EVTV - EV Company News For The Month Of November 2023

2023-12-08 14:17:07 ET

Summary

• Global electric car sales Oct. 2023 up 37%YoY to 17% share. China sales up 41% to 39% share. Europe up 24% to 25% share. USA up 26% to 9.4% share.
• EV market news - Electric vehicles and hybrids grow to a record-high 18% of U.S. light-duty vehicle sales.
• EV company news - BYD sales exceed 300K for the first time in Oct. 2023, another record month. Tesla to build 25,000-euro car in Germany + delivers first Cybertruck.
• UAW deal wins approval with workers at General Motors, Ford and Stellantis. Hyundai has broken ground on its new EV factory to build 200,000 EVs pa in South Korea.

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

November saw a great result for October 2023 global EV sales (2nd highest sales ever) and a huge month of news culminating in the Tesla's Cybertruck delivery event.

Global electric car sales as of end October 2023

Global plugin electric car sales were 1,279,000 in October 2023 (2nd best month ever), up 37% on October 2022 sales. Global plugin electric car market share in October was 17% , and 16% YTD (not updated this month).

China plugin electric car sales were 808,000 in October 2023, up 41% on October 2022 sales. Plugin electric car market share in China for October was 39% , and 36% YTD.

Europe plugin electric car sales were 260,000 in October 2023, up 24% YoY, reaching 25% market share and 23% YTD. Norway reached 91.3% share, Sweden 60.6% , Netherlands 42% , Germany 24.5% , France 26.5% , and UK 24.9% .

USA plugin electric car sales were 112,483 (as reported by Argonne National Laboratory) in October 2023, up ~26% on October 2022 sales. Plugin electric car market share in USA for October was 9.37% .

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-October, 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 updated forecast for 2023 is 13.4m sales (17% market share).

Global plugin electric car sales forecast to grow exponentially this decade

Seeking Alpha's Trend Investing forecasts exponential global electric plugin car sales from now to 2040. By end 2025 annual sales to reach ~23m pa (27% market share) and by end 2030 to reach ~48.5m pa (57% market share).

Global plugin electric car sales forecast to 2040 (green bars)

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."

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

EV sales forecasts keep being revised upwards (as of Sept. 2023) ( source )

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

EV market news

On November 16, Seeking Alpha reported : "UAW deal wins approval with workers at General Motors, Ford and Stellantis."

On November 17, The U.S Energy Information Administration reported :

Electric vehicles and hybrids grow to a record-high 18% of U.S. light-duty vehicle sales. Sales of hybrid, plug-in hybrid, and battery-electric vehicles (BEV) in the United States rose to 17.7% of new light-duty vehicle sales in third-quarter 2023, according to data from Wards Intelligence. Sales of hybrids, plug-in hybrids, and BEVs have accounted for 15.8% of all new light-duty vehicle sales in the United States so far this year, compared with 12.3% in 2022 and 8.5% in 2021...BEV prices declined across the most popular models, contributing to the rise in third-quarter sales. The average transaction price for BEVs dropped 5% during the third quarter to $50,283, bringing the price 24% lower than at the price peak in the second quarter of 2022. The average price paid for all light-duty vehicles fell less than 0.5% during that same time. BEV prices are now within $3,000 of the overall industry average transaction price for light-duty vehicles.

Electric vehicles and hybrids grow to a record-high 18% of U.S. light-duty vehicle sales ( source )

On December 1, Fortune reported : "Elon Musk suggests Tesla and 9 Chinese companies will be the top 10 carmakers."

EV company news

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

BYD is currently ranked the number 1 globally with 22.1% market share YTD (Jan-Oct. 2023). BYD is ranked number 1 in China with 36.6% market share in Oct. 2023.

On November 1, Electrek reported :

BYD announces EV deals to finish year strong after record sales for a sixth consecutive month...BYD’s EV sales surpassed 300K units in October. According to a recent post on its Weibo page , BYD’s sales were 301,833 in October alone, including EVs and PHEVs. Of that number, 165,505 were true BEVs, 135,590 were PHEVs, and 738 were commercial NEVs. October is the first time to date that BYD has surpassed 300,000 in EV sales, achieving a 38.57% increase year-over-year, up 5% since September 2023. Aside from a couple of dips this past summer, BYD’s sales overseas have also seen steady growth, reaching 30,521 last month – up over 220% compared to October 2022 and nearly 9% compared to September 2023.

On November 4, Reuters reported :

China EV maker BYD to build first Europe plant in Hungary, Frankfurter Allgemeine Sonntagszeitung reports...

On November 14, BYD announced :

Diverse Customers announce plans to purchase BYD Battery Electric Buses in Canada...

On November 17, Car News China reported : "BYD Sea Lion 07 SUV debut in China to compete with Tesla Model Y."

On November 24, Business Wire reported :

BYD rolled off its 6 millionth new energy vehicle...Having reached the milestone of 6 million new energy vehicles in just three months, following the 5 millionth, BYD's rapid pace continued to establish new benchmarks in production and sales.

On November 30, The Driven reported : "BYD produces 200,000 low cost Seagull compact city EVs in first 8 months."

Tesla, Inc. (NASDAQ: TSLA )

Tesla is currently ranked the number 2 globally with 13.4% global market YTD (Jan-Oct. 2023). Tesla is number 2 in China with 7.5% market share in October 2023. Tesla is ranked 3rd in Europe with 12.1% market share in October 2023. Tesla is still the number 1 electric car seller in the US by far with ~50% market share YTD (based on Q3 sales).

On November 6, Reuters reported :

Tesla to build 25,000-euro car in Germany - source. Tesla plans to build a 25,000-euro ($26,838) car at its factory near Berlin, a source with knowledge of the matter said on Monday...

On November 9, Reuters reported : "Tesla raises prices on some refreshed long-range vehicles in China beginning Nov. 9."

On November 10, Reuters reported :

Tesla to roll into South America with first steps in Chile. Electric vehicle maker Tesla is looking to make inroads in South America by hiring personnel for a new operation in Chile and registering its name, according to public documents. Tesla Chile was registered and published in the Official Gazette on Sept. 28 and includes "the import, export, manufacturing, marketing, distribution and sale of vehicles, especially electric vehicles." The registration also included other commercial activities like the generation and supply of energy and electricity.

On November 13, The Financial Times reported :

India considers slashing EV tariffs to lure Tesla. Officials are in talks with Elon Musk’s carmaker to set up a plant in the country...The officials said the reduced rate under consideration would be 15 per cent for EVs of all prices, but added that the policy had not been agreed within India’s government yet...

On November 21, Bloomberg reported :

India closer to agreement with Tesla to import EVs, set up plant. Factory being considered in Gujarat, Maharashtra, Tamil Nadu...India is closing in on an agreement with Tesla Inc. that would allow the US automaker to ship its electric cars to the country from next year and set up a factory within two years, according to people familiar with the Indian government’s thinking.

On November 30, Bloomberg reported :

Tesla’s cheapest Cybertruck will cost $60,990 and be available in 2025. High-end Cyberbeast version will cost an estimated $99,990. Truck is arriving two years late, will be difficult to produce...

On November 30, Seeking Alpha reported :

Tesla delivers first Cybertrucks as it looks to shake up the electric truck segment...In terms of speed, the Cybertruck went 0 mph to 60 mph in 2.6 seconds and beat a Porsche 911, while also towing a Porsche 911.

Details and prices are here . You can watch the Cybertruck delivery event highlights here .

Tesla Cybertruck (Beast version) specs ( source )

On December 1, Electrek reported : "Tesla secures massive 1.6 GWh Megapack order for giant project" for Melbourne, Australia.

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

'Volkswagen Group' is currently ranked the number 3 top-selling global electric car manufacturer with 7.3% market share YTD, and 1st in Europe with 20.6% market share in Oct. 2023.

On November 3 Volkswagen announced :

Elli launches pan-European charging solution for electric fleets. Volkswagen Group brand Elli is launching an intelligent solution across Europe for electric vehicle fleets. With Elli Fleet Charging, companies in Germany, Italy, Spain, and Austria are now able to manage and cost-optimize their fleet charging. After a market introduction phase lasting several months, over 650 German companies and fleet managers are already successfully using Elli’s product...

On November 10, Reuters reported :

"Volkswagen aims to bring under-$35,000 EV to US in 3-4 years - VW executive. Volkswagen aims to bring an under $35,000 electric vehicle to the U.S. market in 3-4 years, while Chinese automaker Nio said it is still "debating" a 2025 entry into North America, senior executives said on Thursday at a Reuters conference.

On November 13, CleanTechnica reported :

Volkswagen will produce electric cars in Mexico...Holger Nestler, President & CEO of Volkswagen de México, told Forbes Mexico that the Volkswagen factory in Puebla will get two big investment injections, the first one with a value of about $750 million, and the second one more focused on production of the new EV model.

On November 15, Volkswagen announced : "Volkswagen electrifies the Vatican's vehicle fleet."

On November 22, Skoda announced :

Škoda secures four titles at 2023 ‘Auto Trophy’ readers’ choice awards...All-electric Škoda Enyaq triumphs in import rankings as ‘Best Electric SUV under €50,000’. Compact Škoda Kamiq recognised as ‘Best SUV under €30,000’ in import rankings...

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 6.7% global market share YTD. Geely-Volvo is the number 5th ranked in China with 6.4% market share in Oct. 2023.

On November 2, Automotive News reported :

Geely sales growth accelerates behind EV demand, exports. Geely Automobile Holdings' sales continued to pick up in October, jumping 19 percent to 180,706, on volume generated by electrified products and exports...

On November 3, Automotive News Europe reported :

Geely's Zeekr plans EV sales in Europe in 2023. Zeekr joins a growing list of Chinese automakers looking to launch or expand sales of electric vehicles in Europe next year, including BYD, Xpeng and Great Wall Motors...

On November 3, Volvo Cars announced :

Volvo Cars’ sales up 10 per cent in October...In October, Volvo Cars’ electrified Recharge models, with a fully electric or plug-in hybrid powertrain, made up 36 per cent of all Volvo cars sold globally during the month. Sales of fully electric cars grew by 29 per cent compared to the same period last year...

On November 12, Volvo Cars announced : "The new fully electric EM90 premium MPV further expands Volvo Cars’ portfolio..."

Volvo EM90 Concept World Stills ( source )

On November 14, CarSales reported :

New Geely Galaxy E8 is world’s slipperiest car. Latest premium EV from Chinese auto giant’s new brand said to produce 1.99Cd of drag and impressive 665km of range.

On November 15, Green Stock News reported : "Kandi Technologies first 500 fully electric mini golf carts to launch in US Market..."

On November 17, Reuters reported : "Volvo Cars shares drop to record low as Geely trims stake..."

On November 21, The Edge Malaysia reported :

Geely launches smart EV to take on Tesla, BYD in Malaysia...The Chinese company unveiled three variants of its smart #1 EV in Kuala Lumpur on Tuesday — the Pro, Premium and Brabus.

On November 27, Yahoo Finance reported : "Kandi Technologies announces share buyback of up to $30 million..."

On November 28, Lotus announced : "Lotus launches charging solutions for electric vehicles." Highlights include:

• "Lotus commits to developing its own range of electric vehicle (EV) charging solutions as part of journey to becoming all-electric by 2028N...
• Lotus’ new charging offerings are available today in China and expected to be rolled out in majority of European countries and Middle East in Q2 2024."

On November 28, Reuters reported :

Lotus Tech secures $870 mln ahead of deal completion with L Catterton SPAC. Lotus Technology, the luxury electric vehicle arm of sports car brand Lotus, said on Tuesday it has secured $870 million in financing ahead of the completion of its merger with blank check company L Catterton Asia Acquisition...

On November 29, Bloomberg reported : "China EV Maker Nio signs battery-swapping deal with Geely."

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 7.1% share in Oct. 2023.

On October 30, GM Authority reported : "GM’s refreshed Wuling MINI EV Macaron debuts in China."

Wuling MINI EV Macaron ( source )

On November 6, SAIC announced :

SAIC Motor hits new high in vehicle sales. Thanks to a strong boost from independent innovative technologies, SAIC Motor's monthly sales are seeing rising momentum. Selling a total of 491,000 vehicles last month, the company reached a new high in monthly sales for the year, with both new energy vehicles (NEVs) and overseas markets achieving monthly sales of over 100,000 units...With the concentrated market launch of heavyweight NEV models such as the Roewe D7, MG Cyberster, and Wuling Starlight this month, the sales of SAIC Motor will further surge and are expected to accelerate its transformation and upgrading.

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

Stellantis Group is currently ranked the number 6 in the global electric car manufacturer's sales with 4.4% global market share YTD. Stellantis is ranked 2nd in Europe with 13.9% market share in Oct. 2023.

On October 31, Stellantis N.V. announced : "Third quarter 2023 shipments and revenues. Stellantis reports 7% growth in Q3 2023 net revenues, driven by continued strength in shipments year-over-year." Highlights include:

• "...Global BEV sales up 37% versus Q3 2022 mainly driven by the Jeep _® Avenger and growing commercial BEV vehicles sales led by the Citroën ë-Berlingo..."

On November 21, Stellantis N.V. announced : "Stellantis and CATL sign strategic MoU for the local supply of LFP batteries for European Market."

On November 22, Stellantis N.V. announced : "Stellantis repurchases €934 million in shares from Dongfeng..."

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

BMW Group is currently ranked the number 7 global electric car manufacturer with 4.1% global market share YTD. BMW Group is ranked 4th in Europe with 9.8% market share in Oct. 2023.

On November 3, BMW Group announced : "BMW Group maintains successful course...Percentage of BEV deliveries increases to 15.1% in Q3."

On November 13, Rolls-Royce announced : "Rolls-Royce ensures sustainable EV charging at Shell Recharge stations in Singapore with mtu battery systems..."

On November 15, Reuters announced : "BMW North America expands EV charging service across the U.S..."

On November 17, BMW Blog reported : "Rolls-Royce Spectre Electric Coupe debuts in Hong Kong at Glitzy Event..."

On November 28, BMW Blog reported : "BMW says industrializing solid-state batteries won’t happen before 2030..."

On November 30, BMW Group announced :

Jointly pushing forward premium e-mobility experience: BMW and Mercedes-Benz to establish a joint high-power charging network in China.

GAC Group (Guangzhou Automobile Group Co. Ltd.)

GAC Group is currently ranked number 8 in the global electric car manufacturer's sales ranking with 4.0% market share YTD. GAC Group is ranked 4th in China with 6.9% market share in Oct. 2023.

On November 21, GAC Motor announced :

GAC Motor officially enters the Mexican market, accelerating market expansion and deployment...

Hyundai ( OTC:HYMTF ), Kia

Hyundai-Kia Group is currently ranked number 9 in the global electric car manufacturer's sales ranking with 3.9% market share YTD. Hyundia-Kia Group is ranked 5th in Europe with 8.4% market share in Oct. 2023.

On November 12, Hyundai announced : "Hyundai Motor advances electrification vision with new EV-dedicated plant in Ulsan, building on its brand heritage." Highlights include:

• "...New plant to occupy 548,000 m ² site with capacity to produce 200,000 EVs per year.
• KRW 2 trillion ($1.53 billion) to be invested in the project, which will begin full-scale construction in Q4 2023 with mass production commencing in Q1 2026..."

On November 13, Electrek reported :

...Hyundai’s new EV factory to build 200,000 cars a year. Hyundai has broken ground on a massive new EV factory in its home market of South Korea today. Full-scale construction of the plant will begin in earnest before 2023 is over...Once completed, the $1.5 billion facility will have the capacity to produce 200,000 electric cars per year and will mark Hyundai’s first new manufacturing plant in Korea in nearly 30 years. Hyundai is building the plant on the site of its former proving grounds site in Ulsan. As to when it will actually start the business of spitting out cars, Hyundai is aiming for Q1 2026...

On November 15, Hyundai announced : "Hyundai IONIQ 5 N debuts at AutoMobility LA setting new benchmarks for electrified high performance."

2025 IONIQ 5 N ( source )

On November 16, Kia announced : "Accelerating the Art of Electric Mobility: Kia introduces All-Electric EV3, EV4 Concept Models at the 2023 Los Angeles Auto Show." Highlights include:

• "...Concept EV3 crossover debuts: Introducing exceptional practicality and a transformative cabin ambience, with influence from the flagship EV9.
• Concept EV4: Innovative four-door typology meets next-generation materiality in the post-sedan era."

Concept EV3 ( source )

Concept EV4 ( source )

On November 21, Hyundai announced :

Motional IONIQ 5 Robotaxi to be manufactured at new Hyundai Motor Group Innovation Center Singapore. First production models of IONIQ 5 robotaxi will be manufactured at HMGICS and deployed as part of Motional’s commercial services in the U.S., starting in 2024...

On November 29, Hyundai announced : "Groundbreaking Hyundai IONIQ 5 N Named Car of the Year by TopGear.com..."

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

Mercedes-Benz Group is ranked number 10 globally with 2.8% (not updated this month) market share YTD.

On November 15, Electrek reported : "Mercedes-Benz launches first EV charging hub in US with 400kW piles from ChargePoint."

On November 27, Mercedes-Benz announced : "Mercedes-Benz opens first European Charging Hub in Mannheim....Germany..."

On November 30, Mercedes-Benz announced : "Jointly pushing forward premium e-mobility experience: Mercedes-Benz and BMW to establish a joint high-power charging network in China."

Li Auto ( LI ) [HK:2015]

Li Auto is ranked 7th in China with 4.6% market share in Oct. 2023.

On November 1, Li Auto announced :

Li Auto Inc. October 2023 delivery update...the Company delivered 40,422 vehicles in October 2023, representing an increase of 302.1% year over year. Monthly deliveries exceeded the 40,000 milestone for the first time, and the cumulative deliveries of Li Auto vehicles in 2023 reached 284,647 as of the end of October.

On November 9, Li Auto announced :

Li Auto Inc. announces unaudited third quarter 2023 financial results. Quarterly total revenues reached RMB34.68 billion (US$4.75 billion). Quarterly deliveries reached 105,108 vehicles.

On November 17, Li Auto announced :

Li Auto Inc. unveils Li MEGA at Auto Guangzhou 2023...Li MEGA is open for reservations starting from November 17, 2023. Its retail price is expected to be below RMB600,000. The Company will officially launch Li MEGA in December 2023, with showroom models available in Li Auto retail stores starting in January 2024 and delivery of Li MEGA commencing in late February 2024...

Li MEGA high-tech flagship family MPV ( source )

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

On November 13, Great Wall Motors announced :

GWM achieves remarkable 31% YoY sales growth...New energy vehicles, including commercial models, saw an exceptional surge in sales, reaching 30,551 units, reflecting a remarkable 178.90% year-over-year increase and a substantial 39.50% increase month-over-month...

On November 27, Electrek reported :

Great Wall Motor to expand to 8 additional countries in Europe and establish local R&D center...According to local Chinese media outlet Sina Tech , Great Wall Motor intends to expand to these eight additional countries in Europe: Austria, Belgium, Italy, Luxembourg, the Netherlands, Portugal, Spain, and Switzerland...

Ford (NYSE: F )

On December 1, Reuters reported : "Ford pegs cost of UAW labor deal at $8.8 billion, cuts full-year profit view...."

On November 2, Yahoo Finance reported :

Ford snaps up EV power startup to boost its charging tech. Ford is buying and burying Auto Motive Power, or "AMP" for short, to bolster its charging, battery management and power conversion tech...

On November 14, CarExpert reported :

Ford dials back electric car battery production plans as demand slows. Ford has cancelled plans to build a large battery production facility in Türkiye as demand for electric cars falls short of expectations...

NIO Inc. ( NIO )

On November 1, NIO Inc. announced : "NIO Inc. provides October 2023 delivery update." Highlights include:

• "NIO delivered 16,074 vehicles in October 2023, increasing by 59.8% year-over-year.
• NIO delivered 126,067 vehicles year-to-date in 2023, increasing by 36.3% year-over-year.
• Cumulative deliveries of NIO vehicles reached 415,623 as of October 31, 2023."

On November 21, NIO Inc. announced : "Changan Auto and NIO partner on battery swapping..."

On November 29, NIO Inc. announced : "Geely Holding and NIO sign strategic partnership agreement on battery swapping technology..."

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

On November 1, XPeng Inc. announced : "XPENG announces vehicle delivery results for October 2023." Highlights include:

• "20,002 vehicles delivered in October 2023, a new record of monthly deliveries.
• 8,741 XPENG G6s delivered in October 2023, a best-seller battery electric SUV in its price segment."

On November 15, XPeng Inc. announced : "XPENG reports third quarter 2023 unaudited financial results." Highlights include:

• "...Quarterly total revenues were RMB8.53 billion, a 68.5% increase quarter-over-quarter.
• Quarterly gross margin was negative 2.7%, an increase of 1.2 percentage points quarter-over-quarter."

On November 17, XPeng Inc. announced : "Xpeng presents X9 Ultra Smart large seven-seater MPV at Auto Guangzhou 2023."

XPENG X9 MPV ( source )

General Motors ( GM ), Chevrolet

On October 24, Quartz reported :

GM is slowing EV production amid labor strikes and “evolving” demand. The automaker says it will save $1.5 billion next year by punting production to 2025.

On November 8, General Motors announced : "GM Ventures and Niron Magnetics pursue affordable, sustainable EV motor magnets..."

On November 25, GM Authority reported : "Chevy Blazer EV inventory rising in November 2023..."

On November 29, General Motors announced :

GM reinstates 2023 earnings guidance and announces a $10 billion accelerated share repurchase program and 33% dividend increase starting in 2024..."

On November 30, GM Authority reported : "GM expects EV profitability from H2 2024 onwards..."

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

On November 8, Nissan Motor Corporation announced :

Renault Group and Nissan announce the completion of their agreements framing the foundations of the new chapter of the Alliance...

On November 14, Reuters reported : "Renault to launch new Slovenia-made electric city car - sources..."

On November 16, Reuters reported :

Renault sets out targets for EV unit, won't sell it cheap. French car maker Renault said its electric vehicles unit Ampere would see revenue more than treble to 10 billion euros ($10.8 billion) in 2025 as it sought to fire up doubtful investors ahead of a planned market listing of the business next year...

On November 24, Nissan Motor Corporation announced : "Three is the magic number as Nissan accelerates the switch to full electric." Highlights include:

• "Nissan announces second and third new electric vehicles for UK production.
• Expansion of transformational EV36Zero hub will require third gigafactory to support UK’s biggest car plant.
• Nissan EV commitment enables up to £3bn investment in three models, battery production and infrastructure.
• All-electric future versions of flagship Nissan Qashqai, JUKE and LEAF models confirmed.
• Future models to be inspired by Hyper Urban, Hyper Punk and Chill-Out concepts."

On November 24, Mitsubishi announced : "Mitsubishi Motors to launch the new Minicab EV Electric Commercial Vehicle in Japan in December..."

On November 30, Reuters reported : "Renault lifts another corner of the veil on Renault 5 E-Tech electric ahead of its reveal at the 2024 Geneva International Motor Show."

Polestar Automotive Holding UK Limited ( PSNY )

On November 6, Polestar announced : "Polestar signs agreement with SK On for Polestar 5 batteries..."

On November 8, Polestar announced : "Polestar releases third quarter 2023 financial results." Highlights include:

• "Total revenue of USD 613 million, an increase of 41% year on year.
• 13,976 cars delivered, an increase of 51%.
• Cash and cash equivalents of USD 951 million as of September 30, 2023."

On November 9, Polestar announced :

Polestar expands manufacturing footprint to South Korea with production of Polestar 4 set to start in Busan in 2025...

On November 9, Polestar announced :

Polestar and StoreDot to showcase extreme fast charging technology in Polestar 5 prototype. Polestar is working with StoreDot to bring their extreme fast charging (XFC) technology to production. Dubbed ‘100-in-5’, it sees 100 miles (160 km) of range charged in just five minutes, can be integrated into battery pack formats that are already available, and does not need to rely on a battery pack design revolution...

On November 15, Polestar announced : "Polestar 4 production starts; first customer deliveries expected before end of 2023..."

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

On November 30, Automotive News reported :

Neta Auto launches EV output in Thailand. Neta Auto, previously known as Hozon Auto, becomes the third Chinese automaker to tap a factory in Thailand as a production hub of right-hand-drive vehicles for the Southeast Asian market.

Rivian Automotive ( RIVN )

On November 7, Rivian Automotive announced : "Rivian's electric commercial van now available to more companies..."

On November 8, Reuters reported :

Rivian raises production target amid broader EV demand fears. Rivian Automotive raised its production forecast for the full year by 2,000 vehicles to 54,000 units on the back of sustained demand for its trucks and SUVs on Tuesday, sending its shares up 4% in volatile after-hours trading....

On November 27, Reuters reported : "Rivian launches leasing for R1T electric pickup truck in some US states..."

Lucid Group ( LCID )

On November 4 Reuters reported : "Lucid cuts prices of electric sedans for limited time amid EV price wars..."

On November 6, Lucid Group announced : "Lucid to adopt North American Charging Standard (NACS), bringing greater convenience to Lucid customers." Highlights include:

• "Lucid customers will be able to access 15,000+ Tesla Superchargers in North America in 2025.
• Lucid to integrate North American Charging Standard (NACS) into its vehicles in 2025.
• Lucid vehicles built with the current Combined Charging System [CCS] will be able to access the Tesla Supercharger network via an adapter in 2025."

On November 7, Lucid Group announced : "Lucid announces third quarter 2023 financial results." Highlights include:

• "Lucid reported Q3 revenue of $137.8 million driven by customer deliveries of 1,457 vehicles in the quarter...
• Lucid Gravity, the company’s all new luxury electric SUV, will be unveiled on November 16 at the LA Auto Show; start of production remains on track for late 2024.
• Production outlook for 2023 is revised to 8,000 – 8,500 vehicles from prior guidance of more than 10,000 to prudently align with deliveries."

On November 16, Lucid Group announced :

Introducing the Lucid Gravity: Redefining the Electric SUV...Lucid Gravity lands in late 2024. As with Lucid Air, pricing for Gravity will start under $80,000.

Lucid Gravity ( source )

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

On November 15, Reuters reported :

BAIC unit applies for approval to build Xiaomi-branded EVs in China. A unit of Beijing-based automaker BAIC Group <1958.HK> has applied to regulators for approval to build two Xiaomi-branded <1810.HK> electric vehicles (EVs), China's industry ministry website showed on Wednesday...BAIC ORV is proposing to build two versions of the new Xiaomi-branded model in Beijing, according to its filing: the SU7 with BYD's lithium iron phosphate batteries and a top speed of 210 kilometres per hour (kph); and the SU7 Max with CATL's nickel- and cobalt-based lithium batteries and speed of up to 265 kph...

Fisker Inc. ( FSR )

On November 13, Fisker Inc. announced : " Fisker Inc. announces third quarter 2023 financial results*." Highlights include:

• "Fisker now delivering in ten countries, expected to add two more markets later this month as operational momentum accelerates in Q4 2023.
• Opened flagship US Lounge at The Grove in Los Angeles and first east-coast Lounge in New York City. Fisker customer locations now open in ten countries, with additional customer facilities opening soon, including a Fisker Lounge in Shanghai, China in January 2024.
• Q3 2023 was Fisker’s first quarter with meaningful automotive sales revenue. Total revenue in the quarter was $71.8 million, gross margin was -17% on a GAAP basis (adjusted gross margin was 9%), and EPS was ($0.27), compared to ($0.49) in the prior year.
• Raised $450 million in gross proceeds during the third quarter, bolstering quarter-end cash, cash equivalents, and restricted cash to $625 million; this excludes $50 million in VAT receivables, which Fisker is still waiting to receive. An additional $550 million in gross proceeds is available as part of the recent convertible notes transaction.
• 4,725 vehicles were produced and 1,097 vehicles were delivered in Q3 2023. Deliveries have accelerated as Fisker begins optimizing last mile logistics and expanding its delivery infrastructure to achieve further scale effects in Q4 and beyond. The Company delivered over 1,200 vehicles in October, exceeding the entire Q3 delivery volume. Over 3,000 vehicles delivered globally to date and hundreds more en route to consumers."

On November 17, Fisker Inc. announced : " Fisker’s new distribution strategy increases sales and deliveries to over 100 vehicles per day..."

Toyota (NYSE: TM )/ Lexus

On November 1, Electrek reported :

Toyota cuts 2023 EV sales forecast by nearly 40% in latest questionable strategy shift... Despite issuing new guidance, Toyota expects a lower share of EV sales. The company still expects to sell 9.6 million vehicles this fiscal year but with a significantly lower share of electric cars. Toyota cut its EV sales forecast from an expected 202,000 to only 123,000. That’s almost a 40% difference...

For further details see:

EV Company News For The Month Of November 2023