The electric car market is evolving rapidly, which offers a mix of excitement and frustration for both enthusiasts and curious customers. The Drive Green team is deeply entrenched in the day-to-day development of the car market, and we’re here to provide you with a comprehensive update in our new quarterly blog series called Car Corner. While the electric vehicle (EV) market has certainly improved since the peak of the COVID-19 pandemic, it’s important to understand that issues with lead times still exist, from supply-chain issues to manufacturing delays. Car Corner will be a valuable resource to consumers, where we’ll navigate through the maze of misleading information and share important updates on the market, new EVs to look out for, shifts in state rebates, and some insider tips from dealerships. 

Vehicle Availability 

The current media reports on the EV landscape can be confusing and contradictory. There are many misleading articles that will tell you that all EVs are widely available and waiting for consumers on dealer lots, but the reality is more complex and model-dependent. Based on some research we’ve done, here are some more readily available models and some with longer lead times. 

Readily Available: 

NISSAN ARIYA

This crossover SUV is a major step up in quality from the Nissan Leaf, but the improved range, larger capacity, and newer technology all come at a premium, with a starting price of $43,190. The Ariya has a range of up to 304 miles and offers standard DC fast charging. Models are readily available on dealer lots. Unfortunately, the Ariya is not eligible for the federal tax credit.

FORD MUSTANG MACH-E

Mustang Mach-Es are easy to come by and several dealerships are offering attractive incentives. The Mustang Mach-E is also eligible for $3,750 through the federal tax credit, making this model even more attractive. The Mach-E starts at $42,995 and offers between 226-312 miles of range, depending on trim, with standard DC fast charging.

KIA EV6

Kia’s newest electric vehicle, the EV6, showcases the brand’s commitment to innovation, with a futuristic design and advanced technology. This crossover is poised to become a major player in the EV arena. Models can be bought easily, with no lead times and many models are available on dealer lots. Unfortunately, the EV6 is not eligible for the federal tax credit. The EV6 starts at $42,600 and offers up to 310 miles of range.

HYUNDAI IONIQ 5 & 6

Both the Hyundai IONIQ 5 and 6 are available at most dealership lots for immediate purchase. These retro-inspired models offer versatility and affordability. The IONIQ 5 is a large hatchback that starts at $41,450 with 220-303 miles of range, depending on trim. The IONIQ 6, a mid-size sedan, starts at $41,600 with 240-361 miles of range, dependent on trim. Neither model is eligible for the federal tax credit, though.

GENESIS GV60

Genesis is a fairly new car brand offering luxury models based on the Hyundai platform. The GV60 is the most luxurious model on this list, and also the most expensive with a base price of $59,290. The base trim has a range of 248 miles and the performance trim will only offer 235 miles, but with increased horsepower. The GV60 is not eligible for the federal tax credit.

VOLKSWAGEN ID.4

Volkswagen's ID.4 marks the company's dedicated push into the EV segment. As the first model from Volkswagen's all-electric ID lineup, the ID.4 offers a spacious interior, a sleek exterior, and the practicality that the brand is known for, with a range of 275 miles. The ID.4 starts at $38,995 with several attractive lease deals. Many models are currently available for same-day purchase in Massachusetts and Rhode Island. Additionally, the ID.4 is eligible for the full $7,500 federal tax credit.

TESLA MODEL 3 & MODEL Y

No discussion of EVs is complete without mentioning Tesla. The Model 3, with its combination of range, performance, and cutting-edge technology, continues to set the standard for electric vehicles and remains a top choice among EV enthusiasts. The Model 3 recently lowered its price, making this EV even more attractive and accessible, with quick lead times and many models on showroom lots. The Model 3 starts at $38,990 and comes with a starting range of 272 miles. The Model Y, the SUV variant, is similarly attractive with a base price of $43,990 and a starting range of 260 miles. The Model 3 and Model Y are both also eligible for the full $7,500 in federal tax credit. A new Model 3 has been announced for 2024, which has a strong likelihood of receiving only a tax credit reduction of $3,750.

Longer wait times: 

It's important to recognize that not all EVs are readily available for purchase. Some models, while promising, come with longer lead times due to various factors. Here are a few notable EVs with expected longer wait times.

CHEVROLET BOLT & BOLT EUV

The Chevrolet Bolt has garnered attention for its affordability and practicality, starting at $26,500. The Bolt EUV, a small SUV, offers more practicality and space. However, demand has outpaced supply for this compact EV, leading to longer lead times for those looking to get their hands on one. If you're considering the Bolt, be prepared to exercise a bit of patience and understand that orders placed now or in recent weeks might not get filled. Chevrolet has announced that the current Bolt will be replaced with a new model in 2024, based on the company's new Ultium platform.  

FORD F-150 LIGHTNING

The Ford F-150 Lightning, an electric version of the iconic pickup truck, has generated immense excitement since its announcement. With its impressive towing capacity and electric capabilities, it's no wonder that demand is soaring. Ford also recently lowered the price of the F-150 Lightning by almost $10,000, with a new starting price of $49,995.  However, this high demand has led to longer lead times, as Ford works to meet the expectations of eager customers.

BMW i4

The BMW i4 has been a very popular EV because of its combination of electric performance, high-end interior, and an attractive starting price of $52,200. Currently, demand is outpacing production and longer lead times exist, especially for the more affordable entry trim level, eDrive35, which can take upwards of 6 months to arrive for a custom order. BMW also just released a brand-new EV, the BMW i5 which offers a roomier and more luxurious interior, but at a higher price.

Upcoming Vehicles 

We’re also thrilled to share some exciting EVs on the horizon that consumers should keep on their radar. Manufacturers are constantly announcing new and exciting EVs that they’re adding to their lineup. Some of these models never make it into production, so be sure to do careful research about the validity of new model claims. All of the models below have been confirmed by their manufacturers and will be available next year. Check out our video about new EVs coming out later this year and in 2024!  

• General Motors’ new Ultium platform is set to debut several new vehicles, including the Chevrolet Silverado EV, Blazer EV, Equinox EV, and the new Bolt. Keep in mind that some of these models may have staggered trim releases, potentially affecting their initial price estimates. While there’s genuine excitement surrounding these models, it’s essential to consider potential delivery delays and pricing adjustments. These cars will also be eligible for the full federal tax credit, so be sure to keep that in mind when budgeting.
• The Volvo EX30, with a starting price of $34,950, is making big news in the electric car world. This small SUV will be both affordable and practical, with up to 275 miles of range and fast charging to 80% in less than a half hour. The vehicle is available for preorder and deliveries are expected next summer. 
• The Volkswagen ID.Buzz is expected next summer. This van will be able to fit seven passengers and is estimated to cost only $40,000. The ID.Buzz will have a range of 260 miles and can charge up to 80% in a half hour. This will be the first all-electric passenger van available for purchase in the United States.

Charging News: The North American Charging Standard & More!

One of the pivotal changes in the EV landscape is the evolution of charging infrastructure. Tesla’s supercharging station network, which utilizes the North American Charging Standard (NACS) port, with over 12,000 chargers is partnering with the following manufacturers:

Currently, only Volkswagen Group (Volkswagen, Audi, Porsche, Bentley), has not agreed to offer NACS port on their future vehicles, but this can potentially change in the future.  

Another major partnership has been announced among seven automakers to build a North American EV charging network offering both NACS ports and Combined Charging System (CCS) plugs. These automakers include BMW, GM, Honda, Hyundai, Kia, Mercedes-Benz, and Stellantis (Alfa Romeo, Chrysler, Dodge, Jeep, Ram, Maserati). The joint venture will install at least 30,000 high-speed EV chargers across the country by 2030, with the first chargers set to open next summer. This network will be a major competitor to Tesla’s superchargers, with a plan for all power sources to be fully renewable. This collaboration signifies a significant step towards addressing range anxiety and making EV ownership more convenient. 

MA & RI State Rebate Updates 

State incentives from both Rhode Island and Massachusetts have recently been updated.

Rhode Island reinstated its DRIVE EV rebate program, which will give $1,500 to qualified new electric vehicles and an added $1,500 to those in a qualifying state or federal income-eligible program. The program has had some issues with funding over recent months and as a result, had to take some pauses. As of October 3, 2023, the program has received an additional $1.25 million in funding and is up and running again.    

The MOR-EV program in Massachusetts is now authorized at point-of-sale at participating dealerships. There is also an added rebate of $1,500 for drivers in income-qualified programs. Furthermore, MOR-EV will include used EVs priced under $40,000 but income requirements exist. For more information, see our blog post.  

To Wrap It Up 

As we navigate the evolving EV landscape, it’s important to stay informed, question misleading media narratives, and recognize the realities of inventory, pricing, and delivery timelines. The EV market is rapidly changing, and new opportunities are on the horizon. As manufacturers work to address supply-chain challenges and streamline production, consumers can look forward to an array of new EVs entering the market. So, keep your eyes peeled for updates, stay informed on our website, and be sure to check out our webinar on new and upcoming EVs.