segment more than ever, changing production and sales strategies to meet the growing demand for hybrid cars.For drivers who can't commit to a fully electric car due to <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-range-ev-charging-station-infrastructure-issues-2024-5">range anxiety</a> for longer trips, a plug-in hybrid offers the best of both worlds. These cars can run on battery power alone before a gas-powered engine kicks in, allowing daily commutes to be zero-emissions. At the same time, a longer trip can include a mix of battery-powered and gas-powered miles.But there's one problem: plug-ins are getting expensive.Shoppers looking for a more practical alternative to a fully electric car might be shocked to find that the average plug-in hybrid sold for around $62,985 in July, according to data from the car-shopping website Edmunds. That's $4,366 more than the average pure electric car sold for, the firm found.It wasn't always this way. As recently as the spring of 2022, the imbalance tipped in the other direction, with the average EV selling for about $4,000 more than a plug-in hybrid, according to Edmunds' data.<h2 id="fc13abc4-126a-48bd-8825-cabeb2cff771">A new day for hybrids</h2><a target="_blank" href="https://www.businessinsider.com/hybrids-more-popular-than-evs-toyota-ford-tesla-cars-electric-2024-3">Hybrid cars</a>, once considered a relic of the pre-Tesla EV market, are having their best year ever. Sales were up nearly 31% in the second quarter of this year, according to data firm Wards Intelligence.After lobbying from car manufacturers and their unions, the <a target="_blank" href="https://www.businessinsider.com/biden-is-probably-going-to-ease-strict-ev-requirements-2024-2">Biden Administration</a> wrote the newly popular plug-in hybrids into its <a target="_blank" href="https://www.eia.gov/todayinenergy/detail.php?id=62924">finalized rule</a> for boosting electric car sales, allowing these vehicles to account for at least 13% of new car sales by 2032 to meet new emissions standards.This was considered a big win for car companies, who argued the original rules that excluded partially electric cars were <a target="_blank" href="https://www.businessinsider.com/automakers-over-estimated-electric-vehicle-demand-early-adopters-2023-10">unrealistic</a>.Manufacturers are responding in kind. In late August, <a target="_blank" href="https://www.businessinsider.com/ford-changes-ev-strategy-cancels-electric-suv-2024-8">Ford</a> announced it was canceling long-held plans for electric three-row SUVs and replacing them with hybrid models. This strategy shift will initially cost the company nearly $2 billion, but it will replace unprofitable cars with ones Ford knows it can make money on."It's coming back to understanding the customer, " Ford Chief Financial Officer John Lawler told reporters, emphasizing the need for its battery-powered cars to be profitable within two years of launch.Last week's pivot adds to <a target="_blank" href="https://www.businessinsider.com/ford-hybrid-battle-against-tesla-ev-maverick-pickup-2024-3">Ford's strategy</a> of prioritizing hybrids to attract new customers to the brand.<h2 id="9dd4dd9b-6e91-4d4b-97d6-5c073e6a6cd5">Green car shoppers still follow the deals</h2>Despite rabid demand for hybrids, the plug-in variety of these cars is sitting around on dealer lots for longer than their fully electric counterparts, according to Edmunds. <a target="_blank" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">EVs in July spent around 81 days</a> on a dealer lot before being sold, while plug-in hybrids sat around for 84 days.Despite the appeal of plug-in hybrids, which are the perfect compromise for someone nervous about access to charging, affordability appears to supersede all for electric car shoppers.You can see that reflected in the popularity of hybrids without the plug-in feature, which are much less expensive than either battery-electric cars or plug-in hybrids.These cars, which only spend a relatively low average of 30 days on a dealer lot, had an average transaction price of $43,142 in July, according to Edmunds. That's $4,574 cheaper than the price paid for any new car that same month.

Everyone wants a plug-in hybrid, and it's sending prices soaring 

<ul class="summary-list"><li>Electric cars are expensive, but tax credits might be able to help.</li><li>Federal tax incentives are crucial for EV buyers. State rebates help, too.</li></ul>While electric-vehicle prices have come down in the past year, affordability is still an issue for US buyers.According to Cox Automotive, new EVs sold for an average of $56,328 in September, while the average price paid for any new car was $48,397.Such high pricing is making it harder for <a href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">a new wave of shoppers</a> to commit to an electric car, but federal and state tax credits that give you money back for buying an EV could mean you're in luck if you're looking to plug in. You just need to know how to cash in.New requirements for a $7,500 federal tax credit under the <a href="https://www.businessinsider.com/how-to-get-electric-vehicle-tax-credit-ira-biden-2022-12">Inflation Reduction Act</a> went into effect at the start of this year. The revised rules <a href="https://www.businessinsider.com/list-evs-electric-cars-qualify-for-federal-tax-credit-2024-1">limited the number of EVs</a> on the market that qualify for the credit, but more vehicles are expected to qualify as automakers adjust. In the meantime, <a href="https://www.businessinsider.com/electric-vehicle-lease-payments-cheaper-affordability-hack-2024-9">a leasing loophole</a> is helping more buyers access the full $7,500 credit.Here's what to know about claiming tax credits and rebates on electric-car purchases.<div type="image" title="Tesla cars on the production line in a warehouse." height="3857" width="5142" msid="115030133" hostid="261" sizebytes="1143850"></div><h2>Federal EV tax credits</h2>The <a href="https://fueleconomy.gov/feg/tax2023.shtml">federal EV tax credit</a> is split: You can get $3,750 if the vehicle meets either the critical-minerals requirements or the battery-component requirements. If it meets both sets of requirements, it qualifies for the full $7,500 credit.Here's a closer look at those requirements:<ul><li>The vehicle must have a battery capacity of 7 kilowatt-hours or more.</li><li>The gross vehicle weight rating must be less than 14,000 pounds. (For context, the gargantuan Hummer EV weighs about 9,000 pounds.)</li><li>Final assembly of the vehicle must take place in North America.</li><li>At least 50% of minerals for the vehicle and battery components must be extracted, processed, or recycled in the US or countries with which the US has a free-trade agreement.</li><li>The manufacturer's suggested retail price can't top $80,000 for vans, SUVs, and pickup trucks, or $55,000 for all other vehicles.</li></ul><div type="image" title="A charger hanging out the side of a car." height="2673" width="3565" msid="115030135" hostid="261" sizebytes="227186"></div>The leasing loophole:<ul><li><a href="https://www.businessinsider.com/electric-vehicle-lease-payments-cheaper-affordability-hack-2024-9">Leased electric vehicles</a> are categorized under the "qualified commercial clean vehicles" tax credit, which has fewer restrictions than the "new clean vehicle" credit outlined above.</li><li>Under these rules, dealers are afforded $7,500 for all-electric vehicles and are not held to the individual buyer standards of income caps, MSRP limits, or mineral and component requirements. Dealers are taking advantage of this by passing along their $7,500 credit to lessees who may not otherwise qualify for the credit if they purchase the vehicle.</li></ul>If you're buying used:<ul><li>The used-EV credit took effect last year.</li><li>The vehicle must be at least two years old, under $25,000, and sold by a licensed dealership.</li><li>Your income can't exceed $150,000 if you're a joint filer or surviving spouse, $112,500 if you're a head of household, or $75,000 if you're a single filer.</li><li>Taxpayers are eligible for a credit of 30% of the vehicle price, up to $4,000.</li><li>The purchaser cannot be the same person who bought it new.</li><li>There can only be one credit taken per vehicle.</li><li>Taxpayers can use this credit once every three years.</li></ul><h2><div type="image" title="Three Ford Mustang Mach-E electric vehicles on a dealer lot." height="1665" width="2220" msid="115030136" hostid="261" sizebytes="198372"></div></h2><h2>State credits</h2>Some states have incentives for EVs in addition to the federal tax credits. Here are just a few examples.Colorado: <ul><li>Residents can get <a href="https://afdc.energy.gov/laws/11702">a tax credit</a> of up to $5,000 for buying or leasing a light-duty EV or truck or a plug-in hybrid EV.</li></ul>Illinois:<ul><li>The state offers <a href="https://www2.illinois.gov/epa/topics/ceja/Pages/default.aspx">rebates</a> of up to $4,000 for residents who buy or lease a new or used EV.</li></ul>New York: <ul><li>Residents can get a $2,000 rebate for EVs with an EPA-rated range greater than 200 miles, $1,000 for EVs rated 40 to 199 miles, and $500 for EVs with a range under 40 miles or with a sticker price under $42,000.</li></ul>Rhode Island:<ul><li>The state offers residents up to $1,500 for the purchase or lease of a new battery-electric vehicle or $1,000 for a used one. It also offers up to $1,000 for the purchase of a new plug-in hybrid vehicle or $750 for a used one.</li></ul>

Using tax credits and rebates to your advantage could save you thousands on a new electric vehicle

<ul class="summary-list"><li><keyword id="19906203" type="General" weightage="20" keywordseo="Trump" source="keywords">Trump</keyword> said at a rally on Saturday that he supports <keyword id="19895203" type="General" weightage="100" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> because <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> endorsed him.</li><li>However, he also criticized <keyword id="20415012" type="General" weightage="20" keywordseo="EV-infrastructure" source="keywords">EV infrastructure</keyword> and <keyword id="22767001" type="General" weightage="20" keywordseo="Bidens-EV-mandates" source="keywords">Biden's EV mandates</keyword>.</li></ul>Former President <keyword id="19918985" type="General" weightage="20" keywordseo="donald-trump" source="keywords">Donald Trump</keyword> said he had "no choice" but to support electric vehicles after <a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla CEO Elon Musk</a> "endorsed" him. Trump then went on to criticize the EV industry at length. Musk has long been a champion of the pivot to electric vehicles. His company, <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>, has largely led the way in developing the industry, which for a time made Musk a darling of the <keyword id="22767002" type="General" weightage="20" keywordseo="climate-conscious" source="keywords">climate-conscious</keyword> left. But Musk has more recently embraced conservative politics, especially the issue of free speech. Musk bought Twitter in 2022, rebranded it to X, and has dismantled many of the checks and balances meant to limit hateful speech and misinformation on the platform. Musk has publicly supported Trump since <a target="_blank" class="" href="https://www.businessinsider.com/trump-not-going-to-become-nice-shooting-didnt-change-him-2024-7">the assassination attempt</a> last month. Musk, however, has denied reports that he pledged <a target="_blank" class="" href="https://www.businessinsider.com/musk-trump-donation-campaign-finance-reform-2024-7">a $45 million donation</a> to a pro-Trump super PAC. At a rally in Georgia on Saturday, Trump told the crowd he supported electric cars but thought people should still have access to <keyword id="20758116" type="General" weightage="20" keywordseo="gas-vehicles" source="keywords">gas vehicles</keyword>. "I'm for electric cars. I have to be because, you know, Elon endorsed me very strongly," Trump told the crowd. "So, I have no choice." He then clarified that he only supports them as a "small slice" of the larger auto industry. "You want to have gas-propelled cars. You want to have hybrids. You want to have every kind of car," he said. Trump has repeatedly attacked the Biden administration's electric vehicle regulations, including its <a target="_blank" class="" href="https://www.businessinsider.com/biden-is-probably-going-to-ease-strict-ev-requirements-2024-2">plan to grow electric vehicle sales</a> to half of all new vehicle sales by 2030. While speaking at a bitcoin conference in July, Trump gave similar remarks when referencing Biden's regulations, which also make it more <a target="_blank" href="https://www.businessinsider.com/why-car-dealers-worried-about-biden-ev-mandate-letter-2023-11">difficult for gas-powered cars to meet EPA standards</a>. "Not everybody has to have an electric car. I told him that," Trump said, referencing Musk. "So we're going to get rid of that mandate if you don't mind. Some people want gasoline-propelled cars, some people want a hybrid, and some people like an electric car." Trump has also repeatedly criticized the cost of installing EV chargers nationwide. He erroneously claimed the government built eight chargers in the Midwest for $9 billion. He's given wildly inconsistent estimates for how much it would cost to install EV chargers nationwide. At the bitcoin conference, he said it would cost $12 trillion. At a North Carolina rally on July 24, he said it would cost $5 trillion. And at the Atlanta rally on Saturday, he said it would cost $9 trillion. The bipartisan Infrastructure Investment and Jobs Act of 2021 included $7.5 billion to help pay for thousands of electric vehicle chargers around the country, <a target="_blank" class="" href="https://www.eenews.net/articles/trump-targets-anemic-biden-effort-to-build-ev-chargers/">Politico reported</a>. The White House's infrastructure tracking website shows that only 15 charging stations have been installed so far. An analysis published by research firm Atlas Public Policy shows that each station received about $770,000 in federal funding, Politico reported. Correction: August 5, 2024 — An earlier version of this story misstated when Trump's Atlanta and North Carolina rallies were. His Atlanta rally was on Saturday, not Sunday, and his North Carolina rally was on July 24, not Thursday. It also misstated when he gave different estimates for the cost of installing EV chargers nationwide. He said it would cost $5 trillion at the North Carolina rally and $9 trillion at the Atlanta rally, not the other way around.

Trump says he has 'no choice' but to support electric vehicles because Elon Musk 'endorsed me very strongly'

<ul class="summary-list"><li>Hybrids are more popular than ever.</li><li>Regular hybrids are a better deal than plug-ins right now.</li></ul><a target="_blank" href="https://www.businessinsider.com/hybrids-more-popular-than-evs-toyota-ford-tesla-cars-electric-2024-3">Hybrids</a> are having a moment as demand for electric vehicles cools.These vehicles — which come in plug-in varieties or with hybrid engines that don't need to be charged at all — offer an attractive compromise for a new, more practical green car shopper that is <a target="_blank" href="https://www.businessinsider.com/inside-the-ev-reckoning-electric-car-demand-sales-2023-11">dominating the market</a>.These shoppers are turning to bridge technologies like hybrids and plug-in hybrids, reviving a segment once thought by some to be a relic of the pre-Tesla automotive industry.The <a target="_blank" href="https://www.businessinsider.com/car-buyer-interest-hybrids-as-electric-vehicle-adoption-slowing-2023-10">high demand for hybrids</a> dispels a misconception about electric vehicles: that interested buyers don't exist.Recent studies have proven that shoppers are very interested in switching to a more environmentally friendly vehicle — they're just <a target="_blank" href="https://www.businessinsider.com/ev-shoppers-dont-want-detroits-pickup-trucks-they-want-this-2024-3">more likely to consider</a> a partially battery-powered car over a pure electric vehicle.The industry is adjusting accordingly. <a target="_blank" href="https://www.businessinsider.com/gm-hybrids-plan-good-for-car-dealers-and-shopper-2024-1">GM is reversing its plans</a> to skip hybrid models in North America, while rival <a target="_blank" href="https://www.businessinsider.com/ford-hybrid-battle-against-tesla-ev-maverick-pickup-2024-3">Ford is leaning more heavily on its existing hybrid lineup</a>.Tesla's <a target="_blank" href="https://www.businessinsider.com/tesla-blames-hybrids-for-lower-sales-2024-4">Elon Musk</a> is even blaming the current hybrid craze for his company's <a target="_blank" href="https://www.businessinsider.com/tesla-sales-deliveries-q1-elon-musk-disappoint-fsd-2024-4">softer sales</a> in the first quarter, calling out an industry-wide prioritization of hybrids for cutting into EV sales.But if you're heading to the lot in search of a partially battery-powered car, you should know that not all hybrids are created equal.<h2 id="5d5b0098-9f2e-45d1-83f6-5e50264befd5">A regular hybrid is a better deal than a plug-in right now</h2><a target="_blank" href="https://www.businessinsider.com/toyota-hybrid-cars-ev-sales-growth-prius-bz4x-2024-2">Regular hybrids</a> tend to be cheaper than their plug-in counterparts. The average price paid for a regular hybrid is around $41,000, compared to around $56,000 for plug-ins. For comparison, the average fully electric vehicle sold for $56,648 in May, according to Cox Automotive.Shoppers who are <a target="_blank" href="https://www.businessinsider.com/ev-demand-still-strong-despite-slowdown-hybrids-survey-2024-1">turning to hybrids</a> after ruling out a fully electric car often live in areas with limited access to charging, creating the same issue of finding places to fuel a plug-in hybrid.The sticker price for a hybrid is much easier for the average consumer to swallow, but even if you're paying an upcharge from a gas-powered car, you can end up making that money back.A study from <a target="_blank" href="https://advocacy.consumerreports.org/wp-content/uploads/2023/10/CR-Fact-Sheet-Hybrid-Cost-Savings.pdf">Consumer Reports in late 2023 found that these cars, on average,</a> end up saving drivers $5 in fuel savings for every $1 spent in increased purchase price.In addition to fuel savings, hybrids also offer maintenance benefits similar to that of an electric car, which requires less frequent maintenance than an internal combustion engine, Consumer Reports found.On average, hybrids studied by Consumer Reports cost $2,785 to maintain over a 10-year period, compared to $2,320 for a battery-electric car.These numbers are adding up for car shoppers, too. Hybrid sales have been on the rise since the start of the year, bolstering brands like Toyota and Ford, which have heavily incorporated these cars into their current lineup.

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