Meet the $7,000 mini EV that’s taking Japan by storm
It’s not a Toyota, Nissan, or a Honda, but this new mini EV is already a sensation. The mibot mini EV costs just ¥1 million ($7,000), or about half the price of Nissan’s Sakura, the top-selling EV in Japan.
Can the $7,000 mini EV jumpstart sales in Japan?
Japanese startup, KG Motors, is charging up Japan’s electric vehicle market with small, affordable “mobility robots.”
The company is preparing to launch a small, single-seat EV dubbed “mibot.” At just 2,490 mm (98″) long, the tiny electric car is about the size of a golf cart, but it’s perfect for getting around the city.
With its small, lightweight design and low maintenance costs, KG says the mibot is perfect for daily commutes. It offers a range of up to 100 km (62 miles) and a maximum speed of 60 km/h (37 mph).
Although it may not seem like much with most new EVs nowadays launching with at least 300 miles (483 km) range, the mibot is designed for Japan’s tight city streets. KG Motors is out to prove that bigger isn’t always better, especially when it comes to travel.
The company’s CEO and founder, Kazunari Kusunoki, said (via Bloomberg), “Seeing so many big cars traveling Japan’s narrow streets – that’s where this all began for me.”
After opening reservations last fall in Japan, the mini EV secured over 1,000 applications in its first month. As of May, the company has received 2,250 orders, which is more than half of the 3,300 units it plans to deliver by March 2027.
At that, KG Motors would sell more EVs in Japan than the roughly 2,000 Toyota sold in 2024. After entering the market in just 2023, China’s BYD sold over 2,200 vehicles in Japan last year.
It’s no secret that Japanese car brands, including Toyota, Honda, and Nissan, have been among the biggest laggards in the shift to battery electric vehicles (BEVs).
“Toyota said EVs aren’t the only solution and, because it’s Toyota, Japanese people assume it must be true,” Kusunoki explained. Because Toyota said so, “A large number of people in Japan seem to believe EVs won’t become popular.” KG Motors is out to change that with the mibot mini EV.
The tiny cars, or “kei cars,” are the most popular segment in Japan, accounting for over half of all vehicles. Nissan’s Sakura was the best-selling EV in Japan last year, with 22,926 units sold.
The Sakura starts at ¥2.5 million ($17,000). When the mibot arrives early next year, it will start at ¥1 million ($7,000) before taxes.
According to Kusunoki, production is scheduled to begin in October, and the first batch of 300 mibot models is expected to be delivered in Japan by March 2026. The other 3,000 will be shipped internationally.
The company expects to take a loss on the first batch, but should turn a profit on the second. Following that, KG Motors plans to build around 10,000 mini EVs annually.
Electrek’s Take
Can the mibot spark EV sales in Japan? At just $7,000, the mini EV is already creating a buzz. Meanwhile, BYD and others are looking to take advantage of Japan’s slow transition.
BYD is developing its first mini EV (here’s a sneak peek) that’s already expected to be “a huge threat” for Nissan, Honda, and Toyota in Japan. It will start at around ¥2.5 million ($17,000) when it launches in the second half of 2026, or about the same price as the Nissan Sakura.
At least one Suzuki dealer is already sounding the alarm (via Nikkei), claiming that “Young people do not have a negative view of BYD. It would be a huge threat if the company launches cheap models in Japan.”
BYD sells four electric cars in Japan, including the Atto 3 SUV, Dolphin, and Seal. Last month, the company launched the new Sealion 7 midsize electric SUV, starting at 4.95 million yen ($34,500).
When the mibot and BYD’s electric kei car arrive, it will be interesting to see how they will impact EV sales in Japan. It might even turn up the pressure on Toyota and other Japanese brands to keep pace.
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Elon Musk is starting to realize, or at least admit, that Trump and the GOP are going to hurt Tesla greatly by removing battery and solar incentives without removing incentives for fossil fuels.
Many people were shocked when Elon Musk decided to back Donald Trump and the Republican Party, considering they have consistently attacked clean energy and electric vehicles, which are Tesla’s main products.
The GOP has been undermining renewable energy for years, and it doesn’t look like Musk’s $300 million donation to Trump and influence on the GOP were able to change that, as the latest budget to pass the GOP controlled-Congress undoes a lot of progress made by the Biden administration on clean energy and electric vehicle adoption.
The budget removes the $7,500 tax credit for electric vehicles, which is a big part of Tesla’s success in the US. It also kills incentives to build batteries in the US – another incentive that greatly benefited Tesla.
It also removes 30% tax credit on battery storage and solar, which greatly helped Tesla’s energy division.
Yesterday, Tesla issued a statement calling for the Trump government to gradually phase out those incentives rather than removing them altogether:
Abruptly ending the energy tax credits would threaten America’s energy independence and the reliability of our grid – we urge the senate to enact legislation with a sensible wind down of 25D and 48e. This will ensure continued speedy deployment of over 60 GW capacity per year to support AI and domestic manufacturing growth.
Musk shared the statement and then added that while the government that he helped elect is removing incentives for electric vehicles and clean energy, it is not removing those for oil and gas:
The US is incentivizing the oil and gas industry at a rate of hundreds of billions of dollars per year.
Before backing Trump and the Republican Party, Musk had stated that he would be for the removal of EV and clean energy incentives if incentives for fossil fuels were also removed.
Musk has officially exited the Trump administration this week.
Electrek’s Take
It’s interesting to see Musk finally speaking out, albeit weakly, against some of Trump’s policies for the first time. He did note that the budget bill would increase the deficit, and now this.
A quick reminder that Musk said that Trump was the “only one who could save the Western world” and that if he is not elected, the US is basically done.
His stated goals with Trump were to “kill the woke mind virus” and get the deficit and debt under control.
The US has never been more divided, and Trump is pushing a budget that would add about $4 trillion to the US debt over the next few years. His backing of Trump hasn’t achieved anything meaningful toward those goals. Of course, Musk’s real goal in backing Trump was likely to get federal regulators and agencies that were closing in on him and his businesses off his back.
He was successful in doing that, but at what cost?
The EV tax credit is a significant factor in maintaining Tesla’s demand in the US, which is essentially its last primary market where it sells vehicles at a profit.
The removal of the 30% ITC for solar and energy storage would significantly slow down Tesla’s energy storage business, which has been its only growing business for the last two years.
In short, the budget would greatly weaken Tesla’s business in the US, which was its last remaining market that wasn’t doing too badly. Canada is gone. Europe is gone, and Tesla is facing tremendous pressure from competition in China.
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The GV90 is set to raise the bar as the most luxurious Genesis SUV. If you thought the GV80 was impressive, wait until you see this larger, three-row electric flagship. After it was recently spotted in the US, we are getting our first glimpse of the ultra-luxe Genesis GV90’s interior.
First look at the Genesis GV90 interior in the US
Genesis previewed the flagship SUV at the NY Auto Show last March with the Neolun concept, which the brand refers to as its “ultra-luxe vision of luxury SUVs.”
It’s not only stunning on the outside, but the full-size SUV will introduce advanced new tech and upscale design features for “a whole new level of luxury.”
Drawing inspiration from Korean aesthetics, the interior is fit for royalty. The concept featured a “Royal Indigo” cashmere and a vintage-like “Purple Silk” leather. Genesis topped it off with dark-colored wood accents for an even more luxurious feel.
After it was spotted in public in California, it looks like the interior of the Genesis GV90 will retain some elements from the concept.
The new photos, courtesy of The Korean Car Blog, offer a sneak peek at what we can expect when it arrives in production form.
You’ll notice that the color scheme remains largely the same, with purple accents on the door trim, seats, and other interior elements.
The GV90 will serve as the luxury brand’s tech beacon, featuring Hyundai Motor’s latest technology and software. A 24″ infotainment system will sit at the center with navigation and voice command recognition.
It will also feature a 3D audio experience with tweeters, midrange speakers, woofers, and subwoofers strategically placed, creating an immersive audio experience. The iconic Crystal Sphere is not only a centerpiece, but it will also serve as a hi-fi tweeter speaker.
According to Luc Donckerwolke, Genesis’ chief creative officer, the concept is “the epitome of timeless design and sophisticated craftsmanship.” Do you agree?
With GV90 models now in public testing, Genesis appears to be on track to launch the flagship SUV in mid-2026. Earlier this month, we got a closer look at the exterior after it was caught testing at the Nürburgring with less camo.
More details, including prices and final specs, will be revealed closer to launch. However, it is expected to ride on Hyundai’s new eM platform, which will replace its current E-GMP.
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Jakub Porzycki | Nurphoto | Getty Images
The SEC has formally dropped its lawsuit against Binance and founder Changpeng Zhao, bringing an end to one of the last remaining crypto enforcement actions brought by the agency.
In a Thursday filing in the U.S. District Court for the District of Columbia, lawyers for the SEC and Binance jointly moved to dismiss the case, which was first brought in June 2023.
The original complaint accused the crypto exchange of violations including illegally serving U.S. users, inflating trading volumes, and commingling customer funds. The agency also claimed that Binance unlawfully enabled trading in crypto assets it viewed as unregistered securities, an argument that was also used against Coinbase, Kraken, and others under prior SEC leadership.
The dismissal marks a symbolic end to one of the most aggressive crypto crackdowns in U.S. history, and comes as the Trump administration makes a concerted effort to prove that it’s an ally to the industry. The Justice Department has already shut down its crypto enforcement team, and the Commodity Futures Trading Commission is now set to be led by a venture capitalist with close ties to crypto.
Binance is the largest digital assets exchange in the world by volume. It recently forged ties with World Liberty Financial, a project that aspires to be a crypto bank and funnels 75% of profits to entities linked to the Trump family. Binance is taking a $2 billion investment from the Emirati state fund MGX entirely in USD1, a stablecoin newly launched by the World Liberty team.
Binance and World Liberty are also deepening their footprint in Pakistan, where WLF co-founder Zack Witkoff, the son of U.S. Middle East envoy Steve Witkoff, recently struck a deal with the government. Around the same time, Zhao was appointed as an adviser to Pakistan’s newly formed Crypto Council, a state-backed body tasked with shaping national digital asset policy.
The SEC was the last major regulator still pursuing Binance after a $4.3 billion settlement with the U.S. government last year that saw Zhao plead guilty and step down as CEO, while avoiding jail time and retaining much of his wealth.
The agency’s motion to dismiss was granted with prejudice, meaning the SEC can’t refile the same claims.
Under the SEC’s new leadership, the agency has shifted away from enforcement and toward engagement and regulatory rollback. It’s held a series of roundtables led by Commissioner Hester Peirce and newly appointed Chair Paul Atkins.
The SEC has also begun dismantling key rules that once kept Wall Street on the sidelines. In January, it scrapped Staff Accounting Bulletin 121 — a controversial directive issued under former Chair Gary Gensler that forced banks to count crypto holdings as liabilities on their balance sheets. Peirce celebrated the reversal on X, posting, “Bye, bye SAB 121! It’s not been fun.”
In February, the agency followed up with new guidance indicating that it doesn’t view most meme coins as securities under federal law, providing a boon to the Trump family.
President Trump and several of his family members are closely tied to crypto ventures, including the $TRUMP token, which launched just before his January inauguration. The coin currently boasts a market cap of about $2.4 billion, with its website claiming that 80% of the supply is held by the Trump Organization and affiliated entities.
WATCH: President Trump holds controversial private dinner for top investors in his meme coin
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