The Game of EVs: Where Do We Stand? Where Do EV Sales Go? How are They Going? An Analysis of Cox Automotive
Cox automotive owns a number of auto related websites and firms and the editor at their website said that it was not a trick. In the past, most of the EVs on the road were Model Xs, but now they are not the only game in town.
It’s unclear whether 5% is the point where EV sales take off or not. It might be the level at which something begins to look normal. The overall US market share for Hyundai, for example, is about the same as the market share for electric vehicles, according to Cox Automotive, and buying a Hyundai doesn’t seem like anything weird or unusual. It’s getting to be the same for electric vehicles: It’s no longer uncommon to see them on the roads which makes it easier to consider getting one.
The F-150 Lightning is an all-electric version of the best-selling car in America, the F-series pickup truck. Ford is pouring more concrete to widen the floor space at its new factory in Michigan, which is a location where trucks are being assembled inside.
The Competition Between Electric Vehicles and Gas Prices: The Case For An Electric Ioniq 5 and the Impact Of The Inflation Reduction Act
“We could sell it out at least two or three times over,” he said. “We have held back from launching more global markets because we’re completely sold out.”
Longer driving ranges and faster charging are some of the things that less expensive electric vehicles are better at. The Hyundai Ioniq 5, which has a starting price around $41,000, earned Car and Driver’s Electric Vehicle of the Year award this year.
Take gas prices, for example. The spike in costs to fuel up at the pump earlier this year made people aware of electric vehicles even if they weren’t thinking about it before, according to an industry analyst.
But gas prices have also fallen significantly in recent months, which could reduce the urgency some drivers feel to make the switch to electric in 2023.
The impact of the Inflation Reduction Act is also still unclear. The act, passed this year, changes the rules around which electric vehicles are eligible for consumer tax credits. Limits are placed on the price of the car and the income of the buyer, as well as requirements for domestic production of electric vehicles and their batteries.
There are several high volume vehicles that all qualify, including the Chevrolet Bolt, the Ford Mach-E, and the F-150 Lightning.
Tax Credits for the Two-Row XXZ and Model Y Rear-Wheeled-Drive Standard Range Models
The price of the least expensive Mach-E, the rear-wheel-drive standard range model, was cut $900, going from about $46,900 down to $46,000. The price for the extended range battery pack option dropped by itself.
When it announced those price bumps, Ford also said it was putting more standard features into the vehicles, including advanced driver assistance features.
Ford said it would keep a close watch on the market throughout the upcoming model year, after it announced price increases due to supply chain issues.
At least some versions of both models are currently eligible for federal electric vehicle tax credits, according to the Internal Revenue Service, but both are treated as cars, not SUVs, under the tax rules, unless equipped with a third row of seats.
That means that tax credits are available for the two-row only Mach-E and two-row Model Y only if the sticker price is below $55,000. For versions of the Model Y with a third row of seats, a $4,000 option, buyers may get tax credits with a sticker price up to $80,000. For the Mustang Mach-E, a third row of seats isn’t offered.
The final amount of the tax credit may depend on when the vehicle is actually delivered to the customer and, also, whether the customers themselves meet annual income requirements.