A number of Chevrolet dealers across the nation are advertising a new 2024 Silverado EV in 3WT trim at around $60K, which is close to where Hertz is pricing year-old low-mileage examples of the fully electric pickup that are being culled from its rental fleet.
At $74,900, including destination, the Silverado EV 3WT is perhaps a bit pricey. Fortunately, Chevrolet is offering its $7500 Ultium Promise Bonus Cash on all 2024 Silverado EV work trucks. That incentive cuts the cost of the 3WT down to $67,400 before tax and license, which seems reasonable considering it has a 393-mile range that bests other $70K electric pickups and is equipped with a host of comfort and safety features that contradict the bare-bones implication of its “work truck” moniker.
We’ve been tracking dealer discounts on the Silverado EV in our Electric Vehicle Price Guide ever since the work truck first popped up in dealer inventories on the east coast a couple of months ago. Deep discounts and broadening availability are now making the Silverado EV 3WT much more attractive to shoppers. At the top of our list of discounts is Victorville Chevrolet, a dealership eighty miles northeast of Los Angeles that is advertising $19,500 off MSRP on its Silverado EV work trucks, pricing the 3WT at just $55,400. That’s two to three grand less than a previous rental with over 5000 miles on the odo. For buyers hoping to spend less than $50K, Victorville has a couple of Silverado EV 3WT work trucks with the 1FL Fleet Option priced at $49,400. The 1FL Fleet Option swaps the ruggedly attractive gloss-black aluminum rims for utilitarian-looking steel wheels. It also deletes the side steps, dual-level charge cord, and soft-top tonneau that come with the 3WT trim level.
If these prices appeal to you, act quickly. Victorville Chevy’s Silverado EV inventory seems to be depleting fast as they’ve systematically increased their discount over the past several weeks. When we updated Silverado EV discounts on our Electric Vehicle Price Guide at the beginning of this month, Victorville’s online inventory showed a total of 35 electric work trucks in stock. As of this writing, less than a dozen remain, including one in 4WT trim that boasts an impressive 450-mile range.
Angelenos that can’t make the trek to Victorville Chevy in time to grab one of their remaining Silverado EVs may want to consider contacting Penke Chevrolet in Cerritos about their in-stock electric work trucks listed at $15,500 off MSRP. If that doesn’t pan out, other LA-area Chevy dealers are showing 2024 Silverado EV work trucks in-transit, some already with modest discounts applied, so an increased supply may drive in-town prices lower in the near future.
Discounts on the Ford F-150 Lightning are also improving
Dealer discounts on the 2024 Ford F-150 Lightning are starting to turn heads, especially those that qualify for the $7500 Federal EV Tax Credit. For example, Al Packer Ford in Florida has an F-150 Lightning XLT with a standard battery (240-mile range, MSRP $60,090) discounted by a whopping $8602. Stacking the $7500 Federal EV tax credit on top of that discount results in a net cost of just $43,988 before tax and license.
For those that need more range, Ford of San Leandro in California is advertising an F-150 Lightning Flash (MSRP $71,185) at a $6500 discount, resulting in a $57,774 net cost after applying the $7500 Federal EV tax credit. The Flash trim includes an extended range battery that’s good for 320 miles on a full charge. Find a great deal on a Ford F-150 Lightning near you.
If you haven’t noticed, Genesis is quickly making a name for itself in the US. The luxury automaker now has 60 sales outlets as it expands into new US states. With new EVs launching, Genesis is eyeing a bigger share of the US luxury market.
Hyundai Motor Group’s Genesis brand is quietly emerging as a powerhouse in the US luxury market. Genesis marked its entry into the luxury segment in 2008 as a Hyundai-branded model.
In 2015, Hyundai announced Genesis would become an independent luxury brand. Since launching its first vehicle in the US, the luxury brand’s sales have surged from 7,000 in 2016 to over 69,000 last year. It even outsold Nissan’s Infiniti.
According to Genesis, this is just the start. The Korean luxury brand wants an even bigger slice of the market as it eyes rivals like Porsche.
A big reason behind the brand’s confidence is its new lineup of stylishly electric models. Genesis sells three EVs in the US: The GV60, Electrified G80, and Electrified GV70.
After introducing the Electrified GV70 just last year, the electric SUV is already Genesis’ top-selling EV in the US. According to Kelley Blue Book, Genesis sold 2,343 electric GV70 models in the US through September.
Genesis eyes a bigger share of the US luxury market
Altogether, the luxury brand’s EV sales reached over 4,600 through the first nine months of 2024, topping Porsche (4,291) and Volvo (3,644).
Genesis made a statement at the LA Auto Show, unveiling the updated 2026 Electrified GV70. The luxury electric SUV now includes more range and an NACS port so drivers can charge at Tesla Superchargers. It will go on sale in the first half of 2025.
Meanwhile, Genesis showcased its new GV60 Magma Concept at the event, its first dedicated high-performance EV. The brand sees its Magma performance brand rivaling that of Geman luxury brands like Mercedes AMG, BMW M, and Audi RS.
The Genesis GV60 Magma EV will launch next year, spearheading the brand’s “expansion into the realm of high-performance vehicles.”
Genesis enhanced the battery and motor while fine-tuning the chassis, thermodynamics, and profile for more power and efficiency.
It also features an aggressive new design, sitting much lower and wider than the current GV60 model. Genesis added a Magma-exclusive sound system to give it a sports car-like feel in the cockpit.
In April, we got our first look at the G80 EV Magma concept, which could be a potential challenger to Tesla’s Model S Plaid and the Porsche Taycan GT Turbo.
The luxury brand is expected to launch its flagship electric three-row SUV next year, the GV90. Genesis previewed the ultra-luxury EV in March after unveiling the Neolun concept.
Genesis now has 60 sales bases in the US, with new stores in Washington, Minnesota, New York, and Florida. It’s also building 30 in Canada as it expands its presence in the North American luxury market.
The luxury brand is opening a new dedicated design center in California. The “Genesis Design California” will open in the first half of 2025 as it builds out its US network.
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A rumor spreading like wildfire on social media claims BYD will be taking over NIO (NYSE: NIO) as the EV giant gobbles up market share in China. The rumor was posted by a suspected BYD employee, but NIO is denying the claim.
BYD acquiring NIO would be a massive move as China’s leading EV maker continues to dominate the market. But that’s not going to happen.
According to CnEVPost, NIO’s assistant vice president for branding and communications, Ma Lin, denied the rumors that BYD is taking over the company on Friday.
Ma posted a screenshot on social media asking BYD’s general manager of branding and PR, Li Yunfei if the person who posted the fake rumor was an employee.
Earlier today, the suspected employee claimed BYD and NIO were setting up a joint venture. In a Weibo post, the suspect said BYD would have majority control of the partnership with a 51% share while NIO would get the remaining 49% ownership.
Ma told Li that if it was, in fact, a BYD employee, he needed to issue an official clarification and apologize. If not, they can get the police involved together. Li also denied the rumors, saying the claim was seriously untrue.
NIO denies rumors that BYD is taking over the company
This is not the first time rumors surfaced that BYD will be taking over NIO, but because it is a suspected employee, the post has garnered more attention.
BYD is on a major hiring spree as it ramps up production to meet the higher demand. The EV giant now has over 900,000 employees, making it by far the largest A-share listed company in China.
After selling over 500,000 vehicles for the first time in a single month in October, BYD’s surge is heating up as the EV giant expands overseas for growth.
October was BYD’s fifth consecutive record sales month as it closes in on auto leaders like Ford in global deliveries.
NIO is also gaining momentum, with sales topping the 20,000 mark for the sixth straight month in October. With output of its new lower-priced Onvo L60 electric SUV ramping up, NIO expects to continue seeing higher demand.
Ma said on Friday that NIO’s “recent situation is quite good.” The company’s head of PR added, “Cash flow turned positive in the third quarter, gross profit improved in October, earning an extra RMB 100 million, and Onvo (deliveries) will exceed 10,000 in December.”
NIO is launching its third brand, Firefly, with deliveries kicking off in the first half of 2025. The company expects sales to double next year as it works to become profitable by 2026.
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Hyundai Motors is recalling 145,235 EVs and other “electrified” vehicles in the US, citing concerns about a loss of driving power, the National Highway Traffic Safety Administration (NHTSA) said on Friday.
The NHTSA announced this morning that the recall affects selected IONIQ 5 and IONIQ 6 EVs, as well as certain luxury Genesis models, including the GV60, GV70, and G80 electrified variants, from the 2022-2025 model years, Reuters reported.
It looks like the issue stems from “the integrated charging control units in these vehicles, which may become damaged and fail to charge the 12-volt battery. This malfunction could lead to a complete loss of drive power, posing safety risks for drivers,” the NHTSA stated.
If you’re an owner of one of these Hyundai models dating 2022-2025, stay tuned. Hyundai has not yet provided a timeline as to when affected vehicles will be repaired.
To make that happen, the company’s dealers will inspect and replace the charging unit and its fuse if necessary, NHTSA said. Free of charge, of course.
Importantly, no crashes, injuries, fatalities, or fires due to this issue have been reported in the US, Hyundai reported.
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