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.
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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.”
VinFast delivered its first VF9 vehicles to customers in Los Angeles yesterday, kicking off US deliveries of the new 3-row electric SUV.
VinFast is a relatively new EV brand, founded in Vietnam in 2017, under the umbrella of massive Vietnamese conglomerate Vingroup. It started delivering cars to the US in 2023 with its VF8 mid-size SUV.
The VF9 is its three-row large SUV, which has been delivering in Vietnam since the 2023 model year, and also in some other Southeast Asian and a few European markets. But now it’s ready to start delivering the VF9 here in the US, and it started last night in Los Angeles.
VinFast held a small event at its US headquarters in Los Angeles to deliver the first 8 VF9s to the US market, and invited us out to the event and to have a quick look at the car.
VinFast told us that it currently has 36 dealerships in 15 states, with 13 company owned stores in California. So deliveries won’t just start right away in California, but other territories as well. However, VinFast couldn’t provide us an estimate of what the delay before delivery would be if ordering a vehicle today.
VinFast trim levels
The VF9 comes in two trim levels, Eco and Plus. The Eco model starts at $69,800 with the Plus version $4k more at $73,800. First deliveries will start with the Plus model, with the Eco coming a few months later.
But despite those somewhat high starting prices, VinFast is also offering a limited-time promotion for the first 100 vehicle deliveries to lease the Plus for $529/mo with $2,000 down. And since the VF8 has seen some really great lease deals, we could imagine the VF9 might get the same treatment after deliveries start happening in earnest.
The trim levels don’t differ significantly in drive capabilities, with the same battery and motor between the two. See the full spec sheet here.
The main differences are in a bunch of additional interior comforts on the Plus, like ventilated massaging seats, 2nd row seat heaters, seat and steering wheel position memory, rear LCD display, panoramic roof and a subwoofer. The Plus also has fog lights and cornering lights.
However, the Plus also has lower range at 291 miles instead of 330 miles, primarily due to larger 21in wheels compared to the base 20in wheels. Wheels can make a huge difference in aerodynamic efficiency, especially with different wheel cover designs.
The Plus is also about 100lbs heavier than the Eco, and can come in a 6-seat “captain’s chair” configuration, whereas the Eco only comes in a 7-seat layout.
Extremely quick first drive
We got a chance to drive the VF9 very briefly, but given that it was in the middle of LA rush hour traffic and only a few miles, this barely even qualifies for “first drive” status.
However, the vehicle felt quite spacious inside – as one would expect from a large SUV. We only sat in the seats for a few minutes, but the seat material was passably comfortable (not like the outstandingly comfortable EX90). The third row has a huge amount of headroom, but little legroom – you’re basically sitting on the floor back there, and it takes some work to get out of it, too.
The drive software does seem to have matured compared to the previous VF8 version I drove. That VF8 had horrendous throttle lag, especially when starting from 0mph, but I didn’t experience that quite so much here in the VF9. It felt better. They’re making progress.
The throttle pedal is a little weirdly jumpy though in sport mode, so despite that I set almost all EVs to sport mode and just leave it there, this might be a car that I’d drive in standard or eco more often. And hope that Vinfast continues to tweak the drive software to make it feel a little more refined. But that said, again, I’d like a chance to test this more and get a feel for it.
Power was good though not amazing, it’s a large car after all so comfort is going to be more of a premium than speed.
I like VinFast’s user interface well enough – it’s pretty well laid out, it doesn’t suffer from the lag that some other UIs do, and you can always escape to CarPlay or Android Auto if that’s your preference. Though the gathered media did experience some random faults on the 3 early-production press cars we had access to for the night, like a faulty anti-window-pinch sensor and rear hatch closure sensor.
All in all, after the relatively poor overall reviews for the VF8 and a middling experience myself when I drove one, I came away pleasantly surprised by the VF9, with a vehicle that was nicer than I expected on this very short drive. I’m still not a large SUV guy and would love to see some of VinFast’s smaller vehicles here (the VF7 is coming to the US, but I’d like to see the even-smaller ones), but as long as the arrow keeps going in the right direction and VinFast keeps improving, there could be a nice future here for Vietnam.
And that’s the thing… I really want VinFast to succeed. I like the idea of having another country join the international stage of auto manufacturing, and it would be great for Vietnam to gain some chops in the realm of complex manufacturing. The country already does well in textiles and electronics… but cars are a whole different thing. This drive was too short to draw many conclusions, but VinFast does seem to be improving from the short experience we had.
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Crude oil futures edged slightly lower on Tuesday, after rallying about 3% in the prior session on fears that the war between Ukraine and Russia is escalating.
President Joe Biden has authorized Ukraine to use long-range missiles to hit targets in Russia in a major departure from Washington’s previous position, according to media reports.
China’s Xiaomi has reported a 30.5% growth in third-quarter revenue for its EV business, with the company also bumping up its yearly delivery target for the SU7 series EVs to 130,000 units.
Back in May, Xiaomi – the world’s third-largest smartphone maker – had said that it planned to build 100,000 EVs by the end of the year, with the company well on its way to achieving that goal. CEO Lei Jun said on his social media account that the company was bumping up its previous target of 120,000 of its first EV as “demand surges,” reports Reuters.
Last December, Xiaomi debuted its first vehicle, the SU7, which officially launched in March, offering three versions – Standard, Pro, and Max, with the Standard starting at $30,761 – strategically about $4,000 cheaper than the price of Tesla’s Model 3 in China. A souped-up hypercar version, the Ultra, has also since been unveiled.
Xiaomi SU7 Ultra. Source: Xiaomi
Since its launch, the SU7 has been a hit in China and is set to easily surpass production goals of 100,000 units one month early. To boost that momentum, Xiaomi now expects to complete the construction of an expansion of its EV factory in mid-2025, which should ramp up its numbers even more – at least, that’s the aim.
In the third quarter of this year, Xiaomi has said that it delivered 39,790 units of the SU7, for a total sales figure from its March launch to the end of September to 67,157 units.
Huatai Securities has forecast Xiaomi will deliver 400,000 EVs in 2025, with its EV business accounting for about a fifth of its revenue compared with 8% this year, Reuters reports.
Of course, analysts have predicted the company would lose money on its SU7, to the tune of around $10,000 a vehicle, but the smartphone maker has a tidy cash reserve of $15 billion to help it weather the storm.
Source: Xiaomi Weibo account
While facing plenty of competition in China from the likes of BYD, the company has, for one, tremendous brand appeal to the Chinese consumer, who are already familiar with its products and user interfaces. In addition to an alluring price point, the SU7 is a connected car that syncs with other devices. Compared to other EV makers, Xiaomi, too, has an edge on software and a jumpstart on autonomous driving, which it has been testing on roads for a few years.
The company says it plans to invest $10 billion over the next 10 years in building its EV empire, reports have said. By the end of the year, the company expects to expand to 22 sales stores, 135 service centers, and 53 delivery hubs in 59 cities.
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