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Used Tesla cars for sale at Big Motoring World’s showroom in the U.K., in 2023.

Chris Ratcliffe | Bloomberg | Getty Images

Used electric vehicles are set to play an important part in the shift to more sustainable forms of transportation, according to a manager at Elon Musk’s Tesla.

At the EV Summit 2023 in Oxford earlier this week, Michael Oates — who leads Tesla’s sales and delivery teams in the U.K. market — said the mass adoption of electric cars is coming and noted the big role that used EVs will play in this transition.

“Once the early adopters have adopted, we need to start getting in front of new audiences, those who haven’t necessarily considered an electric car as their next purchase,” he said.

Other demographics to consider include those who are interested in EVs but lack the “financial means” to purchase a new one, he added.  

“That’s why I believe that used cars are absolutely pivotal to ensure that as many people as possible can experience the sheer joy of owning and driving an electric car,” Oates said.

Read more about electric vehicles, batteries and chips from CNBC Pro

According to the U.K.-based Society of Motor Manufacturers and Traders, used battery electric vehicle sales rose by 81.8% to 30,645 in the second quarter, with their market share hitting a record 1.7%.

In April, Cox Automotive said the market for used EVs in the United States was “beginning to accelerate rapidly as more used EVs become available and buyers snap them up.”

“Retail used electric vehicle sales — EVs sold through a licensed dealership — increased significantly in Q1, according to Cox Automotive data, up 32% year over year, to 42,753 units,” it later added, citing estimates.

While the above is no doubt encouraging for advocates of low- and zero-emission mobility, Tesla’s Oates acknowledged that the road ahead is long. The used car industry for EVs is still “in its infancy, certainly compared to the new EV industry,” he said.

And that matters because “all of that really hard work that went into dispelling myths around range, around infrastructure, that led to that new car purchase … has to happen again, and again, and again, to an ever more skeptical audience in the used EV world.”

On top of range and infrastructure, cost needs to be considered.

“With our new cars starting at just under £40,000 (around $48,700), we recognise that not everybody is able to make that switch straightaway,” Oates said.

That means used cars would have “an absolutely crucial part” to play when it comes to “ensuring that as many people as possible can switch from that traditional ICE vehicle into a used EV, from any manufacturer.”

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Two charged in $650 million global crypto scam that promised 300% returns

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July 8, 2025

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Two charged in 0 million global crypto scam that promised 300% returns

A U.S. Justice Department logo or seal showing Justice Department headquarters, known as “Main Justice,” is seen behind the podium in the Department’s headquarters briefing room before a news conference with the Attorney General in Washington, January 24, 2023.

Kevin Lamarque | Reuters

Federal prosecutors have charged two men in connection with a sprawling cryptocurrency investment scheme that defrauded victims out of more than $650 million.

The indictment, unsealed in the District of Puerto Rico, accuses Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, of operating and promoting OmegaPro, an international crypto multi-level marketing scheme that promised investors 300% returns over 16 months through foreign exchange trading.

“This case exposes the ruthless reality of modern financial crime,” said the Internal Revenue Service’s Chief of Criminal Investigations Guy Ficco. “OmegaPro promised financial freedom but delivered financial ruin.”

From 2019 to 2023, Sims, Reynoso and their co-conspirators allegedly lured thousands of victims worldwide to purchase “investment packages” using cryptocurrency, falsely claiming the funds would be safely managed by elite forex traders, the Department of Justice said.

Prosecutors said the pair flaunted their wealth through social media and extravagant events — including projecting the OmegaPro logo onto the Burj Khalifa, Dubai’s tallest building — to convince investors the operation was legitimate.

A video posted to the company’s LinkedIn page shows guests in evening attire posing for photos and watching the spectacle in Dubai.

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In reality, authorities allege, OmegaPro was a pyramid-style fraud.

When the company later claimed it had suffered a hack, the defendants told victims they had transferred their funds to a new platform called Broker Group, the DOJ said. Users were never able to withdraw their money from either platform.

The two men face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering, each carrying a maximum sentence of 20 years in prison.

The Justice Department, FBI, IRS-Criminal Investigation, and Homeland Security Investigations led the multiagency investigation, with help from international partners.

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Tesla forced to refund $10,000 FSD payment and 0% interest on Cybertruck

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July 8, 2025

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Tesla forced to refund ,000 FSD payment and 0% interest on Cybertruck

Tesla is starting to experience some consequences for misleading Full Self Driving customers – at least that’s the finding of one arbitration ruling that has Tesla refunding one customer $10,000 plus legal fees for failing to deliver on their promises. Find out more on today’s legally challenging episode of Quick Charge!

An arbitration “court” found that Tesla misled customers with its Full Self Driving product, and has now been forced to refund at least one person’s $10,000 payment (plus legal fees) for the not-quite autonomous driving software. France, too, is piling on claims of deceptive business practices – but there’s some good news for FSD fans! If you’re still willing to pay for it, Tesla will thrown in 0% financing on a brand new Cybertruck.

Check out the relevant links, below, to learn more.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple Podcasts, Spotify, TuneIn, and our RSS feed for Overcast and other podcast players.

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New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

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This $15,000 Toyota EV is selling faster than expected

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July 8, 2025

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This ,000 Toyota EV is selling faster than expected

$15,000-Toyota-EV

Toyota’s new electric SUV is a surprise hit in China. Starting at just $15,000, the Toyota bZ3X is already the top-selling joint venture brand EV.

The $15,000 Toyota bZ3X is the top-selling foreign EV

After launching the bZ3X in March, Toyota’s joint venture, GAC Toyota, claimed that orders were “so popular that the server crashed.” It apparently secured over 10,000 orders in the first hour.

In its second month on the market, the bZ3X was the top-selling foreign-owned vehicle in China, beating out the Volkswagen ID.3 and ID.4 Crozz, Nissan N7, and BMW i3.

According to the latest update, the electric SUV retained the title once again in June. Peng Baolin, General Manager of Sales at GAC-Toyota, revealed on social media that the “delivery volume of Bozhi 3X in June reached 6,030 units.”

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GAC Toyota announced on Weibo that cumulative deliveries have now exceeded 20,000 units, setting a new record for the fastest joint venture electric SUV sales to achieve the feat.

$15,000-toyota-EV
Toyota bZ3X electric SUV (Source: GAC Toyota)

The company also claimed that the bZ3X “has the highest sales of new energy vehicles” among joint venture brands right now.

The bZ3X is Toyota’s “first 100,000 yuan-level pure electric SUV.” It’s available in seven different trims, starting at 109,800 yuan, or about $15,000.

$15,000-Toyota-EV
Toyota bZ3X electric SUV (Source: GAC-Toyota)

Two variants have an added LiDAR, making Toyota the first joint venture brand to offer it in China. The smart driving version starts at 149,800 yuan ($20,500). For 159,800 yuan ($22,000), you can upgrade to the range-topping “610 Max” trim.

Powered by a 67.92 kWh battery, the long-range model is rated with a CLTC range of up to 610 km (379 miles). The base “Air” trim features a 50.03 kWh battery, good for a 430 km (267 miles) range.

Toyota-bZ3X-EV-interior
,000-Toyota-EV

The bZ3X measures 4,645 mm in length, 1,885 mm in width, and 1,625 mm in height, or about the size of BYD’s popular Yuan Plus (sold overseas as the Atto 3).

Inside is a significant upgrade from most Toyota models we are used to seeing. It features a tech-focused interior with a 12.3″ infotainment screen and an 8.8″ driver display.

$15,000-Toyota-EV
Toyota bZ3X electric SUV interior (Source: GAC-Toyota)

Toyota markets it as an affordable family SUV with “a mobile space that is as comfortable as home.” With all the seats folded, the interior offers nearly 10 feet (3 meters) of space.

It’s also powered by Momenta’s 5.0 smart driving system, offering advanced smart driving features such as Level 2 assisted driving, remote parking, and more.

Electrek’s Take

Although it may not seem like much with Chinese EV makers like Xiaomi securing nearly 300,000 orders for the YU7 SUV in an hour, the bZ3X is selling surprisingly well for a foreign brand vehicle.

Global automakers are struggling to keep pace in China with an influx of new low-cost domestic EVs and an intensifying price war. However, Japanese automakers, including Toyota, have been some of the hardest hit.

During GAC Toyota’s Tech Day event last month, the company announced partnerships with China’s leading tech companies, including Huawei, Xiaomi, and Momenta, as it seeks to regain market share.

Ahead of the event, the company posted on Weibo that “god-level allies are coming to help,” adding “car industry bigwigs are coming.

Through May, Toyota’s sales in China are up 7.7% from the same period last year, with 530,000 vehicles sold. Will Toyota continue gaining traction in the world’s largest EV market? With the bZ5 now rolling out and several new models on the way, Toyota is looking for a comeback.

Source: Sohu, GAC-Toyota

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