Despite lingering supply chain bottlenecks disrupting the global auto industry, the BMW Group achieved record revenue in Q3 as sales and demand for its electric vehicles continue propelling the German luxury automaker forward.
BMW sees rising demand for electric vehicles
“Compelling products are the best answer to a challenging environment,” Oliver Zipse states as the automating group moves into the future of the auto industry.
BMW delivered 128,195 electric vehicles, more than double (+114.8%) from the same period last year. The automaker says it saw rising demand and growing orders for its BMW I3, IX, I4, and Mini Cooper SE.
The BMW I3, its 100% electric 3-seres sedan, recently launched in China, where EV sales continue gaining momentum despite expanding competition.
BMW reached a record revenue of € 37,176 billion (about $36.3 billion) in Q3, with higher car prices fueling growth.
To build on its success, BMW is launching its first electric seven series, the BMW I7, in November, and the I5 will follow in 2023. In addition, the BMW Group unveiled the fully electric Rolls Royce Spectre in October, also set to release next year.
BMW iX Source: BMW
Despite the success in Q3, BMW remains cautious, confirming its guidance for full-year 2022 results. The automaker expects sales of its electric models to continue building momentum, doubling again this year.
As the luxury automaker continues progressing toward its 50% EV sales share goal, BMW says it will spend heavily on R&D costs. Research and development costs rose 12% as BMW invests in new electric models, particularly its NEUE KLASSE dedicated EV platform set to arrive in 2025.
To bolster its electric vehicle presence in the US, BMW is investing $1.7 billion to expand EV and battery manufacturing operations.
Electrek’s Take
With several highly anticipated electric vehicle releases coming in the next several months, BMW expects its EV sales to continue accelerating.
With the US and Europe recently announcing intentions to phase out sales of combustion vehicles, BMW is wise to introduce an electric model in every category. BMW expects its electric vehicle sales to double again this year, but 2023 is slated to be another strong year with new luxury models such as the Rolls Royce Spectre and BMW I7 arriving.
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Chevy’s electric SUV is now the best-selling EV in the US outside of Tesla. The 2026 Chevy Equinox EV is slightly more expensive than the outgoing model, but GM has added new style packages for you to choose from.
GM raises 2026 Chevy Equinox EV price, adds options
The Chevy Equinox EV doesn’t need much help. Starting at just $34,995, the 2025 Chevy Equinox quickly became one of the best-selling electric vehicles in the US.
Entering its third year, the Equinox EV remains GM’s most affordable EV, with starting prices slightly higher at $36,495. That includes the $1,395 destination fee.
Since it’s a carryover model, there aren’t too many changes, but buyers will have several new style packages to choose from.
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The 2026 Chevy Equinox LT gains a new Midnight Package, which adds black emblems, bowtie, badging, wheel caps, and 19″ black painted aluminum wheels, for $595.
There’s also a new Tech Bronze Package available on the LT and RS trims. The new option includes a Tech Bronze decal, a black nameplate, a black bowtie emblem, and 21″ Tech Bronze wheels. It costs an extra $3,595.
Chevy Equinox EV LT (Source: GM)
The 2026 Chevy Equinox EV is now listed on GM’s website. It’s still available in LT1, LT2, and RS trims with Front Wheel Drive (FWD) and All Wheel Drive (AWD) powertrain options.
The base 2026 LT FWD trim starts at $36,495 with up to 319 miles of range, including a $1,395 destination fee. Upgrading to AWD costs an extra $5,300, with a slightly shorter range of 307 miles.
Chevy Equinox EV trim
2025 Starting Price
2026 Starting Price
EPA-estimated Range
LT 1 FWD
$34,995
$36,495
319 miles
LT 1 AWD
$38,295
$39,795
307 miles
LT 2 FWD
$43,295
$43,295
319 miles
LT 2 AWD
$46,595
$46,595
307 miles
RS FWD
$44,795
$45,595
319 miles
RS AWD
$48,095
$48,895
307 miles
2025 and 2026 Chevy Equinox EV price and range by trim (Including $1,395 destination fee)
Following another record quarter of EV sales in Q3, GM said that the Chevy Equinox EV was the best-selling non-Tesla electric vehicle in the US.
With several new affordable EVs arriving, including the new Nissan LEAF, will the Equinox continue to be a top seller in 2026? It will be interesting to see where the rankings end up at this time next year.
A surge in EV charging cable thefts is putting the reliability of the UK’s charging network at risk and undermining trust among drivers. InstaVolt is the UK’s largest network of fast chargers, and over the past two years, nearly 1,000 of its charging stations (it has over 2,100, so nearly 50%) have been targeted by cable thieves. But now InstaVolt is fighting back with GPS tracking.
Bafflingly, the incentive for thieves is low-value scrap: There’s only about £25 ($33) worth of copper inside a charging cable. But the damage is costly – around £1,000 ($1,342) per site for repairs.
In April, InstaVolt CEO Delvin Lane told the BBC that the thefts had cost his company about £410,000 ($550,150) since November 2023. Lane said, “This isn’t just an InstaVolt problem; this is an industry problem. The biggest impact is on drivers.”
InstaVolt has reinforced its cables with Kevlar sheaths, making them harder to cut. It has also rolled out live GPS tracking across its network on its charging cables in partnership with GPS supplier Trackit247. The technology provides location updates every three seconds, allowing the company to detect, trace, and recover stolen cables in real time.
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Each charging cable is geo-fenced to its charger, so an alert is immediately triggered if it moves outside the designated area. InstaVolt’s 24/7 security center receives instant notifications by text, email, and phone, and it can coordinate directly with the police.
The system’s biggest advantage is live tracking in transit. If a thief drives off with a charging cable, police can follow its exact route and move in fast, increasing the chance of recovery and arrest. Instavolt’s GPS technology marks a major step forward in protecting critical EV infrastructure, deterring theft, and enabling quick response when it happens.
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Tesla’s new ‘more affordable models’ have been released, and they’re stripped-down versions of the Model 3 and Model Y. They’re currently the cheapest cars in Tesla’s lineup at base price of $37k and $40k.
But that price is actually more expensive than the cars were a week ago in the US, due to the expiration of the US federal EV tax credit which Tesla CEO Elon Musk pushed for.
For many years, Tesla had planned to build a much more affordable vehicle, starting around $25k. This vehicle was nicknamed the “Model 2,” and would have offered the most affordable entry point into the EV market, at least in the West.
In its place, Tesla started offering vague promises about “more affordable models,” starting in its Q1 report in April 2024. Tesla later specified that these would enter production in the first half of 2025.
The language Tesla used suggested that the cheaper vehicles would be new models, which means more than one model, and not just based on a current Tesla model. But we reported that this was unlikely to be the case, and that the new models would just be a stripped-down Model Y. However, today we’re learning that the Model 3 is getting an update too.
The first-half deadline Tesla set came and went, but after some leaks this week, now we’re finally seeing the result of these years of promises, and they’re… actually more expensive than the car was when all those promises were made.
Tesla starts selling new “standard” Model 3 and Model Y
Tesla’s configurator is now live with all the juicy details of the new “standard” more affordable Model 3 and Model Y. The photos below show the standard trim on the left, premium on right.
The new trim levels come with several changes, many of which we’ve reported before, including no front or rear light bar, new 18″ wheels, a modified console, fewer speakers, no ambient lighting, no rear screen, and less range and acceleration due to a smaller 69kWh battery. They’re also only available in monochrome colors – grey for free, white for an additional $1k, and black for an additional $1.5k.
Here’s a full list of the changed features, from Tesla’s “compare” function on its site. This is the Model Y comparison, but the Model 3 feature deletions look similar (the Model 3 still has a glass roof in standard trim, though Model Y has a covered-up glass roof for some reason):
It’s a lot of significant changes, with seemingly almost every feature in the cars being downgraded in some way.
The standard trim does still have the same number of phone chargers and USB outlets, power recline seats, door pocket and footwell lighting, a hands-free trunk, and all the same active safety features.
They also have the same software and charging features, two areas where Tesla shines (though slightly reduced Supercharging speed due to the smaller battery).
The new standard trim can purchase access to Tesla’s Full Self-Driving (Supervised) system, like the other trims can. It does not, however, have “autosteer” as a default feature (though Tesla says “features subject to change” under this heading).
Model Y 18″ Aperture wheelsModel 3 18″ Prismata wheels
Many of the missing features are new features which were added with the “Highland” and “Juniper” refreshes of the Model 3 and Y respectively. Those have been thrown to the wayside, putting us back to where we started before the refreshes in many respects – except in some ways we are even further back, as a few other features like power folding side mirrors that were present on the original Model 3 are now nowhere to be seen.
Go ahead and run down the list and see what features have changed, and which ones might be important to you.
A “more affordable model” that’s actually more expensive
And the new trim levels are indeed more affordable than yesterday’s base models, which Tesla is now calling “premium” trim. Premium starts at $45k for the Model Y and $42.5k for the Model 3, as they did yesterday, but the new standard models start at $40k and $37k respectively, which are a nice chunk of change cheaper.
However, Tesla vehicles got a $7,500 effective price hike just one week ago, when the federal US EV tax credit was taken away by republicans. Incidentally, Tesla CEO Elon Musk spent $200 million in political bribes to help make that happen, thus increasing the price of his company’s vehicles, and in fact making the “more affordable” Model Y actually less affordable than it was just last week.
Prior to last week, the “premium” Model Y would have cost $37,490 after tax credits, which were available as an upfront price reduction due to President Biden’s Inflation Reduction Act. Now, the “standard” Model Y starts at $39,990, which is a $2,500 higher number than last week’s price. Same deal for the Model 3, which was $34,990 after tax credits last week, but $36,990 today, a $2k increase (making the standard Model 3 a slightly less-bad deal than the standard Model Y).
This is the new lowest base price we’ve seen on a Tesla before, if you ignore tax credits. The Model 3 has been available for as low as $39k, so it’s now $2k cheaper than that (unless you count the questionably-briefly-available $35k off-menu Model 3 which also didn’t have access to tax credits). And the Model Y has been as cheap as $43,990 before tax credits, so it’s lower than that too – but only if you ignore the credits, which makes it more expensive in the end for most buyers, and especially those who that extra few thousand matters for.
Electrek’s Take
We’ve been talking in Electrek’s chat channel all week about what we thought the price of this would be, and what our reaction would be at various price levels. Although we’ve mainly been talking about the Model Y, because that’s the one that we saw so many leaks of – the inclusion of the Model 3 in today’s changes is actually a pleasant surprise.
We thought $40k for the Model Y wouldn’t make any sense – there’s just too much stuff missing from the new trim to justify only a $5k price drop, and given tax credit expiration, it’s not even any better. And the $5.5k price drop of the Model 3 fits in a similar basket as that.
Even at a $7.5k price drop, it would have been the same price as last week when taking credits into account – so you’re just losing a huge amount of features for the same price. But, Tesla could have claimed it wasn’t their fault (even though it is), and they’re just doing the best they can do to give the market the same car at the same price.
We generally agreed that a $10k drop would be the bare minimum to be actually impressive, and figured it might be possible given the amount of features cut. But I still thought a $5k cut would be most likely, based on leaks we’ve seen.
So, here we are, sure enough it’s $5k less than last week, and more expensive when you take account tax credits, and everyone can be disappointed. Especially when taking into account the original target of $25k for Tesla’s “more affordable models.”
Going forward, it is still a slightly cheaper way to get into a Tesla – but it’s hard to see how this compares favorably to an Equinox or Ioniq 5 at $35k. Or either of the upcoming Chevy Bolt EV, which we’ll be at the unveiling of tomorrow and expect to be priced under $30k, or the new Nissan Leaf EV which has already been announced at under $30k, with an upcoming entry-level trim which will be even cheaper.
Nevertheless, if this price drop (increase?) is enough to get you into a Tesla and you’re one of the ones who can look past its bad CEO (I’m not), feel free to use our Tesla referral code for a 3 month trial of full self-driving.
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