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Happy Friday, and welcome to Critical Materials, your source for the biggest stories shaping the future of the auto industry.
Every Friday, we break down the week’s biggest EV news, keep you up to speed on the cars we’re testing, and recap must-read stories from around the web on driverless cars, batteries, charging, and more.
In today’s newsletter, I unpack an International Energy Agency report that shows the rest of the world is speeding ahead on electrified vehicles—even if the U.S. is lagging behind. Suvrat Kothari breaks down Stellantis’ massive turnaround plan. And Mack Hogan explains what he loved—and what he didn’t—about driving the Volvo EX60.
Before we dive in: Got any feedback on Critical Materials? Drop me a line at [email protected]
OK, let’s go!
– Today’s email was written by Suvrat Kothari, Rob Stumpf, Mack Hogan, and me, Tim Levin.
Plug In: What EV Slowdown?
It’s a bleak time for America’s electric car market. But zoom out and take a look at what’s happening in the rest of the world, and you quickly see that the U.S. is increasingly the odd one out. As the U.S. stagnates, the EV project is chugging along nicely pretty much everywhere else, according to a new, wide-ranging report out this week from the International Energy Agency.
Over 20 million plug-in cars were sold globally last year, including both plug-in hybrids and pure electric vehicles. That means 25% of new vehicles had a plug, a new record. About 5% of the global car fleet is now electrified.
The U.S. was far behind the average, with plug-in car sales coming in below 10% of the market. EV sales in the U.S. plunged in the fourth quarter and are likely to drop this year as car companies pull back production and as the loss of the $7,500 tax credit dings demand. It’s full-speed ahead in other regions, though:
In China, 13.2 million plug-in cars were sold last year, representing 53% of that market.
In Europe, sales jumped by 30% to over 4 million units, or 28% of sales.
Something remarkable is happening outside of the top three car markets, in what the IEA calls “emerging markets and developing economies.” Last year, these smaller markets saw plug-in car sales boom by 80%. An influx of affordable Chinese cars is supercharging the electrified market in these countries, helping them lap the United States in EV adoption.
In the U.S., the IEA says, the plug-in share of the car market grew from 2% in 2020 to around 10% in 2025. Compare that to the kind of growth that’s happening across smaller markets in Southeast Asia and Latin America:
In Nepal, over the same period, plug-in car sales went from 10% to 68%.
In Thailand, they went from 1% to 23%.
In Turkey, they exploded from 0% of the market to 22%.
Plug-in car sales tripled in Mexico last year, with 85% of sales coming from Chinese imports.
The global growth story should continue, the IEA says. This year, plug-in sales should surpass 23 million and make up nearly 30% of the car market worldwide. That’s despite a slump in the States.
Here are some other trends and tidbits that caught my eye from this report:
Although 630 EV models were on sale last year, just five—the Tesla Model Y, Tesla Model 3, Geely Geome Xingyuan, Wuling HongGuang Mini, and BYD Seagull—captured 20% of the market.
The average EV range has plateaued at 236 miles.
EV pricing continues to be vastly different across markets, and that directly translates to sales. In China, around 30% of EVs were available for under $20,000. In the U.S., fewer than 20% of EVs could be had for $40,000 or less, compared with more than 40% of combustion models.
But pricing is getting better in America, too, as automakers cut MSRPs. In 2025, there were nearly 20 EV models that cost less than $40,000, compared to fewer than 15 the year before.
China continues to dump money into its EV project as the U.S. pulls back. In 2025, it spent over $35 billion supporting plug-in car sales, while the U.S. spent $5.2 billion and Europe spent over $10 billion.
Electric truck sales doubled last year to over 400,000 units, with most of that growth happening in China.
The bottom line: Progress is still happening—and rapidly, depending on where you look. It’s just a question of whether the U.S. is willing to be left out.
-Tim Levin
Where to Invest $100,000 Right Now, According to Experts
Investors face a dilemma. When the S&P 500 finished its worst quarter since 2022 last month, diversifiers like bonds and bitcoin fell too.
Even with the turnaround in mid-April, analysts at Goldman Sachs and Vanguard have projected low-single-digit annualized returns from 2024-2034.
Bloomberg asked where experts would personally invest $100,000 for their March monthly edition.
One answer that surfaced for a second time? Art.
It's what billionaires like Bezos and the Rockefellers have privately used to diversify for decades.
Why?
Appreciation. The ArtPrice100 Index outpaced the S&P 500 overall from 2000 to 2025
Low-correlation. The postwar contemporary segment has moved independently of traditional investments like stocks since ‘95.*
Resilience. A scarce, physical, and global asset class with decades of demonstrated demand.
Thanks to the world's premier art investing platform, now anyone can invest in works featuring legends like Banksy, Basquiat, and Picasso, without needing millions.
Shares in new offerings can sell quickly but...
*According to Masterworks data. Investing involves risk. Past performance is not indicative of future returns. See important Reg A disclosures at masterworks.com/cd.
Get Fully Charged
The Mercedes-AMG GT 4 Door. Photo: Mercedes
Get up to speed on the news that caught our eye this week:
The new Mercedes-AMG GT 4-Door Coupe was just crowned king of fast charging in America. The new four-door is able to recharge from 10% to 80% in just 11 minutes, just as long as you can find a powerful enough DC fast charger.
Chinese researchers have unveiled a new massively dense solid state battery. The tech has an uber-fast charging time of just 3 minutes. And while it's not ready for market just yet, it shows just how quickly solid state battery tech is evolving.
If you're traveling this weekend, look for Ionna's fast chargers. The charging provider is slashing prices by nearly 50% to as low as $0.20 per kWh until 11:59 PM on Monday.
Rivian says its lidar-equipped R2s rolling out later this year won’t have meaningfully different driver-assistance capability from the non-lidar ones for “years.” Even those without the fancy sensor will get point-to-point driving software, like Tesla’s FSD, when that starts rolling out later this year. That should be a relief to buyers who want their cars earlier.
Tesla's Full Self-Driving is finally headed to China. The company has been preparing to launch the driver-assistance feature in the country since 2024. This marks the 10th country where FSD will be officially activated.
Waymo has paused its robotaxi service in four cities, including Atlanta, because its vehicles keep driving through flooded roads. It issued a recall over the issue last week.
We drove Volvo's new EX60. It's good (really good), perhaps the even the best Volvo ever. The real test will be sticking the landing with a smooth launch, but what we can say is that from what we've experienced so far, it actually feels like a true Volvo.
Speaking of Volvo, after the demise of the EX30 in the U.S., the company hasn't given up on an affordable entry-level SUV. Expect to see something a big bigger and slightly more expensive added to its American lineup sometime soon-ish.
Xiaomi's new YU7 GT is here. The automaker's flagship performance SUV boasts 438 miles of range and nearly 1,000 horsepower for around the same price as Tesla's Model Y Performance.
You could soon be paying a new $150 annual fee to register your EV. Federal lawmakers have introduced a new bill which would flat-tax EV owners $130 (rising to $150) fee to ensure owners "pay their share" for road use.
On this week’s Plugged-In Podcast, we covered the Mercedes-AMG GT, Mack’s drive in the Volvo EX60, and the newly proposed $130 EV fee. Plus, we spoke with a top executive at ABB E-mobility, a big manufacturer of charging hardware, about what’s next for the charging industry.
-Rob Stumpf
One More Thing: Stellantis Plots A $70 Billion Comeback
Photo: Stellantis
Stellantis, the parent of 14 brands including Dodge, Ram, and Chrysler, announced a $70 billion turnaround plan Thursday at its Investor Day in Auburn Hills, Michigan. That plan includes nine new vehicles for North America which will start under $40,000, and two under $30,000.
Some of these models will ride on its new STLA One software-defined vehicle platform, which would mark one hell of a pivot for an automaker better known for selling pricey Ram pickups and gas-guzzling Hellcats.
Why it matters: Stellantis is the only Detroit automaker without an affordable EV in its lineup. GM has the sub-$30,000 Chevy Bolt. Ford is working on a $30,000 electric pickup. Stellantis has been absent from a segment critical to making EVs more accessible to American buyers.
Stellantis executives weren’t exactly sugarcoating the challenges facing the automaker. “Competition is intense, technology cycles are accelerating, and the external environment remains highly volatile,” Stellantis Chairman John Elkann said.
How is the automaker addressing that?
Chrysler’s revival: The Pacifica will now get new siblings. Chrysler will add three new crossovers: the Airflow midsize EV, and two smaller SUVs called Arrow and Arrow Cross, built on shared European platforms and priced between $25,000 and $35,000. Whether those smaller models will be EVs or offer multiple powertrains is still unclear.
STLA One is the backbone: The Airflow will ride on this new platform, which will also span subcompact, compact, and large family-oriented segments. The platform will support 800-volt architecture for faster charging speeds, lower-cost lithium-iron-phosphate (LFP) batteries, and a cell-to-body design to cut weight and complexity.
"STLA One is the foundation of our updated battery strategy," said Davide Mele, Stellantis' head of product planning. "That's how we close the gap between Chinese OEMs operating in Europe, putting us on a clear path toward BEV cost parity over time," he added.
Electrified models: Europe is the epicenter of Stellantis' EV push, where electrification is moving faster. But North America will see the Jeep Recon EV, extended-range hybrid versions of the Wagoneer SUV and Ram 1500 pickup, and a new large SUV called the Ramcharger. That name was previously attached to Ram's canceled electric truck, so it could be electric or get an extended-range powertrain.
The bottom line: Legacy automakers have announced bold roadmaps before, only to see projects delayed, canceled, or watered down. When these new models start rolling out next year, we'll find out whether this is a genuine second act or just another expensive promise.
-Suvrat Kothari
Driver’s Seat: Volvo EX60
Photo: Mack Hogan
I’ve been a Volvo fan as long as I remember. One of the first cars I remember riding in was a 1997 Volvo V70 Cross Country. Its rear-facing third row seats quickly convinced me that it was the coolest car in the world, which no doubt factored into me lobbying my dad into eventually getting his own third-row-equipped 2005 V70. I partially learned to drive in an S80, and the first car I ever reviewed was the 2017 Volvo S90, which I adored.
So when I tell you that the Volvo EX60 is the best Volvo ever, I’m not saying it lightly. After multiple false-start attempts to make a great electric car, Volvo has finally stuck the landing.
Let’s start with the pros:
The EX60 gets up to 400 miles of range, charges from 10-80% in 16 minutes, comes standard with excellent software, and offers the best stereo I’ve used in any car at any price.
The interior is high-quality and airy, with lovely touches like an optional electrochromatic dimming panoramic roof and available wool-blend seats.
There are thoughtful flourishes throughout, too, like the under-floor trash can in the trunk and the built-in booster seats in the second row.
The seatbelts automatically adjust their restraining force to different occupant sizes, continuing Volvo’s mission of advancing in-car safety.
Is it perfect? Nope. Some stuff I didn’t like:
I’m frustrated by the company’s decision to use software controls to manage vent direction, an expensive and fussy solution to a problem that doesn’t exist.
While the wingtip-style power external door handles are inoffensive and use redundant power sources to ensure they still work after an accident, I’d still prefer real door handles.
As a cohesive package, though, I find the EX60 hard to argue with.
Its starting price of under $60,000 makes it cheaper than the plug-in hybrid XC60, and factoring in the generous list of standard equipment, it isn’t much more expensive than a gas model either. It’s a welcome option in an increasingly superlative class, and one that delivers the blend of comfort, refinement, style, and safety that Volvo has long been known for.
-Mack Hogan
Before You Go
A bunch of Brigham Young University students made a vehicle that gets over 2,000 mpg. Yes, you read that right. The gas tank is the size of a shot glass.
Thanks for reading Critical Materials. See you next week!
-Tim Levin
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