EV Company News For The Month Of December 2019
Summary
- Global electric car sales were down 26% year-over-year in November, reaching 2.2% market share.
- EV market news - 2020 set to be year of the electric car, say industry analysts, as the world’s biggest manufacturers scramble to lower their carbon dioxide emissions.
- EV company news - Tesla Shanghai begins Model 3 deliveries and is reportedly making 1,000 cars per week. BYD lands Europe's largest ever electric bus order of 259 pure-electric buses.
- GM announces its own battery gigafactory with LG Chem in Ohio. Fiat Chrysler and Peugeot agree to a $50 billion merger.
- I do much more than just articles at Trend Investing: Members get access to model portfolios, regular updates, a chat room, and more. Get started today »
Welcome to the December 2019 edition of Electric Vehicle company news. December saw November global electric car sales fall 26% mostly led by declines in China EV sales. Europe again performed very well up 44% year-over-year.
The big news this month were: China draft raising 2025 electrified-car sales target to about 25%, Fiat Chrysler-Peugeot $50 billion merger, and Tesla beginning Model 3 deliveries in Shanghai. The other major theme was automakers getting ready for the new lower emissions targets in Europe that begin on January 1, 2020.
Global electric car sales as of end November 2019
Global electric car sales finished November 2019 with 177,000 sales for the month (up from 150,000 last month), down 26% on November 2018, with market share at 2.2% in November, and 2.2% YTD.
Of note 76% (not updated since August) of all global electric car sales were 100% battery electric vehicles (BEVs), the balance being hybrids.
China electric car sales were 83,000 in November 2019 (up from 65,000 in October), down 42% on November 2018. Electric car market share in China for November was 4.0%, and 5.4% YTD.
Subsidies in China were reduced by 20% in 2017 and were reduced again in on June 25, 2019, and are to be reduced 100% by 2021. The China's Zero Emission Vehicle credit system (NEV credit scheme) in 2019 requires 10 points of credits (12 in 2020) required from new energy vehicles (NEVs). It's currently under consideration to be increased (14 in 2021, 16 in 2022 and 18 in 2023). A December report from Reuters stated: "China wants new energy vehicle sales in 2025 to be 25% of all car sales."
Europe electric car sales were 55,000 in November 2019, 44% higher than in November 2018. Europe electric car market share was 4.6% in November, and 3.3% YTD. Norway still leads the world with an incredible 60% market share.
US electric car sales were not reported by EV Sales in November 2019, however a Clean Technica estimate has November sales at ~18,000 for the month, with Tesla dominating with 77% market share.
Note: The above sales include light commercial vehicles.
Note: An acknowledgement to Jose Pontes of EV Sales and EV Volumes for his excellent work compiling all the electric car sales quoted above and below.
Global electric car sales by manufacturer for November 2019
Source: EV-Sales Blogspot
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.
Bloomberg's forecast annual electric vehicle sales - 10m by 2025, 28m by 2030, and 56m by 2040
Source: Bloomberg NEF 2019 Electric Vehicle Outlook
EV market news for December 2019
On November 29 International Mining reported:
BHP to rollout light electric vehicle trials to iron ore, nickel in WA. The Olympic Dam trial is providing us with valuable data and information to understand how we may continue to electrify different forms of transportation, and material movement in our operations. “Early results indicate significantly reduced maintenance time, and very positive operator feedback on the vehicle – not only are they smooth to drive, they’re quiet – and with no diesel exhaust and dramatically reduced greenhouse gas emissions.
On December 3 Bloomberg reported:
China raises 2025 electrified-car sales target to about 25%. The country wants about 25% of new cars sold by 2025 to be electrified, according to a draft policy published by the Ministry of Industry and Information Technology on Tuesday. China promotes electric cars with policies such as purchase-tax exemptions, concessions in license-plate lotteries and fewer usage restrictions. In a previous version of a new draft policy earlier this year, the government called for electrified vehicles to account for 60% of sales by 2035, according to people familiar with the matter. In the latest draft, a percentage goal for 2035 was omitted. Instead, it said that pure electric cars will become mainstream by that year.
On December 18 Reuters reported:
Unexpected bump on the EV road hits battery metals. It’s been a tough year for electric vehicle [EV] metal bulls. Both lithium and cobalt are living with the consequences of previous price exuberance in the form of a supply surge that has swamped processing capacity and left an overhang of stock. The impact has been accentuated by an unexpected slowdown in demand from the EV sector in China, where sales have fallen for five months and are expected to record a loss for this year. The EV revolution appears to have stalled this year, challenging previous expectations for future growth. Appearances can be deceptive, however, and there is accumulating evidence that the next demand wave is building.
On December 25 The Guardian reported:
2020 set to be year of the electric car, say industry analysts. Europe’s carmakers are gearing up to make 2020 the year of the electric car, according to automotive analysts, with a wave of new models launching as the world’s biggest manufacturers scramble to lower the carbon dioxide emissions of their products. The number of electric vehicle [EV] models available to European buyers will jump from fewer than 100 to 175 by the end of 2020, according to data firm IHS Markit. By 2025 there will be more than 330, based on an analysis of company announcements. New European Union rules come into force on 1 January that will heavily penalise carmakers if average carbon dioxide emissions from the cars they sell rise above 95g per kilometre. If carmakers exceed that limit, they will have to pay a fine of €95 (£79) for every gram over the target, multiplied by the total number of cars they sell.
On December 30 CNBC reported:
The battery decade: How energy storage could revolutionize industries in the next 10 years. Over the last decade a surge in lithium-ion battery production has led to an 85% decline in prices, making electric vehicles and energy storage commercially viable for the first time in history. What a difference a decade can make. In 2010, batteries powered our phones and computers. By the end of the decade, they are starting to power our cars and houses too. The next step, and what will define the next decade, is utility-scale storage. UBS estimates that over the next decade energy storage costs will fall between 66% and 80%, and that the market will grow to as much as $426 billion worldwide. Along the way entire ecosystems will grow and develop to support a new age of battery-powered electricity, and the effects will be felt throughout society.
Source: IHS Markets and CNBC
EV company news
Tesla Inc. (NASDAQ:TSLA)
Tesla is currently ranked the number 1 globally with 16% global market share. Tesla is the number 1 electric car seller in the US, with 77% market share, and number 1 in Europe with 18% market share.
On November 28 Inside EVs reported: "World Record! 1 Million kilometre in a Tesla Model S."
World Record! 1 Million kilometre in a Tesla Model S
Source: Inside EVs
On December 3, Motor1 reported:
15 Tesla Cybertrucks ordered by Mayor in Mexico.
Deliveries of the Tesla Cybertruck won’t begin before late 2021 but the Californian company has already received pre-orders for more than 250,000 units. It turns out 15 of these come from the mayor of Ciudad Valles in the Mexican state of San Luis Potosí, who has confirmed the $1,500 deposit is funded with his own money.
On December 5, Green Car reports reported:
Tesla Cybertruck aerodynamics could be better than other trucks, suggests Musk. It appears not, as a number of early assessments suggested that the Cybertruck isn’t nearly as blunt as it looks. And earlier this week CEO Elon Musk spoke up on the matter, saying that “with extreme effort” the Cybertruck might be able to hit a 0.30 coefficient of drag, which he described as “insane for a truck.”
On December 5, Electrek reported:
Tesla’s biggest market in Europe becomes the Netherlands as Model 3 sales surge. Tesla’s biggest market in Europe is not Norway anymore as the Netherlands takes the lead with a surge in Model 3 sales at the end of the year ahead of reduced tax incentives.
On December 8, Teslarati reported: "Tesla’s Elon Musk reveals release date for ATV, hints at electric dirt bike."
On December 29 CNBC reported:
Tesla delivers first China-made Model 3 sedans. The U.S. electric vehicle maker will ramp up deliveries from next month.
On December 30 CNBC reported:
Tesla Shanghai reportedly making 1,000 cars per week. Earlier this month, Tesla secured a $1.29 billion loan to advance construction and production at the Shanghai facility. Tesla intends to make 3,000 vehicles per week at Shanghai “in the near future,” Tesla executives told the Global Times.
An employee proposes during the delivery ceremony of their Model 3
Source: Bloomberg
BYD Co. (OTCPK:BYDDY) (OTCPK:OTCPK:BYDDF) HK:1211
BYD is currently ranked the number 2 globally with 11% global market share, and is ranked number 1 in China with 17% market share.
On December 9 BYD announced:
BYD lands Europe's largest ever electric bus order with Keolis Nederland BV, the Dutch subsidiary of global public transport provider, Keolis. The landmark order comprises 259 pure-electric, 100% emissions-free BYD eBuses scheduled for programmed delivery from next summer.
On December 17 BYD announced: "BYD leads sales of electric buses in Latin America with more than 1,000 units."
Beijing Automotive Group Co. (BAIC) (OTC:BCCMY, HK:1958), Shanghai Automotive Industry Corp. [SAIC] (CH:600104) (SAIC includes Roewe, MG, Baojun, Maxus)
BAIC is currently ranked the global number 3 with 6% market share. BAIC is number 2 in China with 13% market share.
SAIC is global number 4 with 6% market share, and number 3 in China with 11% market share.
On December 20 Automotive News China reported:
Germany monitoring Chinese shareholdings in Daimler. Daimler's main Chinese partner, BAIC, is reportedly mulling doubling its stake in the German automaker to about 10 percent.
BMW (OTCPK:BMWYY), Mini
BMW is currently ranked the number 5 global electric car manufacturer with 6% global market share. BMW is number 2 in Europe with 14% market share.
On December 2, Automotive World reported:
BMW Group invests 400 million euros in Plant Dingolfing for BMW iNEXT. Plant in Lower Bavaria will be upgraded for pure battery-electric and autonomous models by 2021.....The BMW iNEXT will become the plant’s first pure battery-electric vehicle from 2021.
On December 14, Motor1 reported:
BMW i3 to soldier on until 2024. BMW's new CEO, Oliver Zipse, confirmed that the i3 will continue to live on and will get more improvements as well, including a battery pack upgrade.
BMW i3s: First Drive
On December 19, Green Car Reports reported: "2020 Mini Cooper SE electric car open to orders."
2020 Mini Cooper SE
On December 20, Green Car Reports reported: "BMW iX3 electric SUV sets a new path for brand's EVs—starting with China."
BMW Concept iX3
Nissan (OTCPK:NSANY)/ Renault (OTC:RNSDF)/ Mitsubishi (OTCPK:MSBHY, OTCPK:MMTOF)
Nissan is currently ranked number 6 for global electric car sales with 4% market share, and Renault is ranked global number 13 with 2% market share.
On December 2, Green Car reports reported: "Nissan including $250 credit for EVgo fast-charging with Leaf."
On December 3, Automotive News Europe reported: "Nissan counts on SUV and EV product offensive to spark rebound in Europe."
Investors can read my recent Trend Investing article: "The Era Of The Truly Affordable Electric Car Is Finally Arriving Soon Helped By Renault."
Geely Automobile Holdings Ltd (OTCPK:GELYY, HK:0175) (includes Polestar), Volvo Group (OTCPK:VOLVY), Kandi Technologies Group (NASDAQ:KNDI), Proton, Lotus
Geely is currently ranked number 7 in the global electric car manufacturer's sales ranking with 4% global market share.
On December 2, Green Car reports reported:
Polestar 2 electric car production ramping up in China, US deliveries in June....Polestar has priced the U.S. Launch Edition at $63,000, and the model will be eligible for the full $7,500 federal EV tax credit amount. Polestar has also teased a Performance Pack version of the fastback, and said that a lower-priced $45,000 version is in the works.
Polestar 2
On December 6, Electrek reported: "Volvo says Tesla influenced bigger battery size for XC40 Recharge."
Volkswagen Group (OTCPK:VLKAY)/ Audi (OTCPK:AUDVF)/ Lamborghini/ Porsche (OTCPK:POAHF)/ Skoda
Volkswagen is currently ranked the number 8 top-selling global electric car manufacturer with 4% market share.
On December 1, Green Car reports reported: "VW Project e-Bus electric Microbus builds buzz with e-Golf transplant."
Volkswagen Type 2 electric conversion
On December 2, Green Car reports reported: "VW e-Golf electric car: With 100,000 delivered, a stage-setter for ID."
On December 3, Green Car reports reported:
2020 Audi E-Tron electric SUV: Range boost likely for US, confirmed for Europe. Audi last week revealed that European versions of the E-Tron electric SUV will get a boost in rated range of about 15.5 miles (25 km)—available now in vehicles being delivered in Europe.
Audi E-Tron electric SUV
On December 3, Teslarati reported:
Porsche Taycan finds warm welcome among veteran Tesla owners–this is a good thing. The Porsche Taycan may be seeing some delays in its production schedule, but the all-electric vehicle from Stuttgart’s premier sports car maker continues to attract a lot of interest nonetheless.
On December 10, Green Car Reports reported: "Fastest charging for Porsche Taycan will be exclusive to CCS standard."
2020 Porsche Taycan Turbo S
On December 11, Green Car Reports reported:
First drive review: 2020 Porsche Taycan 4S range experiences, from California canyons to the Arctic.
2020 Porsche Taycan 4S First Drive-Los Angeles, CA
Hyundai (OTC:HYMTF) Kia (OTC:KIMTF)
Hyundai is currently ranked number 9 for global electric car sales with 3% market share. Kia is ranked global number 11 and has 3% market share.
On December 4, Electrek reported:
Kia solves EV supply problems, can deliver on 3,000 Niro EV pre-orders in Europe. Kia Motors UK this week announced that it has sufficient supply to clear an existing waiting list for 3,000 Niro EVs in Europe. It will take the company six months, through the middle of 2020, to make those deliveries. Customers not already on the existing waiting list will take delivery starting in July 2020.
Toyota (NYSE:TM) Lexus
Toyota is currently ranked number 10 for global electric car sales with 3% market share.
On December 11, Electrek reported:
Toyota plans potential fourth EV for Europe, a battery-electric minicar. The small Toyota Aygo, launched in 2014, is the company’s only car sold in Europe without a hybrid option. When a new version of the Aygo arrives, it could leapfrog a hybrid and take on a full, battery-electric powertrain.
Toyota Aygo - A 100% BEV for Europe
General Motors/Chevrolet (NYSE:GM)
On December 5, Electrek reported:
GM announces its own battery gigafactory with LG Chem, 30 GWh of capacity eventually below $100/kWh. GM has announced a new joint-venture with LG Chem to build their own battery gigafactory, which will have 30 GWh of annual capacity, in Ohio. The two companies promise a new “industry-leading cost per kilowatt hours” in GM’s future electric vehicles. Together, the companies will invest “up to a total of $2.3 billion through a new, equally owned joint venture company” to build the new battery factory in the area of Lordstown, Ohio, where GM recently sold its factory to an EV startup affiliated with Workhorse now called Lordstown Motors.
Daimler-Mercedes (OTCPK:DDAIF, OTCPK:DDAIY) (Smart - 50% JV between Daimler & Geely)
On December 4, Motor1 reported: "Mercedes EQS spied in the cold hiding sleek Shape under Camo."
Mercedes EQS spy photo
On December 15, Green Car Reports reported:
Mercedes-Benz EQC electric SUV delayed again for U.S.—now to 2021..... According to Bloomberg, Daimler AG revealed the delay in an emailed statement to dealers—and that it made the design as a strategic one, to focus on growing demand for it in Europe.
2020 Mercedes-Benz EQC Edition 1886
On December 18 Reuters reported:
Daimler seeks majority control of its main China joint venture. Daimler has been exploring several options to strengthen its control of Beijing Benz Automotive Co, its Chinese joint venture with BAIC Group, including a plan to raise its stake to 75% from the current 49%, two of the people familiar with the matter said.
Peugeot [PA:PEUP] (OTCPK:PEUGF)/ Fiat Chrysler (NYSE:FCAU)
On December 18 CNBC reported:
Long road ahead as Fiat Chrysler, Peugeot agree to a $50 billion merger. France’s PSA and Italian-American Fiat Chrysler, which are yet to decide on a name for their new company, will now start work on delivering their pledge to cut costs by $4.1 billion a year without closing factories.
Ford (NYSE:F)
On December 17, Green Car Reports reported: "Ford aims for Mach-E electric SUV price transparency, haggling still fair game."
2021 Ford Mustang Mach-E, 2019 LA Auto Show
On December 18, Green Car Reports reported:
Electric Ford F-150 pickup confirmed for Michigan assembly, likely for 2021.....Ford will add 2,700 new jobs over three years in Wayne, Michigan—to build trucks like the upcoming Bronco, but also as part of a new “modification center to support autonomous vehicles and other vehicles.” The first autonomous vehicles will be completed there starting in 2021.
Ford F-Series Electric Truck Prototype
Tata Motors (TTM) group (Jaguar, Land Rover)
On December 5, Electrek reported:
Jaguar is unlocking 8% more range in the I-Pace through software update. Jaguar wrote in the email: "These software enhancements will be provided free of charge and will deliver up to 8% range improvement."
Jaguar I-Pace - Times Square
Rivian Automotive (private)
On December 17, Green Car Reports reported:
Rivian electric trucks’ battery packs more energy into less space. Until the infrastructure can catch up—and well beyond then, if you’re talking about go-anywhere electric trucks like those from Rivian—big batteries will be a necessity for getting more people switching to EVs. Rivian has accepted that from the start with its R1T electric pickup and R1S electric SUV, with battery packs that start at 135 kwh and run to an almost-unheard-of 180 kw (think more than twice the capacity of the Audi E-Tron)—intended to produce a driving range topping 400 miles.
On December 24, Green Car Reports reported:
Rivian gets $1.3B funding boost, for electric truck deliveries by late 2020......That brings this year’s investments to more than $2.8 billion, on top of a $700 investment from Amazon, a $500 million investment from Ford (likely resulting in a Lincoln vehicle, according to reports), and a $350 million investment from Cox Automotive.
Nio Inc. (formerly NextEV) (NIO)
On December 5 South China Morning Post reported:
Tesla challenger NIO launches another electric SUV in China. The unprofitable Chinese carmaker’s new coupe sport utility vehicle will compete against Mercedes-Benz and Tesla.
On December 30 Automotive News China reported:
Nio says Q3 sales improve, but it needs more cash. Nio said third-quarter deliveries improved 35 percent, but the company does not have adequate cash for "continuous operation in the next 12 months." It said it was looking to obtain external financing.
Xpeng
On December 13, Green Car Reports reported:
Xpeng and Nio team up for charging, amid China EV sales slump.
Before Tesla actually entered China, the electric automaker Nio had built a reputation as the Tesla of China, for good reason: It built an extensive network of DC fast chargers and energy services—to the degree that, just as with Tesla and its Supercharger network, the company seemed to be building something that other automakers might be interested in. And exactly that has happened. Amid a sales slump in China, Xpeng Motors Tuesday announced an agreement with Nio Power that involves a range of charging services, including home-charger installation, and the eventual merger of their network and payment-and-processing system with Nio’s.
Fisker (private)
On December 4, CleanTechnica reported:
The Fisker Ocean Electric SUV will come to market with new flexible lease model. Fisker looks to be heading towards production for its fully electric SUV, the Ocean, as the firm officially opened up the reservation queue with a fully refundable $250 deposit per vehicle. The Ocean will be offered through a flexible app-based lease starting at just $379 per month after a $2,999 downpayment in a unique model that melds the worlds of on-demand transportation solutions and vehicle ownership.
The Fisker Ocean SUV
Lucid Motors (formerly Atieva) (private)
On December 14, Ride Tech reported:
Lucid Motors to make its first appearance at New York auto show. Lucid Motors will showcase the Lucid Air luxury sedan at its first showing at the New York Auto Show. The all-electric sedan will be built at a new factory being built in Casa Grande, Arizona. Production of the Lucid Air is slated to start in late 2020, after the first phase of the factory construction is completed.
All-Electric Lucid Air Sedan
Other EV companies
Other EV companies I am following include Atlis Motors, Byton (private), Chery Automobile Co. Ltd. (private), Didi Chuxing, Dyson (private), Electrameccanica Vehicles Corp. (SOLO), Faraday Future (private), Great Wall Motors, GreenPower Motor Company Inc. [TSXV:GPV] (OTCQX:GPVRF), Guangzhou Automobile Group Co., Honda (HMC, OTCPK:HNDAF), Mahindra & Mahindra (OTC:MAHDY), Mazda (OTCPK:MZDAY), Qiantu Motor, Subaru (OTCPK:FUJHY), Suzuki Motor Corp. [TYO: 7269] (OTCPK:SZKMY) (OTCPK:SZKMF), Tata Motors (TTM) group (Jaguar, Land Rover), 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), Scotland (2032), UK (2040), France (2040), Taiwan (2040), Japan (2050), Rome (2024), Athens (2025), Paris (2025), London, Stuttgart, Mexico City (2025), Madrid (2025), and Amsterdam and Brussels (2030). Added to this are countries pushing hard to become 100% EV - Norway and India (30% by 2030).
Autonomous Driving/Connectivity/Onboard entertainment/Ride sharing
On December 18 Automotive News China reported:
Nvidia secures chip deal with Didi Chuxing. Nvidia Corp. on Wednesday won a series of deals in which some of China's biggest technology companies are using its chips to make product recommendations and to develop self-driving vehicles. Nvidia said ride-hailing service Didi Chuxing has adopted its chips both for developing self-driving vehicles on the road as well as in its back-end data centers.
Conclusion
November 2019 global electric car sales were down 26% YoY. Electric car market share for November reached 4.0% in China, 4.6% in Europe, and no updated figures for the US.
It's looking like 2019 electric car sales will end up similar to 2018. It was interesting to see Europe overtake China for EV market share for the first time last month - perhaps a preview of what's ahead in 2020. Tesla continues to dominate globally, and this looks set to increase in 2020. Also with a Phase 1 US-China trade war deal sealed, we might start to see some sales recovery from the US and China.
2020 electric car sales are looking likely to be a lot stronger as Europe and China emissions targets increase, Germany raises subsidies by 50%, and over 20 new quality electric cars hit markets.
Highlights for the month were:
- China raises 2025 electrified-car sales target (in draft) to about 25%.
- The battery decade: How energy storage could revolutionize industries in the next 10 years. Over the last decade a surge in lithium-ion battery production has led to an 85% decline in prices, making electric vehicles and energy storage commercially viable for the first time in history.
- 2020 set to be year of the electric car, say industry analysts in Europe, as the world’s biggest manufacturers scramble to lower their carbon dioxide emissions of their products.
- Tesla - World Record! 1 Million kilometer in a Tesla Model S. Tesla Cybertruck pre-orders reach 250,000 units. Tesla Shanghai begins Model 3 deliveries and is reportedly making 1,000 cars per week.
- BYD lands Europe's largest ever electric bus order of 259 pure-electric, 100% emissions-free BYD e-Buses.
- Daimler's main Chinese partner, BAIC, is reportedly mulling doubling its stake in the German automaker to about 10 percent.
- BMW Group invests 400 million euros in Plant Dingolfing for BMW iNEXT.
- Geely - Polestar 2 electric car production ramping up in China, US deliveries in June.
- GM announces its own battery gigafactory with LG Chem, 30 GWh of capacity eventually below $100/kWh, in Ohio USA.
- Fiat Chrysler and Peugeot agree to a $50 billion merger.
- Daimler seeks majority control of its main China joint venture.
- Rivian gets $1.3B funding boost for electric truck deliveries by late 2020.
- Nio says Q3 sales improve, but it needs more cash.
As usual all comments are welcome.
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