Was Jim Farley right? EV Sales To Collapse 60% In October says J.D. Power
Why am I doing a video on this news report? Well, because I don’t think it’s true. I don’t believe that JD Power, who are considered gospel of everything, true and true and accurate in the US car market, I don’t believe they’re right. I don’t think EV sales will fall by 60%. So, please share this with your friends, if you can prove them wrong. To be honest, there’s a lot of good electric cars in the US now. very well priced, incredibly well priced. Even after this tariff, even after these tax incentives have been eliminated, there are still some great deals on the market. Hello, my friends. Welcome to the channel. JD Power says that EV sales in the US are about to crash by 60%. Um, is this accurate? I mean, I don’t think it is, and I really hope it’s not. Ford CEO Jim Farley said that they would fall by 50%. He believed they would. Now, there was no getting around the fact that EV sales would take a blow without government subsidies. $75,000 is not a small amount of money, but some car makers have discounted their cars or released new models at lower prices. But if JD Power is right, this removal of tax credits will have a huge impact on the EV industry, on the battery industry, on all the supporting industries that provide products for electric cars in the US. And this comes at a time when the in installation of new DC fast charges across the US has grown enormously. They are everywhere now. The we the research firm working with global data predicts with that 54,700 EV retail sales will take place in October. Now if that is correct then it means 43% sales decline compared with October 2024 when 96,000 EVs were sold. And it would mean that market share will fall from 8 12% to 5.2%. That’s a huge drop from September. In September, electric cars were at a record market share of 13%. If October’s projected 55,000 or 54,700 EV sales is true, that would be a 60% drop from September’s 136,000. And I guess Jim Farley would be correct. Let’s, you know, Americans, come on. Let’s prove Jim Farley and JD Power and all the naysayers wrong. I think that EV sales won’t fall by 60%. But, um, you guys have to buy them. The automotive industry is experiencing a significant recalibration in the electric vehicle segment, said JD Power data analyst Tyson Yumi. The recent EV market correction underscores a critical lesson. Consumers prefer having access to a range of powertrain options. Guys, I use Powers Shop my electricity to charge my EV for free between 12 and 2:00 during the day. I’ll put a link in the description. If you sign up with them, you get $170 discount to sign up. Also, my solar and batteries. I’ve got a 50 kWh battery here, and I’ve got a big solar array. So, I pay $0 for electricity. That’s including charging my electric car. Reync Solar is the company that I used. I’ll put a link to them in the description below. Is that actually true? I mean, not really. I mean, in mature car markets, actually, most people end up just buying EVs. But in the US, where people are still a bit scared, um, like Australia, a lot of people are not buying them yet. The wildest bit of this entire story is that it could have been even worse. Many brands including Hyundai, GM, and Tesla rolled out different methods to ease the pain of losing the federal tax credit. And had they not then these sales fall could have been even worse. So sales could fall 60% or 59%. And the truth is that even with these discounts that um automakers have rolled out, of course, they don’t make up $75,000 in terms of difference. They’re not that big of a difference. Interestingly as well, average transaction prices are climbing as the EV share actually drops. The typical new vehicle sold in October will be at an average transaction price of $46,000. That’s $1,000 higher than last year. Incentive spending has slipped to $2,700 per vehicle, roughly 5% of MSRP. It’s also worth mentioning that Americans are really um struggling, not all of them of course, but a lot of Americans are really struggling with their loans. And often at the end of their lease terms or their loan terms, they are still underwater enormously. So this is a pretty difficult situation. Analysts say the pullback in incentives largely stems from fewer EV sales. So interestingly um automakers a lot of them are not discounting their EVs at this point in time and not as much as what they did right before the end of the EV incentives. So yeah, it could have a big effect. And you know, the media could be saying all this negative stuff about EV sales in the US, but it’s worth pointing out that Romeotion reported on the 15th of October that electric car sales worldwide are up 27% this year. So the first 9 months of this year, EV sales have grown worldwide, not hybrids or anything else, just purely electric car sales are up 27% worldwide. So even if we lose the United States to Donald Trump or you know uh to people I guess scared of buying electric car the world market share for EVs is continuing to grow rapidly. Approximately 1 in5 of every car sold this year will be fully electric worldwide. By 2030 that figure will be closer to 50 to 60% maybe even higher than that. What do you guys think? Let me know in the comments. Thanks for watching. I don’t know about you guys, but I think this is Tesla’s best free overthe-air software update that they have ever done. Period. Because really, airbags deploying faster, as in potentially 1 second faster, could be the difference between life and death. This is a massive upgrade for Tesla. Now, Tesla have just revealed their latest over their update. It’s got heaps of changes, but this is by far the biggest change they actually made. Hello, my friends. Welcome to the channel. I’m Sam Evans. You’re watching the Electric Viking. YouTube’s new algorithm means that you’re often not getting all of our videos in your feed. There’s 7,500. I’m pretty sure you’re probably not seeing a lot of them. In the description, there is a link to our newsletter. Click on that and you can get an update every day of all the latest news in the electric car industry. Tesla has said this, we are feeding information from Tesla vision as in all of their cameras which now cover you know every angle of around the car. We’re feeding information from Tesla vision into the airbag system so that when an impact occurs the airbag deploys faster. The airbags do not deploy based on Tesla vision alone. Now, I actually think the Abbs do deploy on Tesla vision alone, and that is the advantage of this update. But Tesla just wants to make it sound like, oh, don’t criticize us because we’re not going to do it on vision alone, but actually we are. Anyway, over the years, Tesla has focused on safety. And the truth is that in safety ratings in Europe and Australia and the United States, they consistently have the safest cars in the world. So, full credit to them for doing this, for achieving this. I don’t know if you remember that video I did and that story that was around when that maniac, I think he was a doctor, he drove his family off a cliff. I rode my bicycle right where he drove his car off. I was called the devil’s slide and I got stuck there. Uh when I was riding my bicycle and an old lady, she actually came and picked us up with her van and it was pouring with rain, just pouring with rain. It was freezing cold. She picked us up off the devil slide where there was nowhere to go. There’s like no side side roads. There’s no nothing to go. [Music]
Was Jim Farley right? EV Sales To Collapse 60% In October says J.D. Power
J.D. Power’s latest data suggests EV sales could drop by as much as 60% in October, echoing Ford CEO Jim Farley’s earlier warnings about slowing demand. Rising interest rates, overproduction, and consumer hesitation are now testing the EV industry’s resilience after years of rapid growth.
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