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Chipotle, Kia EVs, New Car Prices, And EPA: Top EV News Apr 14, 2023

This week, we have news on Chipotle, New Car Prices, Kia EVs, and the EPA: Our Top EV News for the week of Apr 13, 2023.

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Chipotle

Chipotle Mexican Grill has announced a new all-electric restaurant design aimed at maximizing energy efficiency and utilizing 100% renewable energy. Some of the design elements include:

  • Electric vehicle charging stations at select locations
  • Rooftop solar panels
  • Replacement of gas power with all-electric equipment and systems
  • Utilization of heat pump water heaters
  • Enhanced efficiency with smaller electric cooklines and improved exhaust hoods

New Car Prices

In March 2023, the average transaction price of a new vehicle in the US dropped below the MSRP for the first time in 20 months, as reported by Kelley Blue Book. The ATP in March was $48,008, a 1.1% decrease from the previous month, while still remaining 3.8% higher compared to the same period last year.

Sales volumes increased 20% month-over-month and 8% year-over-year, attributed to improved supply, a better mix of lower-priced models, and strong fleet sales. That’s the good news. Unfortunately, for EVs, the average price paid in March for a new EV increased by 0.5% compared to February 2023, reaching an average of $58,940.

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PBV

Kia held a groundbreaking ceremony for its new plant in South Korea dedicated to producing battery-electric purpose-built vehicles (PBV). The plant will use innovative manufacturing technologies, including the ‘cellular method’ to optimize the flow of materials and products during production.

Kia plans to produce 150,000 units in the first full year of production and will launch its first model, the mid-sized SW, in 2025. Hyundai Motor Group also aims to be one of the world’s top three EV manufacturers by 2030.

EPA

The EPA has proposed new regulations that could require electric vehicles to make up two-thirds of all new cars sold in the US by 2032, cutting planet-warming pollution from cars in half. The new standards are projected to accelerate the transition to electric vehicles, with EVs potentially accounting for 67% of new light-duty vehicle sales and 46% of new medium-duty vehicle sales in MY 2032.

Transportation is the largest source of planet-warming pollution in the US, with light-duty vehicles accounting for 58% of those emissions. The new regulations would be phased in gradually, with automakers and consumers having years to adapt. The EPA will take public comment on the proposal before finalizing the rules in the coming months.

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