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Prices for used EVs in the US have stabilized after climbing 12 of the last 16 months, according to electric vehicle range analyst company Recurrent’s “Used Electric Car Prices & Market Report – Q4 2022,” which was released today.

Used EV prices are leveling out

This price stabilization is great news because, based on price, Recurrent reports that only 12% of used EVs on the market today would qualify for the tax credits that begin in January 2023 as part of the Inflation Reduction Act (IRA).

The IRA includes a used EV credit that will be applied at 30% of the purchase price with a cap of $4,000.

All used plug-in electric vehicles with batteries that are at least 7 kWh are eligible if the model year is at least two years earlier than the calendar year in which the taxpayer acquires it and the cost of the used EV is under $25,000.

Plug-in hybrids are included in the used tax credit, and 50% of the cars that meet the $25,000 price cap are plug-in hybrids. 

Only 17% of used EV sales from the last quarter were under $25,000, and 12% of inventory was listed below that price. 

The used EV credits are limited to individuals with an adjusted gross income of up to $75,000, a head of household income of up to $112,500, or joint filers with adjusted gross incomes of up to $150,000. EV purchasers are eligible for the used credit once per three years. 

Used EVs must be sold through a licensed dealer in order to qualify for the IRA tax credit. Since about 50% of used car sales today are assumed to be private, Recurrent logically points out that we should expect to see a shift to a more dealer-favored market for lower-priced used EVs. 

The EV credits can be applied at point-of-sale starting in 2024.

Scott Case, cofounder and CEO of Recurrent, said:

The US electric car market is on the verge of an inflection point.

If we get this right, and the bill works as intended, the EV targets and combustion engine bans for 2035 look suddenly timid. 

Recurrent has a detailed used EV tax credit explainer on its website. 

The actual cost of a used EV

The Recurrent report also relays that the average resale age of a gas car is over six years old, while the average age for resale of an EV stands at just four years. 

The average price for a used EV listing is $42,700 compared to an average used gas car price of $33,957. But savings on no longer buying gas must be factored in for a total EV cost. NerdWallet writes:

Over the anticipated 15-year life span of a vehicle, the electricity to run an electric vehicle can be as much as $14,480 cheaper than fueling a gas-powered car, according to a study done by the US Department of Energy’s National Renewable Energy Laboratory and the Idaho National Laboratory.

The market report also includes research from August that compares EV adoption projections. Over the course of four years – from 2018 to 2022 – US EV sales projections for 2030 more than doubled, growing from an estimated 21% to 53% over that period. It demonstrates that adoption is already happening much faster than many predicted.


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Workhorse electric delivery vans arrive in Canada this spring

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Workhorse electric delivery vans arrive in Canada this spring

Following approval from Transport Canada, EV startup Workhorse will be bringing the W56 and W750 model electric delivery vans to commercial truck dealers in Canada as early as this spring.

Workhorse first showed its W56 medium-duty electric truck at Indiana’s Work Truck Week in 2023, and has sold the trucks to logistics and delivery companies like FedEx and Pride Group – which ordered more than six thousand of the electric vans in 2021, and continues to expand its fleet.

“This is a major step forward for Workhorse,” says Josh Anderson, Workhorse’s chief technology officer in a press statement. “Pre-clearance from Transport Canada opens up a large new market for our products throughout Canada, including with fleets that operate across borders in North America.”

As part of the approval process, Workhorse completed its registration as a foreign manufacturer under Transport Canada’s Appendix G clearance program. Transport Canada confirmed the vans’ compliance with Canadian Motor Vehicle Safety Standards (CMVSS) for both vehicles – but it remains to be seen if and how the latest tariff-driven trade war between the Trump Administration’s US and Canada will impact Workhorse’s plans to expand throughout North America.

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Despite that uncertainty, Workhorse execs remain upbeat. “We’re excited that our electric step vans can now reach Canadian roads and highways, providing reliable, zero-emission solutions that customers can depend on,” added Anderson.

Canadian pricing has yet to be announced.

Electrek’s Take

FedEx Places First Order for 15 Workhorse W56 Step Vans to Grow Zero-Tailpipe Emission Fleet
FedEx electric delivery vehicle; via Workhorse.

There’s no other way to say it: the Trump/Musk co-presidency is disrupting a lot of companies’ plans – and that’s especially true across North American borders. But in all this chaos and turmoil there undoubtedly lies opportunity, and it will be interesting to see who ends up on top.

SOURCE | IMAGES: Workhorse, via Electric Autonomy Canada.

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Liebherr developing giant, 140-ton Segway-style autonomous haulers [video]

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Liebherr developing giant, 140-ton Segway-style autonomous haulers [video]

The new Liebherr S1 Vision 140-ton hauler is unlike any heavy haul truck currently on the market – primarily because the giant, self-propelled, single-axle autonomous bucket doesn’t look anything like any truck you’ve ever seen.

Liebherr says its latest heavy equipment concept was born from a desire to rethink truck design with a focus only on core functions. The resulting S1 Vision is primarily just a single axle with two powerful electric motors sending power to a pair of massive airless tires designed carry loads up to 131 tonnes (just over 140 tons).

The design enables rapid maintenance, as important components easily accessible for quick servicing. Wear parts can be replaced efficiently, and the electric drive significantly reduces maintenance work. This helps to minimise downtimes and increases operational efficiency.

LIEBHERR

Because of its versatility, durability, and ability to perform zero-turn maneuvers that other equipment simply can’t, the Liebherr S1 Vision can be adapted for various applications, including earthmoving, mining, and even agriculture. There’s also a nonzero chance of this technology finding applications supporting other on-site equipment through charging or fuel delivery.

The S1 accomplishes that trick safely with the help of an automatic load leveling system that ensures maximum stability, even on bumpy or rough terrain. The company says this technology significantly reduces the risk of tipping while providing smooth and secure operation across various environments.

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Liebherr will show the S1 Vision at this year’s bauma equipment exhibition in Munich, Germany. The design has already been nominated for the bauma Innovation Award in the Mechanical Engineering category – and my money’s on it winning.

Electrek’s Take

This is such goofy, stupid fun that if it was wheelbarrow-sized I’d have three of them. I can’t imagine the insanity of watching one of these things roll across a job site with 100 tons of granite in the bucket – and will have nightmares about the kind of damage it could do if it flipped out like a poorly made Chinese hoverboard clone whipping a toddler across a living room … which, in fairness, would probably get a billion views on Instagram or TikTok or whatever.

I can’t wait.

SOURCE | IMAGES: Liebherr.

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Meet the newest EV from Hyundai – new HX19e electric excavator

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Meet the newest EV from Hyundai – new HX19e electric excavator

The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.

The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.

The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.

Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.

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To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:

  • enclosed cab vs. open canopy
  • 32 or 40 kWh battery capacity

All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.

Like its counterparts at Volvo CE, the new Hyundai excavator uses automotive-style charging ports to take advantage of existing infrastructure at fleet depots and public charging stations. More detailed specifications, dimensions, and pricing should be announced by bauma.

Electrek’s Take

HX19e electric mini excavator; via Hyundai Construction Equipment.

The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.

SOURCE | IMAGES: HD Hyundai; via Construction Index, Equipment World.

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