Why EV Sales Are Falling | CNBC Marathon
CNBC Marathon explores the decline of electric vehicle sales and its implications.
In August 2023, it took about twice as long to sell an EV in the U.S. as it did the previous January. Prices of EVs are down 22% year-over-year and that's mainly driven by Tesla. About two thirds of EVs sold are Elon Musk's brand. Companies like Ford have ramped up hybrid production as demand has leveled off.
Used EV prices are falling. Studies show that used EV prices fell somewhere around 30 percent in September and October 2023 from the same period in 2022. Used overall vehicle prices including internal combustion engines (ICE), hybrid and EVs declined by only around 5 percent.
In October 2021, Hertz publicly announced it intended to buy 100,000 Tesla vehicles. Newly emerged from bankruptcy, Hertz had a bold plan to lead the EV revolution in car rental. Shares of Hertz soared, as did Tesla’s - its market value hit $1 trillion. First mover advantage aside, it would help Hertz distinguish itself in an industry plagued by commoditization. But only a couple of years in, the rental company’s EV strategy is facing some serious challenges: pricing troubles, skyrocketing repair costs and low resale values. Meanwhile big rental rivals are holding back on EVs.
Chapters:
00:00 Introduction
00:34 Why EVs Are Piling Up At Dealerships In The U.S (Published October 2023)
17:21 Why Used EV Prices Are Falling (Published December 2023)
32:29 Why Hertz's Bet On Tesla Isn't Paying Off In The U.S. (Published December 2023)
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Why EV Sales Are Falling | CNBC Marathon
I like how the dealer owner subtly threw shade at Tesla for being able to unfairly adjust their pricing…when dealers pack on market adjustments and bogus fees at nearly every opportunity
market price is market price, before the pandemic for most brand you can easily purchase a car at invoice (not MSRP) price and sometimes even UNDER invoice if you play the card right. funny how people start complaining when the pendulum swings.
@@TheGardenMGwhy should I have to haggle for a lower price. Dealerships need to close. Buy it online. Best price will get my purchase.
@@aj4991 you don't, I just email all the dealers in the region and let them compete with each other, some takes online sales seriously and you basically just go there to sign the paper and grab the key. Doesn't sound like you have much car buying experience.
@@TheGardenMG Taking the man out the middle makes things cheaper across the board for everyone. After buying my Tesla I never want to deal with a dealership ever again. When buying my Ram 1500 longhorn it was such a hassle and I knew the guy personally who I was buying it from.
@@aj4991 Sounds like you just never bought from a good dealer. Tesla itself is not shy about charging market price neither. Have you looked at used Tesla inventory on their site in mid 2021? Two years old Model 3 are selling close to MRSP when it's new because that's the "market price". Oh and "Founder's Edition" is basically just their version of mark up.
Buying a car from a dealership is the worst experience ever!
Only if you have the money to back it up and if you know what you're doing
It can be. We've had those kinds of experiences.. However, the second to last car we bought was in a small town south of a major city. It was a small town dealership, and it was a fantastic experience! I assume that, since news travels fast in smaller towns, they know they need to protect their reputation. Our last experience, two years ago, was in a town of 45,000. It was a good experience, too. Both were Dodge/Chrysler dealerships.
I agree with you 💯 % me too
The reason I bought a Tesla and super happy with it.
If u are poor, yes.
Only in Corporate Media will they tell you EVs are too expensive then a minute later say Tesla slashed prices like it's a bad thing.
In a way it's bad because it made less profits for Tesla. They also don't make much money on the service side because almost everything is covered under warranty and very little is customer pay.
@@arnoldss383So the truth is, nobody wants to keep an EV outside of warranty because they quickly become outdated, lemons, not to mention those replacement batteries can cause fires when the vehicle is parked and not in use. If Tesla only warrants an EV at 10 years, that means they know their car only lasts 10 years. Some people paid well over 100k for those cars that don't last even 10 yrs. So some spent 10k per year on a lemon vehicle. Meanwhile, a Toyota Prius might cost about 25-30k brand new and will last 20 years. Even if you add in maintenance that Prius doesn't cost more than 40k to last 20 years, 2k per year compared to 10k per year for those lemon Teslas. Why on Earth would someone buy a Tesla unless they're a dummy?
It's more because the media are against Elon and will take any jab they can.
@@arnoldss383sounds perfect to me. Forces the company to make things reliable if they are on the hook to fix things.
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Had a good run during my first year in the fin-market, I assumed I had a hang on it. However, things changed during the pandemic, and I needed to diversify into safe assets, so I approached a coach who devised a structure that matched my annual goal of 200k
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One of the fiduciaries I deal with is Jennifer Lea Jenson. Just check the name. There would be a letter with the necessary information to set up an appointment.
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didn't this already come out? CNBC recycling material
They want those ad dollars from GM and others. This is dishonest journalism.
And its the same. Its not EVa going down. Just Ford and GM.
Anti-EV propaganda needs to be updated.
Yes this is a marathon video where they take 3 previous videos on the same Topic and put them together.
I knew I wasn’t going crazy. I felt I had watched this video before.
Dealers are a huge part of the problem. They don’t want to sell BEVs because they can’t make money servicing them.
That is the bottom line, money.
Hertz and German giant Sixt just dumped their fleets of Tesla and Polestar ( Tesla went first ) due to unreliability, high repair costs and 'low residual values' ( massive depreciation ). They make decisions with their heads not their hearts...
@@chrissmith2114 not the full story , as you see the full hertz dumped Tesla with higher mileage yes which is a normal rental car practice this what the media don’t tell you . Only because Tesla and EVs generate clicks and engagement which means profit on advertising . Please do full informed research
Lol. It cost more to maintain an EV than an ICE. Stop believing your stupid politicians
@@ming12222EV is a scam period. It does not save the planet. Where do you think ev gets their energy?
Personally I find them too expensive and I don't want to wait at superchargers when traveling.
*I’ll tell you why EV technology is bad:* 1. Charging times are too long. 2. Range between charges are too short. 3. Registration costs are too high. 4. Batteries have problems with cold and hot weather. 5. Batteries are extremely dangerous. 6. Expensive insurance policies/rates. 7. Tax credits are too low. 8. Prices are too high. Technology suppose to improve in most or in all areas, is not suppose to go backwards.
TRUE....not when certain govts are mandating Ev policy by 2035...means no new ICE or diesel cars for sale....We still have 10 years left....
Agreed. I still maintain that having the EV’s as an option for those people an EV makes sense for is great. Government mandates have gotten out of control though. It’s leftist group think just like the lockdowns a few years ago. The battery technology is great on a smaller scale. Virtually all of my power tools are battery powered. I am skeptical of the carbon impact in manufacturing and recycling of these tools and batteries. Weed eaters and mowers don’t have emissions equipment. I bet that those small reductions in carbon emissions on a large scale would have a greater impact on the environment than EV car mandates.
1. Charging time too long? All you do is drive home from work then plug in. Next day you are ready to go again. But sure u drive to and from gas station weekly 15-20 weekly it's ok. 2. Range is something u think about when u go road trip which computer plans your route sure if u get ice vehicles u still stop for rest anyways. 3. Registration cost more because states deem ev cars not paying their fair share of road repair tax which u pay at gas stations. 4. Sure weather plays a part in range but you pay cheaper charging ur cars at home anyways. 5. Batteries are dangerous but so is flammable gas. 6. Insurance is expensive bcos every insurance is also expensive but u offset by not needing to maintain/ service your car 7. Tax credit is low because politicians are paid by gas lobbyist. 8. Expensive there are cheaper ev compared to compact Japanese or equivalent SUV.
@@crazywildman And for the huge number of people who don't have a fancy garage to park and charge in?? I park on the STREET. I don't HAVE a charger to plug into. WTF am I supposed to do to charge the damned thing?? And how exactly am I supposed to stop and charge on a road trip... When there AREN'T ANY BLOODY CHARGERS IN MOST PLACES?!?
Just a list of a whole bunch of excuses
This is a ridiculous “report”. Dealerships have no interest in selling BEVs because they don’t need preventive maintenance and when built properly they don’t break. This is traditionally where dealerships make the vast majority of their profits. So why ask legacy auto dealers about a “slump” in the sales of their crappy BEVs that they don’t want to sell in the first place?!?
Correct. And the EV industry will remove the dealerships altogether. Tesla did it, polestar same and Volvo is planning for it
Yes! 60% of a dealer's profit is in service. EVs need nothing but tires brakes and wiper blades. s
Actually EV's are much more expensive to repair. That's why Hertz is getting rid of all their Tesla EV's.
One’s biggest maintenance expense on a vehicle are tires. This is not an advantage for EVs. Though Dealerships are a less likely place where one gets new tires. I am just not so sure I can believe your argument. Dealers will make a sweet penny for battery replacement, much more than if it’s a Crate Engine replacement, for vehicles outside warranty.
@@joeking433 no that isn’t the full story, in car rentals they need to sell higher mileage cars to keep the maintenance low over all even for gas vehicles ,the news only picked up the selling teslas not because of it’s a their practice …. Please do more research before just trusting news .
The reason why Hertz failed in the EV space was simple. Business and pleasure users who are on their way to the airport to return their Tesla do not have 2 hours to charge before they return it. Requiring users to do that was a dumb idea from the beginning.
Oooo so it had nothing to do with the High Maintenance Repair costs ? The ROI was not there as Tesla dropped the price screwing Herts and others over.
Yep. Hertz went Bankrupt for a reason not too long ago. Time for them to get with the program and make it simple for people.
@@ImLivinSD The reason you listed had nothing to do with maintenance costs. Indeed tesla dropping the price screwed Hertz's potential resale value for their fleet.
@@ImLivinSDIt wasn’t the maintenance cost, which is much lower on EVa. It was the repair costs because people damage rentals when they give few f*s about it.
❌ STOP THIS SCAM ❌ Give equal incentives to hydrogen cars or get rid of all the incentives 😡 NO MORE LIES😡
Dealers don’t like EVs because they make very little money selling them. A huge win for the consumer!
Dealers make very little money selling _any_ new car. The money is always in used cars, servicing, and repairs. This is why Tesla has done away with the traditional franchise dealership model and just has company stores. They get to keep all the profit, and they don't have to artificially inflate the price of vehicles in order for the dealer to get its cut. They don't have to worry about dealers gouging customers, as Tesla themselves control the buying process. Eventually, either the industry is going to have to change to adapt Tesla's business model, or Tesla will have to change to adapt the industry model. There's no room for both in this market.
And no third party repairs. So consumers are price gouged on those services.@@RockandrollNegro
The main problem isn't the powertrain. It's the charging hassle, chargers always broken or malfunctioning. Also, many places have chargers and kick you out claiming it's private, ( especially STEALERS) and a gazillion conditions to get optimal charge speeds. Those are the main problems.
I got quote from my Erie car insurance: 2023 Tesla Y Long Range is $1685/year….2024 Toyota RAV4 Prime Plugin Hybrid is $750/year
Try Tesla's insurance... Shop around, that's what most ppl do...
@@johnstephens6052most insurance companies besides Tesla insurance are not keen on ev because when they get do get in a wreck it's either impossible to repair or they just write it off due to parts not being available
Well that's another plus for Tesla shareholders and myself... What will the insurance companies do as the ocean levels rise and the wild fires proliferate? Oh yeah, they'll not insure ppl...
@@johnstephens6052 I'll put this bluntly 30k to 100k for a ev with 300 miles claimed ranges which means in reality you have 250 miles range max that and not all of us can afford a ev
@@johnstephens6052 Obama and Al Gore have oceanfront mansions
TLDR: It’s too expensive to buy. Wish we can invest this time and effort into improving our public transit infrastructure and rail network
Why not both?
How does private vehicle sales have anything to do with that? Car manufacturers are not in the government hands, and public transportation has nothing to so with personal vehicle sales. If you want to ride a bus or train, that's a personal choice, not a government mandate
@@cmdrls212adequate public transportation obviates the need for personal vehicles everywhere in the world including in the US of A. There’s your relationship.
@@cmdrls212 The GOVERNMENT is in BIG OIL and Car Manufacturers hands...because they bribe the Politicians with SuperPACs and Campaign Donations to get their special interests paid out of the Government Tills.
@@cmdrls212 $7.5k ev tax credit is from government/tax payer money. Less ppl will buy new car without the $7.5k rebate. $15 billion funding for battery & ev manufacturing. EV will costs more to build if without government subsidies, leading to higher prices and less buyers. More people willing to take bus/train and buying less cars if the public transport is built-out to convenient/on-time/cheap.
As a city resident, you can't plug'em anywhere unless you have an indoor garage which is rare in the city
I have been charging mine in a driveway for over 5 years.
Agree. It would’ve cost a fortune to retrofit my condo garage for EVs. Maybe we could’ve added one or two charging stations but that would be a recipe for conflict.
Nonsense. There are EV chargers are Grocery Stores, Movie theaters, shopping malls and many other locations, including work locations and parking decks. Lived in a Major City for 17 years until just recently. This is FUD baloney.
I live on a complex as well and there are no charging stations. The only place I’ve seen charging stations where I live is in a Walmart parking lot.
@@davidc2838big cities get the updates faster
too much electronics, like digital dashboard & displays, i don't like that development.
For me personally they can show me an ev that’s most affordable, with the longest range ever and im still gonna be sceptical. It doesn’t make sense to have one where i live, charging would be a nightmare, and the repairability is pretty scammy, no one seems to want to deal with repairing any of these even though they say they’re less complex and less mechanical parts and all that. And the insurance people seem to say sucks to be you when you get in an accident in one of those and you end up with exorbitant cost
I’m an EV advocate and will admit this is an excellent point. It will be some time before the EV infrastructure becomes ubiquitous. Our family has 4 cars (teenagers) and one of them is an EV.
Mercedes was dead last on Consumer Reports recent list of reliably. So they cost a lot, cost a lot to repair and are more likely to break down.
Its a luxury car. People don't care because it's under warranty. They care about looks and feel.
@@ryanwalters6184 Of course they care. Why would you pay so much for the inconvenience of always having problems with a vehicle. Especially when they could purchase a Lexus hybrid alternative and virtually never have any problems. Rich people are also smart people and they don't just throw money away for no reason.
@@dskwared2u610 No, actually plenty do throw money away...for prestige, Ego, etc. But Mercedes is having problems, so you are correct about their issues. They have a great brand but quality has been slipping recently.
I came to that conclusion about 50 years ago when my father bought one. It was constantly in the shop getting fixed for one thing or another. But maybe it was just a lemon.
You can no longer trust Consumer Reports. Was very good in the past. I used to have subscriptions.
EVs are still expensive and we are getting squeezed with inflation with no increases in salary. Most cant afford homes anymore, and you expect us to pay more for an eco vehicle?
Price is the only real factor at play here - They’re still too expensive. People who can afford them at their current price have bought them, and everybody else is just wistfully window shopping. All of these other “rationales” are just noise.
Spot on.
I’m someone who’s an advocate for sustainability but it’s def a luxury to be in that mindset. At the end of the day, price is going to be the determining factor for majority of the population. EV’s are also a little bit misleading in the “better for the environment” message. While yea you may be using less resources, the creation of batteries is also a an environmentally toxic process.
No salary increase is untrue. Still too expensive is true, especially when replacing a battery cost way more than replacing an engine or transmission. Other than that, salary increases has outpaced inflation for an year now.
@@cbaum64 arrogant much? Range, poor build quality/reliability and possibility of newer battery tech making lithuim obsolete.
Will EVs retain mileage like my 1990 F150 that with 600k miles still gets 22mpg (city and Hwy are the same). Means its gets over 600miles of range just as it did February 1990 when it rolled off the lot. With only wear items being replaced (clutches in transmission) while engine is as assembled in Cleveland in 1989.
Renting a EV is very different from renting a ICE car. When you return the gas powered car you just stop at a nearby gas station and fill-up the tank to the level required. When you return the EV, you have to plan ahead on where and for how long you have to stop to charge the battery so you end up with the percentage of battery required to not pay the extra charges. Also you rent When you are away from home and without the home charging the price per kilometer may end up very close between EV and ICE, so you feel only the disadvantages of driving an EV
Exactly my experience! And half the chargers are very difficult. Even the guy at the dealership had issues!
If EV prices are match or competitive with ICE vehicles, that would boost sales. If BYD vehicles entered the U.S. market, it would be a game changer.
REVISED TITLE of VIDEO: Legacy Auto EV & Startup EV sales numbers are falling! Inferior and non appealing products being the main cause. That said, Tesla EV sales grow year over year. #MoreAccurateTitle
Bingo
FAKE NEWS, ALL INDUSTRIES WILL SLOW DOWN. PROBLEM IS NOW DAYS, WHEN EV SLOWED DOWN IN SALES, MEDIA COMES IN TO START A FEAR AND FAKE NEWS CAMPAGN. EV SALES WILL GO DOWN IN PRICE IN TIME WHEN MORE EV CHARGERS ARE AVAILABLE PERIOD. EDUCATED UNDERSTAND THE REALITY, UNEDUCATED PEOPLE LISTEN TO MEDIA TYPES AND BUY OR SELL WHEN MEDIA TELLS THEM TO. MEDIA CONTROLLS FOOLISH HUMANS BEHAVIOR. LOL.
Then why is Elon constantly cutting prices?
@@joeking433 You cut price to scale. Elon is not trying to recreate Lamborgini (low volume and high margins of 26%), he's trying to create Toyota (high volume and good margins 9-10%).
It's important to remember that Tesla had to cut all prices by significant amounts. They didn't do that out of the goodness of their hearts. They saw the market trends and reacted accordingly. If they didn't lower their prices they would probably be losing sales.
I bought a plasma tv for 10K in 90's and when i tried to sell it 2 years later, I could get only 500$ for. Was it a bad investment? No. It's not an investment, period. Same goes for cars (with the exception of collectibles). If the cost of a new Tesla is reduced by 20% every year, the cost of used Tesla will also go down by about the same percentage. Eventually, costs will stop to go down like it did for other commodities. It's not because EV depreciate faster than a regular ICE car. The cost goes down when production ramps-up. It's the same as any new technology. I'm surprised this was not mentioned in the video. At this point, it's an IQ test.
Well, I appreciate your sacrifice so I could buy a cheap flat panel TV and save money
I have 40 years of driving left. I will never purchase or drive any EV. V8’s or diesels is only for me…
This is highly misleading. Sales of EVs in the US continues to increase year on year, there were more EV sales in 2023 than in 2022. So a headline that claims "sales are falling" is just not even sloppy, but objectively false. What has fallen is the 'rate of increase', but that's a very different narrative to saying that EV sales are falling or declining.
What they're saying is that EV's are lying on lots for much longer than ICE cars.
@@joeking433 because the Ford, GM,etc dealerships don't want to sell EVs and overprice them. They also make their money through selling services. EV's require less maintenance.
EV sales are slowing (I think all vehicle sales are slowing), but the percentage of EV sales relative to ICE sales continues to increase. So, the title is misleading IMO. But interviewing dealers, who generally don't like EV's, is possibly disingenuous. Perhaps this could have been better presented to be more measured, but that may be asking too much of a reporter who may not follow the EV industry closely.
@@who2u333 But EV's are taking longer to sell than ICE cars. That's at the crux of this video.
@@joeking433Teslas are not
As a life-long V8 muscle 💪🏾 car driver, I enjoyed renting a Telsa model 3 on a recent trip to Vegas. I drove around Vegas for five days and didn't have to worry about gas. Also, when returning it back to Hertz, they only charged $30 for the recharge fee. Honestly, I've been thinking about purchasing an EV lately.
You should I strongly recommend a model three or S or X performance? You will never miss a V8 again.
You drove around Vegas for 5 days and didn't have to worry about gas because it's not a gas car, but it doesn't mean the range on these is any better or that you don't still have to worry about recharging the battery. You say it like the Tesla 3 had a range significantly longer than your average V8 and so you never had to recharge the thing.
Wait for the Model 3 plaid or wahtever name Tesla puts in it. Incredibly fast since it is a lighter car. They are working onnthen new suspension as of now.
You should buy one. Now that the hype is over, it's cheaper.
I just bought one cuz the price is good right now. For 41k after all the fees that’s pretty good for a model Y.
I took a rental the Chevy Bolt at Chicago O’Hare and tried to charge it at 3 different networks including Tesla. It gave me so much anxiety and I returned the car right away to a regular ice car. The gas prices go up and down but they are still not crazy s, not much incentive and abolsute NO for long distance
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Elissa Dawn Sharon is the licensed advisor I use. Just research the name. You'd find necessary details to work with to set up an appointment.
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"batteries are only warrantied for 8-10 years" How's that ICE warranty doing?
Depends on the manufacturer.
4 years 50k miles on average so crap compared to ev
Lol, 8-10 years on only the batteries. Everything else is still 4 years 50k miles. A blown motor on a ICE doesn't cost $25k😂😂😂😂😂😂😂
Fine actually. I refurbished a 40 year old car with local tools and a hoist. Mixing my own lithium and circuit boards though...
@@brokeduece1691depends on the car. It’s not 25k for a battery unless you get a NEW battery. Some motors are $10-15k in ICE cars
The best selling car was an EV, beating out the Toyota Camry. Confusing…
you said 'was'
@@huynguyentoantin yes, because 2024 is still early. Model Y was the most sold car in 2023 and it looks like they will surpass that of last year. January is usually the slowest but Tesla is still beating records. These ICE companies wants you to think EV are doing terrible but facts don’t care about feelings. Tesla is breaking records after records and they are the main EV maker.
YES because toyota has to many variant for camry, just counting camry is not really fair, you need to count all the variation using different name in different country to make a fair comparison
@@PhongNguyen-nz9kz Tesla is the biggest one and will be the first one to fail of course
YES because toyota has to many variant for camry, just counting camry is not really fair, you need to count all the variation using different name in different country to make a fair comparison. Plus all these sales is based on the fact government is giving out so much money, it's a unfair condition in the first place, and tesla is already out for more than a decade, its market share is still pathetic. So does not compare it to an iphone or other truly revolutionary product to an tesla, it is not revolutionary and it is going to fail
It is not just the EVs, the overall car market sales have been dropping. The sales figures have been far from the peak back in mid-2010 (off by roughly 10-15%?). Not to mention that the inventory has been going up across for pretty much the whole spectrum. People have more financial reasons to stick to their old cars.
This is an old piece. It was just re-posted. I wish KZhead would require the true date.
Very clear solution to this: Let BYD sells its cars manufactured in MExico sell directly in America, allowed as per Nafta accord. This will be bring great competition and make American cars manufacturers realize the end goal of all of this. They will stop coming up with sshiny objects and they too will launch 25K cars. That will solve everything!
I thought America was a free market capitalist dreamland but they don’t allow Chinese cars to be sold there? The math doesn’t add up 😂
Americans have effectively shut down the entry/small car market. Example: the "success" of the Smart. Tiny EVs from BYD will not sell in volume here, ignoring the quality or where it's actually built.
No, Americans will buy the BYD crap and ignore the good stuff that costs slightly more. Most Americans would rather buy cheap Chinese junk, replace it frequently, and complain about it, without ever changing their behavior. They've been doing exactly that for years.
@@asishreddy7729America IS a free market capitalist dreamland. The capitalists have decided that dreaming is limited to only what they can make money on.
@@asishreddy7729 Auto pact=jobs. Jobs=votes. Votes=political will. Ironically these cars will be built by robots soon!
I’m having an EV for a month as my car is in auto shop. Honestly pretty awesome experience as an 100% on-site employee commute to Seaport Boston with company garage providing free charging stations. So far only paid 20 dollars for charging due to a weekend road trip. This is easily $200 per month saving not even taking consideration of maintenance saving if I eventually switch to an EV. This, however, doesn’t apply to most people around me as we almost all living in apartments/condo that has no or bare minimum charging stations, and not everyone is fortunate to have free parking in the city with free charging perk. So the population has greatest demand for EV: people commute in big cities, is also the population that faces infrastructure problems helping them getting an EV.
Tesla Supercharger Network: no garage for overnight charging? No problem.
Luckily chargers are simpler to install because they lack all the HAZMAT requirements that gas stations need to satisfy. But there's still a lot of capital-intensive drilling and pipefitting to put in a charger, not to mention the energy storage and transmission upgrades that the government needs to help with.
@@doujinflip WAY less than the cost of the Fossil Fuels Infrastructure to keep drilling incessantly and shipping OIL and gasoline LONG distances and refining it, while polluting the world.
$200 per month savings? What kind of car were you driving?
@@KP-xi4bj That’s nonsense. I live near a major metropolitan center. The nearest Supercharger is 17 miles away. Charging would be a 34 mile round trip which would take a minimum of an hour. That’s plain stupid.
They should allow direct sale from manufacturers without dealer fees. Dealers don't really add much value, they are just the middleman.
The purchase price is high, the cost to fix broken parts is high, the range is limited and recharging facilities are limited.
Insurance, don't even ask😂
And insurance is a straight up scam!
@@sailboatlighthousemy insurance dropped $200 a month even with adding a 3rd car and having a student driver.
@@sailboatlighthouse I pay 58 euro/month for a new Tesla Model 3 LR. EV insurance is not expensive.
Limited recharging facilities is the only accurate part of that statement. Even so, I was able to drive from FL to MI the dead of winter using only Electrify America stations. As for daily use, charging at home at night is about the easiest, most cost effective refueling experience you can have. You'll do it twice a week at most, at the cost of a few bucks. As for those other things, new technologies cost more until the market adjusts. EVs are statistically more reliable than ICE. Further, the public impression of higher repair costs is strongly linked to battery replacement, which is a truly rare necessity. Otherwise, repair costs are higher only because a third party market is not yet established. And all vehicles have limited range.
Just bought a model Y two months ago. Charge at home and Tesla supercharging is such a good combo, havent had the need to even upgrade my home charging yet and I do rideshare part time. Yes it does take 15-30 min to get a good decent amount of supercharge but the technology is only getting better!
I got my Model Y a month ago too. I haven't gotten the home charger yet (the combo of portable charger + supercharger is great)
I don’t have a Tesla, but I do drive the Chevy bolt. The fast charging combined with using home charging to supplement works great. I drive 80-100 miles daily for work; my regular employment and my 1099 side job. I save about $500/month by not buying gas. I still have a Yukon for long drives, deep snow, extreme cold, etc. we live in Alaska.
This is a 48min complaint by OEMs as to why they cannot compete with Tesla
That's right!!! ...I'm surprised big oil isn't involved w/disinformation, too...
Are you for real? Teslas are the biggest pile of junk on the market. Proper car manufacturers are all making a better product for less money. Only a tiny minority of dedicated idiots are still buying Elon's fire prone death traps. Everyone else has seen the light. Elon musk didn't reduce his prices by 20% because his Teslas were selling well. He did it out of desperation because they're not selling very many at all.
@@johnstephens6052Where does electricity come from? The massive majority comes from highly polluting coal or nuclear as solar, wind and water have yet to create capacity. Auto battery waste is itself a toxic waste, without mentioning the deplorable conditions required to mine ev components and adjacent destruction of the land. But it’s okay, it’s just a crappy third world country we are doing this to. EVs are hundreds of pounds heavier than ICE vehicles. The Ford Lightning truck being 5000lbs heavier than an ICE truck. This has been scientifically demonstrated to be a factor in increasing auto fatalities. Not to mention, EV tires get used up more spewing more microplastics into the environment and creating twice as much tire waste. EVs increase inequality between mostly white homeowners and in a city who can afford the home charge and rural or apartment dwelling Americans. You’ve just fallen for EV marketing hook, line, and sinker. Traded one form of pollution and exploitation for another. You’re not going forward you are staying the same. All for a product (Tesla) that sits at the bottom of quality lists.
@@pestemmedico6369 Hahahaha!!! Your exaggerations seem like an emotional and fictional meltdown! You failed to mention renewable energy scaling more and more each year and now makes up for over 20% of our energy in the grid. You failed to mention how Tesla's Mega Packs and other similar units are used to save electricity in peak and non peak usage. You failed to mention the top five vehicles most American made are Tesla Model Y, 3, X, S, and the Honda Passport, in that order... There are many more positive attributes to alternative energy, but I'm done with this exercise and will let you go back to "rolling coals" in your diesel truck...
Tesla they can complete with. Not with NIO. EV sales in China is up about 92% in March vs Februari.
Lora Kolodny is a huge Tesla critic. She writes at least one negative article a week about Tesla. She is not impartial.
Who wants to pay more for an inferior car? My Lexus LS 430 is 18 years old and still runs perfect. It is very inexpensive to fix and maintain.
as a tesla owner who loves the car, i will ONLY recommend an EV to someone if they have the ability to charge at night. Otherwise the infrastructure is not yet ready. AND not to be biased but I will also only recommend tesla right now if you want an EV because the other manufacturers aren't producing a good product yet either.
Same here. I love my Tesla, but the best part about it is having the ability to charge at home. Excellent commuter vehicle. Also, access to the Tesla supercharger network makes road trips simple. I looked at other options when I was shopping and the supercharger network is what led to my final decision.
Or the ability to charge at work if you can’t charge at home (ie. you are a renter).
@@griffinlej I understood in 2019 when I purchased my Model 3 that Tesla was the only viable option it I wanted to take trips outside of my local area. Agree with @khoa2610 unless your work provides charging as an option for renters w/o home charging. CNBC doesn't (or won't tell you) there is Tesla and there is everyone else. You can't report this story without viewing it through that lens.
They don't care about the infrastructure.. that's their plan to prevent all the people from having cars. And those who do should be EV so they can shut them down if they want to. Dont you see where all of this is going ? Yesterday they approved digital ID in EU, in the future digital EUro and then its over
If you have a Supercharger in the area, you can go there once a week for 20 minutes, catch cup on your email, and be off with enough energy for the whole week.
It's the cost. There are no low-cost EVs, and it is best if you have a home charging station as we'll, which most people don't have.
❌ STOP THIS SCAM ❌ Give equal incentives to hydrogen cars or get rid of all the incentives 😡 NO MORE LIES😡
U can just plug into your home power u don’t need a special charger.
We have one EV and just plug into the wall. It works if you drive less than 50 miles a day. I’ve used public charging about 7 times in 3 years.
I would not typically watch anything by CNBC or MSNBC in the past but the CNBC 20 min consumer report videos are extremely well done and been enjoying all of the. Great job to the whole team that put these videos together. It shoes the hard work you put into these and thank you for being non bias.
Love how for the first half of the video they say the appeal on evs is less repair costs then in the second half they cite hertz complaining about rising repair costs for their evs 😂
It’s literally just the price 😐
The only ev's available are luxury ones. The whole market is just more expensive and we are not making more money.
not to mention it costs more to register and maintain registration on an electric vehicle. AND if you don’t have a garage, you’re already paying to charge the car when you’re out. might as well keep your gas burning vehicle
No it’s not. EV’s only work well for people who own single family homes with the ability to charge at home.
@@teflondawn Nonsense. It mostly only costs more to register in states with governments controlled by BIG OIL and BIG AUTO lobbyists that are fighting for ICE pollution and against EVs. Plenty of states way cheaper.
@@user-vx7vi3vq1c Nonsense. There's plenty of chargers at Grocery Stores, Shopping Malls, Movie Theaters, Restaurants, Work Places, Etc., Etc. This ia a FUD piece from a Channel that gets BIG Advertisement $$$$$ from BIG OIL and BIG AUTO.
Non Tesla EVs are slowing. Thats the story line
❌ STOP THIS SCAM ❌ Give equal incentives to hydrogen cars or get rid of all the incentives 😡 NO MORE LIES😡
Bolt was discontinued. So what choices do we have? Super expensive crap.
Everyone who wanted an EV, already has one, and most of those have already switched back to petrol and diesel vehicles. The vast majority of motorists, myself included, simply don't want one.
Lies im from nyc lol ICE cars are booming
The opposite is true. EV sales in China are up about 92% in March vs Februari. Teslas market share is decreasing as the Chinese cars are better. Look up NIO with battery swap. Tesla is 5+ years behind and spend less on R&D than the Chinese.
They may be OK for city commuting. However, they are useless in Australia for country travel.
People buying new cars these days are all insane. The cars are so overpriced you are just throwing money in the trash.
That’s why many are now stuck with negative equity where their outstanding loan amount is higher than the value of the car.
Pretty obvious why the GM, Toyota and Ford EV sales are falling, simply sub par EVs and the market recognizing this.
I leased a Chevy and Nissan Ev. They were tiny ugly cars with only 100 miles range. Only good for commuting. The teslas are completely different. Even if u hate them, I’d recommend test driving a model x or S just so you know the difference.
Lol, ev sales for which companies? Every other company other than Tesla.
No government subsidies ... Help ....lower sales. Expensive lease vehicles being returned.. no interest or buyers for these
Hertz shot themselves in the foot with their requirement for the cars to be charged when returned. Especially when the charging station isn't close enough to the Hertz, so no matter how conscientious you are, you will still have to pay absurd fees to get them topped off by Hertz. They should have given renters a credit if they came back mostly charged, instead of dinging the renters.
Who the hell wants to spend 30 minutes in a Home Depot parking lot charging the car.
Not you because you're down to 1km of range. Should have charged when you still had 100km.
Who wants to go to a gas station and pay $$$ when you can charge overnight at home, taking ten seconds to plug in?
@@jamesvandamme7786 that's twice as long as me! Way too long! Your charger not located right next to the charging port? 😂
@@EarlCoHey, I'm 76, gimme a break
@@jamesvandamme7786Guess you don't travel much. Total PITA!
As a former EV owner, there are a few issues nobody is talking about: 1. EVs lose about half their value the moment you drive them off the lot. They have horrible resale value compared to gas cars. 2. When the warranty expires, EVs are obscenely expensive to repair, if they can even be repaired. I had one battery go bad 3 months after the warranty expired. One battery out of the entire cell, but the dealership refused to replace the single battery and would only replace the entire cell for the cost of the car. Ridiculous. I could not find an EV shop that would fix it, after spending close to $3000 in diagnostics and towing. Had to sell the giant paperweight for pennies. 3. There's no regulation around repairs or what the manufacturer obligations are in regards to repairs. If your warranty expires, good luck, and extended warranties are far more expensive than that of gas cars. I loved the EV while it worked well, but the moment it had problems post-warranty, it was a nightmare.
How long was your warranty
Which EV did you own?
Ya, you don't know what the hell you are talking about. For 2021 through 2023 I sold my 3 EVs for more than I paid for them. That market was insane. That price has come back down just like ICE cars are now selling with discounts when before they were $10+ over MSRP. The fact that you can buy a brand new Model 3 for under $35k and the used ones are selling for a little over $30k makes you argument total B.S. If you bought any car during that massive run up in price and went to sell it now all of them are selling for far less. Prices adjust and now EVs are selling for what they did pre 2021 run up. They lose very little driving them off the lot and their resale value is better than ICE now that the price has come back what it should. As for your battery complaint. All EVs come with 8 or 10 year battery warranty with 100,000 miles. What car were you driving that had more than 100,000 miles and over 8 years old that needed a battery replacement? Also what car where you driving where it was extremely expensive to repair because every EV repair I have ever had has been on par or less than what my BMW ICE car was?
Hard truth that most EV owners if not all of them never want to talk about. Nobody wants to admit their investment in a piece of s*.
@@vuaeco Most EV owners love their cars and will never go back. Tesla has the most repeat customers of any car manufacture. I think your lack of knowledge on the subject show the only investment that was a piece of s* was the one in your education.
Just as of today, my boss a CEO of a green energy company here in the US, got stranded in NY during a business trip between NYC and Bos in our company Tesla. Changing machines were broke along the way according to him 😂😂😂😂
How do you buy a car with interest rate at 7% or more?
CNBC recycling material now? Unsubscribe
Exactly, I have seen this before!
Maintenance cost is cheap, until you damage the battery, then it's basically the price of a new car.
Ya, I have this ICE car and maintenance was cheap until I damaged the drivetrain and now it is the same price of a new car. What a stupid comment to make. If you damage any new cars engine where you have to replace it you are looking at a minimum of $10K+. If you damage a battery you had to do something very bad because unlike regular ICE which leaves all their vital components exposed to the open air a battery will have a relatively thick piece of metal and composites protecting it from damage.
I think it is the future but at the same time the infrastructure has to continue to grow. Right now I buy mainly hybrids because I don't want to worry about getting somewhere and there's no charging stations for a long time.
I have a hybrid with just under 110000 miles that is a driveway ornament and can’t fix it without as the dealer says replacing the main battery for a low low price of $20,000
This is media propaganda. EVs are not too expensive. Non Teslas are too expensive. A Tesla Model 3 starts at $38k before $7500 rebate. The new version of my Acura TL is $51k and the Tesla is a superior vehicle in Performance, Safety, Technology, Cost of Ownership and Reliability. I can charge a Tesla in a garge, at Walmart, Meijer, parking garages, gas stations etc. How much does an Acura MDX cost? It cost $60k whereas I can get a Model Y for $44k before $7500 rebate. Stop saying EVs are too expensive when it really is any ev other than a Tesla. Tesla makes the best EVs and they have worked hard to keep lowering the price for consumers.
Your comparison is an Acura MDX? 😂😂😂
@@user-vx7vi3vq1c Compared to a MODEL Y...yes.
You don't get the rebate on the Model 3!
MDX would compete against the Model X not the Y. They're 3 row crossover/SUVs.
@@theMLBfan try this test. Slam the door of an Acura MDX and then slam the door of a Tesla model Y. The MDX sounds like a bank fault. The model Y feels like a base model Kia.
Price premium is still too high, charging infrastructure is a joke, massive cold weather performance degradation, batteries catching on fire, and people who live in condos/apartments have limited (if any) charging options while at home. Until these issues are resolved ICE is here to stay. I'll keep driving standard gas vehicles until then, and will check back in 10 years.
Good points except fires.
@@Bicklehoff794 So are you saying that the Felicity Ace and Fremantle Highway disasters didn't happen? Are you also saying that all those thousands of videos showing Teslas on fire didn't happen either? What about all those Tesla dealerships that were burnt to the ground? And those Tesla giga battery bank things that caught fire? And the rather large fire at a Tesla factory? And that EV cement truck in Australia that caught fire? And the several hundred EV busses around the world that have caught fire? And the many airport car parks that have burnt down around the world because of an EV going into thermal runaway? And all the homes that have been destroyed by an EV catching fire whilst on charge in the garage?
ICE cars have more fires then E cars,you can look it up. E fires are all the scooters, ebikes etc. that is unregulated.
@@jaaklucas1329 That's fair. The ratio of E fires is much less than on ICE vehicles. Nonetheless, the rest of the issues, I mentioned, can't be argued (at least for me). A plug-in hybrid may be a good interim step (once price deltas with ICE vehicles becomes more reasonable).
@@jaxwylde2139 Agreed on the hybrids, tried and true technology after several years. The hybrid design I like is a bit different and emerging now is E vehicle with an onboard gas generator, an REEV. There are a couple out now. A pure electric drivetrain, which is so superior to ICE from an efficiency point of view which can charge the battery pack on the go. Redundant in my eyes personally though as we are going to see the cost of BEV come down and the range go up.But Im a realist. Id like to clean up the air that we breathe on this planet. Just from an enginnering aspect, I totally believe in electric vehicle tech. It's the future.
Why are all these videos saying it take an hour to charge all EVs? I’ve never spent more than 30 minutes at any of the super chargers.
I think the slowing sales of EV is simple.. A big chunk of people in north america that drive, do a lot of it on highways due to the design of our city and towns. It makes more sense to get a hybrid so there is no range anxiety.. Plus, the thought of your EV battery pack failing right after warranty, and costing $30k to $50k to replace is a very scary thought. Yes some gas engines fail as well, but it usually doesnt cost that much to fix.
Have to be nuts to buy an EV while the infrastructure is still lacking.
Not really, most people drive near their homes so if they have a home charger they're fine. lots of ev charging places around me ❤
I don't like touch screen computers, and why should I like touchscreen controls in my car?
Also, has to do with the fact you can’t charge your car when it’s too cold or go on long-distance trips
Incorrect analogy to say an EV is like a smartphone and an ICE vehicle is like a flip phone. It is more correct to say the opposite is true when you consider conveyance, capability, reliability, and resale value.
Hertz dumped its Teslas
Because they were stupid. Bought em at the height of the car price bubble and didn't see the obvious signs pointing towards residual values normalizing. How ANY vehicle sales/lease company could assume that residual values were going to stay at such inflated levels when the cause for these high levels (shortage of new cars) has completely disappeared is beyond me. It was a simple matter of supply and demand.
90% of all trips are within 30 miles and a single driver. Certainly there is room for EV
No
@@ThePhoenix109 So you would restrict a person's right to make their own consumer choices? That sounds pretty commie to me.
In Australia there is a 18-24 month wait for a Toyota hybrid...
What happens when you have a minor accident in an EV car? Can it be fixed affordably?
Depends how minor, but this has been an issue in some cases. Service infrastructure for non-traditional car manufacturers is spotty.
Tesla fanboys in the comments triggered by every EV video....🤡
Beats being a Tesla hategirl.👸
The reason why I have zero interest in an EV is because I don't like government trying to shove things down my throat.
The whole point is to clean the air we breath. If you dont believe thats a problem then just carry on.
@@jaaklucas1329 I look at the entire picture not just emissions. Strip mining for rare earth minerals is 100 times worse than oil exploration and EV's need electricity to charge their batteries. How do you think this is generated?
@@robmcguckin7605 Here in B.C.we have hydro. The cost of renewables today there is really no excuse for anyplace in the world to not have clean electrical generation. I dont mind nuclear either.
When you buy an EV you're basically buying a giant battery with a flashy toy car built around it.
SO let me get this straight; interest rates rose from dang near nonexistent to 7% and sales of $100,000+ luxury items decreased? And house sales fell too? Wow, never would have guessed that having to pay a lot more for something would impact sales, whodathunkit...
Too expensive and public charging is not cheaper than filling up a hybrid. Majority of the population travels 300km weekly but dont have access to home charging. This means they gotta depend on fast charging which degrades the battery quickly
One big issue is longevity. I bought my 2007 Nissan Titan in January of 2008. I've had to make very few repairs to it over the last 16 years. Does anyone believe that any EV will be able to say the same?
When a 120,000 pound Tycan by Porche goes down to 20,000 pounds a year later with no accidents and so on there is a built in Feedback mechanism. Buy and EV, and lose that $$$$ in less than two years. Add an accident, and you have a 40-50k expense for a replacement battery, which is FAR more than the car is worth. No one will work on the EVs because of liability issues and fire danger... thus the extraordinary prices for insurance.
I rented an electric car last week just to see what they are about. Why not, I love my electric lawn mower. First, I was surprised how noisy it was, going down the road. Then, charging was real inconvenient. The first level 2 charger was free (cool!), but it was going to take TEN hours to charge! Mind you, I'm on a trip, away from home, so overnight charging on my garage was not possible (even if I had a charger at home). Charging stations in rural areas are extremely rare. The saving grace was that the VRBO I stayed in was across the street from the only charging station in a ten mile radius. So, I plugged in overnight, and that took care of the rest of my trip. Another inconvenience was that Hertz requires the car be returned at 70%(?) charge. Fortunately the 25 mile drive, after a full charge, didn't drop me below that range. Imagine trying to find and then charge before catching a flight! The experience completely turned me off th electric cars. They are just too inconvenient.
10:23 that plug is a type-2 AC charging plug for EVs. That plug is NOT obsolete, it is the EV AC charging plug used in Europe and in most countries in the world because it allows both 1 and 3 phase AC charging.
Unfortunately, they have to sell electric vehicles at a loss to stimulate EV infrastructure or at least break even cost. Most people can’t afford an EV. Less EV’s on the road equals less or slower demand for EV infrastructure. Repair costs aren’t spoken of either (too high)
It is because Toyota has already found solid state battery with 1200 km, 10 minutes charging, half the weight of current lithium batteries and also less expensive. People are waiting for it.
Everyone i know who is in the industry is expecting bankruptcies to start in 2 to 3 years. This is totally nuts.
Cost of purchase, insurance costs, charging availability, spares and repair issues, cold weather performance, range etc etc excludes some buyers and always will. Just because people want the future now doesn't mean that these problems are either simple or quick to fix. Grandiose policies often lack simple, practical plans to deliver a stepped change. Its a failure of governments, globally.
United States government said “buya hybrid or EVs and we’ll give you a tax incentive up to $7500”! Tax season comes around and you realize your vehicle doesn’t apply because it wasn’t built in the United States. The idea that the government is trying to get everyone on board to purchase a hybrid or electric vehicle then to step it back is laughable and absurd
Great phone analogy, during the time of flip phone resurgence... More accurate representation of the market than he even realizes.
This is very misleading. Traditional manufacturers who produce non compelling vehicles can't sell their cars. Tesla sales on the other hand are up by more than 25% over last year !!
If EVs adoption is falling in US where people have large houses with garages. Think about the rest of the world where houses are small and people live on seperate floors with narrow roads and no parking garages. How will they manage to charge these EVs? EVs for most people is a secondary vehicle to travel within city to avoid high fuel costs. A single EV in family is not at all practical for most. Imagine someone coming home with low battery amd you suddenly decide to go out with family. ICE vehicle on low fuel can go to a nearby pump and refuel within minutes, EVs will require atleat half hour. Godforbid if you have an emergency and your battery is low.
Good video. I purchased an EV almost two years ago. I don't need another. My 81-year-old mom doesn't need an EV either. She could use a newer car but only drives like 2,000 miles a year. Why spend the money?
EVs are still mostly sold as premium or luxury vehicles, along with heavy pricetags. I would definitely go EV but not at the price they're going for. It also doesn't help that they're mostly very unattractive, being so focused on technology and high performance. In North America, we barely have any non-SUV family cars, let alone EVs and PHEVs in this segment. Almost zero wagon availabilities here. It's not an attractive market for the buyer who is looking for an inexpensive non-SUV family car, so add PHEV or EV to that, and we have no options. I'll be looking at the Civic hybrid, Accord hybrid, Camry hybrid and Mazda6 PHEV (likely) and none of those are EVs, sadly. Europeans have a much better selection of non-SUV options.
we've been with hybrid for way too long, its great that new generation can get good jobs with servicing EVs
I interpreted it as oil companies panicked
Had a dealer throw a tantrum when I told him I am paying cash instead of financing. Was taken aback. After learning how they make most of their money through financing, now I can understand the guy, but I'm also very disgusted by it.
I have a drill a perfectly good drill but I need to replace the battery but wait it costs so much that you are practically forced to buy new and now a good drill is worthless and now goes to landfill!!!!
Lmao that guy saying it’s not fair that Tesla is vertically integrated.
EVs make no sense. A hybrid doesn’t need a giant battery and save tons of fuel. Our government pushing EVs is dumb.
Give us a 25K car without a dealer and watch the sales pick up
Not in the UK , best February sales in 20 years. BEVs up 20% and 17.7% market share. Diesel passenger cars only thing down at 5.9% market share.
so, what former ceo toyota was right that hybrid technology car is more reasonable to be developed until the time ready for the whole EV tech car replacing it