We are witnessing a generational shift towards the electrification of energy. The growth in the development of electric vehicle(EV) market is astounding. Billions in investments are pouring in to drive research and development in EV batteries, superchargers and new EV models. Here are the latest developments in the electric vehicle and battery metals markets.
1) Shenzhen Is Now Almost Fully Serviced by E-Taxis
- City’s goal to replace all fuel-powered taxis with electric-powered models is nearing completion.
- According to the Shenzhen Transport Commission, the city had launched 20,135 electric-powered taxis by the end of 2018, accounting for 94.21 percent of all operating cabs in Shenzhen.
- The introduction of e-taxis is part of a major environmental protection initiative to combat air pollution and foster sustainable development.
- The commission's eventual aim is to ensure that 99.06 percent, or 21,485, of all operating taxis are electric-powered.
2) New study by GoCompare shows the state of electric vehicle adoption in 30 International Energy Agency (NASDAQ:IEA) member countries
- With 1,227,770 cars, China has the highest electric car stock in the IEA countries.
- China, the fourth largest country in the world by area, has more charging points than any other country.
- With 23.25 charging points per 100km, Netherlands had the highest number of charging points per 100km.
3) Global automakers plan US$300 billion global drive on electric vehicle technology
- Nearly half of the money is targeted at China, accelerating the industry's transition from fossil fuels.
- Spending is driven mostly by government policies adopted to cut carbon dioxide emissions.
- Almost one-third of the industry's EV spending total, about US$91 billion, is being committed by the Volkswagen Group.
- The industry is also seeking more alliances and partnerships to help spread the higher investment costs.
4) India's electric vehicle goals being realised by electric scooters and motorcycles
- Fuel costs are driving two-wheeler buyers to electric scooters and motorcycles.
- India's government has set a target of electric vehicles making up 30 percent of new sales of cars and two-wheelers by 2030.
- India is the world's biggest market for scooters and motorcycles - six times that of car sales over the same period.
5) Indonesia opens up country to electric vehicle manufacturing investments
- Indonesia, which is South-east Asia's largest economy, has seen its government supporting electric vehicles in an effort to reduce its reliance on imports of fossil fuels.
- Instead, the country hopes to tap its abundant nickel reserves, a key component for making lithium-ion batteries.
- Green vehicle scheme will start with electric motorcycles, then public buses before private cars were included.
6) Solid-state batteries are promising but still years away from production
- Solid-state battery technology promises major improvements on existing lithium-ion batteries.
- If it can be mastered, solid-state technology could help speed the demise of the combustion-engine car and potentially slash EV charging times to about 10 minutes from as much as several hours.
- Before solid-state batteries can reach mass production, a list of puzzles would have to be solved - short battery life, uncompetitive costs, violent swelling and shrinking of materials when charged or discharged.
7) Electric cars soon to be new normal in Norway
- Almost one-third of all new cars sold in Norway last year ran on batteries.
- Oil-rich Norway aims to eliminate all emissions from new cars by 2025, and offers generous subsidies for buyers who opt to go electric.
- It wasn’t until the first quarter of 2018 that it was surpassed by Germany, Europe’s biggest car market.
8) SP Group launches 38 high-speed charging points of EVs in Singapore
- The 38 points - 19 43kW alternate current (NYSE:AC) chargers and 19 50kW direct current (DC) chargers - are high-speed chargers able to power up a mid-sized electric car within an hour.
- They are the first of 1,000 charging points SP aims to launch by 2020
- SP expects electric car drivers to see "at least 50 per cent cost savings" compared to those who drive comparable petrol-powered models. .
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