Interest in EVs just hit a record in the US with big discounts, more affordable options
Massive discounts and new lower-priced models are making electric vehicles more affordable, helping draw in buyers. According to the latest JD Power EV Index data, interest in EVs hit a new yearly high in July, with over a quarter of shoppers “very likely” to go electric for their next vehicle.
The latest forecast from JD Power and GlobalData projects that new vehicle sales will reach over 1.43 million in August 2024, a 4.2% increase from last year.
Comparing the sales volume without adjusting for the number of sales days amounts to 8.1% growth year-over-year.
A big reason behind the growth is lower prices. Automakers have introduced aggressive discounts and lower-priced models, driving the average transaction price down 4.1% ($1,895) to $44,039.
The average incentive per vehicle is expected to reach $3,035, up $1,132 from August 2023. With federal, state, and local discounts totaling over $10,000, many electric vehicle prices are at or above parity with their gas-powered alternatives.
The JD Power EV Index, which tracks the parity of EVs with gas-powered vehicles, hit a record high in July, scoring 56 on a 100-point scale. July was the fifth straight month that the EV index rose.
Interest in EVs continues to climb
“One factor—interest—reached a high for the year with 28% of new-vehicle shoppers saying they are ‘very likely’ to consider a battery electric vehicle for their next purchase,” according to Elizabeth Krear, JD Power’s vice president of electric vehicle practice.
Krear explained, “Incentives have helped align prices in popular compact and midsize mass market segments, making them more affordable.”
Automakers are slapping massive discounts on top of federal and state incentives, making them more affordable than ever.
With the incentives combined, several EVs are selling for over $10,000 off MSRP. According to Motor Intelligence, the Kia EV9 sold with an average discount of over $18,000 in June.
Subaru’s Solterra was the most discounted car, electric or gas, selling for 12% off MSRP, according to Consumer Reports.
After introducing a massive new discount this month, the Acura ZDX has up to nearly $30,000 in potential savings. The Honda Prologue SUV is up to $14,250 off with a new Labor Day deal.
EV retail sales held steady at 9.2% of the market for the second consecutive quarter. Krear added, “Especially noteworthy is the satisfaction experienced by Ford and Rivian owners now having access to the Tesla charging network.”
As more affordable models hit the market and the infrastructure continues developing in the US, interest in EVs is expected to continue climbing.
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Environment
Baidu- and Geely-backed JiYue brand unveils ROBO X EV that goes 0-100 km/h in under 1.9 sec
JiYue, a Chinese EV brand focused on delivering all-electric “robocars” to the masses, has unveiled its latest model, and it’s quite a deviation from its previous EVs—but in the best way. Earlier today, JiYue launched the ROBO X supercar, designed for high-speed racing. By high speed, we mean 0-100 km/h acceleration in under 1.9 seconds. My mouth is watering.
JiYue has only existed since 2021, when parent tech company Baidu announced it was expanding from software development into physical EV production, joining forces with multinational automotive manufacturer Geely.
The new “robotic EV” marque initially launched as JIDU with $300 million in startup capital before garnering an additional $400 million in Series A funding, led by Baidu, in January 2022.
In August 2023, Geely took on a larger role in JIDU alongside a greater financial stake as the brand reimagined itself as JiYue, inheriting the JIDU logo and its flagship model, the 01 ROBOCAR.
In December 2023, Baidu and Geely unveiled a second model called the JiYue 07. It was born from JIDU’s ROBO-02 concept, which debuted in 2023 and was designed to compete against the Tesla Model 3 in China.
The 07 finally launched in China earlier this year with 545 miles of range. With an all-electric SUV and sedan on the market, JiYue has unveiled an exciting new entry in the form of a performance supercar called the ROBO X. Check it out:
JiYue’s new ROBO X EV is available for pre-order now
JiYue showcased its new ROBO X hypercar in front of the crowd at the 2024 Guangzhou Auto Show earlier today. Similar to previous models but with a unique spin, JiYue described the ROBO X as an AI smart-driving supercar that, for the first time, blends artificial intelligence and autonomous driving into a high-performance, race-ready EV.
When we say “high performance,” we mean a quad motor liquid-cooled drive system that can propel the ROBO X from 0 to 100 km/h (0 to 62 mph) in under 1.9 seconds. JiYue called the new ROBO X a “performance beast” with “the perfect balance of excellent aerodynamic performance and high downforce.” JiYue CEO Joe Xia was even bolder in his statements about the ROBO X:
For the next 20 years, the design of supercars will bear the shadow of Robo X. This is the best design in the history of Chinese automobiles today, and it is a landmark presence.
Fighter-style airflow ducts bolster the EV’s aerodynamics, efficiency, and overall posture. Per JiYue, the two-seater ROBO X is expected to deliver a maximum range of over 650 km (404 miles).
The new supercar features falcon-wing doors, a carbon fiber integrated frame, and a professional racing HALO safety system offering 360° of support. The interior features an AI smart cockpit with SIMO real-time feedback to give drivers an immersive racing experience.
Furthermore, JiYue said the vehicle will utilize parent company Baidu’s Apollo self-driving technology, which could make it the first electric supercar to apply pure-vision ADAS technology that enables track-level autonomous driving.
Following today’s unveiling of the ROBO X, JiYue has officially opened up pre-orders in China for RMB 49,999 ($6,915). That said, reservation holders will need to be patient as JiYue shared that it doesn’t expect to begin mass production of the ROBO X until 2027.
What do you think? Will people be talking about the ROBO X for the next 20 years?
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes the launch of the Lectric XPedition 2.0, Yamaha e-bikes pulling out of North America, LiveWire unveils an electric scooter concept, PNY readying its cargo e-scooters for pilot testing, Royal Enfield’s first electric motorcycle, and more.
The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
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Here are a few of the articles that we will discuss during the Wheel-E podcast today:
Here’s the live stream for today’s episode starting at 9:30 a.m. ET (or the video after 10:30 a.m. ET):
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Crude oil futures were on pace Friday for loss for the week, as a supply gut and a strong dollar depresses the market.
U.S. crude oil is down more than 2% this week, while Brent has shed nearly 2%.
Here are Friday’s energy prices:
- West Texas Intermediate December contract: $68.56 per barrel, down 14 cents, or 0.2%. Year to date, U.S. crude oil has shed about 4%.
- Brent January contract: $72.36 per barrel, down 20 cents, or 0.28%. Year to date, the global benchmark has lost nearly 6%.
- RBOB Gasoline December contract: $1.99 per gallon, up 0.46%. Year to date, gasoline has fallen more than 1%.
- Natural Gas December contract: $2.70 per thousand cubic feet, down 2.98%. Year to date, gas has gained more than 4%.
The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S. OPEC revised down its demand forecast for the fourth consecutive month as demand in China remains soft.
A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump’s election victory.
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