TM - EV Company News For The Month Of July 2023

2023-08-03 08:31:17 ET

Summary

• Global electric car sales June 2023 up 38% YoY to 19% share. China sales up 28% to 38% share. Europe up 42% to 25% share. USA up 38% to 9% share.
• EV market news - China 6b emission standard started on July 1. China to bolster its economy. U.S. proposes fuel economy standards for new vehicles to 58 mpg by 2032.
• EV company news - BYD smashes sales records in H1, 2023, selling 1.25M BEVs. Tesla Cybertruck orders surpass 1.9m, 5-year wait times. Volkswagen takes $700m stake in XPeng.
• China’s first electric pickup truck (from Geely) is headed for international markets. BMW deliveries of fully-electric vehicles more than doubled again. GAC Aion sold 45,013 EVs in June, up 86% YoY. Mercedes-Benz passenger cars BEV sales up 123% to 56,300 units in Q2.
• Li Auto Q2 deliveries of 86,533, up 201.6% YoY. GWM sold 26,669 NEVs in June, up 110.32% YoY. Polestar achieves record deliveries in the second quarter, growing 36% YoY. Tata Motors posts highest ever quarterly sales of 19,346 EVs in Q1 FY24, up ~105% YoY.

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

July saw lots of great results with many large percentage year over year ("YoY") gains in EV sales. We also saw more companies join Tesla's charging network and 7 major automakers announce plans to install at least 30,000 fast chargers in North America.

Global electric car sales as of end June 2023

Global plugin electric car sales were 1,260,000 in June 2023, up 38% on June 2022 sales. Global plugin electric car market share in June was 19% , and 15% YTD.

China plugin electric car sales were 700,000 in June 2023, up 28% on June 2022 sales. Plugin electric car market share in China for June was 38% , and 35% YTD.

Europe plugin electric car sales were 311,000 in June 2023, up 42% YoY, reaching 25% market share and 22% YTD. Norway reached 90.9% share, Sweden 59.9% , Netherlands 45% , Germany 24.6% , France 27% , UK 25.1% , and Australia 16.6% .

USA plugin electric car sales were 122,848 (as reported by Argonne National Laboratory) in June 2023, up ~38% on June 2022 sales. Plugin electric car market share in USA for June was ~9%.

Note: Globally 100% battery electric cars represented 70% market share YTD of all plugin electric cars sold.

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 plugin electric car auto groups Jan-June, 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 14.35m 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 May 9 Car News China reported :

MIIT confirms that the 6b emission standard will take effect on July 1 in China, exception for RDE-compliant vehicles. On May 9, the Chinese regulatory body under the Ministry of Industry and Information Technology announced that every car produced, imported, or sold since July 1 must comply with the 6b emission standard.

Note: Bold emphasis by the author.

On July 8 Reuters reported : "Mercedes-Benz picks Tesla's charging standard for North America EVs from 2025."

On July 10 Reuters reported :

Chinese electric vehicle investment plans in Thailand. Chinese electric vehicle manufacturers are pouring into Thailand, having committed to invest $1.44 billion in production facilities in Southeast Asia's biggest automaking hub that has long been dominated by Japanese companies . This new wave of investment has been backed by Thailand's government, which has rolled out incentives and courted Chinese firms, with a target to convert about 30% of the country's annual vehicle production into EVs by 2030.

On July 24 Seeking Alpha reported : "Electric vehicle maker VinFast to break ground on U.S. factory this week."

On July 24 CNBC reported :

China has announced a slew of measures to bolster its economy. Here's what we know so far... Beijing announced measures to bolster consumption, particularly for household products and electric vehicles... During a special press conference on Friday, the NDRC released a 10-point plan to increase car ownership, particularly for "new-energy" vehicles. This will include improving the capacity of rural power grids, reducing the costs associated with purchasing and charging electric vehicles. In June, Beijing extended tax breaks for the purchases of electric vehicles.

On July 26 Bloomberg reported :

Major automakers plan thousands of EV chargers in $1 billion effort. New charging joint venture supported by 7 major automakers. Plan to install at least 30,000 fast chargers in North America... The venture is backed by GM, Stellantis, Hyundai Motor Co, Kia Corp, Honda Motor Co Ltd, Mercedes-Benz Group AG and BMW AG.

On July 26 Spectrum News reported : "House panel pushes to pass bipartisan autonomous vehicle legislation this year."

On July 29 Seeking Alpha reported :

U.S. proposes to boost fuel economy standards for new vehicles to 58 mpg by 2032... The proposed rule released by the National Highway Traffic Safety Administration would be applicable beginning in model year 2027 and ramp up through model year 2032... The agency also proposes new fuel efficiency standards for heavy-duty pickup trucks and vans for 2030-35 rising 10% annually.

On August 1 Reuters reported :

Exclusive: Foxconn EV venture targets India, Thailand for new small car... The Taiwanese company's EV platform unit Mobility in Harmony (MIH) would be willing to work with its parent or another company to build the new three-seat EV priced below $20,000 and tailor-made for a corporate delivery fleet...

EV company news

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

BYD is currently ranked the number 1 globally with 21.4% market share YTD (Jan-June 2023). BYD is ranked number 1 in China with 37% market share in June 2023.

On July 3 CleanTechnica reported :

BYD smashes sales records in first half of 2023. BYD reported record sales for the month of June this week. In the first half of this year, it has sold 1.25 million NEVs.

On July 4 Bloomberg reported : "BYD picks Brazil for its first electric-vehicle hub outside Asia." Highlights include:

• "Chinese group to build EV complex for Latin American expansion.
• Plant will have capacity for 150,000 electric cars per year."

On July 14 Reuters reported :

China's BYD says first-half net profit could more than triple... Chinese electric vehicle giant BYD Co LTD (002594.SZ), forecast strong growth in its six-month net profit on Friday, buoyed by robust car sales and increased market share. Net profit for the first six months of the year would rise as much as 225.4% to 11.7 billion yuan ($1.64 billion) from 3.6 billion yuan the year before, it said in a filing to the Shenzhen stock exchange. The bottom end of its forecast range was 10.5 billion yuan, up 192.1% from the year before.

Note: BYD Co's earnings are expected to be on August 29, 2023 .

On July 14 Reuters reported :

Exclusive: BYD proposes $1 billion India plan to build EVs, batteries (report)... BYD and privately held Hyderabad-based Megha Engineering and Infrastructures have submitted a proposal to Indian regulators to form an EV joint venture...

On July 24 Seeking Alpha reported : "India government snubs Chinese EV maker Megha-BYD's proposal to set up $1 billion plant -report."

Tesla Inc. ( TSLA )

Tesla is currently ranked the number 2 globally with 15.2% global market YTD (Jan-June 2023). Tesla is number 2 in China with 9.1% market share in June 2023. Tesla is number 3 in Europe with 13.1% market share in June 2023. Tesla is still the number 1 electric car seller in the US by far with ~60% market share in H1, 2023.

On July 10 Inside EVs reported : "Tesla cleared to begin Gigafactory Mexico construction."

On June 12 Not a Tesla App reported : "Tesla rumored to build new $4.8 billion gigafactory in Spain."

On July 13 Seeking Alpha reported :

Tesla eyes producing 500K vehicles a year locally in India... Tesla ( TSLA ) is expected to price the vehicles built in India at 2M rupees ($24.5K), which is quite a bit above the average selling price of a vehicle in India.

On July 17 PV-Magazine reported :

Massachusetts greenlights 800 MWh battery energy storage facilities... Medway expects to place 140 Tesla Megapacks on the site. Megapacks use lithium ion phosphate technology.

On July 19 Seeking Alpha reported : "Tesla Non-GAAP EPS of $0.91 beats by $0.09, revenue of $24.93B beats by $200M."

Note: You can read the full Tesla Q2, 2023 earnings update here .

On July 22 Inside EVs reported : "Tesla Cybertruck orders surpass 1.9 million, 5 year wait times. The Cybertruck entered production earlier this month."

On July 24 Reuters reported : "Tesla to discuss factory plan for new $24,000 car with India commerce minister -source."

On August 1 Bloomberg reported :

Tesla wants to build a Semi truck-charging route from Texas to California... Tesla Inc. is seeking nearly $100 million from the US to build nine electric semi-truck charging stations... A representative for the US Department of Transportation's Federal Highway Administration, which is overseeing the grants, said the agency is "currently reviewing applications." It expects to announce recipients "later this year."

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 the Tesla Compact Model 2) here .

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

'Volkswagen Group' is currently ranked the number 3 top-selling global electric car manufacturer with ~ 7.4% (not updated this month) market share YTD, and 1st in Europe with 19.9% market share in June 2023.

On July 4 Volkswagen reported : "Volkswagen brand invests one billion euros for growth in South America." Highlights include:

• "The company wants to grow by 40 percent in Brazil by 2027.
• Product offensive in the region started with 15 new models.
• Focus on electric and flex-fuel vehicles.
• Volkswagen ID.4 and ID. Buzz to be launched in Brazil before the end of 2023..."

On July 12 Volkswagen reported : "Volkswagen Group and Elli launch electricity trading on the European energy exchange..."

On July 13 Electrek reported :

Audi reportedly in 'advanced talks' with Chinese state-owned SAIC Motor to buy EV platform... Two sources at Audi familiar with the matter said the automaker was exploring the purchase of a new EV platform in China rather than wait for Volkswagen Group to deliver it (current timeline is 2029 - yikes)...

On July 14 Volkswagen reported :

Volkswagen Group increases all-electric deliveries by around 50 percent in the first half year... Order bank in Western Europe remains good at around 200,000 BEVs...

On July 26 Bloomberg reported :

Volkswagen takes $700 million XPeng stake for EV pact to win back China. Volkswagen AG plans to invest $700 million in XPeng Inc. and jointly develop electric vehicles in China as the German automaker fights to halt a sales slide in its most important market. VW will eventually hold a 4.99% stake in the Chinese company via a capital increase and is getting an observer board seat, it said Wednesday... VW and XPeng plan at least two new battery-powered models, with the first due to arrive on the market in 2026...

On July 27 Electrek reported : "Volkswagen EV deliveries up 48% in H1, but guidance cut amid logistics bottlenecks."

On July 27 Volkswagen reported :

Volkswagen Group posts solid H1 results and strengthens strategic position in China... Volkswagen Group posted solid H1 results for 2023, with rising sales revenue and strong underlying operating profit. This is in line with the Group's "value over volume" strategy, announced at the recent Capital Markets Day...

On July 27 Yahoo News reported :

Porsche's new solid-state battery will let its electric models travel a mind-blowing 800 miles before having to recharge... While the new batteries are not being added to purchasable cars just yet, it is expected in the near future. Porsche is committed to increasing the sales of electric cars, stating that it expects to make more than 80% of its sales of EVs by 2030.

Geely Automobile Holdings Ltd ( GELYY , HK:0175), Volvo Cars, Kandi Technologies Group ( KNDI ), Proton, Lotus, Zeekr, Lynk. (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 ~6.1% (not updated this month) global market share YTD. Geely-Volvo is ranked 5th in Europe with 8.7% market share in June 2023.

On July 5 Volvo Cars reported :

Volvo Cars reports 33 per cent global sales growth in June... Volvo Cars reports global sales of 66,379 cars in June, up 33 per cent compared with the same month last year. The overall sales increase was driven by the company´s fully electric cars which quadrupled compared to the same period last year... Volvo Cars' Recharge line-up of chargeable models, with a fully electric or plug-in hybrid powertrain, increased by 129 per cent in June, accounting for 37 per cent of all Volvo cars sold globally during the month. The share of fully electric cars stood at 14 per cent.

On July 6 Geely Automobile Holdings Ltd reported : "Geely automobile holdings limited total sales volume for June 2023 was 137,897 units. Total sales volume up 9% yoy."

( source )

On July 20 Volvo Cars reported :

Volvo Cars Q2 results: full speed ahead in transformation with a solid business performance... Q2 fully electric car sales share at 16 per cent (7 per cent in Q2 2022).

On July 25 Electrek reported :

China's first electric pickup truck is headed for international markets... China's own Zhejiang Geely Holding Group (Geely Group) announced its first batch of electric trucks for export rolled off the assembly line Tuesday... Labeled as "China's first pure electric outdoor lifestyle brand," Radar launched its first vehicle, the RD6 EV pickup truck.

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 5.5% market share YTD. SAIC/GM/Wulin JV [SGMW] plus SAIC is 3rd in China with 7.4% share in June 2023.

On July 4 Reuters reported :

China's SAIC doubles down on European expansion with EV plant plan... The Chinese partner of Volkswagen (VOWG_p.DE) and General Motors (GM.N), which did not give further details on the plant plans, said it had sold 530,000 units overseas in the first quarter, an increase of 40% from a year earlier. Nearly 70% of those sales came from its MG brand. Sales of MG cars in Europe more than doubled to 115,000 units in the first half, SAIC added.

On July 13 SAIC Motor reported :

SAIC Motor sales up 32.5% in second quarter... In the second half of the year, the carmaker will target the huge market potential in new energy vehicles (NEVs) and seize the development opportunities in the increasingly competitive overseas markets to nurture new growth drivers in innovation and transformation...

On July 20 Bloomberg reported : "Audi reaches deal with China's SAIC to work together on EVs...

Stellantis N.V. ( 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 4.8% global market share YTD. Stellantis is ranked 2nd in Europe with 14.3% market share in June 2023.

On July 6 Stellantis Group reported : "Stellantis and NioCorp sign Rare Earth Offtake Term Sheet..."

On July 24 Stellantis Group reported : "Stellantis, Samsung SDI announce plans to build second StarPlus Energy Gigafactory in the United States." Highlights include:

• "Joint venture to build battery plant with start of production planned in early 2027.
• Facility to have an initial annual production capacity of 34 gigawatt hours [GWH].
• Stellantis and Samsung SDI currently building a gigafactory in Kokomo, Indiana, with launch expected in first quarter of 2025.
• Gigafactory intended to be the sixth battery facility to support Stellantis' bold electrification plan outlined in Dare Forward 2030."

On July 26 Stellantis Group reported : "First half 2023 results. Stellantis posts strong growth and sets new records in net revenues, AOI(1) and net profit in the first half of 2023." Highlights include:

• "Net revenues of €98.4 billion, up 12% compared to H1 2022 primarily due to higher shipments.
• Adjusted operating income(1) of €14.1 billion, up 11% compared to H1 2022(*), with strong 14.4% margin.
• Net profit of €10.9 billion, up 37% compared to H1 2022.
• Industrial free cash flows(2) of €8.7 billion, up €3.3 billion compared to H1 2022.
• Record results enable continued strategic investments to drive a sustainable road to Carbon Net Zero transformation.
• Global BEV and LEV sales up 24% y-o-y to 169 thousand units and up 28% y-o-y to 315 thousand units, respectively.
• Stellantis ranked third in EU30 overall BEV sales; second in the U.S. market for LEV sales.
• The company repurchased €0.7 billion in shares in the first half of 2023, and expects to complete the announced €1.5 billion share buyback program before the end of 2023."

BMW ( BMWYY ), Mini, Rolls-Royce

BMW Group is currently ranked the number 7 global electric car manufacturer with 4.3% global market share YTD. BMW Group is ranked 4th in Europe with 9.5% market share in June 2023.

On July 7 BMW Group reported : "Strong momentum in Q2: Double-digit sales growth (+11.3%), BEV deliveries more than doubled again." Highlights include:

• "...Deliveries of fully-electric BMW vehicles more than doubled again: BMW Group +117.5%; brand BMW +150.7%.
• BMW brand continues to be No. 1 in worldwide premium segment.
• Sales increase across all key regions.
• Pieter Nota: "We have the right products on the market. The BMW Group will continue its successful electromobility ramp-up in the second half of the year."."

On July 25 The Driven reported : "BMW begins production of fully electric i5 sedan, marking a major EV milestone..."

Hyundai ( HYMTF ), Kia ( KIMTF )

Hyundai-Kia Group is currently ranked number ~8 in the global electric car manufacturer's sales ranking with ~3.8% (not updated this month) market share YTD.

On July 1 Hyundai reported : "Hyundai Motor America reports June and Q2 2023 sales." Highlights include:

• June total sales increased 10%; Q2 total sales up 14%.
• All-time monthly total sales records for IONIQ 5, Tucson PHEV & Kona EV.
• Green car sales Climb; Represent 20% of retail sales up 53%."

On July 13 Hyundai reported : "Hyundai Motor's IONIQ 5 N debuts at Goodwood Festival of Speed, setting new Benchmark for high-performance EVs and driving fun."

Hyundai Motor's IONIQ 5 ( source )

On July 27 Hyundai reported : "Hyundai Motor announces 2023 Q2 business results." Highlights include:

• "Q2 revenue increased 17.4% Y/y to KRW 42.25 trillion.
• Operating profit up 42.2% for a record-high of KRW 4.24 trillion; operating profit margin hit 10%.
• Q2 net profit increased 8.5% Y/y to KRW 3.35 trillion.
• The company sold 1,059,713 units during the Q2, up 8.5% Y/y, buoyed by the improvement of production and cemented demand for the brand...
• Sales of full electric models jumped 47% Y/y to nearly 78,000 units...

On July 28 Electrek reported : "Kia EV5 $40K electric SUV to be revealed next month in China, direct aim at Tesla Model Y."

GAC Group (Guangzhou Automobile Group Co. Ltd.)

GAC Group is currently ranked number ~9 in the global electric car manufacturer's sales ranking with 3.5% (not updated this month) market share YTD. GAC Group is ranked 4th in China with 6.9% market share in June 2023.

On July 1 Car News China reported :

GAC Aion sold 45,013 EVs in June, up 86% year on year. GAC Aion announced its sales data for June... Furthermore, from January to June, the cumulative sales reached 209,336 vehicles, representing a remarkable year-on-year increase of 109%.

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

Mercedes-Benz Group is ranked number ~10 globally with ~ 2.9% (not updated this month) market share YTD.

On July 7 Mercedes-Benz reported :

Mercedes-Benz expands charging options for customers: access to Tesla Supercharger network in North America while building its own High-Power Charging Network...

On July 11 Mercedes-Benz reported : "Mercedes-Benz Q2 sales: Strong EV and top-end segment growth." Highlights include:

• "Successful BEV ramp-up: Mercedes-Benz Passenger Cars battery electric vehicle (BEV) sales up 123% to 56,300 units in Q2..."

On July 27 Mercedes-Benz reported : "Mercedes-Benz Group AG raises full-year guidance based on solid financial results in the second quarter."

Li-Auto ( LI ) [HK:2015]

Li-Auto is ranked ~7th in China with 4.3% market share in June 2023.

On July 1 Li-Auto reported :

Li Auto Inc. June 2023 delivery update. Li Auto Inc... today announced that the Company delivered 32,575 vehicles in June 2023, surpassing the 30,000 monthly delivery mark for the first time and representing an increase of 150.1% year over year. This brought the Company's second quarter deliveries to 86,533, up 201.6% year over year. The Company has already surpassed its total vehicle deliveries for the entire year of 2022 with its deliveries in the first half of 2023.

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

On July 10 Great Wall Motors reported :

...In June this year, GWM sold 104,957 vehicles; 26,669 new energy vehicles were sold, up 110.32% year on year, accounting for 25.41%...

On July 19 Great Wall Motors reported : "GWM expects net profit of CNY 1.15-1.55 billion in H1 2023."

On July 26 Great Wall Motors reported : "GWM launches ORA 03 in Brazil."

ORA 03 GT ( source )

Ford ( F )

On July 17 CNBC reported : "Ford cuts prices on its electric F-150 Lightning pickups by as much as $10,000."

On July 28 Yahoo Finance reported :

Ford expects to reach its EV production goal a year later than planned. It now believes it can get to 600,000 EVs per annum in 2024 instead of later this year.

On July 29 Daily News reported : "Ford raises 2023 profit outlook but sees bigger EV loss..."

NIO Inc. ( NIO )

On July 1 NIO Inc. reported : "NIO Inc. provides June and second quarter 2023 delivery update." Highlights include:

• "NIO delivered 10,707 vehicles in June 2023.
• NIO delivered 23,520 vehicles in the three months ended June 2023.
• NIO started ramping up deliveries of ET5 Touring and All-New ES8 in June 2023..."

On July 12 NIO Inc. reported : "

NIO Inc. announces closing of Strategic Equity Investment from CYVN... it has closed the US$738.5 million strategic equity investment from CYVN Investments RSC Ltd, an affiliate of CYVN Holdings L.L.C., an investment vehicle majority owned by the Abu Dhabi Government with a strategic focus on advanced and smart mobility (collectively referred to as "CYVN Entities"), previously announced on June 20, 2023 (the "Investment Transaction").

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

On July 1 XPeng Inc. reported :

XPENG announces vehicle delivery results for June and second quarter 2023. In June 2023, XPENG delivered 8,620 Smart EVs, representing a 15% increase over the prior month, with the P7 series deliveries up 17% over the prior month. The Company has achieved positive delivery growth for five consecutive months. Total Smart EV deliveries for the second quarter of 2023 were 23,205 units, representing a quarter-over-quarter increase of 27%. As of June 30, 2023, XPENG has delivered over 300,000 Smart EVs.

On July 26 XPeng Inc. reported :

XPENG and the Volkswagen Group announce entry into Framework Agreement on Strategic Technical Collaboration and Strategic Minority Investment by the Volkswagen Group in XPENG.

On July 26 Bloomberg reported : "Volkswagen takes $700 million XPeng stake for EV pact to win back China..."

General Motors ( GM )

On June 30 General Motors reported : "General Motors acquires battery software startup ALGOLiON..."

On July 25 General Motors reported :

GM releases 2023 second-quarter results and raises full-year earnings guidance. General Motors Co. (NYSE: GM) today reported second-quarter 2023 revenue of $44.7 billion, net income attributable to stockholders of $2.6 billion and EBIT-adjusted of $3.2 billion. The results include a $792 million charge for new commercial agreements GM has with LG Electronics and LG Energy Solution. GM believes these agreements will reduce battery costs and improve margins over time, and they reflect the decision made during the Chevrolet Bolt EV and Bolt EUV recall to serve customers in ways that go beyond traditional remedies...

On July 26 Reuters reported : "GM shares fall as automaker outlines new cost-cutting drive..."

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

On July 14 Reuters reported : "Nissan to invest some $725 million in Renault's EV unit, Yomiuri says..."

On July 19 Nissan Motor Corporation reported :

Nissan to adopt North American Charging Standard (NACS) for Ariya and future EV models. Nissan EV drivers in U.S. and Canada will have more charging options starting in 2024 with access to Tesla Supercharger network...

On July 25 Nissan Motor Corporation reported : "Nissan global EV sales surpass 1-million-unit milestone..."

On July 26 Nissan Motor Corporation reported : "Renault and Nissan conclude definitive agreements."

On July 28 The Driven reported : "Renault to end production of the Zoe electric hatchback..."

Polestar Automotive Holding UK Limited ( PSNY )

On July 6 Polestar reported :

Polestar achieves record deliveries in the second quarter, growing 36% year-on-year... Following strong deliveries in the month of June, up 73% year-on-year, Polestar achieved its best ever second quarter, delivering approximately 15,800 vehicles, a growth of 36% compared to last year. With record global deliveries of around 27,900 for the first six months, Polestar is on track to deliver 60,000-70,000 vehicles in 2023...

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

No news for the month.

Rivian Automotive ( RIVN )

On July 3 Rivian Automotive reported :

Rivian releases Q2 production figures and sets date for second quarter 2023 results... The company produced 13,992 vehicles at its manufacturing facility in Normal, Illinois and delivered 12,640 vehicles during the same period. These figures remain in line with the company's expectations, and it believes it is on track to deliver on the 50,000 annual production guidance previously provided...

On July 8 Reuters reported : "Rivian's stock rallies to highest in 2023 after posting strong deliveries."

Lucid Group ( LCID )

On July 12 Lucid Group reported :

Lucid announces Q2 production & deliveries, sets date for second quarter 2023 results... Lucid produced 2,173 vehicles during Q2 at its manufacturing facility in Arizona and delivered 1,404 vehicles during the same period.* In addition, the company began material shipments to the Kingdom of Saudi Arabia.

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

On July 6 China Daily reported :

Beijing Electric Vehicle Co (BJEV), the electric car-making arm of Beijing Automotive Group Co Ltd (BAIC Group), sold 35,191 vehicles in the first half of this year. The figure marks an increase of 106.88 percent, year-on-year, during the period. In June alone, the company sold 11,224 vehicles... However, production reduced, with cumulative production of 4,755 vehicles from January to June, down 21.82 percent, year-on-year.

Fisker Inc. ( FSR )

On July 7 Fisker Inc. reported :

Fisker Reports Q2 2023 production figures and announces second quarter 2023 results date... In the second quarter of this year, 1,022 of the class-leading Fisker Ocean SUVs were produced in Austria for customers as well as marketing and engineering purposes. A few suppliers had challenges ramping to the targeted 2Q levels, as they did not receive components from sub-suppliers in a timely manner. The company is focused on working with all suppliers to ramp to the required volumes. Fisker exceeded its targeted assembly rate of 80 units per day at the end of June and expects vehicles produced to exceed 1,400 in early July. Looking ahead, Fisker is investing in additional battery pack capacity to protect the compressed manufacturing timeline this year and support higher volumes than originally anticipated next year.

On July 10 Fisker Inc. reported :

Fisker announces $340 million Convertible Notes Offering, potential to increase to $680 million. Fisker Inc. (NYSE: FSR) ("Fisker"), driven by a mission to create the world's most emotional and sustainable electric vehicles, today announced the signing of a securities purchase agreement in connection with its intention to offer (the "Offering") $340,000,000 in aggregate principal amount of 0% senior unsecured convertible notes due 2025 (the "Notes") to an institutional investor (the "Investor")... The Notes have an original issue discount of approximately 12%, resulting in gross proceeds of $300,000,000 to Fisker...

On July 17 Fisker Inc. reported : "Fisker announces successful closing of $340 million Convertible Notes Offering..."

On July 17 Reuters reported : "Fisker to sell limited edition electric SUVs in India by fourth quarter."

Toyota (NYSE: TM )/ Lexus

On July 6 Inside EVs reported :

Toyota claims breakthrough that will lead to 745-mile EV battery. The Japanese automaker says it will soon be able to manufacture a solid-state pack that can charge in 10 minutes.

On July 31 Electrek reported : "Toyota plans to build 'competitive' local EVs in China as it looks to play catchup."

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

On July 1 Tata Motors reported :

Tata Motors registered total sales of 2,26,245 units in Q1 FY24... In the EV segment, the company posted its highest ever quarterly sales of 19,346 in Q1 FY24 registering a growth of ~105% over Q1 FY23. This growth is driven by a strong market response to Tiago EV while demand for other EVs was sustained. Going forward, we expect the demand to remain robust with the onset of the festive season in the second half of Q2FY24. The supply side situation remains stable."

For further details see:

EV Company News For The Month Of July 2023