PSNYW - EV Company News For The Month Of September 2022

Summary

• Global electric car sales August 2022 - Up 60% YoY to 15% share. China sales up 92% YoY to 30% share. Europe up 3% YoY to 21% share. US ~6% share.
• EV market news - BloombergNEF: More than half of US car sales will be electric by 2030. IEA: Global "EVs to account for 60% of new car sales by 2030."
• EV company news - BYD's sales surging, ~4m plug-in sales in 2023. Tesla to build 10-12 gigafactories, 20M EVs pa by 2030. Wuling Mini EV Cabrio 100K signups in 72hrs.
• Ford electric Mustang sales outpace petrol version by 8-to-1. Ford breaks ground on $5.6B BlueOval City complex for EVs & batteries in western Tennessee. Hertz places massive order of 175,000 electric vehicles with GM.
• Daimler launches first Mercedes-branded Electric Semi. XPeng launches G9 Flagship SUV. Toyota triples planned investment to $3.8B in U.S. battery plant.

Welcome to the September 2022 edition of Electric Vehicle [EV] company news.

September saw another very busy month of news with BYD and Tesla again dominating sales in August 2022.

Global electric car sales as of end August 2022

Global plugin electric car sales finished August 2022 with 847,000 sales for the month, up 60% on August 2021, with market share of 15% for August 2022, and 13% YTD.

Note: ~72% (not updated recently) of electric car sales YTD are 100% battery electric vehicles (BEVs), the balance being hybrids.

China plugin electric car sales were over 552,000 in August 2022, up 92% on August 2021 sales. Electric car market share in China for August was 30%, and 26% YTD. CleanTechnica states: "Another measure of the importance of this market is the fact that China alone represented over 60% of global plugin registrations last month."

Europe plugin electric car sales were 159,000 in August 2022, up 3% YoY, reaching 21% market share and 20% YTD. Norway reached 86.1% share, Sweden 46.1% , Netherlands 34% , Germany 28% , France 21% , and the UK 20.2% share in August 2022.

USA plugin electric car sales were not reported by CleanTechnica; however we do know that plugin electric car share was 5.6% in Q2, 2022, roughly double the market share from the same time last year.

Note: On August 16, InsideEVs reported that H1 2022 U.S electric car sales were up 60% YoY and reached 5% market share and that Tesla achieved almost 68% share.

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.

• A Look At The Growing Interest In Electric Cars Globally

Global plugin electric car sales by brand for August 2022 by CleanTechnica

Global plugin electric car sales by brand YTD in 2022

Top plugin electric car sales YTD by auto group

EV sales forecast to really take off from 2022 as affordability kicks in

The chart below aligns with our research that electric car sales will really take-off after 2022.

2022 - BloombergNEF forecasts for global electric car sales

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 September 2, Teslarati reported :

EV incentive system under review following South Korean formal complaint. Foreign and domestic automakers were quick to criticize the electric vehicle tax incentive system found within the Inflation Reduction Act.

On September 3, Teslarati reported :

U.S. EV adoption is happening faster than anticipated.....EV adoption in the U.S. happening much faster than anticipated, according to an observation of research by Recurrent Auto.

Projected EV adoption is accelerating - Teslarati courtesy Recurrent Auto

On September 5, Seeking Alpha reported : "China's August wholesale sales of passenger NEVs expected to be record 625K units."

On September 6, CarNewsChina reported :

AITO M5 EV launched in China, receives 30,000 orders.... Huawei-backed EV manufacturer AITO launched its first pure electric vehicle, the AITO M5 EV......It is worth mentioning that AITO is the product of a collaboration between Huawei and Seres.

On September 14, Reuters reported :

Sweden's AB Volvo starts series production of heavy electric trucks......It added that in total, Volvo now has six electric truck models in series production globally.

On September 15, The Star reported :

Honda speeds up electric motorcycle shift. TOKYO: Honda Motor Co is speeding up efforts to introduce electric motorcycles with plans to roll out at least 10 models worldwide by 2025.

On September 15, CBS News reported :

Uber CEO says that it will phase out gas-powered cars by 2030......By 2030, Uber wants all its vehicles in its fleet to be electric-if a driver does not have an EV by then, they will not be allowed on the platform. "We have a target to be fully electric in the U.S., Canada and Europe," he said.

On September 16, Reuters reported : "Air Canada to buy 30 electric planes from Heart Aerospace."

On September 20, Reuters reported : "China EV maker Leapmotor launches up to $1 billion Hong Kong IPO."

On September 21, Mining.com reported : "More than half of US car sales will be electric by 2030.....according to a report from BloombergNEF."

On September 23, Seeking Alpha reported :

(Global) "EVs to account for 60% of new car sales by 2030 - IEA......" The Net Zero Emissions by 2050 Scenario sees an electric car fleet of over 300M in 2030 and electric cars accounting for 60% of new car sales."

Note: Trend Investing forecast is 75% market share in 2030.

On September 23, CNBC reported : "EV sales to hit all-time high in 2022, IEA says, but more work needed to put world on net-zero path." Highlights include:

• "The IEA says both EVs and lighting are "fully on track for their 2030 milestones" in its net-zero by 2050 scenario.
• Paris-based organization says 2022 is "expected to see another all-time high for electric vehicle sales, lifting them to 13% of total light duty vehicle sales globally."
• The debate and discussion about climate goals and the future of energy is becoming increasingly fierce."

On September 26, Gasgoo reported : "China extends NEV purchase tax exemption to end of 2023."

EV company news

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

BYD is currently ranked the number 1 globally with 16.9% market share YTD. BYD is ranked number 1 in China with 28.4% market share in YTD.

On August 31, CNBC reported : "BYD plunges after Buffett trims his stake; one fund manager says it could be a warning sign."

On September 2, Seeking Alpha reported :

Warren Buffett-backed BYD August sales jumped ~185% Y/Y, sees monthly delivery of 280K units by the end of the year. BYD Company sales grew 184.84% Y/Y to 174,915 new energy vehicles in August, the sixth consecutive month of record-high sales.......

• In another release, the company announced that currently it has a backlog of 700,000 orders, and the current waiting time for consumers who place orders now is 4-5 months.
• In 2023, the Chinese NEV sales expected to reach between 9M and 10M units, and BYD aims to sell at least 4M unit, said chairman and president Wang Chuanfu said in a recent conference call.
• The company is working towards to achieve a monthly delivery of 280,000 units by the end of the year.

InsideEVs also reported :

BYD targets 4 million plug-in electric car sales in 2023. The company has a backlog of roughly 700,000 orders and intends to increase production to 280,000 a month soon.

BYD Co NEV sales are surging higher in 2022 , aims to sell 4M units in 2023

On September 8, Reuters reported : "China's BYD to set up EV plant in Thailand.....to start producing 150,000 passenger cars a year from 2024."

On September 13, Seeking Alpha reported :

BYD Company is recommended at Barclays on the potential of becoming a global auto brand.....Barclays assigned a price target of $40 to BYD Company ( OTCPK:BYDDF ) to rep 39% upside potential for shares.

On September 14, CNEVPOST reported : "BYD's new battery base in Guangxi starts construction with planned annual capacity of 15 GWh."

On September 14, CNEVPOST reported :

BYD starts construction of new $3 billion project at its fourth campus in Shenzhen......which will provide parts and components for the country's largest new energy vehicle (NEV) maker.

Tesla Inc. (NASDAQ: TSLA )

Tesla is currently ranked the number 2 globally with 12.4% global market share YTD. Tesla is number 3 in China with 7.1% market share YTD. Tesla is still the number 1 electric car seller in the US by far with ~66% (in Q2, 2022) market share.

On September 7, CarNewsChina reported :

Tesla cuts delivery time for Model 3, Model Y by 6 weeks in China.......The Shanghai factory is now expected to produce over 750,000 vehicles annually and become Tesla's largest outlet. According to Tesla, the Shanghai Gigafactory is capable of producing 7,700 Model 3s and 14,000 Model Ys every week.

On September 7, InsideEVs reported :

Analyst says Tesla will deliver over 500K EVs in Q4 2022 alone. In 2021, Tesla delivered just shy of 1 million EVs for the entire year.

On September 7, InsideEVs reported :

Musk: Tesla to build 10-12 gigafactories, 20M EVs per year by 2030. Tesla just opened two new Gigafactories and it's reportedly eyeing Canada for another soon.

On September 8, Seeking Alpha reported :

Tesla triples deliveries of China-made cars in August.....Tesla nearly tripled its sales in August 2022 from a month ago, delivering 76,965 Chinese-made vehicles in the month - up 172.76% from 28,217 units sold in July 2022. That's also up 73.88% from 44,264 vehicles sold a year ago.

On September 8, Electrek reported : "Tesla ramps up hiring for Megafactory, aiming to produce 40 GWh per year."

On September 9, Bloomberg reported : "Tesla seeks tax breaks for 'First of Its Kind' Lithium Refinery. Electric-car maker is considering sites in Texas, Louisiana."

On September 11, Teslarati reported : "Tesla Giga Berlin targets 5k cars per week by Q1 2023."

On September 13, Electrek reported :

Tesla hires senior government official to lead critical mineral supply chain efforts in Canada. Tesla has hired a senior government official in Ontario to lead the company's efforts on its critical mineral supply chain and government policy in Canada ahead of a potential factory in the country.

On September 15, Reuters reported :

Tesla changes battery strategy to seek U.S. tax breaks - WSJ......The electric vehicle maker has discussed moving equipment used to make cells to the United States, originally intended for use in the German factory.

On September 15, Bloomberg reported :

Tesla sued for 'deceiving' consumers about self-driving cars......Class-action suit follows California's false advertising case.

On September 26, Teslarati reported : "Tesla China looking to hit over 80k deliveries this month: report."

On September 30, Tesla held AI Day 2022. You can view the full video here .

On October 1, Electrek reported : "Tesla confirms Gigafactory Berlin has ramped up to 2,000 cars a week."

On October 3, Seeking Alpha reported :

Tesla reports record deliveries number in Q3, misses delivery estimate. Tesla produced 365,923 vehicles (359,853 Bloomberg estimate) and delivered 343,830 vehicles, missing analyst estimate of 357,938 (based on Bloomberg consensus). Q3 deliveries of 343,830 represents 35% growth from Q2 and up 42.5% Y/Y.

Investors can read our past 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 Tesla article 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 8.3% market share YTD, and 1st in Europe with 20% market share YTD.

On September 1, Volkswagen Group reported : "Charging more affordable for EV drivers: Elli becomes partner of the & Charge bonus programme."

On September 5, CNBC reported : "Volkswagen triggers landmark Porsche IPO plan, defying market doubts."

On September 9, Volkswagen Group reported : "Volkswagen presents all-electric ID. XTREME) off-road concept car in Locarno."

The ID. XTREME off-road concept car

On September 26, Volkswagen Group reported :

PowerCo and Umicore establish joint venture for European battery materials production.....Joint venture invests EUR 3 billion and aims to produce battery materials for 2.2 million fully electric cars per year by the end of the decade. Headquartered in Brussels, cooperation will cover large part of supply for PowerCo's gigafactories in Europe ? and provide Umicore secured access to important part of European demand for EV cathode materials.

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 4 globally with 7.9% market share YTD. SAIC/GM/Wulin JV (SGMW) plus SAIC is 2nd in China with 12% share YTD.

On September 6, Yahoo Finance reported : "......First batch of SAIC Motor MG's new pure electric models arrive in Europe."

On September 8, GM Authority reported : "GM's Wuling Mini EV Cabrio draws 100,000 signups in 72 hours." (in China)

More details here , including the price of RMB 99,900 (~USD14,000).

GM's Wuling Mini EV Cabrio

On September 22, Gasgoo reported :

SAIC Motor announces incorporation of battery swapping joint venture. .....According to SAIC Motor, Jieneng Zhidian will leverage Sinopec and PetroChina's country-wide networks of over 50,000 gas stations to build comprehensive energy service stations available for both EV charging and battery swapping.

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

Geely/Volvo is currently ranked number 5 in the global electric car manufacturer's sales ranking with 5.7% global market share YTD.

On September 2, Volvo Cars reported :

......Overall underlying demand for the company's cars remains robust, especially for its Recharge range of pure electric and plug-in hybrid cars. The company's line of Recharge models represented 21.9 per cent of the sales last month, with fully electric vehicles accounting for 5.7 per cent of sales.

On September 20, Bloomberg reported : "Smart car firm backed by Geely billionaire explores Hong Kong listing after US SPAC deal." The company is Smart car technology company ECARX Holdings Inc.

On September 26, Yahoo Finance reported: "Geely Holding Group expands Mobileye collaboration."

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

Hyundai-Kia Group is currently ranked number 6 in the global electric car manufacturer's sales ranking with 5.2% market share YTD. Hyundai-Kia Group is ranked 3rd in Europe with 11.6% market share YTD.

On September 1, Hyundai reported :

Hyundai Motor America reports August 2022 sales......Best all-time total and retail sales for Elantra HEV. Green car sales climb; Represent 13% of retail sales up 48%.

On September 7, Electrek reported : "Kia EV batteries find second life as energy storage systems to reduce strain on grid."

On September 14, Hyundai reported : "Hyundai Motor puts XCIENT fuel cell electric trucks into commercial fleet operation in California."

On September 20, Reuters reported :

Kia Corp to produce electric vehicles in the U.S. from 2024, reports say. Kia Corp (000270.KS) is expected to produce electric vehicles in the United States from 2024, South Korean media Maeil Business Newspaper and TV channel SBS reported on Tuesday, citing an unidentified auto industry source. Kia Corp was not immediately available for comment when contacted by Reuters.

On September 27, Hyundai reported : "Hyundai IONIQ 5 Powertrain named one of Wards 10 Best Engines & Propulsion Systems."

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 7 in the global electric car manufacturer's sales with 5.1% global market share YTD. Stellantis is ranked 2nd in Europe with 16.3% market share YTD.

On September 8, Stellantis N.V. reported : "Jeep® Brand reveals plan to become the leading electrified SUV Brand on the Market." Highlights include:

• "Jeep _® brand will introduce four all-electric SUVs in North America and in Europe by 2025.
• All Stellantis brands committed to achieve 100% of passenger car battery electric vehicles (BEV) sales mix in Europe and 50% passenger car and light-duty truck BEV sales mix in the U.S. by end of 2030.
• Jeep brand will benefit from Stellantis' more than €30 billion investment through 2025 in electrification and software development.
• BEV launches to help Stellantis slash emissions to reach Stellantis' carbon net zero objective by 2038."

On September 13, Stellantis N.V. reported : "Stellantis and General Motors to execute a share repurchase transaction."

On September 26, Stellantis N.V. reported : "Stellantis builds global network of collaborative projects to foster innovation worldwide....."

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

BMW Group is currently ranked the number 8 global electric car manufacturer with 3.6% global market share YTD. BMW Group is ranked 4th in Europe with 11.1% market share YTD.

On September 9, BMW Group reported : "More performance, CO2-reduced production, significantly lower costs: BMW Group to use innovative round BMW battery cells in NEUE KLASSE from 2025." Highlights include:

• "Newly-developed BMW round cells optimised for NEUE KLASSE architecture.
• Costs for whole high-voltage battery up to 50% lower than for current generation.....
• Purchasing head Post: "We will be building battery cell factories with our partners, each with an annual capacity of up to 20 GWh, at six locations in USMCA, Europe and China"."

On September 27, Electrek reported : "BMW CFO sees 'very good order' situation with EVs, projects 400,000 pure electric vehicle sales.....next year."

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

Daimler-Mercedes is ranked number 9 globally with 2.9% market share.

On September 19, Bloomberg reported : "Mercedes-Benz unveils its longest-range electric truck yet: eActros LongHaul."

On September 18, Mercedes Blog reported : "Deliveries for the new Mercedes EQS SUV delayed to the second quarter of 2023."

On September 21, CleanTechnica reported : "Daimler launches first Mercedes-branded Electric Semi....."

On September 28, Mercedes Blog reported : "Save the date. Mercedes EQE SUV to be revealed next month....."

GAC Group (Guangzhou Automobile Group Co. Ltd.)

GAC Group is ranked number 11 globally with 2.6% market share YTD.

On September 1, Automotive News China reported :

GAC to build EV batteries developed under proprietary tech. The major state-owned automaker is set to produce batteries developed on its own...The move will make GAC the second Chinese EV maker, following BYD Co., to build batteries for its own electric vehicles. It plans to build a battery plant with an investment of up to 10.9 billion yuan ($1.58 billion) in the south China city of Guangzhou, GAC said this week. With construction set to begin at the end of the year, the factory is expected to produce 26.8 gigawatt-hours of batteries annually in 2025. The plant will initially produce lithium iron phosphate batteries.

On September 7, Gasgoo reported : "Honda China, Dongfeng Motor, GAC Group to build battery procurement joint venture....."

On September 15, Car News China reported : "GAC AION launched Hyper SSR EV with 1.9s 0-100km/h acceleration."

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

On September 1, XPeng reported : "XPeng announces vehicle delivery results for August 2022." Highlights include:

• "9,578 vehicles delivered in August 2022, a 33% increase year-over-year.
• 90,085 total vehicles delivered in the first eight months of 2022, a 96% increase year-over-year."

On September 21, XPeng reported : "XPENG launches G9 Flagship SUV." Highlights include:

• "The world's fastest-charging EV is built on China's first mass-produced 800 V platform.
• XPENG's second-generation ADAS sets a new industry benchmark.
• The industry's first concert hall-style 5D smart cabin redefines luxury."

XPENG G9 Flagship SUV

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

On September 5, Great Wall Motor reported : "GWM Pakistan KD Plant officially put into production."

On September 5, Great Wall Motor reported :

.......GWM continued to increase its investment in core technologies in new energy vehicles and intelligent vehicles, with an R & D investment of CNY 5.81 billion, a 100.55% YoY growth, accounting for 9.35% of its operating income. During the reporting period, GWM's net profit increased significantly, thanks to its continuous implementation of product category focus strategy, active promotion of NEV and intelligent technologies.....

On September 8, Great Wall Motor reported : "New development stage of NEV overseas - 10,000th NEV rolls off production line of GWM's Thailand Plant."

Ford (NYSE: F )

On September 8, Ford reported : All-new, all-electric E-Transit Custom from Ford Pro is set to spark the EV revolution for small businesses."

Ford all-electric E-Transit Custom

On September 9, Ford reported : "Ford dials-up Mustang Mach-E driver assistance and comfort as electric Mustang sales out-pace petrol by 8-to-1."

Ford Mustang Mach-E

On September 19, Ford reported : "Ford Pro finds vans worth €786 billion to Europe's Economy in 2021 - Almost twice Norway's GDP....."

On September 23, BNN Bloomberg reported :

Ford breaks ground on $5.6 billion complex for electric vehicles and batteries.....in western Tennessee, the largest factory project in the automaker's 119-year history......The site, known as BlueOval City, stretches across six square miles and is three times the size of the historic Rouge complex that Henry Ford built in Michigan a century ago to make Model Ts. By 2025, BlueOval City is expected to teem with 6,000 workers building electric pickup trucks and the batteries that power them in a joint venture with South Korean battery partner SK Innovation. The companies also are building two battery factories in Kentucky that will employ another 5,000 workers, advancing Ford Chief Executive Officer Jim Farley's goal to build 2 million EVs annually by the end of 2026. The carmaker is spending $50 billion on EVs through 2026, and Farley expects more than half the company's sales to be battery-powered vehicles by 2030. Last year, Ford sold 27,140 EVs in the US.

Li Auto ( LI ) [HK:2015]

On September 1, Li Auto reported :

Li Auto Inc. August 2022 delivery update. Li Auto Inc......today announced that the Company delivered 4,571 vehicles in August 2022. The Company's cumulative deliveries reached 199,484 as of the end of August.

On September 22, Li Auto reported : "Li Auto Inc. to early launch Li L8, its six-seat, large premium smart SUV, on September 30, 2022....."

On September 26, Li Auto reported :

Li Auto Inc. updates third quarter delivery outlook. The Company now expects to deliver approximately 25,500 vehicles for the third quarter of 2022, revised from the previous vehicle delivery outlook of between 27,000 and 29,000 units.

NIO Inc. ( NIO )

On September 1, NIO Inc. reported : "NIO Inc. provides August 2022 delivery update." Highlights include:

• ".....NIO delivered 10,677 vehicles in August 2022, increasing by 81.6% year-over-year.
• NIO delivered 71,556 vehicles year-to-date 2022, increasing by 28.3% year-over-year.
• Cumulative deliveries of NIO vehicles reached 238,626 as of August 31, 2022."

On September 7, NIO Inc. reported :

NIO Inc. reports unaudited second quarter 2022 financial results. Quarterly total revenues reached RMB10,292.4 million (US$1,536.6 million). Quarterly deliveries of the ES8, the ES6, the EC6 and the ET7 were 25,059 vehicles.

On September 21, Reuters reported : "China's Nio takes on BMW, Mercedes in home market with flexible battery plan."

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

On September 4, Carsguide reported : "Mitsubishi's next-generation Triton ute to go electric! And it's set for Australia....."

On September 6, Nissan Motor Corporation reported : "All-new Nissan X-Trail breaks cover......Effortless EV-driving feel with e-POWER. Full electrified model line up."

On September 7, Nissan Motor Corporation reported : "Nissan to acquire shares in Vehicle Energy Japan Inc.."

On September 25, Nissan Motor Corporation reported : "Nissan electrifies its UK-built models." Highlights include:

• "Five million Qashqai and Juke now built in Sunderland plant.
• Qashqai e-POWER and Juke Hybrid go into production.
• New £10m Battery Assembly facility now online.
• Plant team completes two million hours of electrification training."

On September 22, Reuters reported : "Renault ahead of schedule on EV partnerships - CEO."

On September 28, Yahoo News reported :

Nissan Ariya EV will start at $43,190. After years of hype, Nissan is finally close to releasing its first electric crossover.....the Ariya EV will reach US dealerships in late fall starting at $43,190 for the front-wheel drive Engage trim with a 63kWh battery.

General Motors ( GM )/Chevrolet

On September 1, Reuters reported :

GM, LG Energy joint venture Ohio battery plant begins production...... Earlier this month, GM and LG Energy said they were considering a site in New Carlisle, Indiana for a fourth U.S. battery cell manufacturing plant expected to cost around $2.4 billion. In January, GM and LG announced a $2.6 billion investment to build a new battery cell plant in Lansing, Michigan set to open in late 2024. Ultium is also building a $2.3 billion plant in Spring Hill, Tennessee to be completed by the end of 2023. Last month, the U.S. Energy Department said it would loan Ultium $2.5 billion to help finance construction of battery cell manufacturing plants in Ohio, Tennessee, and Michigan.

On September 8, CNBC reported :

GM bets on electric Equinox to kick-start 'massive adoption' of EVs. The all-electric Chevrolet Equinox EV is scheduled to go on sale in the U.S. next fall, starting at around $30,000.

On September 16, General Motors reported :

GM Investing $491 million in Marion Metal Center in Indiana to support EV production. Investment will support future vehicles, including EVs, built at GM assembly plants across the country.

On September 20, Electrek reported :

Hertz places massive order of 175,000 electric vehicles with GM......In a joint press release today, Hertz and GM announced that the latter is going to deliver up to 175,000 electric vehicles from several different brands over the next five years.

On September 22, General Motors reported :

GM and Lithion announce an investment and strategic partnership agreement to pursue a circular EV battery ecosystem.....

On September 23, General Motors reported : "GM investing $760 million in Toledo, Ohio Propulsion Plant for EV drive unit production." Highlights include:

• "Toledo-built drive units to be used primarily for Chevrolet Silverado EV, GMC Sierra EV and GMC HUMMER EVs.
• Toledo Propulsion Systems is GM's first U.S. propulsion-related manufacturing facility to be transformed for EV-related production."

Toyota (NYSE: TM )/ Lexus

On August 31, Toyota reported :

Toyota to invest up to 730 billion yen in Japan/U.S. battery production. Up to 40 GWh production capacity increase to meet growing demand for BEVs. Toyota Motor Corporation (Toyota) has decided to invest up to 730 billion yen (approximately $5.6 billion) in Japan and the United States toward supplying automotive batteries for battery electric vehicles (BEVs), for which demand is growing, and aims to begin battery production between 2024 and 2026.....

On September 1, Reuters reported : "Toyota triples planned investment to $3.8 billion in U.S. battery plant......Battery maker Panasonic will be a partner."

On September 27, Reuters :

Toyota to start selling small electric sedan in China by year-end - sources......powered by BYD Co Ltd batteries by year-end as part of an ongoing collaboration with the Chinese company.....

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

No electric vehicle news for the month.

Rivian Automotive ( RIVN )

On September 8, Rivian reported :

Mercedes-Benz Vans and Rivian move to partner on electric van production......The planned joint venture will produce bespoke large electric vans for Mercedes-Benz and for Rivian.

Lucid Group ( LCID )

No news for the month.

Polestar Automotive Holding UK Limited ( PSNY )

On September 1, Reuters reported :

Polestar revenue doubles as it rides electric car boom. Electric vehicle maker Polestar said on Thursday that its revenue nearly doubled in the first half of 2022 on soaring demand and that it may have to raise its prices further if material costs continue to rise.

On September 8, Polestar reported : "Blue skies and a Sky blue electric roadster at Pebble Beach."

Polestar Roadster

On September 20, Shares Magazine reported :

Pensana to partner with Polestar to create first climate-neutral car. Pensana PLC on Tuesday said it has partnered with Polestar Automotive Holding UK PLC on its 'moon-shot' goal of creating the first climate-neutral car by 2030.

On September 28, The Driven reported : "Polestar 3 electric SUV details released ahead of October launch."

Polestar 3 Electric SUV

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

On September 9, Tata Motors reported :

On World EV Day, Tata Motors announces expansion of its portfolio to make EVs more accessible in India. Tata Motors remains committed towards realizing the vision of making India the EV hub of the world. The Company, Tata Passenger Electric Mobility (TPEM) has been established with TPG Rise Climate to offer new mobility solutions. TPEM aims to ride the green wave and support the government's vision to have 30% electric vehicle penetration by 2030.

On September 28, Tata Motors reported :

Get ready to Go.ev with Tiago.ev! Tata Motors launches its first electric hatch with segment-first, premium features. Price starts at 8.49 Lakh.

Tata Motors Tiago.ev

On September 29, Nikkei Asia reported : "Tata Motors launches $10,000 EV in India to further its lead."

GreenPower Motor Company Inc. [TSXV:GPV] ( GP )

On September 13, GreenPower Motor Company Inc. reported :

GreenPower's Nano BEAST Type A Electric School Bus wins "Innovation Award for Best Green Bus Technology" from School Transportation News.

On September 16, GreenPower Motor Company Inc. reported :

GreenPower....to establish an at-the-market equity program (the "ATM Program"). The Company, at its discretion, may issue up to US$20,000,000 of common shares (the "Common Shares") of the Company under the ATM Program, which will be issued from treasury to the public.

Investors can also read our Trend Investing article on GreenPower here .

Workhorse Group Inc. ( WKHS )

No news for the month.

Lion Electric ( LEV )

No news for the month.

Nikola Corporation ( NKLA )

On September 16, Nikola Corporation reported : "E.ON and Nikola collaborate in an effort to decarbonize heavy-duty trucking."

On September 19, Nikola Corporation reported :

IAA 2022: Nikola and IVECO begin taking orders on the European Nikola Tre BEV heavy-duty truck with best-in-class range. Company also unveils European Nikola Tre FCEV beta version.

Honda [TYO:7267] ( HMC ) (OTCPK:HNDAF )

On September 6, Honda reported : "Honda and Hanwa establish strategic partnership for stable procurement of Essential Metals."

On September 8, Automotive News China reported :

Honda to integrate EV battery procurement under 2 joint ventures. Honda is creating a trading arm in Beijing to centralize procurement of EV batteries built at joint ventures with Dongfeng Motor Group and GAC Motor Co.....The company will procure batteries from CATL, China's largest EV battery supplier, for the two joint ventures, Honda China said. Dongfeng-Honda and GAC-Honda currently purchase EV batteries from CATL on their own.

Lordstown Motors ( RIDE )

On September 29, Lordstown Motors reported : "Lordstown Motors begins commercial production of Endurance™ Pickup Truck." Highlights include:

• "Start of production of commercially saleable Endurance vehicles at the Foxconn EV Ohio plant.
• Production volume will ramp slowly as a result of supply chain constraints; engineering readiness, quality, and part availability will continue to govern the speed of launch.
• FMVSS confirmation crash testing successfully completed.
• Endurance has been named as one of only three semi-finalists in the North American Truck of the Year competition.
• Confirming Q4 start-of-sales, subject to full homologation testing and required certification.
• Expect to end the quarter with cash and cash equivalents of approximately $195 million.
• Continue to explore capital raising alternatives, including in connection with initial Foxconn JV program and strategic partnership discussions."

Near term potential EV producing companies

Arrival ( ARVL )

On September 30, Electrek reported :

Arrival successfully builds its first electric Van using novel Microfactory model.....Arrival has successfully built its first production-verification Van using its Microfactory in Bicester, UK......By successfully rolling off the Microfactory assembly line in the UK, this latest Van shows proof of concept for Arrival's unique production approach and moves its creators one step closer to scaled EV production and initial deliveries.....

Fisker Inc. ( FSR )

On September 14, Fisker Inc. reported : "All-electric Fisker Ocean scheduled for2022 Oslo Motor Show, marking Norwegian debut....."

On September 20, Fisker Inc. reported : "Fisker and Wallbox partner globally for home EV charging solutions."

For further details see:

EV Company News For The Month Of September 2022