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Used EV prices are stabilizing, suggests new data

(Credit:@lourencovc/Instagram)

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New data from Q2 suggests that used electric vehicle (EV) prices are stabilizing in the U.S., though it also points to continued supply constraints for the next couple of years.

According to the Q3 2024 Used EV Market Report shared by Recurrent Auto last Wednesday, used EV prices appear to be stabilizing—particularly in the $20,000 to $25,000 price range.

The data from recent months suggests that prices for used EVs are expected to become more predictable in Q3, while older model-year, lower-ranged EV prices are expected to continue dropping. Lease rates for battery-electric vehicles (BEVs) also surged in 2023,

EVs detailed in the company’s pricing index include the 2018 Chevrolet Volt, the 2019 Prius Prime, the 2019 Tesla Model 3, the 2020 Bolt EV, the 2020 Tesla Model Y, the 2021 Pacifica Hybrid, the 2021 Volkswagen ID.4, the 2022 Nissan Leaf, and the 2022 Mustang Mach-E. The firm also notes that they update the mix of vehicles included in the index each year, in order to better reflect current auto inventories.

Below you can see a few of the report’s charts, including pricing changes in some of Tesla’s used EVs.

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Credit: Recurrent Auto

Credit: Recurrent Auto

Recurrent also notes that the EV market is continuing to grow, while used EV inventory totals seem to be leveling off since it first started covering inventory levels in 2021. Used EV inventories has surged around fourfold since then, with the current total inventory level on used EVs lands around 40,000 at any given time.

The report includes a ton of other insights on the used EV market going into Q3, and you can read Recurrent’s full Q3 2024 used EV market report here.

Alongside the used EV report, Recurrent published an EV adoption report on Wednesday, noting that U.S. EV sales appear to be on pace for the 2030 target of reaching 50 percent volume of auto sales.

In April, Tesla’s EVs were found to be some of the most in-demand used automobiles in Australia, while the Model S and Model X were recently considered used vehicles to avoid by Consumer Reports.

Tesla Model 3 and Model Y dominate 2023 used EV sales ranks

What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send us tips at tips@teslarati.com.

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Zach is a renewable energy reporter who has been covering electric vehicles since 2020. He grew up in Fremont, California, and he currently lives in Colorado. His work has appeared in the Chicago Tribune, KRON4 San Francisco, FOX31 Denver, InsideEVs, CleanTechnica, and many other publications. When he isn't covering Tesla or other EV companies, you can find him writing and performing music, drinking a good cup of coffee, or hanging out with his cats, Banks and Freddie. Reach out at zach@teslarati.com, find him on X at @zacharyvisconti, or send us tips at tips@teslarati.com.

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Tesla snags Lamborghini alum to help in newly entered market

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Credit: Tesla

Tesla has snagged a Lamborghini alum to help with its entrance into a new market, which has proven to be an intricate situation for the automaker.

A report from Bloomberg states that Tesla has hired Sharad Agarwal, who was formerly employed by the Italian luxury carmaker, to run its operations in India. With Lamborghini, he was employed to handle operations in India.

Tesla launches in India with Model Y, showing pricing will be biggest challenge

Tesla has gone through quite a few different team members with its launch in India, starting with a few hirings a few years ago, well before the company actually committed to selling cars in the country.

The move helps Tesla streamline its executive decision-making process, as it previously had employees in India reach out to managers based in China, among other areas. Agarwal will be stationed in India and will handle the company’s operations.

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Tesla’s mentality behind the strategy is to have local leadership, something that seems to cater to the market specifically.

Tesla had previously put Isabel Fan, the manager of Southeast Asia for the company, in the position. However, Tesla seemed to want someone who was more permanent and would be dedicated to India exclusively.

India has the largest population on Earth and has a massive automotive market for that reason. Tesla stands to gain a lot from a strong performance in India, and its clean energy vehicles could help with pollution of all kinds in the region.

Tesla’s path to entrance in the Indian market was a long one, as the company tried for nearly ten years to get into the elusive region. Back in 2016, CEO Elon Musk said Tesla “would love to be in India,” teasing the Model 3.

By 2017, Tesla had met with officials from the country, but tried to get import duties down to nothing from 100 percent.

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Indian authorities denied Tesla’s request.

For years, Musk met with Prime Minister Narendra Modi to try and iron out a deal of some sort. Nothing truly came to fruition, at least until last year, when real movement started.

By 2024, India had introduced a strategy to reduce import duties for some companies, which was enough for Tesla to make a move. It is now 2025, and the company still has not committed to building a factory in the region. However, it is not completely out of the question.

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Tesla Sentry Mode helps lock up drive-by shooting suspect in Seattle

“A nearby Tesla actually captured the video that showed a man crouched behind a vehicle firing gunshots. A lot of vehicles record, and officers know that Teslas, especially, record, so we use that video all the time in these instances.”

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(Credit: Tesla)

Police in Seattle, Washington, are crediting Tesla’s well-known Sentry Mode for helping find a suspect in a drive-by shooting case.

A 21-year-old was arrested for an alleged drive-by shooting in the Pioneer Square neighborhood of Seattle this past Sunday, and the leads on the case seemed to be slim.

However, a Tesla parked nearby was able to record the shooting, as well as the car that the suspect hopped in after the crime occurred. It helped police identify the person they were looking for.

Seattle Police Department Detective Brian Pritchard said to MyNorthwest that the Tesla was a critical part of finding the suspect and placing him under arrest:

“A nearby Tesla actually captured the video that showed a man crouched behind a vehicle firing gunshots. A lot of vehicles record, and officers know that Teslas, especially, record, so we use that video all the time in these instances.”

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The Tesla footage helped the Police put the suspect into handcuffs about an hour after the crime was committed. They are currently charged with drive-by shooting and unlawful possession of a firearm.

Tesla Sentry Mode is a security feature the vehicle utilizes to help solve crimes like vandalism, but it is also a cool feature that has caught things like accidents and other incidents on camera.

Many people still do not know about it, including the many vandals who keyed or broke the windows of Teslas earlier this year, as people damaged others’ cars in an act of retaliation against CEO Elon Musk when he became involved in politics.

This is far from the first time Sentry Mode has helped Police Departments solve crimes. Last September, we reported on Oakland’s Police Department in California using Teslas near crime scenes to help solve cases.

Tesla Sentry Mode is Oakland PD’s secret weapon against rising crime

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Sergeant Ben Therriault, president of the Richmond Police Officers Association, said, “We have all these mobile video devices floating around,” in reference to the Teslas that sit and capture nearly everything that surrounds them.

Sentry Mode has helped officers arrest a variety of suspects, including several people who were allegedly involved in the murder of a 27-year-old woman in Northern California.

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UPDATE: Tesla investors push Charles Schwab for Musk comp plan clarification

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Tesla CEO Elon Musk unveils futuristic Cybertruck in Los Angeles, Nov. 21, 2019 (Photo: Teslarati)

Update: 4:00 p.m. EDT – Charles Schwab has reached out to TESLARATI with the following statement, clarifying that it plans to vote FOR Musk’s compensation package:

“Schwab Asset Management’s approach to voting on proxy matters is thorough and deliberate. We utilize a structured process that focuses on protecting and promoting shareholder value. We apply our own internal guidelines and do not rely on recommendations from Glass Lewis or ISS. In accordance with this process, Schwab Asset Management intends to vote in favor of the 2025 CEO performance award proposal. We firmly believe that supporting this proposal aligns both management and shareholder interests, ensuring the best outcome for all parties involved.”

There have also been updates to the headline and various paragraphs to reflect this as well as accuracy.

Tesla investors are pushing Charles Schwab for clarification after it was expected to vote against CEO Elon Musk’s pay package.

Several high-profile Tesla influencers are speaking out against Charles Schwab, saying its decision to vote against the plan that would retain Musk as CEO and give him potentially more voting power if he can achieve the tranches set by the company’s Board of Directors.

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The Tesla community appeared to see that Schwab is one firm that tends to vote against Musk’s compensation plans, as they also voted against the CEO’s 2018 pay package, which was passed by shareholders but then denied by a Delaware Chancery Court.

Schwab’s move was recognized by investors within the Tesla community and now they are speaking out about it:

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At least six of Charles Schwab’s ETFs were expected to vote against Tesla’s Board recommendation to support the compensation plan for Musk. The six ETFs represent around 7 million Tesla $TSLA shares.

Jason DeBolt, an all-in Tesla shareholder, summarized the firm’s decision really well:

As a custodian of ETF shares, your fiduciary duty is to vote in shareholders’ best interests. For a board that has delivered extraordinary returns, voting against their recommendations doesn’t align with retail investors, Tesla employees, or the leadership we invested to support. If Schwab’s proxy voting policies don’t reflect shareholder interests, my followers and I will move our collective tens of millions in $TSLA shares (or possibly hundreds of millions) to a broker that does, via account transfer as soon as this week.”

Tesla shareholders will vote on Musk’s pay package on Thursday at the Annual Shareholders Meeting in Austin, Texas.

It seems more likely than not that it will pass, but investors have made it clear they want a decisive victory, as it could clear the path for any issues with shareholder lawsuits in the future, as it did with Musk’s past pay package.

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