Hyundai confirmed it was nearing a deal to sell commercial EVs to GM.
Hyundai expects “more business uncertainties this year than ever before” with expected policy changes in the US, North Korea, and Europe.
Hyundai began production at its $7.6 billion EV plant in Georgia last October, the largest economic project the state has ever seen.
Although Hyundai announced new EVs made at the facility, including the updated 2025 IONIQ 5, would qualify for the $7,500 US tax credit, the DOE removed the company’s electric cars last week. The company said on Thursday it plans to expand US production to soften the blow of changing tariffs. Hyundai will also add hybrid output to the mix in Georgia.
Seems that Hyundai agrees with Xpeng’s CEO-rough waters ahead in 2025.
https://electrek.co/2024/12/31/internal-letter-xpeng-ceo-2025-goals-warns-impending-ev-price-war/
The market will definitely see fiercer competition in 2025, and I can even make a bold prediction that price war will ignite from January.
But perhaps not in Canada.
Tesla has announced some important price hikes across its entire lineup in Canada amid incentives going away and a struggling Canadian dollar.
Now, Tesla, which sells more EVs than anyone in Canada, announced that it is increasing prices on all its lineup.
Here are the price increases for each Tesla model:
- Model 3:
- Long Range RWD: $4,000
- Long Range AWD: $8,000
- Performance: $9,000
- Model Y: $4,000
- Model S: $4,000
- Model X: $4,000
Another 2025 disruption in EV market space:
In our January [Short-Term Energy Outlook]
Likely due to:
(https://www.eia.gov/outlooks/steo/), we now forecast U.S. retail gasoline prices through the end of 2026.
https://www.eia.gov/todayinenergy/detail.php?id=64305
We forecast benchmark Brent crude oil prices will fall from an average of $81 per barrel (b) in 2024 to $74/b in 2025 and $66/b in 2026, as strong global growth in production of petroleum and other liquids.) and slower demand growth put downward pressure on prices and help offset heightened geopolitical risks and voluntary production restraint from OPEC+ members. This forecast was completed before the United States issued additional sanctions targeting Russia’s oil sector on January 10, which have the potential to reduce Russia’s oil exports to the global market.
Not happy news for oil companies.