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Hydrogen fuel cell vehicles are set to become a major player in China’s commercial truck market, predicts JPMorgan’s Elaine Wu.

“Currently, the fuel cell vehicles account for less than 5% of the commercial truck market in China and that could grow to about one-third of total market share in 2050,” Wu, head of Asia ex-Japan ESG and utilities research at the firm, told CNBC’s “Squawk Box Asia” on Monday.

Fuel cell electric vehicles run on electricity powered by hydrogen, which can can be used to store and deliver energy derived from other sources. Hydrogen is a clean fuel and when consumed in a fuel cell, produces only water.

One reason why fuel cell vehicles are a “very good option” for the commercial truck market is due to their refueling time of only around 10 to 15 minutes, Wu said. They also have a travel range of around 800 kilometers, about 50% to 100% above lithium battery electric vehicles.

Major automakers such as Toyota, Honda and BMW are tapping into the hydrogen fuel cell market.

China is already pushing for the promotion of fuel cell vehicles, according to the JPMorgan analyst.

“The [Chinese] government is promoting something, what we call ‘city clusters’ so that there could be demonstrative cities telling successful stories of how fuel cell vehicles are implemented in various parts of the country,” Wu said.

“This is also a policy that we saw implemented about a decade ago, when the central government was trying to produce lithium battery electric vehicles. And we saw how successful that was.”

Beijing has said it would like 20% of new cars sold to be new energy vehicles by 2025. Competition is fierce in the domestic electric vehicle space, with Tesla competing against the likes of homegrown players such as Nio and Xpeng.

China’s climate goals

With China’s pledge to become carbon neutral by 2060, hydrogen will likely play a role in heavy industry as a clean energy source, according to Wu.

“For this heavy industrial sector, high heat content is required and renewable power therefore is not a good option to fuel heavy industrial sector — but hydrogen is,” she said.

The analyst said China leads the world in hydrogen production, and accounts for a third of global output.

“In the future, there could be promotion of green hydrogen production whereby renewable power is going to be used to produce hydrogen,” Wu added.

Hydrogen is currently produced from coal, and shifting to green production will only be possible if renewable power costs continue to decline, she added.

“What we’ve seen in the past 10 years is that the cost to produce solar power has dropped by 80% in China. The cost of wind power production has dropped by 40%,” she said. “If this trend continues — and we believe that it will due to technology advancement — so that means that green hydrogen will be possible in the future when these things come into play.”

— CNBC’s Anmar Frangoul and Evelyn Cheng contributed to this report.

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Lease an electric G-Wagon? Mercedes is dangling $9,500 in incentives

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Lease an electric G-Wagon? Mercedes is dangling ,500 in incentives

If you’ve been eyeing the all-electric G-Wagon, Mercedes-Benz just sweetened the deal – but only for a limited time.

According to a dealer bulletin, the 2025 Mercedes-Benz G 580 with EQ Technology – AKA the electric G-Wagon – now comes with $9,500 in lease cash, up from last month’s $7,500. That’s a 27% jump in savings. The move comes just weeks before the $7,500 EV lease tax credit loophole closes on September 30.

Like most EVs leased in the US, the G-Class has been able to qualify for the credit even though it’s excluded from purchase incentives. That benefit is about to disappear, which likely explains why Mercedes is boosting the offers now.

The electric G-Wagon doesn’t come cheap. With a base price of $162,650, the $9,500 incentive amounts to only a 5.8% discount. The SUV also carries a steep advertised lease: $1,869 per month for 36 months with $14,613 due at signing. Factor it all in, and you’re really paying about $2,275 a month for 10,000 miles a year. Current Mercedes deals run through September 2.

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For context, the 2025 G 580’s lease money factor now sits at 0.00180, which works out to around 4.3% APR – lower than the standard rates previously on offer.

Performance-wise, the electric G-Wagon earns an EPA rating of 62 MPGe and an electric range of 239 miles. Not groundbreaking numbers, but for buyers who want the iconic G-Wagon experience with zero tailpipe emissions, this is it.

With federal lease credits ending soon, Mercedes appears to be betting that drivers looking for a last chance at big EV savings will jump now rather than later.

Click here to find a local dealer that may have the 2025 Mercedes-Benz G 580 with EQ Technology in stock. –trusted affiliate

Thanks to CarsDirect for digging up this dealer offer.

Read more: From $129 a month: 5 of the best EV lease deals in August


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Used Honda Prologue EVs are selling faster than expected

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Used Honda Prologue EVs are selling faster than expected

The Honda Prologue is a surprise hit. It was the second-best-selling electric SUV behind the Tesla Model Y in the second half of 2024. Now, used models are in high demand.

Honda Prologue leads used EV sales growth in July

After it delivered the first customer models last March, the Honda Prologue quickly became one of the most popular EVs in the US.

Throughout the second half of the year, Honda sold an average of over 5,000 Prologues every month. In November, it was the third best-selling EV, trailing only the Tesla Model Y and Model 3.

Honda’s electric SUV continues to be a top seller this year. Last month, it outsold the Ford Mustang Mach-E and Hyundai IONIQ 5. Since delivering the first Prologue model last March, Honda has now sold 52,500 units in the US.

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According to Cox Automotive’s latest EV Market Monitor report, used Honda Prologue EVs are selling faster than expected.

Used EV sales rose sharply in July to 36,670, up 23.2% from June and 40% compared to last year. Honda had the biggest increase in used EV sales, more than doubling (+103%) month-over-month. Hyundai (+61.3%) and Rivian (60.5%) ranked second and third.

Honda-Prologue-used-EVs
Honda Prologue Elite (Source: Honda)

Tesla led used EV sales last month, selling 15,903 vehicles, up 18% year-over-year. GM’s Chevy (3,499 units, +28.6%), Ford (1,967 units, +25.7%), Mercedes-Benz (1,724 units, -12.3%), and Nissan (1,659 units, +19.9%) rounded out the top five.

Although its market share slipped to 43.4% from 45.2%, Tesla remained the leader by a wide margin. Other luxury brands, including BMW and Audi, reported higher used EV sales in July, with increases of 43.87% and 38%, respectively.

Honda-Prologue-used-EVs
2025 Honda Prologue at a Tesla Supercharger (Source: Honda)

According to the report, used EV listing prices reached $35,263 last month, a 1.9% decrease from June. With a price gap of just $1,266, a record low, used electric vehicle prices are closing in on ICE vehicles.

New EV sales also picked up in July. With over 130,000 EVs sold, up 26% from June, the electric vehicle market share reached 9.1%, the second-highest to date.

Honda-Prologue-used-EVs
2025 Honda Prologue Elite interior (Source: Honda)

Ahead of the $7,500 federal tax credit deadline, set to expire at the end of September, 11 brands posted their best EV sales of the year. The top five included Tesla, Chevy, Hyundai, Ford, and Honda. Volkswagen surged to sixth after electric vehicle sales surged 454% last month.

The Honda Prologue starts at $47,400, but with the credit, you can snag one for under $40,000 right now. Honda is also offering monthly leases as low as $159 in California and other ZEV states. In other regions, it’s still listed for as low as $229 per month.

2025 Honda Prologue trim Starting Price* Starting Price After
Tax Credit
*
EPA Range
(miles)
EX (FWD) $47,400 $39,900 308
EX (AWD) $50,400 $42,900 294
Touring (FWD) $51.700 $44,200 308
Touring (AWD) $54,700 $47,200 294
Elite (AWD) $57,900 $50,400 283
2025 Honda Prologue prices and range by trim (*Does not include $1,450 D&H fee)

Even Honda’s luxury brand, Acura, is selling more electric vehicles than expected. Through the first half of the year, the Acura ZDX outsold the Cadillac Lyriq, and it’s based on the same GM Ultium platform.

Sales are expected to continue picking up ahead of the deadline. As Cox Automotive highlighted, “July’s performance sets a strong precedent, and as policy support winds down, the market’s ability to respond to real-time demand and brand-level dynamics will be critical in shaping the next phase of growth.”

Ready to take advantage of the savings while they are still here? We’re here to help. You can use our link to find deals on the Honda Prologue in your area (trusted affiliate link).

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Refuse revolution: Republic deploys Mack LR Electric garbage trucks in Chicago

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Refuse revolution: Republic deploys Mack LR Electric garbage trucks in Chicago

The waste management experts at Republic Services are committed to cleaning up the Chicagoland area — and now, that includes the air Chicagoans breathe, thanks to the deployment of new Mack LR Electric garbage trucks in the heart of America’s Second City.

Republic Services executives and partners from local utility ComEd gathered yesterday, 14AUG, to celebrate the deployment of Chicago’s first electric refuse fleet, featuring two new Mack LR Electric garbage trucks paid for, in part, by ComEd’s commercial EV rebate program.

The Mack LR Electric is purpose-built for refuse applications, delivering zero local emissions while maintaining the durability and performance Mack trucks are known for,” reads the official Mack press release. “The electric powertrain provides quieter operation for early morning routes and helps fleet operators meet sustainability goals while supporting cleaner air quality in urban communities. With its low cab-forward design and tight turning radius, the LR Electric maintains the maneuverability essential for residential and commercial waste collection routes.”

The big Class 8 Mack Trucks are powered by a pair of electric motors putting 400 combined kW (about 536 hp) through a 2-speed Mack Powershift transmission that offers a whopping 4,051 lb-ft of peak torque output. That’s over 40% more power than the first generation Mack LR Electric released in 2019, and this iteration can charge the 376 kWh Samsung-sourced batteries fully in under two hours at 150 kW.

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Real money, real results


ComEd and Republic Svcs. executives pose with “big check,” via ComEd.

While Washington continues to threaten America’s economic security and position as a global technology leader by toying with the idea of killing the $7,500 Federal EV tax creditthe ENERGY STAR program, and other energy efficiency incentives, the private energy sector is stepping up with massive investments in battery storage, charging infrastructure, and commercial EV rebates – and Chicago is leading that charge (pun very much intended), with EV adoption outpacing the rest of the nation by 4:1 in Q1.

“ComEd is proud to support Republic Services in advancing zero emissions transportation for Chicago’s neighborhoods,” explains Melissa Washington, our senior vice president of customer operations and strategic initiatives. “As more customers take advantage of our EV rebate programs, we are helping empower customers to realize the air quality and energy savings benefits of EVs, and moving our communities closer to their goals for a more sustainable future.”

The new HD electric vehicles will be powered up nightly by equally new 150 kW DC fast charging stations from BP pulse, which are installed at Republic’s vehicle yard in the Little Village neighborhood. Part of the ComEd rebate money awarded to the company helped fund the make-ready infrastructure portion (effectively from the transformer to the stub) of that project, as well as at least one Ford F-150 Lightning pickup.

And, if these trucks look familiar, it might be because Republic Services also handles refuse collection for the City of Madison, Wisconsin, and added two Class 8 electric trucks to their garbage fleet last year in the form of a pair of similar Mack Electric LR HDEVs.

Electrek’s Take


Look, you know me. There is absolutely ZERO chance that I’ll be able to remain objective about anything that’s putting down more than four thousand lb-ft of torque. Make that thing quieter, cleaner, and generally better for me and my community, and there’s even less of a chance of me saying anything critical about it.

Here’s hoping more cities go electric rather sooner than later.

SOURCES | IMAGESMack Trucks, Republic Services, via LinkedIn.


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