The electric vehicle (EV) industry is in trouble in the United States. There had been an expectation that half the new cars sold in 2030 would be EVs. Last year, the number was 8% of new cars. And that market share is not increasing quickly. People continue to worry about a list of concerns, including the number of charging stations and range on a single charge.
24/7 Wall St. Key Points:
-
Costco Wholesale Corp. (NASDAQ: COST) may help drive EV adoption through its Costco Auto Program.
-
Electric vehicle makers have been searching for a new path to increase sales.
-
Take this quiz to see if you’re on track to retire. (sponsored)
Costco Wholesale Corp. (NASDAQ: COST) may help drive EV adoption through its Costco Auto Program, which cuts deals with major manufacturers to sell their cars. Costco members get discounts below MSRP (manufacturer’s suggested retailer price). The latest of these is with Audi, which includes EV models. Among the reasons may be that Audi’s EV sales have been weak and are getting weaker.
The Costco arrangement with Audi lets the huge retailer offer discounts of as much as $2,000. Costco members get a certificate that they take to an Audi dealership to receive the price cut. Costco has 136 million members.
The Audi program lasts from March 4 to April 30. “If a member is looking for a new luxury sedan, SUV or electric vehicle, the Audi Limited-Time Special is a great place to start,” said Cory Benwell, Costco Auto Program general manager.
Car companies that produce and market EVs have very few paths to increase sales. Ford, for example, sold only 7,326 EVs in the United States during February. Total sales for the month were 158,675. Ford loses as much as $100,000 for each EV it sells.
Most legacy car companies find themselves in a situation similar to Ford’s. Often, this means they need deep discounts to move EVs off dealer lots. Ford currently has 0% financing for 72 months and a free home charger on some models of its EV flagship F-150 Lightning.
If the Costco EV sales channel works well, car companies will have finally found a successful outlet.
These States Have the Most EV Charging Ports in America
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.