Despite concerns over a cooling EV market, Hyundai and Kia are “very bullish” as demand for their electric vehicles remains strong.
Over the past few months, I’m sure you’ve read headlines like “Automakers overestimated EV demand,” but some believe they are right on track. This includes Hyundai, Kia, and several others.
Senior executives from the Korean automakers told Reuters ahead of the LA Auto Show they are seeing strong demand for electric vehicles in the US.
“I am still very bullish on the battery electrics,” explained Jose Munoz, Hyundai’s global president, ahead of Friday’s event. Munoz pointed to doubling EV sales year-over-year as evidence.
Hyundai and Kia’s first dedicated EVs, the IONIQ 5 and EV6, both set US sales records in October. The strong EV demand propelled Hyundai, including Kia, to second in the US EV market behind only Tesla.
Hyundai claimed 4.8% of the US market through September, according to registration data reported from Automotive News.
Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)
Meanwhile, Kia accounted for 2.7% of the market for a combined 7.5%, or 64,000 EVs. Tesla is still in first by a wide margin (57.4%) while GM’s Chevy (5.9%) and Ford (5.5%) slipped.
Hyundai’s growth comes despite not qualifying for the $7,500 EV tax credit. Though the models do qualify through leasing.
In the first nine months of the year, electric vehicle registrations grew 61% to nearly 853,000. Electric vehicles crossed the 7% mark in total US sales in the first half of the year and are on pace to reach 1 million this year, according to BloombergNEF.
12-month trailing EV sales *does not include plug-in hybrids (Source: BloombergNEF)
To put it in perspective, it took 10 years to sell one million EVs in the US, two years to reach the second million, and just over one year to hit the third.
Hyundai and Kia see strong US EV demand
Hyundai has plans to keep the momentum rolling despite delays from American automakers including Ford and GM.
“Based on what I see, I need more. If I had more capacity today, I could sell more cars,” Munoz said. Hyundai began construction on its first US EV and battery plant in Georgia last October. A year later, the company says 99.9% of the foundation work is complete.
Construction of the Hyundai Motor Group Metaplant America general assembly plant and paint shop on October 19, 2023 (Source: HMGMA)
Munoz added “Our investments in the battery electric plant in Savannah (Georgia) move on. So we’re pushing as much as we possibly can to get it ready by October next year.”
He said Hyundai is accelerating its investment and that “We are pulling ahead.” Once production begins, the $5.5 mega complex will enable Hyundai EVs to qualify for the tax credit, boosting its momentum further.
2023 Hyundai IONIQ 5 (Source: Hyundai)
Hyundai followed Tesla last month in slashing lease prices on its most popular models. The IONIQ 5 and IONIQ 6 are offered at some of the cheapest rates since launching.
The automaker also extended its free EV charger promotion with the purchase or lease of select EVs through January 2, 2024. The deal is good on the 2023-2024 Hyundai IONIQ 5 and IONIQ 6, or a 2023 Kona electric.
Electrek’s Take
Although higher interest rates and inflation have stoked fear in some, Hyundai is charging ahead. The company is looking long term with its vision.
The EV market is at an all time high. Sales are about to cross the one million mark in the US. While GM and Ford are pushing back targets, Hyundai sees it as an opportunity.
EV sales will continue growing year-over-year and Hyundai aims to become a top three producer by 2030. Delaying investments now, would only set the automaker back further. Instead, Hyundai is doubling down and accelerating progress at its US electric vehicle plant.
Hyundai is attracting buyers with unique all-electric offerings designed from the ground up. Other EV makers like Rivian, are also seeing growth. The startup raised its production goal to 54,000 for the year after a big Q3 earnings.
Volvo is another automaker that expects the growth to continue. With new models like the EX30 (see our review), starting at around $35K, Volvo looks to stregthen its position in the EV market.
So is the EV market cooling? Or are automakers lowering expectations because newer, more competive models are hitting the market? Let us know what you guys think in the comments.
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BMW Motorrad’s futuristic electric scooter just got its first real refresh since beginning production in 2021. The BMW CE 04, already one of the most capable and stylish electric maxi-scooters on the market, now gets a set of upgraded trim options, new aesthetic touches, and a more robust list of features that aim to make this urban commuter even more appealing to riders looking for serious electric performance on two wheels.
The BMW CE 04 has always stood out for its sci-fi styling and high-performance drivetrain. It’s built on a mid-mounted liquid-cooled motor that puts out 31 kW (42 hp) and 62 Nm of torque. That’s enough to rocket the scooter from 0 to 50 km/h (31 mph) in just 2.6 seconds – quite fast for anything with a step-through frame.
The top speed is electronically limited to 120 km/h (75 mph), making it perfectly capable for city riding and fast enough to hold its own on highway stretches. Range is rated at 130 km (81 miles) on the WMTC cycle, thanks to the 8.9 kWh battery pack tucked low in the frame.
But while the core performance hasn’t changed, BMW’s 2025 update focuses on refining the package and giving riders more options to tailor the scooter to their taste. The new CE 04 is available in three trims: Basic, Avantgarde, and Exclusive.
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The Basic trim keeps things clean and classic with a Lightwhite paint scheme and a clear windshield. It’s subtle, sleek, and very much in line with the CE 04’s clean-lined aesthetic. The Avantgarde model adds a splash of color with a Gravity Blue main body and bright São Paulo Yellow accents, along with a dark windshield and a laser-engraved rim. The top-shelf Exclusive trim is where things get fancy, with a premium Spacesilver metallic paint job, upgraded wind protection, heated grips, a luxury embroidered seat, and its own unique engraved rim treatment.
There are also a few new tech upgrades baked into the options list. Riders can now spec a 6.9 kW quick charger that reduces the 0–80% charge time to just 45 minutes (down from nearly 4 hours with the standard 2.3 kW onboard charger). Tire pressure monitoring, a center stand, and BMW’s “Headlight Pro” adaptive lighting system are also available as add-ons, along with an emergency eCall system and Dynamic Traction Control.
BMW has kept the core riding components in place: a steel-tube chassis, 15-inch wheels, Bosch ABS (with optional ABS Pro), and the impressive 10.25” TFT display with integrated navigation and smartphone connectivity. The under-seat storage still swallows a full-face helmet, and the long, low frame design means the scooter looks like something out of Blade Runner but rides like a luxury commuter.
With these updates, BMW seems to be further cementing the CE 04’s role at the high end of the electric scooter market. It’s not cheap, starting around €12,000 in Europe and around US $12,500 in the US, with prices going up from there depending on configuration. However, the maxi-scooter delivers real motorcycle-grade performance in a package that’s easier to live with for daily riders.
Electrek’s Take
I believe that the CE 04’s biggest strength has always been that it’s not trying to be a toy or a gimmick. It’s a real vehicle. Sure, it’s futuristic and funky looking, but it delivers on its promises. And in a market that’s still surprisingly sparse when it comes to premium electric scooters, BMW has had the lane mostly to itself. That may not last forever, though. LiveWire, Harley-Davidson’s electric spin-off brand, has teased plans for a maxi-scooter-style urban electric vehicle in the coming years, but as of now, it remains something of an undefined future plan.
Meanwhile, BMW is delivering not just a concept bike but a mature, well-equipped, and ready-to-ride electric scooter that keeps improving. For riders who want something faster and more capable than a Class 3 e-bike but aren’t ready to jump to a full-size electric motorcycle, the CE 04 hits a sweet spot. It delivers the performance and capability of a commuter e-motorcycle, yet with the approachability of a scooter. And with these new trims and upgrades, it’s doing it with even more style.
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If you’ve ever wondered what happens when you combine a fruit cart, a cargo bike, and a Piaggio Ape all in one vehicle, now you’ve got your answer. I submit, for your approval, this week’s feature for the Awesomely Weird Alibaba Electric Vehicle of the Week column – and it’s a beautiful doozie.
Feast your eyes on this salad slinging, coleslaw cruising, tuber taxiing produce chariot!
I think this electric vegetable trike might finally scratch the itch long felt by many of my readers. It seems every time I cover an electric trike, even the really cool ones, I always get commenters poo-poo-ing it for having two wheels in the rear instead of two wheels in the front. Well, here you go, folks!
Designed with two front wheels for maximum stability, this trike keeps your cucumbers in check through every corner. Because trust me, you don’t want to hit a pothole and suddenly be juggling peaches like you’re in Cirque du Soleil: Farmers Market Edition.
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To avoid the extra cost of designing a linked steering system for a pair of front wheels, the engineers who brought this salad shuttle to life simply side-stepped that complexity altogether by steering the entire fixed front end. I’ve got articulating electric tractors that steer like this, and so if it works for a several-ton work machine, it should work for a couple hundred pounds of cargo bike.
Featuring a giant cargo bed up front with four cascading fruit baskets set up for roadside sales, this cargo bike is something of a blank slate. Sure, you could monetize grandma’s vegetable garden, or you could fill it with your own ideas and concoctions. Our exceedingly talented graphics wizard sees it as the perfect coffee and pastry e-bike for my new startup, The Handlebarista, and I’m not one to argue. Basically, the sky is the limit with a blank slate bike like this!
Sure, the quality doesn’t quite match something like a fancy Tern cargo bike. The rim brakes aren’t exactly confidence-inspiring, but at least there are three of them. And if they should all give out, or just not quite slow you down enough to avoid that quickly approaching brick wall, then at least you’ve got a couple hundred pounds of tomatoes as a tasty crumple zone.
The electrical system does seem a bit underpowered. With a 36V battery and a 250W motor, I don’t know if one-third of a horsepower is enough to haul a full load to the local farmer’s market. But I guess if the weight is a bit much for the little motor, you could always do some snacking along the way. On the other hand, all the pictures seem to show a non-electric version. So if this cart is presumably mobile on pedal power alone, then that extra motor assist, however small, is going to feel like a very welcome guest.
The $950 price is presumably for the electric version, since that’s what’s in the title of the listing, though I wouldn’t get too excited just yet. I’ve bought a LOT of stuff on Alibaba, including many electric vehicles, and the too-good-to-be-true price is always exactly that. In my experience, you can multiply the Alibaba price by 3-4x to get the actual landed price for things like these. Even so, $3,000-$4,000 wouldn’t be a terrible price, considering a lot of electric trikes stateside already cost that much and don’t even come with a quad-set of vegetable baskets on board!
I should also put my normal caveat in here about not actually buying one of these. Please, please don’t try to buy one of these awesome cargo e-trikes. This is a silly, tongue-in-cheek weekend column where I scour the ever-entertaining underbelly of China’s massive e-commerce site Alibaba in search of fun, quirky, and just plain awesomely weird electric vehicles. While I’ve successfully bought several fun things on the platform, I’ve also gotten scammed more than once, so this is not for the timid or the tight-budgeted among us.
That isn’t to say that some of my more stubborn readers haven’t followed in my footsteps before, ignoring my advice and setting out on their own wild journey. But please don’t be the one who risks it all and gets nothing in return. Don’t say I didn’t warn you; this is the warning.
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The OPEC logo is displayed on a mobile phone screen in front of a computer screen displaying OPEC icons in Ankara, Turkey, on June 25, 2024.
Anadolu | Anadolu | Getty Images
Eight oil-producing nations of the OPEC+ alliance agreed on Saturday to increase their collective crude production by 548,000 barrels per day, as they continue to unwind a set of voluntary supply cuts.
This subset of the alliance — comprising heavyweight producers Russia and Saudi Arabia, alongside Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates — met digitally earlier in the day. They had been expected to increase their output by a smaller 411,000 barrels per day.
In a statement, the OPEC Secretariat attributed the countries’ decision to raise August daily output by 548,000 barrels to “a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories.”
The eight producers have been implementing two sets of voluntary production cuts outside of the broader OPEC+ coalition’s formal policy.
One, totaling 1.66 million barrels per day, stays in effect until the end of next year.
Under the second strategy, the countries reduced their production by an additional 2.2 million barrels per day until the end of the first quarter.
They initially set out to boost their production by 137,000 barrels per day every month until September 2026, but only sustained that pace in April. The group then tripled the hike to 411,000 barrels per day in each of May, June, and July — and is further accelerating the pace of their increases in August.
Oil prices were briefly boosted in recent weeks by the seasonal summer spike in demand and the 12-day war between Israel and Iran, which threatened both Tehran’s supplies and raised concerns over potential disruptions of supplies transported through the key Strait of Hormuz.
At the end of the Friday session, oil futures settled at $68.30 per barrel for the September-expiration Ice Brent contract and at $66.50 per barrel for front month-August Nymex U.S. West Texas Intermediate crude.