2024 GreenCars Trends
The N.Y.S.E.: L.A.D. 2024 event discussed the trends in green cars, particularly focusing on EVs. The growth of EV sales has slowed due to factors like high interest rates and public charging concerns. Affordability and tax incentives play a significant role in the sales of EV models. Despite the slowdown, buying an EV has become easier with high inventories and discounts. Major automakers are adapting to EV trends, making owning an EV more accessible for consumers.
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N Y S E : L A D 2024 GreenCars Trends & Industry Updates January 15, 2024 El Paraiso, Ashland, OR Kevin Jennings, Dave Nichols, Taylor Faust
N Y S E : L A D 2 0 2 4 G r e e n C a r s Agenda EV Trends for 2024 Inventory Availability EV Maintenance, Service & Repairs Local EV Service Q&A
N Y S E : L A D 2 0 2 4 G r e e n C a r s EV Trends for 2024 The growth of EV sales has slowed, but still growing - EVs collectively are experiencing what we would call a speed bump in terms of sales growth EV sales are still growing, over 1 million new EVs were sold in CY2023, a new record https://www.greencars.com/news/u-s-ev-sales- poised-to-exceed-1-3-million-units-in-2023 However, demand is not as high as it was due to high interest rates, economic uncertainty, and growing concerns about public charging https://www.greencars.com/news/are-public-charging- issues-slowing-ev-growth - - 3
N Y S E : L A D No Longer Qualified: 2 0 2 4 G r e e n C a r s EV Trends for 2024 Mustang Mach-E Nissan LEAF Tesla Model 3 RWD & Long Range (*$3,750 only) Why has growth slowed? - EV models that sell at a strong rate is still largely tied to affordability; significantly impacted by the availability of EV tax incentives. - In 2024, the list of vehicles eligible for incentives got significantly shorter. Still Qualified $7,500: Cadillac Lyriq Chevrolet Blazer EV Chevrolet Bolt Chevrolet Equinox EV Chevrolet Silverado EV Ford F-150 Lightning Tesla Model 3 Perf. Tesla Model Y Tesla Model X - Vehicles made in South Korea (e.g., Hyundai/Kia) have been hit particularly hard, but manufacturers have responded with strong incentives and price cuts i.e., $4,100 Ioniq 6 price cut. - Also, many manufacturers are moving production to the U.S., a win-win as it s more American jobs as well as tax incentive (e.g., Volkswagen and Mercedes-Benz) 4
N Y S E : L A D 2 0 2 4 G r e e n C a r s EV Trends for 2024 Slow sales growth means buying an EV will be easier - While there s some doom and gloom now is a good time to buy. Inventories are high, and discounts are improving New EVs at or below MSRP - Buying an EV and getting the $7,500 tax credit is going to be easier. No more waiting for taxes dealers can apply incentive at time of purchase - Used EVs have a $4,000 incentive available Slowest-Selling EVs - Leasing still gives you the $7,500 federal tax credit Biggest Price Drops 5
N Y S E : L A D 2 0 2 4 G r e e n C a r s First OEM Vehicles to Adapt NACS EV Trends for 2024 Ford F-150 Lightning, Mustang Mach-E, E- Owning an EV is going to get easier! Transit, and future EVs - Owning an EV will be easier with almost all manufacturers adopting Tesla s charging standard, giving their customers access to the Supercharger network, most from 2024 Chevrolet, Cadillac, GMC, and Buick Rivian R1S, R1T and upcoming R2 models Volvo XC40 and Polestar 2 Mercedes-Benz EQB, EQE, EQE SUV, EQS, EQS - Seven manufacturers have formed a joint venture to start their own high-speed charging network, adding 30,000 high speed chargers DOUBLING public port counts; first stations open in 2024 with both CCS and Tesla s NACS plugs SUV and upcoming models. Nissan Ariya and future models Fisker Ocean, Pear, Ronin, and future models. Honda Prologue and Acura ZDX, share technology with GM. Jaguar, to become an all-EV brand Hyundai and Genesis in 2025. BMW, Rolls-Royce, and Mini in 2025 Toyota and Lexus Lucid Air sedan and new Lucid Gravity in 2025 6
N Y S E : L A D The Promise 7
N Y S E : L A D The Reality 8
N Y S E : L A D 2 0 2 4 G r e e n C a r s EV Maintenance, Service & Repairs Repair Costs Learn More EVs cost on average $269 more to repair compared to all other vehicles. $4,474 vs $4,205 about 6% more. Tesla vehicle involved in an accident was $5,552, about 27 percent more than the average vehicle at large. More Glitches, Fewer Mechanical IssuesLearn More Most problems developed by EVs far higher issue rate than gasoline cars are associated with infotainment or other technology features, not with drivetrains. Cheapest EVs with the most simplistic technology performed much better (i.e., Nissan LEAF). Dealers Have a Knowledge Gap to Bridge Learn More Service satisfaction dropped for the first time in 28 years. More trips and time at dealerships 9
N Y S E : L A D 2 0 2 4 G r e e n C a r s Local EV Service What has your experience been servicing your EV? Are there things dealerships can do better? For Tesla Owners, how has your service experience been? Lithia is considering a Lifetime Tire program; would it be useful? Notable Recalls BMW recall i5 External Artificial Sound Generator Software Issue (Jan 8th) RIVIAN Recalls 7,873 New Accelerator Pedal & Over The Air Fix (Jan 5th) 2024 Chevrolet Blazer For Door Strikers (Jan 2nd ) Source: Contact your dealership/manufacturer for current recalls 10 RIVIAN Portland, OR
N Y S E : L A D 2 0 2 4 G r e e n C a r s Wrap Up Have more questions? Continue learning on GreenCars: https://www.greencars.com/learning-center 90 educational guides for new learners with videos 350+ reviews, comparisons, recommendations, more 200+ news and industry updates 5 interactive resources on charging, incentives, vehicles Get in touch on YouTube @GreenCarsHQ Listen to our podcast, and stay up-to-date Instagram X (Twitter) Facebook LinkedIn 11
N Y S E : L A D 2 0 2 4 G r e e n C a r s Q&A 12
