Tesla sales keep slipping, but EV sales keep climbing – even WITHOUT incentives
Germany’s new car market as-a-whole continued to struggle through the end of the first quarter, but you’d never know it from looking at EV sales. Even as Tesla’s fortunes continue to decline, EV sales shot up more than 35% year over year – now approaching 17% of the market, and that’s WITHOUT government incentives!
Spanish media outlet Motorpasión is reporting that Germany’s Kraftfahrt-Bundesamt (or KBA; sort of like the American National Highway Traffic and Safety Administration, NHTSA) says electric cars already make up 17% of all new vehicle registrations in the European country. And that EV market share is accelerating, despite the cancelation of government EV subsidies in late 2023.
At the same time, Tesla – whose Model Y electric crossover was, at one point, the best-selling car in the world – is watching its sales tank globally. That’s especially true in Germany, where the American EV brand saw a 70% drop in sales through the first two months of the year, YOY, and some 94% of survey respondents (allegedly) said they wouldn’t buy a Tesla.
All of which begs the question: what gives?
Pull-ahead EV sales + Elon’s Musk
The first part of this two-part answer involves German EV subsidies. The nation’s government issued a €4,500 subsidy for the purchase of a new EV with a sub-€40,000 list price (€3,000 for €40-65,000 cars). That often-criticized program was always intended to be temporary, however, and after EV sales reached one million units the subsidy was canceled for business customers in September in 2023 and private individuals the end of December.
The result of that cancellation was a significant drop in new EV sales in 2024 vs. ’23 – but that’s easily explained by “pull-ahead” sales driven by the knowledge that the government subsidy would be ending soon. And, sure, you don’t see the sort of spikes you see in the US when people who don’t understand basic economic concepts or what tariffs are suddenly gain political power, but that has as much to do with the way cars are sold in Europe as anything else.
In Europe, car buyers typically visit dealers to look at options and features and work with their salespeople to place an order for a new car. The car is built to their customized specifications, and the customer waits anywhere 3-4 months for delivery. There is no, “What’s it gonna take for you to drive one of these home, today?” in other words.
That’s part one.
The second part is the overwhelming stink of Elon Musk (see what I did there?). The Tesla CEO’s passionate embrace of the alt-right and even far-right political movement combined with not one but two “Roman” salutes at Trump’s inauguration (wink-wink, nudge-nudge) have turned the brand’s electric cars into political statements, whether their owners wanted that or not – and many are trading out of their Teslas much earlier than they’d originally planned in favor of a vehicle that’s less politically charged.
What vehicles are they buying? I’ve put together a list of the best-selling EVs in Germany so far this year, along with links to local discount and 0% deals on the ones that are available stateside. Take a look at number 7 (How the mighty have fallen!), then let us know how you think the German EV standings will look in December in the comments.
Ten best-selling EVs in Germany
- Volkswagen ID.7 (shown, at top) 9,336 units
- Volkswagen ID.4/ID.5 7,778 units (available in US)
- Škoda Enyaq 7,393 units
- Volkswagen ID.3 6,174 units
- Cupra Born with 5,241 units
- Audi Q4 e-tron 3,906 units (available in US)
- Tesla Model Y 3,442 units (available in US)
- BMW i4 2,859 units (available in US)
- Cupra Tavascan 2,822 units
- BMW iX 2,797 units (available in US)
SOURCES: KBA, via Motorpasión.
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Subaru today launched its compact AWD SUV at an event in New York City. With 300 miles of range, NACS charge port, a speedy 0-60 time of under 5 seconds, you could say that this is Subaru’s first modern EV, no offense to the rebadged Toyota BZ/Solterra…
The exterior looks a bit like a $100K Lotus Eletre with an off road flair. Uncharted will compete with Volvo’s EX30 Rivian’s R2S and other AWD EVs that might not be as rugged like the VW ID.4, Hyundai Kona and even the Chevy Equinox. Subaru’s lighting signature, shared with the 2026 Solterra and Trailseeker, along with its aggressive, rugged off-road styling will set it apart from the crowd.
It features new 18- or 20-inch wheel designs, as well as a high-contrast, available two-tone roof on Uncharted GT for enhanced curb appeal. At the rear, the sleek combination lamps, black badging, high beltline, and seamless rear design, complemented by a silver-painted lower rear fascia, add to the visual presence of the Uncharted. Low-profile roof rails on all-wheel-drive models add more options for carrying gear.
A NACS charge port with speeds up to 150 kW ensures convenient and fast charging options at more than 15,000 Tesla Supercharger stations nationwide. Even in cold weather conditions, the Uncharted can recharge its battery from 10% to 80% in nearly 30 minutes thanks to an onboard battery preconditioning system. At home, you can charge up to 11KW level 2 charging.
The interior is modern Subaru with rugged textile around a big 14-inch CarPlay/Android Auto screen experience (pictured below). There are 2 wireless phone chargers up front and 2 USB-C chargers in the rear.
All trim levels of the Subaru Uncharted are equipped with an All-Weather Package, including heated front seats, heated exterior mirrors, and windshield wiper de-icer; power rear gate; interior ambient lighting; and DriverFocus® Distraction Mitigation System. The Uncharted Sport adds X-MODE® Dual-Mode with Grip Control, heated steering wheel, StarTex® water-repellent upholstery, panoramic view monitor, and more. Uncharted GT will include a panoramic moonroof with motorized shade, 20-inch wheels, ventilated front seats, Harman Kardon® premium audio system, smart rearview mirror, and more.
The Uncharted battery is just under 75kWh, around the same size as a long range Tesla Model Y and it will get close to 300 miles in its FWD model (boo). Uncharted Sport and GT models are equipped with standard Subaru Symmetrical All-Wheel Drive with X-MODE, an anticipated range of up to 290 miles, and 338 horsepower which will appeal to more Subaru customers.
Full gallery below:
Electrek’s take
While Subaru maintains its close relationship with Toyota in EVs, and this is a C-HR rebadge, the Uncharted breaks some new ground. I love the NACS port, I love the range and the acceleration. Subaru’s fans might finally have an EV they can upgrade their ICE vehicle for.
That’s one thing that might be concerning for Subaru in the EV age: In ICE vehicles, Subaru makes one of the best, complicated AWD systems. However with EVs, AWD is almost table stakes at this point. Subaru will have to continue to innovate in the off road capable small SUV segment if it hopes to compete with all of the EV encombants. At this point, Subaru is a suspension and branding mod for Toyota.
The Uncharted certainly seems to be a good start.
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Environment
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Lucid Motors’ (LCID) shares soared over 50% after the company secured a multi-hundred-million dollar investment from Uber to deploy robotaxis. So, why did Lucid just announce plans for a reverse stock split?
Why did Lucid announce a reverse stock split?
Lucid and Uber announced a new alliance on Thursday to deploy 20,000 electric robotaxis over the next six years.
The new robotaxi service, set to launch next year, will combine Lucid’s advanced software-defined EV platform with Nuro’s Level 4 self-driving tech.
As part of the new alliance, Uber plans to make “multi-hundred-million-dollar investments” in Lucid and Nuro. The first autonomous prototype is already in operation on a closed track at Nuro’s facility in Las Vegas.
Lucid’s interim CEO, Marc Winterhoff, said, “This investment from Uber further validates Lucid’s fully redundant zonal architecture and highly capable platform as ideal for autonomous vehicles.” Winteroff claimed that the new alliance “is the start of our path to extend our innovation and technology leadership into this multi-trillion-dollar market.”
The Lucid Gravity boasts an impressive EPA-estimated range of 450 miles. Its electric sedan, the Lucid Air, just broke a Guinness World Record after traveling 749 miles (1,205 km) on a single charge.
Lucid’s partnership with Uber sent share prices surging over 50% during trading hours on Thursday. In a separate filing with the SEC today, Lucid announced plans to initiate a 1-for-10 reverse stock split.
The split won’t affect shareholder ownership, except in cases where fractional shares are created. In that case, shareholders will receive a cash payment.
Lucid said it believes the reverse stock split “will allow the company’s common stock to be more attractive to a broader range of investors and other market participants.”
A vote of confidence
During an interview with Bloomberg on Thursday, Winterhoff explained that a portion of the $300 million investment from Uber will be used to develop the self-driving tech with Nuro. Winterhoff added that Lucid’s surging share price was “a vote of confidence.”
According to Winterhoff, the reverse stock split is not due to Lucid’s fear of being delisted, but rather to attract larger investors.
It was also more of a “technical” strategy to reduce volatility and help Lucid participate in the broader stock market.
Many institutional investors avoid stocks priced below $5 due to the higher risk and price swings. The proposed stock split still requires shareholder approval, which will be voted on at an upcoming special stockholders’ meeting.
After that, Lucid’s Board of Directors will determine whether it’s still in the best interest of the company and its stockholders to proceed.
Lucid’s stock rose over 36% on Thursday, closing at $3.12 per share. Although shares of LCID are up just slightly (+2%), they are now up year-to-date. However, they are still down 18% over the past year and nearly 95% from their all-time high of over $58 a share in February 2021.
Last week, after meeting with Lucid’s CFO, Taoufiq Boussaid, Benchmark analyst Mickey Legg set a target share price of $5.00, which was subsequently raised to $7.00 following the announcement of the Uber partnership.
Legg wrote a note to investors, “After meeting with LCID’s CFO Taoufiq Boussaid on Tuesday and reviewing 2Q production and deliveries, we remain confident in the company’s path to scale.”
Lucid delivered a record 3,309 vehicles in Q2, its seventh straight quarter with higher deliveries. The company aims to produce 20,000 vehicles this year, more than double the roughly 9,000 it made in 2024.
After ending the first quarter with $5.76 billion in liquidity, Lucid said that it has sufficient funding to last until the second half of 2026, when it plans to launch its more affordable midsize EV platform. The first two models will be a midsize SUV and sedan, starting at about $50,000.
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