This week, we have news on Tax Credits for Used EVs, Peak Oil, Ocean Range, and Electric Fun from Porsche and Nissan: Our Top EV News for the week of Mar 31, 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.
Buying a used EV
We talked about buying a new EV, but what about a used EV? As of January 1, 2023, you could be eligible for a used clean vehicle tax credit of 30% of the sale price up to $4,000. To qualify, an individual must:
- Be an individual who bought the vehicle for use and not for resale
- Not be the original owner
- Not be claimed as a dependent on another person’s tax return
- Not have claimed another used clean vehicle credit in the 3 years before the purchase date
- Meet specific AGI requirements dictated by the IRS
Take advantage if you are in the market for a used EV.
EV Outlook and Peak Oil
Enverus Intelligence Research (EIR) has released an updated EV outlook, highlighting the impacts of EV adoption on energy demand and gasoline displacement. The report reveals that EV market share growth in Europe and China is surpassing expectations, with over 20 US states committing to California's adoption targets. Key findings include:
- EIR predicts that by 2030, EVs will account for 65% of new car and light truck sales globally, increasing to 85% by 2035.
- The adoption forecast projects that by 2030, 2.7 million barrels per day (MMbbl/d) of liquid fuels will be displaced, with this figure rising to 5.2 MMbbl/d by 2035.
- By 2030, EIR anticipates that EVs will displace 0.75 MMbbl/d of liquid fuels in the US and 1.5 MMbbl/d in China.
- EIR projects that peak gasoline demand is expected towards the end of this decade.
- The cost breakeven for EVs has improved significantly since EIR's last forecast, with EV models now available in all car and light truck classes that break even within three years of purchase.
The Fisker Ocean Extreme is on track to receive approval from European authorities by the end of April, with deliveries expected to commence soon after. As it stands, the Ocean Extreme boasts the longest range of any SUV in Europe. Additional key points include:
- Fisker Ocean Extreme has a combined WLTP range of up to 707 km/440 UK miles
- Enables travel from London to Glasgow or Paris to Frankfurt on a single charge
- Customers can now configure their Fisker Ocean on the Fisker website
- Fisker Centers+ locations to open in Europe and the US throughout 2023
- Fisker Centers+ opening in Vienna and Copenhagen on April 11, 2023
Boxster and R32 Unleashed
A segment that may take a little convincing to convert to electric is the sports car segment. The smell of the fuel and the sound of a flat-six as it approaches 9000 rpm. An electric Boxster/Cayman or an electric R32 may help convince them.
The all-electric Porsche Boxster has been caught in the wild, with several prototypes braving the snowy roads in Sweden for cold weather testing.
Decisions Decisions. Which would you choose for your canyon carver?
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