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State of the Electric Vehicle Market in 2024: Key Models, Trends, and Comparisons

GOOVER DAILY REPORT June 30, 2024
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TABLE OF CONTENTS

  1. Summary
  2. Overview of Electric Vehicle Models
  3. Market Trends and Consumer Preferences
  4. Technological and Performance Comparisons
  5. Economic Aspects and Pricing
  6. Conclusion

1. Summary

  • The report titled 'State of the Electric Vehicle Market in 2024: Key Models, Trends, and Comparisons' offers an extensive analysis of the electric vehicle (EV) market, emphasizing the significant models, trends, and comparisons for the year 2024. It examines various electric vehicles from well-established manufacturers and new entrants, detailing specifications, performance metrics, features, and market positioning. Key insights include the constant AC charge power of the Hyundai Inster, the performance specs of the Ford Mustang Shelby GT500, the market dynamics surrounding the BYD Seal, and the comparative driving experiences of the Tesla Model X and BMW iX. It also highlights market trends such as the decrease in used EV prices, Tesla's continuing dominance in market share, and the popularity of Tesla models in fleet orders. Furthermore, the report addresses economic aspects, including EV pricing and Tesla's financial performance, alongside technological comparisons among models like the Hyundai Ioniq 6, BMW i4, and Tesla Model 3.

2. Overview of Electric Vehicle Models

  • 2-1. Key specifications and features of Hyundai Inster

  • The Hyundai Inster offers a consistent AC charge power of 11 kW across all its model variants. This model is part of a comprehensive suite of electric vehicles that Hyundai offers, which includes models from various brands and price categories. Key features and specifications of the Hyundai Inster may vary among its different variants, but the AC charge power remains constant.

  • 2-2. Performance and tech specs of 2020 Ford Mustang Shelby GT500

  • The 2020 Ford Mustang Shelby GT500 is equipped with a 5.2-liter V8 engine delivering 760 hp and 625 lb-ft of torque. It has a 7-speed dual-clutch transmission with paddle shifters. The car achieved a real-world fuel economy of 13.6 mpg over 26,513 miles. It has remarkable performance figures such as a 0-60 mph time of 3.8 seconds and a quarter-mile time of 11.7 seconds at 128.9 mph against competing models like the 2023 Dodge Challenger Black Ghost.

  • 2-3. Detailed analysis of BYD Seal and its market positioning

  • The BYD Seal is a BEV positioned to compete with Tesla Model 3 and potentially Toyota Camry in Australia. It sold over 1,000 units in May 2024, capturing around 27% of the sub-$60k medium passenger car market. The Seal comes in three variants: Dynamic, Premium, and Performance. It features a low drag coefficient of 0.219 and offers a range of up to 600 km. The Dynamic version has a 61.5 kWh battery while the Premium and Performance variants have 82.5 kWh batteries.

  • 2-4. Comparison of Tesla Model X and BMW iX driving experiences

  • The Tesla Model X, especially the Plaid version, boasts a 0-60 mph time of 2.5 seconds and a top speed of 163 mph. It has a dual-motor, four-wheel-drive system with adaptive air suspension and a center of gravity lowered by its battery placement. On the other hand, the BMW iX, while lacking the extreme acceleration of the Tesla, is praised for its engaging driving experience and better agile handling on twisty roads.

  • 2-5. Pricing and variants of Tesla Model 3

  • The Tesla Model 3 has consistently been a significant player in the electric vehicle market. Its pricing and variants cater to different consumer segments, with the Performance variant being a notable competitor in terms of price and specifications. The Model 3 Performance variant is priced around $81k, which is $12,000 more than the BYD Seal's Performance version.

3. Market Trends and Consumer Preferences

  • 3-1. Reduction in used EV prices compared to gas cars

  • According to a study by iSeeCars, used electric vehicle (EV) prices fell below the average gas car prices in February 2024. The analysis examined over 2.2 million 1- to 5-year-old used cars sold between May 2023 and May 2024. The average used EV price has dropped by 29.5% year-over-year, while the average used gas car price decreased by just 6.1%. In May 2024, the average price of a used EV was $28,767, which is 8.3% lower than the average gas car price of $31,424. This marks a major shift from the previous year when used EVs were more expensive than gas cars.

  • 3-2. Top brands selling the most EVs in 2024

  • The EV market in 2024 has seen high sales from various brands, according to data from manufacturer websites, CarEdge, and U.S. World & News Report. Tesla remains the market leader with 140,187 units sold in Q1 2024, making up 46% of the market share as of April 2024. Following Tesla, Hyundai sold 22,936 units, and Ford came in third with 20,233 units sold. Other notable brands include General Motors' Cadillac with 16,169 units, Rivian with 12,250 units, and BMW with 11,455 units. These brands have managed to increase their sales figures significantly through innovations and the rising consumer demand for electric vehicles.

  • 3-3. Popularity of Tesla models in Fleet Alliance orders

  • Tesla models have been particularly popular among Fleet Alliance customers in the first five months of 2024, with 77% of vehicle orders being electrified. The Tesla Model 3 and Model Y took the top two spots in the Fleet Alliance order bank. The 2024 Model 3 has seen updates that improve efficiency by 8% and enhance comfort and user features, making it a favored choice for fleet orders. The Model Y, offering more space than the Model 3, continues to attract customers due to its performance and practicality as a family-friendly SUV. This trend underscores Tesla's leading position within the fleet leasing market.

4. Technological and Performance Comparisons

  • 4-1. Lucid's critiques and comparisons of competing EV SUVs

  • Lucid's CEO Rawlinson has made several remarks regarding other electric vehicle (EV) SUVs, particularly addressing their inefficiencies when compared to Lucid's own offerings. In defense of Lucid's design choices, it was highlighted that the Lucid Gravity SUV, despite having a smaller battery pack of 120 kWh, offers a range of at least 440 miles, which is more efficient compared to Rivian's SUV, which provides a 410-mile range with a 142.3 kWh battery. Rawlinson expressed skepticism about Lucid's range claims, noting that Lucid Air models often miss their EPA ratings by 20-25% in real-world highway driving, a concern extending to the Gravity SUV's performance. Furthermore, there are doubts about Lucid’s software stability, although its electro-mechanical engineering is praised.

  • 4-2. Efficiency and range comparisons among Hyundai Ioniq 6, Tesla Model 3, and BMW i4

  • The efficiency and range comparisons among Hyundai Ioniq 6, Tesla Model 3, and BMW i4 underscore significant differences in performance and customer expectations. The Hyundai Ioniq 6 features a single permanent-magnet motor that produces 225 horsepower, propelling it from 0-60 MPH in 6.0 seconds. It is lauded for its aerodynamic design and class-leading range. The Tesla Model 3, with a single permanent-magnet motor generating 271 horsepower, matches the Ioniq 6 in a 0-60 MPH time of 5.8 seconds. However, the Tesla's actual performance figures in real-world conditions are often debated, though the brand achieves commendable energy efficiency. The BMW i4, featuring a single electrically excited synchronous motor with a 282-horsepower output, also records a 0-60 MPH time of 5.8 seconds, highlighting its strong performance within its segment. Despite its lesser power compared to the Tesla, the BMW i4 is recognized for its efficient energy use and luxurious interior.

  • 4-3. Review of various electric SUVs and EV models

  • The review of various electric SUVs and EV models includes multiple evaluations from several authoritative sources. The Polestar 2, often considered Tesla Model 3's rival, is praised for its range, performance, and exceptional infotainment system. However, it is critiqued for a firm ride. BMW's iX SUV, despite being expensive, offers an impressive range and high-end interior features. Hyundai's Kona Electric provides an improved spacious, refined, and upmarket experience, making it highly competitive in the small SUV category. The Renault Scenic, as a family-friendly option, provides a compelling electric SUV experience with a notable driving range. Lastly, the Mercedes EQE SUV is highlighted for its advanced technology and spacious interior, although it comes at a high cost. Each reviewed model presents unique strengths and drawbacks, reflecting the diverse range of offerings in the current EV market landscape.

5. Economic Aspects and Pricing

  • 5-1. 2024 Tesla pricing and models

  • In 2024, Tesla continues to offer a range of popular EV models, with the prices fluctuating frequently. As of now, Tesla's most affordable model, the Model 3, starts at an MSRP of $38,990 for the Rear-Wheel Drive trim. The fully loaded RWD Model 3 costs up to $51,990. The Long Range Model 3 starts at $47,490, and its fully loaded variant costs $59,490. The Performance variant of the Model 3 starts at $54,900 and can reach up to $64,990 with all available upgrades. The Model Y is Tesla’s best-selling EV, available in three trims. The base Rear-Wheel Drive model starts at $44,990, while the fully loaded version costs $58,990. The AWD Long Range Model Y starts at $47,990 and can cost up to $62,990 when fully equipped. Finally, the Performance trim starts at $51,490 and can reach $63,490. Tesla also offers the high-end Model S, which starts at an MSRP of $72,990 for the AWD Dual Motor variant, going up to $90,990 when fully loaded. The Model S Plaid starts at $87,990 and can reach up to $105,990 with additional features. The Model X SUV starts at $77,990 and goes up to $103,490 for a fully equipped Dual Motor model. The Model X Plaid starts at $92,990 and can reach $111,990. Lastly, the newly introduced Cybertruck has three trims: Single Motor RWD at $60,990, Dual Motor AWD at $79,990, and Tri Motor AWD (Cyberbeast) at $99,990.

  • 5-2. Comparison of Cadillac LYRIQ and Tesla Model Y features and pricing

  • The Cadillac LYRIQ and Tesla Model Y are both luxurious all-electric SUVs but differ significantly in capabilities and costs. The Cadillac LYRIQ Sport trim outpaces the Tesla Model Y Performance in AWD driving range, with an EPA-estimated 307 miles compared to the Model Y Performance's 279 miles. Both SUVs can tow up to 3,500 pounds. The LYRIQ comes with a complimentary Dual-Level Charging Cord, allowing it to switch between Level 1 and Level 2 home charging. Tesla charging cords are sold separately. While the LYRIQ can charge at any public station, including most Tesla superchargers, the Model Y requires a special adapter for non-Tesla stations. The LYRIQ features a bold design with a 33-inch LED display, wireless phone charging, and a range of luxurious interior options. In contrast, the Tesla Model Y has a minimalistic design dominated by a 15-inch touchscreen, with many features hidden behind paywalls. The Model Y Long Range AWD can add a third row of seats, although this reduces cargo space. Price-wise, the 2024 Tesla Model Y starts at $44,990 for the RWD version, $47,990 for the AWD Long Range, and goes up to $51,490 for the Performance trim. The Cadillac LYRIQ's pricing details are not specified in this particular reference document.

  • 5-3. Financial performance and SWOT analysis of Tesla

  • As of 2023, Tesla reported an annual revenue of $96.8 billion and a net income of $14.99 billion. The company delivered 1.81 million vehicles, achieving a 38% increase in deliveries compared to the previous year. Despite its successes, Tesla faces high debt, manufacturing challenges, and reputational risks driven by CEO Elon Musk's erratic behavior. Strengths of Tesla include being the most valuable automotive company with a market cap over $500 billion, a strong brand known for innovative electric vehicles, and a market share of 51.3% in the electric vehicle sector. The company also benefits from cross-selling opportunities and diversification, along with strong brand value and a top employer reputation. Weaknesses involve manufacturing complications, dependence on Elon Musk as the sole representative, financial uncertainties with a debt of $10.67 billion, and safety concerns among employees. Moreover, high-risk factors related to lithium-ion batteries and excessive wait times negatively impact sales. Opportunities for Tesla include expanding sales in untapped Asian markets, increasing market share in China's vast EV market, and benefiting from increased government incentives for electric vehicles. Tesla has potential in energy storage markets and could introduce more affordable vehicles to attract a broader audience. Threats include product liability and defect claims, extensive competition, economic uncertainties, supply chain disruptions, and inconsistent regulations for self-driving cars. Recent competition from BYD, who surpassed Tesla in production, and long-term confidence issues are also notable threats.

6. Conclusion

  • The 2024 electric vehicle market showcases remarkable technological advancements and increasingly competitive pricing, coupled with a broad range of consumer options. Key players such as Tesla, Hyundai, BMW, and others are substantially contributing to the market's evolution with innovative models like the Hyundai Inster and Tesla Model 3. A prominent trend is the significant reduction in used EV prices compared to gas vehicles, indicating growing consumer preference for electrification. Despite notable strides, limitations persist, such as logistical challenges and software stability issues faced by manufacturers like Lucid Motors. Strategic enhancements and market expansion, particularly in Asia, present significant opportunities. The diverse offerings from the BYD Seal to the Ford Mustang Shelby GT500 illustrate market fragmentation and competition. Looking ahead, continued advancements in EV technology and increased support from government incentives will likely drive further market growth, while manufacturers must navigate supply chain disruptions and economic uncertainties to sustain their market positions. Implementing practical applications of these findings can aid in informed decision-making and strategic planning within the EV sector.

7. Glossary

  • 7-1. Hyundai Inster [Product]

  • An EV model known for its 11 kW AC charge power, highlighting Hyundai's advancements in electric vehicle technology.

  • 7-2. Ford Mustang Shelby GT500 [Product]

  • A high-performance vehicle renowned for its drag racing capabilities and legendary status in the automotive world.

  • 7-3. Tesla Model 3 [Product]

  • Tesla's most affordable and best-selling electric vehicle, offering various trims with impressive performance and range capabilities.

  • 7-4. Lucid Motors [Company]

  • An EV manufacturer focusing on luxury and high performance, critiquing competitors on range and software quality.

8. Source Documents