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Honda’s electric SUV was the 5th best-selling EV in the US after sales surged in the third quarter.
As the electric SUV rolls out to dealers nationwide, the Honda Prologue is winning over buyers.

Honda Prologue becomes the 5th best-selling EV in Q3

The Prologue set a new quarterly US sales record with over 12,600 models sold over the last three months.

According to Cox Automotive’s latest data, the Honda Prologue was the 5th best-selling EV in the third quarter. Honda sold 12,644 Prologue’s in Q3, topping Hyundai’s IONIQ 5 (11,590) and the Rivian R1S (7,245).

Honda’s electric SUV trailed only Tesla’s Model Y (86,801), Model 3 (58,423), Cybertruck (16,692), and the Ford Mustang Mach-E (13,392).

The sales surge is impressive, given Honda didn’t sell a single EV in the US a year ago. Including the luxury Acura ZDX, Honda America sold over 15,000 EVs.

Higher incentives and discounts helped boost EV sales in the US last quarter. According to the report, EV incentives averaged over 12% over the average transaction price (ATP) in Q3, significantly higher than the industry average of around 7%.

Top-selling EVs in Q3 2024 Q3 2024 sales 2024 YTD sales
Tesla Model Y 86,801 284,831
Tesla Model 3 58,423 131,975
Tesla Cybertruck 16,692 28,250
Ford Mustang Mach-E 13,392 35,626
Honda Prologue 12,644 14,179
Hyundai IONIQ 5 11,590 30,318
Chevrolet Equinox EV 9,772 10,785
Chevrolet Blazer EV 7,998 15,232
Rivian R1S 7,245 23,399
Cadillac Lyriq 7,224 20,318
Top ten best-selling EVs in the US in Q3 2024 (Source: Cox Automotive)

Honda’s Prologue was among the most discounted. After introducing a new Labor Day Dealer Cash bonus, the electric SUV featured up to $14,250 in incentives.

Honda outpaces rivals with significant discounts

Based on GM’s Ultium platform, the Prologue gets up to 296 miles driving range. Honda claims it has the “highest standard driving range in its class.”

Honda-Prologue-best-selling-EV
2024 Honda Prologue Elite (Source: Honda)

Despite sharing underpinnings with the new Chevy Equinox and Blazer EVs, Honda differentiated the electric SUV by adding multi-link front and rear suspensions for a more “sporty” drive.

The Honda Prologue also has built-in Google for Wireless AppleCarPlay and Android Auto support, which GM no longer offers.

Honda-Prologue-interior
Honda Prologue Elite interior (Source: Honda)

Honda’s electric SUV starts at $50,400, while premium trims cost upwards of $57,900. With all models eligible for the $7,500 tax credit, Prologue prices fall potentially as low as $39,900 (not including destination).

2024 Honda Prologue trim Starting Price
(w/o $1,395
destination fee)
Starting price after
tax credit

(w/o $1,395
destination fee)
Starting price after
tax credit

(with $1,395
destination fee)
EPA Range
(miles)
EX (FWD) $47,400 $39,900 $41,295 296
EX (AWD) $50,400 $42,900 $44,295 281
Touring (FWD) $51.700 $44,200 $45,595 296
Touring (AWD) $54,700 $47,200 $48,595 281
Elite (AWD) $57,900 $50,400 $51,795 273
2024 Honda Prologue prices and range by trim

The Acura ZDX is also heavily discounted. After introducing a new $4,000 conquest cash offer on all 2024 models, Acura’s electric SUV featured nearly $30,000 in leasing discounts.

Electrek’s Take

With Chevy’s new electric Equinox and Blazer gaining momentum, it will be interesting to see how the list turns out at the end of 2024.

Hyundai is also launching the new US-made IONIQ 5 later this year, which will likely help boost demand. It features more range, a rugged new XRT trim, and a Tesla NACS charging port.

Meanwhile, Rivian is dealing with supply issues, which caused it to cut its production goal for 2024. The shortage is impacting R1T, R1S, and electric delivery van output.

Ready to see what all the hype is about? You can use our links below to find deals on the Honda Prologue and Acura ZDX electric SUVs in your area.

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Lucid’s (LCID) Gravity SUV has ‘so many orders’ it’s extending the $7,500 EV tax credit

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Lucid's (LCID) Gravity SUV has 'so many orders' it's extending the ,500 EV tax credit

Lucid Motors (LCID) will continue offering the $7,500 federal EV tax credit for Gravity buyers until the end of the year. Lucid’s interim CEO, Marc Winterhoff, said the electric SUV has “so many orders” and it doesn’t want buyers to lose out on the savings.

Are orders for Lucid’s Gravity SUV picking up?

Apparently, demand for Lucid’s new Gravity SUV is picking up. A recent Automotive News report claimed that Lucid registered just nine Gravity models in its first six months on the market, but the company was quick to shut down the rumors.

Lucid’s communication boss, Nick Twork, told Electrek in an email that the report was “completely inaccurate,” adding “a quick review of social media postings from our customers shows that those numbers are simply not credible.”

According to Twork, Gravity deliveries are “well into the 3-digit range.” In the second half of the year, Lucid expects the SUV to account for the majority of deliveries and production.

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Winterhoff confirmed on Lucid’s second-quarter earnings call that production of the Gravity SUV was “beginning to ramp up” after resolving most of the supply chain issues that had limited output in the first half of the year.

Lucid's-Gravity-SUV-orders
Lucid Gravity Grand Touring in Aurora Green (Source: Lucid)

Since it started offering test drives while adding Gravity models to its studios, Lucid’s interim CEO said the daily order rate for the electric SUV has nearly doubled.

During a new interview with Brew Markets on Tuesday, Winterhoff suggested that the Gravity is quickly attracting buyers. Lucid’s chief confirmed it will honor the $7,500 federal EV tax credit for Gravity buyers until the end of the year “because we have so many orders and we don’t want to tell order holders, you know what, you’re out of luck, we didn’t deliver in time.”

Lucid-Gravity-SUV-orders
The Lucid Gravity (Source: Lucid)

Winterhoff also said that Lucid expects a limited impact on sales from the loss of the credit due to its market position and pricing.

Lucid views the German luxury brands, including Mercedes, BMW, and Audi, as its primary competitors. Although it does view Tesla as a competitor, “we see ourselves a little bit of a notch higher than Tesla,” Winterhoff said, when comparing the interior, materials, and luxury.

Lucid's-Gravity-SUV-orders
The interior of the Lucid Gravity (Source: Lucid Group)

Despite several luxury brands recently pulling back on their electrification plans, like Porsche, Lucid will remain a pure EV company and still believes electrification is the future.

Lucid’s vehicles currently start in the $70,000 to $80,000 range, but the company is working on launching its midsize platform in late 2026, which will bring the price down to around $50,000. The midsize platform will wear at least three “top hats,” including a crossover SUV, a more rugged variant, and a third, rumoured to be a midsize sedan aimed at the Tesla Model 3.

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Trump wants a stake in Nevada’s upcoming lithium mine

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Trump wants a stake in Nevada's upcoming lithium mine

The Trump administration is seeking to acquire a 10% stake in Nevada’s upcoming lithium mine, operated by Lithium Americas (LAC).

Lithium Americas (LAC) has a flagship lithium mining project, Thacker Pass, located in Nevada.

With the Biden administration, the company had secured a $2.26 billion government loan to advance the project to production. However, since taking office, Trump has been attempting to claw back many loans related to the energy transition.

Last night, reports began to circulate about the Trump administration attempting to renegotiate the terms of the loans to include a 10% stake in the project.

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It sent LAC’s stock surging by as much as 80% in after-hours trading.

The reports forced the company to issue a comment. Lithium Americas confirmed being “in discussions” with both the Department of Energy, which issued the loan, and General Motors, which holds a 38% stake in the company and a right to buy the lithium from the mine, about drawing from the loan:

The Company is in discussions with the DOE and General Motors Holdings LLC (“GM”), its joint venture partner in the Thacker Pass lithium project (“Thacker Pass” or the “Project”), regarding first draw on the DOE Loan. The topics of these discussions include certain conditions precedent to draw on the DOE Loan and associated loan specifics, as well as incremental requests from the DOE for potential further conditions to first draw and/or potential amendments to the DOE Loan and associated transaction documents, including corresponding consideration. The Company continues to work with the DOE and GM regarding proposals for a mutually agreeable resolution.

This would be the latest example of the Trump administration taking direct stakes in companies and using “national security” as the reason.

Electrek’s Take

The Biden administration was attempting to establish a North American battery supply chain, but Trump has significantly hindered that effort over the last few months.

However, this is a good move.

The loan would have likely worked as well, but direct ownership is essentially how China operates, and it has worked out quite well for them. There’s a word for this, but Trump’s base hates it.

My main issue with how Trump is doing these market-moving announcements and leaks looks a hell of a lot like insider trading.

Even with this move on LAC, there was suspicious short-term option trading on the stock leading up to this.

The US is in its era of grifters.

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Lithium Americas soars 100% as Trump administration seeks equity stake in Canadian miner

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Lithium Americas soars 100% as Trump administration seeks equity stake in Canadian miner

A Lithium Americas worker processes lithium at the company’s Reno, Nevada R&D lab.

Lithium Americas stock doubled Wednesday as the Trump administration is seeking an equity stake in the mining company, which is based in Vancouver, British Columbia.

The White House proposed the equity stake as Lithium Americas renegotiates the terms of a $2.2 billion loan from the Department of Energy for its Thacker Pass mine in Nevada, a Trump administration official told CNBC. Reuters first reported the equity stake proposal.

Lithium Americas’ shares hit a session high of $6.23, up more than 100% over Tuesday’s close of $3.07. The miner has a market cap of about $1.5 billion.

It is the latest move by the White House to take direct ownership in the mineral supply chain critical to U.S. interests, but the first such stake proposed for a Canadian company. Lithium Americas trades on both the Toronto Stock Exchange and the NYSE but is incorporated and domiciled in Canada.

The Department of Defense took a 15% equity stake in rare earth miner MP Materials in July. Shares of Las Vegas-based MP Materials have more than doubled since the deal.

Thacker Pass in northern Nevada is expected to become one of the largest sources of lithium in North America with the first phase of the project scheduled to start operations in late 2027. The project is a joint venture between Lithium Americas and General Motors.

Lithium Americas has a 62% stake and operates the mine. GM has a 38% stake and has agreed to buy offtake from the mine when it is operational. Lithium is a critical material for electric vehicle batteries.

Lithium Americas and GM had to renegotiate the terms of the loan for Thacker Pass because they did not meet the conditions for the first disbursement, the Trump administration official said. During negotiations with the Department of Energy, they requested to push out part of the loan repayment into later years, the official said.

“If we’re going to push out part of the repayment into later years, then the administration would like a very small stake of equity to create essentially a cash buffer and eliminate some risk on behalf of taxpayers,” the official said.

A deal has not been finalized but the Trump administration supports the project and the discussions are positive, the official said. The investment could need Canadian approval as well given the company’s jurisdiction.

Lithium Americas confirmed Wednesday that it is in talks with the Energy Department and GM on the loan for Thacker Pass. GM declined CNBC’s request for comment.

Interior Secretary Doug Burgum revealed in April that the Trump administration was considering taking equity stakes in miners to back them against state-sponsored competition in China.

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