Tag: GM

  • Ford and GM Offer $7,500 EV Lease Savings After Tax Credit Ends

    Ford and GM Offer $7,500 EV Lease Savings After Tax Credit Ends

    Key Takeaways

    1. Ford and GM plan to offer up to $7,500 in savings for electric vehicle leases before the federal tax credit program ends on September 30.

    2. Both companies will purchase dealer inventory through down payments, allowing financing branches to qualify for the federal incentives.

    3. Lease savings will be available through Ford Credit until the end of 2025.

    4. The plan was developed after discussions with the IRS, but it’s unclear if other automakers have similar agreements.

    5. The IRS confirmed that drivers can still qualify for the incentive by making a commitment, like a deposit, even if the purchase occurs after the September deadline.

    Ford and GM have set up plans for potential buyers to still obtain as much as $7,500 in savings when they lease electric vehicles (EVs). This is happening just before the 17-year-old federal tax credit program is due to end on September 30.

    How the Program Works

    The American car manufacturers are essentially starting the process by purchasing dealer inventory through down payments. This means the financing branches of both companies will be eligible for the $7,500 federal incentives. Consequently, dealers will continue to provide leases as they usually do, including the savings in the offers. This approach allows customers to benefit from the rebate for a few months even after the September deadline.

    Availability of Lease Savings

    As stated by Ford, these lease savings will be accessible through Ford Credit until the close of 2025.

    Reports from Reuters indicate that Ford and GM created this plan after discussions with the Internal Revenue Service (IRS). It remains uncertain if other automotive manufacturers have reached similar agreements.

    IRS Clarification

    In a related note, the IRS had previously confirmed that drivers could still qualify for the incentive by making a commitment, like putting down a deposit, even if the final purchase occurs after the September 30 deadline.

    The federal tax credit came to an end following US President Donald Trump’s signing of the tax bill in July. This program was intended to encourage the adoption of electric vehicles across the country.

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  • Xiaomi Surpasses Ford and GM in China’s EV Market in 2024

    Xiaomi Surpasses Ford and GM in China’s EV Market in 2024

    Key Takeaways

    1. Xiaomi outsold Ford and GM in China’s electric vehicle market within a year of entering the industry.
    2. The SU7 electric sedan achieved sales of 136,854 units last year, becoming a top choice among consumers.
    3. Ford’s Mustang Mach-E sold only 999 units in China, while GM sold 69,403 EVs, with local partnerships performing better.
    4. The SU7 reached 100,000 units in just 229 days and doubled that figure in an additional 119 days.
    5. Xiaomi plans to increase production, targeting 350,000 deliveries by 2025, with the SU7 Pro and YU7 SUV launching soon.

    Xiaomi is making waves in the automotive industry. The Chinese brand outsold both Ford and GM in the electric vehicle (EV) market in China, achieving this in just under a year since entering the field.

    Successful Launch of the SU7

    The electric sedan, SU7, has become a favorite among consumers, with Xiaomi reporting sales of 136,854 units last year. This impressive number has catapulted them to the top of the sales charts.

    In comparison, Ford’s Mustang Mach-E, which was the second most popular EV in the US for 2024, only managed to sell 999 units in China. The automaker does offer other electric models like the F-150 Lightning and E-Transit, yet these were not available in the Chinese market.

    GM’s Performance in China

    General Motors sold a total of 69,403 EVs under its various brands in China. However, its local partnerships performed significantly better, with Baojun and SAIC-Wulin selling 33,630 and 602,952 units, respectively.

    In the US, Ford and GM sold approximately 98,000 and 114,000 units, respectively, showing a stark contrast to their performances in China.

    Xiaomi’s Future Plans

    Xiaomi’s emergence in the EV sector has been truly remarkable. The SU7, priced under $30,000, reached the milestone of 100,000 units in just 229 days, and it only took 119 more days to double that figure. With plans to ramp up production, the company is targeting 350,000 deliveries for 2025. The SU7 Pro is already fully booked for the year, and the YU7 SUV is set to launch in June or July.

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  • Pilot Travel Centers, GM, and EVgo Collaborate to Establish a Revolutionary Nationwide EV Charging Network

    Pilot Travel Centers, GM, and EVgo Collaborate to Establish a Revolutionary Nationwide EV Charging Network

    The recent collaboration between Pilot Travel Centers, General Motors (GM), and EVgo has brought about a new era for electric vehicle (EV) charging in the United States. This partnership aims to create a network of EV charging stations that will revolutionize the landscape of EV travel in the country.

    Convenient and Accessible Charging Stations

    The vision of this collaboration is to build 500 EV charging stations with over 2000 charging stalls. The first 17 locations of this ambitious project are already in place, spanning across 13 states. These initial stations are situated at existing Pilot and Flying J travel centers, offering more than just charging points. They are comprehensive service areas designed to cater to the needs of modern EV drivers.

    One of the key features of these stations is their high-power chargers, capable of up to 350-kW charging. Equipped with CCS1 connectors, they can cater to a broad range of EVs. What sets these stations apart is their design, which takes into account the unique needs of EV drivers. The charging stalls are pull-through, accommodating vehicles of all sizes, including those towing trailers. Additionally, the stations are covered with canopies and provide 24/7 access to essential amenities such as restrooms, food and beverage options, and free Wi-Fi. Onsite staff ensure that everything runs smoothly.

    Expanding the Network

    The expansion plan for this network of EV charging stations is aggressive and promising. The goal is to have 25 locations operational by the end of this year, with plans to expand to around 200 by the end of 2024. Ultimately, the vision is to have a vast network of 500 locations with 2,000 charging stalls. This development reflects the growing demand and acceptance of EVs, highlighting the need for more robust and reliable charging infrastructure.

    Positive Response from the EV Community

    One notable aspect of this project is the positive response from the EV community. EV drivers have shown enthusiasm for the layout and amenities provided at these stations, indicating a shift in expectations for charging experiences. This project goes beyond simply providing power; it aims to enhance the journey of the EV driver, making long-distance travel more feasible and enjoyable.

    Exclusive Benefits for GM Drivers

    Looking ahead to spring 2024, GM and Pilot Travel Centers plan to introduce exclusive benefits for GM drivers. These benefits will include charger reservations and charging discounts. This partnership marks a significant step in addressing range anxiety and encouraging more people to embrace EVs. It signals a pivotal shift in the automotive and energy industries. By creating a network that parallels traditional fuel stations in terms of convenience and accessibility, Pilot Travel Centers, GM, and EVgo are not only supporting the current generation of EV drivers but also paving the way for a future where electric travel is the norm.

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