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China’s NIO (NYSE: NIO) delivered over 20,000 vehicles in September, its fifth straight month crossing the mark. In just three days, NIO sold 832 Onvo L60 electric SUVs, the first of its new low-cost EV brand.

NIO ignited the industry after officially launching the Onvo L60 last month. Starting at just $21,200, the electric SUV kicks off NIO’s new affordable sub-brand.

The low starting price tag undercuts rivals, including Tesla’s Model Y, which starts at $34,600 (249,900 yuan) in China.

After handing over the first Onvo L60 on September 28, NIO announced it delivered 832 models in just three days.

NIO’s new electric SUV helped it achieve its second-highest monthly delivery total, with 21,181 vehicles delivered in September. The NIO brand delivered 20,349 models, while the Onvo L60 accounted for the remaining 832.

The growth was enough to put NIO over the 20,000-sales threshold for the fifth consecutive month.

It also helped push NIO to a new quarterly delivery record: 61,855 vehicles were handed over in Q3, up 11.6% from last year.

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NIO Onvo L60 electric SUV (Source: Onvo)

NIO delivered 832 Onvo L60 electric SUVs in 3 days

NIO hit its guidance of between 61,000 and 63,000 vehicle deliveries in the third quarter. With L60 deliveries set to accelerate in October, will NIO top its monthly sales record of 21,209 in June?

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NIO Onvo L60 electric SUV (Source: NIO)

The low $21,200 (149,900 yuan) price is for the battery rental model, which also includes a monthly subscription fee. The fee is $85 (599 yuan) for the 60 kWh battery or $125 (899 yuan) per month for the 85 kWh battery.


NIO Onvo L60 vs Tesla Model Y trims
Range
(CLTC)
Starting Price
NIO Onvo L60 (Battery rental) 555 km (341 mi)
730 km (454 mi)
149,900 yuan ($21,200)
NIO Onvo L60 (60 kWh) 555 km (341 mi) 206,900 yuan ($29,300)
NIO Onvo L60 (85 kWh) 730 km (454 mi) 235,900 yuan ($33,400)
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 in China

For the battery pack included, L60 prices start at $26,300 (206,900 yuan), still lower than the Model Y.

At 4,828 mm long x 1,930 mm wide x 1,616 mm tall, the L60 is slightly bigger than Tesla’s Model Y (4,750 mm long x 1,921 mm wide x 1,624 mm tall). However, its longer wheelbase (2,950 mm vs. 2,890 mm) gives way more interior space.

NIO-Onvo-L60-interior
NIO Onvo L60 interior (Source: Onvo)

Inside, the L60 is almost a replica of the Model Y. The 17.3″ infotainment screen is the center of an otherwise minimalistic setup.

NIO’s new Onvo L60 is expected to be a genuine rival to the Model Y and other top-selling electric SUVs in China. The low-cost EV is already earning praise from analysts as NIO looks to enter its next growth phase.

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NIO (NYSE: NIO) stock chart from October 2023 through October 2024 (Source: TradingView)

NIO shares surged Monday following a new $470 million (RMB 3.3 billion) cash investment to fuel its expansion. NIO stock is up 68% over the last month, but share prices are still down 20% over the past 12 months.

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Porsche’s new electric Cayenne can charge without plugging in

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Porsche's new electric Cayenne can charge without plugging in

Porsche unveiled its new Cayenne EV today, and it comes with an option for something we haven’t seen out of a factory-equipped car before: inductive charging.

Over the years, we’ve heard plenty of attempts by companies to trick consumers into thinking that it’s possible to make an electric car that doesn’t need to charge.

From Toyota’s dumb “self-charging hybrid” claim, to the new fad of “range extenders”/EREVs (aka plug-in hybrids with a bigger battery), to all manner of solar vehicles, people seem to think that convincing customers that they don’t need to plug in will get them to buy an EV (or, will help them greenwash their gas-guzzling hybrids).

And now the next entry into that group has arrived: the Porsche Cayenne electric, which can indeed be driven without ever plugging in, or gassing up, or even parking in the sun.

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It does have to be parked somewhere specific though: over a pad in your garage. Because this car can be equipped to use inductive charging, right out of the factory.

Inductive charging uses magnetic fields to transfer electrical power, as opposed to conductive charging, which uses a plug. Inductive charging is how phone charging mats work, but in this case, it’s scaled up significantly in size and power.

We’ve seen a few inductive charging projects before, but they’ve always been aftermarket or experimental so far. Or, they’ve been targeted more at commercial or fleet buyers (buses, for example).

There is one mass-produced EV which is rumored to have inductive charging capability, the Tesla Cybertruck, and we know that Tesla is working on a charging pad, which will be helpful if autonomous vehicles ever roll out properly. But nothing has been announced as available yet.

Porsche, however, is ready to announce that the capability is coming to its upcoming Cayenne EV. Porsche has shown off its inductive tech before, but now we got to see it ourselves when we checked out the Cayenne in a studio preview.

Porsche says that its inductive charging system can push 11kW of power, which is plenty for overnight home charging (on the car’s 113kWh battery). It does this at 90% efficiency – not as much as the ~95% of conductive charging, but still quite good. It also requires an extra ~33lbs of coils and wiring onboard the car, which is a significant if not massive weight gain.

To activate the system, the charging pad makes contact with the car via wide-band wireless communication to determine location, then activates when you park in just the perfect spot. The car’s screen shows guide lines to help you find the way to where you need to be – or there’s always the tennis-ball-on-a-string trick if you want to go low tech.

When we tried it out in LA, once we got the system up and running (hot tip: don’t daisy chain two extension cords if you want your inductive charging pad to work), it quickly charged at 11kW, at least according to the in-car system.

The inductive charger includes a lot of safety features to ensure nothing weird happens. Even though it only uses magnetic fields, the mat includes sensors to detect any living or metal objects nearby, it will stop (yes, this includes your cat that likes to sleep under the car, and yes, Porsche gets asked this question often). We saw this happen once in the studio demo, but it quickly turned back on after deciding everything was okay.

The Cayenne will still have its regular conductive charging ports, capable of 11kW AC or 400kW DC charge. But for those who want to forgo the plug, at least at home, the mat is an available option.

That said – pricing and availability are still TBD. The system costs €7k in Europe, plus an electrician, but we don’t know what it will cost in the US yet.

So, there’s still a chance that someone else beats Porsche to the “first” moniker – possibly Tesla, given that it seems to be close to offering an inductive charging system. But there are a lot of hurdles to ensure that the system is reliable in every type of weather and real world situation, and lots of electrical codes to follow. So, it looks like the race is on.

Electrek’s Take

I was quite interested in talking to the engineers about this system, because I hadn’t actually experienced inductive charging in an EV before.

People have been talking about this for a long time, and I used to be excited about the concept of electrified roads where cars could just drive on them and get a charge and never have to plug in.

However, after conversations over the years and experience with how easy driving and charging an EV is, I came to think that inductive charging is mostly a gimmick, and that we will likely rely on conductive charging in the long term (and especially that in-highway charging is a boondoggle that’s never going to be a good option, especially when catenary/pantograph systems exist).

That said, there are still niches and benefits to be had. In a potential fully autonomous future, we’ll need to figure out autonomous charging, and inductive charging could be a good answer for that.

In addition, some drivers do have difficulty with cables. While the NACS cable is much easier to handle than the old CCS cable, an older driver or one with mobility issues might have a hard time plugging in a car. Inductive charging could be good for them.

Or, heck, maybe someone is just lazy. Or doesn’t like cords. And doesn’t mind spending money for these marginal improvements. We can imagine there are Porsche buyers who could fit that description.

I still think the take rate will be relatively low, but it will be interesting to see real world tests of this, how buyers get along with it, and what sort of problems they manage to solve. As much as I’m a skeptic of inductive charging’s usefulness and acknowledger of its limitations, it’s nice to see new things get tried sometimes.

What do you think about Porsche’s inductive charging system? Would you prefer it to conductive charging? How much would you pay to add this option to your EV? Let us know in the comments.


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Hyundai now has Germany’s best-selling EV under €25,000

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Hyundai now has Germany's best-selling EV under €25,000

The Inster, Hyundai’s most affordable EV, is Germany’s best-selling small electric car and top overall vehicle priced under €25,000.

The Hyundai Inster is Germany’s best-selling small EV

After launching the Inster in Europe in late 2024, Hyundai’s smallest and most affordable EV quickly became one of the most popular electric cars in the region.

According to JATO Dynamics, the Hyundai Inster was the 19th most popular EV across Europe in June, outselling the Dacia Spring, Hyundai Kona, and Toyota bZ4X.

In Germany, the heart of Europe, Hyundai’s most affordable EV is making an even bigger impression. Since this summer, the Hyundai Inster is Germany’s best-selling small EV so far in 2025 and just won the Golden Steering Wheel award for best car under €25,000 ($28,900) by AUTO BILD & BILD am SONNTAG.

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Hyundai said the recognition is proof that its vehicles are resonating with buyers across Europe. The Korean automaker will continue expanding its EV lineup, from the small Inster to the three-row IONIQ 9.

Hyundai-Germany's-best-selling-EV
Hyundai Inster EV (Source: Hyundai)

The award comes after the Inster was crowned the 2025 World Electric Vehicle at the World Car Awards ceremony in the spring, held during the New York International Auto Show.

Hyundai’s electric city car starts at just €25,000 ($28,900) in Germany. Despite its small size, the Inster delivers up to 370 km (230 miles) WLTP driving range, fast charging (10% to 80%) in 30 minutes, and a surprisingly spacious and feature-rich interior.

The Inster features dual 10.3″ driver display and infotainment screens with wireless Android Auto and Apple CarPlay as part of Hyundai’s digital cockpit.

By 2027, Hyundai plans to electrify all vehicles sold in Europe. The Inster and IONIQ 9 are now rolling out across the region, and Hyundai plans to build momentum with new EVs, including the IONIQ 3, which will go into production in Hungary in the first half of 2026.

Hyundai-Germany's-best-selling-EV
The Hyundai Inster EV (Source: Hyundai)

In South Korea, Hyundai’s home market, the Inster is sold as the Casper Electric. The compact EV is sold in Japan, Europe, the Middle East, and parts of Asia.

Although those in the US won’t get to see the Inster or IONIQ 3, Hyundai still has one of the most affordable EVs you can get your hands on. With leases starting at just $189 per month, the Hyundai IONIQ 5 is still America’s best deal for an electric vehicle.

Interested in a test drive? We can help you get started. You can use our link to find available Hyundai IONIQ 5 models near you.

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MP Materials stock surges on Pentagon-backed deal to develop rare earth refinery in Saudi Arabia

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MP Materials stock surges on Pentagon-backed deal to develop rare earth refinery in Saudi Arabia

Deutsche Bank on MP Materials upgrade: Stock finally trading on fundamental value

MP Materials surged Wednesday on a deal with the U.S. Department of Defense and the Saudi Arabian Mining Company, Maaden, to develop a rare earth refinery in the kingdom.

The U.S. rare earth miner’s stock was last up about 9%.

MP and the Pentagon will hold a 49% stake in the joint venture, the company said. Maaden’s position will be no less than 51%. The Defense Department will finance the U.S. portion of the venture with MP providing technical and marketing expertise.

The binding agreement to form the joint venture comes after MP and Maaden signed a memoranum of understanding back in May. The agreement will “significantly expand MP’s global footprint” and is structured to “ensure U.S. oversight and alignment with national security objectives,” the company said.

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MP Materials stock over the past six months

MP is also holding talks on a possible collaboration to standup magnet manufacuring in Saudi Arabia.

The Pentagon struck a landmark deal with MP in July that includes an equity stake, a price floor, and offtake agreement. The Trump administration is investing in MP as it seeks to reduce U.S. dependence on China for rare earth imports and stand up a domestic supply chain.

MP CEO James Litinsky has described the company as the U.S. “national champion” for rare earths. Rare earths are crucial inputs in U.S. weapons platforms, electric vehicles, clean energy technology, semiconductor manufacturing and consumer electronics.

Goldman Sachs initiated converage of MP on Tuesday with a price target of $77, implying about 32% upside from Monday’s closing price.

“We believe MP’s downstream expansion into refining and magnet production, accelerated by a partnership with the US government, will strategically position MP as a key supply chain component for rare earth refining and magnet production,” Goldman analyst Brian Lee told clients.

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