MMTOF - EV Company News For The Month Of May 2023
2023-06-06 10:26:25 ET
Summary
- Global electric car sales April 2023 were up 70% YoY to 14% share. China sales up 93% YoY to 35% share. Europe up 25% YoY to 21% share.
- EV market news - China’s new emission rules pressure car dealers to clear stocks before July 1, 2023. Tesla and BYD are completely dominating the EV sector, Japanese lagging behind.
- EV company news - BYD takes aim at SE Asia market. Tesla Model Y the world's best-selling car in Q1,2023. Musk teased plans for 2 new EV models coming soon.
- Audi EV deliveries rise 43% YoY in Q1, 2023. Stellantis targets 9 new BEVs launches in 2023. BMW sales of BEVs up 112% YoY in Q1, 2023. GAC Aion sold a record 41,012 vehicles in April, up 301% YoY.
- Great Wall Motors opens EV factory in Brazil. China EV upstart Hozon Auto stuns rivals with sales surge. Fisker delivers first all-electric Fisker Ocean SUV.
Welcome to the May 2023 edition of Electric Vehicle [EV] company news.
May saw strong April global plugin electric car sales and another very busy month of news.
The biggest news item for the month was that Tesla Model Y became the best selling car globally in Q1, 2023, of ALL types of cars (including internal combustion engine cars). This marks a huge turning point in 2023, that an electric car is now the global number one selling car. The EV disruption is here!
Global electric car sales as of end April 2023
Global plugin electric car sales were 928,000 in April 2023, up 70% on April 2022 sales. Global plugin electric car market share in April was 14% , and 13% YTD.
China plugin electric car sales were over 500,000 in April 2023, up 93% on April 2022 sales. Electric car market share in China for April was 35% , and 33% YTD.
Europe plugin electric car sales were 197,000 in April 2023, up 25% YoY, reaching 21% market share and 21% YTD. Norway reached 91.1% share, Sweden 55.7% , Netherlands 40% , Germany 21% , France 21.1% , and UK 21.9% .
Note: Australia reached 9.5% share in April 2023, up over 3x YTD YoY.
USA plugin electric car sales were reported by Bloomberg in March 2023 as having reached 7.6% market share. CleanTechnica recently reported U.S 100% battery electric car sales in Q1, 2023 were up 66% YoY stating : "Pure electric vehicle sales rose to 7.1% of US auto sales in the 1st quarter of 2023."
Note: Globally 100% battery electric vehicles represented 70% market share YTD.
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-April, 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 Electric Autonomy reported :
Quebec, Ottawa and Nova Bus announce $2.1-billion deal for 1,229 electric buses. The buy, if fully executed, may be the largest single purchase of electric buses to date in North America....
On May 9 Bloomberg reported :
China’s new emission rules pressure car dealers to clear stocks......After July 1, vehicles that don’t meet Phase 6b standards will be banned from being produced, imported or sold. Cars that qualified as “monitor only” under the Phase 6b Real Driving Emissions test have a grace period until Dec. 31 to be sold, according to the Ministry of Ecology and Environment.
On May 10 Bloomberg reported :
Five new EV models drive up North American factory production. Tesla still dominates EV manufacturing......North American factories cranked out 219,000 battery-powered cars and trucks in the first three months of the year, a 39% increase over the year-earlier period......Tesla Inc., which has recently sparked a price war in the global EV market, continues to dominate it.....more than 150,000 cars in total.....
Tesla dominates U.S EV production with 69.5% share in Q1, 2023 ( source )
On May 31 Teslarati reported :
Tesla and BYD are completely dominating the EV sector — and Japanese carmakers are lagging behind.......Among the six carmakers that were listed as the laggards in the EV race, five were Japanese automakers. These included Toyota, Honda, Nissan, Mazda, and Suzuki, all of which earned subpar scores in market dominance, technology performance, and strategic vision.
On June 2 Bloomberg reported :
China is set to extend EV tax incentives as sales growth slows. Deliveries of EVs and plug-in hybrids in January through April rose about 36% from the same period of 2022......China will therefore extend and optimize new-energy vehicle purchase tax exemptions, the report said, without giving more detail. People familiar with the matter said earlier on Friday an extension was being considered for some clean cars for another four years. One of those measures may be extending the purchase tax break for EVs and plug-in hybrids that cost less than 300,000 yuan ($42,400), one of the people said, asking not to be identified because the details are private.
EV company news
BYD Co. [SHE: 002594][HK:1211]( BYDDY , BYDDF)
BYD is currently ranked the number 1 globally with 20.6% market share YTD. BYD is ranked number 1 in China with 38.1% market share in April 2023.
On May 10 Car News China reported : "2023 BYD Seal launched, starting at 27,400 USD with 550 km range."
On May 12 BYD reported : "BYD unveils two new full-electric vehicles to Spanish consumers at Automobile Barcelona 2023." Highlights include:
- "The BYD DOLPHIN and BYD SEAL debut in the Spanish market at Automobile Barcelona 2023.....
- Retail prices for the BYD DOLPHIN start from 29,990 euros 1
- The two new BYD models are accompanied by the BYD ATTO 3, TANG and HAN.
- BYD announces an exclusive show offer for top-of-the-range Design versions of BYD ATTO 3 and BYD DOLPHIN."
On May 17 Reuters reported :
China's BYD beefs up autonomous driving credentials with new unit, hiring spree.....has set up a new division and embarked on a huge hiring spree to rectify that shortcoming. Between 4,000 and 5,000 software engineers have been hired recently......
On May 22 CNEVPOST reported : "BYD opens its 1st flagship experience center to showcase entire lineup of models."
On May 30 Japan Times reported :
BYD, China's largest EV manufacturer, takes aim at Southeast Asia market.....BYD has launched an offensive on Japanese EVs, which hold more than 80% of market share in the region, and is looking to build a formidable presence by expanding its local production line — though it faces issues with product selection and after-sales service.
Tesla, Inc. (NASDAQ: TSLA )
Tesla is currently ranked the number 2 globally with 15.4% global market YTD. Tesla is number 2 in China with 9.3% market share in April 2023. Tesla is number 3 in Europe with 12.6% market share in April 2023. Tesla is still the number 1 electric car seller in the US by far with ~65%+ market share.
On May 5 Reuters reported : "Tesla's April sales of China-made EVs down 14.7% from March, China Passenger Car Association says......"
On May 8 Teslarati reported : "Tesla Giga Texas produces 5,000 Model Ys in a single week."
On May 8 Tesla Blog reported :
Tesla lithium refinery groundbreaking. Today, we are breaking ground on Tesla’s in-house lithium refinery, located in the greater Corpus Christi area of Texas. Once complete, the facility will represent an investment of >$1B in Southwest Texas. This investment is critical to our mission to accelerate the world’s transition to sustainable energy and represents our efforts to aggressively increase the supply of battery-grade lithium hydroxide available in North America.....In the future, we expect this facility to also process other intermediate lithium feedstocks, including recycled batteries and manufacturing scrap.
On May 16 Reuters reported :
Tesla applies to expand Shanghai plant, add pouch battery cell output......An undated public notice said the potential expansion would give the Shanghai Gigafactory the capacity to produce 1.75 million powertrain units annually, up from 1.25 million currently.
On May 16 Tesla held their 2023 Shareholder Meeting. You can view the full official video here (Elon Musk starts talking at the 27 min 15 sec mark). Below is a key slide and some key quotes.
Elon stated (32 min mark): "The faster we can make battery packs, the faster we can move to a sustainable energy economy. That's the fundamental limiting factor." Elon discusses Megapacks.
Elon stated (52 min mark): "The Tesla Megapack is now more competitive than a natural gas peaker plant......growing faster than our vehicle sales....I think long term......stationary battery pack activity will be in excess of 500 GWh a year... the demand is quasi infinite. "
Note: Bold emphasis by the author.
Tesla Master Plan 3 summary (from Tesla 2023 shareholder meeting) - Solar & wind production needs to increase by 3x/yr, battery production by 29x/yr, BEV production by 11x/yr ( source )
Tesla 2023 shareholder meeting
On May 16 Seeking Alpha reported :
Tesla meeting: Elon Musk talks rough economy, advertising and new models......Tesla will try out media advertising and see how it goes in what will be a departure from the company's track record of non-traditional advertising. The boardroom at Tesla has a new member with the addition of Redwood Materials CEO JB Straubel, who was previously the Chief Technical Officer of Tesla. On the product plan, Elon Musk advised that Tesla will deliver its first Cybertrucks this year. The target is for the electric vehicle maker to deliver 250K to 500K Cybertrucks a year. The long-awaited return of the Roadster is expected in 2024. He also teased that plans are being made for two new electric vehicle models.
On May 18 Seeking Alpha reported : "Tesla proposes local plant in India in strategy shift."
On May 26 Motor1 reported : "Tesla Model Y was the world's best-selling car in Q1 2023."
On May 27 Tesmanian reported : "Tesla to open part of Supercharger Network in Canada to all EVs......"
On June 2 Bloomberg reported :
Tesla price war padded by $1.8 billion windfall from Biden’s IRA.....Tesla Inc. and its battery partner are poised to receive about $1.8 billion in production tax credits this year under the Inflation Reduction Act, according to forecasts from researcher Benchmark Mineral Intelligence......The automaker and its battery partner could receive $41 billion in credits by the end of 2032, far more than key Detroit rivals.....
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]( VWAGY ) ( VLKAF )/ Audi / Lamborghini/ Porsche ( OTCPK: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 19.6% market share in April 2023.
On May 4 Volkswagen Group reported :
Volkswagen Group makes solid start to fiscal year 2023 with strong increase in revenues and underlying operating profit......The Group continued to systematically implement its BEV strategy, with a 42 percent year-on-year increase in deliveries in Q1. Deliveries totaled 141,000 BEV vehicles, representing a share of around 7 percent of total deliveries. Overall deliveries continued to recover and were up 7.5 percent year-on-year......With a high order book of 1.8 million vehicles in Western Europe, including 260,000 BEVs, customer demand for Volkswagen Group vehicles remained strong......
On May 4 Volkswagen Group reported :
Shell and Volkswagen push ahead the expansion of charging infrastructure: Opening of the first innovative Flexpole charging station......
On May 5 Electrek reported :
Audi EV deliveries rise 43% in Q1 despite weaker market in China...... Audi delivered a total of 34,584 EVs in the first three months of the year, up 43% compared to the 24,236 delivered in Q1 2022. The following EV models led the growth: Audi Q4 e-tron: 21,299. Audi e-tron/ Q8 e-tron: 9,693. Audi e-tron GT: 2,997.
On March 8 Electrek reported : "Lamborghini Urus is going to be a fully electric SUV by the end of the decade."
On May 11 Volkswagen Group reported : First preview of the new ID.7 GTX: a long-distance limousine with more power and all-wheel drive."
On May 17 Reuters reported : "Volkswagen aims for 'margin parity' on some EVs by 2025......"
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 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 China with 5.3% market share in April 2023. Geely-Volvo is ranked 5th in Europe with 9.1% market share in April 2023.
May 3 Volvo Cars reported :
Volvo Cars sales up 10 per cent in April.....The sales growth was primarily driven by the company’s fully electric cars. In April, Volvo Cars' electrified Recharge models, with a fully electric or plug-in hybrid powertrain, made up 40 per cent of all Volvo cars sold globally. For fully electric cars, the same share ended up at 17 per cent......
May 9 Volvo Cars reported : "Get ready for the fully electric Volvo EX30 small SUV."
On May 10 Market Screener reported :
Kandi Technologies reports first quarter 2023 financial results. Successful Pivot to fully electric off-road vehicles continued to boost revenue. High gross margin driven by fully electric crossover Golf Carts.....
May 11 Volvo Cars reported : "Volvo Cars adjusts start of production timing for Volvo EX90......"
On May 23 Reuters reported :
Geely premium automaker Lynk looks to further European growth......The automaker, which both sells and rents cars on monthly subscriptions, already has what it calls clubs, which look like bars or lifestyle shops, in Belgium, the Netherlands, Germany, Sweden, Spain and Italy.....Lynk, which only offers a Chinese-made hybrid SUV called 01 in black and blue, will launch a fully-electric model, the 02, by the end of 2024...
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% (not updated this month) market share YTD. SAIC/GM/Wulin JV (SGMW) plus SAIC is 3rd in China with 7.6% share in April 2023.
On May 5 SAIC Motor reported :
SAIC Motor witnesses sales surge in April.....The carmaker has also accelerated the development of new energy vehicles (NEVs) and intelligent connected vehicles (ICVs). Official statistics showed that its self-branded vehicles, NEVs, and exports have maintained rapid and sustainable growth over the past month. Sales of its self-owned brands reached 203,000 units last month, up 81.9 percent year-on-year, accounting for 54.2 percent of the carmaker’s total sales. Sales of its NEVs grew by 80.6 percent year-on-year to 68,000, including NEV sales of its self-owned brands Roewe and MG, which grew 606.6 percent year-on-year to more than 26,000 units last month. SAIC Motor’s overseas sales witnessed a year-on-year growth of 130.5 percent to 90,000 units during the same period. In the first four months of the year, SAIC Motor’s MG brand sold 70,000 vehicles in Europe, doubling year-on-year, making Europe its largest overseas regional market......
On May 10 Reuters reported :
China's SAIC to dilute stake in MG Motor India, drive EV sales. China's SAIC Motor (600104.SS) plans to drop its ownership in MG Motor India to allow domestic entities to take a majority stake, the Indian electric vehicle maker said on Wednesday, as Chinese investments face increased scrutiny by the New Delhi government. MG also plans to invest more than 50 billion rupees ($611.4 million) to build a second plant in India amid a slew of other proposals, including exploring cell manufacturing, with the aim that at least 65% of its sales comprise of EVs from 2026.
On May 11 Autocar reported :
Official: 2024 MG Cyberster rivals BMW Z4 for £55,000. Convertible gets up to 536bhp and is touted as world’s first 'affordable' EV roadster...... Chasing volume is not the Cyberster’s main function, he insists. It will primarily be an image-builder though he “could imagine” UK volumes around 2000 units a year when demand settles.
On May 25 CNEVPOST reported : "SAIC-GM-Wuling launches new mini EV Yep, prices start at $11,290......"
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 4.9% (not updated this month) global market share YTD. Stellantis is ranked 2nd in Europe with 13.9% market share in April 2023.
On May 3 Stellantis N.V. reported :
First quarter 2023 shipments and revenues. Stellantis reports 14% increase in Q1 2023 net revenues......Global BEV sales increased 22% versus Q1 2022; ongoing global focus with 9 new BEVs launching in 2023.
On May 25 Stellantis N.V. reported : "Stellantis invests in Lyten’s Breakthrough Lithium-Sulfur EV Battery Technology."
On May 30 Stellantis N.V. reported : "Stellantis electrification transition in full swing with first ACC Battery Gigafactory inaugurated in France."
BMW ( OTCPK:BMWYY ), Mini, Rolls-Royce
BMW Group is currently ranked the number ~7 global electric car manufacturer with 3.8% global market share YTD. BMW Group is ranked 4th in Europe with 9.3% market share in April 2023.
On May 4 BMW Group reported : "BMW Group achieves healthy margins in volatile environment thanks to high demand." Highlights include:
- ".....Sales of BMW BEVs up 112% (in Q1).
- 2023 Guidance confirmed in continuing volatility."
On May 4 Green Car Reports reported :
Redesigned 2025 Mini Cooper Electric adds driving range, space...... Battery capacity is 40.7 kwh for the Cooper E and 54.2 kwh for the Cooper SE.
On May 18 BMW Group reported : "On 20th anniversary of Chinese joint venture BMW Brilliance Automotive, BMW Group announces local production of NEUE KLASSE in China from 2026." Highlights include:
- "......BBA to invest RMB 10 billion in construction of assembly plant for sixth-generation high-voltage batteries in China.
- Global production network for high-voltage batteries based on “local for local” principle."
Hyundai ( OTC:HYMTF ), Kia ( OTC:KIMTF )
Hyundai-Kia Group is currently ranked number ~8 in the global electric car manufacturer's sales ranking with ~3.8% market share YTD.
On May 2 Hyundai reported :
Hyundai Motor America reports April 2023 sales.....Hyundai set best-ever total sales in April for Elantra HEV (+57%), Elantra N (+6%), Kona EV (155%), Santa Fe HEV (+259%), Tucson PHEV (+47%), Tucson HEV (+101%) and Santa Cruz (+14%)......
On May 2 Kia reported :
Kia announces April 2023 global sales results......Kia to continue its transition to sustainable mobility solutions provider through new models, including the EV9 all-electric SUV.
On May 17 Kia reported : "Kia takes a bold step towards Scalable Sustainability with its Flagship EV9."
On May 26 Hyundai reported : "Hyundai Motor Group and LG Energy Solution to establish battery cell manufacturing Joint Venture in the U.S." Highlights include:
- "The new battery cell JV will be located in Bryan County, Savannah, Georgia where Hyundai Motor Group Metaplant America is currently being built.
- Total investment amount of over USD 4.3 billion; HMG and LGES to take a 50 percent stake respectively.
- JV’s battery production aimed to start at the end of 2025 with an annual production capacity of 30 GWh, capable of supporting the production of 300,000 EVs.
- Building the second battery manufacturing JV, the Group and LGES aim to continue strengthening the ties with their long-time partnership in electrification efforts."
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% market share YTD. GAC Group is ranked 4th in China with 6.6% market share in April 2023.
On May 1 CNEVPOST reported :
GAC's new energy vehicle (NEV) subsidiary, GAC Aion, sold a record 41,012 vehicles in April, the second consecutive month to exceed the 40,000-unit mark, according to data released today. This represents a 301.61 percent increase over the 10,212 units sold in the same month last year and a 2.49 percent increase over the 40,016 units sold in March.
D aimler-Mercedes ( OTCPK:DDAIF , OTCPK:DDAIY ) (Smart - 50% JV between Daimler & Geely) (NB: A proposal to rename Daimler to Mercedes Benz)
Daimler-Mercedes is ranked number ~10 globally with 2.9% market share YTD.
On May 9 Daimler reported : "Daimler Truck continues strong business development in Q1 2023."
On May 11 Whichcar reported : "2023 Mercedes-Benz EQE scores five-star ANCAP rating......"
On May 12 Daimler reported : "Bremen receives 35 Mercedes-Benz eCitaro G all-electric articulated buses with NMC 3 batteries."
On May 17 Carsales reported : "Mercedes-Benz to launch EV platform for vans.....from 2026, including new EV camper......
On May 30 Daimler reported : "Start of series production soon: All-electric eActros 300 Tractor drives from Germany to Turkey......"
Great Wall Motors [HK:2333] ( GWLLF ) ( GWLLY ) [ORA]
On May 8 Electrive reported :
Great Wall Motors opens EV factory in Brazil......The site in Iracemápolis in the Brazilian state of São Paulo, which GWM purchased from Daimler in 2021, is scheduled to go into operation on 1 May 2024. It is said to have an annual capacity of 100,000 vehicles and to create about 2,400 new jobs. GWM plans to first serve the Brazilian market and export its EVs to other Latin American countries later. In Brazil, Great Wall Motors plans to launch four BEV models of its Ora brand and six hybrid models of the GWM brand in the next three years.
On May 30 Reuters reported :
China's Great Wall Motor plans EV battery assembly, research in Thailand. China's Great Wall Motor Co Ltd (601633.SS) is finalising plans to invest up to $30 million to set up a new battery pack assembly plant in Thailand, where it will start making a compact electric car next year, according to a company official.....
On May 30 Car News China reported : "Great Wall considers Germany, Hungary, and Czechia as locations for its first European plant......"
Li-Auto ( LI ) [HK:2015]
On May 10 Li-Auto reported :
Li Auto Inc. announces unaudited first quarter 2023 financial results. Quarterly total revenues reached RMB18.79 billion (US$2.74 billion). Quarterly deliveries reached 52,584 vehicles......
Ford (NYSE: F )
A March 3, 2022 report from Bloomberg quoted : "Farley also is boosting Ford’s bet again on EVs, adding another $20 billion to take the total tab up to $50 billion by 2026."
On May 15 Ford reported : "Ford unveils all-electric E-Tourneo Courier delivering maximum style, space and practicality in a compact package."
On May 22 Seeking Alpha reported :
Ford unveils supply chain agreements to bolster EV efforts." Lithium supply agreements with Nemaska Lithium (50% Livent), EnergySource Minerals, Albemarle, Compass Minerals and SQM.
On May 22 Seeking Alpha reported : "Ford looks to lower costs, tap into subscription revenue stream."
On May 23 Bloomberg reported :
Ford’s new electric SUV won’t compete with other carmakers, CEO says......“We don’t really see ourselves competing with Tesla and BYD in our second cycle of product,” the CEO said. “I don’t see how there’s a large-size, three-row crossover industry in their indigenous markets.”
On May 25 Ford reported : "Ford EV customers to gain access to 12,000 Tesla Superchargers; Company to Add North American Charging Standard Port in Future EVs."
On May 25 Seeking Alpha reported : "Ford works out electric charging partnership with Tesla."
NIO Inc. ( NIO )
On May 1 NIO Inc. reported : "NIO Inc. provides April 2023 delivery update
- " NIO delivered 6,658 vehicles in April 2023, increasing by 31.2% year-over-year.
- NIO started the delivery ramp-up of the EC7 in late April 2023.
- NIO delivered 37,699 vehicles year-to-date in 2023, increasing by 22.2% year-over-year...."
XPeng Inc. (Xiaopeng Motors) ( XPEV ) [HK:9868]
On May 1 XPeng Inc. reported :
XPENG announces vehicle delivery results for April 2023. In April 2023, XPENG delivered 7,079 Smart EVs. Launched in March 2023, the new P7i sports sedan continues to gather strong order intake momentum. The Company is significantly ramping up production which will accelerate customer deliveries of the P7i in the near future......
On May 24 XPeng Inc. reported : "XPENG reports first quarter 2023 unaudited financial results." Highlights include:
- "Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB34.12 billion (US$4.97 billion) as of March 31, 2023
- Quarterly total revenues were RMB4.03 billion, a 21.5% decrease quarter-over-quarter.
- Quarterly gross margin was 1.7%, a decrease of 7.0 percentage points quarter-over-quarter."
On May 29 Electrek reported : "XPeng CEO teases next EV model – the X9......"
General Motors ( GM )
On April 28 General Motors reported : "General Motors releases 2022 sustainability report detailing progress toward an electric future for everyone." Highlights include:
- "GM opened its first Ultium Cells LLC battery manufacturing plant in Warren, Ohio, with plans for more facilities to come......"
On May 10 Electrek reported :
GM plans to return to Europe as an EV-only brand. General Motors has been building up its resources and capabilities for an all-electric future. With a vast lineup of fully electric vehicles, GM plans to spearhead its return to Europe as an EV-only brand. After selling over 20,000 EVs for the first time in Q1, GM overtook Ford as the number two EV maker in the US and raised its expectations for the year.
On May 22 CNBC reported :
GM will introduce an all-electric Cadillac Escalade 'IQ' later this year......the company plans to fully convert Cadillac into an electric vehicle brand by 2030.
Renault [FR:RNO] ( OTC:RNSDF ) / Nissan ( OTCPK:NSANY ) / Mitsubishi ( OTCPK:MSBHY , OTCPK:MMTOF )
On May 3 Nissan Motor Corporation reported :
2023 Nissan Ariya named to Wards 10 Best Interiors & UX list for 2023. All-new, all-electric crossover offers a connected, spacious and aesthetically pleasing interior.
2023 Nissan Ariya ( source )
Nissan Motor
On May 11 Arene EV reported : "Renault wants to rival VW ID1 with its sub $25,000 electric car......"
On May 19 Electrek reported :
What we know about the EV set to replace the Nissan LEAF. Nissan is saying goodbye to the little EV that started it all. Although Nissan is phasing out the LEAF electric car, the automaker plans to begin producing its successor in 2026......Nissan may replace the LEAF with a coupe-like crossover similar to the “Chill-Out” concept the automaker revealed in 2021, with its “sleek and modern” design.
Nissan 'Chill-Out" concept electric car ( source )
On May 25 Reuters reported : "France's Valeo says not planning to invest in Renault EV unit......"
On May 31 Nissan Motor Corporation reported : "Nissan, Mitsubishi Motors, and NMKV mark production of 50,000th fully electric mini vehicle......"
Polestar Automotive Holding UK Limited ( PSNY )
On May 11 Reuters reported : "Electric vehicle maker Polestar cuts production guidance, jobs......"
On May 11 Polestar reported :
Polestar reports results for first quarter of 2023 and intensifies cost management. Polestar Automotive Holding UK PLC (“Polestar” or the “Company,” Nasdaq: PSNY), the Swedish electric performance car brand, reports its results for the three months ended March 31, 2023. Polestar achieved record first quarter deliveries of 12,076 cars, up 26% year on year and enters the second quarter with good commercial momentum..... In light of this and the economic environment affecting the automotive industry, Polestar now expects 2023 global volumes of 60,000 – 70,000 vehicles, representing annual growth of 16% - 36%, following record deliveries of 51,491 last year. There is no change to the start of production of Polestar 4, which is expected for China in the fourth quarter of 2023, and for other markets in early 2024.
On May 23 Polestar reported : "Candela C-8 Polestar edition merges iconic design with electric performance at sea....."
Beijing Automotive Group Co. (BAIC)(includes Arcfox) [HK:1958) ( OTC:BCCMY )
No electric vehicle related news for the month.
Hozon New Energy Automobile Co. (private) (owns Neta)
On April 4 Asiafinancial reported :
China EV upstart Hozon Auto stuns rivals with sales surge......startled industry watchers by growing sales of its affordable, spacious SUVs more than fourfold in the first two months of the year.......In December, Hozon Auto became the first-ever downstream investment for Contemporary Amperex Technology Co (CATL).
On April 20 CNEVPOST reported : Neta GT sports car officially launched, priced from $26,000.
Neta GT sports car ( source )
On May 6 Bloomberg reported :
China’s Hozon to make EVs in Thailand for Southeast Asian Market...... Hozon signed an agreement with a Thai auto assembly firm earlier this week to produce its NETA V model locally starting next year.
Hozon New Energy Automobile Co. - NETA V ( source )
Lucid Group ( LCID )
On May 8 Lucid Group reported :
Lucid announces first quarter 2023 financial results.....Lucid reported first quarter revenue of $149.4 million, having produced 2,314 vehicles at its manufacturing facility in Arizona and delivered 1,406 vehicles during the same period. Lucid plans to manufacture more than 10,000 vehicles in 2023 and ended the quarter with approximately $4.1 billion total liquidity, which is expected to fund the Company at least into the second quarter of 2024......
On June 1 Reuters reported :
EV maker Lucid to raise $3 bln, mainly from Saudi's PIF. Lucid Group (LCID.O) said it plans to raise about $3 billion through a stock offering, nearly two-thirds of which will come from Saudi Arabia's Public Investment Fund ((PIF)), sending shares of the luxury electric-vehicle maker down 9% after market hours. PIF, which owns more than 60% of the company, has agreed to buy 265.7 million shares in a private placement for about $1.8 billion, Lucid said, implying a price of about $6.80 per Lucid share, compared with the stock's Wednesday close of $7.76.
Rivian Automotive ( RIVN )
On May 9 CNBC reported : "Rivian reports a narrower-than-expected quarterly loss, reaffirms EV production target." Highlights include:
- ".....It said it’s still on track to meet a 50,000-vehicle production target for 2023.
- Rivian has been working to reduce its spending over the last several months in a bid to conserve cash."
On May 20 Rivian Automotive reported :
Fleet of all-electric Rivian service vans hits the road. Rivian's growing fleet of mobile service vehicles is scaling alongside its network of Service Centers. By the end of the year, there will be more than 200 Rivian Service Vans and nearly 100 R1Ts in the field.
Toyota (NYSE: TM )/ Lexus
On May 2 Electrek reported :
Toyota aims to derail Australia’s EV strategy – they won’t have it. Toyota is at it again. The automaker’s Australian leader reiterated that Toyota would not be going all-electric despite the federal government’s recent initiatives to boost EV adoption, cut emissions from passenger vehicles, and improve the overall well-being of Australians.
On May 10 CNBC reported : Toyota targets 10% profit jump, robust EV sales as chip woes recede." Highlights include:
- "The world’s biggest car maker by sales forecast battery EV sales, including those of its luxury Lexus brand, will reach 202,000 worldwide in the current business year through March 2024 - up more than fivefold from just 38,000 units last year.
- Toyota forecast operating profit will rise to 3.0 trillion yen ($22.2 billion) this business year, in line with analysts’ average forecast of 3.02 trillion yen."
On June 1 Asiafinancial reported :
Toyota powers up US stake with $2.1bn EV battery plant boost. The Japanese vehicle-maker is ramping up its investment in its new factory in North Carolina as it bids to join the EV elite.....its first US-made battery electric sports utility vehicles (SUVs) will be assembled at the company’s Kentucky plant from 2025. The new SUVs, with three rows of seats, will be powered by batteries from the North Carolina plant once it begins production in 2025.
Tata Motors ( TTM ) group (Jaguar, Land Rover)
On May 5 Tata Motors reported :
10K Tiago.evs delivered in less than four months. Tata Motors’ first electric hatch becomes the Fastest EV to achieve this delivery milestone......
On May 10 Tata Motors reported :
Experience EVs at their MAX. Tata Motors introduces the new Nexon EV MAX, priced at NPR 46.49 lakh in Nepal......
On May 12 Tata Motors reported :
Tata Motors consolidated Q4 FY23 results.....First pure electric Range Rover will be available for pre-order later this year. First of three reimagined modern luxury electric Jaguars will be a 4-door GT, built in Solihull, UK, to be unveiled in 2024......Commenced deliveries of ACE EV, marking a significant leap forward in offering sustainable mobility solutions......
GreenPower Motor Company Inc. [TSXV:GPV] ( GP )
On May 2 GreenPower Motor Company Inc. reported :
GreenPower debuts all-electric aluminum medium-duty utility truck, the next-generation vocational solution for fleets......
Workhorse Group Inc. ( WKHS )
On May 15 Workhorse Group Inc. reported : "Workhorse Group reports first quarter 2023 results." Highlights include:
Since the start of the year, Workhorse made progress across its strategic and operating priorities:
- "Ramped up production of its W4 CC vehicles in its transformed Union City, Indiana plant. The Company is currently producing 16 units/week and plans to ramp up to 25 units/week by Q3.
- The Company expects to begin production of the W750 in Q2 2023....
- Delivered 18 Tropos vehicles in Q1 2023.....Volumes for final assembly in the U.S. market are expected to reach about 2,000 units per year once ramp-up is complete.
- Made strides in Aerospace, having successfully completed a number of demonstrations for potential last-mile delivery customers, industry partners and government agencies and officials.
- Executed on Stables & Stalls package delivery routes for FedEx Ground. The Company expects to complete the transition to electrify the Lebanon fleet by the end of Q2 2023...."
Lion Electric ( LEV )
On May 3 Lion Electric reported : "Lion announces launch of the Lion5 medium-duty all-electric truck." Highlights include:
- " Lion’s all-electric Lion5 launched as the premier vehicle for last mile delivery and more with GVWR Class 5-to-6 crossover capabilities.
- 30,000 lb. max GCWR, 12,500 lb. max payload.
- Powered by Lion’s proprietary 800v LionBattery packs.
- Driving range up to 200 miles.
- Capability to be charged to 80% in 1.5 hours.
- Cutaway configuration option enables seamless passthrough between the cab and any suitable body upfit...."
On May 9 Lion Electric reported : "Lion Electric announces first quarter 2023 results." Highlights include:
Q1 2023 Financial Highlights
For further details see:
EV Company News For The Month Of May 2023