This week, we have news on Rivian Auction Data, Tesla Q1 Sales, GM's rise to No. 2, and Tax Season: Our Top EV News for the week of Apr 7, 2023.
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Bio: John is the COO at EPG, a company focused on helping electric and autonomous vehicle companies hire the best talent. In addition to these services, EPG puts out an informative weekly newsletter dubbed Mobility EVo. You can sign up for the newsletter here.
Rivian Auction Data
Earlier this week, we discussed Bring a Trailer (BaT). Another auction site that has captured my attention is Cars & Bids. This platform also showcases impressive vehicles and serves as an excellent resource for market data. Analyzing the Rivian R1T data on Cars & Bids, similar to our examination of BaT, yields intriguing results.
The inaugural R1T auction on Cars & Bids reached $138,000 in April 2022, while the most recent sale was for $77,500 on April 4th. The average price for the last 10 sales stands at $77,920. Here are some additional statistics:
- A total of 80 Rivian R1Ts have been listed on Cars & Bids
- 68 were successfully sold, while nine failed to meet the reserve price, and three were canceled
- The highest price paid was $138,000 and the lowest was $74,420
- The average sold price is $96,375. That seems to be trending down as of late though.
Check our website for a full comparison of the R1T on BaT vs. Cars & Bids.
Tesla Q1
Tesla recently released its production and delivery report for the first quarter of 2023. The report provides insights into Tesla's growth and performance in the first three months of the year. Here are the key numbers from the report:
- Total deliveries Q1 2023: 422,875
- Total production Q1 2023: 440,808
- Model S and X: 10,695 deliveries (2% of total deliveries)
- Model 3 and Y: 412,180 deliveries
- Model X and S: 19,437 vehicles produced
- Model Y and 3: 421,371 vehicles produced
GM Into 2nd
During the first quarter of 2023, General Motors surpassed Ford as the US' second-best seller of all-electric vehicles, with Tesla remaining the industry leader. Some key figures:
- During Q1 2021, GM sold 20,670 EVs, while Ford sold 10,866 and Tesla sold 161,630 EVs
- Ford's drop in rankings and sales is largely due to production downtimes at two of its North American plants that produce EVs
- Both GM and Ford plan to beat Tesla in EV sales, with Tesla aiming to produce 20 million electric vehicles annually by 2030
- GM's majority of EV sales were of its Chevrolet Bolt models
- GM confirms its plan to build 50,000 EVs in Q1 & Q2 2023 and "double that" in Q3 & Q4
- Ford plans to achieve an annual production capacity of 2 million EVs globally by 2026, while GM aims to hit that same threshold a year earlier
Taxes Are Easy
I had a chat with my personal accountant yesterday, and now I'm in the mood to discuss taxes. With April 18th just around the corner, who isn't thinking about tax season? As we previously mentioned, it was anticipated that changes to the rules regarding EV tax credits were on the horizon. Now, it seems those changes are indeed coming, and April 18th appears to be the pivotal date. Here is what is expected:
- At least 40% of the value of battery minerals must be mined, processed, or recycled in the US or countries with which it has trade deals.
- This percentage will rise 10% each year until it reaches 80% after 2026.
- At least 50% of the value of battery parts must be manufactured or assembled in North America this year, with this requirement rising in subsequent years.
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