MoonPay CEO, Other Executives Cashed Out Before Crypto Business DroppedRead more

The Rivian R1T, with its pullout kitchen. Photo: Jamie Kelter Davis/Bloomberg

Think EVs Are Expensive? Try Buying a Used One

Photo: The Rivian R1T, with its pullout kitchen. Photo: Jamie Kelter Davis/Bloomberg

The automobile industry has been hit harder than almost any sector by the pandemic-led upheaval in the global supply chain. For more than a year, automakers have been forced to scale back production because of shortages of chips, lithium-ion batteries and other parts, leading most recently to steep drops in revenue and their share prices. One segment of the market has famously benefited, though: sellers of used electric vehicles, which have commanded unusually high prices. But until now I hadn’t looked closely at one segment of the used market—what you might call used-new EVs.

Like, how about $125,000 for a 2022 Rivian R1T pickup, factory sticker price $73,000)? Or $225,000 for a Lucid Air Grand Touring (sticker: $139,000), sold last October? Or $225,000 for a 2022 General Motors Hummer pickup (factory price $110,000)—a price the seller refused last week because she wants $250,000?

Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Microsoft's Satya Nadella, left, and Peter Lee. Photo by Bloomberg, Microsoft
How Microsoft Swallowed Its Pride to Make a Massive Bet on OpenAI
Satya Nadella didn’t want to hear it. Last December, Peter Lee, who oversees Microsoft’s sprawling research efforts, was briefing Nadella, Microsoft’s CEO, and his deputies about a series of tests Microsoft had conducted of GPT-4, the then-unreleased new artificial intelligence large-language model built by OpenAI.
Art by Clark Miller
The AI Age e-commerce ai
How to Grease a Chatbot: E-Commerce Companies Seek a Backdoor Into AI Responses
When Andy Wilson’s company received its first successful client referral through ChatGPT, he was shaken to his core.
Chris Britt, co-founder and CEO of Chime.
Exclusive startups Finance
Chime’s Slowdown Highlights Limits of Bank Disruptors
Chime found a way to offer zero-fee banking services without being a bank itself. But that approach is starting to show its limits.
Art by Clark Miller.
Exclusive startups crypto
MoonPay CEO, Other Executives Cashed Out Before Crypto Business Dropped
In November 2021, just as crypto prices were hitting all-time highs, MoonPay—a crypto payments startup that celebrities including Jimmy Fallon and Paris Hilton had praised for its non-fungible token “concierge” service— announced it had completed its first ever outside fundraising: an eye-popping $555 million round at a $3.4 billion valuation from investors including Tiger Global Management and Coatue Management.
Art by Clark Miller
The Big Read markets Finance
The Master of Destruction Rides Again
In the spring of 2022, the irascible Wall Street short seller Marc Cohodes was in a particularly foul mood.
Art by Mike Sullivan
startups asia
Venture Capitalists Face Pressure to Divest From China
Silicon Valley venture capitalists are coming to terms with a new reality: Their once-prized China investments may be victims of a simmering cold war.