🚘New car prices = down…

but EV prices = up.

Author

John Rooney
April 13, 2023

April 13, 2023

According to our poll from Tuesday, 90% of you expect to purchase an EV this year. That’s incredible.

Special Shoutout:

@Scott- Congrats on purchasing a Model 3 this week.

@Jose- I hear ya about the smaller truck. I was talking to an employee at Rivian this week about having smaller electric trucks.

@Mike- These tax credits have certainly created some challenges. Once you get your XC 40, hopefully, all of that frustration will disappear.

@Audi 3.2- Congrats on the purchase of a Model 3.

“A smart car is not just about giving you information, but it is also about keeping you safe.”

– Jensen Huang

Auction Quiz

Guess how much a 1992 BMW 325i M-Technic Convertible with 182k miles, converted to electric sold for recently on Bring a Trailer?

$40,000

$25,000

$37,000

$83,500

New Car Prices

In March 2023, the average transaction price of a new vehicle in the US dropped below the MSRP for the first time in 20 months, as reported by Kelley Blue Book. The ATP in March was $48,008, a 1.1% decrease from the previous month, while still remaining 3.8% higher compared to the same period last year. Sales volumes increased 20% month-over-month and 8% year-over-year, attributed to improved supply, a better mix of lower-priced models, and strong fleet sales. That’s the good news.

Unfortunately, for EVs, the average price paid for a new EV in March increased by 0.5% compared to February 2023, reaching an average of $58,940. Despite Tesla cutting prices recently, the rise in EV prices is attributed to increased sales from Mercedes, Rivian, Lucid, and other brands, which offset the lower-priced Tesla products.

Let’s get those EV prices lower.

In Other EV News

  • Chipotle has announced a new all electric restaurant design aimed at maximizing energy efficiency and utilizing 100% renewable energy. This initiative supports the company's science-based targets to reduce greenhouse gas emissions 50% by 2030 compared to 2019 levels.

  • The launch of Genesis Home has been announced, which is an ecosystem that allows customers to electrify their homes. To streamline the home electrification process, Genesis Home pairs top products and pre-vetted installers with dedicated Energy Advisors who guide customers through the entire journey.

  • Kia has announced plans to build a dedicated plant for battery-electric purpose-built vehicles (PBV) in South Korea. The new PBV plant will produce 150,000 units in the first full year and will be built as a low-carbon factory. The first battery-electric PBV production is set for the second half of 2025.

  • ABB E-mobility has received ENERGY STAR certification from the US Environmental Protection Agency for its range of DC fast chargers, which includes chargers meeting National Electric Infrastructure Program (NEVI) requirements.

  • Maplewell Energy successfully piloted its JANiiT platform, using refrigerators and HVAC systems for energy storage at two convenience-store sites, achieving a 25% reduction in peak energy usage. The platform's advanced demand management software, which integrates forecasting and real-time optimization, demonstrates significant savings potential for commercial and industrial building owners and operators.

  • A 15-stall fast charging hub opened by Revel in NY.

  • The battery recycling market is set to grow at a fast pace with a CAGR of 37.7% from 2023 to 2030. This growth is due to the increasing demand for batteries caused by the rise in popularity of EVs and renewable energy storage systems.

Ned’s Corner

"If everyone gets solar, the grid will collapse"

Yes, because of rates and policies from utilities and their regulators. Arcane as they are, these are at least easier to change than the realities of physics and technology! My bill was $13 last month. Here's the data behind that as an example, and my thoughts. This is a far, FAR more complex topic than a LinkedIn post can cover completely- but I hope I got close to a reasonable take. I'm no expert, so chime in if you are an expert (or a non-expert with curiosity!)

Ways I cost the utility money:

1. By existing: I'm a customer and customers cost money to serve.

2. Admin: Net metering programs cost money to administer.

- Conspicuously absent is grid costs: see here for more info.

About Ned

Ned is an EV professional with experience with chargers from 1 to 500kW and EVs ranging from unicycles to buses and class 8 trucks. An EV owner since 2014, he is currently a Technical Solutions Manager with Electrada. He develops and refines charging solutions for fleets using his engineering experience to drive for high uptime, reliability, and efficiency.

EV Conversion?

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Rivian Merch

Don’t forget about our giveaway. We’ll pick a winner at the end of April. The winner gets to pick out any single item on Rivian’s Gear Shop for up to $50. To be entered, all you have to do is:

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