Welcome to the September 2020 edition of Electric Vehicle company news. September saw a great global EV sales result for August, boosted by a surge in Europe EV sales again.
By far the biggest news for September was Tesla’s Battery Day where Elon Musk mapped out Tesla’s new battery and terafactory plans. The numbers were mind blowing, yet many investors did not seem to get it.
Some facts from Tesla Battery Day included 3TWh battery capacity by 2030, enough to make 20 million Tesla EVs pa and energy storage products. 3TWh is about a 100x increase on Tesla’s 2019 capacity of about 30GWh. There also was a 56% target reduction in battery costs leading to a possible US$55kWh cost, well below the US$100kWh needed to reach purchase price parity with ICE vehicles. That would allow Tesla to produce a profitable US$25,000 electric car three years from now.
Global electric car sales as of end August 2020
Of note 67% of all global electric car sales in August 2020 were 100% battery electric vehicles (BEVs), the balance being hybrids.
China electric car sales were 100,000 in August 2020, up 6% on August 2019. Electric car market share in China for August was 5.7%, and 5.0% YTD. A September 2020 report from Bloomberg Green stated: “China’s updated NEV target for 2025 is 15% to 25%. For 2035 the NEV target will be 50% to 60%.”
US electric car sales were not reported by EV Sales in August 2020 as it appears many ICE brands don’t want to publish their EV sales numbers.
Note: The above sales include light commercial vehicles.
Global electric car sales by manufacturer for August 2020
Source: EV-Sales Blogspot
2018 – H1, 2020 EV sales compared. A very strong July 2020 looks good for H2, 2020
EV sales forecast to really take off from 2022 as affordability kicks in
The chart below aligns with my research that electric car sales will really take off after 2022, when my model forecasts electric and ICE car price parity.
BloombergNEF 2020 forecast for annual electric vehicle sales have just been released during May. They are:
- 10% share by 2025 (~9m pa)
- 28% share by 2030 (~24m pa)
- 58% share by 2040 (~54m pa)
BNEF updated 2020 EV forecasts
The BNEF 2020 forecast with the raw numbers and country share
Source: Bloomberg New Energy Finance [BNEF] 2020 EV report
EV market news
On September 10 Bloomberg reported:
In a bummer year for auto sales, EVs are outperforming… More importantly, “the combination of new stimulus programs, new model launches, and automakers pushing to hit their carbon dioxide emissions targets should keep the market growing.” The electric vehicle market will probably grow year-on-year in 2020.
On September 13 Livemint reported:
Greenko to invest around $1 billion in new battery storage business. Plan includes manufacturing lithium ion batteries in India for power grid and electric vehicles. India also plans to issue tenders for setting up Tesla-style gigafactories for cell and battery manufacturing.
On September 14 Reuters reported:
Swedish 2021 budget to include $1.1 billion in climate measures. Sweden’s Social Democrat and Green minority government said on Monday its 2021 budget would contain 9.7 billion Swedish crowns ($1.11 billion) in new spending aimed at fighting climate change. The measures include raising the subsidy for people buying electric cars, extra cash for public transport, money for climate-smart renovation of public housing, support for biofuels and for building cycle-paths.
On September 14 Bloomberg reported:
BP says the era of oil-demand growth is over. BP Plc said the relentless growth of oil demand is over, becoming the first supermajor to call the end of an era many thought would last another decade or more. Oil consumption may never return to levels seen before the coronavirus crisis took hold, BP said in a report on Monday. Even its most bullish scenario sees demand no better than “broadly flat” for the next two decades as the energy transition shifts the world away from fossil fuels.
On September 16 Bloomberg Green reported:
China to give gas guzzlers more time while promoting EVs. Country set to avoid giving firm deadline for fossil-fuel exit… Under the latest proposal, the NEV target for 2025 is 15% to 25%, Wang said… For 2035, the NEV target will be 50% to 60%, Wang said, as the country looks to lead the world in the push away from internal-combustion engines.
On September 17 Investing News reported:
Simon Moores: What to expect at Tesla’s Battery Day and beyond. But Tesla’s ambitions and future plans will not come to pass without hurdles. “Raw material availability should raise the alarm bells for Tesla considering their rapid Gigafactory expansions in Berlin, Shanghai and Austin,” Moores said. In fact, unlike when the Gigafactory 1 in Nevada started, there are now 167 more gigafactories or battery megafactories competing for the same raw materials, as per Benchmark Mineral Intelligence data… For Moores, both quantity and quality of lithium, cobalt and nickel will be Tesla’s biggest hurdles to get right. Graphite anode and manganese will also come with their own sourcing challenges. “There is no doubt now that regardless of how well Tesla’s vehicles continue to sell, raw material availability will be the primary slowing factor on the company scaling.”
On September 22 Reuters reported:
Tesla’s Musk sees no immediate boost from Battery Day tech unveil. Tesla CEO Elon Musk said improvements to be unveiled at the electric-vehicle maker’s “Battery Day” event would not reach “serious high-volume production” until 2022. Tesla expects significant shortages in 2022 and beyond, Musk cautioned, adding it intended to increase cell purchases from Panasonic 6752.T, South Korea’s LG Chem 051910.KS, China’s CATL 300750.SZ, and possibly other partners.
On September 23 Seeking Alpha reported:
California to ban new gasoline car sales by 2035. The directive means that all new cars sold in the state must be zero-emission vehicles by that time. Major automakers are making such an electrification push that the 15-year timeline may not be too much of a jolt.”
Note: California is the fifth-largest economy in the world. Californian vehicle sales exceed 2 million cars pa.
On September 24 Reuters reported:
Electric vehicle charging network ChargePoint to go public at $2.4 billion valuation. ChargePoint Inc, one of the world’s oldest and largest electric vehicle charging networks, said on Thursday it will go public by merging with Switchback Energy Acquisition Corp SBE.N in a deal that values the company at $2.4 billion (1.88 billion pounds). The deal is expected to close near the end of the year and the company will be named ChargePoint Holdings Inc. A trading symbol on the New York Stock Exchange has not been identified. Reuters last week reported ChargePoint and Switchback were nearing a deal. Switchback is a special-purpose acquisition company (SPAC) that raised $300 million in an initial public offering in July 2019.
On September 26 Forbes wrote:
Tesla’s $25,000 electric car means game over for gas and oil… There won’t be any real reason to buy a car that runs on fuel derived from oil and gas anymore.
Note: In Dec. 2015 I wrote: “Solar, Electric Vehicles Could Make Oil And ICE Cars Obsolete – The Era Of Oil Is Almost Over.“
On September 29 Tech Xplore reported: “Rolls-Royce concludes testing of plane technology set to break electric speed record.”
EV company news
Tesla Inc. (NASDAQ:TSLA)
Tesla is currently ranked the number 1 globally with 18% global market share. Tesla is equal fourth in Europe with 8% market share, and number 2 in China with 13% market share. Tesla is still assumed to be the number 1 electric car seller in the US by far.
On September 11 Seeking Alpha reported:
“UBS doubles its price target on Tesla ahead of Battery Day event… The Battery Day event is upside enough to get the typically cautious UBS to push its price target up to $325 from $160… “The dry electrode technology is likely to enable (1) a ~50% higher energy density of up to ~400Wh/kg vs. ~260Wh/kg today; (2) much better longevity (“million-mile battery”); (3) potentially a cobalt-free chemistry and (4) estimated ~$70-80/kWh cell cost over the next ~3 years (saving ~$2.3k per vehicle vs. today; with a ~$10-20/kWh cost advantage vs. competition). The cell will likely be manufactured in-house in the new Fremont factory (“Roadrunner” project), while we expect Tesla to maintain its existing cell supplier relationships.”
On September 23 Bloomberg reported:
Musk says Tesla plans new $25,000 EV in about three years. Cheap car hinges on expected innovation in battery technology. “In about three years from now, we are confident we can make a compelling $25,000 electric vehicle that is also fully autonomous.” Tesla announced a series of vertical integration improvements, from making its own battery cells to owning rights to a lithium mine in Nevada, that will allow it to cut costs and offer cheaper cars as soon as 2023.
A rendering of what a Tesla $25,000 compact car (?Model C) might look like (Tesla is still working on the design)
On September 23, Bloomberg reported: “Tesla slumps as Battery Day letdown clouds $320 billion gain.”
On September 28 Teslarati reported: “Tesla is building a lithium hydroxide refinery in Texas for its Cybertruck factory.”
On September 28, Teslarati reported:
Tesla is looking to acquire a 10% stake in LG Chem to strengthen its battery supply: report. Local media reports from South Korea have stated that Tesla is looking to acquire a stake in LG Energy Solution, which will soon be separated by LG Chem. The initiative is reportedly intended to procure a stable supply of batteries for the American electric car maker and its upcoming projects.
Note: Here is the official Tesla YouTube video of the 2020 AGM and Battery Day. Elon Musk starts talking at about 1 hour 7 min. Actual Battery Day presentation at about 1hr 40min. 2020 Annual Shareholder Meeting and Battery Day
Battery Day news – Tesla’s new larger 4680 (46mmx 80mm) battery cell showing the coiled layers inside that contain the cathode, anode, and separator
Investors can read my June 2019 Blog post: “Tesla – A Look At The Positives And The Negatives,” where I rated the stock a buy. It was trading at USD 196.80 (post 5:1 stock split is equivalent to USD 39.36). Or my latest Tesla article on Trend Investing – “Significant Potential Robotaxi Profits Are The Key To Understanding Tesla’s Potential – My ‘Tesla With Robotaxi’ Valuation Model Version 1.”
On September 4, Green Car Reports reported:
VW-backed solid-state battery firm QuantumScape is going public. QuantumScape, the decade-old solid-state battery startup backed by Volkswagen, is going public. This will be accomplished through a reverse merger with Kensington Capital Acquisition Corp., with an enterprise value of approximately $3.3 billion, the startup said in a press release Thursday.
On September 8, Green Car Reports reported:
VW ID.4 electric crossover: “Feel-good lounge” interior maximizes space, simplifies interface… The ID.4 won’t be fully revealed until September 23, but it’s due for a production start later this fall and a U.S. arrival by the end of this year.
2021 Volkswagen ID.4 interior
September 17, Electrek reported:
VW plans to sell 500,000 ID.4 electric cars per year… In the interview, Brandstätter said that VW plans to sell 1.5 million electric cars per year by 2025, and they aim for ID.4 to account for ~500,000 of those sales: “Volkswagen wants to become the world market leader in e-mobility — but that won’t happen by itself. The Volkswagen brand is therefore investing around 11 billion euros by 2024.
On September 23, CNBC reported:
VW unveils new global ID.4 electric SUV; U.S. production starts in 2022… The vehicle will be targeted at mainstream buyers, starting at $39,995 when it arrives in U.S. showrooms early next year…
Volkswagen revealed the new ID.4 electric SUV on Sept. 23, 2020— the brand’s first long-range EV to be sold in the U.S.
On September 28 Reuters reported:
Volkswagen AG said on Monday it and three local joint ventures plan to invest around 15 billion euros ($17.44 billion) in electric mobility in China, the world’s biggest car market, between 2020 and 2024… It will source EV batteries from CATL 300750.SZ, Guoxuan 002074.SZ and A123.
Note: Volkswagen ID.3 deliveries are set to begin in early September 2020.
On September 1, BYD reported:
BYD starts operations at its Lithium Iron Phosphate Battery Factory in Brazil… The manufacturing plant, located in the northern state of Amazonas, is dedicated to the production of lithium iron phosphate [LiFePO4] batteries, and is primarily focused on installing these onto electric bus chassis. With an initial investment of R$15 million (USD 2.7 million), the factory, covering 5,000 square meters, will foster the electric mobility market in Brazil and allow for future expansions if necessary. The new plant has a production capacity of up to 18 thousand battery modules per year, and it is expected to deliver 1,000 battery modules by September this year.
On September 14, BYD reported: “BYD electric buses hit streets of Canada’s largest city.”
On September 21 Bloomberg reported:
China ride-hailing giant Didi to partner with BYD for EVs. The number of cars that will be produced is still to be determined as they undergo trials, one of the people said.
On September 22, BYD reported:
BYD electrifies Finnish market for first time. BYD – the world’s leading electric bus manufacturer – has entered the Finnish bus and coach market for the first time after securing major orders with Nobina, one of Finland’s and Scandinavia’s largest Public Transport Operators. A total of 106 various BYD models will comprise 64 units for Nobina services in Helsinki and 42 units for Nobina’s operation in Turku, together representing the largest ever order for eBuses in Finland.
BMW (OTCPK:BMWYY), Mini
On September 7 Autocar reported: “BMW to launch nine new electric cars by 2025.”
Beijing Automotive Group Co. (BAIC) [HK:1958) (OTC:BCCMY), SAIC Motor Corporation Limited [SAIC] [CH:600104] (SAIC includes Roewe, MG, Baojun, Maxus) + SAIC/GM JV (Wuling Hong Guang)
SAIC is global number 5 with 6% market share, and number 3 in China with 13% market share. Note that the SAIC-GM JV Wuling Hong Guang super cheap micro-car has been a huge boost to SAIC’s sales (9,150 units in August and the number 2 seller in China in August).
BAIC is currently ranked the global number 19 with 2% market share.
On September 28 Reuters reported:
China’s biggest automaker SAIC to have nearly 100 new EV models by 2025. Among the nearly 100 models, which include new and existing models, SAIC plans to have over 20 plug-in hybrid models and 10 hydrogen fuel-cell vehicles. Nearly 60 of them will be from SAIC’s own brands. SAIC partners with Volkswagen and General Motors. Monthly sales of Wuling Hong Guang MINI EV, a micro electric car by a venture between SAIC, GM and another local partner, have reached 20,000 units, Wang said.
Volvo is currently ranked number 6 in the global electric car manufacturer’s sales ranking with 4% global market share.
On September 4, Green Car Reports reported: “Volvo starts masking its exhaust tips, on the way to more EVs.”
2021 Volvo S90 (concealed exhaust tips)
On September 28, Green Car Reports reported:
…..Geely on Wednesday unveiled a modular EV platform that will be used across the automaker’s multiple brands—including Volvo and Polestar. Dubbed Sustainable Experience Architecture, the platform was previewed on the Lynk & Co. Zero Concept, from Geely’s subscription-based brand. The concept is expected to spawn a production model for 2021.
Renault is ranked number 7 globally with 4% market share, and is currently equal number 1 in Europe with 9% market share. Nissan is currently ranked number 13 for global electric car sales with 2% market share.
On September 11, Green Car Reports reported:
Nissan has made more than 500,000 Leaf electric cars — in 10 years. Nearly a decade after the model was launched, Nissan has reported that it’s produced more than 500,000 Leaf electric cars. The milestone Leaf was produced at the automaker’s Sunderland, England, factory in August, but Nissan held off on announcing it until Wednesday to coincide with World EV Day.
Hyundai is currently ranked number 9 in the global electric car manufacturer’s sales ranking with 4% global market share.
Kia is currently ranked number 11 in the global electric car manufacturer’s sales ranking with 3% global market share.
On September 25, Hyundai reported: “Electrified RM20e racing midship sports car prototype conveys the next generation of Hyundai N performance.”
Electrified RM20e Racing Midship Sports Car Prototype
On September 3 Total reported:
Groupe PSA and Total create “Automotive Cells Company”, a joint venture dedicated to the manufacture of batteries in Europe… from 2023. Total/Saft will contribute its expertise in R&D and industrialization, and Groupe PSA its knowledge of the automotive market and its experience in production. The R&D centre in Bordeaux and the pilot site in Nersac (France) have already started in order to develop the new high-performance lithium-ion technologies. At the end of this R&D phase, mass production could be launched in two “gigafactories”, in Douvrin (France) and Kaiserslautern (Germany).
Note: Total also has a subsidiary Saft who focus on advanced technology battery solutions.
On September 16 Reuters reported: “Fiat Chrysler, Peugeot maker PSA amend merger terms to conserve cash.”
On September 9, Mercedes Blog reported:
The future Mercedes EQS will get a Maybach version: Maybach EQS. In a short interview at Bloomberg TV, Ola Kallenius, Daimler CEO, said he sees great potential in the Maybach brand.
The future Mercedes EQS will get a Maybach version: Maybach EQS
On September 15, AutoBlog reported:
Mercedes ready to roll out solid-state battery tech for production in city buses. “In general, vehicles with solid-state batteries as standard were not expected until the middle of this decade. Mercedes-Benz is faster: the new eCitaro G is the first series production city bus in its category anywhere in the world to be equipped with solid-state batteries,” Mercedes-Benz says… Mercedes comes through on the higher energy density front (about 25 percent greater than Mercedes’ newest generation of lithium-ion tech), but it also says its “solid-state batteries are restricted in their fast-charging capacity.
Mercedes-Benz eCitaro G bus
On September 18, MercedesBlog reported:
The new Mercedes EQV: up to 418 km range. Mercedes EQV is the first premium electric MPV from Mercedes and the first EQ model of the Mercedes-Benz Vans division. The 90 kWh battery promises a range of 417 km.
The new Mercedes EQV
Toyota (NYSE:TM)/ Lexus
On September 29 Reuters reported:
Toyota’s annual global electrified vehicles sales could reach 5.5 million by 2025… five years earlier than initially planned. Seiya Nakao, chairman and president of Toyota China’s engineering and manufacturing, said auto electrification was progressing faster than expected and the top Japanese automaker thinks it can reach the target sooner.
Nio Inc. (formerly NextEV) (NIO)
On September 3, Nio Inc. reported: “NIO Inc. provides August 2020 delivery update.” Highlights include:
- “NIO delivered 3,965 vehicles in August 2020, a new monthly record representing an 104.1% year-over-year increase.
- NIO delivered 21,667 vehicles in 2020 in total, increasing by 109.9% year-over-year.
- Cumulative deliveries of ES8 and ES6 reached 53,580.”
On September 2 GlobeNewswire reported:
Li Auto Inc. August 2020 delivery update. Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announced that the Company delivered 2,711 Li ONEs in August 2020.
General Motors/Chevrolet (NYSE:GM)
On September 3, Green Car Reports reported:
GM and Honda propose establishing alliance extending well beyond EV and fuel-cell tech… If adopted, the companies will combine efforts in a deeper alliance that will result in “a range of vehicles to be sold under each company’s distinct brands, as well as cooperation in purchasing, research and development, and connected services.”
On September 8, Green Car Reports reported:
GM will build Nikola Badger electric truck, supply hydrogen fuel-cell tech. General Motors and Nikola Corporation announced a strategic partnership on Tuesday in which GM will supply hydrogen fuel-cell systems and battery systems to Nikola. Furthermore, GM will build the upcoming Nikola Badger pickup truck starting in 2022. The Badger will be built with GM’s Ultium battery systems, which include cells jointly developed between GM and LG Chem. The Badger will be offered in at least two powertrain versions: one battery-electric and the other leveraging the advantages of fuel cells and batteries together.
On September 16, Reuters reported:
Exclusive: GM explores market for electric ‘flying cars’ – sources… Corporate and private investors have poured at least $2.3 billion into more than 100 aerial vehicle startups, including drones and electric air taxis, but the technology still faces significant roadblocks to commercialization and profitability, according to investor website PitchBook.
On September 29, Automotive News reported: “GM ‘continuing discussions’ with Nikola on alliance deal.”
Xpeng Inc. (XPEV)
On September 28 Seeking Alpha reported:
XPeng gets government support for new smart EV manufacturing base in Guangzhou….Guangdong Xiaopeng Motors Technology, a wholly owned subsidiary of XPeng in China will receive RMB4B financing from Guangzhou GET Investment Holdings to help fuel company’s growth as well as support the construction of a new Smart EV manufacturing base for XPeng in the Guangzhou Economic and Technological Development Zone.
Tata Motors (TTM) group (Jaguar, Land Rover)
On September 3, India Today reported:
Tata Nexon EV leads electric car sales in August, followed by MG ZS EV and Hyundai Kona Electric. The Tata Nexon EV continues to be the highest-selling passenger electric vehicle topping the charts in August 2020 while the MG ZS EV and Hyundai Kona Electric occupy the second and third spots.
On September 29, Green Car Reports reported:
Honda electric SUV coupe for China previewed with concept…..”We have no plans to bring that product to the U.S. market,” said spokesman Chris Martin.
Honda SUV e:concept
On September 17, TorqueNews reported:
Ford begins assembly of 2021 Ford F-150, breaks ground on electric vehicle plant at Rouge Center…..All electric F-150 comes to market in 2022 and will be built at historic Rouge Complex.
On September 22 The Globe and Mail reported:
Ford deal paves way for electric vehicles. The Canadian and Ontario governments will partner with Ford Motor Co. of Canada Ltd. to invest $1.8-billion in its auto plant in Oakville, Ontario.
Nikola Corporation (NKLA)
On September 8 Nikola reported:
Nikola and General Motors form strategic partnership. Nikola Badger to be engineered and manufactured by General Motors. General Motors receives 11 percent ownership of Nikola and right to nominate one director; General Motors seizes growth opportunity with Nikola to boldly move into broader markets with Hydrotec fuel cell and Ultium battery systems.
Note: Nikola will focus on marketing and selling.
Fisker (private)/ Spartan Energy Acquisition Corp. (SPAQ) merger
An article from August that I missed last month reported: Fisker to launch three new models including electric pickup after Ocean SUV.
Fisker Ocean (late 2022), EMotion, crossover and a pickup
On September 13, BBC News reported:
Fisker Automotive reveals new production car. Independent US carmaker Fisker Automotive has unveiled a second model, named the Surf. Chief executive Henrik Fisker said the Surf was a five-door “shooting brake”, which combined the advantages of an estate car with those of a sportscar….it comes with an electric engine that delivers a range of 80km. This engine is backed up by a two-litre petrol engine that extends the range by another 400km. “You can manually switch between pure electric and the petrol engine,” Mr Fisker said.
Fisker’s 2nd model ‘Surf’ has 80km electric range plus a 400km petrol range extender
On September 23, Road Show reported:
Lordstown Motors claims it has 40,000 preorders, shows off its new interior. It’s also close to becoming a publicly traded company, according to its representatives. Lordstown claims that these 40,000 preorders equate to around $2 billion in sales revenue. That’s not bad for a company of Lordstown’s size.
On September 28, Transport Topics repoted: “Trump shows off Lordstown Motors’ Endurance electric pickup truck.”
President Trump speaks while Steve Burns, chief executive officer of Lordstown Motors Corp., right, listens during a tour of the new Endurance electric pickup truck on the South Lawn of the White House Sept. 28.
Workhorse Group Inc. (WKHS)
On September 24 Yahoo Finance reported:
Workhorse C-Series all-electric delivery trucks achieve premium range for last-mile delivery. New data from testing showed that Workhorse’s 2020 model year C-1000 Extended Range achieved a maximum of approximately 160 miles per charge under urban situations.
Note: There is also a lot of interest in whether Workhorse might win the US Postal Service contract, said to be worth as much as up to US$20b.
Hyliion Holdings (HYLN)/ Tortoise Acquisition Corp. (SHLL) merger
On September 28 Businesswire reported:
Tortoise Acquisition Corp. announces approval of business combination and adjourns special meeting of stockholders to September 30, 2020.
On September 24, Road Show reported:
Canoo goes nude to show off EV platform’s performance capabilities. Canoo plans for a rad electric van subscription model, but this “skatekart” shows the startup can do a lot more with its platform.
Lucid Motors (formerly Atieva) (private)
On September 9 TechCrunch reported:
“Lucid Motors’ all-electric Air will start below $80,000. Lucid has previously said it will produce the Air at its new Arizona factory in early 2021, about three months later than expected due to a slowdown caused by COVID-19. Construction resumed in early June at its factory in Casa Grande, Arizona.
On September 9, Green Car Reports reported: “2021 Lucid Air electric luxury sedan revealed: Quickest version costs $169,000.”
2021 Lucid Air
Note: Here is a video link to the Lucid Air launch.
Rivian Automotive (private)
On September 14, Green Car Reports reported: “Rivian provides up-close look at pre-production of R1T electric pickup.”
EV fleet purchasing & financing
Ideanomics Inc. (IDEX)
Ideanomics is a global company that facilitates the adoption of commercial electric vehicles and supports next-generation financial services and fintech products.
On September 15 Ideanomics reported:
Ideanomics announces MEG’s July and August Activity – 203 Units delivered in July and August. 557 Units invoiced (pending expected delivery) in July and August.
Three wheel EV companies
Arcimoto Inc. (FUV)
No electric vehicle news for the month, but you can read a company released update here from last month.
Electrameccanica Vehicles Corp. (SOLO)
No news for the month.
Other EV or EV related companies
Other EV companies I am following include Atlis Motors, Ayro, Inc. (AYRO), Blink Charging (BLNK), Byton (private), Canoo Holdings (CNOO)/ Hennessy Capital Acquisition (HCAC), Chery Automobile Co. Ltd. (private), Didi Chuxing, Dyson (private), Electrameccanica Vehicles Corp. (SOLO), Evergrande, Faraday Future (private), Great Wall Motors, GreenPower Motor Company Inc. [TSXV:GPV] (GP), Guangzhou Automobile Group Co., Ideanomics (IDEX), Hyliion Inc./ Tortoise Acquisition Corp. (SHLL) merger, Mahindra & Mahindra (OTC:MAHDY), Mazda (OTCPK:MZDAY), Niu Technologies (NIU), Qiantu Motor, Subaru (OTCPK:FUJHY), Suzuki Motor Corp. [TYO: 7269] (OTCPK:SZKMY) (OTCPK:SZKMF), WM Motor, Xiaopeng Motors, and Zhi Dou (private).
The list of countries and cities banning (or planning to ban) petrol and diesel vehicles include at least – Norway (2025), Netherlands (2030), China (25% EVs by 2025), Germany (?2030), Hong Kong (2030-40), Ireland (2030), Israel (2030), India (30% by 2030), Scotland (2032), UK (2035), France (2040), Taiwan (2040), Singapore (2040), Japan (2050); Rome (2024), Athens (2025), Paris (2025), London, Stuttgart, Mexico City (2025), Madrid (2025), Amsterdam, Brussels, Hainan (2030), California (2035).
Autonomous Driving/Connectivity/Onboard entertainment/Ride sharing [TaaS]/ EV leasing/renting
On September 9 TechCrunch reported:
Committing to a fully zero-emission fleet by 2040, Uber is dedicating $800 million to electrifying its drivers.
On September 24 Fast Company reported:
How China plans to beat the U.S. to self-driving robotaxis.
BNEF 2020 forecasts by fleet type
Source: Bloomberg New Energy Finance [BNEF] 2020 EV report
August 2020 global electric car sales were up 58% YoY with 3.8% global market share. Electric car market share for August reached 5.7% in China, 11% in Europe, and no updated figures for the USA.
Highlights for the month were:
- Bloomberg – In a bummer year for auto sales, EVs are outperforming.
- Sweden raises the subsidy for people buying electric cars.
- India plans to issue tenders for setting up Tesla-style gigafactories for cell and battery manufacturing. Greenko to invest around $1 billion in new battery storage business.
- BP says the era of oil-demand growth is over.
- China’s updated NEV target for 2025 is 15% to 25%. For 2035 the NEV target will be 50% to 60%.
- Simon Moores – “There is no doubt now that regardless of how well Tesla’s vehicles continue to sell, raw material availability will be the primary slowing factor on the company scaling.”
- California to ban new gasoline car sales by 2035.
- Electric vehicle charging network ChargePoint to go public at $2.4 billion valuation, merger with SPAC Switchback Energy Acquisition Corp SBE.N.
- Tesla’s Musk sees no immediate boost from Battery Day tech unveil… (Tesla’s new cell production) would not reach “serious high-volume production” until 2022. Tesla expects significant shortages in 2022 and beyond. UBS doubles its price target on Tesla to $325 ahead of Battery Day event. Musk says Tesla plans new $25,000 EV in about three years.
- Volkswagen AG and three local joint ventures plan to invest around 15 billion euros ($17.44 billion) in electric mobility in China, the world’s biggest car market, between 2020 and 2024.
- China ride-hailing giant Didi to partner with BYD for EVs. BYD Co sells a total of 106 various BYD models (bus and coach) to Finland’s Nobina.
- BMW to launch nine new electric cars by 2025.
- China’s biggest automaker SAIC to have nearly 100 new EV models by 2025.
- Nissan celebrates production of the 500,000th Leaf on World EV day.
- Mercedes ready to roll out solid-state battery tech for production in city buses.
- Toyota’s annual global electrified vehicles sales could reach 5.5 million by 2025. Accelerates EV plans by 5 years.
- Groupe PSA and Total create “Automotive Cells Company”, a joint venture dedicated to the manufacture of batteries in Europe.
- Ford and Canada/Ontario $1.8b deal paves way for electric vehicles. All electric F-150 comes to market in 2022.
- Nikola and GM form strategic partnership. Nikola Badger to be engineered and manufactured by GM. GM receives 11% ownership of Nikola.
- XPeng gets government support for new smart EV manufacturing base in Guangzhou.
- Fisker Automotive reveals new e-car ‘Surf’ with a range extender.
- Lordstown claims that these 40,000 preorders equate to around $2 billion in sales revenue.
- In India – Tata Nexon EV leads electric car sales in August, followed by MG ZS EV and Hyundai Kona Electric.
- Tortoise Acquisition Corp. announces approval of business combination with Hyliion Holdings.
- Lucid Motors’ all-electric Air base model will start below $80,000 with production to start early 2021.
- Uber is committing to a fully zero-emission fleet by 2040 and dedicating $800 million to electrifying its drivers.
As usual all comments are welcome.
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Disclosure: I am/we are long TESLA (TSLA), BYD CO (HK:1211), RENAULT [FR:RNO], SPAQ, FUV. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Additional disclosure: The information in this article is general in nature and should not be relied upon as personal financial advice.