The Growing Used Electric Vehicle Market in 2023: A Surging Trend

The electric vehicle market is rapidly evolving, with significant developments and news on various fronts. From manufacturing challenges to strategic shifts in the automotive industry, there’s much to discuss.

So, we’ll dive into the latest updates on electric vehicles, exploring the flow in the used EV market, changes in production strategies, and even international impacts on the EV battery supply chain.

Electric Vehicle Market and GM’s Production Delays

Last week’s news included a correction regarding a Swedish union and the challenges faced by General Motors. GM is moderating the acceleration of EV production in North America to adapt to market dynamics.

CEO, Mary Barra, highlighted the need to protect pricing, adjust to slower near-term demand growth, and implement engineering efficiency. This move has led to production delays for various GM models. They include the Equinox EV, Silverado EV, SRT, and the GMC Sierra EV. The goal is to resolve constraints on availability by mid-2024.

Honda’s Shift in EV Plans

In a surprising move, Honda has abandoned its partnership with GM to build affordable EVs based on the Altium platform. This shift comes after a year of collaboration and reflects Honda’s response to the changing business environment. The automaker now plans to independently pursue the development of an affordable EV.

China’s Impact on the EV Battery Supply Chain

The People’s Republic of China has imposed restrictions on the export of graphite, a critical component in EV battery anodes. This move could have a significant impact on lithium battery manufacturing globally, potentially delaying the transition to zero-emission transportation.

Some South Korean manufacturers are already seeking alternative graphite sources in Mozambique and Tanzania.

Tesla’s Warrant from the Department of Justice

Tesla disclosed that it has received warrants from the Department of Justice related to various matters, including personal benefits, related parties, vehicle range, and personnel decisions.

These warrants are probably related to ongoing investigations concerning the “diversion team,” autopilot and fully autonomous driving, Elon Musk’s personal house, and the unexpected resignation of CFO Zach Kirkhorn.

The Thriving Used Electric Vehicle Market

While new EVs remain unaffordable for many consumers, the used electric vehicle market is experiencing significant growth. The United States saw a surge in the sales of pre-owned EVs. It surpassed all other models, although the Tesla Model Y stood as the sole exception to this trend.

Furthermore, the average price of used EVs has fallen to $27,800, even with newer models entering the used market. When you factor in the $4,000 used clean vehicle credit, the used EV market becomes increasingly attractive.

Ford and UAW Reach Agreement

Good news! Ford has successfully negotiated a preliminary deal with the United Auto Workers Union. This agreement has the potential to bring an end to the nearly six-week strike, which has affected thousands of dedicated Ford employees. The proposed terms include a wage increase of at least 25% over the agreement’s term and improved benefits.

Stellantis’ Commercial EV Plan

Stellantis has provided more details about its “Stellantis Pro1” offensive. While last week’s report implied that Stellantis lacked commercial EVs, the company clarified that it has commercial electric vehicles in the pipeline. This includes new vans with 400V E power, 150 kW rapid charging, and ranges of up to 260 miles, making them competitive options in the European market.

Lucid’s Upcoming Luxury SUV

Lucid is set to unveil the “Lucid Gravity“, an upcoming luxury SUV that will compete in the popular luxury SUV segment. The company aims to offer a substantial range and class-leading rapid charging. In addition, Lucid is encouraging the adoption of its current Lucid Air model with special 18-month contracts.

See more: Used EV Market Flourishes with Remarkable Price Reductions

A Glimpse into GM’s Replacement of Bolt EV

GM’s CEO, Mary Barra, provided insight into the upcoming replacement for the Bolt EV. The new Bolt EV will feature lithium-iron-phosphate (LFP) batteries, which should help reduce costs.

Interestingly, it may also incorporate elements from the outgoing Bolt EUV, suggesting it might not be an entirely new model.

Electric Camper Vans and RVs on the Horizon

The electric vehicle market has seen the introduction of various van platforms. This week, Grandad announced pre-orders for its G2, built on the BrightDrop Zeo platform. The G2 boasts a range of over 250 miles, outdoor features, and solar power for charging, making it an appealing option for adventure seekers.

Electric Vehicle Association Sponsorship

The Electric Vehicle Association sponsors have been advocating for electric vehicles since 1967 and are dedicated to promoting the transition to clean, green electric cars.

The EV Association can help you connect with local EV experts, become an EV educator, and access clean energy and EV loan programs. Their goal is to support the electric vehicle community.

Energy Sage Sponsorship

Energy Sage offers a heat pump marketplace in select markets alongside its solar services. They connect homeowners with verified solar installers and heat pump specialists, helping you make the transition to clean energy.

Yu Gear Sponsorship

Yu Gear provides incredible fully functioning mechanical wooden models that inspire, educate, and entertain as well as offers a wide range of models suitable for various ages and preferences.

Conclusion

The electric vehicle market is dynamic, with various challenges and opportunities. The used EV market is on the rise, offering more affordable options to consumers. Industry players are adapting to market conditions and shifting their strategies.

Visit thetricenet.com for the latest information regarding Mobile Phones, Electric Vehicles, Product Reviews, as well as Artificial intelligence.

Aliha Zulfiqar
Aliha Zulfiqarhttp://thetricenet.com
With a major in English Language and Literature, I'm a dedicated SEO Content Writer. Also, I love to write about technology. With over 2 years of experience, I've had the privilege of contributing to various renowned platforms. As I look forward to the future, I am committed to refining my work and delivering content that stands out.

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