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☆ Electric cars are seeing their highest discounts yet
▼ + stars: | 2023-10-16 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Many car shoppers say the price of electric cars is a barrier to buying one. AdvertisementAdvertisementElectric cars are seeing some of their best discounts yet. For context, overall new car incentives were as high as 10.2% in September 2019, pre-pandemic. In fact, second to high-end luxury cars, EVs saw the most deals of all vehicle segments last month. So far, only high-end EVs are running the same as equivalent internal combustion engine cars; mainstream EVs aren't quite there yet.

Persons: EVs, —, Kelley, that's, It's, it's Organizations: Service, EV

☆ There's a Catch If You Wait to Buy Your EV Until 2024
▼ + stars: | 2023-10-15 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

The rules for how electric car buyers receive federal tax credits have changed. But there are caveats that EV shoppers should be aware of, experts say. Throughout 2023, car shoppers have been able to take advantage of revised EV tax credits incentivizing them to buy plug-in. But instead of receiving a rebate, they'd lose whatever amount of the used EV tax credit they were owed, if they owed fewer taxes than that. But shoppers should also beware that dealers could drive used EV prices up next year, given that the discount rules might incentivize shoppers to buy.

Persons: —, you'd, Liz Najman, Akshay Honnatti Organizations: Service, EV you've, Dealers, IRS, Tesla, Shoppers Locations: EY Americas

☆ Most cars still cost more to charge than to fill up with gas
▼ + stars: | 2023-08-01 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

While charging and fueling trucks cost the same, other cars and their electric counterparts differ. It's not yet cheaper to charge some electric cars than to fuel them with gas, a new study suggests. It's not yet cheaper to charge many electric cars than it would be to fuel their gas-powered counterparts up with gas, a new study indicates. Trucks cost about the same to fuel and charge, while entry and midlevel cars and SUVs cost more to charge at home and in public than they do to fuel at a gas station, the group found. Luxury-segment EVs may cost less to charge at home than their gas counterparts would cost to fuel.

Persons: Kelley, that's, Kia Forte, it's, Bolt, Kia, Kia EV6 Organizations: Anderson Economic, Trucks, Ford Trucks, Ford, Chevrolet Silverado, GMC, Chevrolet, Nissan Versa, Hyundai, Nissan, Mercedes, Benz, Lexus, Porsche Macan, Porsche, Volkswagen, Nissan Altima, Subaru

☆ Ford cuts F-150 Lightning prices by up to $10,000 just days after Tesla's first Cybertruck rolled off the line
▼ + stars: | 2023-07-17 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Days later, Ford announced price cuts to its F-150 Lightning electric pickup by up to $10,000. Both signal that the world of electric pickup trucks is heating up. Ford said Monday morning it would slash the prices of its F-150 Lightning electric pickup trucks by up to nearly $10,000 just days after Tesla's rival Cybertruck finally rolled off the assembly line. The cheapest electric F-150 dropped nearly $10,000, from $59,974 to $49,995, while the most expensive trim option fell about $6,000, from $98,074 to $91,995. Ford raised Lightning prices several times over the past year.

Persons: Tesla's, Ford, Cybertruck, Tesla, GM's, Stellantis, Ram Organizations: Ford, Morning, EV, GM's Chevrolet

☆ Ford's electric Mustang Mach-E is piling up on dealer lots as the automaker confronts an EV-inventory problem
▼ + stars: | 2023-07-12 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +6 min

But the automaker is having a hard time moving its inventory of Mach-E and Lightning EVs. Ford dealerships are selling fewer Ford EVs than they were this time last year, per Cloud Theory. Erich Merkle, Ford's head of US sales analysis, said EV sales were up nearly 12% through June. He also said the unsold Mach-E inventory wasn't just sitting on dealer lots because it spent more time in transit. The EV market is having its first growing painsFord is not alone in its struggle to match EV production with demand.

Persons: Ford, It's, Erich Merkle, Ford's, it's, they've, We've, Merkle, Tesla, Hummer, EVs, Karl Brauer, Brauer Organizations: Ford, Theory, EV, Coast Ford, East Coast, GM, Lightning, astjohn Locations: EVs, East, Midwest

☆ The average car is now over 12 years old — that's a problem if you're in the market for a used vehicle
▼ + stars: | 2023-05-15 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

That means your service waits could get longer — and good, used cars will be hard to find. The average age of a vehicle on the road hit 12-and-a-half years, according to a recent analysis from S&P Global Mobility. How does the average car age impact consumers? What this means for the used car marketBuyers in the market for a used vehicle are also in trouble. The average used car was listed for $26,799 in April, according to Cox Automotive, stabilizing a bit but still substantially up from pre-pandemic.

☆ People are so desperate to get an EV that they're putting deposits down on multiple and buying whichever one is built first
▼ + stars: | 2023-03-31 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +6 min

Without dealers, startups are learning new lessons in customer service. "At this point I've pretty much made up my mind," Pao said, "I'm just going to cancel my Rivian order." EV startups learn customer serviceElectric vehicle startups are learning a tough lesson in customer service, Caldwell said, as they try to keep would-be buyers on the hook for years on end. Some of Rivan's order-holders are losing hopeInsider has spoken or corresponded with nearly three dozen current and former Rivian order holders in recent months. Are you a current or former Rivian employee, Rivian vehicle owner, or Rivian order holder?

☆ EV startup Lucid plans to lay off hundreds of workers at every level of the company, leaked memo says
▼ + stars: | 2023-03-28 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Lucid is planning to lay off hundreds of workers, the company told staff Tuesday. The cuts will affect about 18% of the company, according to five sources and a copy of an internal memo seen by Insider. Lucid CEO Peter Rawlinson told employees the company will cut about 18% of its workforce, per the sources and the internal memo, which was sent after the short meeting. Given Lucid employed approximately 7,200 employees globally as of the end of 2022, according to regulatory filings, that would be about 1,290 employees. Lucid has also emailed customers about utilizing the commercial EV tax credit for leasing, given its EV does not currently qualify for the new EV purchase credit.

☆ Why EV dealers might try to coax you into a 6-month lease
▼ + stars: | 2023-03-13 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Only used electric cars priced under $25,000 can qualify for a used EV tax credit. Automakers might offer shorter lease terms on new EVs to get those cars into the used market sooner. And automakers and dealers, in anticipation of what the used EV tax credit can do for them in terms of spurring demand with customers who might not consider an EV otherwise, might adjust their EV lease contracts accordingly. But for other, cheaper models, automakers want to profit off those cars as much as possible, so that might mean some unconventional lease terms. That gives customers the opportunity to lease an EV for a short period of time and makes the used EV market more accessible.

☆ These hopeful electric-car buyers have deposits at multiple automakers. They just want a car.
▼ + stars: | 2023-03-10 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +6 min

"At this point I've pretty much made up my mind," Pao said, "I'm just going to cancel my Rivian order." Customers are hedging their bets with orders for vehicles from multiple companies, from startups like Rivian to legacy companies like Ford and Toyota. EV startups learn customer serviceElectric vehicle startups are learning a tough lesson in customer service, Caldwell said, as they try to keep would-be buyers on the hook for years on end. Some of Rivan's order-holders are losing hopeInsider has spoken or corresponded with nearly three dozen current and former Rivian order holders in recent months. Are you a current or former Rivian employee, Rivian vehicle owner, or Rivian order holder?

☆ Rivian is forcing some customers to wait years for their vehicle deliveries — and it risks alienating them at a critical time in its fight to become the next Tesla
▼ + stars: | 2023-03-01 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +6 min

Rivian runs the risk of alienating customers who have been waiting years for their vehicles. He's hedged his bet on Rivian with orders for the Tesla Cybertruck and the electric Ram 1500. Some feel embarrassed by their early support of Rivian while their wait times increase to nearly half a decade. Rivian has previously said timing of deliveries is "based on a number of factors, including delivery location, configuration and original preorder or reservation date." Are you a current or former Rivian employee, Rivian vehicle owner, or Rivian order holder?

☆ How Rivian went from Wall Street darling to another struggling EV startup
▼ + stars: | 2023-02-28 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +8 min

Another Rivian customer told Insider they placed a reservation last July. A Rivian spokesperson told Insider that timing is "based on a number of factors, including delivery location, configuration and original preorder or reservation date." The Rivian spokesperson told Insider Scaringe's language refers to "how we deliver over the long term." An employee laid off in Rivian's first round of cuts last summer told Insider it felt like growing pains many other companies have experienced. Are you a current or former Rivian employee, Rivian vehicle owner, or Rivian order-holder?

☆ Lucid's slow deliveries, cancelled orders, and increasing competition are 'red flags,' experts say
▼ + stars: | 2023-02-23 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

The exact mix is unclear, but accounting for delivered vehicles, Bank of America estimated that indicates a decline of 4,100 orders. "That is not the case for Lucid where new deliveries show wait times within 3-5 months," the note said. "Even assuming 6+ months wait time, LCID likely has as few as ~7-10k "active" order conversions." Lucid recently encouraged customers via email to lease its vehicles in order to qualify for the commercial EV tax credit, as Lucid vehicles do not qualify for the new EV purchase credit. Because it does not qualify, Lucid announced earlier this month "credits" for its customers in the form of a $7,500 price cut on certain trims.

☆ Former Wall Street darling Rivian suddenly has a lot to prove
▼ + stars: | 2023-02-11 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +8 min

☆ EV startup Canoo claims former execs joined the company just so they could steal its secrets — and launch a rival automaker
▼ + stars: | 2022-12-27 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Electric vehicle maker Canoo is suing some of its former employees who launched a rival company. Canoo claims the employees used Canoo trade secrets and IP for their new startup, Harbinger. Harbinger, a Los Angeles-based EV-maker that launched in September, is led by a team of former Canoo, Faraday Future, and QuantumScape executives. A Canoo spokesperson told Insider in a statement Tuesday that, "As this lawsuit demonstrates, we take the protection of our IP seriously." Several former Canoo employees have announced plans to join Harbinger on LinkedIn in recent months.

☆ Leaked email reveals Tesla-wannabe Lucid is worried over canceled orders — and will call customers up to 14 times to ask them not to ditch their six-figure EV
▼ + stars: | 2022-12-08 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

"Every cancellation is a failure," read an email sent to Lucid retail employees. If they don't reach the customer, they must try calling again three more times on consecutive days. After that, the case goes to a regional manager, who must try calling the customer within 24 hours, then try calling again three more times on consecutive days. Are you a current or former Lucid employee? Do you own a Lucid vehicle or hold a Lucid order reservation?

☆ Lucid is offering employees $18,000 discounts to buy its cars by the end of the year as it looks to rack up orders
▼ + stars: | 2022-12-01 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

EV startup Lucid Motors just launched an employee purchase program. Employees who buy the $154,000 Air Grand Touring get a sizable discount, paid out over time. This week, Lucid began offering all full-time regular US employees a "stipend" to buy the 2022 Grand Touring, according to an internal email viewed by Insider. The Grand Touring is the company's third variant behind the limited Air Dream Edition and Grand Touring Performance. Are you a current or former Lucid employee?

☆ Lucid owners are reporting glitches like bricking and cars driving the wrong way — just as the EV startup gets production under control
▼ + stars: | 2022-11-10 | by ( Alexa St. John | ) www.businessinsider.com time to read: +10 min

Lucid hasn't yet publicly addressed the latest issues, which include reports of cars bricking or driving the wrong way. "It's critical that we maintain our competitive advantages by delivering a unique combination of hardware and software," Rawlinson told investors on a February earnings call. Insider spoke with 19 Lucid owners for this story — all of whom reported some software or hardware problems — as well as seven current former and Lucid software engineers. "If the car sits in the sun for the afternoon, DreamDrive won't read speed-limit signs," an owner in Arizona told Insider. But while Lucid has worked to service individual cars, owners told Insider, it hasn't publicly addressed these issues.

☆ Electric-truck maker Nikola lays off 15% of Romeo Power's workforce in post-$144 million acquisition restructuring
▼ + stars: | 2022-10-27 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Electric truck startup Nikola just bought battery firm Romeo Power for $144 million. Just weeks after completing its $144 million acquisition of Romeo Power, Nikola Motors laid off 45 employees of the young battery firm, the company confirmed to Insider. Cypress, California-based Romeo Power is a fledgling battery pack maker that went public via SPAC in December 2020. The Romeo employees whom Nikola later let go included nine corporate executives serving in what Brady called "duplicative roles." Are you a current or former Nikola or Romeo Power employee?

☆ Insiders say morale 'sucks' at electric-vehicle startups like Rivian and Lucid — and it could be a death blow for struggling Tesla wannabes
▼ + stars: | 2022-10-01 | by ( Alexa St. John | ) www.businessinsider.com time to read: +8 min

As EV startups face a storm of troubles, many employees say they're losing faith in the mission. "They kept saying, 'Tesla, Tesla, the next Tesla,'" a now former supervisor at the electric-vehicle startup said. Canoo has lost several key leaders, as have Xos, Lucid, and others. Some current and former startup workers said they had a continued appetite for industry opportunities. Are you a current or former EV startup employee?

☆ 2023 will be critical for Lucid's bid to one-up Tesla — and it will have to overcome its production constraints and a sinking stock price
▼ + stars: | 2022-05-05 | by ( Alexa St. John | ) www.businessinsider.com time to read: +10 min

Based in Newark, California, EV startup Lucid Motors has been racing to up its production in 2022. Much like many other EV upstarts, Lucid's stock has dropped around 80% this year. Quality control may prove vital for any EV startup trying to outdo Tesla. He's determined to lead in the same space that's seen the rise and fall of other EV startups, such as Nikola, Lordstown, and Faraday Future. Churchill Capital IV soars 33% after report says the SPAC is nearing a deal to take EV-maker Lucid Motors publicAre you a current or former Lucid employee?

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