자동차 제조업체를 위한 전기차 리스의 딜레마

자동차 제조업체는 높은 인센티브로 인한 낮은 리스 가격, 감가상각 및 향후 시장 포화 위험으로 인해 전기차 판매에 어려움을 겪고 있습니다.

### 전기 자동차 리스 딜레마: 장기적인 위험을 수반하는 단기적 해결책
* 💰 자동차 제조업체들은 **2024년 5월에 스티커 가격의 15~30%에 달하는 인센티브**를 제공하는 등 전기차를 대폭 할인하고 있으며, 이는 전체 업계의 **5~6%와 비교하면 매우 높은 수준**입니다.
* 🚗 리스는 **전체 전기차 구매의 35%**, 2024년 5월 대리점에서 판매된 전기차의 **70%에 가까운 비중**을 차지할 정도로 인기 있는 전기차 이동 수단입니다.
* 💸 전기차 리스 가격은 업계 평균보다 훨씬 낮은데, 예를 들어 **현대 아이오닉 5는 월 242달러, 쉐보레 블레이저 EV는 월 369달러**에 리스할 수 있습니다.
* 📉 2024년 5월 중고 전기차 가격은 전년 대비 **16% 하락**한 반면 내연기관 차량은 **12% 하락**했으며, **최소형 전기차는 약 55%의 가치**만 유지될 것으로 예상되는 반면 내연기관 차량은 **62%에 가까운 가치**를 유지할 것으로 예상됩니다.
* 🔄 리스는 전기차 채택을 촉진하는 단기 솔루션으로 간주되며, **고객이 장기 약정이나 재판매 가치에 대한 걱정 없이 기술을 시험**해 볼 수 있습니다.
* 🔮 그러나 이러한 공격적인 리스 전략은 특히 **차세대 전기차가 시장에 출시**되고 **중고차 시장에 리스 차량이 넘쳐나**면서 향후 잔존 가치가 떨어질 수 있습니다.
* 💡 재무 전문가들은 리스는 자기 자본을 쌓지 않고 **차량의 감가상각 기간 동안 비용을 지불**해야 하므로 장기적으로 재무적으로 가장 건전한 결정이 아닐 수 있다고 경고합니다.
* 🏭 '전기차 행복감'에서 **'전기차 겨울'로의 전환**으로 인해 자동차 제조업체들은 **수요가 재설정**되고 현재 리스 관행의 장기적 지속 가능성에 대한 불확실성에 직면하는 등 어려움을 겪고 있습니다.

Automakers are having a hard time selling EVs. Incentives have risen dramatically, and some of the sweetest deals can be found not in buying a car, but leasing it. It's basically a long-term rental that you don't have to worry about reselling later. Almost no concerns about maintenance. Monthly payments are low, and a loophole allows you to get a subsidy on an EV that wouldn't otherwise be eligible if you bought it. And while that might seem great for cash-starved Americans and for EV adoption in general, used EV prices have tanked. Boosting volume through leases risks pushing prices down even further. There's just so much happening there that I don't think any of those automakers can even really predict the high level of accuracy, nor can the guidebooks predict what's this vehicle really going to be worth. That could hurt the segment and the companies that make EVs in the long run. So why are EV lease prices so low, and what does it mean for automakers?

Barclays analyst Dan Levy estimates that in May 2024,
EV incentives, basically discounts, were 15 to 30% of the sticker
price, significantly higher than the overall industry at 5 to 6%. That puts immense pressure on already tight and often
negative EV margins. Tesla, which controls about 50% of the US EV market,
was offering relatively low incentives on its model three, model X, and model S, but a 13% on its
top-selling model Y, though that promotion ended June 1st. Incentives on EVs from legacy automakers were much
higher. Mass-market EVs, meaning not luxury cars, were discounted 25% off the original
price. Incentives on a luxury EV, the Cadillac Lyriq from General Motors, hit what Levy
called a surprisingly high value of $18,000, nearly a third off the sticker price. Automakers are trying to push discounts because the EV
demand is soft. You saw early on a lot of outright price cuts.

A lot of this is spurred by Tesla. But I think one of the observations is that the
elasticity of demand is probably not what some were hoping for. And so they're resorting to other ways to discount. And leases are a key way. While leases made up only about 23% of overall retail
new vehicle sales in May of 2024, they were about 35% of total EV purchases and
close to 70% of EVs sold by dealerships. I think it's kind of kick the can down the road
problems where we know there's going to be a problem, what are you going to do with it later? Hopefully, certifying those vehicles, making them seem
even more appealing is going to help. Maybe bump up residuals a little bit or buy consumer
confidence, or maybe they'll just be so cheap they're easy to move. A lease lasts for a period of a few years, often three,
but it can vary. Once you finished your term, you turn the car back in.

There are options to buy out the lease if you want to. Monthly payments are usually lower than for a
purchased car. There are, of course, stipulations to this, like limits
on the number of miles you can drive, often 10,000 or 15,000 per year. That's usually negotiable at a cost at signing. But once you settle on a limit, going above your
allowance is expensive, as much as $0.50 for every additional mile. You might also have to pay extra if you ding the car
up beyond normal wear and tear, but if you can stand that, you'll be driving a brand new vehicle in mint
condition that is less likely to give you problems. Any needed repairs are probably covered by warranty. For the typical consumer out there, no, leasing is probably not a good product. It's a very specific type of buyer that would be
interested in leasing, but there is a contingent out there that it works perfect for.

I don't know the exact numbers, but it's a large portion. Are sales people, you know, people making business calls, and they write off their vehicle as part of their business expenses. You also don't have to worry about selling the vehicle when you want to get rid of it, drive it, and at the end of the term, turn it back in. Simple. Crucially for EVs, swapping out a car every few years is also great for somebody who likes to have the latest and greatest in technology. The lower payments can also get you into a car that would be more expensive to buy. For example, leasing is far more popular in the luxury segment than in the mainstream. On average, EVs are still selling for about $9,000 more than the overall industry average. This may not be a perfect representation of American attitudes, but a survey of a few thousand consumers considering an EV in France, the UK, and Germany found they were twice as

likely to prefer a lease. There are fewer concerns around battery longevity or
the car becoming obsolete as technology improves. They're going to use that leasing because it is the
natural way to get customers to try out this product that are just not going to be willing to slap
down 40 or $50,000 for something. They just have no idea whether this is going to work
for them or not. In addition, the Inflation Reduction Act restricts the
$7,500 tax credit on new EV purchases to cars made in the US, along with some
other criteria. Leasing the vehicle offers a workaround that allows
buyers of foreign made EVs to reap the benefit of this credit. Two prices for EV leases have been extremely
low as of June 24th, 2024. Hyundai advertised a lease deal for its Ioniq
five, which to buy starts at $40,000 for $242 a month for 36 months, with about
3500 due at

signing and a 10,000-mile annual limit. That monthly payment is less than half the average
lease payment for all cars in the US as of May. The Chevrolet Blazer EV, with a starting sticker price
of about $50,000, can be leased for $369 a month for 24 months, again with a $1,679 upfront payment and a total 20,000-mile limit. Polestar, a luxury performance vehicle brand, offers a
lease for $299. In general, leases are a mixed bag for
automakers. You're better off having a customer buy and hold the
vehicle because with extended length of time, they're going to have more, you know, they run past the
warranty, let's say. Right. So you're gonna have repairs, reconditioning,
things like that. On the other hand, leasing is a great way to move
metal, which means get more cars off lots. Especially useful when inventories are high.

While it is taking dealers longer to sell any kind of car, it's taking many more days to sell an EV compared with internal combustion vehicles and hybrids. They are also a great way to get customers hooked on your brand. Loyalty rates for leasing are far higher than they are for purchases. The reason is simple: when you return your car to the dealership, you're providing the dealer with an immediate opportunity to put you in another car. Then the dealer sells the car you turn in on the used market. This is where the trouble is used. EV prices fell 16% year over year in May 2024, compared with just 12% for internal combustion vehicles that same month. Least EVs were expected to hold about 55% of their value, while Ice vehicles were expected to hold closer to 62%. Levy said in his report that current residual rates, what vehicles are expected to be worth after the end of the lease term, might even be optimistic.

Next-gen EVs could be available in just a few years' time or on the horizon. Flood the market with a bunch of leases. What happens? You end up with poor residual values. Kind of creates this vicious cycle. You're going to kill your residuals. It's very hard to dig yourself out of that hole. It's hard to convince a consumer to even buy one of your cars, have it long term, and, you know, drive it till the wheels fall off and build loyalty and build a good impression because you think, oh, these cars are worthless in a couple of years. Automakers using aggressively attractive leasing terms on EVs now could be deferring losses into the future. When those EVs come back to dealerships and have to be sold in a used market where prices are already dropping, they're going to only get worse because you have so many more that will be flooding the market. I think that's where it's like that's one out of whatever it's like two-thirds or so.

like a little over two-thirds of current EVs being sold at dealerships. Those things, they're gonna find their way back into the market in like 2 or 3 years. Um, and that is not going to do nothing but hurt. You know, it's great for adoption purposes. It's great for consumers on the used end. I mean, I love that, right? A bunch of cheap used TVs running around. It's possible it will hurt pure-play EV companies like Tesla more than legacy automakers. For companies like GM or Ford, even if they are increasing discounts on the EVs, the key thing to remember is that they are still, at their core, ICE vehicle manufacturers. And so that yes, even if the EV demand is weak, there is a strong ICE profit stream to support the numbers for the Western OEMs. And specifically in North America, EVs are still, you know, quite loss-making.

for Ford and GM. For instance, Ford is going to lose on their EV unit
this year $5 to $5.5 billion. Just for context, the total business as a whole is
$10 to $12 billion of profit this year. What that means is that ex EVs, this is $16
billion of profit and EVs are $5 billion plus drag. Gm similarly, they don't actually break it out. But on our math, last year they lost $4.5 billion on
their North America EV business, and that was on a business that X strike
would have been $14 billion. So what it tells you is x x the EV losses. It would have been closer to, you know, 18 plus
billion dollars of profit. The popularity of EV leasing is partly striking because
a lot of people say it often isn't the smartest decision. On the one hand, payments and interest rates
are usually lower than what you would pay to finance a

vehicle, but you don't actually own the car you are
paying for, and you are paying for it when it is depreciating fastest. Cars lose about 40 to 50% of their value in the first
three years of ownership. So Alessi is really paying for all that depreciation,
only to turn around and hand the vehicle back in when chances are it's near the bottom of its depreciation
curve. Some advisors advisers say the most financially sound
move in the long run is to buy a car and drive it around until it is no longer worth repairing. Two back to back three-year leases will cost you more
than purchasing a car. Usually that's because cars can last a long time. The average age of the American fleet is nearly 13
years, but for this segment, the advantages for customers and the sheer need automakers have to move
metal are outweighing the negatives. We've gone from an environment that was EV euphoria to
an EV winter.

Like I said, EV euphoria was unlimited demand, capital
markets willing to absorb losses, etc. We're in an EV winter today. Demand is facing a reset. And clearly there is some challenge in pivoting from
the early adopters to the early majority. The real question is how long can it last? Maybe in a year you'll still get a decent EV
lease, but two years from now, three years from now? Debatable.

Why EV Leases Are So Cheap Right Now In The U.S.

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낮은 전기차 리스 가격이 자동차 제조업체에 미치는 영향

전기차 인센티브가 급격히 증가했으며, 현재 가장 파격적인 혜택과 낮은 월 납입금을 제공하는 리스가 전기차 구매의 많은 부분을 차지하고 있습니다.

이러한 높은 인센티브와 리스 증가는 특히 기존 자동차 제조업체의 경우 이미 빠듯한 전기차 마진에 압박을 가하고 있습니다.

많은 양의 전기차 리스는 잠재적으로 중고 전기차 가격을 더욱 하락시켜 향후 자동차 제조업체의 불확실성을 초래할 수 있습니다.

전기 자동차(EV)를 리스하면 월 납입금을 낮추고 보증 수리가 가능한 새 차를 운전할 수 있습니다.

차량을 사업 비용으로 상각할 수 있는 비즈니스 전문가와 최신 기술의 전기차를 선호하는 분들에게 특히 매력적입니다.

리스는 또한 외산 전기차에 대한 조세감면법의 세금 공제 제한에 대한 해결책을 제공하며, 2024년 6월 24일 현재 전기차 리스 가격은 매우 낮게 책정되어 있습니다.

리스가 전기차 시장에 미치는 영향

리스는 더 많은 전기차를 출고하고 고객 충성도를 높일 수 있는 방법이지만, 잔존 가치가 떨어질 수도 있습니다.

전기차는 기존 자동차보다 판매에 더 오랜 시간이 걸리며, 리스 조건으로 인해 손실이 미래로 이연될 수 있습니다.

전기차에 대해 공격적으로 매력적인 리스 조건을 제시하면 중고차 시장에 매물이 넘쳐나고 이미 하락하고 있는 가격이 더 악화될 수 있습니다.

전기차 반납이 시장에 미치는 영향

향후 몇 년 동안 중고 전기차가 대거 시장에 재진입하면 특히 테슬라와 같은 순수 전기차 회사에 부정적인 영향을 미칠 가능성이 높습니다.

내연기관 차량에서 높은 수익을 올리고 있는 GM이나 Ford와 같은 기존 자동차 제조업체는 전기차 수요 약세를 극복할 수 있는 유리한 위치에 있습니다.

전기차 리스가 재정적으로 가장 건전한 선택이 아닐 수 있다는 일부 의견에도 불구하고 전기차 리스의 인기는 주목할 만합니다.

자동차 소유 및 리스의 재정적 영향

리스를 통해 자동차 비용을 지불한다는 것은 가장 빠른 감가상각 기간을 감당하고 궁극적으로 차량의 가치가 가장 낮을 때 차량을 반납한다는 의미입니다.

특히 자동차의 평균 수명을 고려할 때 자동차를 구매하여 장기간 보유하는 것이 여러 번 리스를 이용하는 것보다 비용 효율적입니다.

현재 자동차 업계는 전기차에 대한 높은 수요에서 더 어려운 시장으로 변화하고 있어 전기차 리스의 미래에 대한 의문이 제기되고 있습니다.