HMC - EV Company News For The Month Of October 2023

2023-11-08 11:02:41 ET

Summary

• Global electric car sales Sept. 2023 up 23% YoY to 17% share. China sales up 22% to 37% share. Europe up 15% to 25% share. USA up 59% to 9.9% share.
• EV market news - Norway’s EVs at a record 93% share. BP to buy $100M of Tesla ultra-fast chargers to expand U.S. presence.
• EV company news - BYD reports a record quarterly profit. Tesla Q3, 2023 results see margins tighten. Cybertruck Delivery Event on November 30, 2023.
• Volkswagen Group delivered 45 percent more all-electric vehicles in the first 9 months. Ford will postpone about $12 billion in EV manufacturing investment. General Motors says it will moderate the electric vehicle production pace.

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

October saw a new record number of global plug-in electric car sales announced for September and another very busy month of news.

Global electric car sales as of the end of September 2023

Global plug-in electric car sales were a record 1,291,000 in September 2023, up 23% on September 2022 sales. Global plug-in electric car market share in September was 17% , and 16% YTD (not updated this month).

China plug-in electric car sales were 776,000 in September 2023, up 22% on September 2022 sales. Plug-in electric car market share in China for September was 37% , and 36% YTD.

Europe plug-in electric car sales were 288,000 in September 2023, up 15% YoY, reaching 25% market share and 23% YTD. Norway reached 93% share, Sweden 63% , Netherlands 47% , Germany 21% , France 30% , UK 23% , and Australia 10.6% .

USA plug-in electric car sales were 132,029 (as reported by Argonne National Laboratory) in September 2023, up ~59% on September 2022 sales. Plug-in electric car market share in USA for September was 9.91% .

Note: Globally 100% battery electric cars represented 70% market share YTD of all plug-in 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 the charts below. Also the team at EV-Volumes for their great work.

Top-selling global plug-in electric car auto groups Jan-September, 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 plug-in hybrids.

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

Note: Trend Investing's updated forecast for 2023 is 13.4m sales (17% market share).

Global plug-in electric car sales are forecast to grow exponentially this decade

Seeking Alpha's Trend Investing forecasts exponential global electric plug-in car sales from now to 2040. By the end of 2025 sales are to reach 23m pa (27% market share) and by the end of 2030 to reach 48.5m pa (57% market share).

Global plug-in 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

Some news we missed in July 2023, Quartz reported :

Nearly half of US car buyers are thinking of purchasing an EV in the next two years. In a new survey, 48% of Americans said they're seeking a fully electric or plug-in hybrid car.

On October 4 CleanTechnica reported : "Norway's EVs at a record 93% share... The Tesla Model Y was September's bestseller."

On October 5 Drive Australia reported :

...Three in five electric cars sold in Australia so far in 2023 were Teslas. But with three months of this year to go there is a battle brewing for many of the remaining places...Sales of electric vehicles in Australia have tripled over the first nine months of 2023 compared to the same period last year.

On October 12 Reuters reported :

Xiaomi holds talks with carmakers about possible partnerships. Smartphone giant has had discussions with Brilliance, Chery. Beijing has tightened approval processes around EV production...

On October 13 Rho Motion reported :

Global EV sales reached a monthly record in September 2023 with over 1.3 million units, growing by 23% compared to the same period last year and 7% month-on-month, bringing YTD PC & LDV EV sales to 9.5 million. Sales in China have grown by 33% YTD, in EU & EFTA & UK by 27%, and in the US & Canada by 60%.

On October 13 Seeking Alpha reported :

The United Auto Workers strike is getting close to a tipping point... During a conference call on Thursday, a senior Ford executive said the automaker is at the limit of what it can spend on higher wages and benefits for the United Auto Workers, and warned the strike at the factory could harm workers and cut into profits.

On October 18 The SCMP reported :

Apple supplier Foxconn to build 'AI factories' using Nvidia's chips and software for a range of applications including self-driving cars. Foxconn and Nvidia plan to build 'AI factories' globally, creating a new type of manufacturing anchored on artificial intelligence. Taiwan's Foxconn wants to replicate its level of success in assembling Apple's iPhones, as it expands into making electric vehicles for other firms...

On October 20 Reuters reported :

US invests $3.5 billion to bolster power grid, deploy clean energy. President Joe Biden's administration on Wednesday announced $3.5 billion in grants for projects to protect the aging U.S. power grid from extreme weather and fires and to connect transmission systems with more electricity from renewable energy sources. The funding for 58 projects across 44 states comes from the bipartisan infrastructure law Biden signed in 2021...The projects will help bring more than 35 gigawatts of new electricity onto the grid from wind and solar and other renewable power and invest in 400 microgrids, or self sufficient energy systems, the Department of Energy ((DOE)) said...More than $507 million will go the Georgia Environmental Finance Authority and other groups for a project to help remote and under-invested communities by upgrading a smart grid with battery storage, local microgrids, and new transmission lines.

On October 26 Seeking Alpha reported :

BP to buy $100M of Tesla ultra-fast chargers to expand U.S. presence... BP ( BP ) said it plans to begin the rollout in 2024 at locations including key sites across the BP family of brands...The Tesla ( TSLA ) deal is part of BP's plans to spend $1B in America's EV charging infrastructure by 2030 with an aim of investing $500M in the next 2-3 years. BP's Pulse EV charging business already has installed more than 27K charge points and aims to roll out more than 100K globally by 2030.

On October 30 The Driven reported :

Sixt and Uber to offer discount EV subscription for electric car-share drivers...Vehicle rental company Sixt Australia has partnered with rideshare giant Uber to offer rideshare drivers access to electric vehicles through a subscription for as little as $339 per month.

On November 2 Seeking Alpha reported : "Subaru to use Tesla charging standard for North American EVs."

EV company news

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

BYD is currently ranked number 1 globally with a 21.9% market share YTD (Jan-Sept. 2023). BYD is ranked number 1 in China with a 36.7% market share in Sept. 2023.

On October 2, Car News China reported : "BYD delivered a record-breaking 287,454 EVs in September, up 43.0% YoY..."

On October 12 Mining.com reported :

BYD looks to buy lithium assets in Brazil in EV raw material push. BYD Co. is mulling the purchase of lithium mining assets in Brazil as it seeks to lock in raw-material supplies to expand its electric car production outside Asia. The Chinese company's new EV factory in Brazil...BYD hopes it will be able to finish work in less than two years...

On October 22 CNEVPOST reported :

BYD's ultra-luxury Yangwang U8 has over 30,000 orders, report says. BYD's Yangwang U8, which costs more than RMB 1 million, has gone into production with over 30,000 orders, according to a local media report.

On October 30 Reuters reported :

China EV maker BYD reports record quarterly profit of $1.42 billion in Q3...Net profit for the third quarter reached 10.41 billion yuan ($1.42 billion), a 82.2% increase from a year earlier, on a 38.5% rise in revenue to 162.15 billion yuan, BYD said in a stockmarket filing. It flagged earlier this month that third-quarter net profit could as much as double. That was a smaller increase than the second quarter when profit was up 145%. The third-quarter earnings figure was within its forecast range of between 9.55 billion yuan and 11.55 billion yuan.

Tesla Inc. (TSLA)

Tesla is currently ranked number 2 globally with a 14.0% global market YTD (Jan-Sept. 2023). Tesla is number 2 in China with a 8.1% market share in September 2023. Tesla is ranked 3rd in Europe with a 12.7% market share in September 2023. Tesla is still the number 1 electric car seller in the US by far with ~50% market share YTD.

On October 6 Reuters reported :

Tesla factory permits almost ready in Mexico, as state launches infrastructure work. Final permits for Tesla to build an electric-vehicle ((EV)) factory in the northern Mexican state of Nuevo Leon could be ready in weeks and the local government is beginning infrastructure work requested by the company, a senior official said on Thursday.

On October 18 Seeking Alpha reported (Q3, 2023 results):

Tesla Non-GAAP EPS of $0.66 misses by $0.07, revenue of $23.35B misses by $790M....Tesla press release : Q3 Non-GAAP EPS of $0.66 misses by $0.07...Capex: $2.46B vs. $2.06B in 2Q23. FCF: $848M vs. $1B in 2Q23.

On October 18 Seeking Alpha reported :

Tesla sees margins tighten but holds the line on full-year deliveries guidance....The electric vehicle maker said a sequential decline in volumes was caused by planned downtimes for factory upgrades..... Reduced ASP due to mix and pricing was a drag on the margin line. Total GAAP gross margin was 17.9% compared to 25.1% a year ago and 18.2% in the prior quarter....Cybertruck production was stated to remain on track for later this year, with first deliveries scheduled for November 30th at Giga Texas. Production of TSLA's higher density 4680 cell is progressing as planned and the company continues building capacity for cathode production and lithium refining in the US.

On October 19 Cybertruck on X announced : Cybertruck delivery event for November 30, 2023, at Gigafactory Texas.

On October 19 Seeking Alpha reported : "ChargePoint gives Tesla drivers a boost with NACS connectors."

On October 20 Reuters reported :

Tesla joins GM, Ford in slowing EV factory ramp as demand fears spread...Tesla CEO Elon Musk said he was worried that higher borrowing costs would prevent potential customers from affording its vehicles despite substantial price cuts, and that he would wait for clarity on the economy before ramping up its planned factory in Mexico.

On October 24 Reuters reported :

US Justice Department issues subpoenas to Tesla in ongoing probes. The U.S. Justice Department has sought documents and issued subpoenas to Tesla as it scrutinizes the automaker's driver assistance system Autopilot and vehicle driving range, among other issues, the company said on Monday.

On November 1 Seeking Alpha reported : "Tesla eyes producing 200,000 Cybertrucks annually - Elon Musk."

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

'Volkswagen Group' is currently ranked the number 3 top-selling global electric car manufacturer with 7.2% market share YTD, and 1st in Europe with 20.2% market share in Sept. 2023.

On October 6 Volkswagen announced :

PowerCo and Umicore set up pre-eminent new European battery materials player...Umicore and Volkswagen Group-backed battery company PowerCo have announced the name and branding of their first-of-its kind cooperation. Their Brussels-headquartered joint venture for large-scale industrial production of CAM and pCAM in Europe will bear the name IONWAY. Both parents aim to grow IONWAY's annual production capacity to 160 GWh p.a. by the end of the decade, corresponding to 2.2m battery-electric vehicles.

On October 15 Drive reported :

2022-2023 Porsche Taycan electric car recalled due to fire risk. Risk of a fire has triggered a recall of the Porsche Taycan electric car in Australia...

On October 26 Volkswagen announced :

Volkswagen Group delivers solid nine-month results in a challenging environment; disruptions in production and higher product costs impact third quarter...Electrification strategy is progressing, with deliveries of battery electric vehicles (BEV) increasing by 45 percent to 531,500 vehicles in the first nine months; BEV share of total deliveries grew to 7.9 percent in the first nine months...

On October 26 Volkswagen announced :

Brand Group Core improves operating profit, unit sales and sales revenue - increased product costs and interruptions to production impact profitability.

On October 27 Škoda Auto Group announced :

Škoda Auto Group: Robust financial and sales figures across the first nine months of 2023...All-electric Enyaq series records further growth (+47.6%)...

Geely Automobile Holdings Ltd (GELYY) , (GELYF), (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 a 6.1% global market share YTD. Geely-Volvo is the number 5th ranked in China with a 5.9% market share in Sept. 2023.

On October 5 Volvo Cars announced :

Volvo Cars reports 25 per cent sales growth in September...Volvo Cars' Recharge line-up of models with a fully electric or plug-in hybrid powertrain grew 37 per cent compared to September last year and accounted for 34 per cent of all cars sold globally. The share of fully electric cars accounted for 15 per cent of the overall sales, which was 12 per cent in September 2022...

On October 22 Simply Wall St reported :

Geely Automobile Holdings Limited's (HKG:175) market cap dropped HK$5.6b last week; Individual investors bore the brunt...

On October 25 Volvo Cars announced :

The new Volvo EM90 MPV: your very own safe and comfortable space on the move. The new Volvo EM90, our premium and fully electric MPV to be revealed to the world on 12 November, is designed to create room for life for you and your loved ones - in a safe and comfortable way.

On October 26 Volvo Cars announced :

Volvo Cars to build EX30 small SUV in Ghent as part of global production capacity boost. Responding to strong demand for the car, Volvo Cars has decided that it will start building the new fully electric Volvo EX30 in its Ghent plant in Belgium from 2025, expanding production capacity for its celebrated small SUV.

Volvo EX30 ( source )

On October 26 Volvo Cars announced :

Volvo Cars Q3 results: momentum continues while performing and transforming...Q3 fully electric car sales share at 13 per cent (7 per cent in Q3 2022)...

On October 27 Caixin Global reported : "Luxury EV maker Zeekr to Enter Hong Kong and Macao in 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 a 5.4% market share YTD. SAIC/GM/Wulin JV [SGMW] plus SAIC is 3rd in China with a 7.1% share in Sept. 2023.

On October 23 GM Authority reported : "GM's Wuling Rongguang EV to be sold in the U.S. as The Mullen One..."

On October 20 GM Authority reported :

Images of GM's all-new Wuling Yangguang EV leaked in China...The all-new Wuling Yangguang EV is the first next-generation electric minivan from GM's popular Chinese brand and will open a new era in the country's commercial vehicle market....

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

Stellantis Group is currently ranked number 6 in the global electric car manufacturer's sales with a 4.6% global market share YTD. Stellantis is ranked 2nd in Europe with a 14% market share in Sept. 2023.

On October 11 Stellantis N.V. announced : "Stellantis, Samsung SDI announce Kokomo, Indiana as site for second U.S. StarPlus Energy Gigafactory." Highlights include:

• "Joint venture will invest over $3.2 billion to co-locate new battery plant with gigafactory currently under construction.
• Combined annual production capacity of Kokomo gigafactories to reach 67 gigawatt hours [GWH].
• Second StarPlus gigafactory production start planned for early 2027 and to create 1,400 new jobs; first StarPlus gigafactory expected to start production in first quarter of 2025.
• New gigafactory is sixth battery facility globally to support Stellantis' bold electrification plan outlined in Dare Forward 2030."

On October 23 Stellantis N.V. announced :

Stellantis Pro One: Commercial vehicles reinforced leadership with full line-up renewal, 2nd generation electrification and 100% connected vans for compact, mid-size, large...100% of new vans connected by the end of 2023 and over-the-air updates from 2026 onward, enabling the target of delivering €5 billion in connected services revenue as one of seven accretive businesses in Dare Forward 2030 strategic plan.

On October 24 Stellantis N.V. announced : "Stellantis and Orano enter Electric Vehicle Battery Recycling Agreement."

On October 26 Stellantis N.V. announced :

Stellantis to become a Strategic Shareholder of Leapmotor with €1.5 billion investment and Bolster Leapmotor's Global Electric Vehicle Business...Stellantis will leverage Leapmotor's tech-first EV ecosystem in China to help meet core Dare Forward 2030 electrification targets, while remaining open to exploring further synergies with its partner. Stellantis' investment enables it to acquire approximately 20% equity stake, making it a significant shareholder and giving it two Board of Directors seats.

BMW (BMWYY), Mini, Rolls-Royce

BMW Group is currently ranked the number 7 global electric car manufacturer with a 4.1% global market share YTD. BMW Group is ranked 4th in Europe with a 9.6% market share in Sept. 2023.

On October 10 BMW Group announced : "On track for solid growth in 2023: Dynamic BEV growth and global sales increase Q3." Highlights include:

• "BMW Group third-quarter sales up +5.8%.
• BEV deliveries climb +79.6% in Q3.
• Deliveries of fully-electric BMW vehicles double once again (+100.3%).
• BMW brand remains No.1 in global premium segment, builds on strong competitive position.
• Pieter Nota: "Overall, we are on track to meet our growth targets for 2023. Our sales of fully-electric vehicles significantly outperformed the total BEV market in the first nine months.""

On October 18 The Verge reported : "BMW, Mini, and Rolls-Royce are the latest to sync up with Tesla's EV charging plug."

GAC Group (Guangzhou Automobile Group Co. Ltd.)

GAC Group is currently ranked number 8 in the global electric car manufacturer's sales ranking with a 4.1% market share YTD. GAC Group is ranked 4th in China with a 7.1% market share in Sept. 2023.

On October 1 Car News China reported : "Aion delivered 51,596 EVs in September, up 72% year-on-year."

On October 13 Technode reported :

GAC's $75 million investment in Didi set to boost EV sales, autonomous driving: expert. Chinese carmaker Guangzhou Automobile Group ((GAC)) is strengthening its alliance with ride-hailing platform Didi, investing up to $75 million into the latter's autonomous driving unit. The move is expected to help GAC enhance its self-driving technological capabilities and sustain its sound growth momentum in the Chinese electric vehicle segment, according to an industry veteran.

On October 23 CNEVPOST reported :

GAC Aion reportedly to take over Mitsubishi's plant as Japanese carmaker exiting China. The plant, which has an annual capacity of 200,000 vehicles, has already begun equipment renovation and is expected to begin production in May 2024, according to local media.

Hyundai (HYMTF), Kia

Hyundai-Kia Group is currently ranked number 9 in the global electric car manufacturer's sales ranking with a 4.0% market share YTD.

On October 3 Hyundai announced :

Hyundai Motor America reports September and Q3 2023 sales...Hyundai Motor America reported total September sales of 68,961 units, a 16% increase compared with September 2022. Hyundai set total sales records in September for Elantra HEV (+2%), IONIQ 5 (+203%), Santa Fe (+26%), Santa Fe PHEV (+1125%), Santa Fe HEV (+97%), Tucson (+33%), Tucson PHEV (+950%), Tucson HEV (+95%) and Santa Cruz (+5%).

On October 4 Kia announced :

Kia America announces reservation program for all-new, all-electric 2024 EV9 three-row SUV. With an expected start date of October 16th, customers can visit Kia.com to configure and place a reservation request for Kia's first three-row EV SUV.

On October 5 Kia announced : "Kia to adopt North American charging standard in the fourth quarter of 2024..."

On October 5 Hyundai announced : "Hyundai Electric Vehicles to add North American Charging Standard." Highlights include:

• "North American Charging Standard (NACS) to D=debut on Hyundai models beginning in Q4 2024.
• Hyundai EVs with NACS to gain access to 12,000+ Tesla Superchargers in North America.
• Hyundai EVs with Combined Charging System ((CCS)) Ports will be able to access the Tesla Supercharger Network via adapter starting in Q1 2025."

On October 9 Kia announced : "Kia America announces pricing and trim strategy for 2024 EV9 EV SUV."

On October 12 Kia announced : "Kia accelerates popularization of EVs with reveal of EV5 and two concept models at Kia EV Day."

Kia EV6, Kia EV4 concept, Kia EV5 production compact SUV, Kia Concept EV3 and EV9 ( source )

On October 18 Hyundai announced :

Hyundai Motor and Kia strengthen power semiconductor supply through strategic partnership with Infineon...Hyundai and Kia will procure the power semiconductors for their electrified models by 2030 through the partnership.

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 a 2.8% (not updated this month) market share YTD. Mercedes-Benz Group is ranked 5th in Europe with a 8.5% market share in Sept. 2023.

On October 10 Bloomberg reported :

Mercedes unveils long-haul electric truck to take on Tesla. eActros 600 can travel 500 kilometers on single charge. Truckmakers collaborating to build European charging network...

On October 10 Mercedes-Benz announced : "Mercedes-Benz all-electric car sales up 66% in Q3, strong Mercedes-Maybach performance."

On October 26 Mercedes-Benz announced :

Mercedes-Benz Group solid Q3 results underscore resilience in a subdued market environment...Electrification: Hybrid and electric cars accounted for 20% of overall sales in Q3; Mercedes-Benz Passenger Car battery electric vehicle (BEV) sales up 97% in the January to September period; electric van sales rose by 46% in the first nine months; product momentum to continue in 2024 with electric G-Class

On October 26 Reuters reported : "Mercedes says 'brutal' EV market will pressure car sales margins..."

Li Auto (LI) [HK:2015]

Li Auto is ranked 7th in China with a 4.5% market share in Sept. 2023.

No significant news for the month.

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

On October 24 Reuters reported : "China's Great Wall Motor is first EV maker to respond to EU anti-subsidy probe..."

On October 30 Market Screener reported :

Great Wall Motor shares jump after it posts profit growth...Total operating income climbed 33% to CNY49.53 billion, mainly due to an increase in sales and revenue per unit, the company said in an earnings release Friday after market close...

Ford (F)

On October 26 CNBC reported :

Ford will postpone about $12 billion in EV investment as buyers become more cautious...As a result, it's postponing about $12 billion in planned spending on new EV manufacturing capacity...including a planned second battery plant at a new campus in Kentucky. But, he noted, construction of Blue Oval City - Ford's new EV manufacturing campus in Tennessee - will continue as originally planned.

On October 27 Reuters reported :

Ford again warns on EV results, withdraws 2023 forecast...The union and Ford on Wednesday reached a tentative agreement that included a 25% wage hike for 57,000 workers over 4-1/2 years, ending a strike at some of the automaker's biggest factories...

On October 28 Reuters reported :

Ford shares fall after pulling full-year forecast, wider losses in EV unit. Shares of Ford Motor Co closed down 12.3% on Friday, after the automaker reported a wider loss from its electric-vehicle (EV) business due to pressures from a price war, sparked by industry leader Tesla. The Detroit automaker also pulled its 2023 forecast, citing "uncertainty" over the pending ratification of its new labor deal with the United Auto Workers (UAW) union, which is expected to significantly increase labor-related expenses.

On October 29 CNBC reported :

UAW deal with Ford includes $8.1 billion in investments, $5,000 ratification bonuses...The 4 ½-year tentative agreement will now be rolled out to 57,000 UAW-Ford members for regional informational meetings and then voting, the union said Sunday.

On October 30 Market Screener reported :

Ford to add more Tesla chargers to its network. Ford Motor Co said on Monday it would add over 15,000 of Tesla's Superchargers to its electric vehicle charging network, up from its earlier estimate of 12,000 chargers

NIO Inc. (NIO)

On October 1 NIO Inc. announced : "NIO Inc. provides September and third quarter 2023 delivery update company achieved new record-high quarterly deliveries." Highlights include:

• "NIO delivered 15,641 vehicles in September 2023, increasing by 43.8% year-over-year.
• NIO delivered 55,432 vehicles in the three months ended September 2023, increasing by 75.4% year-over-year..."

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

On October 1 XPeng Inc. announced :

XPENG announces vehicle delivery results for September and third quarter 2023. 15,310 vehicles delivered in September 2023, a 12% increase month-over-month. Total deliveries in Q3 2023 exceeded 40,000 units.

On October 11 XPeng Inc. announced : "XPENG upgraded to the highest MSCI ESG Rating of AAA."

General Motors (GM), Chevrolet

On October 17 CNBC reported :

GM to delay all-electric truck production at Michigan plant until late-2025. General Motors said Tuesday it is delaying production of all-electric trucks at Orion Assembly in suburban Detroit until late-2025. GM said the change is to "better manage capital investments" and implement improvements in an effort to make the new EVs more profitable.

On October 19 Engadget reported :

GM, Honda and Cruise plan to offer driverless taxi rides in Japan in 2026. The companies intend to deploy the Cruise Origin electric shuttle van in the country.

On October 23 GM Authority reported : "GM's Wuling Rongguang EV to be sold in the U.S. as The Mullen One..."

On October 24 Seeking Alpha reported :

General Motors says it will moderate electric vehicle production pace... the automaker is reducing its fixed costs by $2B net of depreciation and amortization as it exits 2024. GM (GM) is also moderating the acceleration of electric vehicle production in North America to protect pricing, adjust to slower near-term growth in demand, and implement engineering efficiency and other improvements that will make vehicles less expensive to produce, and more profitable.

On October 24 The Wall Street Journal reported :

Cruise's driverless-car permits suspended in California by DMV. State officials say company, majority-controlled by GM, has misrepresented information on safety...effectively halting its robot-taxi service in San Francisco.

For further details see:

EV Company News For The Month Of October 2023