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<ul class="summary-list"><li><keyword id="19895433" type="General" weightage="100" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>'s falling California sales point to bigger problems for the car company.</li><li>Changes to the EV market are finally catching up to Tesla.</li></ul>Tesla is losing some ground in its former home state of California, signaling more trouble ahead for the world's largest electric car company. As <keyword id="20360560" type="General" weightage="20" keywordseo="electric-car-sales" source="keywords">electric car sales</keyword> rose 2% in California, Tesla's sales in the state fell 3.5%, according to third-quarter <a target="_blank" class="" href="https://www.cncda.org/news/california-new-car-dealers-association-releases-q3-2024-auto-outlook-report/">figures</a> from the California New Car Dealers Association. That's not an anomaly. It's the third straight quarter of Tesla sales declines in the largest EV market in the US. The losses don't upset Tesla's market dominance: the Elon Musk-led company still accounted for more than half of all EV sales in California for the quarter. Through September 30, Tesla's EV market share in California declined from 64% to 55% year-over-year— still nearly five times that of Hyundai (5.6%) and BMW (5%) combined. The trend in California underscores Tesla's challenges as the <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">EV market matures</a> and new competition makes it harder for the company's aging lineup to entice new buyers. In addition to these economic challenges, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-political-beliefs-public-stances-timeline-republican-desantis-2022-6">Musk's political views</a> have shifted further right, with the CEO endorsing and campaigning for Republican presidential candidate Donald Trump in the 2024 election. That can impact sales in a solidly blue state like California. Actor Jason Bateman recently said he isn't driving a Tesla anymore because of Musk's connection to Trump. "I got rid of my Tesla," Bateman told vice presidential candidate Tim Walz on an episode of his podcast <a target="_blank" href="https://www.smartless.com/episodes/episode/288fe449/governor-tim-walz">Smartless</a>, which he hosts with Sean Hayes and Will Arnett. "I feel like I'm driving around a Trump sticker with that car, so it's gone." <h2>The EV market is maturing</h2>EV demand in the US has been slowing for about a year. It took longer for that slowdown to hit <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> than other competitors, but it's clear now that Musk is feeling the pinch as its once-reliable buyer base of wealthy early adopters is replaced by a more practical and frugal green-car shopper. Previous tactics like slashing prices and offering dealership-like incentives to buy Teslas over other EVs aren't working as well as they used to. Following <a target="_blank" class="" href="https://www.businessinsider.com/tesla-production-deliveries-second-quarter-decline-2024-7">two quarters of slipping sales</a>, Tesla's share of the US electric car market dipped below 50% for the first time at the end of the second quarter, according to data from Cox Automotive. The automotive retail firm attributed much of <a target="_blank" class="" href="https://www.businessinsider.com/tesla-loses-market-share-but-elon-musk-still-wins-2024-7">Tesla's waning dominance</a> to an influx of new competition, which offered EV shoppers more choices. This increase in choices is especially threatening for Tesla, which does not regularly update the looks of its electric cars — a strategy industry experts have been warned for years could come back to bite the company. An increase in demand for hybrid-electric vehicles has also been "detrimental" to Tesla and overall EV adoption, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-blames-hybrids-for-lower-sales-2024-4">according to Musk</a>. Many industry experts disagree, arguing that hybrids are a necessary bridge technology for EV adoption among later adopters. <h2>Elon's politics turn off some customers</h2>Musk is no stranger to controversy. The bombastic billionaire's rise over the past decade has been in part due to his willingness to thumb his nose at some social codes and government agencies. But as Musk becomes a more permanent fixture in the US's far-right movement, some owners and potential customers have been having <a target="_blank" class="" href="https://www.businessinsider.com/tesla-owners-consider-selling-cars-shares-cybertruck-elon-musk-post-2023-11">second thoughts about supporting Tesla</a>. As Tesla owners take to social media to express their displeasure with Musk's political involvement, automotive industry experts say there could be real consequences for the CEO's "Dark MAGA" era. <a target="_blank" class="" href="https://www.businessinsider.com/ev-demand-still-strong-despite-slowdown-hybrids-survey-2024-1">Today's electric car shopper</a>, who is often considering an EV for environmental reasons, is less willing to look past Musk's support for Trump and other conservative leaders, experts say. Musk, for his part, has denied that his involvement in politics is impacting sales. "Tesla's sales are actually doing great," he said during a recent X space. "We're hitting all-time highs." Correction — October 31, 2024: An earlier version of this post incorrectly said California was Tesla's home state. The company's headquarters is now in Texas.

Why Tesla's sales are slipping in California, and what it means for Elon Musk's car company

Luxury car maker <keyword id="19980471" type="General" weightage="20" keywordseo="Mercedes-Benz" source="keywords" meta.keywordsubtype="org" meta.entityname="Mercedes-Benz" meta.hostid="261" meta.entityid="Mercedes-Benz">Mercedes-Benz</keyword> India on Monday expanded its <keyword id="20763359" type="General" weightage="20" keywordseo="Battery-Electric-Vehicle" source="keywords">Battery Electric Vehicle</keyword> (BEV) range in the country with the launch of the locally produced <keyword id="23188212" type="General" weightage="20" keywordseo="EQS-580-4MATIC" source="keywords">EQS 580 4MATIC</keyword>. India is the first country outside the US to start the <keyword id="20805504" type="General" weightage="20" keywordseo="local-production" source="keywords">local production</keyword> of the seven-seater electric SUV. EQS SUV 580 4MATIC is the second model, after the EQS sedan, to be locally produced at company's Pune-based manufacturing plant. "This will be our sixth EV in India, and the second car to be locally produced in India. We are also proud that India becomes the first market out of the US to locally manufacture the EQS," Mercedes-Benz India Managing Director and CEO Santosh Iyer told PTI in an interaction. The move to manufacture the product locally outlines the company's commitment to electrification and increasing product portfolio offering choices to customers, he added. "EQS SUV's localisation underpins our deep commitment to grow the Indian <keyword id="23188213" type="General" weightage="20" keywordseo="luxury-electric-car" source="keywords">luxury electric car</keyword> market and reinforce our commitment for a greener and sustainable future," Iyer said. The move also supports the government's vision of Make-in-India, he said. Iyer said local production has led to a significant advantage in terms of pricing the electric SUV. The introductory price of EQS SUV 580 4MATIC starts at Rs 1.41 crore which should also make a lot of customers shift to EVs much faster in terms of transition, he said. When asked about the demand for green vehicles, Iyer said the sales of EVs were growing in the country with even high-end products finding acceptance. "The EQA sedan which was introduced in India around 18 months back, we have sold more than 500 cars. It's a car costing more than Rs 1.6 crore. Our total penetration of EVs is 5 per cent today, it's growing. For sure, customer acceptance is there," he stated. Iyer noted that the company remains committed to offer top-end luxury EV products offering higher range in the market. He noted that there may be more opportunities in the entry EV segment but the focus of the company firmly remains on bringing luxury products in the market. "To bring products at lower price points, that is not our current strategy," Iyer said. The company aims to offer products with higher driving range, a factor that leads to bigger battery and escalation in price, he added. The EQS SUV 580 4MATIC is India's longest range electric SUV with ARAI certified range of 809 kms. Iyer said the company remains committed to the Indian market and has announced an additional investment of Rs 200 crore earlier towards manufacturing operations, new product start-ups and digitisation of manufacturing processes. The company till date has invested over Rs 3,000 crore in India, he added. In the January-September period this year, Mercedes-Benz India has launched three new BEVs ' EQA, EQS SUV 580 and Mercedes-Maybach EQS 680 SUV. With the EQS SUV 580 4MATIC, the company now offers the EQA, EQB, EQE SUV, EQS SUV, EQS sedan and Maybach EQS SUV 680 in the market. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/arkade-developers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113384216.cms">Arkade Developers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-and-samsung-accused-of-colluding-with-amazon-and-flipkart/articleshow/113381204.cms">Xiaomi and Samsung accused of colluding with Amazon and Flipkart</a> <a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-50-neo-with-dimensity-7300-50mp-camera-launched-in-india/articleshow/113386868.cms">Motorola Edge 50 Neo with Dimensity 7300, 50MP camera launched in India</a>

Mercedes expands BEV range; rolls out second locally produced model in India

<ul class="summary-list"><li>Uber CEO Dara Khosrowshahi said tariffs on Chinese EVs are "negative" for the planet.</li><li>He said that Chinese EVs are part of the solution to the climate crisis. </li></ul><a target="_blank" class="" href="https://www.businessinsider.com/top-uber-lyft-driver-concerns-low-earnings-declining-pay-safety-2024-8">Uber</a> wants to go electric and use Chinese EVs to do so. In an <a target="_blank" class="" href="https://www.bbc.co.uk/news/articles/cm29j4kx4vmo">interview with the BBC</a>, Uber CEO <a target="_blank" class="" href="https://www.businessinsider.com/uber-ceo-dara-khosrowshahi-helped-turn-billion-dollar-profit-2024-2">Dara Khosrowshahi</a> said that EVs made in China would be crucial in fighting the climate crisis and criticized the tariffs imposed by the US and the EU on Chinese automakers like BYD.It comes as Uber attempts to convince its drivers to switch to electric vehicles, with the company aiming to have <a target="_blank" class="" href="https://www.businessinsider.com/uber-electric-vehicles-evs-sustainability-charging-anxiety-dara-khosrowshahi-2023-6">all its rides made by zero-emission vehicles by 2040</a>.Khosrowshahi told the BBC that "high-quality" Chinese EVs were part of the solution to the climate crisis, and that electric vehicles made in China were "good for the environment."The Uber CEO also said tariffs against Chinese EVs introduced by the US and Europe were "negative" for the planet, suggesting that Chinese-made electric vehicles could help ease the transition to EVs by providing a steady stream of <a target="_blank" class="" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">more affordable vehicles</a>."For us, we want to electrify our fleet, and we want to make sure that it is affordable for our drivers," said Khosrowshahi.Uber announced a <a target="_blank" class="" href="https://www.businessinsider.com/byd-uber-partnership-electric-vehicles-discount-autonomous-self-driving-tesla-2024-8">partnership with Chinese Tesla rival BYD in August</a>, which would see Uber drivers in various markets — including Europe — get discounts on 100,000 BYD vehicles.Uber did not immediately respond to a request for comment on whether this deal is still running after the EU's tariff announcement. <h2 id="4cc37aa4-7faf-4ce7-b7c4-75d271d56f45">Sweeping tariffs </h2>BYD and its China-based competitors like Nio and Zeekr have been hit by a series of tariffs introduced by Western governments seeking to protect their car industries from a wave of cheap Chinese EVs.The US announced a <a target="_blank" class="" href="https://www.businessinsider.com/white-house-joe-biden-hikes-tariffs-on-chinese-made-evs-2024-5">100% import tax on Chinese electric cars</a> in May, while the EU recently voted to <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">raise tariffs on Chinese manufacturers to as high as 45%</a>.The trade barriers have received a frosty reception from some within the auto industry, however.Tesla CEO Elon Musk, who previously called for measures to stop Chinese EVs from <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-warns-chinese-ev-firms-could-demolish-rivals-2024-1">"demolishing"</a> their Western rivals, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-comments-biden-tariff-chinese-electric-vehicles-2024-5">said he was "generally in favor of no tariffs"</a> after the Biden administration introduced the new import taxes.Uber says it has invested around $800 million in convincing its drivers to go electric, introducing <a target="_blank" class="" href="https://www.businessinsider.com/uber-electric-vehicles-evs-sustainability-charging-anxiety-dara-khosrowshahi-2023-6">incentives such as discounted charging.</a>Customers can also select an electric EV in certain areas when they request an Uber but Khosrowshahi said they may have to get used to waiting a little longer as most Ubers are still petrol, diesel, or hybrid. "We're not saying, hey, wait 15 minutes, but if you have to wait another two, or three minutes to help the environment, why not make that investment?" he said."A couple of minutes isn't going to kill anyone," he added.

Uber's CEO wants you to ride in an electric car — and is fine if it's made in China

Alphabet’s autonomous vehicle subsidiary, <keyword id="20448705" type="General" weightage="20" keywordseo="Waymo" source="keywords" meta.keywordsubtype="org" meta.entityname="Waymo" meta.hostid="261" meta.entityid="Waymo">Waymo</keyword>, is reportedly in discussions with South Korean automaker <keyword id="19906087" type="General" weightage="100" keywordseo="Hyundai" source="keywords">Hyundai</keyword> Motor to delegate the production of its next-generation <keyword id="19967698" type="General" weightage="20" keywordseo="self-driving-cars" source="keywords">self-driving cars</keyword>. According to a Reuters report originally attributed to South Korea's Electronic Times, the two companies have already met multiple times to explore the possibility of using Hyundai’s <keyword id="21666250" type="General" weightage="20" keywordseo="Ioniq-5" source="keywords">Ioniq 5</keyword> electric cars as the platform for Waymo’s sixth-generation <keyword id="21167728" type="General" weightage="20" keywordseo="autonomous-technology" source="keywords">autonomous technology</keyword>. The report further adds that if these talks move forward, Hyundai’s vehicles could potentially replace Waymo’s current test models, which are being built by China-based Zeekr. This shift in suppliers comes at a critical time as the United States government recently implemented significantly higher tariffs on Chinese imports, including a 100 percent duty on <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword>, set to take effect on September 27. The tariff hikes were confirmed by the Biden administration last week, which could lead to strategic moves for companies reliant on Chinese manufacturing. When Reuters approached for a comment on this potential collaboration, Waymo declined to address the speculation directly. However, the company did confirm to Reuters that it is actively testing and refining its sixth-generation self-driving system on the Zeekr platform and plans to introduce the vehicles to its fleet once they are fully validated. Hyundai, on the other hand, has remained non-committal regarding its involvement in the reported talks. A spokesperson for Hyundai Motor Group told Reuters, "At this point, no final decisions have been made about new ventures." The automaker, however, is no stranger to autonomous technology. Hyundai has its own self-driving arm, Motional, which had previously announced plans to launch a robotaxi service using Hyundai Ioniq 5 electric vehicles. However, the introduction of this service was postponed until 2026, with Motional also laying off hundreds of employees in the U.S. earlier this year, according to a report by TechCrunch. This potential partnership between Waymo and Hyundai marks a significant step in the race to expand autonomous driving services. Waymo has a history of collaborating with established automakers for its fleet. The company has already integrated its autonomous technology into vehicles from Stellantis and Jaguar Land Rover, offering self-driving ride-hailing services in major U.S. cities like Phoenix, San Francisco, and Los Angeles. Although Zeekr has been a key partner for Waymo's latest technology trials, the looming U.S. tariffs on Chinese-made electric vehicles might force the company to rethink its supply chain and partner strategy. Zeekr, a brand under China’s Geely Automobile Holdings, has been an important player in Waymo's testing of its autonomous driving systems, but the changing regulatory environment could encourage a shift to a more geographically diverse manufacturing base, such as Hyundai in South Korea. In light of these developments, the potential collaboration between Waymo and Hyundai could be a game-changer, not just for the companies involved but also for the broader autonomous vehicle industry. The partnership could give Waymo an edge in securing a more stable supply chain while also tapping into Hyundai’s expertise in electric vehicle production as the company navigates the challenges posed by new trade regulations and technological advancements.

Hyundai is reportedly in talks with Waymo to build self-driving cars, all details

<ul class="summary-list"><li>Europe's automakers are reeling from plunging EV sales and brutal competition in China.</li><li>Mercedes-Benz became the latest to sound the alarm on Friday, posting a 31% drop in EV sales in its Q3 earnings.</li></ul>Europe's automakers are struggling amid falling demand and increased competition from China, with <a target="_blank" class="" href="https://www.businessinsider.com/mercedes-benz-ev-2030-electric-car-market-trends-2024-2">Mercedes-Benz</a> the latest to sound the alarm over plunging EV sales.The German carmaker said it had seen a 31% drop in sales of battery-powered cars from a year earlier as it reported its third-quarter earnings on Friday.Sales of all Mercedes cars in China also slumped by 10% in the first nine months of the year amid waning demand for luxury vehicles.Mercedes finance chief Harald Wilhelm said the company would pursue "cost improvements" across its business, with Mercedes' return on sales sliding to 4.7% in Q3.The premium automaker is the latest European car giant to run into trouble as <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">the continent struggles with lackluster EV sales</a>.Rivals VW, BMW, and Fiat parent Stellantis have all issued profit warnings in recent weeks, as the European auto industry faces weak demand and competition from Chinese upstarts at home and abroad.Registrations of new EVs in August dropped 44% in Europe and a massive 69% in Mercedes' home market of Germany, industry data shows.Although they <a target="_blank" class="" href="https://www.acea.auto/pc-registrations/new-car-registrations-6-1-in-september-2024-year-to-date-battery-electric-market-sales-5-8/">recovered slightly in September</a>, sales of new electric vehicles this year still remain nearly 6% lower than at the same point in 2023, according to data from the European Automobile Manufacturers' Association.In China, meanwhile, European automakers that once dominated are under increasing pressure from <a target="_blank" class="" href="https://www.businessinsider.com/china-manufacturing-overcapacity-no-benefit-from-cheap-electric-vehicles-bain-2024-6">local rivals pushing inexpensive EVs</a>.They now face the prospect of competing <a target="_blank" class="" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">with the likes of BYD in Europe, too</a>, with Chinese carmakers expanding product lines and setting up manufacturing plants <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">despite the European Union's mooted tariffs</a>.Mercedes' weak sales in China are in contrast with General Motors, which this week said that <a target="_blank" class="" href="https://www.businessinsider.com/gm-stock-earnings-crushing-it-suvs-trucks-evs-2024-10">sales in the country were up 14% from the second quarter</a>, although the Detroit automaker still lost $137 million in Q3.Mercedes did not immediately respond to a request for comment.

Mercedes-Benz electric car sales plunge by a third as Chinese competition and stuttering demand hit home

Italian <keyword id="19946118" type="General" weightage="20" keywordseo="luxury" source="keywords">luxury</keyword> carmaker <keyword id="20673655" type="General" weightage="100" keywordseo="Maserati" source="keywords" meta.keywordsubtype="org" meta.entityname="Maserati" meta.hostid="153" meta.entityid="Maserati">Maserati</keyword> believes <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> has the potential to be among its top ten global markets in the mid term with the country's <keyword id="20041662" type="General" weightage="20" keywordseo="entrepreneurs" source="keywords">entrepreneurs</keyword> driving its sales, according to the company's Head of Overseas Markets, <keyword id="22976712" type="General" weightage="20" keywordseo="philippe-claverol" source="keywords">Philippe Claverol</keyword>. The company, which on Friday launched its <keyword id="22975850" type="General" weightage="20" keywordseo="granturismo" source="keywords">GranTurismo</keyword> model with prices starting at Rs 2.72 crore, is also studying the feasibility of introducing its <keyword id="19906970" type="General" weightage="20" keywordseo="electric-vehicle" source="keywords">electric vehicle</keyword> range in India. "Maserati is a luxury brand, so we don't look at huge volume for us. A big market for us is a market where we sell 500 cars a year... but I think in mid term, in few years, I think in India, we can reach this kind of 500 (units a year)," Claverol told PTI here on the sidelines of the launch. He, however, said volume isn't "an objective in itself" for Maserati. He further said,"I know who are the top markets of Maserati worldwide. I think India can become one of the top 10 markets for Maserati in the mid term." Currently, North America, Italy, Switzerland, China, Japan, Australia, Taiwan and the UAE are the top global markets for Maserati and India with less than 50 units sold last year is still a small market, he added. Yet, Claverol said, India is an important market for Maserati. "It is a land of entrepreneurs. A vast majority, 80 per cent of our customers in India are entrepreneurs," he said. Also, India is a country with a lot of appreciation for luxury products, he said, adding "we feel that there is a good match". In order to enhance its presence in India, Maserati is expanding sales network, he said. Maserati already has a <keyword id="20400384" type="General" weightage="20" keywordseo="dealership" source="keywords">dealership</keyword> in Mumbai and opened a new one on Friday here in the national capital and will open one in Bengaluru later this year, Claverol said. "We see that the North India market is bigger actually than the Mumbai market and we also think that Bengaluru is the third pillar. This dealership expansion is also because we want to go where the markets are in terms of volume," he said. Asked about plans for launching electric vehicles in India, Claverol said Maserati has the electric version of the conventional engine models under the Folgore range globally and the company will study the feasibility of bringing it in India. "We will, with our partners, start to look at how is the market, how to train our people, how to train the technicians, how to analyse, how to build the right offer, the pricing, the charging solution, and so on, and then, once we will be ready, we will look at the pricing, and we will obviously try to launch the Folgore range as well," he said. Asked about the timeline for a possible launch of the electric range, he said,"The sooner, the better. The cars are available."

India has potential to be in Maserati's top 10 global markets in mid term: Co-official

<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

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.

<ul class="summary-list"><li><keyword id="19969321" type="General" weightage="100" keywordseo="EV-charging" source="keywords">EV charging</keyword> is so bad it's driving people back to <keyword id="19951339" type="General" weightage="20" keywordseo="fossil-fuels" source="keywords">fossil fuels</keyword>.</li><li>Lack of <keyword id="20111395" type="General" weightage="20" keywordseo="charging-infrastructure" source="keywords">charging infrastructure</keyword> is already a barrier for many would-be EV buyers.</li></ul>Difficulty charging and other issues are leading some EV buyers to consider switching back to fossil fuels — the latest bad sign for the <a href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5" target="_blank">EV transition</a>. A recent consumer study conducted by <a href="https://executivedigest.sapo.pt/wp-content/uploads/2024/06/Mobility-Consumer-Pulse-2024_Overview.pdf" target="_blank">McKinsey</a> found that 46% of US EV owners surveyed said they were likely to switch back to a gas-powered vehicle, compared to a global average of 29% of EV owners who said they would likely switch back to an internal-combustion engine. Respondents in 9 major countries said the top reason for potentially ditching their EVs was<a href="https://www.businessinsider.com/electric-car-ev-road-trip-toyota-bz4x-genesis-gv60-charging-2023-8" target="_blank"> a lack of charging infrastructure</a>, something the US has historically <a href="https://www.iea.org/reports/global-ev-outlook-2024/outlook-for-electric-vehicle-charging-infrastructure" target="_blank">lagged</a> behind other nations in building. Other charging issues high on the list included a lack of charging at home and the impact of long-distance driving. <keyword id="21396729" type="General" weightage="20" keywordseo="range-anxiety" source="keywords">Range anxiety</keyword> and access to charging infrastructure have long been considered <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-charging-availability-cost-automakers-tesla-supercharger-advantage-2023-2">one of the top barriers to electric vehicle adoption</a>, but the revelation that these same issues may drive current <keyword id="22369439" type="General" weightage="20" keywordseo="battery-powered-car-owners" source="keywords">battery-powered car owners</keyword> back into <keyword id="20635927" type="General" weightage="20" keywordseo="gas-powered-cars" source="keywords">gas-powered cars</keyword> is a new blow for the already rocky <keyword id="20729481" type="General" weightage="20" keywordseo="EV-transition" source="keywords">EV transition</keyword>. Despite the challenges facing the segment, EVs accounted for a record 7.6% of all cars sold in the US in 2023 while the number of charging stations hit 61,000. While the rate of growth has slowed, industry experts and executives have said they expect some EV share to grow to 8% in 2024 as new models continue to hit the market, helping to keep their <a href="https://www.businessinsider.com/ev-electric-car-deals-leases-kia-hyundai-tesla-ford-2024-6" target="_blank">average price falling.</a> While there are plenty of shoppers interested in an electric vehicle, the options on sale today are often too big, too expensive, or not practical enough to replace a gas-powered car. Car companies are already <a target="_blank" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">scrambling to adjust</a> to a sudden change in the electric vehicle market in order to draw more new customers. The slowdown in electric vehicle sales growth has rocked everyone from Ford to <a target="_blank" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">Tesla</a>, denting sales and forcing executives to rethink their long-term plans for electric vehicles. While the industry has made great strides in electric vehicle range and battery charging times, <a target="_blank" href="https://www.businessinsider.com/ev-charging-needs-to-improve-amenities-offerings-stores-2024-6">huge holes in the infrastructure</a> make certain areas nearly impossible to navigate without a gas-powered engine. McKinsey's study found this issue to be particularly acute in the US, which had the second-highest rate of respondents say they're considering ditching their EV. (In first place was Australia, with 49% of respondents saying they are likely to switch back.) America's high placement shouldn't come as too much of a surprise. <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-range-ev-charging-station-infrastructure-issues-2024-5">Charging infrastructure here has long been a hot-potato issue</a>, which has held back efforts to build more chargers. While a push from the automotive industry to fund charging infrastructure has led to a boom in public charging stations in the last two years, these have largely been money-losing ventures. On the government side, the Biden Administration has set aside $7.5 billion for charging infrastructure with a vow to add 500,000 EV charging stations by 2030. But that effort in reality has played out slowly so far, with only a handful of stations going live since the funding was approved two years ago. Addressing charging infrastructure is already high on the industry's list of priorities when it comes to removing barriers to adoption, but the fact that it might also drive existing EV owners away only amplifies the issue. Correction: July 9, 2024 — An earlier version of this story misidentified where respondents who said they were considering switching back to gas-powered cars because of charging issues were located. They were in 9 countries, not only the US.

EV charging is so bleak that some owners are considering going back to gas-powered cars, survey finds

New Delhi: India is set to enter a transformative "smartphone era" for cars in 2025, with the introduction of vehicles featuring 5G M2M connectivity and advanced AI technologies, according to the latest findings from Techarc's India Connected Consumer Report 2025. The report said the automotive sector will skip 4G and will enable connectivity using the latest 5G cellular technology. It observed that consumers are interested in spending money on improving the value proposition in terms of features, quality and experience rather than exploring too many smart devices. "22 per cent of the respondents shared about considering optimising their smart devices portfolio. Among the new set of categories, smart/connected cars is generating high interest among consumers. 55 per cent of the respondents said that they have come across news or information about smart/connected cars in recent times," it said. Starting in 2025, passenger cars in India will be equipped with 5G M2M connectivity, on-device GenAI, and cloud connectivity, making advanced technologies accessible across various price segments, it added. In-vehicle computing and artificial intelligence (GenAI), along with cloud applications, will become essential components of cars, enabling real-time data processing to support drivers effectively. Most cars priced at Rs 20 lakh and above will feature these technologies as standard. The cumulative revenues from automotive chipset companies have already surpassed USD 1.5 billion, with companies like Qualcomm and MediaTek leading the market. Some of the familiar applications that consumers will be able to use while driving include communication apps for audio/video conferencing, OTT entertainment apps, music streaming, podcasts, online shopping, vehicle maintenance, and servicing. "With connectivity and the technologies it brings to the cars, the future of the automobile sector will be fundamentally determined by the auto-technologies that will influence the overall experience, performance, comfort, safety and entertainment available to the drivers as well as the passengers. "So far, such features were seen as luxury or high-end experiences. But starting 2025, many of these will become mainstream for cars in India," Techarc AutoTech Analyst Sadat Ahanger said. With 22 automobile manufacturers producing nearly 5 million passenger vehicles annually in India, the country is poised to become a leader in the global 5G M2M market within the next few years, the report said. About 21 per cent of respondents said MG Motors is the leader in providing <keyword id="24016739" type="General" weightage="20" keywordseo="connected-cars-in-India" source="keywords">connected cars in India</keyword>, followed closely by Kia Motors at 18 per cent and Tata Motors at 15 per cent, it added. Hyundai and Maruti Suzuki also ranked among the top-five brands in this category. The report draws insights from a survey of 4,500 "connected consumers" across metro and non-metro cities. The report defined a connected consumer as one owning at least 3 smart devices in addition to a smartphone.

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