Why Cold Temperatures Hurt EV Range, Charging Times

First Up 02/01/24

Why Cold Temperatures Hurt EV Range, Charging Times

Current and would-be electric vehicle owners face a variety of barriers as battery technology and charging infrastructure develops. And one EV problem is acutely clear when temperatures plunge: a range drop and slow charging. EVs lose 30 percent of their range on average in freezing temperatures, according to a Recurrent analysis of 18 popular models. Charging is nine to 10 minutes slower on average compared with charging in 50- to 60-degree Fahrenheit temperatures, Recurrent said. And in some cases, charging doesn't start right away. According to Automotive News, the driver has to wait for the battery to warm up, then the longer charging time begins. Batteries don't operate as efficiently in the cold, and the vehicle's cabin requires more energy to keep occupants warm. The battery needs to heat up before it's able to charge. Once it's ready, power moves in and out more slowly than in mild temperatures. Slow charging isn't usually the fault of the charger. The battery cells cause the charging delay. Click here for the full story.

VinFast Offers Massive Lease Discount in Hopes of Boosting U.S. Sales

Vinfasts’ VF 8 has had a rough start to the U.S. market, facing several difficulties and negative reviews. However, the EV manufacturer has recently reduced the car’s lease price, making it one of the most affordable new cars to lease in the U.S., according to CBT News. Before, customers were able to lease the VF 8 by making an upfront payment of $4,594 and paying $399 per month for 36 months. This brought the total monthly leasing cost to $527. But, with a new offer that expires on January 31, you can now lease the vehicle for just $249 per month for 36 months, requiring only $944 at signing. Given the sharp price decrease of the VF 8, it is highly likely that VinFast is trying to boost sales even if the company hasn’t provided a formal explanation. While the brand brought nearly 3,000 cars into the United States at the start of 2023, sales proved difficult. According to Experian statistics, 128 VF 8s were registered between January and May 2023. Click here for the full story.

Federal Reserve Leaves Interest Rates Unchanged, Says More 'Confidence' Needed in Inflation Slowdown Before Cuts

The Federal Reserve left interest rates unchanged on Wednesday but took a major step toward lowering them in coming months in a policy statement that tempered inflation concerns with other risks to the economy and dropped a longstanding reference to possible further hikes in borrowing costs. The U.S. central bank's latest policy statement gave no hint that a rate cut was imminent and indeed said the policy-setting Federal Open Market Committee "does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent," the Fed's inflation target. For the auto industry, interest rates remain top of mind for franchised dealerships. That issue ranked first in Automotive News’ 2024 Dealer Outlook Survey, the second year in a row it has done so. Half of the respondents selected interest rates as the factor they’re most concerned about. Vehicle affordability and lower new-vehicle profit margins ranked second and third. "Inflation has eased over the past year, but remains elevated," the Fed said in the statement after a two-day meeting, restating that officials "remain highly attentive to inflation risks." Click here for the full story.

Polestar Sets Table for What It Hopes Will Be Better 2024

This year is expected to mark a pivotal point for Polestar. According to Wards, the battery-electric-vehicle brand, owned by China’s Geely Holdings and its Sweden-based Volvo Car operations, is set to undertake a number of initiatives in 2024 designed to better secure its market footing both in the U.S. and globally for the next several years. It hasn’t exactly been smooth sailing for Polestar. Largely unwilling to join in a round of BEV price-cutting in 2023, Polestar has come up short of its global sales targets. Volume of 54,600 worldwide last year was up 6 percent on 2022 but shy of the 60,000-70,000-unit tally the brand had set it eyes on. This year is expected to mark a pivotal point for Polestar. In the U.S., the picture was even more disappointing, where hefty import tariffs and a lack of local production capacity to offset them, left Polestar in an even tougher competitive position. Its volume of 6,736 units in 2023 marked a 25.2 percent decline from 2022 and paled next to the market’s overall 49.2 percent gain in BEV sales, according to Wards Intelligence data. Click here for the full story.

2024 Audi Q7 Gets Digital Lights with Laser Beams for its Second Facelift

Audi has taken the wraps off the 2024 Q7 and SQ7, giving its largest SUV its second consecutive facelift. The updates primarily focus on cosmetic changes, including customizable high-tech lighting options, a new grille, and redesigned bumpers. Additionally, the model receives enhancements in infotainment and safety features while retaining the powertrain options from the previous version, reports Carscoops. The second generation of the Audi Q7 was introduced back in 2015 with the first facelift following in 2020. Normally, 2024 would be a nice time for a new generation, but Audi decided to extend the lifecycle of the existing model, hoping that a series of fresh styling and technological updates will keep it relevant for a few more years. By using a darker tint for the headlights and splitting the LED graphics into two sections, Audi designers brought the Q7 on par with the rest of the SUV lineup in terms of styling language. While all trims feature matrix LED units as standard, the flagship Vorsprung model boasts an even more advanced setup. Click here to view photos and to learn more about the 2024 Audi Q7.

AIADA Affinity Partner Happenings at 2024 NADA Convention

AIADA's Member Benefits Program is one of the most valuable services AIADA provides to its members. AIADA partners with best-in-class companies to provide members with exclusive values on the goods and services they need to succeed in a competitive business environment. While you're in Las Vegas, make sure to check out AIADA's Affinity Partners. Click here for a quick reference guide on where to find them at NADA 2024!



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