A loaded BMW i5 eDrive40 sold for just $46,250 with only 714 miles on the clock.
Original MSRP of this i5 was $77,695, including several premium option packages.
Depreciation hit hard, with the electric sedan losing $31,445 in just a few months.
Depreciation comes with the territory when it comes to EVs and luxury German cars—everyone knows that. Still, even seasoned car watchers might do a double take at how quickly some of these high-end electrics shed value. Take this 2024 BMW i5 eDrive40, for example. It’s already lost a staggering $31,445, despite having just 714 miles (1,149 km) on the clock. We’re talking about a car that’s barely broken in.
The i5 was recently auctioned off on Cars & Bids where it traded hands for $46,250. That’s an absolute steal for an all-electric German sedan of this quality and way less than the original price tag of $77,695. While we feel a little bad for the original owner, the winning bidder seems to have gotten an excellent deal. However, it’s certainly possible that it’ll continue to depreciate at a rapid rate.
This version of the i5 is the eDrive40, the base model in BMW’s electric 5-Series lineup. It’s equipped with an 81 kWh battery that powers a single electric motor, delivering 335 horsepower and 317 lb-ft of torque. According to BMW, that setup should get you around 295 miles of range on a full charge when paired with the optional 20-inch wheels, as seen here. Despite its entry-level status, the eDrive40 still does 0–60 mph in a very respectable 5.7 seconds. And that’s without a rollout for our Tesla readers.
Packed With Options
This particular i5 isn’t just a barebones base model either. The window sticker reveals that this car is fitted with the M Sport Package, M Sport Package Pro, and Premium Package, which add features like a heated steering wheel, interior camera, LED cornering lights, and a head-up display. It also has the Driving Assistance Pro Package and Connected Package Pro, adding real-time traffic updates, BMW remote services, and on-street parking information.
An EV Bargain?
As the car has barely been driven at just over 700 miles, it’s in excellent shape. The only visible flaws are a few minor scratches on the trunk lid—easily fixable with a bit of buffing. Otherwise, it’s practically new.
Aesthetics are subjective, but let’s just say we’re not in love with the styling of the current i5 or its gas-powered 5-Series siblings. Still, that might be easier to overlook when the price is slashed by over 40 percent. So here’s the real question: would you spend $46,000 like this buyer on an almost-new electric BMW with all the bells and whistles, even if it might keep shedding value?
Rivian is offering up to $13.5K in stacked discounts through multiple incentive programs.
Existing Tesla owners can claim a separate $3,000 discount on Rivian’s electric vehicles.
Base Rivian R1T starts at $69,900 before discounts, while the R1S starts at $75,900.
Rivian’s not exactly cruising into 2025. The EV startup reported a rough first quarter, with sales down 36% year-over-year and only 8,640 new vehicles delivered. That’s a hard hit by any measure. But if you’re in the market for a Rivian, the silver lining is this: getting behind the wheel of an R1T or R1S has just become significantly more affordable thanks to several new incentives.
Between April 1 and April 30, Rivian is offering what it calls an ‘Electric Refresh’ offer to anyone who trades in a BEV, hybrid, or ICE vehicle from any automaker. This offer is valued at $3,000, cutting a significant chunk off the starting price of both the R1T and R1S. For Canadian customers, the discount bumps up to CA$4,300 upon trade-in.
This isn’t the only deal Rivian is offering. In a direct play for Tesla’s customer base, the company is also offering an additional $3,000 incentive to current Tesla owners and lessees. As reported by Rivian Trackr, these two deals can be stacked, bringing the savings up to $6,000. US shoppers who choose to lease a new R1T or R1S will also get a $7,500 EV lease credit, bringing potential savings up to a generous $13,500.
Stacking Deals, But Know the Fine Print
While this deal may sound too good to pass up, it’s worth remembering that dealers will generally lowball you with a trade-in valuation. More often than not, you’ll be able to sell your car privately for more than Rivian will offer at trade-in. However, trade-ins are valuable for those who aren’t comfortable or have the time selling a car themselves, and are certainly a more stress-free way of changing cars.
Until the smaller R2 and R3 models hit the market, the Rivian R1T and R1S remain out of the price range of many shoppers, even with these discounts. The entry-level R1T Dual Standard starts from $69,900, and the range tops out at $99,900 for the R1T Tri version. The Rivian R1S SUV is a little bit pricier, kicking off from $75,900 for the Dual Standard and topping out at $105,900 for the R1S Tri. Quad-motor versions of the R1T and R1S are also just around the corner, but prices have yet to be confirmed.
Brand-new Tesla Model Y wrecked with only 106 miles appears on Copart auction listing.
Vehicle never left Texas before being rear-ended and listed for salvage in San Antonio.
Repairing this Tesla could be pricey, particularly if any of the gigacasted parts are damaged.
It hasn’t even been a couple of months since Tesla began US deliveries of the new Model Y Launch Series, and already, here we are—salvage yard, round two. Hot on the heels of the one that crashed after just 197 miles (you know, the one we covered recently), this second barely-driven Launch Series is now up for auction, quietly awaiting its fate. The big question: is it worth saving?
This particular Model Y is listed through Copart out of San Antonio, Texas. After rolling out of Tesla’s Austin Gigafactory, it seems the car didn’t make it far—state lines likely stayed uncrossed before it was rear-ended. The odometer tells the story as it only covered 106 miles (170 km) before its early retirement.
The damage is significant, and regardless of what you think about Tesla’s bread-and-butter seller, it’s still unfortunate to see a brand-new EV end up like this.
If anyone wants to try and repair this Model Y, they’ll need to order an all-new tailgate, rear quarter panels, taillights, light bar, and rear bumper. Importantly, these are only the parts that we can see are damaged, and some damage may have also been done to the body structure of the new Tesla.
Here’s where things get tricky. Tesla uses gigacasting extensively in the construction of the Model Y, and the whole rear section is cast from a single piece. While this has allowed Tesla to slash production costs, gigacasting can make repairs more difficult and expensive, if available. Admittedly, some methods have been developed to repair Tesla’s gigacasted sections, but even still, it can be quite a complex process and is only something experienced shops should attempt to undertake.
Ultimately, it might not be worth the hassle as The math might not work out for a repair.. While Tesla is no longer selling the Model Y Launch Series in the US, it has started selling the Long Range All-Wheel Drive, pricing it from $48,990, or $41,490 with the $7,500 federal EV tax credit. That makes it a very good option for anyone looking at a new all-electric SUV of this size.
Still, if someone out there wants a project (and likely a headache), Copart’s got the listing and you can check it out for yourself here.
Toyota plans to increase EV production to 1 million units by 2027 globally.
EV manufacturing will expand to the US, Thailand, and Argentina by late 2025.
Three-row electric SUVs are coming from Toyota’s Kentucky and Indiana plants.
Toyota helped kick off the electrified era long before it was cool, way back in the late ‘90s with the launch of the Prius. That car didn’t just spark curiosity, it redefined what people expected from hybrids and made Toyota a poster child for practical electrification.
But in recent years, as other automakers raced ahead with battery-electric vehicles (BEVs), Toyota found itself lagging behind, seemingly reluctant to join the full-EV sprint. Now, it’s shifting gears and planning a major EV expansion as it works to close the gap with its faster-moving rivals.
EV Production Plans Are Going Global
By 2027, Toyota reportedly wants to have as many as 15 electric models on sale, including those under the Lexus badge. It also aims to ramp up EV production to about 1 million units per year by that point. For context, that would be roughly seven times the number of EVs it built in 2024, a massive jump, if it can pull it off.
Toyota currently only builds EVs in Japan and China, but Nikkei Asia reports that as more of the upcoming EVs launch in the market, production will expand to the US, Thailand, and Argentina. One of the first to hit the market will be an electric version of the Hilux, set to be built in Thailand from October. This model will also be assembled in Argentina.
Toyota’s urgency makes sense, as it’s facing steep competition from automakers that have already hit their EV stride. Tesla and BYD each moved 1.76 million EVs last year. Volkswagen wasn’t far behind, selling 740,000 EVs globally. Compared to those numbers, Toyota’s electric efforts have been pretty modest so far.
A key piece of Toyota’s upcoming EV puzzle is the new C-HR+ EV, which was revealed about a month ago. This model sits below the larger bZ4X in the Toyota family and will be offered with 57.7 kWh and 77 kWh battery packs. Production of it will start at Toyota’s Takaoka plant in Japan this September, and in addition to being sold throughout Europe, it will be available in the USA and Canada from next year.
Elsewhere, Toyota is planning to build a three-row EV at its Kentucky and Indiana plants from next year, serving as a rival to the Kia EV9 and Hyundai Ioniq 9. Toyota is also continuing its EV partnership with Subaru, and the next result of that collaboration is scheduled to go into production in Japan in February.
Denza Z9 GT delivers 962 hp from three motors and a large battery pack.
The brand aims at premium buyers and tech-savvy youth with its EV lineup.
European sales begin late this year, with vehicles initially exported from China.
As Chinese automakers continue to test Europe’s appetite for newcomers, BYD is making a move to stake its claim in the premium segment. The company has officially launched its Denza brand in Europe, aiming to grow its footprint in the region and challenge established luxury manufacturers. The first model to hit European streets will be the Z9 GT, with sales expected to begin by the end of the year.
Denza was originally formed as a joint venture between BYD and Mercedes-Benz back in 2011. But despite the star power behind it, the brand struggled to gain traction, selling just 23,000 vehicles in its first decade. Mercedes-Benz began scaling back its involvement in 2022, reducing its stake to just 10 percent before fully exiting the partnership last year. Denza is now entirely under BYD’s control.
The Chinese maker launched the Denza brand at a special event in Milan, Italy, earlier this week. According to BYD’s special advisor for Europe, Alfredo Altavilla, Denza will target traditional premium car buyers and younger customers with a keen focus on technology.
Back in China, BYD operates Denza alongside two other premium sub-brands, Fang Cheng Bao and Yangwang. According to ArenaEV, BYD plans to consolidate Fang Cheng Bao into the Denza lineup for Europe, starting with the Fang Cheng Bao Leopard 5, which will be rebadged as a Denza. It remains unclear whether Yangwang models will also be brought under the Denza umbrella for the European market.
Denza has not announced prices for its European lineup. However, while speaking with Reuters, Altavilla said the Z9 GT will be followed up by the luxurious D9 van at the end of the year. Both models will be built in and exported from China, even though the automaker plans to start building cars at its new plant in Hungary from October.
On paper, the Z9 GT is aimed at the likes of Porsche’s Taycan Sport Turismo, though it beats the German EV on size. It’s over 7.8 inches (200 mm) longer and rides on a wheelbase that’s 8.8 inches (225 mm) longer. Power comes from three electric motors producing a combined 952 horsepower, fed by a 100.1 kWh lithium-iron phosphate battery pack. In China, the company also offers a PHEV version that combines a 2.0-liter turbo engine and three electric motors for 858 hp.
The Z9 GT’s performance numbers may place it in the same conversation as Porsche’s offerings, but its pricing in China suggests a very different customer base. There, Denza’s model is priced between 334,800 and 414,800 yuan (roughly $45,800 to $56,800), while Porsche’s comparable models, like the Panamera Sport Turismo and Taycan Cross Turismo, start around 1,008,000 yuan ($138,000) and stretch well beyond 1,500,000 yuan ($205,000), depending on trim and powertrain.
The vandals left graffiti on the Teslas, with one reading ‘Nazis always lose.’
Security cameras in the area captured two young men of interest.
Authorities in Grand Rapids are also investigating an attack on a Tesla facility.
Tensions surrounding Elon Musk’s controversial public image continue to spill over—sometimes literally—onto Tesla vehicles. Police in Kentwood, Michigan, are asking for the public’s help in identifying two men believed to be involved in the vandalism of five Cybertrucks. As attacks on Tesla vehicles spread across the United States, some police departments are ramping up efforts to track down those responsible.
The vandalism took place on March 10, when five Cybertrucks were targeted while parked in a lot outside Woodland Mall. Each vehicle was spray-painted overnight, with one bearing the message “Nazis always lose” across its doors, a likely jab at Elon Musk and the widely criticized salute he made during President Donal Trump’s inauguration.
Photos published by the Kentwood Police Department and shared by Fox17 show two young men who could be tied to the vandalism. One of them was wearing a green hoodie, blue jeans, and white shoes and was spotted near the area, while another had a blue and white hoodie, a beanie, black pants, and black shoes. Local authorities are urging anyone who recognizes the men to contact them immediately.
This is far from the only recent case of vandals attacking Tesla vehicles and property with Nazi-related messages. In February, a Cybertruck parked on the road in Lower Manhattan had a huge swastika painted across its side, while at around the same time, a Tesla Supercharger was also defaced with a Nazi message and a swastika.
The pattern of vandalism has even extended to Tesla’s own facilities. Police in Grand Rapids, Michigan, are currently investigating a separate incident in which a window was damaged at a local Tesla manufacturing site. According to reporting from MLive, the damage occurred sometime between March 28 and March 31.
Some law enforcement officials appear to be losing patience. Last week, Sheriff Richard Jones from Butler County, Ohio, described Tesla vandals as “fat people that live in their mom’s basement and wear their mom’s pajamas” and warned that anyone caught damaging a Tesla in his jurisdiction could face jail time.
While the motivations behind these attacks vary, police departments across the country are stepping up efforts to identify suspects and prevent further incidents. For now, investigators in Kentwood are hoping the public can help close the loop on their latest case.
Tesla Cybertruck AWD Foundation models like this one started at $99,990 when new.
The seller has had a 7-year ceramic coating applied to the truck’s stainless steel panels.
While this isn’t the tri-motor Cybertruck, it still has 600 hp and packs a serious punch.
It wasn’t long ago that some people were shelling out high-end sports car money for lightly used Tesla Cybertrucks. The hype was real, the prices were wild—and now? Not so much. These days, you can pick up one of Tesla’s electric pickups for well under sticker price, and as time goes on, we suspect prices will continue to fall much further.
When it first hit the market, a Cybertruck AWD Foundation Series like the one seen here came with a $99,990 price tag before delivery fees and taxes. For those chasing maximum performance, the Tri-Motor Cyberbeast version stretched that figure to $119,990. Recently, this particular Cybertruck AWD Foundation Series crossed the auction block at Cars&bids for $82,000. That’s despite having only 2,600 miles (4,184 km) on the odometer.
Auction Highlights and Extras
The truck sold with a clean Carfax report and remains completely stock. The only modification is a $2,270 ceramic coating, which should make washing it less of a chore—no small feat when the truck in question is a rolling sheet of bare stainless steel. The sale also included a set of accessories, most notably the Cybertruck Cooler. It fits neatly in the frunk and can store up to 90 cans of your beverage of choice.
While the Cybertruck has been very controversial since the moment it was unveiled as a concept in 2019, there are plenty of people who absolutely love it. If you can get over the refrigerator looks, it’s hard not to be a fan of twin electric motors that combine to deliver 600 hp and 521 lb-ft (706 Nm) of torque. That’s enough to send it down the quarter-mile in roughly 12.4 seconds, all while spinning heads and dropping jaws in the process.
Importantly, this example also comes with Tesla’s Full Self-Driving package. And yes, while FSD is still a bit of a misnomer—and the feature remains in beta limbo—having it onboard does offer some future-proofing. If Tesla eventually delivers on its autonomy promises, owners of trucks like this one could be ahead of the curve. Or they’ll still be waiting. Time will tell.
It’s tough to predict what the used Cybertruck market will look like in a few years. What’s clear for now is that Tesla has delivered far fewer than it aimed to—nowhere near the 1 million pre-orders fans were once bragging about. The company hasn’t released official figures, but the recent cant rail recall, which appears to affect every unit delivered through March, offers a useful estimate. Just 46,096 trucks have reached customers so far, a number that proves demand hasn’t matched the early hype.
Aside from issues with the truck itself, the most likely factor is shifting public sentiment toward CEO Elon Musk, whose increasingly visible political involvement and especially his ties to the Trump administration through DOGE, has turned the Cybertruck into a rolling protest symbol. Add in early reliability issues and a growing stack of recalls, and it’s no surprise more are hitting the used market. If that trend continues, prices are bound to keep falling.
US-delivered Kia EV6 models have shipped with subpar lead-acid 12-volt batteries.
As of late 2024, Kia is believed to have been fitting better AGM batteries to its EVs.
The owner of this 2024 EV6 Wind RWD has initiated a lemon law claim for the faults.
One of the benefits of owning an electric vehicles is reduced maintenance compared to ICE-powered cars. That’s the theory, at least. In practice, one owner has found his Kia EV6 to be less of a technological marvel and more of a recurring electrical problem. His 2024 model has chewed through multiple 12-volt batteries in just a year, prompting him to file a lemon law claim.
While the EV6 has been broadly praised as being an excellent EV, it’s not without fault. Over the years, there are have been several reports of battery failures. We’re not talking about the expensive high-voltage battery pack that powers the motors, but rather the 12-volt battery. According to one Facebook group user, he has gone through three of four of these batteries and says he’s initiated a lemon law claim.
Most Kia EV6s delivered in the United States come standard with traditional lead-acid 12-volt batteries, rather than AGM (Absorbed Glass Mat) batteries, which are generally considered to be far more superior. AGM batteries use a fiberglass mat to hold the electrolyte, offering better cycling performance and longer lifespan.
The most recent battery installed in this particular EV6 appears to have been one of the lower-grade OEM lead-acid units, and it clearly failed well ahead of schedule.
A photo he shared on the EV6 owner’s Facebook page shows acid leaking from the failed battery and corroding the tray beneath it. According to the owner, his EV6 Wind RWD has only about 4,500 miles on the odometer after one year of ownership and yet it’s already gone through multiple 12-volt batteries.
The general consensus among other EV6 owners appears to be that the original 12-volt batteries from Kia aren’t up to par, and it’s better to just install an AGM and move on. What’s puzzling is that the dealership handling this particular case hasn’t done so, especially since, according to users on the Kia EV Forums, the Korean carmaker began equipping EV6s with AGM batteries from the factory as of late 2024.
PROS ›› Competitive pricing, very spacious, great tech, eye-catching looks CONS ›› Torque steer, easily induced wheelspin, plasticky interior
If there’s one automaker that’s decided to go all-in on electric vehicles—and do it quickly—it’s Kia. Few legacy brands have cranked out as many notable EVs in such short order, and Kia’s made it clear they’re not just dabbling. The company’s goal is to sell 1.6 million EVs per year by 2030, and depending on your location, there’s already a variety of sleek, electrified options to choose from.
The EV6 was the first of a new generation of electric vehicles from Kia and quickly proved itself to be a solid Tesla rival. It’s since followed it up with the larger seven-seat EV9, and, more recently, the smaller EV3 and EV5. Of that bunch, the EV5 may turn out to be the most important.
Why? Because while the EV6 is a solid product, it doesn’t follow the traditional SUV formula—it has a more coupe-like styling that puts it somewhere between a crossover and a hatchback. That’s where the EV5 comes in. It’s a more conventionally shaped, all-electric compact SUV, and it undercuts the best-selling Tesla Model Y on price in many markets. To find out how it performs day to day, we spent a week living with the entry-level EV5 Air Standard Range model.
QUICK FACTS
› Model:
2025 Kia EV5 Air – Standard Range
› Starting Price:
AU$56,770 (~$33,500)
› Dimensions:
4,615 mm (181.6 in.) L
1,875 mm (73.8 in.) W
1,715 mm (67.5 in.) H
2,750 mm (108.2 in) Wheelbase
› Curb Weight:
1,910 (4,210 lbs)*
› Powertrain:
Front-mounted electric motor / 64.2 kWh battery
› Output:
215 hp (160 kW) / 229 lb-ft (310 Nm) combined
› 0-62 mph
~8.5 seconds*
› Transmission:
Single speed
› Range
249 miles (400 km)*
› On Sale:
Now
*Manufacturer
SWIPE
Photos Brad Anderson/Carscoops
Bargain Price
Perhaps the most important thing about the new EV5 is its price. For many years, legacy brands couldn’t compete with Tesla on that front. Then, new competitors from China started to undercut Tesla’s offerings. The EV5 has done the same thing.
In Australia, prices for the EV5 start at AU$56,770 (~$33,500), including all on-road costs. That makes it significantly cheaper than the entry-level Model Y Rear-Wheel Drive, which carries a AU$64,347 (~$40,300) tag. This also means the EV5 is far cheaper than the EV6, which is priced from AU$78,564 (~$49,200). Indeed, even the flagship EV5 GT-Line, starting at AU$75,990 (~$43,600) is cheaper than the base EV6. It seems inevitable that the EV5 will poach sales from its sibling.
Unfortunately, though, Kia has no plans to sell the EV5 in the United States.
FWD And AWD Options
Three different powertrain configurations are available. The base model, which we tested, has an electric motor at the front axle, rated at 215 hp (160 kW) and 229 lb-ft (310 Nm) of torque. This motor receives its juice from a 64.2 kWh lithium-iron-phosphate battery and has a claimed WLTP driving range of 400 km (249 miles).
To put that into perspective, the cheapest Model Y has a quoted range of 466 km (290 miles). However, Kia buyers who aren’t satisfied with 400 km (249 miles) of range can opt for the 2WD Long Range version, which retains the same 215 hp (160 kW) motor, but uses a large 88.1 kWh battery. This model boosts the range to 555 km (345 miles), and yet, at AU$63,990 (~$40,100), it’s still cheaper than the Tesla.
The EV5 is also sold in Earth AWD Long Range and GT-Line AWD Long Range versions. This models add a 94 hp (70 kW) and 125 lb-ft (170 Nm) motor to the rear axle, resulting in a combined 308 hp (230 kW) and 354 lb-ft (480 Nm). They have the same 88.1 kWh pack, but the range drops to 500 km (311 miles) for the Earth and 470 km (292 miles) for the GT-Line. On paper, then, the EV5 sounds like the perfect electric family SUV.
Photos Brad Anderson/Carscoops
Basic Interior, But Good Tech
Stepping into the EV5 for the first time, there’s no mistaking that this is a base model. But, for most, it will be more than adequate.
Sharp lines and edgy surfaces dominate the design of the cabin. This is most apparent with the dashboard itself, which is very striking. Unfortunately, almost the entire dash is made from hard black plastic, with not a square inch of soft-touch material in sight. It’s a similar story with the door panels. Other than the small arm rests and material near the door handles, the entire door is hard black plastic.
Fortunately, the seats feel a little more premium, neatly combining soft leather inserts and cloth accents. They’re soft, supple, and hugely supportive. Nice headrests, similar to those found in the EV9, are also featured.
Photos Brad Anderson/Carscoops
Several other parts have been borrowed from the EV9, including the four-spoke steering wheel and the same volume slider and physical switches for the fan speed and temperature control. All EV5 models also come standard with a panoramic display, combining a 12.3-inch digital gauge cluster and a 12.3-inch infotainment screen. There’s also a 5-inch screen for the climate control between those two 12-inch displays.
The center console of the EV5 is one of its biggest talking points. Rather than installing a normal item, Kia has extended the material from the front passenger seat across the center of the cabin, making it look like there are three seats up front. There’s then a large armrest and some open storage compartments lower down in the console. It looks pretty cool but has no advantage over a normal console. In fact, it’s worse, as there’s no covered storage area. Not even the chunky armrest opens up to provide any storage.
Fortunately, space at the front is ample and both screens work well, while Wireless Apple CarPlay and Android Auto are supported. The second row also offers heaps of space. Unlike the EV6 which has a sedan-crossover body style limiting headroom, the EV5 stands much taller, benefiting rear passengers. It’s also a lot roomier than a Model Y. I’m 6’2” and I had roughly 2 inches of headroom and 4 inches of legroom in the back with the driver’s seat in my preferred position. That means the EV5 is plenty big enough for families. There are also individual air vents in the pillars and USB-C ports on the back of both front seats.
The positives don’t stop there. Much like Honda’s ‘Magic Seats,’ the backrests of the EV5’s rear seats are hinged to the bases, allowing them to be folded down perfectly flat. There’s plenty of carrying capacity at the rear, too, with a rated 513 liters (18.1 cubic-feet) of cargo capacity with the rear seats up.
Photos Brad Anderson/Carscoops
A Good Daily For The Family
As the EV5 represents a new era of affordable electric vehicles from Kia, it perhaps should come as no surprise that it doesn’t quite feel as polished as the EV6. Even still, it’s pretty good.
Compared to a Sportage, the EV5 rides noticeably firmer. It’s not uncommon for EVs to ride more harshly than their ICE rivals, and weighing in at 1,910 kg (4,210 lbs), the base EV6 is 402 kg (886 lbs) heavier than the entry-level Sportage. As a result, it can feel a little bumpy and unsettled across changing road surfaces.
Those who place an emphasis on driving experience should also be aware that the front-wheel drive EV5 has hot hatch levels of torque steer, even at 70% throttle. With 215 hp (160 kW) and 229 lb-ft (310 Nm), it’s not particularly powerful, but that grunt does tug at the wheel when accelerating in a straight line or while cornering. But, for most drivers, who will rarely ever press the throttle more than 50%, it’s a non-issue.
In wet conditions, the EV5 really struggles to put its power to the ground. Just look at the throttle the wrong way, and the traction control system will quickly cut power, trying to stick the tires to the pavement. Turn off the traction control and the EV5 will furiously spin up its inside front wheel while exiting corners, leaving a thick black line in your wake. The choice of tires is partly to blame for this. They are Nexen Roadian GTXs that simply aren’t up to the task.
Overall, this is not an EV that wants to be driven in an aggressive manner. Instead, it responds much better to soft and smooth inputs and remains well-insulated from outside noise even at highway speeds. The steering is light and direct, and as with other EVs from Hyundai and Kia, the braking is excellent. In fact, it’s impossible to detect when the mechanical brakes take over from the regenerative ones.
The level of regen can be adjusted with the paddles behind the steering wheel, and there is a one-pedal driving mode that works brilliantly. From behind the wheel, the EV5 does feel quite big, even though it’s almost exactly the same size as a Sportage, but it remains easy to place on the road.
The EV5 needs roughly 8.5 seconds to hit 100 km/h (62 mph) in this guise, which feels more than adequate.
Unlike most other Hyundai and Kia EVs, the EV5 does not use the group’s E-GMP platform and instead, is underpinned by the cheaper N3 eK 400-volt system. This means it’s capped at 140 kW peak charging speeds, and thus needs 36 minutes to charge from 10-80%. During our time with the EV5, we averaged 17.6 kWh/100 km, and depending on how you drive, eking 249 miles (400 km) out of the battery is definitely achievable.
Photos Brad Anderson/Carscoops
Verdict
As a family SUV, the EV5 feels mostly well-resolved. In this base form, it does not have the same dynamic prowess as the EV6, nor even the much larger EV9 GT-Line, and there are areas of the cabin where it’s clear Kia has tried to save some money. However, at this price point, the EV5 doesn’t really have any compelling rivals that aren’t from China. Even the uninspired Toyota bZ4X is roughly AU$10,000 (~$6,200) more expensive.
We’ve yet to drive the new Model Y, but if the old model is anything to go by, I suspect the new one will ride better and be more enjoyable to drive than the EV5. However, the cabin of the Kia is far more expansive, and for most family buyers, that’ll be more important than having fun behind the wheel.
Forseven has been operating in secret and working on several models.
The merger will allow McLaren to launch new ICE and EV models.
Technologies could also be borrowed from the Chinese EV brand Nio.
In an industry where ownership changes faster than tire compounds at Monaco, McLaren has had its fair share of musical chairs. The McLaren Group, passed around like an unloved pet in recent years, found itself 100% owned by Bahrain’s sovereign wealth fund as of early last year. Then, in October, the fund handed off its stake to Abu Dhabi-based investment group CYVN Holdings. Now under new ownership, McLaren Automotive is merging with a company we bet you’ve never heard of.
That company is a British start-up called Forseven, which already has significant financial backing from CYVN Holdings. It has already hired more than 700 automotive industry experts and was planning to release several luxury models into the market. Now that it’s tied up with McLaren, these planned models will hit the market using the McLaren badge.
The newly formed McLaren Group Holdings will consist of McLaren Automotive, Forseven, CYVN’s non-controlling stake in McLaren Racing, and the new McLaren Licensing business. CYVN is also a major stakeholder in Chinese EV brand Nio, and says McLaren will gain access to “visionary technologies and electrification.” Forseven’s own push into the automotive space has been helped by Gordon Murray Technologies, which CYVN also owns.
Thanks to the merger, McLaren’s range will grow into new product categories. No confirmation has been given about what these categories will be, but it’s reasonable to assume McLaren will grow beyond just selling supercars and hypercars, and may finally follow its rivals in building an SUV.
The brand has repeatedly denied working on an SUV in recent years, but last year, reports surfaced suggesting it could partner with BMW on an SUV. While that won’t be happening because of this deal, a different SUV project could be in the works.
Leading the newly formed McLaren Group Holdings will be Forseven CEO Nick Collins. The company is working on a six-month turnaround for McLaren Automotive and will reveal details about its future models later this year. Collins confirmed to Autocar that Forseven and McLaren will work on both ICE and EV models. It’s also possible that features like Nio’s autonomous driving features, and perhaps even its battery-swapping technologies, could be used while leveraging McLaren’s expertise in carbon fiber monocoques.
“This is a financial investment that we will build out and, in my mind, become one of the best, if not the best car company in the world,” Collins described. “That might take a very long time, but the people that back this have a long-term horizon for a sustainably profitable business that is admired around the world.”
McLaren shifted a touch over 2,000 cars last year, well behind the likes of Ferrari and Lamborghini, which delivered over 13,000 and over 10,000 cars, respectively. But, with McLaren venturing into new vehicle segments, its output will inevitably swell.
Some reports suggest Changan and Dongfeng could merge.
Certain state-owned brands have been slow to adopt EVs.
China’s auto industry is massive, fast-moving, and at times nearly impossible to follow without a flowchart and a magnifying glass. Even major Western players like Toyota and Volkswagen, both deeply entrenched in the market, operate multiple joint ventures that churn out overlapping models.
With hundreds of brands—many state-owned—jostling for space in an increasingly competitive market, the Chinese government is now pushing for a more streamlined approach. The aim is to consolidate key state-backed automakers to boost efficiency, reduce redundancy, and accelerate the country’s shift to electric vehicles.
While speaking at a recent event in Beijing, the vice chairman of China’s state-owned Assets Supervision and Administration Commission of the State Council called for automakers to restructure and realign operations. By pooling development and manufacturing resources, the thinking goes, these companies could become more competitive, especially against agile private-sector brands.
The commission oversees approximately 100 state-owned enterprises, such as Chongqing Changan Automobile, Dongfeng Motor Corp, and China FAW Group, Nikkei Asia reports.
Back in February, South China Morning Post reported that the government was considering placing Dongfeng and Changan under a single holding group. If that happens, the merged entity could surpass BYD and become China’s largest EV manufacturer, a significant shift in the landscape.
“The restructuring, if it materialises, would be a big step towards industry consolidation and of great importance to China’s auto industry for the longer term,” a Morgan Stanley analyst said of the potential deal.
Last year, Changan sold 2.68 million vehicles, while Dongfeng sold 2.48 million. However, they have not kept pace with BYD in the transition to EVs, and missed their sales targets for EVs last year.
Ivan Li, a fund manager at Loyal Wealth Management, noted, “The two companies’ announcements apparently point to a potential merger of the state-owned parents, though they did not give a clear-cut word on it.” He added that the government likely sees consolidation as a way to reduce internal competition and better position the sector for long-term success.
Joint Ventures Still Play a Key Role
Despite underwhelming EV performance, both companies remain deeply integrated into China’s broader automotive ecosystem. Dongfeng maintains joint ventures with Nissan, Honda, Peugeot, and Citroen, while Changan partners with Ford and Mazda. These alliances may complicate any merger, but they also highlight the strategic value of both companies in the global market.
The updated classic Bronco packs a 105 kWh battery and delivers 175–200 miles of range.
Electric motors combine to deliver 500 hp and 440 lb-ft of torque through all four wheels.
Interested customers will have to fork out at least $449,000 for the limited restomod.
For years, Icon 4×4 has been quietly setting the gold standard for restomodded Ford Broncos, fusing vintage charm with modern hardware in a way few shops can match. But in an industry increasingly swept up in the electric tide, even Icon couldn’t hold out forever. After logging more than 5,000 hours of development, the California-based builder has officially launched its first electric Bronco program.
Obviously, there will be many classic Bronco enthusiasts who have absolutely no interest in turning their trucks into EVs, but, for some, the ease of use provided by an electric powertrain may be too hard to ignore. Icon’s electric Bronco uses a 400-volt electrical architecture and a large 105 kWh battery pack.
Power That Moves, Range That… Sort Of Follows
A pair of electric motors send power to all four wheels, delivering a combined output of over 500 horsepower and 440 lb-ft (596 Nm) of torque. That’s more than enough to make this vintage bruiser feel genuinely quick, something early Broncos were never accused of.
In fact, the EV version sprints from 0 to 60 mph (96 km/h) in just 4.5 seconds. That’s sports car territory. What’s less thrilling is the range. Even with a hefty 105 kWh battery, Icon estimates just 175 to 200 miles (282 to 320 km) on a full charge. Not exactly the stuff of cross-country road trips. The irony of a “go-anywhere” truck with a range that makes you think twice about venturing too far isn’t lost on us.
Naturally, the powertrain is just one part of the equation. Like all other Icon projects, the company has reworked the chassis with high-spec gear, including Brembo brakes, adjustable Reiger suspension, and Currie axles with a locking front differential. While exact charging speeds aren’t spelled out, Icon says the Bronco can charge from 20 to 80 percent in under an hour. There’s also a 6.6 kW onboard Level 2 charger for at-home top-ups.
The first electric Bronco, dubbed “Blue Star,” wears a bright blue paint job and a fully refreshed interior. Icon has modernized the cabin materials and layout while managing to preserve the truck’s retro soul, a balance it’s become known for.
As for the price? That’ll stop you faster than the Brembos. The Special Limited Edition version, limited to just 10 units, starts at a hefty $449,000. That makes it one of the most expensive classic Broncos out there—electrified or otherwise. For that kind of money, you could be shopping for a Ford GT, one of the brand’s most iconic performance cars.
The refreshed electric sedan includes a thoroughly revised front fascia.
Hyundai has added an N Line trim to the Ioniq 6 family for 2026.
The Model 3 Performance-rivalling Ioniq 6 N should pack around 641 hp.
The Hyundai Ioniq 6 is a brilliant EV, but its design has always been a little controversial. Now, the brand has launched a facelifted version of the Ioniq 6, and it certainly looks a lot sleeker while retaining the streamlined shape of the model we’re all familiar with.
This new Ioniq 6 has been unveiled at the Seoul Mobility Show, although no clear images of the revised rear-end have been published. Fortunately, we have been provided with a good look at the overhauled front fascia. Not only does it look more refined than the old model, but it’s also more aggressive, particularly in N Line guise.
One of the more peculiar parts of the outgoing model was the headlights. Just like Hyundai did with the Sonata, the carmaker has ditched these weird lights in favor of split lights, consisting of thin LED daytime running lights and separate headlamps positioned lower in the bumper. It makes a world of difference to the EV’s design.
Those who want something a little more aggressive would be wise to opt for the new Ioniq 6 N Line. It opens up the front fascia, and much like the Elantra N, includes a gaping wide grille and air intakes. Hyundai is also promising a new rear bumper that incorporates more black parts, and has showcased the N Line with distinctive silver and black wheels.
The rear of the new Ioniq 6 retains the LED light bar of the outgoing model, but now includes a large ducktail lip spoiler. It’s also ditched the odd second spoiler that was positioned at the base of the rear window, and it looks much better because of it.
“IONIQ 6 has evolved from a single Electrified Streamliner into a lineup, each model expressing its own character while staying true to one refined vision,” the head of Hyundai Design Center, Simon Loasby said of the new model. “Under the evolved design concept of ‘Pure Flow, Refined’, we’ve enhanced every line and detail to make IONIQ 6 simpler and more progressive.”
Some minor tweaks have been made to the cabin of the new Ioniq 6, too. For example, there’s a different three-spoke steering wheel, the window switches have been repositioned, and there are new USB ports. No technical details about the new model have been announced.
Hyundai Ioniq 6 N
Perhaps the most exciting titbit from these images is our first proper teaser of the long-awaited Hyundai Ioniq 6 N. It’s inspired by the RN22e concept from a few years ago and has been showcased with a bespoke rear fascia, a large fixed rear wing, and new LED taillights. There’s no word on its power, but it should have the same basic dual-motor system as the Ioniq 5 N, producing the same 641 hp and also featuring synthetic exhaust sounds and a simulated eight-speed dual-clutch transmission. It will be unveiled in July.
Xiaomi SU7 crashed into a barrier after failing to avoid a closed construction lane.
The electric sedan was driving on NOA at 116 km/h just before the fatal impact.
Three college students died after the EV burst into flames following the highway crash.
Xiaomi’s team has been showered with praise in recent months and has probably become used to reading nothing but positive headlines. However, the Chinese carmaker is now hitting the headlines for all the wrong reasons, after the first major accident involving the SU7 sedan resulted in three fatalities. The incident has cast a shadow over the tech giant’s automotive ambitions and raised tough questions about the safety and reliability of advanced driver-assistance systems.
On March 29, a Xiaomi SU7 was traveling in China with three passengers onboard. The vehicle was driving along the Dezhou–Shangrao Expressway in Anhui Province with its Navigate on Autopilot (NOA) system engaged, maintaining a steady speed of 116 km/h (72 mph). As it approached a construction zone and a lane closed off with barriers, the SU7 struck a concrete divider at 97 km/h (60 mph), sparking a fire that ultimately engulfed the car.
Shortly after the crash, Xiaomi released a timeline detailing the moments leading up to the collision. At 10:44:24 p.m., the SU7’s Navigate on Autopilot system issued a warning—“Obstacle ahead”—and began braking. One second later, the driver took control, steering left by 22.06 degrees and applying 31% brake pressure. Another second later, they adjusted slightly to the right by 1.06 degrees and increased braking to 38%. Despite these apparent efforts to avoid the crash, the vehicle struck the concrete barrier.
The impact immediately triggered the eCall emergency system. Within 20 seconds, the registered owner of the SU7 was contacted and confirmed he was not the driver. An ambulance was dispatched and arrived around 11 p.m., but tragically, all three occupants had already died.
The Xiaomi SU7 vehicle in China was driving at 116km/h in NOA on the highway, with the last speed reported to be 97km/h just before the collision with the guardrail.
A fire broke out after the collision, killing all three female college students in the vehicle.
Xiaomi says it is fully cooperating with local investigators to determine the cause of the crash. According to Reuters, which cited reporting from the Chinese newspaper Economic Observer, the father of one of the victims was told by local police that the car key failed to unlock the doors after the impact. In a statement, Xiaomi said it has not yet been able to confirm whether the doors could be opened at the time of the accident.
Shares in the Chinese technology giant fell 5% after word of the crash became public. Company boss Lei Jun has vowed to “respond to the concerns of families and society,” while investigating the crash.
Major declines in sales were reported in France, Sweden, Denmark, and Holland.
However, Tesla sales have rebounded in countries like Norway, Spain, Portugal, and Italy.
The EV leader is facing increased competition from Chinese brands in Europe.
Tesla will release its first-quarter sales figures later today, but before that happens, we already have some key sales data from several countries across Europe. It does not paint a pretty picture for the electric automaker that’s been struggling since Elon Musk became President Donald Trump’s right-hand man in the Oval Office.
According to the latest data, Tesla sold 3,157 new vehicles in France this March, a sharp 36.83% drop compared to the same time last year. It’s even worse in Sweden, where sales plummeted by 63.9% to just 911 units. Denmark saw a 65.5% decline (down to 595 cars), while the Netherlands reported a 61% drop, with 1,536 Teslas sold.
These figures are important because the all-new Model Y has been available in most European markets since February 21, but it doesn’t appear to have reversed Tesla’s fortunes, at least not yet. Sales may start to climb once the public becomes more familiar with the new Model Y and get the opportunity to see it in the flesh.
Tesla is doing a little better in Norway. While the 2,211 models sold locally in March was down 1% from March last year, it was up significantly from January and February, when 1,606 Teslas found new homes. The Model Y was easily Norway’s best-selling new car in March, shifting 1,822 units, compared to the Nissan Ariya in second with 569 units sold.
Similarly, Tesla’s fortunes are also changing for the better in Spain, Portugal, and Italy, with sales climbing by 34.3%, 2.1%, and 51.3%, respectively, as reported by Reuters. Despite these gains, weak figures from January and February still mean quarterly sales are down in all three markets from Q1 2024.
Of course, it’s not just Musk’s involvement in US and European politics that has diminished the sentiment in the brand among some shoppers. In Europe, a growing number of Chinese car manufacturers are entering the market with competitively priced vehicles, despite tariffs placed against them.
Chinese EV sports coupe with 429 hp launches April 15 with a $41,300 starting price.
JMEV01 tips scales at 3,009 lbs, significantly lighter than MG Cyberster flagship variant.
Distinctive retro design echoes Tesla Roadster and Lancia Stratos styling cues throughout.
With a constant stream of electric vehicles pouring out of China , trying to keep track of them all is starting to feel like a full-time job. There’s always something new vying for attention, but every now and then, one stands out from the crowd. One of the more intriguing entries, a lightweight electric sports car that first appeared back in 2022 as the SC-01, is now resurfacing—this time ready for production.
Recently rebranded as the JMEV01, the coupe is finally set to hit the Chinese market on April 15, after spending some time under the radar. Visually, it lands somewhere between the Tesla Roadster and a Lancia Stratos, which is no bad thing.
The SC-01 was originally the brainchild of a startup called Small Sports Car (SSC), but it has since found a new identity under the JMEV brand. JMEV itself is part of Jiangling Motors Corporation (JMC), a Chinese automaker that was once partnered with Renault—at least until the French walked away from the joint venture in 2023. Now, the project is getting financial backing from Xiaomi, as CarnewsChina reports. Welcome to the overlapping Venn diagram that is the Chinese EV industry.
Prices for the JMEV01 are expected to start under 300,000 yuan, or roughly $41,300, and the official launch is scheduled for mid-April.
At a time when most EVs seem to double as workout equipment for suspension engineers, the JMEV01 represents a welcome change. It’s underpinned by a tubular spaceframe chassis and reportedly tips the scales at just 3,009 lbs (1,365 kg). To put that into perspective, the similarly sized MG Cyberster weighs 4,376 lbs (1,985 kg) in its flagship guise, so JMC has clearly done some clever things to keep the weight down.
Range and Performance
We don’t yet have specifics on the battery pack’s capacity, but we do know it’s being sourced from CALB and is expected to deliver up to 323 miles (520 km) of range on the CLTC cycle. That energy feeds a pair of electric motors producing a combined 429 hp (320 kW), good for a 0–62 mph (100 km/h) sprint in just 3.9 seconds.
The exterior design of the JMEV01 is something to behold. In a world where many EVs look unnecessarily futuristic and are dominated by smooth surfaces and curved lines to aid in aerodynamics, this sports car looks more traditional, and is all the better for it. The front end includes sharp headlights with black surrounds, a large grille and air intakes, and a clamshell-style hood.
From the rear three-quarter angle, the Lancia Stratos inspiration becomes impossible to miss. The JMEV01 features a flat decklid, a tidy lip spoiler, circular taillights, and a blacked-out bumper—details that give it the look of a rally icon filtered through Chinese lens.
It’s still too early to say whether the JMEV01 will live up to its promise, but on paper, it’s ticking a lot of the right boxes. If nothing else, it’s proof that not every EV coming out of China has to be a 5,000-pound tech pod shaped like a jellybean with lightbars.
Ford’s patent shows a simulated shifter made to mimic traditional gear-changing motion in EVs.
The system uses actuators and motors to recreate the tactile feedback of an H-pattern gearbox.
While Ford patented the system, there’s no guarantee it will enter future production models.
For anyone even vaguely familiar with the current landscape, it’s clear that electric vehicles have quietly taken over the sensible side of driving. They’re smooth, quiet, efficient, and for most people, that’s exactly what daily driving should be. But for enthusiasts? Well, the story’s a little different. Most EVs just don’t hit the same nerve as a manual-equipped ICE car screaming through its rev range. Automakers know this too, and they’ve started tinkering. Ford, it seems, is the latest to join the “manual EV” experiment.
Toyota has been working on a simulated manual transmission for future EVs since at least 2022, and Hyundai has famously replicated a dual-clutch transmission in the popular Ioniq 5 N. Now, a recently published patent from Ford shows that it, too is developing a fake stick shift designed for EVs.
The application, first filed in the US back in September 2023 before being published on March 20, surfaced publicly a couple of weeks ago, catching the attention of Jalopnik. It describes and depicts a shifter that uses several actuators, vertical drive posts, vertical guide posts, and motors to simulate gear shifts. While that all sounds very complex, what it means is that the shifter could be configured to simulate any kind of H-pattern ‘box with different numbers of fake gears. In theory, the setup could also allow for simply sequential up and down shifting.
This isn’t just a novelty, either. Ford also mentions the use of haptic feedback to give drivers a more tactile experience. The patent even acknowledges the elephant in the room: EVs just don’t provide the same kind of physical connection that drivers get from combustion-powered cars. As Ford puts it, electric vehicles “lack operator to vehicle physical feedback that is advantageous in conventional motor vehicles.”
Will It Ever Hit the Road?
Of course, despite Ford making this patent application over 18 months ago, there’s no guarantee it will bring it into production. Adding a fake shifter would only make sense if the EV itself is a sporty model. After all, no one is going to buy an Explorer EV with a stick shift. However, if Ford does decide to eventually launch a true electric Mustang (not like the Mach-E…), or perhaps an electric hot hatch, it could be well-suited to a shifter like this. Until then, it’s likely a clever idea stuck in the theoretical lane.
The Taycan Turbo GT Weissach is Motor Trend’s quickest accelerating car ever tested to date
The Porsche outpaced the Tesla Model S Plaid, Lucid Air Sapphire, and Ferrari SF90 Stradale
It set the fourth-fastest lap time ever on the magazine’s figure-eight handling course.
Electric cars are no longer just about efficiency—they’re turning into full-blown performance monsters. Sure, the Xiaomi SU7 Ultra Ultra may have nabbed some bragging rights by edging out the Taycan Turbo GT at a few tracks, but make no mistake: Porsche’s flagship EV is still an absolute weapon. Not only does it offer insane acceleration, but it is equally as impressive in braking and handling, as Motor Trend recently discovered.
While testing the Taycan Turbo GT in flagship Weissach guise, which ditches the rear seats, Motor Trend recorded an astonishing 0-60 mph (96 km/h) time of 1.89 seconds with its typical one-foot rollout procedure. This works out to be 2.10 seconds without rollout. To put that into context, that 1.89-second sprint is not only 0.05 seconds quicker than the standard Taycan Turbo GT, but it’s also 0.18 seconds ahead of the Tesla Model S Plaid, no small feat. Even the four-door Taycan Turbo GT previously tested by MT outsprinted the Tesla to 60 mph.
Faster Than Fast
This acceleration places the Porsche ahead of some seriously elite competition. It beats the Ferrari SF90 Stradale Assetto Fiorano’s 2.10-second time and edges out the Lucid Air Sapphire’s 2.16-second figure. In fact, it’s now the fastest-accelerating car MotorTrend has ever tested in its 76-year history.
Motor Trend’s quarter-mile time is perhaps even more impressive. The electric Porsche stormed down the drag strip in just 9.23 seconds at 150.1 mph. That only trails the Lucid Air Sapphire that’s set a 9.21-second quarter-mile at 157.1 mph. As the model’s various lap records show, it also handles extraordinarily well and is the quickest sedan tested around the publication’s figure-eight testing course.
In the test, the flagship electric Porsche set a time of 21.86 seconds, pulling an average of 1.03g. This is the fourth-quickest time ever recorded, and only a hundredth of a second behind a Chevrolet Corvette Z06 with the Z07 Pack, and was close to the Ferrari 296 GTB and McLaren 765LT.
Braking performance is just as impressive. The Taycan Turbo GT Weissach came to a halt from 60 mph in just 93 feet. And when it’s time to recharge, the EV is equally efficient, needing only 19 minutes to go from 5% to 80% using a high-speed charger.
At What Cost, Though?
The example tested had a sticker price of $233,395. There’s no doubt that’s a lot of money, particularly compared to the $94,900 commanded by the Tesla Model S Plaid, although it’s more affordable than the $250,575 Lucid Air Sapphire.
Canoo filed for Chapter 7 bankruptcy after burning through hundreds of millions in losses.
Harbinger alleges the asset sale unfairly benefited Canoo’s CEO without proper valuation.
The sale may include trade secrets tied to an ongoing lawsuit between the two firms.
It’s not unusual for a flashy EV startup to crash and burn, but Canoo’s spectacular flameout has been anything but clean. After filing for Chapter 7 bankruptcy in January and halting operations entirely, the company is now tangled in a messy dispute that involves hidden assets, questionable sales tactics, and accusations that its CEO may have gotten a little too good of a deal.
Last Friday, electric trucking startup Harbinger filed a formal objection to the sale of Canoo’s assets to its boss, claiming the sale process “unfairly favored Mr. Aquila.” According to the objection, Canoo failed to disclose certain assets acquired from another failed EV startup—Arrival—and the bankruptcy trustee approved Aquila’s purchase without securing an independent appraisal or even marketing the assets to outside buyers.
Allegations of Hidden Assets and Insider Deals
The situation gets murkier. Harbinger also alleges that Canoo listed some assets that it didn’t actually own for sale. While Harbinger did not specify what these assets were, it says that the access granted to the virtual data room for potential bidders when it considered buying the assets allowed them to make this determination, as first reported by TechCrunch.
The sale of Canoo to its CEO also includes a very important clause. Canoo sued Harbinger in 2022, claiming many of its former employees had stolen trade secrets that were used to create Harbinger. This lawsuit is still ongoing, and through the purchase, Aquila will personally benefit from any settlement that Harbinger may have to pay.
In the complaint, Harbinger notes that the former boss is buying unidentified ‘trade secrets’ from Canoo, “but Mr. Aquila alone supposedly knows what those trade secrets are.” It adds that “a process where only one bidder – an insider – has the ability to identify the assets offered for sale and their value is not a fair process.”
Even before the bankruptcy, Canoo’s financials read like a startup horror story. Since its founding in 2017, the company generated almost no revenue and racked up hundreds of millions in losses. In 2022 alone, Canoo reported a staggering $488 million loss, followed by $303 million in 2023. The first half of 2024 added another $118 million to the bonfire. For comparison, Canoo reported zero revenue in 2022 and just under $900,000 in 2023—a rounding error in the EV world.
The country has been cautious of Chinese companies for national security reasons.
BYD could bring its affordable electric vehicles to Canada, but there are no guarantees.
After being rejected by Canada, BYD has looked elsewhere for its investments.
As Canada braces for the impact of steep 25% tariffs on vehicles it exports to the United States, a missed opportunity is coming back into focus. Chinese automaker BYD reportedly expressed interest in investing in Canadian manufacturing but backed off after encountering significant pushback. With Trump’s new tariffs set to take effect on April 2, some are now wondering if Canada might need BYD more than it realized.
China’s ambassador to Canada, Wang Di, said moves made by the Canadian government have “seriously dampened” the confidence of Chinese companies to invest locally. For example, three Chinese mineral firms have been ordered to divest their assets, TikTok’s Canadian branch has been closed, and AI firm DeepSeek has been banned, all in the name of national security.
Why Canada Shut the Door on BYD
This hardline approach toward Chinese firms—including BYD—has been framed as a move to protect domestic industry, ensure national security, and align with US concerns. American officials, including former President Biden, had warned that Chinese automakers might try to use Canada as a backdoor into the US market. But with President Trump reimposing tariffs, the rationale for walling off Chinese investment may be shifting.
A recent report by The Logic suggests that if US-Canada trade alignment is no longer a priority, Canada might do well to reconsider its position. Letting BYD invest could bring clear benefits, especially with Canadian auto jobs now potentially at risk.
“BYD had carefully thought about coming to Canada to make investment. But they met huge difficulties, restrictions and obstruction, and they had to give up the idea of investing in Canada. And I heard that they have moved to other countries, and they have been very successful there,” Wang Di told The Globe and Mail.
“If BYD was successful in investing in Canada, then I think the result would be the Canadian consumers would have been able to enjoy the EVs with the latest technology, with very good quality and with a cheaper price. Isn’t that a good thing?,” he added.
Too Little, Too Late?
If Trump’s tariffs force car manufacturers to shift more of their production to the United States, countless jobs could be lost throughout Canada’s auto manufacturing sector. Now, it’s Canada that may need BYD more than the Chinese automaker needs it.
However, that ship might have already sailed. According to BYD spokesperson Frank Girardot, BYD does not have any plans for manufacturing in Canada and will simply continue to service the company’s buses that some transit operators in the country use.
Login
