Got an Electric Car? It Might be Obsolete Sooner Than You Think

fliptop writes:

Automakers accelerating release of upgraded models, unlike typical 5-year cycle for gasoline cars; Hyundai introduces updated Ioniq 5, and BYD will soon unveil refreshed SEAL; how will this impact used car market?

In recent weeks, two refreshed car models have been launched: Hyundai's Ioniq 5 and BYD's SEAL. Both models, introduced in 2021 and 2022 respectively, are receiving significant updates ahead of the typical five-year facelift cycle. This global automotive industry standard generally involves cosmetic upgrades to keep cars relevant.

However, these updates are more than just aesthetic. The Hyundai Ioniq 5 now features a substantial battery upgrade, increasing from 72.6 kWh to 84 kWh. This enhancement boosts the top model's range from 480 km to over 550 km. Other upgrades include new wheel designs and interior materials, but the major improvements lie beneath the surface.

[...] These updates reflect a broader trend among electric vehicle (EV) manufacturers, who have announced major enhancements to existing models. Unlike mid-life upgrades in gasoline cars, which often focus on superficial enhancements like sound systems and wheel designs, EV upgrades are core technological improvements. This trend is driven by several factors.

[...] Recent trends in the used EV market show that the introduction of significantly upgraded models or superior competing models can deter buyers unless substantial discounts are offered. The new Ioniq 5's increased range and the SEAL's faster charging capabilities could negatively affect the resale value of older models.

Related:

• Auto Woes
• EU Battery Passport - Lifetime Record of BEV and Other Large Li Batteries
• "Corolla Killer:" BYD Launches $US15,000 EV in Direct Attack on Legacy Makers
• A Chinese EV Squeezed 650 Miles Of Range From Its 150 kWh Battery
• Why are All the EVs so Expensive?

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