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Global EV leader BYD believes new energy vehicles, including EVs and PHEVs, have entered the “knockout round” with gas-powered cars. BYD plans to more than double its overseas sales this year, as it aims for one million in 2025.

Let the “liberation battle” begin

After declaring a “liberation battle” against gas-powered cars earlier this year, BYD, or Build Your Dreams, is putting pressure on overseas rivals.

During an investor meeting on Wednesday, BYD’s CEO, Wang Chaunfu, said it will launch its next-gen hybrid tech offering over 1,200 miles (2,000 km) range. We reported earlier this month that BYD looks to crush gas-powered car sales with its newest platform.

Most BYD vehicles are based on its e-Platform 3.0, an advanced 8-in-1 electric powertrain with integrated Blade batteries.

By building nearly all vehicle components, including batteries, in-house, BYD has a major advantage over rivals. BYD can offer low-cost EVs, like the new Seagull, starting under $10,000 (69,800 yuan) and still make a profit.

Its next-gen DM-i system will enable an even more range at a lower cost. According to a new Yicai report (translated), Chaunfu said BYD will launch its next-gen DM-i platform in May.

BYD-knockout-round
BYD Seagull (Dolphin Mini) testing (Source: BYD)

BYD believes EVs, PHEVs entered the “knockout round”

Chaunfu added that he believes EVs and PHEVs have “entered the knockout round” and that the next two years will be critical for automakers to scale, reduce costs, and introduce new tech.

As new electric cars roll out in China, BYD sees joint venture brands (overseas automakers) market share falling from 40% to 10%. The 30% offers room for Chinese brands to grow.

BYD-new-EV-platform
BYD Dolphin EV Honor Edition (Source: BYD)

BYD is using an “overseas + localization” strategy to expand the brand. For example, BYD is building a plant in Hungary that will “be Europe, for Europe.” BYD’s European leader said the plant will “be closer to customers, offering faster deliveries, and people will trust us more.”

Chaunfu said BYD aims to sell 500,000 vehicles overseas this year, more than double the 240,000 handed over last year. By 2025, BYD sees overseas sales reaching 1 million.

BYD-Atto-3-Japan

BYD’s first vehicle transport ship, the BYD Explorer No. 1, landed in Germany last month as the automaker expands its overseas footprint.

Meanwhile, after launching in Japan last year, BYD already accounted for 20% of Japan’s EV imports in January, a market dominated by Toyota.

The automaker launched a “liberation battle” with drastic price cuts and new lower-priced models earlier this year.

BYD says its main competition is gas-powered vehicles and joint venture brands. Several of its most popular EVs, including the Dolphin and Seagull, were updated with lower prices. Its cheapest EV, the Seagull, starts at just $9,700.

Electrek’s Take

BYD has already sent shockwaves throughout the industry with the new Seagull EV starting under $10,000.

Ford’s CEO Jim Farley called the Seagull “pretty damn good,” as he warned rivals. Farley said at the Wolfe Research Conference last month that if automakers fail to keep up with the Chinese, like BYD, “20% to 30% of your revenue is at risk.” In response, Ford is shifting from larger to smaller, more affordable EVs.

How will automakers react to a new platform that will cut costs even further? With new tech and models rolling out, BYD expects to steal even more market share from gas vehicles over the next few years.

Although many pit BYD and Tesla against each other because they are the leading EV makers, BYD sees Tesla as a respected industry partner. Its main target is gas-powered vehicles.

BYD is best known for its affordable EVs, such as the Dolphin, Atto 3, and Seagull, but it’s expanding into new segments, including mid-size SUVs and luxury models.

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Hyundai wants you to know: The 3-row IONIQ 9 is seriously spacious

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Hyundai wants you to know: The 3-row IONIQ 9 is seriously spacious

Hyundai’s first three-row electric SUV is finally here, and it’s even better than we expected. The IONIQ 9 arrives with “class-leading” interior space, up to 335 miles of range, and much more. Hyundai is showing off just how spacious the IONIQ 9 really is.

Hyundai highlights how spacious the 3-row IONIQ 9 is

It’s been less than two months since the first IONIQ 9 models rolled off the assembly line at Hyundai’s massive new manufacturing plant in Georgia.

With its first three-row electric SUV about to reach dealerships any day, Hyundai wants you to know that the IONIQ 9 is spacious enough for just about anyone.

“The IONIQ 9 is more than just a vehicle; it’s a space where life happens,” Hyundai Motor America’s marketing chief, Sean Gilpin, explained.

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Hyundai launched a new ad campaign on Friday, ” Space to Connect, ” to highlight the SUV’s class-leading interior space.

With the second and third-row seats folded, the IONIQ 9 boasts up to 2,462 liters (87 cubic feet) of interior cargo space. That’s even more than the 2025 Ford Explorer with up to 2,429 liters (85.8 cubic feet). With all seats upright, the IONIQ 9 still has 620 liters of cargo capacity.

It’s not only spacious, but the IONIQ 9’s interior is packed with Hyundai’s most advanced software and connectivity tech.

As part of a curved panoramic display, the infotainment system includes dual 12″ driver display and infotainment screens.

Earlier this month, Hyundai announced that the 2026 IONIQ 9 will start at $58,995. With a $1,600 destination fee, the base RWD S model, which has a range of up to 335 miles, also starts at $60,555.

For $64,365 (including destination), you can upgrade to the AWD SE model with 303 horsepower and 320 miles range. Meanwhile, the range-topping IONIQ 9 AWD Performance Calligraphy Design trim, which gets added Matte paint, 21″ wheels, and 311 miles driving range, starts at $78,090.

2026 Hyundai IONIQ 9 Model EV Powertrain Drivetrain Driving
Range
(miles)
Starting Price
(including destination fee)
IONIQ 9 RWD S 160-kW (215-HP)
Electric Motor
Rear-
Wheel
Drive
335 $60,555
IONIQ 9 AWD SE 226.1 kW (303-HP)
Dual Electric Motors
All-Wheel
Drive
320 $64,365
IONIQ 9 AWD SEL 226.1-kW (303-HP)
Dual Electric Motors
All-Wheel
Drive
320 $67,920
IONIQ 9 AWD 
PERFORMANCE LIMITED
314.6-kW (422-HP)
Dual Electric Motors
All-Wheel
Drive
311 $72,850
IONIQ 9 AWD
PERFORMANCE
CALLIGRAPHY
314.6-kW (422-HP)
Dual Electric Motors
All-Wheel
Drive
311 $76,590
IONIQ 9 AWD
PERFORMANCE
CALLIGRAPHY DESIGN
314.6-kW (422-HP)
Dual Electric Motors
All-Wheel
Drive
311 $78,090
2026 Hyundai IONIQ 9 prices and driving range by trim (*including a $1,600 destination fee)

The IONIQ 9 has a native NACS port to access Tesla Superchargers. Using a 350 kW DC fast charger, it can charge from 10% to 80% in as little as 24 minutes.

Hyundai is also offering a free ChargePoint Home Flex Level 2 charger on any new 2026 IONIQ 9 or 2025 IONIQ 5. The offer is good for purchases or leases.

While you wait for the three-row IONIQ 9, Hyundai’s smaller IONIQ 5 is currently on sale. With leases starting at just $209 per month, the IONIQ 5 is hard to pass up right now. You can use our link to find Hyundai IONIQ 5 models at a dealer near you today.

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Here’s every used EV that qualifies for a $4,000 tax credit as of May 2025

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Here's every used EV that qualifies for a ,000 tax credit as of May 2025

Federal tax credits are starting to waver under the current administration, but as of May 2025, you can still take advantage of up to $4,000 off the purchase of a used EV. If you’d rather not listed to me talk, you can skip right to all the BEVs and PHEVs that currently qualify by clicking here.

How the current tax credit works for used EVs

As part of revised terms in the Inflation Reduction Act signed by President Biden, federal tax credits have been extended (for now) and include revamped benefits for used EV purchases. That said, your used EV purchase must fit certain criteria to qualify for a credit up to $4,000. Per the IRS:

Beginning January 1, 2023, if you buy a qualified previously owned electric vehicle (EV) or fuel cell vehicle (FCV) from a licensed dealer for $25,000 or less, you may be eligible for a previously owned clean vehicle tax credit under Internal Revenue Code Section 25E.

Used EVs face terms that offer a credit equal to 30% of the sale price (up to $4,000). That should help consumers like yourselves get some change back in their pockets at the end of the fiscal year, as long as you stick to these terms as outlined by the IRS.

To qualify as a customer, you must:

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  • Be an individual who bought the vehicle for use and not for resale
  • Must be an individual (no businesses)
  • Not be the original owner
  • Not be claimed as a dependent on another person’s tax return
  • Not have claimed another used clean vehicle credit in the 3 years before the EV purchase date
  • Modified adjusted gross income must not exceed $75k for individuals, $112,500 for heads of households, and $150k for joint returns

Additionally, in order for used EV to qualify for federal tax credits, it must:

  • Have a sale price of $25,000 or less
  • Have a model year at least 2 years earlier than the calendar year when you buy it
    • For example, a vehicle purchased in 2023 would need a model year of 2021 or older
  • Not have already been transferred after August 16, 2022, to a qualified buyer
  • Have a gross vehicle weight rating of less than 14,000 pounds
  • Be an eligible FCV or plug-in EV with a battery capacity of least 7 kilowatt hours (kWh)
  • Be for use primarily in the United States
  • Purchased from a certified dealer:
    • For qualified used EVs, the dealer reports required information to you at the time of sale and to the IRS
  • A used vehicle qualifies for tax credit only once in its lifetime
used EV tax credits

These used EVs qualify for credits as of May 2025

It’s important to note that this is not the end-all, be-all list of used EVs that qualify for tax credits in the US. As always, we recommend speaking with a tax professional and EV dealer directly to ensure what you and your new vehicle qualify for. Without further ado, here are the all-electric models that currently qualify:

Battery Electric Vehicles (BEVs)

Make/Model/Year(s) Full Tax Credit
AUDI
e-tron (2019, 2021-2023) Up to $4,000
e-tron Sportback (2020-2023) Up to $4,000
BMW
i3 (60Ah) (2017) Up to $4,000
i3 (2014-2021) Up to $4,000
i3s (2018-2021) Up to $4,000
i4 Gran Coupe (2022-2023) Up to $4,000
i7 xDrive60 Sedan (2023) Up to $4,000
iX M60 (2023) Up to $4,000
iX xDrive50 (2022) Up to $4,000
BRIGHTDROP (GM)
Zevo 600 (2023) Up to $4,000
CADILLAC (GM)
LYRIQ (2023) Up to $4,000
CHEVROLET (GM)
Bolt (2017-2021) Up to $4,000
Bolt EV (2022-2023) Up to $4,000
Bolt EUV (2022-2023) Up to $4,000
Spark EV (2014-2016) Up to $4,000
FIAT
500e (2013-2019) Up to $4,000
FORD
E-Transit (2022-2023) Up to $4,000
F-150 Lightning Standard/Extended Range (2022-2023) Up to $4,000
Focus Electric (2012-2018) Up to $4,000
Mustang Mach-E (2021-2023) Up to $4,000
GENESIS
Electrified G80 (2022-2023) Up to $4,000
Electrified GV70 (2023) Up to $4,000
GV60 (2023) Up to $4,000
GMC (GM)
Hummer EV (2022-2023) Up to $4,000
HYUNDAI
IONIQ 5 (2022-2023) Up to $4,000
IONIQ 6 (2023) Up to $4,000
Ioniq BEV (2017-2021) Up to $4,000
Kona EV (2019-2022) Up to $4,000
Kona Electric (2023) Up to $4,000
JAGUAR
I-Pace (2019-2023) Up to $4,000
KIA
EV6 (2022-2023) Up to $4,000
Niro EV (2019-2023) Up to $4,000
Soul EV (2015-2020) Up to $4,000
LUCID MOTORS
Air (all trims) (2022) Up to $4,000
MAZDA
MX-30 (2022-2023) Up to $4,000
MERCEDES-BENZ
B250e (B-Class) (2014-2017) Up to $4,000
EQB SUV (all trims) (2022-2023) Up to $4,000
EQE Sedan (all trims) (2023) Up to $4,000
EQE SUV (all trims) (2023) Up to $4,000
EQS Sedan (all trims) (2022-2023) Up to $4,000
EQS SUV (all trims) (2023) Up to $4,000
MINI
Cooper S E Hardtop (2020-2023) Up to $4,000
MITSUBISHI
i-MiEV (2012-2014, 2016-2017) Up to $4,000
NISSAN
Ariya (all trims) (2023) Up to $4,000
LEAF (all trims) (2011-2023) Up to $4,000
POLESTAR
Polestar 2 (2021-2022) Up to $4,000
PORSCHE
Taycan (all trims) (2020-2023) Up to $4,000
RIVIAN
EDV (2022) Up to $4,000
R1T (2022-2023) Up to $4,000
R1S (2022-2023) Up to $4,000
SMART USA
Cabrio EV (2013-2015, 2017-2018) Up to $4,000
Coupe EV (2013-2018) Up to $4,000
EQ Fortwo Cabrio (2019) Up to $4,000
EQ Fortwo Coupe (2019) Up to $4,000
SUBARU
Solterra (2023) Up to $4,000
TESLA
Cybertruck (2023) Up to $4,000
Model 3 (2017-2023) Up to $4,000
Model S (2012-2023) Up to $4,000
Model X (2016-2023) Up to $4,000
Model Y (2020-2023) Up to $4,000
Roadster (2009-2011) Up to $4,000
TOYOTA
RAV4 EV (2012-2014) Up to $4,000
VOLKSWAGEN
e-Golf (2015-2019) Up to $4,000
ID.4 (all trims) (2021-2023) Up to $4,000
VOLVO
C40 Recharge (2022-2023) Up to $4,000
XC40 Recharge (2021-2023) Up to $4,000
Updated by the IRS as of 1/6/2025
used ev tax credit
The BMW i3

Plug-In Hybrid Electric Vehicles (PHEVs)

Make/Model/Year(s) Full Tax Credit
AUDI
A3 e-tron/ultra (2016-2018) Up to $4,000
A7 55 TFSI e Quattro (2021-2022) Up to $4,000
A8L PHEV (2020) Up to $4,000
A8L 55 TFSI e Quattro (2021) Up to $4,000
A8L 60 TFSI e Quattro (2021) Up to $4,000
Q5 PHEV (2020) Up to $4,000
Q5 55 TFSI e Quattro (2021-2023) Up to $4,000
BENTLEY
Bentayga Hybrid SUV (2020-2021, 2023) Up to $4,000
Flying Spur Hybrid (2023) Up to $4,000
BMW
330e (2016-2018, 2021-2023) Up to $4,000
330e xDrive (2021-2023) Up to $4,000
530e/xDrive (2018-2023) Up to $4,000
740e (2017) Up to $4,000
740e xDrive (2018-209) Up to $4,000
745e xDrive (2020-2022) Up to $4,000
i3 Sedan with Range Extender (2014-2021) Up to $4,000
i3s Sedan with Range Extender (2018-2021) Up to $4,000
i8 (2014-2017) Up to $4,000
i8 Coupe/Roadster (2019-2020) Up to $4,000
X3 xDrive30e (2020-2021) Up to $4,000
X5 xDrive40e (2016-2018) Up to $4,000
X5 xDrive45e (2021-2022) Up to $4,000
XM (2023) Up to $4,000
CADILLAC (GM) Up to $4,000
CT6 (2017-2018) Up to $4,000
ELR (2014-2016) Up to $4,000
CHEVROLET (GM)
Volt (2011-2019) Up to $4,000
CHRYSLER
Pacifica PHEV (2017-2023) Up to $4,000
DODGE
Hornet PHEV (2023) Up to $4,000
FORD
C-Max Energi (2013-2017) Up to $4,000
Escape Plug-In Hybrid (2020-2023) Up to $4,000
Fusion Energi (2013-2020) Up to $4,000
HONDA
Clarity Plug-in Hybrid (2018-2021) Up to $4,000
HYUNDAI
Ioniq PHEV (2018-2022) Up to $4,000
Santa Fe PHEV (2022-2023) Up to $4,000
Sonata PHEV (2016-2019) Up to $4,000
Tucson PHEV (2022-2023) Up to $4,000
JEEP
Grand Cherokee 4xe (2022-2023) Up to $4,000
Wrangler 4xe (2021-2023) Up to $4,000
KIA
Niro PHEV (2018-2023) Up to $4,000
Optima PHEV (2017-2020) Up to $4,000
Sorento PHEV (2022-2023) Up to $4,000
Sportage PHEV (2023) Up to $4,000
LAND ROVER
Range Rover SE PHEV (2023) Up to $4,000
Range Rover Sport Autobiography PHEV (2023) Up to $4,000
LEXUS
NX PHEV (2022) Up to $4,000
LINCOLN
Aviator Grand Touring (2020-2023) Up to $4,000
Corsair Grand Touring (2021-2023) Up to $4,000
MERCEDES-BENZ
GLC350e 4Matic (2018-2019) Up to $4,000
GLC350e 4Matic EQ (2020) Up to $4,000
GLE550e 4Matic (2016-2018) Up to $4,000
S550e PHEV (2015-2017) Up to $4,000
S560e (2019-2020) Up to $4,000
S580 Sedan (2023) Up to $4,000
MINI
Cooper S E Countryman ALL4 (2018-2023) Up to $4,000
MITSUBISHI
Outlander PHEV (2018-2023) Up to $4,000
POLESTAR
Polestar 1 (2020-2021) Up to $4,000
PORSCHE
Cayenne E-Hybrid (all models) (2015-2023) Up to $4,000
Panamera E-Hybrid (all models) (2014-2016, 2018-2021) Up to $4,000
Panamera E-Hybrid (all models) (2022-2023) Up to $4,000
SUBARU
Crosstrek Hybrid (2022) Up to $4,000
Crosstrek Plug-In Hybrid (2019-2021) Up to $4,000
TOYOTA
Prius Prime PHEV (2017-2022) Up to $4,000
RAV4 Prime PHEV (2021-2022) Up to $4,000
VOLVO
S60 (2019-2023) Up to $4,000
S90 (2018-2023) Up to $4,000
V60 (2020-2023) Up to $4,000
XC60 (2018-2023) Up to $4,000
XC90 (2016-2023) Up to $4,000
Updated by the IRS as of 1/6/2025

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Tesla (TSLA) shareholders get excited for ‘Tesla prototype’ that turn out to be a competitor’s

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Tesla (TSLA) shareholders get excited for 'Tesla prototype' that turn out to be a competitor's

Tesla (TSLA) shareholders were getting excited on social media about a “Tesla prototype” that turned out to be a competitor’s prototype vehicle.

A new electric vehicle prototype started showing up on social media, and Tesla shareholders started sharing it, assuming it was a Tesla prototype.

A Tesla shareholder part of the “Rebellionaire” group on X, a group of Tesla stock pumpers, even shared it, claiming that it is “what gets him ultra bullish” on Tesla:

The only problem is that it wasn’t even a Tesla prototype.

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Faraday Future (FF) came out and confirmed that it is a prototype mule of their new ‘Faraday X’:

That’s our testing vehicle, a Faraday X Prototype Mule.

FF is better known for its very high-end FF91, but it is currently developing less expensive next-generation vehicles under its new Faraday X brand.

Tesla shareholders got excited because some are still holding on to the idea that Tesla is going to release new cheaper electric vehicles under new models.

This is due to CEO Elon Musk falsely denying a report that Tesla canceled its cheaper electric vehicles based on its next-gen platform (NV91-92) in favor of the ‘Cybercab’ and stripped-down versions of the Model 3 and Model Y.

Tesla has confirmed all that in their most recent financial results and earnings calls, but some are still holding on to the idea that Tesla plans to release completely new models due to Musk’s comments.

Electrek’s Take

I think part of Tesla’s problems right now are due to its shareholder base not recognizing its problems and blindly believing what Elon Musk says, despite a long history of misleading and plain wrong.

This is a prime example.

Tesla has now confirmed what we have been reporting for a year: the new vehicles are just going to be stripped-down versions of Model 3 and Model Y.

No new models are coming to market other than supposedly the Cybercab, but as long as this is only planned without a steering wheel, it is useless until it can solve unsupervised self-driving, which it has yet to do.

This is a problem that shareholders are either ignoring or don’t believe.

Tesla launched a single new model in the last five years, the Cybertruck, which was a commercial flop.

At some point, shareholders must wake up and realize that Musk is destroying Tesla’s EV business and that self-driving vehicles are not coming to save the day.

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