EV News: Fastest Charging Battery, And New EV Discounts
A Chinese car maker claims the world's fastest-charging EV battery
Chinese firm Zeekr has announced that its new EV batteries charge faster than other leading competitors Tesla and BYD.
The company claims its upgraded batteries can go from 10% to 80% charge in just 10 and a half minutes using its ultra-fast charging stations. In comparison, Tesla's Model 3 requires a 15-minute charge to cover 175 miles, which is less than half of its full range.
Zeekr’s upcoming 2025 007 sedan, set for release next week, will debut with this new battery technology. The battery also performs efficiently in cold weather, charging from 10% to 80% in under 30 minutes at temperatures as low as -10°C.
Industry experts, including Tu Le of Sino Auto Insights, suggest that while Zeekr’s claims are impressive, Tesla’s charging technology has been outpaced for some time. Mark Rainford, a China-based automotive commentator, highlights that while BYD focuses on scale, brands like Zeekr are prioritising enhanced charging experiences amidst fierce competition in the Chinese EV market.
Revealed: Consumer Hesitation on EV Adoption
A recent study by The National Franchised Dealers Association (NFDA) surveying 1,500 consumers sheds light on attitudes toward purchasing EVs, offering a snapshot of both excitement and hesitation in the EV market.
The survey revealed that 38% of consumers are actively considering an EV purchase, reflecting the growing interest in green transportation. However, affordability remains a significant hurdle, with 51% of respondents citing high upfront costs as the main reason for holding back.
Infrastructure challenges are also a key issue for potential buyers, with 49% expressing concerns about the availability of reliable public charging stations, particularly for long-distance travel. The fear of being stranded without power, commonly known as "range anxiety," continues to be a prominent factor in delaying EV adoption.
These concerns may be more a perceived issue than a reality with Zapmap latest figures showing, that at the end of July 2024, there were 66,779 electric vehicle charging points across the UK, across 34,570 charging locations. This represents a year-on-year increase of 46% in the number of public devices, with 21,042 installed since July 2023.
Despite these concerns, the survey indicated optimism for the future of the EV market. Over 60% of those surveyed believe that the industry will expand rapidly in the next 10 years. And 24% of those surveyed and looking to make the switch to electric said they want to buy from a NFDA Electric Vehicle Approved (EVA)’ dealer,
Sue Robinson, Chief Executive of NFDA, said: “It is positive to see that overall satisfaction with franchised dealers remains high.
She added “With the Zero Emissions Vehicle mandate having come into law earlier this year, it is concerning that cost remains the primary barrier to electric vehicle adoption. NFDA has repeatedly urged the government, including the new government, to introduce price incentives to address this issue and restimulate private demand.”
This survey highlights the need for further investment in charging infrastructure and price reductions to make EVs more accessible for everyday consumers.
Manufacturers Expected to Ramp Up EV Discounts to Meet Year-End ZEV Targets
As manufacturers approach the end of the year, they are expected to increase discounts on EVs to meet Zero Emission Vehicle (ZEV) Mandate targets.
For 2024, carmakers must ensure that 22% of their registrations are fully electric. While trading schemes and credits can help avoid hefty fines of £15,000 per non-compliant vehicle, many are already testing pricing strategies to boost sales.
Auto Trader’s director of automotive finance Rachael Jones noted that earlier in the year, Honda’s significant discount on the eNY1, offering a deal of less than £200/month for a new EV, led to a 650% increase in consumer enquiries.
“When discounting does happen, it drives demand.” She said.
She predicts that as the year progresses, manufacturers may resort to extreme discounting to meet targets, and may also increase short-cycle registrations through rental and lease schemes.
Jones also highlighted potential impacts on used car markets, where EV values have been dropping. Used EV prices fell 21 times in a row, affecting leasing company profitability. A three-year-old EV retains just over 50% of its value, compared to 65% for petrol cars, translating to a £7,700 difference. The market for nearly-new EVs is struggling as discounts on new models make them more attractive.
We’ll be watching the market closely as manufacturers adjust strategies in the coming months.
Jaguar to Stop Selling New UK Cars by 2025
This past week, Jaguar announced plans to stop selling new cars in the UK by 2025 as part of its shift towards becoming an all-electric brand.
The iconic British car brand has said sales will first be halted in some European markets by the end of 2024, leaving only the F-Pace SUV available into early 2025.
After this, Jaguar will transition fully to electric vehicles, starting with a £100,000 four-door GT in 2026. By 2028, Jaguar plans to offer three new electric models, including a luxury saloon with a £100,000 price tag, a 435-mile range, and a dual-motor powertrain offering over 575bhp.
That'll be more from us in today's EV news round-up! Make sure to check out more of our content across our channels and website if you're an EV enthusiast, or simply curious as to how you can use software to get the most of your chargers.
