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Used EV Market Woes: A Roadblock for EV Transition

The ongoing shift towards electric vehicles (EVs) is encountering an unexpected obstacle – a reluctance among buyers to invest in used electric cars. This trend is not only impacting the thriving secondhand market, with prices dropping faster than their combustion-engine counterparts, but it is also sending shockwaves through the new EV market, affecting industry giants like Tesla, Volkswagen, and Stellantis.

Market Dynamics and Pricing Wars

According to a report in Japan Times by Monica Raymunt, in the $1.2 trillion secondhand market, the value of battery-powered cars is plummeting due to factors such as a lack of subsidies, consumer anticipation for improved technology, and ongoing challenges in charging infrastructure. A fierce pricing battle initiated by Tesla and competition from Chinese models is further contributing to the depreciation of both new and used EVs.

This underscores the delicate balance automakers face in pricing their EVs competitively while ensuring sustainable profits. The current scenario may necessitate a reevaluation of pricing strategies to ensure long-term market viability.

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Volkswagen Malaysia Launches CNY Campaign with Exclusive Deals

Volkswagen Passenger Cars Malaysia (VPCM) has kicked off its Chinese New Year campaign, featuring a range of enticing deals across its entire model lineup. Running until the 29th of February, the campaign presents substantial savings of up to RM18,888 on various Volkswagen models, including the Golf GTI, Tiguan Allspace range, and the Arteon R-Line.

Here are the details of the savings offered during the campaign:

Tiguan Allspace Life (IQ.Drive): RM2,888 savings, priced at RM174,102
Tiguan Allspace Elegance (IQ.Drive): RM8,888 savings, priced at RM197,102
Tiguan Allspace R-Line (IQ.Drive): RM8,888 savings, priced at RM250,102
Arteon R-Line (IQ.Drive): RM18,888 savings, priced at RM281,102
Golf GTI (IQ.Drive): RM3,888 savings, priced at RM249,102

As part of the campaign, Volkswagen is offering a comprehensive ownership package for all its models. This includes 5 years of free maintenance, a 5-year unlimited mileage warranty, and 5 years of roadside assistance. The Chinese New Year campaign not only brings exclusive savings but also enhances the overall ownership experience for Volkswagen customers.

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Chery Eco Run 2024 Draws Over 3,400 Runners

In a remarkable turnout, more than 3,400 runners participated in the inaugural Chery Eco Run 2024, themed ‘A New Journey To A New Green Life.’ The fun run event kicked off at Dataran Wawasan in Putrajaya and featured two categories: the 5KM and a more challenging 10KM category for seasoned runners.

YB Senator Datuk Seri Tengku Zafrul Abdul Aziz, Minister of Investment, Trade and Industry (MITI), flagged off the 10km category runners alongside Chery Malaysia President Leo Chen. Notably, Tengku Zafrul actively participated in the run. The 5km category runners were flagged off by MITI Secretary-General Dato’ Hairil Yahri Yaacob.

Chery Malaysia President Leo Chen highlighted the significance of the Chery Eco Run, stating, “Chery Eco Run serves as a significant stepping stone for us as we stride towards a future where electric vehicles and green technology seamlessly integrate with today’s active lifestyle, fostering a healthier living environment.”

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BYD Set to Unveil First Ute in 2024; Spotted Ahead of Launch

In 2024, BYD is set to achieve a significant milestone with the launch of its first utility vehicle (ute), which has been spotted in near-production form during testing in Australia. The BYD ute has been designed to meet the demands of the rugged Australian terrain, with collaborative efforts between Australian and BYD engineers.

Images from testing by Autospy reveal an exterior that combines sleekness with robustness. The interior is expected to feature technological advancements, including a digital instrument cluster and a large, portrait-oriented infotainment touchscreen that can rotate.

While specific details about the plug-in hybrid powertrain are yet to be disclosed, industry speculations suggest a 1.5-litre turbocharged engine paired with two electric motors, providing a total output of 489hp. There is also consideration for a fully electric version, although high battery costs pose a challenge.

The pricing for the BYD ute is unknown, but the company is committed to maintaining competitiveness in the segment. EVDirect CEO Luke Todd highlighted BYD’s dedication to affordability, drawing parallels with the pricing strategy for other electric models. As BYD enters the ute market, industry observers are keen to see how it will compete with established contenders, given its focus on technological innovation and tailored design for specific markets.

Toyota GR Supra Faces Sales Slump Despite Manual Transmission Option

The underwhelming performance of the Supra in the market is particularly surprising given that Toyota’s overall U.S. sales for 2023 saw a notable increase of 6.6%, reaching a total of 2,248,477 units. The U.S. market for the Supra witnessed a mere 2,652 units sold, down from 4,952 units in 2022.

Despite Toyota’s introduction of a manual transmission to the Supra, there was also a corresponding hike in prices as the model transitioned to the 2024 model year.

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MG4 Electric Wins Fully Charged Award for Best EV Under RM200k

In a significant triumph for MG, a brand that is making a strong comeback into our market soon, the MG4 Electric secured the Fully Charged award for the best electric vehicle (EV) under €40,000 (RM200k) last Friday night at the RAI in Amsterdam. The award ceremony, part of the Fully Charged LIVE Europe event, witnessed thousands of electric vehicle enthusiasts casting their votes in various categories.

The MG4 Electric emerged victorious in its category, surpassing eight other nominees, including the Dacia Spring Electric 65 Extreme, Fiat 500e Hatchback 42kW, Jeep Avenger Electric, and Volvo EX30 Single Motor. This accolade further solidifies the MG4 Electric’s success among EV drivers.

Since its launch in 2022, the MG4 Electric has achieved remarkable success, with over 62,000 sales in Europe, making it one of MG’s best-selling models in the region, particularly in the Netherlands. The recent award adds to the EV’s achievements, which include receiving five stars in the Euro NCAP safety test and contributing to a sales record for MG.

The Fully Charged AWARDS, designed as ‘Consumer Choice’ awards for clean energy and electric vehicles, made their debut this year during the Fully Charged LIVE Europe event. The event, powered by green technology pioneer myenergi, gathered leaders and pioneers from the electrification sector to celebrate the ongoing transition to electric vehicles, renewables, and smart homes.

Nominees for the awards were selected through a comprehensive survey of the Fully Charged SHOW audience. A panel of 15 energy and transport experts then finalised the candidates before the winners were chosen in each of the 15 categories. MG claimed the title of the best EV under €40,000 (RM200k) for the MG4 Electric model.

The Standard Range base SE comes with a 50.8kWh battery, offering 350km of range, 168bhp, and 249Nm ft of torque, all for a starting price of £26,995 (RM160k). The two big battery versions include the SE Long Range and Trophy Long Range.

For an additional £2,500 (RM14k), the SE Long Range provides a 61.7kWh battery, extending the WLTP range to 452km. It boasts 201bhp and the same torque figure, but due to the battery’s weight, it’s slightly slower to 100km/h (7.9 seconds compared to 7.7 seconds).

The Trophy model is distinguished by additional equipment and body styling, featuring a doubled-up rear spoiler. It offers slightly less range than the SE Long Range at 434km, attributed to the drag from the distinctive spoiler and the weight of extra kit.