Plus, stay tuned because later in the show I’ll tell you what investors Berkshire Hathaway said about the strength of Tesla vs BYD
But first…
Hyundai Ioniq Electric Models’ Sales Surge in October 2023
– Hyundai’s electric vehicles, specifically the E-GMP-based Ioniq 5 and Ioniq 6, experienced a significant sales uptick last month, with 2,979 and 1,239 units sold, respectively.
– The combined sales figures for these models in October reached a total of 4,218, marking a notable 167% rise compared to the same period last year.
– Details regarding the Hyundai Kona Electric’s sales were not separated from the overall Kona sales figures, which include both electric and combustion engine versions.
– Year-to-date, Hyundai has sold over 37,000 units of the Ioniq 5 and Ioniq 6 models in the United States.
Mercedes-Benz EV Charging Expansion
– Mercedes-Benz aims to broaden its North American charging network through a collaboration with Simon Property Group.
– The initiative will start with the installation of fast chargers at 55 Simon locations in the U.S. and Canada.
– Simon’s properties will provide Mercedes-EQ drivers with leisure activities such as shopping and dining during charging sessions.
– Chargers will offer up to 400 kW of power, with the exact output varying by location.
– Andrew Cornelia, President and CEO of Mercedes-Benz High Power Charging North America, emphasizes the goal of integrating charging into daily life, making it a secondary activity to the customer’s primary purpose.
– The upcoming charging stations will be accessible to all electric vehicles, not just Mercedes-Benz, supporting both CCS and NACS connectors.
– Mercedes-Benz has set a target to establish 500 charging hubs across North America within the next 4 to 5 years.
Jaguar Land Rover’s Revenue Up, EV Targets at Risk
– Jaguar Land Rover (JLR) is currently not on pace to meet the UK’s 2024 electric vehicle (EV) mandate, risking substantial fines.
– The UK’s ZEV mandate stipulates that 22% of an automaker’s sales must be electric by next year; non-compliance could cost JLR £15,000 per excess combustion-engine vehicle.
– Despite this, JLR has reported its highest-ever quarterly revenue at £6.9 billion, with profits before tax increasing to £442 million.
– JLR’s electric vehicle lineup is sparse, featuring only the Jaguar I-Pace, and the electric Range Rover isn’t expected until late 2024.
– To avoid penalties, the company may have to strike deals or purchase regulatory credits from other automakers, similar to previous arrangements with Tesla in the EU.
China Hits Record High in NEV Wholesale Sales
– China’s October wholesale figures for New Energy Vehicles (NEVs) hit an all-time peak of 890,000 units.
– This number indicates a 32% increase compared to the same period last year and a 7% rise from September’s sales.
– The bulk of September’s NEV sales were dominated by 17 manufacturers, which accounted for 88.4% of total wholesale transactions.
– From January to October, the cumulative wholesale sales of passenger NEVs in China reached 6.8 million units.
Leapmotor T03 Set to Be UK’s Most Affordable EV
– Stellantis, owner of Vauxhall, is considering the introduction of Leapmotor electric vehicles in the UK after acquiring a 20% share in the Chinese company.
– The agreement grants Stellantis exclusive rights to distribute Leapmotor vehicles outside China, with European sales potentially starting in 2024.
– In France, Leapmotor’s T03 city car is being offered at rates starting from €99 per month without any initial deposit.
– The T03 is compact, spanning 3620mm in length, and offers a 174-mile range, surpassing the Dacia Spring’s 140-mile range.
– While the T03 is priced at approximately £7,437 in China, costs are expected to double in Europe due to shipping, taxes, and modifications for safety compliance.
– Launching Leapmotor’s affordable EVs in the UK could assist Stellantis in meeting upcoming ZEV mandate requirements, which call for a 22% sales quota of zero-emission vehicles.
– The T03 is poised to be more cost-effective than the anticipated Citroen ë-C3, which will have a starting price of £22,000 and features a 44kWh LFP battery with a 199-mile range.
Nissan CEO on Diverse EV Market Post-Covid
– Nissan’s CEO Makoto Uchida reflects on the transformative effect of Covid on the EV market.
– The pandemic has resulted in varied consumer expectations for electric vehicles across different regions.
– EV adoption rates are inconsistent globally, influenced by regional government policies, cost factors, competitive landscapes, and consumer demand.
– Uchida underscores the necessity for designing EVs tailored to specific markets like the U.S. and China, factoring in local preferences and regulatory requirements.
– The CEO advocates for the development of region-specific EVs to ensure they meet local needs and are priced within market expectations.
Key Role of Pre-Owned EVs in Sustainable Transport
– A Tesla manager emphasizes the critical role of the used EV market in the transition to sustainable transport.
– Michael Oates, who oversees Tesla’s UK sales and deliveries, spoke at the EV Summit 2023 about the importance of broadening the EV audience.
– The goal is to attract buyers beyond early adopters to consider electric vehicles for their next vehicle purchase.
– Oates contends that access to used electric vehicles is key to enabling more people to enjoy the benefits of EV ownership.
– The pre-owned EV market is relatively nascent, especially when compared to the new electric vehicle market.
BorgWarner’s 800V Charger Powers North American BEVs
– BorgWarner secures a contract to deliver an 800V Onboard Battery Charger for an unnamed major North American car manufacturer’s electric vehicle platforms.
– The charger integrates cutting-edge silicon carbide technology with a bi-directional vehicle-to-load capability.
– It is designed to offer flexible power options, including 19.2kW for single-phase and 22kW for three-phase systems.
– This contract marks BorgWarner’s debut in supplying Onboard Charger technology in the North American market.
– The OBC can switch AC to DC for battery charging and enables electricity flow from the vehicle to power external devices.
Swedish Ports Set to Block Tesla Vehicle Imports Amid Labor Clash
– Swedish unions accuse Tesla of not following local labor laws, leading to an escalating strike.
– Transportation workers are poised to stop Tesla car deliveries through Sweden’s main ports.
– The blockade, potentially starting on November 7, could impact Tesla’s supply chain in the region.
– The Swedish Transport Workers’ Union, backing 57,000 transport sector employees, is spearheading the blockade.
– Tesla’s Swedish mechanics, whose labor conditions sparked the dispute, have been striking since the previous week.
– In Sweden, while not legally required, it’s customary for firms to engage in collective bargaining, with 90% of workers under such agreements.
– Tesla has a substantial presence in Sweden, with over 16,000 vehicles registered in the first three-quarters of the year, ranking it as a top European market for the company.
Ford Integrates BMS Expert AMP Under Its Electric Division
– Ford acquires battery management system (BMS) expert AMP to bolster its electric vehicle technology under the Ford Model e brand.
– AMP’s technology is set to enhance the development of Ford’s future electric vehicles.
– It is not publicly disclosed if Ford’s existing EV models already incorporate AMP’s charging and battery management software.
– Financial details of the acquisition, including the purchase price, remain confidential.
– The majority of AMP’s workforce, which has grown to 149 employees since 2017, is expected to join Ford Model e.
– AMP’s former COO, Lionel Selwood Jr, will not be transitioning to Ford as he left AMP in November.
– Ford recently delayed a portion of its substantial investment in EV and battery production due to market pressures and reported a loss of $1.3 billion for Ford Model e in Q3 2023.
Munger Praises BYD’s CEO Over Musk
– Charlie Munger, vice chairman of Berkshire Hathaway, expresses admiration for BYD’s leadership compared to Elon Musk’s Tesla.
– Munger credits BYD’s surge in the electric vehicle market to CEO Wang Chuanfu’s hands-on expertise and commitment.
– Berkshire’s 2008 investment in BYD, initially $270 million, has ballooned to an estimated value between $8 billion and $9 billion.
– Munger describes Wang as a dedicated, highly intelligent individual who surpasses Musk in manufacturing prowess.
– Despite being approached by Musk, Berkshire Hathaway chose not to invest in Tesla, Munger reveals.
Volvo Cars Unveils Energy Solutions Division for EV Ecosystem
– Volvo Cars introduces a new division, Volvo Cars Energy Solutions, focusing on energy storage and advanced EV charging services.
– The new business aims to integrate bi-directional charging, enabling electric vehicles to contribute energy back to the power grid.
– Volvo’s upcoming fully electric EX90 SUV will be the first to feature the hardware and future software for bi-directional charging and solar energy storage.
– Estimates show that Volvo’s electric fleet will have a collective battery capacity of approximately 50 GWh by the mid-2020s.
– Analysis of Volvo’s fleet data indicates that the typical daily usage in Europe is under 10 kWh, with 90% of daily drives consuming less than 20 kWh.
– Volvo Cars Energy Solutions is exploring an ecosystem of technologies including Vehicle-to-Grid (V2G), Vehicle-to-Home (V2H) to reduce household energy expenses, and Vehicle-to-Load (V2L) services to power external devices like camping equipment or electric bikes.
Solar Firms Expand into EV Charging Sector
– Solar companies are branching out into electric vehicle (EV) charging infrastructure to mitigate market challenges and stay competitive.
– EVs accounted for almost 9% of total U.S. vehicle sales in the first half of 2023, with sales expected to exceed one million by year’s end.
– Solar installers are naturally poised to dominate the EV charging market due to their expertise in renewable energy systems and energy storage.
– Diversification into EV charging enables solar firms to offer integrated solutions combining solar power, energy storage, and EV charging, promoting sustainability.
– By adding EV charging to their portfolio, solar businesses not only broaden their market appeal but also gain a competitive edge.
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