00:00Major automakers unveiled new electric vehicles at the New York Auto Show on Wednesday, despite lagging consumer demand and a
00:07sharp downturn in Seoul after Washington eliminated a $7,500 EV tax credit.
00:14Kia said it would begin selling its lower-priced EV3 in the United States later this year, while Subaru offered
00:22a new three-row EV named to the Getaway that can seat seven.
00:26The Japanese automakers' family EV SUV will go on sale later this year, or next year, its fourth EV model
00:34in the U.S. market.
00:37Automakers are facing a tougher U.S. EV market, but higher gasoline prices in recent weeks have spread fresh interest.
00:45GM recently began selling its Chevrolet Bolt EV, which starts at $27,600 after it ended the prior generation in
00:542023.
00:55The Alliance Automotive Innovation, a trade group representing GM, Ford, Toyota Motor, Volkswagen, Hyundai, Stellantis and other major automakers,
01:05said EV sales were 9.6% of all the U.S. sales in 2025, but fell to 6.5
01:12% in the last three months, the lowest since early 2022,
01:16after the $7,500 EV tax credit expired on September 30th.
01:23Christian Munier, chairman of Nissan Americas, said the U.S. market has dropped substantially.
01:28Hyundai Motor CEO Jose Munoz said that the fuel prices have risen, particularly in California.
01:34The company has seen a trend towards increased EV sales, not driven by regulation, but driven by the market conditions.
01:41The automaker has revised its plans to include more hybrid production.
01:46David Kreiss, general manager of the Toyota division at Toyota Motor North America,
01:51said the Japanese automaker is introducing three EVs in the U.S. this year, and higher fuel prices would provide
01:58a boost.
02:01I think really the question is a little broader than that, and it's really about affordability, which is a longer
02:06play.
02:07And that's where a Subaru fits very well.
02:09You know, you have average transaction prices, you know, that are like $45,000 to $50,000, you know, in
02:15the market.
02:16You know, where a Subaru, we transact well below that.
02:19You know, and with our lineup of gas, electric and hybrid vehicles, like the Impreza, Crosstrek, Forester, you know,
02:26we can play very well while we have very fuel-efficient and affordable vehicles.
02:32So, you know, regardless of where the market goes, we can play.
02:36We know from being in markets everywhere across the earth that electrification and full EVs is the future.
02:43There's no question about that.
02:44We're not going back to just using petroleum.
02:47It's not the way it's going to be.
02:49In the U.S. market, we have some curious circumstances which are making people maybe embrace gasoline a little bit
02:55longer than other markets.
02:57But Kia is ready for that.
02:58We have great fuel-efficient gasoline-powered cars.
03:01We have hybrid vehicles.
03:02We have plug-in hybrid vehicles and full EV.
03:05So we have them, you know, again, in our closet.
03:08We're ready to bring them out as each market needs them.
03:10But when it comes to electrification, we think that what's happening in the U.S. is just a short-term
03:15blip on the radar.
03:17We saw how the conflict in the Middle East is and the increase in fuel prices is bringing some customers
03:26back to EVs, especially in California.
03:29So we have the perfect availability for the consumer.
03:35So our strategy is to be flexible and to offer to the consumer the technologies they want, whether it's EV,
03:43hybrid, plug-in hybrid, or affordable and efficient ICE.
03:48You know, I think that, again, at the end of the day, the American consumer loves their larger vehicles.
03:53So the more gas-efficient a car can be, whether it's hybrid, whether it's just a way more efficient vehicle
03:59these days for gas, or if it's an electric vehicle,
04:02I think we're going to still see customers gravitate towards what they want from a utility perspective for a vehicle.
04:07But certainly we've seen a surge in cars.
04:09So Honda, Toyota, they're doing well with their sedans and cars.
04:14And I think those will continue to pick up.
04:16And, again, really hybrid.
04:17Can't overemphasize.
04:18A brand that has a hybrid has a good shot at attracting some attention right now.
04:23EVs now account for 2.5% of total light-duty vehicles and operations in the U.S.
04:29EV sales accounted for 10.2% of total vehicle sales in 2024.
04:35President Donald Trump has taken a series of steps to de-incentivize EV purchases and production
04:40and make it easier to produce gas-powered models.
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