Green Daily
Disappearing tax credits drove US sales |
View in browser
Bloomberg

The clock for US electric vehicle tax credits started ticking when President Donald Trump signed a tax law that set a September expiration date. Apparently Americans heard it: They raced to buy electric models at a record pace before the incentives wound down.

Today’s newsletter has the third-quarter sales numbers and takes a look ahead at what’s next for EVs. Plus, we interviewed an executive vice president at BYD on the Chinese giant’s plans for fast-charging stations in Africa

We also look at how a Nobel win is boosting a startup’s profile in California. Still in the Sunshine State, the world’s largest heat battery partnered with an oil company in a counterintuitive move that may help scale up the technology. 

Someone forward you this email? You can subscribe to the Green Daily for all the latest climate and energy news. 

EVs are no longer niche

By Kyle Stock

Americans bought 438,500 electric cars and trucks in the third quarter, as drivers raced to grab federal incentives before they expired Sept. 30.

Those transactions, the highest number in a single quarter, comprised 11% of all new car sales, eclipsing the previous high point of 8.7%, according to Cox Automotive, a services and technology company.

A crowd of more affordable cars next year could help maintain the momentum, but analysts expect EV transactions to dip in the months ahead without federal tax credits.

Stephanie Valdez Streaty, Cox Director of Industry Insights, said in a report EVs could account for one quarter of all new US car sales by 2030. That’s “well short of the 50% once envisioned, but certainly moving out of the ‘niche’ category.”

The sales tally underscores a tricky dynamic for auto executives and clean-air advocates: Millions of Americans want EVs, but relatively high prices remain a speed bump to adoption.

Tesla still dominates the US market for EVs and managed a small sales gain in the recent quarter after months of skidding results. However, a crowd of rivals is closing the gap quickly, shrinking Tesla’s share of the EV pie to 41% from 80% four years ago.

General Motors, in particular, is gaining electric speed. The company captured 15% of EV sales in the quarter, led by its new Chevrolet Equinox, the third best-selling battery-powered machine. That’s up from 10% in the year-earlier period.

Nearly half of US EV purchases in the first half of the year were made without any federal incentive, according to BloombergNEF. And there are now at least 11 EVs in the US with starting prices below that of the average car purchase. Chevrolet’s Equinox can be had for about $35,000, for example, and the brand just released a new version of its Bolt with a price tag of $29,000.

The road ahead for EVs, however, looks rocky, at least for a little while. Without federal credits, BloombergNEF forecasts 27% of the US market will be electric by 2030, down from the 48% share it estimated a year ago. In the current quarter, S&P Global expects EVs to comprise less than 7% of new car sales.

“The affordability issue is going to be exacerbated,” said Peter Nagle, an associate director at S&P. “It’s really going to be a sink or swim moment.”

Read the full story. For unlimited access to our reporting, please subscribe to Bloomberg News. 

The other way to buy a cheap EV

34%
The year-over-year uptick in used EV sales. Pre-owned electric cars and trucks in America are now almost as cheap as used gas-powered vehicles, on average, and are selling even faster, according to Cox Automotive.

Volvo’s strategy

“Volvo will be stronger if we electrify fast. But we need new plug-in hybrids — electric cars with a backup engine — as a bridge until charging is everywhere.”
Hakan Samuelsson
Chief executive officer, Volvo
Samuelsson also told Bloomberg that said his company will take a “huge step” next year in offering EVs with longer driving ranges and lower prices.

BYD’s Africa plan

By Jennifer ZabasajjaLoni Prinsloo, and Linda Lew

Chinese electric vehicle maker BYD plans to invest in as many as 300 fast-charging stations in South Africa by the end of 2026 as it ramps up efforts to expand globally, Executive Vice President Stella Li told Bloomberg TV an interview. 

BYD is also in the initial stages of building out dealerships in the country, she said. The company that holds about a fifth of the world’s electric vehicle market share is “double and tripling” down on building out its dealership network and fast-charging infrastructure in South Africa, she said.

Stella Li Photographer: Krisztian Bocsi/Bloomberg

“This is big money, this is a big investment,” Li said referring to the charging facilities. South Africa “is an important market for us.”

The company is grappling with a fierce China price war that is eroding its market dominance at home. The EV behemoth experienced its first monthly sales decline in 18 months in September, losing the title of China’s best-selling brand in the period.

Read the full story on Bloomberg.com and subscribe to Green Daily for more exclusive content on electric vehicles.

A Nobel boost

By Todd Woody

Professor Omar Yaghi won the 2025 Nobel Prize in Chemistry for a scientific breakthrough that his startup is now on the verge of commercializing. Its technology harvests water from the atmosphere in an increasingly arid world, with the global recognition set to give it a boost.

“He has always been highly regarded in the scientific community, but the Nobel Prize gives us additional validation in the business world and simplifies the communication of what we are doing,” said Samer Taha, chief executive officer of Atoco, the Irvine, California, company Yaghi founded in 2020. Taha expects the Nobel to also spark interest among investors, though Atoco declined to comment on the company’s fundraising efforts.

Nobel Prize winner Omar Yaghi is the founder of Atoco. Photographer: Atoco

Atoco, which will start taking orders for its water harvester in the second half of 2026, is targeting data centers as the artificial intelligence boom stresses water supplies across the US. The company is also focusing on supplying water to green hydrogen plants and communities in drought-afflicted regions of the world. The harvesters don’t require electricity and can produce ultrapure water using just ambient sunlight or waste heat from data centers and other industrial facilities.

Read the full story, and go even deeper with our 2024 profile of Atoco

More from Green

A Bay Area startup has turned on the world’s largest industrial heat battery

Rondo Energy is helping power Holmes Western Oil’s enhanced oil recovery system. Holmes replaced one of its natural gas-fired boilers at a project in Kern County, California, with a 20-megawatt solar array paired with Rondo’s 100-megawatt-hour battery, which heats up clay bricks with electricity to generate steam that’s then used to force oil from the ground. 

Critics argue that deploying clean tech to produce fossil fuels prolongs the life of carbon-emitting infrastructure. Rondo investor Andy Lubershane, a partner at Energy Impact Partners, views it differently. 

For clean tech startups like Rondo, “it’s hard to find a customer to do your first commercial project,” he said. “Having a partner like Holmes that has an interest in decarbonization” is critical to scaling technology. Using renewables and a heat battery lowers the carbon footprint of the project.

Rondo’s heat battery in operation. Photo courtesy of Rondo

New scientific research shows emissions cuts pledged in the context of the Paris Agreement moderated the planet’s warming trajectory to 2.6C above pre-industrial levels by the end of the century, from previous forecasts of as much as 4C.

Singapore’s parliament passed a bill introducing a fixed levy on departing flights to cut emissions and support the use of sustainable aviation fuel by airlines.

This week’s Green listen

A Tesla Cybertruck is reflected in a side view mirror  Photographer: Kyle Grillot/Bloomberg

There’s always big ideas in the climate technology space, but it can be hard to get your head around all the different types of technologies making waves. What’s real and what’s low-carbon smoke and mirrors? This week on Zero, Akshat Rathi teams up with venture capitalist and Catalyst podcast host Shayle Kann to talk about which climate technologies are working, and which are going nowhere.

Listen now, and subscribe on AppleSpotify or YouTube to get new episodes of Zero every Thursday.

More from Bloomberg

  • Business of Food for a weekly look at how the world feeds itself in a changing economy and climate, from farming to supply chains to consumer trends
  • Hyperdrive for expert insight into the future of cars
  • Energy Daily for a daily guide to the energy and commodities markets that power the global economy
  • CityLab Daily for top stories, ideas and solutions, from cities around the world
  • Tech In Depth for analysis and scoops about the business of technology

Explore all Bloomberg newsletters.

Follow Us

Like getting this newsletter? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and subscriber-only insights.


Want to sponsor this newsletter? Get in touch here.

You received this message because you are subscribed to Bloomberg's Green Daily newsletter. If a friend forwarded you this message, sign up here to get it in your inbox.
Unsubscribe
Bloomberg.com
Contact Us
Bloomberg L.P.
731 Lexington Avenue,
New York, NY 10022