EV Company News For The Month Of March 2024

Welcome to the March 2024 edition of Electric Vehicle [EV] company news. YTD 2024 has seen the global plug-in electric car sales ‘growth rate’ slowdown from 30% in 2023 to about 14-17% in Q1, 2024. This is no disaster and is relatively normal for the seasonal slowdown that occurs each year in the first quarter. As a result, we are seeing a price war with many auto OEMs slashing prices, especially in China where the seasonal slowdown is mostly occurring. This should help sales pick up in 2024.

Plug-in electric car sales as of end February 2024

Global plug-in electric car sales were 830,000 in February 2024, up 3% on February 2023 sales. Global plug-in electric car market share in February was 13%, and 14% YTD. (Note: Jan. 2023 did have the Chinese New Year holiday which fell in Feb. in 2024, thereby significantly reducing Feb 2024 YoY growth).

China plug-in electric car sales were 440,000 in February 2024, down 9% on February 2023 sales (due to the timing of CNY falling in Feb. this year). Plug-in electric car market share in China for February was 33%, and 33% YTD.

Europe plug-in electric car sales were 202,000 in February 2024, up 10% YoY, reaching 20% market share and 20% YTD. Norway reached 92.1% share, Sweden 51.8%, Netherlands 35% (not updated this month), Germany 19.3%, France 26.3%, and UK 24.8% in February 2024.

Note: Australia reached 10.6% market share in February 2024.

USA plug-in electric car sales were 110,205 (as reported by Argonne National Laboratory) in February 2024, up 11.4% on February 2023 sales. Plug-in electric car market share in USA for February was 8.83%.

Note: Globally 100% battery electric cars represented 63% YTD (as of end Feb. 2024) market share YTD of all plug-in electric cars sold. The above sales include light commercial vehicles.

Note: An acknowledgement to Jose Pontes and the team at CleanTechnica Sales for their work compiling all the electric car sales quoted above and charts below. Also the team at EV-Volumes for their great work.

Top selling global plug-in sales by auto group for Feb. 2024 (source)

Global EV sales forecasts in the years ahead

Global electric car sales reached 13.7m in 2023 and 16% market share (source)

Bloomberg forecasts 16.7m plug-in electric car sales in 2024 (~20% market share (as of Jan. 2024) (source)

Seeking Alpha’s Trend Investing global electric plug-in car sales forecast (as of April 2024)

	Sales (million)	Market share
2024	17.1	~20%
2025	21.3	25%
2030	47	55%
2035	72	84%

Click to enlarge

Trend Investing comment

We are still only at the extremely early stage of the EV boom – We have still only electrified about 3% of the global fleet of 1.475 billion with a staggering ~97% still to go.

Trend Investing’s global plug-in electric car sales forecast to 2040 (green bars)

Electric vehicles’ share of global car sales forecast (as of Sept. 2023) (source)

EV market news

On March 14 The Financial Times reported: “Zombie car factories on the rise in China as buyers opt for EVs…”

On March 15 TechCrunch reported:

India cuts import taxes on EVs in win for Tesla’s entry plans…India will lower import taxes on certain electric vehicles for companies committing to invest at least $500 million and setting up a local manufacturing facility within three years…Companies must invest a minimum of $500 million in the country and will have three years to establish local manufacturing for EVs with at least 25% of components sourced domestically, according to a government press release on Friday. Firms meeting these requirements will be allowed to import 8,000 EVs a year at a reduced import duty of 15% on cars costing $35,000 and above. India currently levies a tax of 70% to 100% on imported cars depending on their value. The policy change is likely going to pave the way for Tesla to enter India…

On March 15 Bloomberg reported: “China urges EV makers to buy local chips as US clash deepens.” Highlights include:

• “Directive could hurt Nvidia, NXP and other EV chip suppliers.
• Order is a response to US efforts to curb Chinese chip tech.”

On March 18 Bloomberg reported:

China’s super-cheap EVs offer hope for average American buyers. BYD’s sub-$10,000 Seagull electric car sets a new bar for global automakers, forcing Detroit to pivot toward cheaper rides…the prospect of cheap Chinese-made EVs is already causing sleepless nights in Detroit.

EVs sold in China are less than half the price of those being sold in USA (source)

On March 20 Teslarati reported: “Shell to close 1,000 gas stations to focus on EV charging deployment.”

On March 20 RT.com reported:

Biden administration cracks down on gasoline-fueled cars. The US environmental regulator has finalized rules that could force a ninefold increase in the market share of electric vehicles…The US Environmental Protection Agency (EPA) released its new emissions standards for passenger vehicles on Wednesday, laying out limits that will start getting tougher in 2027 and ratchet further downward through 2032. The agency said that under one scenario, its 2032 standard could be met if 56% of new cars and trucks sold are EVs and 13% are plug-in hybrids.

On March 21 Fortune reported: “Renault CEO calls for post-World War II style ‘Marshall Plan’ to halt Tesla-killer BYD’s onslaught…”

On March 26 Bloomberg reported: “Thailand eyes $15 billion in investment after PM’s Global Pitch.” Highlights include:

• “EVs, electronics, digital economy drawing maximum FDI interest.
• Chinese EV makers set to steal lime light in Thai motor show.”

On March 27 Reuters reported: “China opens WTO dispute against US subsidies to protect its EV industry.”

On March 28 Bloomberg reported:

China’s EV market shows the future is already here. Forget everything you’ve heard about how electric vehicles are running out of charge. In the biggest car market, they’re on the brink of victory – and the rest of the world will soon follow…In China, the future has already arrived. Six of the 10 best-selling cars in February came with a plug. Wang Chuanfu, chief executive officer of market-leading EV-maker BYD Co., expects half of all cars sold by the middle of the year to be either battery or plug-in hybrid. You might feel tempted to dismiss that as an executive’s customary bullishness, but the China Passenger Car Association, an industry group, expects such new-energy vehicles to already comprise nearly 46% of sales this month.

On March 28 Bloomberg reported:

Electric cars pass the tipping point to mass adoption in 31 countries. Once 5% of new-car sales go fully electric, everything changes…Including plug-in hybrids, 27 countries have crossed a 10% threshold.

On April 3 CNEVPOST reported:

China’s Mar NEV retail up 80% MoM to 698,000, preliminary CPCA data show…In March, retail sales of passenger NEVs in China totaled 698,000 units, up 28 percent from the same month last year…

EV company news

BYD Co. [SHE: 002594][HK:1211](OTCPK:BYDDY)(OTCPK:BYDDF)

BYD is currently ranked the number 1 globally with 17.3% market share YTD (as of end Feb. 2024). BYD is ranked number 1 in China with 29.2% market share in Feb. 2024.

On March 6 CNEVPOST reported:

BYD refreshes its cheapest model Seagull, lowering prices further. BYD has launched an updated version of the Seagull, lowering the starting price to RMB 69,800, or about $9,700.

The bargain priced BYD Seagull (also called Dolphin-Mini) looks set to be a huge global seller in 2024 (source)

On March 11 CNEVPOST reported:

BYD to launch next-gen PHEV and BEV platforms to make further offensive against petrol cars, report says…the company will update its DM (Dual Mode) hybrid system, as well as its all-electric e-Platform, according to the report… The upcoming e-Platform 4.0 is still aiming to improve the integration of components. With more parts being integrated and fewer wiring harnesses, there will be room for new cost reductions…

On March 20 CNEVPOST reported:

BYD to begin producing EVs in Indonesia in 2026, local official says…BYD plans to invest $1.3 billion to build the plant with a capacity of 150,000 vehicles…BYD is on track to build the facilities on schedule later this year and will establish a local sales network of up to 50 dealerships by the end of 2024.

On March 25 CNEVPOST reported: “BYD sees 7 millionth NEV roll off assembly line.”

On March 25 Bloomberg reported:

BYD takes on EV laggards Toyota, VW with steep China price cuts. Chinese EV giant has lowered prices on more than 100 models. BYD’s budget Seagull hatchback now sells for under $10,000…The automaker is currently discounting almost every electric and hybrid model it sells as part of a marketing campaign declaring “electricity is cheaper than oil.”

On March 26 ABC17News reported:

BYD’s profit soared 80% in the year the Chinese EV giant overtook Tesla…Net profit almost doubled to 30 billion yuan ($4.2 billion) last year, from 16.6 billion yuan ($2.3 billion) in 2022, the Shenzhen-based company said Tuesday… In 2023 as a whole, BYD sold a record 3.02 million vehicles globally, up 62% from 2022. That figure includes 1.44 million plug-in hybrids, which Tesla does not sell. Elon Musk’s carmaker still sold more BEVs last year: 1.8 million to BYD’s 1.57 million…Despite slim margins, the price war doesn’t appear to be abating.

On March 27 Reuters reported:

Chinese EV maker BYD targets 20% jump in annual sales – sources. Chinese electric vehicle maker BYD has set a 3.6- million-unit sales target for 2024, a jump of 20% from its record-breaking sales last year, according to three people who were familiar with the matter. The world’s largest EV manufacturer aims to sell 500,000 vehicles overseas this year, more than double last year’s total, and one million units in 2025…

On March 29 CNEVPOST reported: “BYD’s EV plant in Thailand to start production in Q3 2024.”

On April 1 Seeking Alpha reported: “BYD Q1 vehicle sales climb 14% to 624K.”

On April 4 Bloomberg reported: “BYD plans to launch first electrified pickup truck this year. Electric pickup could challenge Toyota’s HiLux, Ford’s Ranger.”

Tesla Inc. (NASDAQ:TSLA)

Tesla is currently ranked the number 2 globally with 12.4% global market YTD. Tesla is number 5 in China with 6.2% market share in February 2024. Tesla is ranked number 3 in Europe with 11.6% market share in February 2024. Tesla is the number 1 electric car seller in the US by far with 55% market share in 2023.

On March 11 Teslarati reported:

Tesla Lithium Refinery construction making progress…While production was initially expected to begin in the first quarter of this year, ramping throughout the latter half of the year, it appears that the site still has some work to do before the plant becomes operational…The refinery is eventually expected to produce 50 GWh of battery-grade lithium per year.

On March 20 Teslarati reported: “Tesla bot Optimus ready for field tests at factories.”

On March 28 Reuters reported:

Tesla deliveries face hit from China slowdown, soft demand…After years of rapid sales growth that helped turn it into the world’s most valuable automaker, Tesla is bracing for a slowdown in 2024. The company has been slow to refresh its aging models at a time high interest rates have sapped consumer appetite for big-ticket items and rivals in China, the world’s largest auto market, are rolling out cheap models.

On March 30 InsideEVs reported: “Tesla produced its 6 millionth car. It took just over six months to produce the latest million EVs.”

On April 1 Seeking Alpha reported:

Tesla increases some vehicle prices as calendar rolls to Q2. Tesla announced on Monday price increases on certain models in China and the U.S. The Model Y saw a price hike of $1,000 in the U.S. to $44,990, while the price on the Model Y AWD Long Range was increased to $49,990.

On April 2 Seeking Alpha reported:

Tesla slumps 7% after Q1 deliveries miss already-reduced expectations. Tesla (NASDAQ:TSLA) announced on Tuesday that it delivered 386,810 vehicles in Q1 and produced 433,371 vehicles.

On April 3 Seeking Alpha reported: “Tesla to hunt sites in India for proposed $2B-$3B EV facility – report.”

Geely Automobile Holdings Ltd (OTCPK:GELYY, HK:0175), Volvo Cars, Kandi Technologies Group (NASDAQ:KNDI), Proton, Lotus, Zeekr, Lynk. (Note: Volvo Group is a separate company that makes e-trucks & e-buses)

Geely-Volvo is currently ranked number 3 in the global electric car manufacturer’s sales ranking with 8.3% global market share YTD. Geely-Volvo is the number 2nd ranked in China with 9.3% market share in Feb. 2024. Geely-Volvo is 5th ranked in Europe with 9.9% market share in Feb. 2024.

On March 5 Volvo Cars announced:

Volvo Cars reports sales of 50,315 cars in February and highest-ever share of electrified models…This was mainly driven by the ramp-up of the company’s new fully electric small SUV, the EX30. Fully electric cars constituted 22 per cent of all cars sold globally during the month, while the combined sales of fully electric cars and plug-in hybrids accounted for 44 per cent…

On March 11 Electrek reported:

Volvo Cars says its new partner will reduce its EVs’ charging time by 30% Volvo Cars has partnered with Imperial College London spinoff Breathe Battery Technologies to reduce its EVs’ charging time by 30%…

On March 20 Bloomberg reported: “Geely says no order from Government to buy local Auto Chips…”

On March 22 Car News China reported:

Zeekr MIX MPV official images revealed in China. On March 22, Zeekr released the official images of its upcoming MPV called MIX. The official reveal is expected to be at the Beijing Auto Show, which will start on April 25.

On March 27 Volvo Cars announced: “The fully electric Volvo EX30 named 2024 World Urban Car…”

On March 31 Car news China reported: “All New Zeekr 001 received more than 30,000 firm orders one month after launch.”

Volkswagen Group [Xetra:VOW](OTCPK:VWAGY) (OTCPK:VLKAF)/ Audi / Lamborghini/ Porsche (OTCPK:POAHF)/ Skoda/ Bentley

‘Volkswagen Group’ is currently ranked the number 4 top-selling global electric car manufacturer with 6.5% market share YTD, and 1st in Europe with 19.5% market share in Feb. 2024.

On March 7 Volkswagen announced:

Electrical variability: Volkswagen starts pre-sales of the new ID.7 Tourer. The first all-electric estate car from Volkswagen can now be configured in Germany at prices starting at 54,795 euros…

On March 14 Reuters reported:

Volkswagen holds out prospect of entry-level EV by 2027. Volkswagenon Thursday held out the prospect of launching an entry-level electric vehicle by 2027, with VW brand chief Thomas Schaefer saying the company would decide in coming weeks which model to move forward with. Four project teams are currently working on proposals for the vehicle, which has the working title ID.1, Schaefer said at a group presentation, where a representative vehicle was on display. Slides from a presentation indicated the vehicle could be ready by 2027.

On March 19 Audi announced:

Audi Q6 e-tron. The Audi Q6 e-tron¹ marks the start of a new generation of electrically powered vehicles at Audi…The Audi Q6 e-tron quattro: Combined power consumption in kWh/100 km: 19.4 -17.0 (WLTP); CO₂ emissions combined in g/km: 0; CO₂-class A is the first production model based on the Premium Platform Electric (PPE)…

Audi Q6 e – tron quattro (source)

On March 21 Volkswagen announced: “World premiere of the new ID. Buzz GTX with 4MOTION all-wheel drive.”

On March 28 Electrek reported: “Porsche retires gas-powered Boxster and Cayman in the EU with all-electric model coming…”

SAIC Motor Corporation Limited [SAIC] [CH:600104] (SAIC includes Roewe, MG, Baojun, Maxus), Wuling Automobile JV (SAIC 51%, GM 44%, Guangxi 5.9%)

SGMW (SAIC-GM-Wuling Automobile) is number 5 globally with 6.4% market share YTD. SAIC/GM/Wulin JV [SGMW] plus SAIC is 3rd in China with 8.9% share in Feb. 2024.

On March 6 SAIC Motor announced:

SAIC Motor’s smart models shine at Geneva International Motor Show. SAIC Motor’s self-owned brands, IM Motors and MG Motor, have made a joint appearance at the ongoing Geneva International Motor Show (GIMS) in Geneva, Switzerland. A total of 10 intelligent and electric new cars, including IM L6 and MG3 HEV, showcasing the innovative strength of Chinese smart manufacturing to the world…

On March 6 SAIC-GM-Wuling announced:

SAIC-GM-Wuling launches Wuling Binguo PLUS. SAIC-GM-Wuling today added the Wuling Binguo PLUS to the joint venture’s five-door all-electric hatchback family. The latest edition of the Binguo comes with numerous upgrades in EV range, body dimensions, driving experience and safety features. Two Binguo PLUS variants with an extended EV range of 401 km and 510 km are priced at RMB 89,800 and RMB 98,800. Relying on the advantages of the original platform’s architecture, the Binguo PLUS has adopted a longer wheelbase of 2,560 mm and a larger sunken trunk with 1,450 liters of capacity. Cool touches such as its floating roof and new five-spoke wheels cater to the aesthetic preferences of trendy consumers.

Wuling Binguo PLUS (source)

On March 13 SAIC Motor announced:

SAIC Motor reports robust sales in Jan-Feb…Specifically, retail sales of new energy vehicles (NEVs) reached 155,000, a year-on-year growth of 56.5 percent, while overseas market retail sales reached 165,000, up 18.8 percent year-on-year. The proportion of sales from SAIC Motor’s own brands exceeded 55 percent of the group’s total volume.

On March 25 CNEVPOST reported:

IM Motors says its new L6 model to feature solid-state batteries with over 1,000 km range…IM Motors, the electric vehicle [EV] arm of SAIC Motor Corp, will equip its new model, the IM L6, with solid-state batteries that will give the vehicle a range of more than 1,000 kilometers. The IM L6 will be built on a quasi-900 V high-voltage platform and will be the industry’s first to carry an ultra-fast-charging solid-state battery in a production vehicle.

Stellantis N.V. (NYSE:STLA) (merger Fiat Chrysler Group (FCA) and the Peugeot Group (PSA)) Ferrari (Jeep, Chrysler, Dodge, and RAM are all owned by FCA)

Stellantis Group is currently ranked the number 6 in the global electric car manufacturer’s sales with 4.4% global market share YTD. Stellantis is ranked 2nd in Europe with 12.2% market share in Feb. 2024.

On March 6 Stellantis N.V. announced: “Stellantis announces €5.6 billion investment in South America, marking the largest investment in the Region’s Automotive Industry.” Highlights include:

• “Investment will support more than 40 new products, development and production of decarbonization technologies, and new business opportunities.
• Announcement reaffirms Stellantis’ commitment to regional growth and will help the Company achieve its Dare Forward 2030 carbon net zero objectives.
• Stellantis is the sales leader in Brazil and South America, 31.4% and 23.5% market share, respectively.”

On March 19 Stellantis N.V. announced: “Stellantis and California partner to drive carbon emissions reduction efforts.” Highlights include:

• “…Customers across the U.S. will benefit from having full access to the five plug-in hybrids and two battery electric vehicles available now, with eight new battery electric vehicles coming this year.
• Stellantis will continue its efforts that promote electric vehicle awareness, expand charging infrastructure and drive dealer readiness.”

On March 22 Reuters reported: “Exclusive: China’s Leapmotor to build EVs at Stellantis’ Polish plant, sources say…”

On March 23 Bloomberg reported: “Stellantis to cut 400 jobs in US amid shift to EVs…”

BMW (OTCPK:BMWYY), Mini, Rolls-Royce

BMW Group is currently ranked the number 7 global electric car manufacturer with 4.0% global market share YTD. BMW Group is ranked 4th in Europe with 10.9% market share in Feb. 2024.

On March 14 BMW Group announced: “BMW Group continues on profitable growth course.” Highlights include:

• “…Percentage of BEV deliveries of 15% in 2023, as forecast.
• EU fleet CO2 emissions at 102.1 g/km (WLTP) ‒ well below 128.5 g/km limit.
• Dividend of € 6.00 per share of common stock proposed.”

On March 21 BMW Group announced: “Strong today, strong tomorrow: BMW Group maintains course for successful future, building on strong 2023.” Highlights include:

• “Automotive EBIT significantly higher in 2023.
• EBIT margin of 8-10% forecast for 2024.
• Capital expenditure to peak in 2024, as planned.
• NEUE KLASSE in the starting blocks: Testing already underway.
• BMW Vision Neue Klasse X highlights broad spectrum: NEUE KLASSE offers customers wide choice of models.
• Over two million electrified vehicles already on roads.”

On March 21 Reuters reported:

BMW targets steady 2024 margins as electric spending peaks. Fully-electric cars made up 15% of sales last year and the company said sales were up by a “significant double-digit percentage” so far this year…The 2023 margin, reported last week, fell short of expectations due to higher costs. BMW also had to slash dividends as consolidation of its Chinese joint venture weighed on the bottom line.

On March 21 Bloomberg reported:

BMW unveils new concept electric SUV to take on Tesla, Mercedes-Benz. Meet the BMW Vision Neue Klasse X, coming in 2025.

BMW Vision Neue Klasse X – Inform (03/24) (source)

On March 27 BMW Blog reported:

BMW on track to meet U.K. EV compliance. The U.K.’s ambitious Zero Emission Vehicle (ZEV) mandate has set the country on a path towards a significant transformation in the automotive industry, aiming to lead the global switch to electric vehicles. This mandate establishes that by 2030, 80% of new cars and 70% of new vans sold in Great Britain must be zero-emission, with the goal reaching 100% by 2035…BMW’ sales of the full-electric i4 in the U.K. increased by nearly 400 percent to 896 in February. The BMW i4 remains an extremely popular global product. BMW UK also sells the iX1, iX2, iX3, i5, i7 and iX electric models. In February, Tesla reclaimed its position as the frontrunner in the battery electric vehicle (BEV) market, demoting BMW to the second slot. MG Motors secured the third position in this competitive ranking…

Hyundai (OTC:HYMTF), Kia

Hyundai-Kia Group is currently ranked number ~8 (not updated last month) in the global electric car manufacturer’s sales ranking with 3.1% market share YTD.

On March 4 Kia announced:

Kia announces February 2024 global sales results…The company aims to bolster its initiatives further and achieve sustainable growth through its global EV leadership…

On March 5 Reuters reported:

Korea’s Kia, Thailand in talks over building new EV facility, sources say. South Korean car maker Kia Corp is in talks with Thailand to build an electric vehicle facility in the Southeast Asian country, two government sources said on Tuesday, as the latter bids to be a top EV maker in the region…

On March 6 Hyundai announced: “Hyundai IONIQ 5 named among list of 2024 parents Best Family Cars Awards.”

On March 11 CarScoops reported:

Kia targets mainstream EV buyers with smaller, affordable EV3 and EV4. The two models could be priced under $40,000 and should land in 2025 (EV3) and 2026 (EV4)…

On March 27 Electrek reported:

Hyundai reveals ambitious $50 billion investment to secure a top 3 spot in the EV market. Hyundai announced a massive $50 billion (68 trillion won) investment to secure its position as the auto market transitions to EVs. The Korean automaker will hire 80,000 people in Korea to help it become a top-three EV maker by 2030…

On March 28 Reuters reported:

Hyundai Motor doubles down on EVs as it ramps up investment in Korea. Hyundai Motor Group said on Wednesday it will invest 68 trillion won ($51 billion) over three years in South Korea to ramp up electric vehicle production and new mobility business…More than half of the investment, or 35.5 trillion won, will be allocated for new research and development infrastructure and assembly lines for EVs…In the U.S., Hyundai said in November it was investing $12.6 billion for new dedicated EV and battery manufacturing facilities in Georgia – the largest investment outside South Korea.

Li Auto (LI) [HK:2015]

Li Auto is currently ranked number ~9 (not updated this month) in the global electric car manufacturer’s sales ranking with 2.7% market share YTD.

On March 1 Li-Auto announced:

Li Auto Inc. February 2024 delivery update. Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced that the Company delivered 20,251 vehicles in February 2024, up 21.8% year over year…

On March 1 Li-Auto announced:

Li Auto Inc. hosts 2024 Spring Launch Event…and officially launched Li MEGA, its high-tech flagship family MPV. As the Company’s first high-voltage battery electric vehicle, Li MEGA provides big families with a blend of energy replenishment experience…At the event, the Company also launched its 2024 Li L7, Li L8, and Li L9 models, which further enhance product capabilities through upgrades in the range-extension system, chassis system, safety features, comfort configurations, and vehicle intelligence to better meet the needs of family users. Deliveries of Li MEGA and 2024 Li L7, Li L8, and Li L9 will commence in March 2024.

Li MEGA (source)

On March 21 Li-Auto announced:

Li Auto Inc. updates first quarter delivery outlook…Due to lower-than-expected order intake, the Company now expects its vehicle deliveries for the first quarter of 2024 to be between 76,000 and 78,000 vehicles, revised from the previous vehicle delivery outlook of between 100,000 and 103,000 vehicles.

Chongqing Changan Automobile [SHE:000625] (“Changan”)

Changan is currently ranked the number ~10 (not updated this month) in the global electric car manufacturer’s sales with 2.1% global market share YTD. Changan is 4th in China with 6.6% share in Feb. 2024.

On March 18 iChongqing reported:

Changan Automobile shares EV achievements with the World | Insights… Concerning Changan’s global expansion, Zhu outlined the “Vast Ocean Plan” with ambitious goals by 2030: overseas investments exceeding $10 billion, sales surpassing 1.2 million units, adding 10,000 overseas employees, and establishing Changan as a world-class auto brand.

On March 18 CNEVPOST reported:

Changan’s NEV unit Deepal unveils off-road SUV G318…Deepal, the new energy vehicle (NEV) unit of Changan Automobile, today unveiled a new model, the G318, targeting the hardcore off-road SUV market. The G318, Deepal’s third model after the SL03 sedan and S7 SUV, is an extended-range electric vehicle (EREV).

On March 30 CNEVPOST reported: “Changan’s EV arm Avatr launches updated Avatr 12 electric sedan with 11.6% lower starting price.”

Mercedes-Benz Group [GER:MBG] (OTCPK:MBGAF) (OTCPK:MBGYY) (Smart – 50% JV between Mercedes-Benz Group & Geely) (NB: Daimler was renamed to Mercedes-Benz Group)

Mercedes-Benz Group is ranked 6th in Europe with 9.2% market share in Feb. 2024.

On March 5 Mercedes-Benz announced: “The new EQV and V-Class from Mercedes-Benz – even more classy.”

The new EQV and V-Class from Mercedes-Benz (source)

On March 15 Mercedes-Benz announced:

VISION EQXX once again delivers groundbreaking energy efficiency of 7.4 kWh/100 km[1] on electric journey from Riyadh to Dubai.

On March 21 Mercedes-Benz announced:

Mercedes-Maybach EQS SUV now also launched in Europe…Following its market launch in the U.S., the Mercedes-Maybach EQS 680 SUV…is now also available to order from sales partners in Germany and other European markets…

On March 23 Mercedes Blog reported:

Mercedes GLC EV will arrive in 2026 as a successor to the Mercedes EQC. The electric equivalent of the Mercedes GLC will replace from 2026 the Mercedes EQC, which went out of production last year.

GAC Group (Guangzhou Automobile Group Co. Ltd.)

On March 3 CNEVPost reported:

GAC Aion adds new trim to Aion Y Plus, drops price by 17%. The new Aion Y Plus starts at RMB 99,800, RMB 20,000 lower than the previous entry-level price…

On April 3 CNEVPOST reported: “GAC Aion announces entry into Indonesia, plans to build local plant.”

Great Wall Motors [SHE:601633] [HK:2333] (OTCPK:GWLLF) (OTCPK:GWLLY) [ORA]

On March 19 Great Wall Motors announced: “Indonesian Media hails GWM Intelligent New Energy Vehicles…”

On March 29 CNEVPost reported: “Great Wall Motor reportedly brings in DeepRoute as 2nd smart driving supplier…”

Ford (NYSE:F)

On March 19 Electrive reported:

Ford may be planning a compact electric car for 25,000 dollars. There are new details about Ford’s announced EV platform for smaller, more affordable electric vehicles. According to a media report, the first model based on the new platform will launch at the end of 2026 and cost around 25,000 US dollars…

On March 26 Ford announced: “Ford and Allego partner to electrify European Dealership Network with Ultra-Fast Charging.”

On March 26 Ford announced: “New all-electric Ford Explorer completes a record-setting 30,000 km drive around the world, goes on sale…”

On March 28 The Washinton Post reported:

About 1,400 workers at Ford electric pickup plant to transfer or take retirement offers next week. About 1,400 workers at a Ford factory in Michigan that makes the F-150 Lightning will move to new jobs or take retirement packages next week as sales of the electric pickup trucks slow. The changes announced in January will take effect Monday, Ford spokeswoman Jessica Enoch said.

NIO Inc. (NIO)

On March 1 NIO Inc. announced: “NIO Inc. provides February 2024 delivery update. NIO delivered 8,132 vehicles in February 2024.”

On March 5 NIO Inc. announced:

NIO Inc. reports unaudited fourth quarter and full year 2023 Financial Results. Quarterly total revenues reached RMB17,103.2 million (US$2,408.9 million). Quarterly Vehicle Deliveries were 50,045 units. Full year total revenues reached RMB55,617.9 million (US$7,833.6 million). Full year vehicle deliveries were 160,038 units.

On March 14 CNEVPOST reported:

Nio signs deal with CATL to jointly develop long-life batteries. CATL will also plan and develop battery systems of longer service lives for Nio’s upcoming models…CATL has developed core technologies such as slow capacity attenuation, self-repairing Solid Electrolyte Interphase (SEI) film and lithium supplement, to extend the service life of vehicle batteries, Nio said.

On March 16 CNEVPOST reported:

Nio launches new 75-kWh battery pack using only LFP cells, expected to further reduce costs. The new 75-kWh battery pack will not use both LFP cells and ternary cells like its predecessor and will begin deliveries soon with the 2024 models…The 75-kWh standard range battery pack now utilizes LFP cells manufactured by CATL…

On March 27 NIO Inc. announced:

NIO Inc. prudently adjusts first quarter 2024 delivery outlook…Based on the most recent business update, the Company expects to deliver approximately 30,000 vehicles in the first quarter of 2024, revised from the previous outlook of 31,000 to 33,000 vehicles.

On April 3 Car News China reported: “Nio rolls out first mass-produced 150 kWh semi-solid battery pack.”

XPeng Inc. (Xiaopeng Motors) (XPEV) [HK:9868]

On March 1 XPeng Inc. announced:

XPENG announces vehicle delivery results for February 2024…In February 2024, XPENG delivered 4,545 Smart EVs. Deliveries of XPENG X9 reached 1,448 units, with nearly 4,000 units of X9 delivered in the first two months of its launch, achieving a leading position in the electric MPV segment as well as in the three-row seater BEV segment. With the capacity ramp-up and the debottlenecking of certain components’ supply post-Chinese New Year, we will accelerate the delivery of the X9 in March.

On March 16 CNEVPOST reported:

Xpeng to launch new brand within 1 month, targeting lower-priced market…between RMB 100,000 and RMB 150,000…aimed at the global market…under the project name Mona

On March 19 XPeng Inc. announced: “XPENG reports fourth quarter and fiscal year 2023 unaudited financial results.” Highlights include:

• “Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB45.70 billion (US$6.44 billion) as of December 31, 2023.
• Quarterly total revenues were RMB13.05 billion, a 53.0% increase quarter-over-quarter.
• Quarterly gross margin was 6.2%, an increase of 8.9 percentage points quarter-over-quarter.
• Full year vehicle deliveries reached 141,601, a 17.3% increase year-over-year.
• Full year revenues reached RMB30.68 billion.
• Full year gross margin was 1.5%, a decrease of 10.0 percentage points year-over-year.”

General Motors (GM), Chevrolet

On March 8 Green Car Reports reported:

GM cuts 2024 Chevy Blazer EV price by thousands, resumes sales…GM announced Friday that it’s dropping prices by up to $6,520 on its 2024 Chevrolet Blazer EV, while resuming sales and deliveries of the model to customers. The Blazer EVs once again reaching customers have been given “significant software updates,” according to Chevrolet. Examples include updates to the ambient lighting system and gauge-cluster graphics for battery percentage…

On March 28 Electrek reported:

GM in talks with CATL to license cheaper LFP EV battery tech and joint North American plant…According to a new report from CarNewsChina, GM is in talks with CATL to license its LFP battery tech. The plans also reportedly include building a joint North American factory to make the batteries. Details are scarce, but the plant will likely be in the US or Mexico. It will be similar to the agreement between CATL and rival Ford. Ford announced a $3.5 billion investment last February to build a new LFP plant (BlueOval Battery Park Michigan).

Renault [FR:RNO] (OTC:RNSDF)/ Nissan (OTCPK:NSANY)/ Mitsubishi (OTCPK:MMTOF)

On March 15 Nissan Motor Corporation announced:

Nissan and Honda to start feasibility study of strategic partnership. Partnership aimed towards a future of electrified and intelligent mobility…”

On March 18 Nissan Motor Corporation announced:

Nissan and Mitsubishi Corporation agree to explore new business in next-generation-mobility and energy-related services utilizing EVs…”

On March 25 The Guardian reported:

Nissan to cut cost of making electric cars by nearly a third by 2030. Japanese carmaker aims to take on Chinese rivals, launching 16 EVs in the next three years.

On March 27 Reuters reported: “Nissan will invest in Renault’s Ampere in pursuit of global EV roadmap, CEO says…”

On March 29 Reuters reported: “Renault to invest $320 million, hire 550 workers to make electric vans in Northern France.”

Hozon New Energy Automobile Co. (private) (owns Neta)

On March 26 PR News reported: “400,000th vehicle achieved by NETA: a milestone in mass production…”

On March 28 PR News reported:

NETA V-II makes stunning debut at Bangkok as brand continues flourishing in Thailand. On March 25th, NETA Auto unveiled its five-seater spacious smart pure electric SUV, the NETA V-II, at the bustling Bangkok International Auto Show in Thailand. This model, with its trendy design and exceptional performance, has emerged as a rising star in Thailand’s new energy vehicle sector.

Rivian Automotive (RIVN)

On March 7 Rivian Automotive announced:

Rivian introduces R2, R3, and R3X built on new midsize platform…Pricing for R2 is expected to start around $45,000, and R3 will be priced below R2, making Rivian vehicles more accessible to more people…

On March 7 The New York Times reported:

Rivian will delay construction of a $5 billion factory in Georgia. The money-losing electric vehicle company, which makes vans, trucks and S.U.V.s, is trying to preserve cash as it works to produce and sell more affordable vehicles…

Lucid Group (LCID)

On March 25 Lucid Group announced: “Lucid Group, Inc. announces investment of $1.0 billion by an affiliate of PIF…”

Beijing Automotive Group Co. (BAIC)(includes Arcfox) [HK:1958) (OTC:BCCMY)

On March 11 CNEVPost reported: “Huawei and BAIC’s joint brand expected to unveil 1st model at Beijing auto show, report says.”

On March 12 Car News China reported: “BAIC joins hands with CATL and Xiaomi Auto to build intelligent battery cell manufacturing plant.”

Xiaomi [HK:1810] (OTCPK:XIACF)

On March 19 CNEVPOST reported: “Xiaomi unveils its EV factory as 1st model 9 days away from launch.”

On March 28 Car News China reported:

Xiaomi SU7 launched with 830 km range, starts at 29,900 USD. Xiaomi SU7 launched in three versions in China, with a price range of 215,900 – 299,900 yuan (29,900 – 41,500 USD). The all-electric sedan already hit 59 stores in 29 cities around China, and deliveries will start at the end of April.

Xiaomi SU7 all-electric sedan launched in China (source)

On March 30 Car News China reported:

Xiaomi SU7 sold out for 2024 within 24 hours. Xiaomi announced it received 88,898 firm orders for the SU7 within 24 hours following the launch…As the SU7 homologation filings revealed, Xiaomi uses a state-owned Beijing Automotive Industry Holding Co. (BAIC) as a contract manufacturer…customer deliveries will start by the end of April…The Xiaomi Beijing plant has an annual production capacity of 150,000 vehicles in the first phase, increasing to 300,000 vehicles in the second phase. Considering that production hasn’t yet reached total capacity, Xiaomi will have eight months of full production in 2024, which means it can produce about 100,000 cars.

On April 3 CNEVPOST reported: “Xiaomi says SU7 gets over 100,000 orders as deliveries begin.”

Fisker Inc. (FSR)

On March 18 Fisker Inc. announced: “Fisker announces receipt of financing commitment of up to $150 million and provides business update.” Highlights include:

• “Funding will be organized in four tranches and is being provided by the holder of the company’s 2025-dated convertible notes.
• Fisker is in continuing negotiations with a large automaker for a potential transaction to develop EV platforms and to manufacture in the US.
• Fisker has delivered approximately 1,300 vehicles in 2024.”

On March 27 Fisker Inc. announced: “Fisker announces reduced MSRP in U.S. on many 2023 Model Year vehicles.” Highlights include:

• “Fisker reduces US MSRP on the 2023 Ocean Extreme trim from $61,499 to $37,499.
• 2023 Fisker Ocean Ultra trims reduced from $52,999 to $34,999 MSRP, and 2023 Sport trims from $38,999 to $24,999 MSRP.
• Fisker is strategically positioning Ocean to be a more affordable and compelling EV choice, competitively available to EV buyers.”

Toyota (NYSE:TM)/ Lexus

On March 26 Reuters reported:

Japan’s Toyota (7203.T) plans to mass-produce a battery electric Hilux pickup truck by the end of 2025, the president of its Thailand unit said on Tuesday…

On March 27 Toyota announced: “PEVE to change name to TOYOTA BATTERY Co., Ltd. and produce batteries for a wide range of electric vehicles.”

Tata Motors (TTM) group (Jaguar, Land Rover)

On March 5 Drive Tesla Canada reported: “Jaguar to end production of gas-powered models by June 2024 in shift to all-electric lineup.”

On March 15 Reuters reported:

Cars are moving into the fast lane for Tata…the latest plan to separate the company’s commercial vehicles and its passenger vehicles into two listed entities signals confidence in an important turnaround…

On March 27 Tata Motors announced:

Tata Passenger Electric Mobility and Hindustan Petroleum Corporation Ltd partner to optimize EV charging infrastructure…

GreenPower Motor Company Inc. [TSXV:GPV] (GP)

On March 5 GreenPower Motor Company Inc. announced:

GreenPower delivers all-electric BEAST School Bus to Phoenix Elementary School District in Arizona Marking the Company’s first delivery in Arizona…

Workhorse Group Inc. (WKHS)

On March 12 Workhorse Group Inc. announced:

Workhorse Group reports fourth quarter and full year 2023 results… Sales, net of returns and allowances, for the fourth quarter of 2023 were $4.4 million compared to $3.4 million in the same period last year. The increase was primarily due to increased vehicle sales as well as Stables by Workhorse and DaaS revenue contributions. Cost of sales decreased to $18.1 million from $21.2 million in the same period last year, primarily driven by a reduction in disposal costs for the discontinued C1000 program…As of December 31, 2023, the Company had $ 25.8 million in cash and cash equivalents, as well as restricted cash balance of $10.0 million.

On March 19 Workhorse Group Inc. announced:

Workhorse strengthens financial position with Convertible Note Transaction…in an aggregate principal amount of up to $139 million and warrants to purchase shares of common stock in multiple tranches over a period beginning on March 15, 2024…

Lion Electric (LEV)

On March 14 Lion Electric announced:

Lion Electric honored with mHUB Chicago’s Manufacturer of the Year Award. North American company delivers cutting-edge electric vehicle solutions, focused on safety and clean transportation…

Honda [TYO:7267] (HMC) (OTCPK:HNDAF) AFEELA (Sony Honda Mobility JV)

On March 15 Honda announced:

Nissan and Honda to start feasibility study of strategic partnership. Partnership aimed towards a future of electrified and intelligent mobility…

On March 20 Automotive News Canada reported:

Honda to build EV at Ont. plant and likely add battery output, forecaster says. ‘Yes, they currently have plans for an EV in Canada. And they’re going to need to upgrade their own plants and likely get local supplies of batteries,’ says Sam Fiorani.

Mazda (OTCPK:MZDAY)

On March 29 Mazda announced: “Panasonic Energy and Mazda enter agreement towards supply of cylindrical automotive lithium-ion batteries.”

EV & battery ETF

• The Amplify Lithium & Battery Technology ETF (BATT) is a broad based EV related fund worth considering. On their website they state: “BATT is a portfolio of companies generating significant revenue from the development, production and use of lithium battery technology, including: 1) battery storage solutions, 2) battery metals & materials, and 3) electric vehicles.

Other EV or EV related companies

Other EV companies we are following include Atlis Motors, Ayro Inc. (AYRO), Blue Bird Corporation (BLBD), Blink Charging (BLNK), Byton (private), Canoo Holdings (GOEV), Chery Automobile Co. Ltd. (private), Chongqing Changan Automobile [SHE:000625], Didi Chuxing, Electric Last Mile Solutions Inc. (“ELMS”) (ELMS), Dongfeng Motor Group Company Limited [HK:0489] (OTCPK:DNFGF), Envirotech Vehicles (EVTV), Ferrari NV (RACE), Guangzhou Automobile Group Co., Hyliion Holdings (HYLN), Ideanomics Inc. (IDEX), Mahindra & Mahindra (OTC:MAHMF), Nikola Corporation (NKLA), Niu Technologies (NIU), Qiantu Motor, Sono Group N.V (SEV), Subaru (OTCPK:FUJHY), Suzuki Motor Corp. [TYO: 7269] (OTCPK:SZKMY) (OTCPK:SZKMF), VinFast (NASDAQ:VFS), WM Motor, and Zhi Dou (private).

The list of countries and cities banning (or planning to ban) petrol and diesel vehicles include at least:

• Norway (2025); Netherlands, Denmark, Sweden, Iceland, Greece, Ireland, Israel (2030); Scotland (2032); Hong Kong (2030-40); UK, EU, Germany, Japan, Canada (2035); France, Spain, Egypt, Taiwan, Singapore, India, New Zealand and Poland (2040).
• Rome (2024); Athens, Paris, London, Stuttgart, Mexico City, Madrid (2025); Amsterdam, Brussels, Hainan (2030); California, New York, Quebec Province (2035); Sao Paolo, Seoul (2040).

Note: Wikipedia has an excellent list showing the phase out of fossil fuels in various cities and countries.

ICE vehicle phase out target dates

Note: Great Britain is now 100% EVs by Government sets out path to zero emission vehicles by 2035, noting they also have an 80% EVs target by 2030.

Conclusion

February 2024 global plug-in electric car sales were 830,000 up 3% YoY and reached 13% global market share; 33% share in China, 20% in Europe, and 8.83% in USA.

Note: Chinese New Year falling in Feb. 2024 lowered the Global and China numbers significantly.

Highlights for the month were:

• Zombie car factories on the rise in China as buyers opt for EVs.
• India cuts import taxes on EVs in win for Tesla’s entry plans.
• China’s super-cheap EVs offer hope for average American buyers. The prospect of cheap Chinese-made EVs is already causing sleepless nights in Detroit.
• Shell to close 1,000 gas stations to focus on EV charging deployment.
• Biden administration cracks down on gasoline-fueled cars. The US environmental regulator has finalized rules that could force a ninefold increase in the market share of electric vehicles.
• China opens WTO dispute against US subsidies to protect its EV industry.
• China’s EV market shows the future is already here. China electric car sales are at 46% market share, forecast to be at 50% by the middle of this year.
• Bloomberg – 100% electric cars pass the tipping point (5% market share) to mass adoption in 31 countries. Including plug-in hybrids, 27 countries have crossed a 10% threshold.
• BYD takes on EV laggards Toyota, VW with steep China price cuts. BYD refreshes its cheapest model Seagull, lowering prices further. BYD to begin producing EVs in Indonesia in early 2026, local official says. BYD’s net profit soared 80% last year to 30 billion yuan ($4.2 billion). Delivers 7th millionth electric car. Targets 3.6m sales in 2024.
• Tesla bot Optimus ready for field tests at factories. Delivers 6th millionth electric car. Tesla slumps after Q1 deliveries miss.
• Volvo Cars combined sales of fully electric cars and plug-in hybrids accounted for 44% of their sales in February. Geely – New Zeekr 001 received more than 30,000 firm orders one month after launch.
• Volkswagen holds out prospect of entry-level EV by 2027. Porsche retires gas-powered Boxster and Cayman in the EU with all-electric model coming.
• SAIC-GM-Wuling launches Wuling Binguo PLUS. SAIC – IM Motors says its new L6 model to feature solid-state batteries with over 1,000 km range.
• Stellantis announces €5.6 billion investment in South America. Stellantis to cut 400 jobs in US amid shift to EVs.
• BMW unveils new concept electric SUV (Vision Neue Klasse X), coming in 2025.
• Hyundai Motor reveals ambitious $50 billion investment to secure a top 3 spot in the EV market. Kia Corp is in talks with Thailand to build an EV facility. Kia targets mainstream EV buyers with smaller, affordable EV3 and EV4.
• Li-Auto delivered 20,251 vehicles in February 2024, up 21.8% YoY. Launched Li MEGA, its high-tech flagship family MPV.
• Changan’s NEV unit Deepal unveils off-road SUV G318.
• Mercedes GLC EV will arrive in 2026 as a successor to the Mercedes EQC.
• Jaguar to end production of gas-powered models by June 2024 in shift to all-electric lineup.
• GAC Aion Y Plus drops price by 17%. Announces entry into Indonesia, plans to build local plant.
• Ford may be planning a compact electric car for 25,000 dollars.
• Nio signs deal with CATL to jointly develop long-life batteries, launches new 75-kWh battery pack using only LFP cells.
• Xpeng to launch new brand within 1 month, targeting lower-priced market.
• GM cuts 2024 Chevy Blazer EV price by up to $6,520, resumes sales. GM in talks with CATL to license cheaper LFP EV battery tech and joint North American plant.
• Nissan to cut cost of making electric cars by nearly a third by 2030.
• Rivian introduces R2, R3, and R3X built on new midsize platform. Rivian will delay construction of a $5 billion factory in Georgia.
• Huawei and BAIC’s joint brand expected to unveil 1st model at Beijing auto show.
• Xiaomi SU7 launched in China with 830 km range, starts at 29,900 USD. Xiaomi SU7 sold out for 2024 within 24 hours.
• Fisker announces receipt of ‘financing commitment’ of up to $150 million, slashes prices to clear 2023 inventory.
• Toyota plans to mass-produce a battery electric Hilux pickup truck by the end of 2025.
• Jaguar to end production of gas-powered models by June 2024 in shift to all-electric lineup.
• Nissan and Honda to start feasibility study of strategic partnership. Honda plans to build EV’s at Ontario Canada plant and likely add battery output.

As usual all comments are welcome.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.