Welcome to the Daily 5 report for Thursday, Aug. 14.
Our report today is filled with excellent reporting by Laurence Iliff on the state of U.S. electric vehicle sales. In short, registrations rose slightly in June and may rise a little more in the third quarter before the U.S. tax credit goes away on Sept. 30. EV market share has leveled off.
And by "electric vehicle," we mean pure electric vehicles. Which brings us to a natural conclusion: Hybrids are cannibalizing pure EV sales.
New hybrid models from Toyota, Honda and others are likely delaying a consumer shift to full EVs, Loren McDonald, chief analyst at EV data analytics firm Paren, said in Iliff's story. Buyers are likely waiting for more affordable EVs over the next two years from General Motors, Nissan, Toyota and others, he said.
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"People who would have maybe gone fully electric are thinking hybrid is the easy choice because I have to make zero changes to my lifestyle and I'll save money," McDonald said. "They're thinking, 'If I wait a couple of years, they're going to be way better.' "
Of course, we've heard all the other reasons why EVs aren't gaining traction. The lack of a fast-charging infrastructure is one of the primary ones. But Iliff also reports that Tesla Inc., Rivian Automotive and a bevy of private operators such as Electrify America are forging ahead with fast-charging infrastructure investments.
In the second quarter, fast-charging networks added 4,242 ports and 784 new stations, bringing the U.S. total to 59,694 ports at 11,687 locations, according to Paren.
The government estimated in 2023 that the U.S. would need 182,000 fast-charging ports in 2030 to support the 33 million EVs expected by that date, Iliff wrote. The U.S. may reach its charging goal while falling short on EV volume targets, given the headwinds to EV adoption, Paren reported.
In other news, Cadillac, with renewed overseas ambition, turned to a designer with deep roots at European luxury automakers as its next executive director of global design. Dominic Najafi, formerly head of studio and exterior design at General Motors Advanced Design Europe, moved into the role Aug. 1. Najafi succeeds Bryan Nesbitt, whom GM promoted this summer to follow Michael Simcoe as the automaker's overarching design chief.
That's it for now. If you want to see this story in your browser, click here.
— Philip Nussel, online editor
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