PSNY - EV Company News For The Month Of February 2023

2023-03-04 06:31:40 ET

Summary

• Global electric car sales Jan. 2023 were up 10% YoY to 11% share. China sales down 8% YoY to 26% share. Europe up 3% YoY to 17% share.
• EV market news - Rho Motion forecasts over 14 million global BEV and PHEV sales in 2023. No more fossil-powered taxis in Hamburg starting in 2025.
• EV company news - Stellantis delivers record full year 2022 results; Global BEV sales up 41%. Vietnam's VinFast is on track to start production in the U.S. in 2024.

Welcome to the February 2023 edition of Electric Vehicle [EV] company news.

February saw January global plugin electric car sales rise 10% year on year with the usual seasonal slowdown occurring in Q1, notably this year in China as EV subsidies ended. It was a very busy month of news from the EV manufacturers leading up to the March 1 Tesla 2023 Investor Day.

Global electric car sales as of end January 2023

Global plugin electric car sales were 662,000 in January 2023, up 10% on January 2022 sales. Global plugin electric car market share in January was 11% , and 11% YTD.

China plugin electric car sales were 343,000 sales in January 2023, down 8% on January 2022 sales. Electric car market share in China for January was 26% , and 26% YTD.

Europe plugin electric car sales were 158,000 in January 2023, up 3% YoY, reaching 17% market share and 17% YTD. Norway reached 76% share, Sweden 52% , Netherlands 27% , Germany 15% , France 22% , and UK 20% share in January 2023.

USA plugin electric car sales were reported by CleanTechnica stating on February 1, 2023: "Monthly sales of new plug-in electric vehicles [PEV], including all-electric vehicles (EV) and plug-in hybrid electric vehicles [PHEV], reached 7.4% of all light-duty sales in September 2022, exceeding a 7% share for the first time." Another recent report stated USA 'fully electric' car sales in 2022 averaged 5.7% market share, rising by 65% on 2021.

Regarding areas of great EV growth CleanTechnica quoted :

The global market kept on growing, thanks to markets like the USA (+118% YoY), Belgium (+75%), Japan (+104%!), India (+256%!!), and Australia (+352%!!!) being on the upswing.

Note: 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 auto brands January 2023 ( source )

Global EV sales forecasts in the years ahead

Global electric car sales reached 10.522m in 2022 and 13% market share ( source )

Note: 73% of electric car sales in 2022 were 100% battery electric vehicles (BEVs), and 27% were being plugin hybrids.

Bloomberg breakdown of EV sales by year and region ( source ) - Forecasts 13.6m plugin electric car sales in 2023

Note: Trend Investing's forecast for 2023 is about 14.4m sales (17.5% market share).

Global plugin electric car sales forecast to grow exponentially this decade

BloombergNEF forecasts (as of mid 2022), "plug-in electric vehicles sales rise from 6.6 million in 2021 to 20.6 million in 2025" and "by 2025, plug-in electric vehicles represent 23% of new passenger vehicles sales globally, up from just under 10% in 2021".

2022 - BloombergNEF long term EV forecast (global EV share to exceed 70% by 2040)

BloombergNEF forecasts ~40.4% global passenger EV market share in 2030 and 75.3% in 2040 (published June 2022)

EV market news

On February 1 Investing News reported:

EV market forecast 2023: Top trends that will affect EVs in 2023...."A reduction in subsidies/incentives in key countries, such as Germany, Norway and China, resulted in strong pre-buying before incentives were reduced in the new year," Charles Lester of Rho Motion......EV-volumes.com sales data shows that the global total for last year came in at 10.5 million units across BEVs and PHEVs. An impressive growth of 55,4 percent in a difficult vehicle market as a whole.......The global EV share in light vehicle sales is 13 percent for 2022...... Rho Motion forecasts over 14 million global BEV and PHEV sales in 2023 .....analysts at BloombergNEF.......expect 13.6 million plug-in passenger vehicle sales in total for this year , with around 75 percent of those being fully electric.......In the US, the introduction of the Inflation Reduction Act is expected to support the EV market growth in the country.......Looking even further ahead, Reuters notes that carmakers have plans to build 54 million battery EVs in 2030......

Note: Bold emphasis by the author.

On February 7 CleanTechnica reported :

Lotus spins off EV division in $5.4 billion SPAC deal. EV subsidiary of storied Lotus Cars, Lotus Technology, is being spun out in an initial $5.4 billion SPAC merger!

On February 10 CNBC reported : "Vietnam's EV maker VinFast is on track to start production in the U.S. in 2024."

On February 11 Inside EVs reported :

California: Plug-in car sales surged to 24% market share in Q4 2022. The Tesla Model Y and Tesla Model 3 were the two most popular models in the state last year.

On February 19 CleanTechnica reported :

No more fossil-powered taxis in Hamburg soon. Hamburg will be the first state in Germany (and perhaps more broadly) to ban fossil-powered vehicles from its taxi operations. The ban goes into effect in 2025. The ban comes with week with the passage of a new climate law......While the law requires a complete changeover to fossil-free taxis no later than 2025, some operators, like Best Taxi, are actually trying to make the transition this year.

On February 23 CNEV Post reported :

Hina Battery becomes 1st battery maker to put sodium-ion batteries in EVs in China. The unveiling of the Sehol E10X test vehicle means that sodium-ion batteries are starting to be used in passenger cars, after the new batteries were mainly used in electric two-wheelers and for energy storage......the Sehol E10X has two pack capacities, 19.7 kWh and 31.4 kWh, with a range of 200 km and 302 km, respectively. The higher capacity pack has an energy density of 141 Wh/kg. The Sehol E10X is currently available in seven versions with a guide price range of RMB 46,900 ($6,810) to RMB 76,400......

On March 1 Tesla held Tesla 2023 Investor Day. The event discussed the global move towards renewable energy and EVs. The full length video is here .

The slide below show the reduction in fossil fuels of each change - renewable energy generation (35%), switch to electric vehicles (21%), switch to heat pumps (22%) etc.

Electrification of the global fleet will require 115TWh of batteries. A later slide shows to go 100% renewable & EVs will require 240TWh of batteries (say 24 years of 10TWh pa production needed). In 2022 the world produced only 0.7TWh of lithium-ion batteries. So we need to move 14.3x faster to get to 10TWh pa, then do that for 24 years.

EV company news

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

BYD is currently ranked the number 1 globally with 22.7% market share YTD. BYD is ranked number 1 in China with 40.2% market share YTD.

On February 1 Car News China reported : "BYD sold 151,341 vehicles in January, up 62% year on year."

On February 14 Reuters reported :

BYD to build $1.2 bln EV battery plant in central China - website..... FinDreams Technology, the Chinese company's battery unit, is aiming to build a facility with the capacity to produce 40 gigawatt hours per year of its Blade Battery in the city of Zhengzhou in Henan province, according to environmental filings published on the Zhengzhou government website on Friday seeking public feedback on the project.

On February 16 Nikkei Asia reported :

China's BYD enters luxury EV market with SUV priced up to $200,000. Carmaker looks to tap growing class of wealthy Chinese consumers....new luxury brand Yangwang....

On February 21 Car News China reported : "BYD became the sales champion of pure electric vehicles in Thailand in January 2023."

Tesla Inc. (NASDAQ: TSLA )

Tesla is currently ranked the number 2 globally with 15.2% global market share YTD. Tesla is number 2 in China with 7.8% market share YTD. Tesla is number 5 in Europe with 6.2% market share YTD. Tesla is still the number 1 electric car seller in the US by far with ~65% market share.

On February 1 Arena EV reported :

Tesla begins to open up its Supercharger network to other EVs in Australia. One by one, Tesla's Supercharger stations are opening up to vehicles from other makers. The company started the process last year in Europe, the North-America is being delayed and now the first stations in Australia are welcoming electric cars from other brands. Europe is far ahead of other markets, with hundreds of locations already charging electric cars from every EV brand. The plan was to do the same in the US and Canada, but the rollout has been delayed and there is no information when it will begin.

On February 18 Seeking Alpha reported : "Baron Funds - Tesla: Would reach $500 per share in 2025 and $1,500 by 2030."

On February 21 Bloomberg reported :

Tesla undercuts average US car by almost $5,000 in EV shakeout. Elon Musk's latest US price drop brings Tesla's electric-vehicle premium to a record low.

On February 27 Reuters reported : "Tesla's German plant hits 4,000 cars per week ahead of schedule."

On February 28 Bloomberg reported :

Tesla pauses rollout of driving software subject to US recall. Tesla Inc. has temporarily stopped rolling out its $15,000 driver-assistance system until it addresses issues that led the carmaker to recall almost 363,000 vehicles......The feature known as FSD Beta may allows Tesla vehicles to exceed speed limits or travel in unlawful or unpredictable ways that increase crash risk, the US National Highway Traffic Safety Administration said on Feb. 16.......Tesla said in its recall report that it expected to deploy an over-the-air software fix to its vehicles "in the coming weeks."

On March 1 The Street reported :

Elon Musk confirms Tesla's fifth factory in Mexico....... "We're excited to announce that that the next Tesla Gigafactory will be in Mexico near Monterrey [city]," Musk announced.

On March 1 CNBC reported :

Tesla stock falls more than 5% after hours as Investor Day falls short on specifics......The presentation was long on vision and a review of prior achievements, but short on specifics about any new Tesla products or services.

Investors can read our past Trend Investing article: " Tesla - A Look At The Positives And The Negatives ", where we rated the stock a buy. It was trading at USD 250 (post 5:1 stock split and 3:1 split is equivalent to USD 16.67). Investors can also read the latest Tesla Trend Investing article (discusses the potential of Tesla's humanoid robot) here .

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

'Volkswagen Group' is currently ranked the number 3 top-selling global electric car manufacturer with 7.5% market share YTD, and 4th in Europe with 7.7% market share YTD.

On February 20 Volkswagen Group reported : "Volkswagen Group Technology develops complete drive system for electric cars." Highlights include:

• "In addition to the battery and electric motor, in future the technology powerhouse of the Group will also develop pulse inverters and thermal management systems.
• The development of a complete drive offers efficiency and cost advantages, up to 20 percent more efficiency through the optimal combination of individual components....."

On February 21 Volkswagen Group reported : "Wolfsburg plant: Volkswagen will train 22,000 production employees for e-mobility by 2025....."

On February 22 Bently Motors reported :

......Bentley announces today that it will cease production of its 12-cylinder petrol engine in April 2024......The decision comes as part of Bentley's acceleration towards a sustainable future through its Beyond100 strategy which will see the company's entire model line fully electrified by the start of the next decade.....

On February 23 The Driven reported : "Porsche has all-electric Cayenne in works for 2026....."

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

Geely/Volvo is currently ranked number 4 in the global electric car manufacturer's sales ranking with 5.8% global market share YTD. Volvo is ranked 3rd in Europe with 7.8% market share YTD.

On February 1 Geely Automobile Holdings announced :

Unaudited delivery volume of ZEEKR....delivered 3,116 units of vehicles in January 2023, down approximately 12% year on year.

On February 13 Nikkei Asia reported :

China's Geely raises $750m for Zeekr EV brand.....with the world's biggest lithium ion battery maker among the investors.

On February 24 Geely reported : "Geely Auto looks to Geely Yinhe for electric future." Highlights include:

• "Geely Auto launches new premium electrified product series - Geely Yinhe.
• Yinhe series to focus on premium long range hybrid and pure electric vehicles.......
• Fully electric high-end Geely Yinhe E model to come in Q4."

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

SGMW (SAIC-GM-Wuling Automobile) is number 5 globally with 5.1% market share YTD. SAIC/GM/Wulin JV (SGMW) plus SAIC is 3rd in China with 7.1% share YTD.

On February 9 SAIC Motor reported :

SAIC Motor sets ambitious goal to sell 6m units this year.....The carmaker reported 76, 600 vehicles in overseas markets, up 17. 1 percent from the same time last year as its New Energy smart-car proved popular in both domestic and overseas markets......In January, nearly 5, 000 MG4 Electrics, the first production model developed on SAIC Motor's dedicated electric MSP platform, were delivered to Europe.

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

BMW Group is currently ranked the number 6 global electric car manufacturer with 4.8% global market share YTD. BMW Group is ranked 1st in Europe with 8.6% market share YTD.

On February 3 BMW Group reported : "BMW Group steps up production of electric vehicles in global production network: NEUE KLASSE will also be built at Plant San Luis Potosí in Mexico." Highlights include:

• "Investment of € 800 million in Mexican production site for integration of fully-electric models of NEUE KLASSE and construction of local high-voltage battery assembly......"

On February 24 CNEVPOST reported : "BMW recalls over 90,000 EVs in China due to software issues."

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

Stellantis Group is currently ranked the number 7 in the global electric car manufacturer's sales with 4.8% global market share YTD.

On February 22 Stellantis N.V. reported :

Stellantis delivers record full year 2022 results; Global BEV sales up 41% progressing fast on dare forward 2030 execution.

On February 22 Stellantis N.V. reported : "Stellantis employees rewarded with record €2 billion worldwide linked to full year 2022 performance."

On February 22 Stellantis N.V. reported :

Stellantis approves share buyback program. The Stellantis Board of Directors approved a share buyback program of up to €1.5 billion (total purchase price excluding ancillary costs), to be executed on the market with the intent to cancel the common shares acquired through the share buyback program. The shares will be purchased over a period ending December 31, 2023 on NYSE / Euronext Milan / Euronext Paris.

D aimler-Mercedes ([[MBGAF]], [[MBGYY]]) (Smart - 50% JV between Daimler & Geely) (NB: A proposal to rename Daimler to Mercedes Benz)

Daimler-Mercedes is ranked number 8 or 9 globally with ~2.9% (not updated) market share YTD. Mercedes Group is ranked 2nd in Europe with 8.2% market share YTD.

No electric vehicle related news for the month.

Hyundai ( OTC:HYMTF ), Kia ( OTC:KIMTF )

Hyundai-Kia Group is currently ranked about number 8 or 9 in the global electric car manufacturer's sales ranking with ~ 4.7% (not updated) market share YTD.

On February 1 Hyundai reported :

Hyundai Motor America reports record-breaking January 2023 sales. Hyundai set total sales records in January for Venue (+7%), Elantra HEV (+574%), IONIQ 5 (+57%), Santa Fe HEV (+191%), Palisade (+6%), Kona EV (+334%) and Kona N (+49%).......

On February 1 Kia reported : "Kia announces January 2023 global sales results." Highlights include:

• "January global sales at 232,437 units, up 9.0% y/y......
• Kia to continue its transition to sustainable mobility solutions provider through new models including EV9."

On February 21 Hyundai reported : "Hyundai Motor America announces pricing for highly anticipated 2023 IONIQ 6 EV." Highlights include:

• "53-kWh Battery Pack Standard Range Trim Level Announced for U.S. Market.
• MSRP Starts at $41,600 for IONIQ 6 SE Standard Range Trim, Available this Summer.
• IONIQ SE Long Range Trim with an EPA-estimated 361 Miles of Range Starts at $45,500....."

Hyundai IONIQ 6

GAC Group (Guangzhou Automobile Group Co. Ltd.)

On February 2 CNEVPOST reported : "GAC Aion sees sales drop 66% month-on-month, starts offering car-buying incentives....."

Great Wall Motor [HK:2333] ( OTCPK:GWLLF ) ( OTCPK:GWLLY ) [ORA]

On February 14 Great Wall Motor reported :

Great Wall Motor celebrates 2nd anniversary in Thailand, ready to launch TANK 500, TANK 300 and ORA Grand Cat in 2023 while resuming reservations of ORA Good Cat to underline xEV Leadership in Thailand.....Having achieved total sales of 11,616 units in 2022, GWM will continue to underscore its xEV leadership with four proactive strategies: branding, products, sales, and aftersales services, while preparing to bring five xEV models to the Thai market this year......

Ford (NYSE: F )

On February 8 Ford reported :

Ford opens new 3D Printing Centre to support production of its first all-electric vehicle to be built in Europe.....Ahead of this year's launch of its first European-built, all-electric model, Ford is using a new 3D printing centre to increase efficiency and quality in production processes.

On February 11 Bloomberg reported :

Ford plans to build EV battery plant in Michigan with Chinese partner...... Ford Motor Co. and Contemporary Amperex Technology Co. Ltd. plan to build a battery plant in Michigan......Ford is moving ahead with the project despite uncertainty around how the US Treasury Department will interpret requirements in President Joe Biden's signature climate package, the Inflation Reduction Act. The law is designed to withhold consumer tax credits for EVs made with a certain amount of China-linked materials in their batteries.

On February 14 CNBC reported : "Ford to cut 3,800 jobs in Europe in shift to electric vehicle production."

On February 14 CNBC reported : "Ford halts F-150 Lightning production due to possible battery issue."

On February 16 Ford reported : "LFP Batteries to expand powertrain choice for Mustang Mach-E as Ford increases battery production capacity." Highlights include:

• "Ford is adding LFP batteries to its EV line-up this year starting with Mustang Mach?E.
• LFP batteries are exceptionally durable, using fewer high-demand, high cost materials and offering enhanced fast charging capability.
• Ford also is investing $3.5 billion to build an LFP battery plant in Michigan, U.S., part of the company's $50 billion+ global push to lead the EV revolution."

On February 21 Ford reported :

Ford, LG Energy Solution, and Koç Holding to establish a joint venture to produce battery cells as Ford prepares to bring more EVs to customers in Europe.

On February 24 CNBC reported :

Ford suspends electric F-150 Lightning production for another week following battery fire. "The teams worked quickly to identify the root cause of the issue," Ford said in a statement Friday. "We agree with SK's recommended changes in their equipment and processes for SK's cell production lines.

Li-Auto ( LI ) [HK:2015]

On February 1 Li-Auto reported :

Li Auto Inc. January 2023 delivery update.....the Company delivered 15,141 vehicles in January 2023, up 23.4% year over year.

On February 8 Li-Auto reported : "Li Auto Inc. launches Li L7, a five-seat flagship family SUV."

Li Auto Inc. Li L7

On February 27 Li-Auto reported : "Li Auto Inc. announces unaudited fourth quarter and full year 2022 financial results." Highlights include:

• "Quarterly total revenues reached RMB17.65 billion (US$2.56 billion).
• Quarterly deliveries reached 46,319 vehicles.
• Full year total revenues reached RMB45.29 billion (US$6.57 billion).
• Full year deliveries were 133,246 vehicles."

NIO Inc. ( NIO )

On February 1 NIO Inc. reported : "NIO Inc. provides January 2023 delivery update." Highlights include:

• "NIO delivered 8,506 vehicles in January 2023.
• Cumulative deliveries of NIO vehicles reached 298,062 as of January 31, 2023."

On February 21 Reuters reported :

EV maker NIO to build 1,000 battery-swap stations in China in 2023.....NIO will build 400 battery-swapping stations along highways and 600 in urban areas with a focus on the country's third- and fourth-tier cities and counties, Li said in a post on NIO's social media platform.

On February 21 Reuters reported : "NIO to build factory in China for budget EVs - sources."

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

On February 1 XPeng Inc. reported :

XPENG announces vehicle delivery results for January 2023.....XPENG delivered 5,218 Smart EVs in January 2023. January deliveries included 2,249 Flagship G9 SUVs. Vehicle deliveries for the month reflected seasonal slowdown during the Chinese New Year holiday period which began in mid-January. The Company will soon unveil the new version of the P7 smart sedan.

Renault [FR:RNO] (RNSDF) / Nissan (NSANY) / Mitsubishi ( [[ MSBHF]], [[MMTOF]])

On February 13 Nissan Motor Corporation reported : "Renault and Nissan renew commitment to Indian operations through new investment and vehicles."

On February 16 Mitsubishi Motors reported :

Mitsubishi Motors begins production of Minicab-MiEV, a Kei-Car Class Commercial EV, in Indonesia in 2024, the first local production of the vehicle outside Japan.

Minicab-MiEV (Indonesia International Motor Show 2023)

On February 27 Nissan Motor Corporation reported :

Nissan further accelerates electrification strategy. Through Nissan Ambition 2030 , its long-term vision announced in 2021......

General Motors ( GM )/Chevrolet

On January 31 General Motors reported :

GM and Lithium Americas to develop U.S.-Sourced lithium production through $650 million equity investment and supply agreement....."

On January 31 General Motors reported :

GM Releases 2022 fourth-quarter and full-year results, and 2023 guidance. General Motors Co. (NYSE: GM) today reported fourth-quarter 2022 revenue of $43.1 billion, net income attributable to stockholders of $2.0 billion and EBIT-adjusted of $3.8 billion. GM's full-year 2022 revenue was $156.7 billion, net income attributable to stockholders was $9.9 billion and EBIT-adjusted was a record $14.5 billion. Results were at the high-end of the company's revised EBIT-adjusted guidance range......

On February 9 General Motors reported :

GlobalFoundries and GM announce long-term direct supply agreement for U.S. production of semiconductor chips.

On February 17 Bloomberg reported : "GM's strong truck sales are funding this year's EV sales Blitz, Barra says...."

On February 18 Bloomberg reported :

General Motors digs into mining business to lead race for EV metals...... The US automaker is competing for a stake in Vale's base metals unit, people familiar with the matter said this month. A deal may give GM access to the Brazilian mining giant's copper and nickel resources that are key to making EV batteries......Last month, it bought a $650 million stake in Lithium Americas to help develop Nevada's Thacker Pass mine......In October, GM invested $69 million in Australia's Queensland Pacific Metals, a producer of nickel and cobalt...... "We'll continue to work with many people in the industry, especially in lithium and the other critical minerals," CEO Mary Barra said.

Polestar Automotive Holding UK Limited ( PSNY )

On February 1 Polestar reported : "Vitesco, Stora Enso and six other new partners join Polestar 0 project."

On February 22 Polestar reported :

New year, new me: Polestar 2 model year 2024.....New batteries offer longer range and quicker charging. A complete drivetrain overhaul includes the next generation of electric motors with more power, improved performance and for the single-motor versions, rear-wheel drive (RWD). A first in a Polestar.....

Polestar 2 Model Year 2024

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

On February 1 BAIC reported : "BAIC GROUP and Bosch signed a strategic cooperation agreement."

On February 8 BAIC reported : "ARCFOX charging pile won the Gold Award of International Design Awards [IDA]."

Lucid Group ( LCID )

On February 9 Lucid Group reported : "Lucid announces $7,500 EV credit on the purchase of select Lucid Air models."

On February 22 Lucid Group reported : "Lucid announces fourth quarter and full year 2022 financial results, exceeds annual production guidance with 3,493 vehicles in Q4 and 7,180 in the full year 2022." Highlights include:

• "3,493 vehicles produced in Q4, up 53 percent sequentially.
• 7,180 vehicles produced in 2022, exceeding annual production guidance of 6,000 to 7,000 vehicles.
• Q4 revenue of over $257M and annual revenue of over $608M.
• Ended the quarter with approximately $4.9B total liquidity.
• 2023 production guidance of 10,000 to 14,000 vehicles."

Rivian Automotive ( RIVN )

On February 2 Reuters reported : "Exclusive: EV maker Rivian to cut 6% of jobs amid price war -internal memo."

On February 28 Rivian Automotive reported :

Q4 2022 Rivian Shareholder Letter.....Production and deliveries: Total revenues for the fourth quarter 2022 were $663 million, driven by the delivery of 8,054 vehicles. For fiscal year 2022, total revenues were $1,658 million, supported by 20,332 total vehicle deliveries. We produced 10,020 vehicles during the fourth quarter of 2022 and 24,337 vehicles for fiscal year 2022.

For further details see:

EV Company News For The Month Of February 2023