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Ford’s EV sales climbed 80% year-over-year (YOY) in February following aggressive price cuts last month.

Ford EV sales climb in February following price cuts

After EV sales slipped 11% last month in EV sales last month, Ford saw a big improvement in February with 6,368 all-electric vehicles handed over, up 80.8% over last year.

Ford sold 2,930 Mustang Mach-E models in February, up 64.3% YOY. However, Mach-E sales were down 20% through the first half of 2023 as Ford retooled its Cuatitlan, Mexico plant, where the EV is assembled.

Ford’s CFO John Lawler told investors in October that the company has “taken out some Mustang Mah-E production,” citing market demand.

Meanwhile, Ford F-150 Lightning sales nearly doubled (+93%) YOY, with 2,930 EV trucks delivered. That’s up from the 2,258 Lightning models sold in January.

The growth comes after Ford announced it was cutting Lightning production in January. Ford said the move was to “achieve the optimal balance of production, sales growth and profitability.” E-Transit sales were also up 112.9% last month, with 860 electric vans handed over.

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Ford F-150 Lightning production (Source: Ford)

Ford’s overall sales were up 10.5% in February as EVs (+80.8% YOY) and hybrids (+31.5% YOY) carried the growth.

The company’s EV sales growth follows Ford’s decision to slash prices last month. Ford cut 2023 Mustang Mach-E prices by up to $8,100. The automaker also introduced significant incentives on certain 2023 F-150 Lightning models, including up to $12,500 retail bonus cash for the Platinum trim.

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Ford Mustang Mach-E (Source: Ford)

Ford announced eligible Mustang Mach-E and F-150 Lightning owners can now request their free CSS to NACS adapter for Tesla’s supercharger network. The company plans to add Tesla’s connector to its next-gen EVs, due in 2025.

Electrek’s Take

Despite Ford cutting production, EV sales are still rising. Ford has pulled back on several EV initiatives, including $12 billion in spending.

Ford isn’t the only one. Rivals, including GM and Mercedes-Benz, revealed similar plans. Meanwhile, pure EV makers like Tesla and Rivian and overseas rivals like Hyundai and Volvo are taking advantage of the transition.

Rivian’s R1S electric SUV was the seventh best-selling EV last year, with over 24,783 units sold. That’s more than the Ford F-150 Lightning (24,165).

Hyundai is opening its first EV and battery plant in the US, a massive $7.6 billion site in Georgia. Once up and running, Hyundai expects EVs assembled at the facility will qualify for the $7,500 federal tax credit, including its first three-row electric SUV, the IONIQ 9.

Ford’s CEO Jim Farley mentioned a “seismic change” in the EV market several times on the company’s Q4 earnings call last month.

Farley said the catalyst is due to EV makers like Tesla cutting prices and “a tremendous amount of capital flowing and a ton of new capacity into one single segment: 2-row crossovers.”

Ford is shifting its focus to smaller EVs. Farley said Ford developed a “super talented skunk works team to create a low-cost EV platform.” The move comes as Ford looks to take on low-cost Chinese automakers and Tesla.

If you’ve been eyeing Ford’s electric vehicles, now may be the best time to start shopping with recent price cuts. Ready to get started? You can use our links below to find unbeatable deals on Ford’s EVs at a dealer by you today.

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Tesla drops Steam gaming support inside its vehicles

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Tesla drops Steam gaming support inside its vehicles

Tesla is telling new Model S and Model X buyers that they won’t have access to Steam gamin inside their electric vehicles.

Even though Tesla has been investing heavily into integrating video games into its in-car entertainment system, it still surprised many when Tesla said earlier this year that it planned to go as far as integrating Valve’s Steam, an online video game store and distribution platform, in its vehicles.

Steam has such a large library of games, including high performance games that haven’t been integrated into Tesla vehicles before.

In late 2022, Tesla officially launched its Steam Beta native app in new Model S and Model X vehicles.

However, we now learn that Tesla is dropping the feature. The automaker wrote to people taking delivery of new Model S and Model X vehicles:

Tesla is updating the gaming computer in your Model X and your vehicle is no longer capable of playing Steam games. All other entertainment and app functionalities are unaffected.

It doesn’t sound like current owners are affected by the change.

Tesla has been known to drop existing apps in new vehicles while keeping them vehicles already delivered, like the Disney Plus app.

Electrek’s Take

I’m not so surprised. While it was an interesting idea, I’ve always maintained that if you want to game inside your Tesla, you’re better off with a mobile gaming device, whether it be a gaming laptop or Steam Deck or something like that.

Some games are enjoyable inside the Tesla, but it is a limited gaming rig. Maybe it is because it is a car.

I assume that Tesla saw that very few people were using Steam inside its vehicles and dropped it.

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Toyota preps first electric pickup, the Hilux BEV, following BYD Shark PHEV truck launch

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Toyota preps first electric pickup, the Hilux BEV, following BYD Shark PHEV truck launch

Following the launch of BYD’s first pickup, the Shark PHEV, Toyota is testing an all-electric Hilux BEV model. Toyota is preparing to produce its first electric pickup in Thailand by the end of next year.

Toyota to launch its first electric pickup in Thailand

As one of the top-selling pickups globally, the Toyota Hilux is the perfect model to go all-electric. It’s already sold in 180 countries and regions with a wide-reaching market of buyers.

Toyota has been teasing an all-electric version for some time. Although its first “electrified” Hilux Hybrid 48V was introduced last December, it still has a 2.8L diesel engine for a modest 5% fuel efficiency improvement.

The automaker even unveiled a hydrogen fuel cell Hilux prototype last year, so where is the all-electric version?

Speaking to reporters at the Bangkok International Motor Show in March, Toyota Thailand president Noriaki Kamashita confirmed the Hilux EV would roll out by the end of 2025.

“Our intention is to be producing the Hilux BEV over here,” Pras Ganesh, executive vice president of Toyota Motor Asia, confirmed to Reuters this week.

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Toyota Hilux Revo BEV Concept (Source: Toyota Motor)

Although the first electric Toyota pickup will be aimed at the Thailand market, Toyota is considering exporting the model, according to Ganesh.

Toyota is still working out the kinks ahead of its debut.”The more range I have to put on it, the more battery I have to put on it, which means the weight of the vehicle also becomes significantly heavier, which means the loading can be much less,” Ganesh explained.

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Toyota HiLux BEV electric pickup (Source: Toyota)

“So is it going to meet the customer’s usage needs?’ is always our biggest issue. We are always trying to understand what they do.”

BYD, Chinese automakers are taking over

Meanwhile, Chinese rival BYD launched its first pickup this week. BYD introduced the Shark, a plug-in hybrid pickup with 100 km (62 mi) NEDC all-electric range. Combined, the Shark PHEV can travel 840 km (522 mi) NEDC range.

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BYD Shark launch event (Source: BYD)

BYD launched the Shark in Mexico but plans to take the pickup globally. Available in two versions, the GL model starts at $53,400 (899,980 pesos), while the GS costs $58,100 (969,800 pesos).

According to BYD, the Shark’s fuel consumption (7.5L per 100 km) is 40% lower than that of a full gas-powered engine truck.

At 5,457 mm long, 1,971 mm wide, and 1,925 mm tall, the BYD Shark is a direct rival to Toyota’s top-selling Hilux pickup (5,325 mm long X 1,855 mm wide X 1,815 mm tall).

Electrek’s Take

After traveling across Thailand for my honeymoon over the past few weeks, I can confirm that Toyota Hilux models are everywhere. Japanese automakers like Toyota and Honda are still the most popular on the road.

Having said that, BYD and other Chinese automakers like MG and GWM are making a strong push. Most of the Grab (Thailand’s Uber) that I took were electric MG or BYD vehicles. The most popular models during my travels were the MG4, BYD Atto 3, Ora Good Cat (and Funky Cat), and BYD Dolphin. I also saw a bunch of Teslas and a handful of Volvo EVs.

I even saw a bunch of them on the smaller, less developed islands. Signs everywhere (Airports, highways, markets, etc.) were promoting BYD, MG, XPeng, and other Chinese EVs.

BYD was Thailand’s best-selling EV brand last year, with the Atto 3 being the top-selling electric model. Over 19,200 were delivered, and you can start to see the shift.

Meanwhile, Toyota’s sales are down over 25% in Thailand this year (133,406) after falling another 32% in March.

After breaking ground last March, BYD is expected to finish construction on its first car plant in Thailand. Once up and running, the plant is expected to produce 150,000 vehicles a year as BYD looks to grow its brand in the region.

Toyota will need to hurry to keep up with Thailand’s rapidly evolving auto market, or it risks falling further behind BYD, MG, and GWM.

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NIO’s new low-cost Onvo L60 EV could boost sales to +20,000 per month

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NIO's new low-cost Onvo L60 EV could boost sales to +20,000 per month

The first model of NIO’s new low-cost Onvo brand, the L60 electric SUV, could lead to a sales surge, according to at least one analyst. Aimed at Tesla’s best-selling Model Y, the NIO Onvo L60 could boost sales to over 20,000 per month as an even more affordable ($30K) option.

NIO’s new $30K Onvo L60 could lead to a sales surge

After launching the first EV under its new mass-market Onvo brand this week, starting at $30,500 (219,900 yuan), NIO’s new electric SUV is already attracting analysts’ attention.

In a statement sent to investors overnight, Deutsche Bank (via CnEVPost) analyst Wang Bin’s team said: “Onvo L60 SUV will officially start delivery in Sep. 2024, and the company is targeting Onvo L60 monthly delivery volume of ~10,000 units.”

However, the analyst agreed NIO’s previous target of 20,000 deliveries per month is doable. “Thus we think Nio’s expectation of monthly >20,000 unit delivery is achievable with boost from Onvo.”

At 4,828 mm long, 1,930 mm wide, and 1,616 mm tall, the Onvo L60 will directly rival the Model Y (4,750 mm long X 1,921 mm wide X 1,624 mm tall).

NIO's-Onvo-L60-sales
NIO CEO William Li presents the Onvo L60 electric SUV (Source: NIO)

A true Tesla Y rival?

Starting at $30,500 (219,900 yuan), NIO’s new electric SUV undercuts the Tesla Model Y in China. Tesla’s base RWD Model Y starts at $34,500 (249,900 yuan) with up to 554 km (344 mi) CLTC range.

NIO Onvo L60 vs Tesla Model Y trims Range
(CLTC)
Starting Price
NIO Onvo L60 (60 kWh) 555 km (341 mi) 219,900 yuan ($30,500)
NIO Onvo L60 (90 kWh) 730 km (454 mi) TBD
NIO Onvo L60 (150 kWh) +1,000 km (+621 mi) TBD
Tesla Model Y RWD 554 km (344 mi) 249,900 yuan ($34,600)
Tesla Model Y AWD Long Range 688 km (427 mi) 290,900 yuan ($40,300)
Tesla Model Y AWD Performance 615 km (382 mi) 354,900 yuan ($49,100)
NIO Onvo L60 vs Tesla Model Y

The new NIO Onvo L60 gets over 1,000 km (+621 mi) CLTC range with the top-of-the-line 150 kWh version. However, the base L60, starting at $30,500 (60 kWh battery), gets up to 555 km (341 mi) range.

Tesla’s Long Range AWD Model Y starts at $40,300 (290,900 yuan) with up to 688 km (427 mi) range, while the AWD Performance model costs $49,100 (354,900 yuan).

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NIO Onvo L60 electric SUV (Source: NIO)

NIO says its new electric SUV has better energy consumption than the Tesla Model Y (12.1 kWh/100km vs. 12.5 kWh/100km) under the same CLTC conditions.

Bin’s team expects NIO to launch six new vehicles next year, generating 300,000 in sales. That would be 25,000 unit sales per month, including NIO’s new Onvo brand.

NIO-Onvo-Tesla
NIO Onvo L60 electric SUV (Source: NIO)

New EVs to accelerate growth

NIO CEO William Li and Alan Ai, president of Onvo, revealed the brand’s second model will be a larger (six or seven-seater) electric SUV. According to CarNewsChina, the second Onvo EV is expected to launch in 2025.

In addition to the two new Onvo EVs, Bin’s team expects four new NIO brand models to roll out next year: the ET9 Sedan, ES8 SUV, and ES7 SUV, all based on its new NT 2.0 platform.

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NIO Onvo L60 electric SUV (Source: NIO)

“As a result, we forecast Nio’s total 2025 sales volume to increase 62% YoY to 300,000 units,” the note read. The breakdown includes 200,000 NIO brand models and another 100,000 in Onvo sales.

NIO delivered 15,620 vehicles last month, up 135% YOY, with the EC6 (+53%), ES6 (+48%), and ET5 (+52%) all seeing double-digit month-over-month gains.

NIO management told the media this morning that the the development of Onvo’s second EV is almost complete and deliveries will begin next year.

NIO's-Onvo-L60-sales
NIO EC6 (Source: NIO)

“If the product is done right, a single model could sell enough, as Tesla BYD has proven,” Li said. BYD recently launched its own Model Y competitor, the Sea Lion 07, starting at 189,800 ($26,250), undercutting both rival EVs (Check out BYD’s Sea Lion 07 here).

What do you you think? Can NIO’s new Onvo brand match Tesla’s or BYD’s sales? Drop us a comment below to let us know your thoughts.

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