US surpasses Germany to become world’s second-largest EV market after China in Q1

The US surpassed Germany to become the world’s second-largest electric vehicle market after China in the first quarter of the year, as EV sales jumped more than 79 per cent annually in the North American country, a report has shown.

The growth in the January-March period was driven by more customers switching to eco-friendly driving options as well as the government's tax credit subsidy, Hong Kong-based researcher Counterpoint Research said in a report on Thursday.

Battery EVs accounted for nearly 81 per cent of all passenger EV sales in the US, while plug-in hybrids made up the rest.

The report did not disclose the exact number of EVs sold during the period.

“The US economy is showing signs of recovery with lower inflation and improving customer sentiment. Although EV sales saw strong growth during the quarter, those of conventional passenger vehicles remained flat,” said Abhik Mukherjee, research analyst at Counterpoint.

“One reason was the introduction of an EV tax credit of up to $7,500, which has played a crucial role in driving up EV sales.”

Currently, about 20 models offered by Tesla, GM, Ford, Stellantis, Rivian and Volkswagen are eligible for the tax credit.

However, strict eligibility conditions set by the US government have excluded brands such as Hyundai, Nissan, BMW, Audi and Volvo from benefiting from the EV tax credit this year, Mr Mukherjee said.

In the January-March period, EV manufacturer Tesla outperformed the combined sales of the 18 automotive groups, which collectively represent 34 brands in the US, the report said.

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The top 10 EV models in the US accounted for nearly 69 per cent of overall passenger EV sales during the quarter.

Tesla’s Model Y was the best-selling EV model.

Counterpoint predicts that US EV sales will reach about 1.5 million units this year if economic conditions continue to improve.

“With the US economy showing signs of recovery, the auto industry, particularly the EV sector, is being helped by government policies announced last year,” research director Jeff Fieldhack said.

“Tax credits for new and even used EVs are helping consumers, while investments in streamlining the EV battery supply chain, the establishment of a robust network of EV charging stations and the setting up of battery recycling plants nationwide will all support EV sales growth.”

An employee cleans a BYD car during the 2023 Central China International Auto Show last month in Wuhan, China. Getty

Globally, one in every seven cars sold during the first quarter was an EV, Counterpoint said in a separate report released on Tuesday.

Overall sales are expected to reach more than 14.5 million units by the end of this year, it added.

China’s BYD Auto, which has started operations in major European countries including Germany, France, the UK, Italy, Netherlands and Sweden in the first quarter, took 21 per cent of the global passenger EV market share in the three months to March 31.

Texas-headquartered Tesla, which closed the first quarter with a record number of deliveries at 422,000, accounted for nearly 16 per cent of the market share.

It slashed prices of the Model Y and Model 3 in January, resulting in the Model Y becoming the best-selling passenger car model.

In a boost to Tesla, US car makers General Motors and Ford have agreed to use the EV company’s charging network – a move that could make Tesla Superchargers an industry standard in the country.

The biog

Favourite food: Fish and seafood

Favourite hobby: Socialising with friends

Favourite quote: You only get out what you put in!

Favourite country to visit: Italy

Favourite film: Lock Stock and Two Smoking Barrels.

Family: We all have one!

hall of shame

SUNDERLAND 2002-03

No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.

SUNDERLAND 2005-06

Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.

HUDDERSFIELD 2018-19

Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.

ASTON VILLA 2015-16

Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.

FULHAM 2018-19

Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.

LA LIGA: Sporting Gijon, 13 points in 1997-98.

BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66

Top tips to avoid cyber fraud

Microsoft’s ‘hacker-in-chief’ David Weston, creator of the tech company’s Windows Red Team, advises simple steps to help people avoid falling victim to cyber fraud:

1. Always get the latest operating system on your smartphone or desktop, as it will have the latest innovations. An outdated OS can erode away all investments made in securing your device or system.

2. After installing the latest OS version, keep it patched; this means repairing system vulnerabilities which are discovered after the infrastructure components are released in the market. The vast majority of attacks are based on out of date components – there are missing patches.

3. Multi-factor authentication is required. Move away from passwords as fast as possible, particularly for anything financial. Cybercriminals are targeting money through compromising the users’ identity – his username and password. So, get on the next level of security using fingertips or facial recognition.

4. Move your personal as well as professional data to the cloud, which has advanced threat detection mechanisms and analytics to spot any attempt. Even if you are hit by some ransomware, the chances of restoring the stolen data are higher because everything is backed up.

5. Make the right hardware selection and always refresh it. We are in a time where a number of security improvement processes are reliant on new processors and chip sets that come with embedded security features. Buy a new personal computer with a trusted computing module that has fingerprint or biometric cameras as additional measures of protection.

At Eternity’s Gate

Director: Julian Schnabel

Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen

Three stars

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

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COMPANY%20PROFILE

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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

MATCH INFO

Fulham 0

Aston Villa 3 (Grealish 4', Hourihane 15', Mings 48')

Man of the match: Jack Grealish (Aston Villa)

RESULTS

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Company%C2%A0profile

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