Illinois utility ComEd kicked off the Chicago Drives Electric event with a $90 million bang, featuring a new Point of Purchase initiative to deliver instant discounts to qualifying business and public sector customers who make the switch to electric vehicles.
Chicago Drives Electric kicked off this morning with a media and industry day event sponsored by industry analysts CDK Global and the local electric utility, ComEd. The event is open all weekend long, and enables Chicago area car buyers to experience the hottest new EVs on the market without necessitating a high-pressure trip to a car dealer.
Now in its second year, Chicago Drives Electric has grown significantly — but that $90 million ComEd rebate program is the day’s big news. The utility’s Beneficial Electrification initiative is designed to provide more certainty around the total costs of converting commercial fleets to battery electric power, and is backed by a growing collaboration of more than 30 Illinois car and truck dealers, OEMs, and other local EV and auto industry stakeholders.
“Making the switch to electric vehicles shouldn’t be a challenge, which is why ComEd is committed to offering resources, tools and programs to remove barriers to EV adoption,” said Melissa Washington, Senior Vice President of Customer Operations at ComEd (at top). “… we launched our EV rebate program to help make it easier for customers to make the switch to electric vehicles. The new Point of Purchase EV rebate initiative, and the ability to provide instant rebates to fleet customers, is a necessary continuation of our original offering to make widespread fleet electrification more achievable.”
The Point of Purchase is the latest initiative by ComEd to help make the transition to EVs easier across northern Illinois — and not just easier, but more equitable, too.
That commitment to environmental equity means that half of ComEd’s nearly $90 million in available rebate funds will go to EIEC and low income communities, and in higher amounts.
Recognizing that upfront purchase cost is still a significant barrier to EV adoption, the Point of Purchase initiative will help more commercial customers – including businesses of all sizes, and public sector customers — to qualify for fleet vehicle purchase rebates ranging from $5,000 to $180,000 per vehicle at the time of purchase (rebate amounts depend on vehicle type, with Class 1 and 2 vehicles qualifying for a base rebate of $5,000, and rebates climbing up to medium-duty box trucks up through Class 8 electric semi trucks and on to transit and school buses > 35‘).
“ComEd’s commitment to advancing transportation electrification and supporting customers through every step of their fleet electrification journey is reinforced by this new initiative. At this juncture in electrification efforts, affordability is crucial, and this program makes it easier for businesses to electrify their fleets,” said Brian Robb, Director of Government Relations at Lion Electric. “As a member of the ComEd Point of Purchase network, (Lion is) looking forward to further increasing widespread EV adoption in northern Illinois.”
To obtain an instant rebate through the ComEd Point of Purchase initiative, fleet vehicle operators must coordinate the purchase of an EV through one of the approved dealerships or manufacturers in the ComEd Point of Purchase network (here’s a list of those). The dealership will then submit the necessary rebate voucher application, enabling the customer to purchase their new electric vehicle at a reduced rate.
And, yes: buyers can stack the ComEd rebate along with other federal and state rebates, covering up to 100% of the cost of a new EV.
The higher initial cost of EVs is often cited as the number one barrier to adoption, but the same could be said of a Rolex wristwatch. That is to say, higher prices don’t make things less appealing, just harder to buy — and programs like ComEd’s, which are lowering that barrier to entry to fleets that want to electrify, are big enough to move the needle.
Here’s hoping every bus and truck fleet in the region takes them up on their offer.
The new CLA Shooting Brake is the first electric Mercedes vehicle available as an estate. It’s more spacious, more capable, and more high-tech than ever.
Meet the new Mercedes CLA Shooting Brake EV
Mercedes introduced the new CLA Shooting Brake on Tuesday, its first electric estate car. The Shooting Brake arrives as the second EV from the luxury brand’s new entry-level family of vehicles.
The electric wagon takes the best of the new CLA, which was revealed just a few weeks ago, and adds more space and capability.
It’s also bigger than the current CLA Shooting Brake, offering a more spacious interior. The new EV measures 4,723 mm in length, or 35 mm longer than the outgoing model.
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With an extended wheelbase of 2,790 mm (+61 mm), the electric version offers 14 mm more headroom and 11 mm more legroom in the front. Rear passengers gain 7 mm of headroom but lose 6 mm of legroom compared to the current model.
Boot space is 455 L, which is 50 L more than the CLA sedan, but 30 L less than the outgoing Shooting Brake. However, it does include an added Frunk (front trunk) for an extra 101 L of storage space.
With all seats folded, overall storage space is 1,290 L. It also comes with standard roof rails, which Mercedes claims can easily fit surfboards or bicycles with a 75 kg (165 lbs) load capacity.
Mercedes-Benz CLA Shooting Brake with EQ Technology (Source: Mercedes-Benz)
Inside, the new Shooting Brake is nearly identical to the CLA Sedan. It features the new Mercedes-Benz Operating System (MB.OS) with its fourth-gen infotainment.
The setup includes a 14″ infotainment and 10.25″ driver display screens. An extra 14″ passenger screen is available. A trim piece with star-pattern graphics replaces it if not. All three screens are powered by the latest-gen chips and graphics from Unity Game Engine.
Mercedes-Benz CLA Shooting Brake EV interior (Source: Mercedes-Benz)
Powered by the new Mercedes-Benz Modular Architecture and an 85 kWh battery, the new Shooting Brake EV offers up to 473 miles (761 km) WLTP range.
It will be available in single and dual-motor powertrains. The base CLA 250+ Shooting Brake has 268 hp (200 kW) output and a WLTP range of up to 473 miles (761 km). Meanwhile, the dual-motor CLA 350 4MATIC Shooting Brake has combined 349 hp (260 kW) and a range of up to 454 miles (730 km).
Mercedes-Benz CLA Shooting Brake EV interior (Source: Mercedes-Benz)
Based on its 800V architecture, the new electric estate can add 193 miles (310 km) WLTP driving range within 10 minutes. Mercedes said that should be plenty to get from Geneva to Milan or Berlin to Hamburg.
Mercedes will introduce new EV variants in early 2026, followed by a 1.5 L hybrid model. Prices will be revealed closer to launch, but it’s expected to start slightly higher than the current model. The current CLA Shooting Brake starts at around €40,000 ($46,500) in Europe.
Following the new CLA and CLA Shooting Brake, Mercedes-Benz plans to launch two SUVs. Check back soon for more info on the upcoming lineup.
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The Pentagon is taking immediate action to boost critical mineral production in the U.S. and counter China’s dominance of the supply chain for rare earth magnets, a defense official told CNBC on Tuesday.
The Defense Department last week agreed to buy a direct equity stake in MP Materials, which will make the U.S. government the miner’s largest shareholder. MP operates the only rare earth mine in the U.S. located at Mountain Pass, California, and a magnet plant in Forth Worth, Texas.
When asked whether the Pentagon is considering similar investments in other U.S. mining companies, the defense official said it is looking at opportunities to strengthen domestic critical mineral production.
“Rebuilding the critical minerals and rare earth magnet sectors of the U.S. industrial base won’t happen overnight, but DoD is taking immediate action to streamline processes and identify opportunities to strengthen critical minerals production,” official said in a statement.
Rare earths are used in weapons such as the F-35 warplane, drones and submarines among other other military platforms. The U.S. was almost entirely dependent on foreign countries for rare earths in 2023, with China representing about 70% of imports, according to the U.S. Geological Survey.
MP Materials CEO James Litinsky told CNBC last week that he views the public-private partnership with the Defense Department as a model for other companies in industries that are important for national security but struggle to compete against the state-backed enterprises in China.
“I’d like to think that this is sort of the first, it’s a model,” Litinsky told CNBC’s “Squawk on the Street” on Thursday. “We have to deliver at MP and show that this is an incredible route to go. But it’s a new way forward to accelerate free markets, to get the supply chain on shore that we want.”
Interior Secretary Doug Burgum said in April that the U.S. government was looking at taking direct equity stakes in critical mineral and rare earth miners to break China’s dominance. The Trump administration is also looking at stockpiling critical minerals and creating a sovereign risk insurance fund to protect companies investments’ in federally approved projects, Burgum said at an energy conference in Oklahoma City.
The Pentagon makes long-term investments in mining, processing and refining critical minerals, the defense official told CNBC. It has invested $540 million so far to support a critical mineral and rare earth supply chain in the U.S. and allied nations, the official said.
“That is significant, and DoD will continue to such efforts in accordance with congressional appropriations and statutory authorities,” the official said.
Fairshake, the cryptocurrency industry’s most powerful political action committee, announced Tuesday that it now holds more than $141 million in cash on hand, underscoring the sector’s growing influence as Congress takes up landmark legislation this week.
The total, which includes liquid assets like crypto, stock, and cash, reflects a surge of donations from digital asset executives and firms, including a fresh $25 million from Coinbase.
Fairshake and its two affiliated PACs — Defend American Jobs and Protect Progress — have raised $109 million since Election Day in 2024 and $52 million during just the first half of this year.
“We are building an aggressive, targeted strategy for next year to ensure that pro-crypto voices are heard in key races across the country,” said spokesperson Josh Vlasto.
The announcement lands in the middle of what lawmakers are calling “Crypto Week” on Capitol Hill, as the House begins deliberations on a trio of long-awaited bills that would define how digital assets are regulated.
The legislation includes the dividing of oversight, setting new stablecoin rules, and a bill banning the creation of a central bank digital currency.
The crypto industry is no longer just lobbying for survival, it is shaping the political landscape. Fairshake saw nearly every candidate it backed in 2024 win their race.
“We stuck to our core strategy from Day 1,” Fairshake previously told CNBC. “We supported pro-crypto candidates and opposed those who played politics with jobs and innovation, and won.”