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<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>Hertz is pausing plans to buy 65,000 EVs from Polestar, the Swedish firm's CEO told the FT.</li><li>It comes after Hertz said it would sell 20,000 electric vehicles due to high repair costs.</li></ul>Hertz is scaling back its EV ambitions.The rental car giant is pausing plans to buy 65,000 electric cars from EV pioneer Polestar, according to comments made by Polestar CEO Thomas Ingenlath in an interview with <a target="_blank" href="https://www.ft.com/content/b3513ea0-0033-430e-bf71-13406182171d">The Financial Times</a>.This comes just weeks after Hertz said it would sell off 20,000 EVs — one-third of its electric vehicle fleet — citing high repair costs as a key reason for this. Hertz's estimated $3 billion agreement with <a target="_blank" href="https://www.businessinsider.com/hertz-polestar-2-electric-car-rental-tesla-2022-4">up-and-coming EV maker Polestar in 2022</a> was seen as a major moment for electric vehicle adoption.It came after <a target="_blank" href="https://www.businessinsider.com/tesla-hertz-deal-elon-musk-advertising-marketing-2021-10">Hertz struck a similar deal with Tesla</a> and agreed to buy 100,000 of its EVs in 2021. That deal has also had its issues, with <a target="_blank" href="https://www.nytimes.com/2024/01/11/business/hertz-electric-vehicles-tesla.html#:~:text=vehicles%2Dtesla.html-,Hertz%20Will%20Shrink%20Electric%20Fleet%20After%20Being%20Burned%20by%20Tesla's,decision%20to%20sell%2020%2C000%20cars.">Elon Musk's barrage of price cuts</a> driving down the value of Hertz's fleet of used Teslas.The rental company agreed to buy the Polestar's vehicles over five years as part of plans to have a quarter of its global fleet be fully electric by 2024.However, since then <a target="_blank" href="https://www.businessinsider.com/why-tesla-should-be-worried-this-year-morgan-stanley-adam-jonas-2024-1">the global EV market has stalled</a>, with demand for electric cars slumping and major automakers <a target="_blank" href="https://www.businessinsider.com/ford-delays-ev-manufacturing-investment-cars-too-expensive-2023-10">rolling back some of their investments</a>.That's a problem for Hertz, which largely owns its vehicles outright and therefore faces big losses if their resale value falls.The company said in January<a target="_blank" href="https://www.businessinsider.com/hertz-sells-ev-electric-vehicle-fleet-cites-repair-costs-2024-1"> it plans to sell 20,000 EVs from its fleet</a>, including Teslas, Chevrolet Bolts, and Volvos. Many are already <a target="_blank" href="https://www.businessinsider.com/used-tesla-hertz-sales-cheap-red-flags-battery-depreciation-2024-1">available online at a steep discount</a>.Ingenlath told the FT that Hertz CEO Stephen Scherr contacted him last autumn to ask if the company could pause its agreement to buy a certain number of cars this year — which Ingenlath agreed to, so long as Hertz did not sell its current Polestar vehicles early or too cheaply.The pause isn't great news for Polestar. Part-owner Volvo announced that it would <a target="_blank" href="https://www.reuters.com/business/autos-transportation/automaker-volvo-cars-stop-funding-polestar-quarterly-earnings-above-estimates-2024-02-01/">stop funding the Swedish automaker</a> last week, and Polestar is struggling to attract customers amid the wider EV slump, <a target="_blank" href="https://www.reuters.com/business/autos-transportation/swedish-ev-maker-polestar-posts-lower-than-expected-2023-deliveries-2024-01-11/">missing its delivery target</a> for 2023.Hertz is just the latest major automaker to <a target="_blank" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">rethink its ambitious EV goals</a> in recent months. That includes General Motors, with <a target="_blank" href="https://www.businessinsider.com/gm-hybrids-plan-good-for-car-dealers-and-shopper-2024-1">CEO Mary Barra saying last month</a> that the company would change tack and roll out a range of hybrids — several years after it said it would <a target="_blank" href="https://www.businessinsider.com/12-people-leading-general-motors-all-electric-push-2021-10">become an all-electric auto company</a>.Hertz did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

Hertz halts plan to buy 65,000 electric cars amid EV slump

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

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

<keyword id="19923700" type="General" weightage="20" keywordseo="tata-power" source="keywords">Tata Power</keyword> on Saturday said it has collaborated with the <keyword id="19905539" type="General" weightage="20" keywordseo="ayodhya-development-authority" source="keywords">Ayodhya Development Authority</keyword> (ADA) to deploy charging points in and around the city on crucial routes to accelerate the adoption of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric Vehicles</keyword> (EVs). The initiative strategically links <keyword id="6354931" type="General" weightage="20" keywordseo="Ayodhya" source="Orion">Ayodhya</keyword> with major cities nearby through the establishment of EV charging points. These points are situated along routes such as Ayodhya to Lucknow via National Highway (NH) 27, Ayodhya to Raebareli via NH 330, Ayodhya to Prayagraj via NH 330, and Ayodhya to Gorakhpur via NH 27, said the company. "These stations epitomise innovation and environmental stewardship and set the pace for our nation's journey towards Net Zero emissions. Together, we're shaping a sustainable tomorrow that benefits us all," said <keyword id="20372997" type="General" weightage="20" keywordseo="deepesh-nanda" source="keywords">Deepesh Nanda</keyword>, CEO and Managing Director, <keyword id="20372998" type="General" weightage="20" keywordseo="tata-power-renewable-energy-limited" source="keywords">Tata Power Renewable Energy Limited</keyword>. With more than 80,000 home chargers, 5,300+ public, semi-public and fleet charging points, and more than 850 bus charging stations, Tata Power said it is at the forefront of driving the transition towards environment-friendly transportation. "These charging points not only enhance our city's infrastructure but also herald a new era of eco-consciousness and progress," said Gaurav Dayal, Commissioner of Ayodhya. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank">OnePlus 12 review: A feature-packed device with promising battery back-up</a><a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-50-pro-to-launch-in-india-on-april-3-everything-we-know-so-far/articleshow/108667275.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-50-pro-to-launch-in-india-on-april-3-everything-we-know-so-far/articleshow/108667275.cms" target="_blank">Motorola Edge 50 Pro to launch in India on April 3 – Everything we know so far</a><a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank">JSW Group and SAIC Motor’s JV ‘JSW MG Motor India’ set to up production to 3 lakh vehicles a year with a new car every 3-6 months</a>

Tata Power deploys EV charging points on key routes to Ayodhya

<keyword id="19971628" type="General" weightage="20" keywordseo="electric" source="keywords">Electric</keyword> two-wheeler firm Pure EV on Monday said it has raised USD 8 million (around Rs 66 crore) from a consortium of investors. The funding was led by <keyword id="20642225" type="General" weightage="20" keywordseo="bennett-coleman" source="keywords">Bennett Coleman</keyword> and Company Ltd, Hindustan Times Media Ventures, alongside <keyword id="20642226" type="General" weightage="20" keywordseo="ushodaya-enterprises-pvt-ltd" source="keywords">Ushodaya Enterprises Pvt Ltd</keyword>, existing investors and high net-worth individuals, Pure EV said in a statement. The Hyderabad-based company said it is currently in the final stage of concluding its Series A1 funding round, amounting to USD 25 million with the participation of a foreign institutional investor. Concurrently, ongoing discussions are taking place with potential investors from Dubai, Hong Kong, and Singapore for Series A2 funding, targeting an infusion of USD 15 million, it added. "We will be rapidly expanding our pan-India sales network from 140 to 300 dealers in the next six months," Pure EV Co-Founder &amp; CEO <keyword id="20642224" type="General" weightage="20" keywordseo="rohit-vadera" source="keywords">Rohit Vadera</keyword> stated. The company sells a range of electric motorcycles and scooters and has already sold over 70,000 units. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/retro-turned-electric-after-chetak-kinetic-luna-also-gets-a-new-lease-of-life/slidelist/107523076.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/retro-turned-electric-after-chetak-kinetic-luna-also-gets-a-new-lease-of-life/slidelist/107523076.cms" target="_blank">Retro turned electric – After Chetak, Kinetic Luna also gets a new lease of life</a><a href="https://www.businessinsider.in/business/auto/news/mg-comet-price-slashed-indias-most-affordable-ev-gets-cheaper/articleshow/107451916.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/mg-comet-price-slashed-indias-most-affordable-ev-gets-cheaper/articleshow/107451916.cms" target="_blank">MG Comet price slashed – India’s most affordable electric car gets cheaper</a><a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lead-the-segment-in-electric-scooters-in-january-2024/articleshow/107424791.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lead-the-segment-in-electric-scooters-in-january-2024/articleshow/107424791.cms" target="_blank">Electric scooter sales grow 26% in January as Bajaj, Ather jostle behind TVS and Ola</a>

Pure EV raises $8 million in latest funding round

<ul class="summary-list"><li>Jaguar is going dormant until at least 2026. It's retooling to produce only electric vehicles.</li><li>That means prospective buyers won't be able to snag a Jag in the UK until at least mid-2026.</li></ul>Jaguar has stopped selling new vehicles in its home country until at least 2026 as the luxury British automaker prepares to go all-electric.As of Monday, Jaguar Land Rover, owned by India-based Tata Motors, won't be shipping any new vehicles to dealers in the UK — and whatever vehicles are left in their inventories will now be considered used, regardless of what their odometers say, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-11-12/brits-can-t-buy-new-jaguars-for-over-a-year-as-brand-goes-electric?cmpid=BBD111224_MORNAMER&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=241112&amp;utm_campaign=morningamer">a spokesperson told Bloomberg</a>.It's the first time that prospective UK buyers won't be able to choose a Jaguar — a preferred vehicle of the British royal family and UK prime ministers — since World War II, Bloomberg reported.Meanwhile, US buyers won't have access to new Jags, either: US dealers will be able to sell what's left from the 2024 model year — and will then have to wait to get the new all-electric Jags, <a target="_blank" class="" href="https://www.caranddriver.com/news/a62716329/future-of-jaguar/">Car and Driver reported</a>.The company has said it plans to reveal more details later this year, but for now, its new EVs aren't expected to launch for more than a year — sometime in 2026, a Jaguar Land Rover spokesperson <a target="_blank" href="https://cardealermagazine.co.uk/publish/jaguar-stops-selling-new-cars-in-the-uk-as-brand-readies-rebirth-in-2026/309520">told the UK's Car Dealer Magazine</a>.Jaguar <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2021-02-15/jaguar-going-all-electric-marks-new-ceo-s-turnaround-plan">had earlier announced, in 2021, that it would ditch internal combustion engines </a>and go all-in on EVs. The move came shortly after the UK's prime minister at the time, Boris Johnson, <a target="_blank" class="" href="https://www.businessinsider.com/uk-ban-sale-new-gas-diesel-cars-vehicles-2030-2020-11">outlined his 10-point "green industrial revolution" plan</a>.Jaguar unveiled its <a target="_blank" class="" href="https://media.jaguar.com/en-us/news/2018/09/jaguar-announces-national-marketing-launch-plans-all-electric-jaguar-i-pace">first and only all-electric vehicle in 2018</a>, the <a target="_blank" class="" href="https://www.jaguar.com/electric-cars/all-electric.html">I-Pace SUV</a>, though it <a target="_blank" class="" href="https://www.jaguar.com/electric-cars/vehicles.html">also offers</a> plug-in electric hybrid cars and other hybrids.<div type="image" title="image of electric Jaguar vehicle" height="6069" width="10771" msid="115230046" hostid="261" sizebytes="637934"></div>Earlier this year, Jaguar stopped producing its XE, XF, and F-Type models at its Castle Bromwich plant in the UK, and assembly of its E-Pace and I-Pace models in Austria will cease by the end of this year as the company prepares to announce its new EV models, Car Dealer Magazine reported.Jaguar has already invested about $320 million to prepare its Halewood UK plant for all-EV production, and will inject another $320 million into the plant in the coming years, the <a target="_blank" class="" href="https://media.jaguarlandrover.com/news/2024/09/jlr-invests-ps500-million-creating-ev-factory-future-merseyside">company said in September</a>.In the September <a target="_blank" class="" href="https://cardealermagazine.co.uk/publish/jaguar-dealers-in-for-a-messy-year-says-boss-rawdon-glover/307686">interview with Car Dealer Magazine</a>, Jaguar's managing director Rawdon Glover acknowledged some of the automaker's potential growing pains as it moves through this transitional phase."It will be difficult for this bit in the middle and probably in the early years while we're building up to the full range," Glover told the outlet. "We want people that are in it for the long term that absolutely understand the vision of Jaguar needing to change. They support the elevated positioning and everything else that goes with that because the level of service and even some of our business markets will be different."As part of that elevated positioning, the newly announced Jags are expected to be significantly more upmarket than the ones that are being phased out, Car and Driver reported, citing a Range Rover from the brand's corporate cousin that costs around $400,000 as where the brand wants to be. (Most 2024 Jaguar models have list prices of around $50,000 to $80,000.)Jaguar Land Rover and its parent company Tata Motors did not immediately respond to a request for comment from Business Insider.

You can't buy a new Jaguar in its home country of the UK until 2026. The brand is going dormant to retool as EV-only.

<ul class="summary-list"><li>Ford CEO Jim Farley praised the Xiaomi SU7, a new Chinese EV he's driving.</li><li>Chinese electronics maker Xiaomi launched the SU7 in December 2023 with a starting price of $30,000.</li></ul>Ford CEO <a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-cfo-left-shocked-after-chinese-ev-test-drive-2024-9">Jim Farley</a> said during a podcast interview that he's been driving the <a target="_blank" class="" href="https://www.businessinsider.com/china-xiaomi-launch-electric-car-apple-failed-tesla-2024-3">Xiaomi Speed Ultra 7</a>, a Chinese EV, for the last six months and he doesn't want to give it up."It's fantastic. They sell 10,000, 20,000 a month. They're sold out for six months," Farley said, calling Xiaomi an "industry juggernaut."This raises some questions.First: What's so compelling about this car? It's pretty rare to hear a chief executive publicly extol their direct competitors. Why is it so impressive?Second: How did Farley get the car to the US anyway? And why can't Americans get a car like that in the US?Let's dig in.<h2 id="e630a4cd-e5b6-4173-8774-51960a9dfac6">What is the Xiaomi SU7?</h2><div type="image" title="The interior of a Xiaomi SU7" height="3120" width="4160" msid="114589580" hostid="261" sizebytes="412218"></div>The <a target="_blank" class="" href="https://www.businessinsider.com/phonemaker-xiaomi-unveils-first-ev-taking-on-tesla-2023-12">SU7</a> is Xiaomi's first vehicle since the Chinese smartphone and consumer electronics giant announced plans to build an EV in March 2021.The compact <a target="_blank" class="" href="https://www.businessinsider.com/xiaomi-loses-speed-ultra-7-electric-vehicles-9200-per-car-2024-8">battery-electric sedan</a> launched in December 2023 to great fanfare. Xiaomi said it's expected to reach 100,000 customer deliveries by November.The SU7 was built in partnership with Beijing Automotive (BAIC), one of <a target="_blank" class="" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">China's largest carmakers</a>, which also makes Hyundai and Mercedes-Benz vehicles for the Chinese market.<h2 id="042d2e82-343b-4526-9e58-43bb3a4249d2">The Xiaomi SU7's key features</h2><div type="image" title="Xiaomi SU7" height="3648" width="5472" msid="114589578" hostid="261" sizebytes="431232"></div>The SU7 comes in three versions — the SU7, SU7 Pro, and the SU7 Max — that start at 215,900 yuan or about $30,300. Even the most expensive version, the high-performance SU7 Max, won't break the bank with a starting price of 299,900 yuan or about $42,100.By comparison, the base <a target="_blank" class="" href="https://www.businessinsider.com/tesla-model-3-vs-model-s">Tesla Model 3</a> starts at 231,900 yuan, or roughly $32,600, in China, while the range-topping all-wheel-drive variant starts at 335,900 yuan, or around $47,200.In terms of the styling, the SU7 isn't terribly original but it's attractive, drawing elements of its front end from the <a target="_blank" class="" href="https://www.businessinsider.com/mclaren-720s-review-a-supercar-unlike-anything-else-2022-2">McLaren 750S supercar</a> and its overall shape from Porsche's Panamera sedan.<div type="image" title="Xiaomi su7" height="3090" width="4635" msid="114589584" hostid="261" sizebytes="338994"></div>The SU7 turns up the wow factor in the cabin. Although <a target="_blank" class="" href="https://www.businessinsider.com/ev-china-electric-vechile-xiaomi-sees-apparent-demand-2024-4">Xiaomi </a>is best known outside China for its smartphones, the company is a consumer electronics conglomerate that makes everything from TVs and smart speakers to connected housewares like lighting and air conditioners.The SU7 is fully integrated into the Xiaomi ecosystem, which allows for remote voice control of household appliances from the vehicle. It has a massive 16.1-inch infotainment screen with smartphone mirroring and offers Xiaomi Pilot, software that Xiaomi said allows for assisted self-driving and self-parking.<div type="image" title="The interior of a Xiaomi SU7" height="3120" width="4160" msid="114589574" hostid="261" sizebytes="568754"></div>The car also features some impressive performance. According to Xiaomi, the range-topping SU7 Max can accelerate from 0 to 62mph in just 2.78 seconds, which bests the rival high-performance Model 3's time of 3.1 seconds.<h2 id="7edfe681-8f93-421a-9b72-8e9bb79f0d6c">Why you can't buy the SU7 in the US</h2><div type="image" title="Xiaomi SU7 at the flagship Mi Home Auto store" height="2178" width="3299" msid="114589582" hostid="261" sizebytes="201362"></div>Xiaomi's EVs aren't available for sale in the US. The US government imposes a 100% import tariff on Chinese-made electric vehicles, making it hard for US residents to get their hands on any Chinese EVs.Farley said he flew the car to Chicago from Shanghai. It's possible he got a hold of it through an <a target="_blank" class="" href="https://www.nhtsa.gov/sites/nhtsa.gov/files/documents/tempinfojuly2016.pdf">NHTSA exemption</a> that allows vehicles not approved for sale in the US to be imported for research and development.So you probably won't see the car on US streets anytime soon — but it sure sounds like elements of it could inspire future Ford EVs.

What you need to know about the Chinese EV loved by Ford's CEO — and why you can't get it in the US 

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/tesla-history-founders">Tesla</a> is struggling to maintain its lead in the EV industry.</li><li>A report from ITIF found that China is rivaling or beating Tesla when it comes to innovation.</li></ul>Tesla is fighting to <a target="_blank" class="" href="https://www.businessinsider.com/tesla-q4-sales-less-than-china-byd-2024-1">keep its EV crown,</a> and Chinese automakers are already challenging Elon Musk's company in one crucial area: Innovation.Electric car companies in China have been developing new products and technology at a higher rate than US automakers, according to a recent <a target="_blank" class="" href="https://itif.org/publications/2024/07/29/how-innovative-is-china-in-the-electric-vehicle-and-battery-industries/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosgenerate&amp;stream=top">report</a> from the Information Technology &amp; Innovation Foundation. The Washington DC-based think tank found that Chinese EV companies are 30% faster when it comes to developing and releasing new car models than automakers in other regions, including Tesla.ITIF said Chinese companies, on average, only take about 1.3 years before they update or refresh their EV models, while brands from other countries, including the US, take an average of 4.2 years.Tesla has faced criticism for its aging lineup of vehicles, and two experts previously told Business Insider the carmaker's unwillingness to regularly refresh its vehicles was <a target="_blank" href="https://www.businessinsider.com/tesla-cars-starting-to-look-basic-sales-problem-2024-7">turning off buyers</a>.Additionally, Chinese electric-car companies like BYD are pumping out more new EVs than US automakers, including Tesla, ITIF said. Between 2017 and 2023, China's BYD introduced 19 new vehicles, as compared to Tesla's five models."In short, the quality and innovativeness of EVs from leading Chinese manufacturers such as BYD, Li Auto, Xiaomi, and others increasingly rival or exceed offerings from Tesla or BMW," the report said.The think tank also traced breakthroughs in battery technology, vehicle design, and software offerings, using case studies of Chinese EV companies, focus group interviews with experts, and by assessing scientific articles and patents to determine that Chinese electric-car makers either equaled or outpaced its US and European rivals. The Think Tank warned US carmakers would need to "double down on genuine technological innovation" if they wanted to continue to compete with Chinese companies.The report points to larger concerns at Tesla. Musk's company has been facing mounting pressure from EV companies in China, including BYD, which has been vying with Tesla for the <a target="_blank" rel="" href="https://www.businessinsider.com/elon-musk-tesla-regain-title-top-electric-car-maker-2024-4">title of top EV seller</a>.Tesla's delivery numbers have slumped over the past two quarters, and <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/teslas-china-made-ev-sales-fall-18-yy-april-2024-05-07/">Reuters reported</a> in May that the carmaker's sales in China had dropped 18% from the previous year.Some experts attribute Tesla's lackluster sales to its aging lineup of vehicles. Tesla released its first new vehicle in nearly four years when it began <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-price-release-event-delivery-truck-live-updates-2023-11">deliveries of the Cybertruck</a> in 2023, but the company hasn't updated some of its models in years. Musk has <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/business/autos-transportation/tesla-will-not-launch-refreshed-model-y-this-year-musk-says-2024-06-09/">said</a> there aren't any plans to refresh the Model Y, which came out in 2020, and the design of the Model S and Model X haven't been meaningfully updated since 2021. The Model 3 was refreshed earlier this year, but the tweaks were so minor that only an eagle-eyed owner would be able to spot the difference.As recently as May, Musk <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-comments-biden-tariff-chinese-electric-vehicles-2024-5">spoke out against tariffs on China,</a> but he acknowledged earlier this year that "Chinese car companies are by far the most competitive."A spokesperson for Tesla did not respond to a request for comment.Do you work for Tesla or have a tip? Reach out to the reporter via a non-work email and device at gkay@businessinsider.com or 248-894-6012

Chinese EV makers are outpacing Tesla in one key area

<ul class="summary-list"><li>Europe is clamping down on Chinese electric cars.</li><li>The EU voted to impose sweeping tariffs on Chinese carmakers on Friday.</li></ul>Europe is <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-companies-hit-with-new-tariffs-in-the-eu-2024-6">clamping down on Chinese electric cars</a> — but the move to protect the continent's automakers could create a new problem for the likes of Volkswagen and BMW.The European Union <a target="_blank" class="" href="https://ec.europa.eu/commission/presscorner/detail/en/statement_24_5041">voted to impose sweeping tariffs</a> on Chinese EV makers on Friday as it seeks to protect its automotive industry from what the bloc claims are <a target="_blank" class="" href="https://www.businessinsider.com/eu-chinese-ev-subsidies-market-cheap-prices-cars-2023-9">unfairly subsidized cheap Chinese electric vehicles</a>.The move will see China's fast-growing EV makers hit with a maximum 35.3% tariff on their vehicles, on top of an existing 10% levy. They will be as low as 7.8% for Teslas made in China, with the highest for manufacturers such as MG owner SAIC.The decision to impose the new tariffs wasn't unanimous, with Germany and Hungary among the nations expected to have voted against them.Germany has faced pressure from its automotive industry, with companies like Mercedes-Benz Group and BMW that sell large numbers of cars in China concerned the Chinese government might retaliate.China is the biggest market for Volkswagen, which sold 3.23 million vehicles in 2023, up 1.6% on the previous year, despite what it called a "challenging market environment."The BMW Group sold almost 825,000 BMW and MINI vehicles in China last year, up 4.2%, while Mercedes-Benz car and van sales dipped 2% to about 770,000.German Finance Minister Christian Lindner posted on X on Friday that the new tariffs "should not trigger a trade war.""We need a negotiated solution," he wrote.Investors appeared relaxed about a potential sales threat, however, with VW stock trading 2.5% higher, BMW up 1.8% and Mercedes-Benz 1.5% ahead in Frankfurt on Friday.Hungary, meanwhile, has bet big on EVs under <a target="_blank" class="" href="https://www.businessinsider.com/trump-praises-hungarian-leader-viktor-orban-leader-of-turkey-gaffe-2023-10">Viktor Orbán</a>, with BYD setting up <a target="_blank" class="" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">its first European manufacturing plant in the country</a>.The tariffs are meant to provide European carmakers breathing space as they transition to selling all-electric vehicles by the <a target="_blank" class="" href="https://www.businessinsider.com/jeep-chrysler-stellantis-halting-belvidere-illinois-plant-blaming-electric-vehicles-2022-12">EU's target of 2035</a>.But they also run the risk of Beijing retaliating, with the Chinese government already opening investigations into a range of European products.<h2 id="140f6f42-8327-4541-b56d-b6faf5d45fad">Sliding sales</h2>Meanwhile, <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">EV sales in Europe slumping</a>, and many companies are growing increasingly nervous about the prospect of big fines if they fail to meet strict emissions targets that kick in next year.The CEO of French carmaker Renault warned last month that if EV sales stay at the same level, the European car industry may face fines of up to 15 billion euros ($16.5 billion)."Everyone is talking about 2035, in 10 years, but we should be talking about 2025 because we are already struggling," Luca de Meo told French radio in comments reported by Reuters.Experts have warned that any changes to these emissions targets could hurt Europe's already stuttering EV sales.A report from the NGO <a target="_blank" class="" href="https://www.transportenvironment.org/articles/tariffs-wont-save-european-ev-manufacturing-if-eu-drops-co2-targets-analysis">Transport &amp; Environment</a> found that while tariffs on Chinese EV companies would likely be effective, delaying the 2025 emission targets could hamper the rollout of more affordable European EVs, potentially leaving consumers with fewer cheap electric options.The report said that delaying this target would cause European car manufacturers to continue prioritizing more profitable combustion engine vehicles, delaying the rollout of cheaper EVs and ultimately hurting sales."Higher EV tariffs are right but only in tandem with the car CO₂ targets. They are part of a coherent industrial policy to boost electric car production in Europe," said Julia Poliscanova, a senior director at Transport &amp; Environment."The EU risks having the worst of both worlds if it delays the 2025 CO₂ targets while limiting the affordable models imported from China," she added.The EU did not immediately respond to a request for comment from Business Insider.

The EU just made Chinese EVs a lot more expensive — and created a new threat for European automakers

<ul class="summary-list"><li>China's BYD passed <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> as the world's top EV seller last year.</li><li>Just don't count on the carmaker cracking the US market anytime soon.</li></ul>Japanese and Korean carmakers cracked the US market long ago — but don't expect Chinese EV seller BYD to repeat that feat.There's no chance the company, which passed Tesla to become <a target="_blank" href="https://www.businessinsider.com/china-byd-tesla-electric-car-ev-race-2023-11">the world's top EV seller</a> last year, will "do a Toyota" by expanding Stateside, a top exec said last month."We're not planning on coming to the US," <a target="_blank" href="https://www.businessinsider.com/apple-car-latest-casualty-of-brutal-ev-market-byd-china-2024-2">BYD Americas CEO</a> Stella Li told Yahoo Finance."It's an interesting market, but it's very complicated if you're talking about EVs."According to analysts, even if BYD did want to start selling its cars in the US, a combination of geopolitical challenges and weak demand would leave it facing an uphill battle."It'd be very difficult for a Chinese EV maker to enter the US market," Seth Goldstein, an equity strategist at Morningstar, told Business Insider. "Even if BYD were to try, I'm not sure how much consumer demand there would be — it'd take some time for them to prove themselves." <h2>Doing a Toyota</h2>In the past, Asian automakers have managed to carve out a huge slice of the US market.Toyota established its first office in North America in 1957 — just 12 years after World War II ended. It's been scaling up its US business since then, and passed <a target="_blank" href="https://www.just-auto.com/news/toyota-overtakes-gm-in-2021-us-market/">General Motors</a> as the top-selling carmaker in 2021.Japanese rivals Nissan, Mazda, Lexus, Honda, Suzuki, and Mitsubishi surged in popularity in the US over the second half of the 20th century. South Korea's Hyundai and Kia also made big inroads.It's easy to imagine BYD and other China-based EV brands claiming the North American market in a similar fashion. Just as Toyota and its peers were able to outperform their US rivals thanks to more efficient manufacturing processes, BYD offers something different to its competitors.Ford CEO Jim Farley said last month that smaller, cheaper EVs would be key for driving sales growth. Yet neither Ford nor Tesla appear close to launching a vehicle that could compete price-wise with BYD hatchbacks like the <a target="_blank" href="https://www.businessinsider.com/byd-seagull-cheap-ev-electric-car-tesla-china-2023-4">$11,000 Seagull</a>.<div type="image" title="The yellow BYD Seagull electric hatchback. The yellow BYD Seagull electric hatchback." height="1668" width="2500" msid="108353712" hostid="261" sizebytes="178374"></div>"Japanese and Korean manufacturers became successful in the US because they brought a product to the market that consumers were crying out for," Will Roberts, automotive research lead at the EV intelligence firm Rho Motion, told BI. "Their cars were more reliable, more fuel efficient, more affordable … there's certainly a comparison to be made here."However, things have now changed he added: "Considering the tensions between the US and China today, Chinese EV makers will likely find entering the US market a lot more difficult."<h2>Geopolitical challenges</h2>Both Goldstein and Roberts flagged the <a target="_blank" href="https://www.businessinsider.com/read-heres-whats-in-the-manchin-deal-for-bidens-agenda-2022-7">Inflation Reduction Act of 2022</a> as one factor that could make it much tougher for BYD and other Chinese EV makers to expand in the US.The bill, a key part of US President Joe Biden's economic agenda, offers tax credits worth up to $7,500 for EV makers, excluding any "Foreign Entity of Concern."In November, the Energy and Treasury Departments confirmed that companies from <a target="_blank" href="https://www.reuters.com/markets/commodities/us-looks-shut-china-out-its-battery-supply-chain-2023-12-05/">China, Russia, Iran, and North Korea</a> would all be classed as foreign entities — meaning Chinese EV makers like BYD aren't eligible for the subsidies.<div type="image" title="President Joe Biden signs the Inflation Reduction Act into law at the White House surrounded by members of Congress." height="683" width="1024" msid="108353714" hostid="261" sizebytes="77284"></div>The White House would likely bring in more restrictions if BYD or any other Chinese firm tried to crack the US market, according to Rho Motion's Roberts."If the US government were really worried about this, you'd quickly see legislation come into play that would either make it prohibitively expensive to buy a China-made EV or feed into consumers' negative perception of these sorts of vehicles," he told BI. Biden's decision to order an investigation into <a target="_blank" href="https://www.businessinsider.com/biden-administration-investigating-technology-in-chinese-cars-2024-2">smart cars</a> last month is a sign that lawmakers are determined to discourage the American public from buying Chinese vehicles, Roberts added.<h2>Weak demand</h2>As if those restrictions weren't off-putting enough, Chinese EV makers might also conclude that there isn't much life left in the US market, where EV sales edged up just 1.3% over the final three months of 2023, per data from <a target="_blank" href="https://www.coxautoinc.com/market-insights/q4-2023-ev-sales/">Cox Automotive</a>.BYD, for example, has vowed to scale up everywhere from Brazil to Thailand, but appears to have little desire to grow its business in the US, where top <a target="_blank" href="https://www.businessinsider.com/donald-trump-electric-car-supporters-rot-hell-christmas-truth-social-2023-12">Republican politicians</a> — and some voters — have turned aggressively anti-EV. The world's largest economy also lags behind China regarding <a target="_blank" href="https://www.businessinsider.com/china-byd-tesla-electric-car-ev-race-2023-11">charging infrastructure</a>.Conservative politicians slamming EVs "can bring a lot of confusion to consumers and also to auto manufacturers. They are not eager to invest," BYD Americas CEO Li <a target="_blank" href="https://finance.yahoo.com/video/byd-not-interested-united-states-182445977.html">warned last month</a>."In China, the message is strong. If you are not investing in an electric car, you are out. You will die. You have no future," she added.BYD isn't the only company turning its back on the US EV market. <a target="_blank" href="https://www.businessinsider.com/apple">Apple</a> has reportedly abandoned its lengthy effort <a target="_blank" href="https://www.businessinsider.com/apple-is-shutting-down-its-ev-project-2024-2">to build an electric car</a>, while Toyota has maintained focus on <a target="_blank" href="https://www.businessinsider.com/toyota-hybrid-cars-ev-sales-growth-prius-bz4x-2024-2">hybrids</a> to bring down prices.BYD failing to crack the US wouldn't be a death knell for the company — there's still potential for it to grow by ramping up its business in Asia and South America, according to Roberts.But it won't be able to repeat the success Japanese carmakers had at the end of the 20th century. Given that <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-01-10/us-electric-vehicle-sales-growth-hits-brakes-in-latest-quarter">EV sales growth</a> is stalling in US, it's perhaps little wonder companies like BYD are not too bothered.

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