U.S. Treasury Secretary Janet Yellen testifies before a House Financial Services Committee hearing on the “Annual Report of the Financial Stability Oversight Council” on Capitol Hill in Washington, U.S., February 6, 2024.
Amanda Andrade-rhoades | Reuters
Treasury Secretary Janet Yellen on Wednesday lauded President Joe Biden‘s investment in electric vehicles for accelerating the sector, even as the industry cools off from its years-long hot streak.
Yellen touted Biden’s EV actions in Kentucky at a new $49 million EV battery factory built by Advanced Nano Parts, a battery supplier that will receive tax credits from Biden’s Inflation Reduction Act for the new clean energy facility.
“It’s part of a boom in EV-related investments in Kentucky,” Yellen said. “The Biden Administration’s policies and federal funds are fueling private sector investments.”
The secretary’s EV bullishness comes as the private sector tempers its mood on all-electric vehicles.
According to a recent CNBC report, major automakers that had eagerly set deadlines for their all-electric car transitions, like Ford and General Motors, are now cooling their expectations, shifting to more of a wait-and-see attitude rather than adhering to a tight EV conversion timeline.
The initial investor excitement around EVs was spurred in part by cheap money from low-interest rates, as well as Biden’s IRA, which introduced tax credits for both consumers who purchased all-electric vehicles and for the companies that produced them.
“The great American road trip is going to be fully electrified,” Biden said optimistically at a Michigan event in September 2022.
However, building out EV charging infrastructure has been slower than anticipated.
And consumer demand for the vehicles has not kept pace with original expectations.
Biden now also is reportedly slowing down his EV goals.
Workers with the City of Milwaukee Department of Public Works install a sign near the Pieper-Hillside Boys and Girls Club where President Joe Biden is scheduled to speak later in the afternoon on March 13, 2024 in Milwaukee, Wisconsin. Following his visit to Milwaukee, Biden is scheduled to visit Saginaw, Michigan on Thursday.
Scott Olson | Getty Images
The president introduced his EV investments with a goal of making half of all new vehicle sales electric by 2030.
As part of that timeline, the Environmental Protection Agency last April proposed its most ambitious restrictions on vehicles’ greenhouse gas emissions, which would have required EVs to take a majority share of the auto market by 2032.
Officials now are adjusting those rules for a more gradual increase in EV production, which would extend the emissions reduction timeline to roughly 2055, The New York Times reported in February.
With November’s presidential election looming, Biden’s aggressive EV push in some ways has also become a political liability.
In January, Biden secured the endorsement of the United Auto Workers, a union that has fears that the transition to EVs will leave autoworkers behind.
As the self-proclaimed “most pro-union president in American history,” Biden has had to reckon with the tensions between his EV goals and his labor stance.
Biden’s election opponent, former President Donald Trump, has repeatedly attacked Biden’s all-electric goals on the campaign trail.
“Green New Scam … All Electric Car Lunacy, and so much more, are looking to destroy our once great USA,” the Republican Trump wrote in a social media post on Christmas day.
– CNBC’s Michael Wayland contributed to this report.
Lease deals get all the hype, but most people still want to own the car after they’re done making all those payments on it. If that sounds like you, and you’ve been waiting for the interest rates on auto loans to drop, you’re in luck: there are a bunch of great plug-in cars you can buy with 0% financing in May, 2025!
As I was putting this list together, I realized there were plenty of ways for me to present this information. “Best EVs ..?” Too opinion based. “Cheapest EVs ..?” Too much research. “Best deal ..?” Too opinion based. In the end, I went with alphabetical order, by make. And, as for which deals are new this month? You’re just gonna have to check the list. Enjoy!
Acura ZDX
2024 Acura ZDX.
New for 2024, Acura ZDX uses a GM Ultium battery and drive motors, but the styling, interior, and infotainment software are all Honda. That means you’ll get a solidly-built EV with GM levels of parts support and Honda levels of fit, finish, and quality control. All that plus Apple CarPlay and (through June 2nd) 0% financing for up to 72 months makes the ZDX one the best sporty crossover values in the business.
All the electric Chevrolet models
Silverado EV, Equinox EV, and Blazer EV at a Tesla Supercharger; via GM.
Chevrolet is offering 0% financing for up to 60 months on all three of its Ultium-based EVs – and they’re all winners. The Silverado can be spec’ed up to a 10,500 lb. GVWR, making it capable enough to tow whatever horse, boat, or RV you put behind it.
As Stellantis flip-flops its way towards some kind of electrified future, Dodge is hoping that at least a few muscle car enthusiasts with extra cash will find their way to a Dodge store and ask for the meanest, loudest, tire-shreddingest thing on the lot without caring too much about what’s under the hood.
For them, Dodge has the new electric Charger. And if you still owed money on the Hemi you just totaled, Dodge will help get the deal done on its latest retro-tastic ride with a $3,000 rebate plus 0% financing for up to 72 months!
GMC Hummer EV
2024 GMC Hummer EV; via GM.
The biggest Ultium-based EVs from GM’s commercial truck brand are seriously impressive machines, with shockingly quick acceleration and on-road handling that seems to defy the laws of physics once you understand that these are, essentially, medium-duty trucks. This month, GMC is doing its best to move out its existing inventory of 2024s and ’25s so if you’re a fan of heavy metal you’ll definitely want to stop by your local GMC dealer and give the Hummer EV a test drive.
Honda Prologue
2024 Honda Prologue; via Honda.
The Honda Prologue was one of the top-selling electric crossovers last year, combining GM’s excellent Ultium platform with Honda sensibilities and Apple CarPlay to create a winning combination. Even so, there’s still some remaining 2024 inventory out there. To make room for the 2025 models, Honda is offering 0% APR for up to 72 months on the remaining 2024s.
Hyundai IONIQ 6
Hyundai IONIQ 6; via Hyundai.
From some angles, the Porsche influences in the Hyundai IONIQ 6′ design are obvious – but not so much so that it seems like a copy of anything. It’s aerodynamically efficient, comfortable, quick, offers up to 361 miles of range, can charge just about anywhere, and now through June 2nd, it’s available with 0% financing for up to 48 months.
Kia EV9
2025 Kia EV9; via Kia.
If you were waiting for a three-row SUV from a mainstream brand with a great warranty and normal doors, you’ve probably already checked out the Kia EV9. You’re not alone. Kia keeps setting EV sales records, and the EV9 is helping to drive those sales forward.
Starting at $55,175, the Lexus RZ promises up to 266 miles of EPA-rated range from a 72.8 kWh battery back in the “base” RZ300e (and 224 from the top-shelf RZ450e). With up to 308 hp and over 195 lb-ft of instant, all-electric torque, the RZ promises to be one Lexus’ zippier rides in any trim.
US News is reporting that remaining 2024 and ’25 Lexus RZ models qualify for 0% financing for up to 72 months in some regions.
Nissan Ariya
2024 Nissan Ariya.
I’ve already said that the Nissan Ariya didn’t get a fair shake. If you click that link, you’ll read about a car that offers solid driving dynamics, innovative interior design, and all the practicality that makes five-passenger crossovers the must-haves they’ve become for most families. With up to 289 miles of EPA-rated range, Tesla Supercharger access, and 0% interest from Nissan for up to 72 months, Nissan dealers should have no trouble finding homes for these.
Subaru Solterra
2025 Subaru Solterra; via Subaru.
Despite being something of a slow seller, this mechanical twin of the Toyota bZ4X EV seems like a solid mid-size electric crossover with some outdoorsy vibes and granola style that offers more than enough utility to carry your mountain bikes to the trail or your kayaks to the river. Add in 227 miles of range, some big discounts, and 0% financing for up to 72 months, and this should be a great month for electric Subaru fans to drive home in a new Solterra.
This month, get a Volkswagen ID.4 with 0% financing for up to 72 months or a $5,000 customer cash bonus to stack with it.
Disclaimer: the vehicle models and financing deals above were sourced from CarsDirect, CarEdge, and (where mentioned) the OEM websites – and were current as of 11MAY2025. These deals may not be available in every market, with every discount, or for every buyer (the standard “with approved credit” fine print should be considered implied). Check with your local dealer(s) for more information.
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Mercedes high-performance arm is about to hurl an all-electric, 1,000 hp GT squarely into Porsche Taycan territory – but will world-beating performance and a bespoke EV chassis be enough to convince the AMG faithful to pony up for an EV?
Despite excellent driving dynamics, screens for days, and acceleration that makes you feel like the finger of God is pressing into the seat, Mercedes-AMG’s EQE and EQS models were also cursed with jellybean styling and saddled with a confusing “is it an S class or isn’t it an S class” sub-brand that, together, probably turned more people off to EVs than on.
The newest, as-yet unnamed AMG GT will be based on an entirely bespoke platform called AMG.EA, rather than being based on an existing Mercedes-Benz EV. AMG.EA reportedly makes use of several new (to AMG, at least) technologies, including a pair of axial flux electric motors that are lighter and more powerful than the radial motors used in most EVs, while being smaller, as well.
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Those AMG motors are expected to receive power from a flat, low-slung battery pack and put out at least enough power and torque to chase Porsche’s super-powered Taycan Turbo GT, which itself is good for over 1,000 hp and 0-100 kmh (62 mph) in just 2.2 seconds.
The overall proportions and rakish, sloping windshield are already clearly visible, despite the heavy camo, and it looks great. If there’s anything here to really criticize, though, it’s the bizarre echoing of Mercedes’ three-pointed star motif baked into the head- and tail-lights – which just doesn’t work for me, at all.
That said, I think Mercedes lost its way the first time they ever made the star light up. That made it a fashion brand in my book, and not the engineering powerhouse I grew up with. If you’re like me, and there’s a bunch of rowdy kids playing on your lawn, head on down to the comments and let me know.
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Some Tesla employees officially asked for Elon Musk to resign as they confirmed the automaker is facing a massive demand problem, which they attribute to the CEO.
One employee got fired for it.
Regardless of the political spectrum, there’s no doubt that many Tesla employees still support CEO Elon Musk amid his extreme politicization, whether because they agree with his politics or because they support his vision for Tesla to become an AI and robotics company.
However, not all Tesla employees agree.
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There’s a growing movement within Tesla employees that recognizes that Musk is currently hurting Tesla’s mission to accelerate the advent of electric transport by alienating a large part of the consumer base and politicizing Tesla’s products.
In 2024, Tesla’s sales declined for the first time in a decade, and in Q1 2025, the decline greatly accelerated.
Some Tesla employees recognize what is happening, and they are afraid that the company is ignoring Musk’s negative impact on demand.
A group of current and former Tesla employees published an open letter in which they wrote:
The damage done to Elon’s personal brand is now irreversible and as the public face of Tesla, that damage has become our burden. We are now at a crossroads: continue with Elon as CEO and face further decline as customers abandon the brand, or move forward without him and allow our products and mission to succeed or fail on their own.
They are hoping for the latter to happen, but Musk and the board have completely ignored the demand problem.
The Tesla employees believe that Musk’s announcement that he will “refocus” on Tesla and spend less time on DOGE during Tesla’s earnings call last month was an example of that:
Elon’s recent claim that he is “refocusing” on Tesla is not only tone-deaf, it’s insulting. It implies that the hardships of the past six months stem from a lack of his attention, not from his actions. It shifts the blame onto the very people who have held this company together. Let’s be clear: we are not the problem. Our products are not the problem. Our engineering, service, and delivery teams are not the problem. The problem is demand. The problem is Elon.
The employees highlight how EV sales were up 10% in Q1 in the US while Tesla’s sales were down 9%.
The group of employees is also not buying Tesla’s excuse that it was simply due to people waiting for the new Model Y as they now confirm that thousands of new Model Ys are now sitting in inventory:
Now those very cars are sitting unsold, growing week after week. Production is running better than ever. Quality is high. Processes are strong. Demand is what’s broken. This is not a product problem. It is a leadership problem.
They are officially asking for Tesla to move forward without Musk as CEO
Tesla is ready to move forward. And we’re ready to move forward without Elon as CEO.
One of the Tesla employees behind the letter, Matthew LaBrot, has been let go, and he claims it’s due to his association with the letter.
He published it on a website and said on LinkedIn that he was let go because of it.
LaBrot had been at Tesla for more than 5 years and he was “Staff Program Manager for Sales and Delivery Training Programs” for the last 3 years.
A X account was also created to share the letter, but it was suspended by the platform, which is owned by Musk, who calls himself a “free speech absolutist.”
Tesla’s demand issues are getting so significant that the automaker told workers at Gigafactory Texas working on the Cybertruck and Model Y production lines to take a full week off.
Electrek’s Take
I’m happy to see some Tesla employees challenging the false narrative that there are no real demand issues. I liked how the letter framed the situation. It made it clear that Musk is the source of Tesla’s main problems right now.
Ignoring Tesla’s problems with the hope that you will soon figure out self-driving, even though you have been wrong about it for years, won’t make them disappear.
Unfortunately, Tesla is making it clear that injecting a dose of reality into this narrative will get you fired.
It’s a really sad time for a once-incredible company that had a massive impact on the auto industry and accelerated electrification.
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