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New upcoming electric cars in India in 2024

<ul class="summary-list"><li>Chevy's latest launches will put EV aspirations to the test.</li><li>The Silverado EV is a late entry to the electric pickup truck market.</li></ul>Chevy's electric aspirations are about to meet their toughest test yet with the launch of the Silverado EV and the Equinox EV.The GM sub-brand is pressing forward with its launches this year despite<a target="_blank" href="https://www.businessinsider.com/ev-electric-car-sales-plateau-early-adopters-competition-2023-8"> a slowdown in EV adoption</a> — a risk the brand's chief marketing officer says could pay off.CMO Steve Majoros's argument: <a target="_blank" href="https://www.businessinsider.com/chevrolet-ready-to-close-gap-with-tesla-silverado-equinox-2024-5">Chevrolet is in a sweet spot</a> for a new crop of practical EV shoppers who want to buy from legacy brands instead of startups or Tesla.EVs are also nothing new for Chevrolet. The bowtie brand has been General Motors' electric poster child since the launch of the plug-in hybrid <a target="_blank" href="https://www.businessinsider.com/the-chevy-volt-is-the-perfect-car-but-nobody-seems-to-care-2016-3">Chevy Volt</a> more than a decade ago. Chevy is taking its biggest swing yet this year, launching all-electric versions of its stalwart Silverado pickup truck and Equinox crossover.Along with these vehicle launches, GM's Ultium brand is selling a new lineup of home charging solutions designed to help residential EV drivers get the most out of their electric cars.All of this adds up to the security that <a target="_blank" href="https://www.businessinsider.com/ev-electric-car-sales-plateau-early-adopters-competition-2023-8">today's EV shopper</a> is looking for, Majoros told me in an interview."To really appeal to that psychology and to those kinds of customers, you've got to reassure them," he said.But after a day with both of these new electric cars and some of Chevrolet's executive team last month, it's still not clear to me if all of this is enough to convince today's green car shopper to go all-in on EVs the way the brand has.<h2 id="861684da-a586-412b-8403-0147baab899a">Silverado EV is late to the party</h2>The <a target="_blank" href="https://www.businessinsider.com/electric-chevy-silverado-ev-first-drive-truck-people-will-love-2024-5">electric Silverado</a> is a somewhat late entry to the electric pickup truck market, trailing behind crosstown rival Ford's F-150 Lightning launched in 2022 as well as Rivian's R1T and even Tesla's long-delayed Cybertruck.While Chevrolet is optimistic about the truck's chances — and took advantage of its late arrival to achieve some <a target="_blank" href="https://www.businessinsider.com/electric-trucks-automakers-ford-gm-battle-market-share-2023-5">classic truck market one-upmanship</a> — the critical electric Silverado may be arriving at the worst time.In addition to an overall <a target="_blank" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">slowdown in the rate of EV sales</a> growth that has thrown car companies for a loop in the past year, the electric Silverado adds to a fleet of big, expensive <a target="_blank" href="https://www.businessinsider.com/ev-shoppers-dont-want-detroits-pickup-trucks-they-want-this-2024-3">electric SUVs out of Detroit</a> that buyers aren't all that excited about.The RST First Edition Silverado EV, which is on sale now, goes for $94,500. More affordable work trucks are on the way, Chevrolet says.My time behind the wheel of the truck didn't sell me on the vehicle, as it seems more aimed at the typical truck buyer (that's not me).<h2 id="8589ed0a-fae8-48af-a153-463966061eba">Equinox EV is a step in the right direction, but can it beat a hybrid?</h2>The Equinox EV's size and price are a better fit for today's electric car shopper. It's clearly designed to be a <a target="_blank" href="https://www.businessinsider.com/ford-f-150-lightning-higher-registrations-tesla-cybertruck-march-data-2024-5">Tesla fighter</a>, with some design nods to <a target="_blank" href="https://www.businessinsider.com/musks-55-billion-tesla-pay-gets-more-pushback-2024-5">Elon Musk</a>'s brand like flush mechanical door handles.I enjoyed my time behind the wheel of the <a target="_blank" href="https://www.businessinsider.com/chevy-equinox-ev-first-drive-much-needed-electric-crossover-suv-2024-5">Equinox EV</a>, which I found to be a solid addition to the electric crossover market. Of the two electric Chevys I drove last month, it's the one I'd be more likely to put in my own driveway.The price is right too, starting at $43,295. A more affordable LT trim, starting at $34,995, will be available for order later in the year, Chevy says.But when placed up against <a target="_blank" href="https://www.businessinsider.com/car-buyer-interest-hybrids-as-electric-vehicle-adoption-slowing-2023-10">a hybrid</a>, which GM doesn't sell in the US yet, shoppers might not be convinced.<a target="_blank" href="https://www.businessinsider.com/hybrids-more-popular-than-evs-toyota-ford-tesla-cars-electric-2024-3">Hybrids are more popular than ever</a> right now as the rate of EV sales growth slows. A more practical and frugal group of green-car shoppers is more interested in hybrids — which tend to be slightly less expensive than EVs and come in plug-in varieties or with hybrid engines that don't need to be hooked up to a charger at all.While <a target="_blank" href="https://www.businessinsider.com/gm-hybrids-plan-good-for-car-dealers-and-shopper-2024-1">GM reversed its plans</a> to skip hybrids in the US market earlier this year, it's still not clear when these cars will arrive. That could be bad news for Chevy dealers and Equinox EV, which might lose out in a comparison with <a target="_blank" href="https://www.businessinsider.com/ford-hybrid-battle-against-tesla-ev-maverick-pickup-2024-3">Ford</a>'s or <a target="_blank" href="https://www.businessinsider.com/toyota-hybrid-cars-ev-sales-growth-prius-bz4x-2024-2">Toyota's hybrids</a>.

I spent a day with Chevrolet's two new electric cars. They may not be enough to turn the EV tide.   

<ul class="summary-list"><li>CEO Jim Farley talked up Ford's plans to build a new range of affordable EVs in an earnings call. </li><li>It comes after Tesla also promised to accelerate its plans to build cheaper electric vehicles.</li></ul>Ford has thrown down a gauntlet to <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> by touting its upcoming range of cheap electric cars, as both companies grapple with <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-avoid-ev-sales-slowdown-china-byd-2024-1">slowing demand for EVs</a>.CEO Jim Farley confirmed in Ford's Q1 earnings call that the company is working on new affordable EVs that could be priced as low as $25,000 to $30,000, after Elon Musk vowed to <a target="_blank" href="https://www.businessinsider.com/tesla-investors-cheaper-cars-soon-musk-said-earnings-stock-up-2024-4">accelerate Tesla's affordable EV plans</a> earlier this week."Increasingly, our bet will be on our new small affordable platform developed by our team on the West Coast," said Farley.Farley told investors he believes Ford can build an EV priced between $25,000 to $30,000 that is profitable, describing it as a "huge opportunity" for the company.He said that the automaker was targeting its affordable EV push at urban and suburban customers, who tend to drive shorter distances and prioritize affordability."The more affordable we can make a great product, the more attractive it is to these mainstream EV adopters," Farley added.Farley's comments suggest Ford is doubling down on producing cheaper EVs, the lack of which is proving to be <a target="_blank" href="https://www.businessinsider.com/electrc-vehicle-demand-problem-affordability-expense-price-cost-2023-10">a major barrier to more people going electric</a> in the US.The Ford boss has previously hinted that the auto giant is working on next-generation electric vehicles at a lower price point, <a target="_blank" href="https://www.theverge.com/2024/2/7/24064545/ford-skunkworks-low-cost-ev-battery-tesla">telling investors in February</a> that Ford had built a "skunkworks team" to "create a low-cost EV platform."Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-18/chinese-ev-affordability-frightens-ford-gm-us-automakers">previously reported</a> that the new platform would include a small pickup, a compact SUV, and a potential ride-hailing vehicle, with the first EV set to cost around $25,000 and launch in late 2026.A profitable $25,000 EV could transform Ford's current electric lineup, with the Detroit automaker losing around $132,000 on <a target="_blank" href="https://edition.cnn.com/2024/04/24/business/ford-earnings-ev-losses/index.html">every EV it sold in the first three months of 2024</a> amid a <a target="_blank" href="https://www.businessinsider.com/stellantis-ceo-warns-of-bloodbath-in-tesla-price-war-2024-1">vicious price war</a> between electric vehicle manufacturers.Many of those manufacturers are pursuing their own affordable EV ambitions as <a target="_blank" href="https://www.businessinsider.com/ev-shoppers-dont-want-detroits-pickup-trucks-they-want-this-2024-3">demand for more expensive models has stalled</a>.Tesla announced on Tuesday that it would accelerate plans to launch "new and more affordable products," after reports that CEO Elon Musk had decided to <a target="_blank" href="https://www.businessinsider.com/tesla-elon-musk-prioritize-robotaxis-over-cheaper-vehicle-2024-4">prioritize a self-driving robotaxi</a> over a long-rumored $25,000 electric car caused <a target="_blank" href="https://www.axios.com/2024/04/05/tesla-stock-cheap-electric-vehicle-musk">concern among investors</a>.Ford did not immediately respond to a request for comment made outside normal working hours.

Ford hopes cheaper electric cars can convince EV skeptics — just like Tesla

<ul class="summary-list"><li>Donald Trump doesn't see eye-to-eye with Elon Musk on electric vehicles.</li><li>The former president said the Biden administration's EV mandate was made by "very stupid people."</li></ul>Donald Trump <a target="_blank" href="https://www.businessinsider.com/trump-met-with-elon-musk-for-potential-campaign-donation-nyt-2024-3">may be courting Elon Musk</a> for potential campaign support, but don't expect the former president to change his messaging on EVs anytime soon.Trump confirmed that he met with the Tesla CEO recently in an <a target="_blank" href="https://twitter.com/SquawkCNBC/status/1767170718041555053">interview</a> on CNBC's SquawkBox on Monday, but said he didn't know whether he would eventually receive Musk's endorsement.He added that, while he personally likes the Tesla CEO, the two are "obviously" not on the same page when it comes to "a minor subject called electric cars.""They don't go far, they cost too much, and they're all going to be made in China," he said.While Trump said he is "all for" EV production, he suggested that an all-electric future is impractical in the short term due to the state of the US electric grid, which he described as "obsolete and a disaster.""You have to have all of the alternatives," he said."Electric cars — there's not even the possibility to go all-electric," he added. "This Biden all-electric mandate is by very, very stupid people."The former president was presumably referring to his successor's push to ramp up EV production to 60% of new vehicles by 2030. Those targets, announced last year, <a target="_blank" href="https://www.businessinsider.com/biden-is-probably-going-to-ease-strict-ev-requirements-2024-2">are reportedly being loosened</a> thanks to lagging EV sales recently.The Biden administration has also invested in billion-dollar efforts to <a target="_blank" href="https://www.businessinsider.com/biden-largest-federal-investment-ever-try-fix-power-grid-2023-10">strengthen the power grid</a> and <a target="_blank" href="https://www.businessinsider.com/biden-electric-car-charging-stations-national-network-plan-tesla-2022-2">expand the availability of charging networks</a>.Trump made headlines on Christmas for a post on Truth Social where he said that supporters of <a target="_blank" href="https://www.businessinsider.com/donald-trump-electric-car-supporters-rot-hell-christmas-truth-social-2023-12">"Electric Car Lunacy,"</a> among others, are "THUGS" who can "ROT IN HELL." Trump posted the message, which also mentioned "No Energy Independence" and the "Green New Scam," as he lashed out against the <a target="_blank" href="https://www.businessinsider.com/donald-trump-key-cases-civil-criminal-investigations-lawsuits-updates-2022-7">criminal charges he faces.</a>Trump met with Musk in Palm Beach, Florida, last week, as he looks to boost donations to his presidential campaign. Musk later said that he would not donate money to "either candidate for US president" — <a target="_blank" href="https://www.businessinsider.com/elon-musk-donald-trump-president-campaign-donation-will-he-2024-3">though some are unconvinced</a>.During the Trump administration, Musk served on two presidential advisory councils but left after Trump elected to withdraw the US from the <a target="_blank" rel="" href="https://www.businessinsider.com/elon-musk-leaving-trumps-councils-after-us-withdraws-from-paris-climate-deal-2017-6">Paris Climate Accords.</a>Musk has previously suggested that Trump's links to the oil and gas industry <a target="_blank" href="https://www.businessinsider.com/elon-musk-trumps-campaign-donations-oil-gas-limit-tesla-support-2020-9">limited his support of EV manufacturers like Tesla during his presidency</a>. Musk also claimed he <a target="_blank" rel="noopener nofollow" href="https://twitter.com/elonmusk/status/1625248292006424576">voted for Biden</a>, not Trump, in 2020 — though, according to his biographer, <a target="_blank" href="https://www.businessinsider.com/elon-musk-didnt-vote-biden-trump-president-2020-general-election-2023-9">he actually stayed home on Election Day</a>. In May 2022, Musk said he planned on voting Republican in "this election," but didn't specify if he meant the midterms or the 2024 presidential election. Later that year, he said he was undecided on whether he'd vote for Trump. Trump hasn't shied away from criticizing Musk in recent years. In 2022, Trump said the tech billionaire had come to the White House <a target="_blank" href="https://www.businessinsider.com/trump-elon-musk-beg-for-help-online-feud-esclates-2022-7">asking for help "on all of his many subsidized projects,"</a> including his "electric cars that don't drive long enough," his "driverless cars that crash," and his "rocketships to nowhere.""I could have said, 'drop to your knees and beg,' and he would have done it," the former president said at the time.Trump on Monday acknowledged the United Auto Workers recently endorsed President Biden's campaign — adding that union leaders were "like blind sheep." Nevertheless, he asserted that "the autoworkers are going to vote for Trump."

Trump confirms he met with Elon Musk, but they disagree about electric cars

<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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New upcoming electric cars in India in 2024

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I spent a day with Chevrolet's two new electric cars. They may not be enough to turn the EV tide.

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Ford hopes cheaper electric cars can convince EV skeptics — just like Tesla

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Trump confirms he met with Elon Musk, but they disagree about electric cars

Camilo Fonseca

China's BYD is the world's biggest electric car maker — but it's not coming to America anytime soon

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