- Global electric car sales for March 2021 were up 173% YoY, reaching 8.2% share. Europe sales rose 169% YoY, reaching 16% share, while China sales rose 244% YoY, reaching 11% share.
- EV market news - Forecast: Electric vehicle sales will crack 5 million in 2021 reaching 7% share. Joe Biden’s vast infrastructure plan includes $174b to boost the markets for EVs.
- EV company news - Tesla produced ~180,000 vehicles (sold 185,000) in Q1, 2021. Volkswagen ID.4 named World Car of the Year 2021. Mercedes-Benz to accelerate its shift to electric cars.
- BYD launches e-platform 3.0. Nio, XPeng and Li Auto report strong March e-car sales. BofA begins coverage on Fisker with a buy and a US$31 price target.
- I do much more than just articles at Trend Investing: Members get access to model portfolios, regular updates, a chat room, and more. Learn More »
Welcome to the April 2021 edition of Electric Vehicle [EV] company news. April saw a near record (2nd best month ever) for March 2021 global electric car sales and a mountain of EV news.
What is now very clear is that car OEMs are racing to get competitive electric cars to market ASAP as the EV disruption is accelerating, notably in Europe and China; but really it is the beginning of a global disruption. Global electric car sales are now forecast to reach 7% market share in 2021.
Global electric car sales as of end March 2021
Note about 64% of all global electric car sales in 2021 were 100% battery electric vehicles [BEVs], the balance being hybrids.
China electric car sales were a near record 211,000 in March 2021, up 244% on March 2020. Electric car market share in China for March was a record 11.0%, and 10% YTD. Reuters reported in Nov. 2020 China has a 20% NEVs target for 2025. A Sept. 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 Blogspot.
Note: The above sales include light commercial vehicles.
Global electric car sales by manufacturer for March and YTD in 2021
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 purchase price parity.
BloombergNEF 2020 forecast for annual electric vehicle sales are:
- 10% share by 2025 (~9m pa)
- 28% share by 2030 (~24m pa)
- 58% share by 2040 (~54m pa)
Note: Since Tesla Battery day and surging EV sales, these forecasts are likely to increase or be brought forward several years.
BNEF 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
A good article I came across this month dated Feb. 9, 2021 reported:
Electric vehicle sales will crack 5 million in 2021. “EVs are forecast (by Canalys) to reach over 7 per cent of new car sales worldwide in 2021 — a further 66 per cent growth — to exceed 5 million units sold. “The number of EVs sold will rise to 30 million in 2028, and EVs will represent nearly half of all passenger cars sold globally by 2030...
On March 31, Reuters reported:
Biden proposal: $174 billion for EVs, new funds for renewable power. President Joe Biden’s vast infrastructure plan includes $174 billion to boost the markets for electric vehicles and billions more for renewable power... The White House said the new EV funds will result in more U.S. production of EV components and batteries and fund new consumer rebates and tax incentives “to buy American-made EVs, while ensuring that these vehicles are affordable for all families and manufactured by workers with good jobs.” The Biden plan proposes grants and incentives “to build a national network of 500,000 EV chargers by 2030.” It also calls for replacing 50,000 diesel transit vehicles and electrifying at least 20% of school buses and $20 billion to improve road safety.
On April 8, Teslarati reported:
President Biden’s $174 billion EV package broken down dollar by dollar. There have been rumblings of the $7,500 EV credit being bumped up to $10,000 per unit sold. While unconfirmed, several Washington D.C. sources have indicated that the Biden administration is considering a $2,500 boost to the previous EV tax credit amount. Wedbush analyst Dan Ives commented on the possibility of the $10,000 amount earlier this week.
On April 10, Reuters reported:
Spain to subsidise electric car sales with 800 million euros to 2023. Private buyers would be entitled to subsidies of up to 7,000 euros per car, while authorities in small towns and companies buying fleets to use as taxis could get more. Buyers of electric vans would get up to 9,000. The bonus scheme will start from Saturday, the ministry said. The incentives follow announcements earlier this year of government plans to promote the domestic production of battery-powered cars as well as car batteries.
On April 13, 9to5Mac reported:
LG and Magna reportedly ‘very near’ to signing deal for Apple Car production. According to a report today from The Korea Times, Apple is apparently close to signing a deal with the joint automotive venture of LG and Magna, currently named “LG Magna e-Powertrain.” The contracts would supposedly see the LG and Magna International venture produce the initial rounds of Apple Car production. Apple is currently expected to introduce its own electric vehicle in 2025 at the earliest. It is believed Apple’s car would be branded solely as Apple’s, and Apple’s partners would simply act as links in the supply chain a la Foxconn’s relationship with the iPhone.
On April 15, Forbes reported:
Electrification to fight climate change: The challenge of a lifetime. As the American Jobs Plan, President Biden’s $2.25 trillion infrastructure package proposes a $174 billion investment ‘’to win the EV [electric vehicle] market".....There’s also a strong push to electrify school buses and transit vehicles......The reality is obvious: the climate goal of electrification could surge U.S. electricity demand.....Experts at the University of California, Berkeley calculate that by 2050 the U.S. will need almost 90% more electricity than it did in 2018, in a scenario where all new passenger vehicles sold by 2030 are electric, with buildings and factories also electrifying quickly.
On April 16, CNBC reported:
Shell says electric vehicles will be crucial in its efforts to lower carbon emissions. “What we’ve announced a couple of weeks ago is that we have 60,000 charging points in the world right now. We are going to move that to 500,000 by 2025, and 2.5 million by 2030,” he told CNBC’s “Squawk Box Asia” on Friday.
On April 20 CNBC reported:
Regent is making a flying electric ferry with a top speed of 180 miles per hour. Boston start-up Regent is developing an “electric seaglider” that can motor out of a harbor on a hydrofoil, take off at a low speed using the water as a runway, then fly over the waves at a top speed of 180 miles per hour. The company raised $9 million in seed funding from Caffeinated Capital -- an early backer of supersonic jet startup Boom -- Mark Cuban, Peter Thiel’s Founders Fund, Y Combinator and others. The company’s name stands for Regional Electric Ground Effect Naval Transport.
Regent's 100% electric flying ferry
On April 22, abc27.com reported:
Dems push $25B for electric school buses, a Biden priority. Democratic lawmakers on Wednesday unveiled legislation that would invest $25 billion to convert the nation’s fleet of gasoline- and diesel-powered school buses to electric vehicles, building on a component of President Joe Biden’s $2.3 trillion infrastructure plan to improve children’s health... School buses make up 90% of the nation’s total bus fleet and typically carry nearly 25 million children each day. Emissions from diesel engines may contribute to respiratory illnesses in children... It would cover the expense of purchasing electric school buses, building charging stations and providing workforce training.
On April 22, CNBC reported:
Biden pledges to slash greenhouse gas emissions in half by 2030. The target more than doubles the country’s prior commitment under the 2015 Paris climate agreement... “This is the decisive decade,” Biden said at the summit on Thursday morning. “This is the decade that we must make decisions to avoid the worst consequences of the climate crisis.”
On April 22, Seeking Alpha reported:
Cars.com reports 66% of Americans have renewed interest in EVs following President Biden's infrastructure plans, but mainstream adoption still years away.
On April 27, Reuters reported:
U.S. moves to reverse Trump on California vehicle-emission rules. The U.S. Environmental Protection Agency (EPA) said Monday it was moving to reverse the Trump administration's 2019 decision to withdraw California's legal authority to set vehicle emissions rules and set zero-emission vehicle mandates... EPA separately said it plans to issue a rule by July on vehicle-emission standards.
EV company news
Tesla Inc. (NASDAQ:TSLA)
Tesla is currently ranked the number 1 globally with 16% global market share. Tesla is number 2 in China with 14% market share. Tesla is number 5 in Europe with 7% market share. Tesla is still assumed to be the number 1 electric car seller in the US by far.
On April 2, Tesla reported:
Tesla Q1 2021 vehicle production & deliveries. In the first quarter, we produced just over 180,000 vehicles and delivered nearly 185,000 vehicles. We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity. The new Model S and Model X have also been exceptionally well received, with the new equipment installed and tested in Q1 and we are in the early stages of ramping production.
Tesla Model Y production is ramping up in USA and China
On April 12, Seeking Alpha reported:
Tesla gains after Canaccord calls it 'the brand" in energy. Canaccord Genuity upgrades Tesla to a Buy rating and lifts its price target to $1,071. The new PT is based on a 63X EV/EBITDA multiple for 2024. "While rich, we also believe Tesla holds a several-year lead and is now expanding aggressively into storage and thus feel our multiple is warranted," updates analyst Jed Dorsheimer. Tesla's new battery innovations in manufacturing, cell design, and auto structural integration are expected to reduce kWh per hour costs and widen the gap for the company over traditional OEMs. "We believe, large capital investments to increase battery production capacity will begin to pay off in 2022, as Giga Texas and Berlin 4680 cell production starts," notes Dorsheimer.
On April 22, Seeking Alpha reported: "Tesla shares briefly go positive after Morgan Stanley's Adam Jonas raises PT to $900."
On April 26, Tesla reported: "Q1 2021 update."
On April 26, Seeking Alpha reported:
Tesla EPS beats by $0.15, beats on revenue. Q1 Non-GAAP EPS of $0.93 beats by $0.15; GAAP EPS of $0.39 misses by $0.08. Revenue of $10.39B (+73.5% Y/Y) beats by $110M.
Note: You can read more on SA here, for example:
Gigafactory Shanghai is expected to increase volume this year, while Gigafactory Berlin and Gigafactory Texas both remain on track to start production and deliveries in 2021. Tesla Semi deliveries are also slated to begin in 2021. Tesla expects over a multi-year horizon to achieve 50% average annual growth in vehicle deliveries, with some years being higher and some lower.
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 Tesla article on Trend Investing - "Tesla Just Put The Accelerator Down On The EV And Battery Boom."
SAIC-GM-Wuling JV, SAIC Motor Corporation Limited [SAIC] [CH:600104] (SAIC includes Roewe, MG, Baojun, Maxus), Beijing Automotive Group Co. (BAIC) [HK:1958) (OTC:BCCMY)
SGMW (SAIC-GM-Wuling Automobile) is global number 2 with 9% market share. They are number 1 in China with 21% market share.
SAIC is global number 8 with 4% market share, and number 4 in China with 7% market share.
On April 7, SAIC Motor reported:
SAIC Motor revealed latest Z-One Galaxy Full-stack Solution. The SAIC Z -One Galaxy Full-stack Solution is the industry’s first smart car solution...
On April 19, SAIC Motor reported:
SAIC Motor, the largest automobile manufacturer in China, is expected to showcase more than 160 vehicles, including more than 10 world premium debuts, at the 2021 Shanghai International Automobile Industry Exhibition... The automaker will display its 16 brands, including IM, Audi, R brand, MG, Maxus, Cadillac, Wuling, and Hongyan, at the No 3, No 6.1 and No 7.2 exhibition halls with a total area of 26,000 square meters. A third of the exhibits are new energy vehicles [NEVs].
Source: SAIC Motor website
On April 20, Just Auto reported: "Seres launches SF5 using Huawei Technology."
On April 27, BAIC reported: "Annual report."
BMW (OTCPK:BMWYY), Mini
BMW is currently ranked the number 3 global electric car manufacturer with 6% global market share. BMW is ranked 3rd in Europe with ~9% market share.
On April 13, BMW Group reported: "BMW Group and NVIDIA take virtual factory planning to the next level."
On April 20 GreenCarReports reported:
BMW solid-state battery plans: Prototype by 2025, production model by 2030... The next group of EVs—dubbed "Neue Klasse" (German for "New Class") in reference to a family of vehicles that saved the company in the 1960s—are ones slated to get solid-state batteries. In a press release, BMW said it was pursuing solid-state battery cells for their greater energy density. With these cells, the automaker expects energy density to increase "by at least a mid-double-digit percentage range" by the end of the decade.
Volkswagen is currently ranked the number 4 top-selling global electric car manufacturer with 5% market share, and 1st in Europe with ~9% market share. Audi is ranked the number 9 top-selling global electric car manufacturer with 3% market share.
On April 15, Volkswagen reported: "Powerful battery systems from Braunschweig: Volkswagen Group Components fires up the next production stage." Highlights include:
- "Second production line started up for MEB batteries in Braunschweig.
- CEO Thomas Schmall: “Strong demand for electric models has the lines working at full capacity”.
- Component site can deliver more than 600,000 battery systems a year – most for the new Group’s fully electric models.
- Up to 300,000 battery systems for plug-in hybrid vehicles from 2023."
Highly automated: manufacturing of the battery systems for the ID.3 and ID.4 at Volkswagen Group Components Braunschweig.
Source: Volkswagen Newsroom website
On April 16, Volkswagen reported: "New performance brand GTX joins the ID. family."
On April 17, Volkswagen reported:
E-offensive in China continues to gain momentum: World premiere of the ID.6. The Volkswagen brand is driving its electrification offensive in China at full speed. The third model in the ID. family, the ID.6, has now been unveiled at the Auto Shanghai...
Volkswagen unveils the ID.6 CROZZ in Shanghai
Source: Volkswagen Newsroom website
On April 20, Volkswagen reported: "Volkswagen ID.4 named World Car of the Year 2021."
The new Volkswagen ID.4
Source: Volkswagen Newsroom website
On April 21, Volkswagen reported:
SUV offensive in China: Volkswagen reveals 6 new cars at Auto Shanghai, including 3 world premieres.....Volkswagen presents ID.6 X, ID.6 CROZZ, Teramont, Teramont X, Golf GTI and Talagon.
A growing product portfolio: Volkswagen to present six vehicles at Auto Shanghai
Source: Volkswagen Newsroom website
On April 24 Reuters reported: "Porsche plans EV battery cells factory in southern Germany....."
On April 27, Volkswagen reported:
Start of construction of new electric car plant in China. Construction will be completed by mid-2022, targeting start of BEV production in the second half of 2023.
BYD is currently ranked the number 5 globally with 5% global market share, and is ranked number 3 in China with 11% market share.
On April 14, BYD reported: "BYD 'eMobility pioneer' status to boost profile in Norway."
BYD Tang SUV for Norway market
Source: BYD website
On April 21, BYD reported:
BYD debuts e-Platform 3.0, leading the next generation of smart electric vehicles. The e-platform 3.0 is designed for the next generation of high-performance smart EVs offering four major advantages: intelligence, efficiency, safety, and aesthetics. It not only further integrates and standardizes core components, but also builds a brand-new body structure, digital and electrical architecture, and a revamped BYD vehicle operating system. The e-platform 3.0 will continue to be open to the industry, further accelerating the electrification of automobiles... An electric vehicle equipped with the e-platform 3.0 takes just 2.9 seconds to go from 0 to 60 mph, with a comprehensive cruising range of up to 600 miles. With 800V fast charging technology, an electric vehicle can be charged for just 5 minutes to give it a range of 90 miles, while power consumption per 100 kilometers is reduced by 10%, and the cruising range is 10% longer in winter.....The EA1 will be the first model of BYD’s all brand new “e” product series.
The EA1 will be the first model of BYD’s all brand new “e” product series
Source: BYD website
You can read more on BYD's next generation EV platform here.
On April 26, Inside EVs reported:
China: BYD doubled plug-in sales in March 2021 to over 23,000. The Han, D1 and the new Qin Plus DM PHEV are the most popular BYD plug-ins.
Daimler-Mercedes (OTCPK:DDAIF, DMLRY) (Smart - 50% JV between Daimler & Geely) (NB: A proposal to rename Daimler to Mercedes Benz)
Daimler-Mercedes is ranked number 6 globally with 5% market share. Mercedes is ranked 2nd in Europe with ~9% market share.
On March 31, Reuters reported:
Daimler to hit the gas on electric shift after strong start to 2021. Mercedes-Benz maker Daimler said on Wednesday it will accelerate its shift to electric cars as it builds on a strong start to 2021 despite a global semiconductor chip shortage, but gave no details of how fast its car line-up will go electric.
On April 3, Mercedes Blog reported: "Mercedes has announced the versions and range for the new Mercedes EQS." Highlights include:
- "EQS 450+ with 245 kW/568 Nm, 90 kWh battery and rearwheel drive.
- EQS 580 4Matic with 385 kW/855 Nm, 107.8 kWh battery and all-wheel drive.
- An AMG version about which Mercedes has not yet given more details."
On April 7, Daimler reported:
Mercedes-Benz Cars sold 590,999 passenger cars (+22.3%) in the first quarter of 2021 driven by China and US retail sales as well as strong demand for plug-in hybrids and all-electric vehicles. In Europe, one in four cars sold by Mercedes-Benz and Smart was an xEV... The EQA, presented in January, achieved a an order intake of 20,000 units and customer inquiries. First deliveries started at the end of March. With the EQS, EQB and EQE, three more Mercedes-EQ world premieres will take place in 2021 to further expand the line-up of six all-electric models at Mercedes-Benz Cars. The company will also continue to extend its wide and attractive xEV product range by offering its customers a total of about 30 plug-in hybrid variants until the end of 2021.
On April 15, Mercedes Blog reported:
Official: New Mercedes EQS with up to 770 km range and integral steering as standard... By 2022 Mercedes will invest 10 billion euros in electric mobility, will electrify the entire conventional range and will have 10 electric models in total.
Mercedes-Benz new all-electric EQS to have a range of up to 770kms (478 miles) - On sale from August 2021
On April 18, Mercedes Blog reported:
The new Mercedes EQB – The EQ family becomes ever bigger. Mercedes accounts the EQB 350 4MATIC with a combined electrical consumption of 19.2 kWh/100 km and a range of up to 419 kilometers by the WLTP standards. A battery back with a capacity of 66.5 kWh will store energy (for the European variants). A long-range version is also in the cards.
Volvo is currently ranked number 7 in the global electric car manufacturer's sales ranking with 4% global market share.
On April 15, Automotive World reported:
Geely: Goodbye dull EVs – the Zeekr 001 has arrived. Zeekr, the new pure electric premium brand from Geely Holding Group launched its first car, the 001, at an event held today at the Zeekr Intelligent Factory in Hangzhou Bay, China. As part of its brand offering, Zeekr will take aim at the premium EV segment in China and selected global markets... The first market has been confirmed as China with deliveries beginning in October 2021 and global market expansion beginning in 2022 onwards.
On April 23, Seeking Alpha reported:
Baidu and Geely push ahead with aggressive electric vehicles... $7.7B plan to build smart cars together over the next five years.
Great Wall Motor is currently ranked number 10 in the global electric car manufacturer's sales ranking with 3% global market share.
On April 6, Green Car Congress reported:
Great Wall Motors sets out hydrogen energy strategy. GWM says it will build an international supply chain ecology integrating hydrogen “production-storage-transportation-refueling-application”; break barriers on core technologies ;and connect the downstream industry chain, accelerating the commercial popularization of hydrogen energy.
Peugeot is currently ranked number 11 in the global electric car manufacturer's sales with 3% global market share.
On April 1, Reuters reported:
Stellantis plans to triple electric vehicle sales in 2021: Elkann... The world’s fourth largest carmaker targets global sales of 400,000 high voltage vehicles this year from 139,000 in 2020 thanks to the launch of 11 additional models, John Elkann, who also serves as Stellantis chairman, said in a letter to Exor shareholders.
On April 15, Forbes reported: "Ferrari confirms first all-electric car will arrive in 2025."
Peugeot is currently ranked number 11 and Renault number 12 in the global electric car manufacturer's sales ranking, each with 3% market share.
On April 6, Nissan Motor Corporation reported: "Sales in Japan of e-POWER electrified vehicles surpasses 500,000-unit cumulative milestone."
On April 6, Renault Group reported:
E.Leclerc Location welcomes the first Dacia Spring, 100% electric. Four months after the announcement of a unique partnership between E.Leclerc and Groupe Renault to speed-up electric vehicle use, the first Dacia Spring vehicles are available for rent at 510 E.Leclerc rental agencies... With a rental offer for the Dacia Spring at 5 euros per day (excludes mileage costs), insurance and maintenance included, and without commitment of duration, French drivers will therefore access to the virtues of electric mobility at an unprecedented price.
On April 19, Mitsubishi Motors reported:
All-New Electric SUV AIRTREK Teased at Auto Shanghai 2021... The all-new AIRTREK is based on the concept of an "e-cruising SUV"... Designed exclusively for the Chinese market, the all-new AIRTREK will be launched by the end of this year as the fourth model of MITSUBISHI MOTORS' lineup in China.
Source: Mitsubishi Motors website
Kia is currently ranked number 13 in the global electric car manufacturer's sales ranking with 2% global market share.
Hyundai is currently ranked number 16 in the global electric car manufacturer's sales ranking with 2% global market share.
On March 30, WhichCar reported:
Kia launches all-electric EV6 crossover. Choice of multiple powertrain configurations capable of over 510 kilometres of range from a single charge. 800V ultra-fast charging from 10 to 80 per cent in just 18 minutes; 100 kilometres of range capable in less than 4.5 minutes in certain models. Range-topping EV6 GT capable of accelerating from 0-100 km/h in 3.5 seconds with a top speed of 260 km/h...
Kia's first dedicated EV - Kia EV6 crossover
Source: Kia website
On April 16, Hyundai reported: "2021 Hyundai Kona Electric and IONIQ Electric Named In Autotrader's 10 Best Electric Cars for 2021."
Toyota (NYSE:TM)/ Lexus
Toyota is currently ranked number 14 in the global electric car manufacturer's sales ranking with 2% market share.
On April 5, Toyota reported: "Investment in e-Mobility Power... under which e-Mobility Power assumed the electrified vehicle charging service business and charging network business operated by NCS effective April 1..."
On April 19, Toyota reported: "Toyota announces its new BEV series, Toyota bZ, in establishment of a full line-up of electrified vehicles." Highlights include:
- "A concept version of the first model in the series, the Toyota bZ4X, to be unveiled in Shanghai.
- 15 BEVs, including 7 Toyota bZ BEVs, will be introduced globally by 2025."
Toyota bZ4X Concept
Source: Toyota website
On April 22, ClubLexus reported: "Lexus LF-Z electrified concept on display at Auto Shanghai 2021."
The brand new Lexus LF-Z Electrified Concept
NIO Inc. (NIO)
NIO is currently ranked number 15 in the global electric car manufacturer's sales ranking with 2% market share.
On April 1, NIO Inc. reported: "NIO Inc. provides March and First Quarter 2021 delivery update." Highlights include:
- "NIO delivered 7,257 vehicles in March 2021, increasing by 373% year-over-year.
- NIO delivered 20,060 vehicles in the three months ended March 2021, increasing by 423% year-over-year.
- Cumulative deliveries of the ES8, ES6 and EC6 as of March 31, 2021 reached 95,701."
Ford is currently ranked number 17 in the global electric car manufacturer's sales ranking with 2% market share.
On April 27, Ford reported:
Ford to build new light commercial vehicle in Romania in 2023; All-electric model debuts following year.....Ford’s European commercial vehicle range to be 100% zero-emissions capable, all-electric or plug-in hybrid, by 2024; two-thirds of commercial vehicle sales expected to be all-electric or plug-in hybrid by 2030.
On April 27, Ford reported: "Ford accelerates battery R&D with dedicated team, New Global Battery Center of Excellence named Ford Ion Park."
On April 27 CNBC reported: "Ford takes steps toward making battery cells for electric vehicles, following Tesla and GM."
XPeng Inc. (Xiaopeng Motors) (XPEV)
On April 1, XPeng reported: "XPeng announces vehicle delivery results for March and first quarter 2021." Highlights include:
- "5,102 vehicles delivered in March 2021, a 384% increase year-over-year and a 130% increase month-over-month.
- Record quarterly delivery of 13,340 vehicles in 1Q 2021, representing a 487% increase year-over-year."
On April 8, XPeng reported: "XPeng inks cooperation agreement for new Smart EV manufacturing base in Wuhan." Highlights include:
- "City of Wuhan supports XPeng to build a Smart EV manufacturing facility.
- New facility has an annual capacity of 100,000 units with manufacturing and powertrain plants.
- Company in pole position to accelerate auto sector’s EV penetration in China."
On April 14 XPeng reported: "XPeng new LiDAR-equipped P5 a game-changer for smart EVs."
XPeng's third model - XPeng P5 smart sedan
On April 15, XPeng reported: "XPeng and Zhongsheng Group form strategic partnership to accelerate smart EV adoption."
You can read my recent Trend Investing article on XPeng Motors here.
Li Auto (LI)
On April 1, Li Auto reported:
Li Auto Inc. March 2021 delivery update. Li Auto Inc., an innovator in China’s new energy vehicle market, today announced that the Company delivered 4,900 Li ONEs in March 2021, representing a 238.6% year-over-year increase. This brought deliveries for the first quarter of 2021 to 12,579, up 334.4 % year over year.
On April 12, Li Auto reported:
Li Auto Inc. completes offering of US$862.5 million convertible senior notes....in aggregate principal amount of its 0.25% convertible senior notes due 2028 (the “Notes”), which included the exercise in full by the initial purchasers in the Notes Offering of their option to purchase up to an additional US$112.5 million in aggregate principal amount of the Notes. The Company plans to use the net proceeds from the Notes Offering for [i] research and development of new vehicle models, including BEV models, [II] research and development of leading technologies, and [III] working capital and other general corporate purposes.
General Motors/Chevrolet (NYSE:GM)
On April 1, General Motors reported: "GM’s first quarter U.S. retail sales grow 19 percent." Highlights include:
- "GMC and Chevrolet continue to dominate full-size SUV segment.
- Cadillac and Buick retail deliveries both increased by 43 percent.
- Chevrolet’s all-electric Bolt EV delivered its best first-quarter sales ever.
- Sales to small businesses were up 27 percent in the quarter.
- GM sets first-quarter record with average transaction prices at $40,353."
On April 6, General Motors reported:
First-Ever Chevrolet Silverado electric pickup and GMC HUMMER EV SUV to be built at GM's factory ZERO Plant. GM plans to deliver more than 1 million electric vehicles globally by 2025 and earn EV market leadership in North America. With the company’s Ultium Platform, virtual development tools and technology, GM has reduced vehicle development times by nearly 50 percent to just 26 months...
On April 16, General Motors reported: "GM and LG Energy Solution Investing $2.3 Billion in 2nd Ultium Cells Manufacturing Plant in U.S.."
On April 21, CNBC reported:
Cadillac rolls out $60,000 Lyriq EV as it phases out gas engines. The 2023 Lyriq will mark the beginning of the end of Cadillacs with traditional internal combustion engines when it arrives in dealer showrooms during the first half of next year. There will be no new vehicles from Cadillac with internal combustion engines from now on in North America... Cadillac plans to exclusively offer all-electric vehicles by 2030, ahead of GM’s plans to do the same by 2035.
On April 28, General Motors reported:
To put ‘Everybody In’ an Electric Vehicle, GM introduces Ultium Charge 360... GM collaborates with seven major charging networks to offer customers more seamless access to nearly 60,000 plugs across the U.S. and Canada. GM and EVgo launch first Ultium-ready fast chargers; approximately 500 fast charging stalls to go live the by end of 2021.
On April 14, Honda reported: "Honda to introduce first energy service for Europe – e:PROGRESS - in the UK."
On April 19, Honda reported: "Honda exhibits the World Premiere of the “Honda SUV e:prototype” at Auto Shanghai 2021."
Honda SUV e:prototype
Source: Honda website
On April 23, Honda reported: "Summary of Honda Global CEO Inaugural Press Conference." Highlights include:
- "In North America, we will strive for an EV/FCV unit sales ratio of 40% by 2030, 80% by 2035 and 100% by 2040...
- Starting from the second half of the 2020s, Honda will launch a series of new EV models which adopt e:Architecture, a completely new EV platform led by Honda. These EV models will first be introduced to the North American market, and then to other regions of the world..."
Source: Honda website
GreenPower Motor Company Inc. [TSXV:GPV] (GP)
GreenPower is headquartered in Vancouver, British Columbia, with primary manufacturing and fleet operations in Porterville, California. Electric bus and commercial vehicle sales are just beginning to ramp from low levels. In Feb. 2021 Berkshire Hathaway company (Forest River) made a purchase agreement for up to 150 GreenPower EV Star Cab and Chassis.
On March 23, GreenPower Motor Company Inc. reported:
GreenPower receives purchase order for four wirelessly charged buy America compliant EV Stars from Grant Transit Authority in the State of Washington.
Investors can also read my Trend Investing article "A Look At The Listed Electric Bus Sector As Biden Moves To Electrify America."
Near term potential EV producing companies
No news for the month.
Lordstown Motors (RIDE)
On April 19, Lordstown Motors announced: "Lordstown Endurance at SCORE San Felipe 250."
No news for the month.
Rivian Automotive (private)
No news for the month.
Workhorse Group Inc. (WKHS)
No significant news for the month.
On April 12, Faraday Future reported: "Faraday Future selects NVIDIA Drive Orin to power flagship FF 91 Luxury EV for next generation autonomous driving."
On April 14, Faraday Future reported:
Faraday Future announces new global online-to-offline [O2O] direct sales organization and the first FF U.S. sales partner following the recent signing of its Merger Agreement with Property Solutions Acquisition Corp. [PSAC]..... Faraday Future will Bring to Market its FF 91 Using a Direct Sales Model Leveraging its Online Platform [APP, FF.com], Company-Owned Stores, as well as Partner-Owned Stores and Showrooms.
Hyliion Holdings (HYLN)
On April 7, Hyliion reported: "Hyliion forms hypertruck innovation council to advance electrification solutions for commercial transportation industry."
Fisker Inc. (FSR)
On April 20, Seeking Alpha reported:
Fisker rallies after BofA calls the stock an EV standout. Bank of America begins coverage on Fisker [NYSE:FSR] with a Buy rating... BofA assigns a price objective of $31 to FSR based on a EV/sales ratio of ~0.7X and EV/EBITDA ratio of ~7x off the 2025 estimates.
NB: Baron's reported on Aprill 22: "Goldman Sachs analyst Mark Delaney downgraded Fisker (ticker: FSR) stock to Sell from Hold. His price target goes to $10 a share from $15." 4-traders shows a consensus Fisker PT of US$24.88.
On April 22, Fisker Inc. reported: ""75 and More for 55 and Less": Fisker calls for changes in EV incentives."
Lion Electric (LEV)/ Northern Genesis Acquisition Corp. (NGA)
On April 23, Lion Electric reported:
Northern Genesis Acquisition Corp. receives stockholder approval for its intended business combination with Lion.
Nikola Corporation (NKLA)
On April 8, Nikola Corporation reported: "Nikola and RIG360 announce expansive sales and service dealer network." Highlights include:
- "Strategic partnership spans more than 65 service center locations.
- Service centers are ideally located in key metropolitan areas and at major intersections of the interstate highway system."
On April 14, Nikola Corporation reported: "Nikola, IVECO and OGE announce intent to accelerate the deployment of hydrogen infrastructure and fueling solutions."
On April 22, Nikola Corporation reported: "Nikola Energy and Travel Centers of America to deploy hydrogen fueling infrastructure."
Canoo Inc. (GOEV)
On April 22, Canoo Inc. reported: "Executive Chairman Tony Aquila also named CEO of Canoo to lead next phase of company’s growth."
Proterra (PTRA)/ ArcLight Clean Transition Corp. (ACTC)
On April 13, Proterra reported:
Proterra selected in electric bus contract by Washington State Department of Enterprise Services. “Proterra is proud to support more than 130 customers across North America including transit agencies, airports, universities, and commercial operators that are delivering an essential service to riders.....
EV fleet purchasing & financing
Ideanomics Inc. (IDEX)
On April 14, Ideanomics reported: "Tree Technologies inks deal to supply 200,000 E-Motorbikes to Indonesia." Highlights include:
- "Multi-year deal sees a minimum of 10,000 units in 2021.
- Up to 90,000 units in 2022.
- Up to 100,000 units in 2023.
- Total deal value is US$274m."
On April 21, Ideanomics reported:
Sustainable farming innovator Solectrac delivers E-Tractor to first Hawaii customer, Kim and Jack Johnson's Environmental Education Nonprofit, Kōkua Hawaiʻi Foundation.
On April 21, Ideanomics reported: "Ideanomics divests Grapevine and invests in Hoo.be by FNL Technologies."
Three wheel EV companies
Arcimoto Inc. (FUV)
On April 12, Businesswire reported: "Arcimoto announces move to Nasdaq Global Market."
On April 21, Businesswire reported:
In Celebration OF #EarthDay2021, Arcimoto announces new record high vehicle deliveries, Earth Day Test Drive Event, and Two Earth Day Investor Conferences. In the first quarter of 2021, Arcimoto manufactured a record 84 vehicles. 60 customer vehicles were sold and delivered in Q1, while an additional 13 customer vehicles were in process at the close of the quarter.....”
Electrameccanica Vehicles Corp. (SOLO)
No significant news for the month.
Electric Vehicle ETFs
- The Amplify Lithium & Battery Technology ETF (BATT) is currently a very reasonably valued (PE of 32.1), broad based, fund worth considering. On their website they state: "BATT is a portfolio of companies generating significant revenue from the development, production and use of lithium battery technology, including: 1) battery storage solutions, 2) battery metals & materials, and 3) electric vehicles.
To read more about the electric vehicle ETFs you can read my recent Trend Investing article "A Look At 6 ETFs That Cover The Electric Vehicles Trend."
Other EV or EV related companies
Other EV companies I am following include ADOMANI Inc. (ADOM), Atlis Motors, Ayro, Inc. (AYRO), Blue Bird Corporation (BLBD), Blink Charging (BLNK), Byton (private), China Evergrande New Energy Vehicle Group [HK:3333], Chery Automobile Co. Ltd. (private), Didi Chuxing, Dyson (private), Evergrande, Guangzhou Automobile Group Co., Honda [TYO:7267] (HMC) (OTCPK:HNDAF), Mahindra & Mahindra (OTC:MAHDY), Mazda (OTCPK:MZDAY), Niu Technologies (NIU), Qiantu Motor, Subaru (OTCPK:FUJHY), Suzuki Motor Corp. [TYO: 7269] (OTCPK:SZKMY) (OTCPK:SZKMF), Tata Motors (TTM) group (Jaguar, Land Rover), WM Motor, and Zhi Dou (private).
The list of countries and cities banning (or planning to ban) petrol and diesel vehicles include at least:
- Norway (2025), UK (2030), Netherlands (2030), Denmark (2030), Germany (2030), Sweden (2030), Iceland (2030), Hong Kong (2030-40), Ireland (2030), Israel (2030), Scotland (2032), Japan (2035), France (2040), Spain (2040), Egypt (2040), Taiwan (2040), Singapore (2040).
- Rome (2024), Athens (2025), Paris (2025), London, Stuttgart, Mexico City (2025), Madrid (2025), Amsterdam, Brussels, Hainan (2030), California, Quebec (2035).
Note: Wikipedia has an excellent list showing the phase out of fossil fuels in various cities and countries.
Autonomous Driving/Connectivity/Onboard entertainment/Ride sharing [TaaS]/ EV leasing/renting
On April 12, Bloomberg reported:
Huawei to invest $1 billion on car tech it says surpasses Tesla. Huawei Technologies Co. will invest $1 billion on researching self-driving and electric-car technologies, accelerating plans to compete with Tesla Inc. and Xiaomi Corp. in the world’s biggest vehicle arena.....“The smart car business unit receives one of the heaviest investments from Huawei. We will invest more than $1 billion in car component development this year,” Xu said.
On April 12, Volvo Cars reported:
Volvo Cars deepens collaboration with NVIDIA; next-generation self-driving Volvos powered by NVIDIA DRIVE Orin.
On April 27, Reuters reported:
Lyft sells self-driving tech unit to Toyota for $550 mln, moves up profit timeline. The sale of Level 5 to Toyota's Woven Planet division will allow Lyft to focus on partnerships with self-driving companies that want to deploy their technology on its platform, rather than develop costly technology that has yet to enter the mainstream.
BNEF 2020 forecasts by fleet type
Source: Bloomberg New Energy Finance [BNEF] 2020 EV report
March 2021 global electric car sales were up 173% YoY and reached 8.2% global market share (5.8% YTD); 11.0% share in China, 16% in Europe, and no figures for the USA.
Highlights for the month were:
- Canalys forecast: Electric vehicle sales will crack 5 million in 2021 and hit 7% market share.
- President Joe Biden’s vast infrastructure plan includes $174 billion to boost the markets for electric vehicles and billions more for renewable power.
- Talks the U.S tax credit maybe boosted to US$10,000.
- Spain to subsidise electric car sales with 800 million euros to 2023.
- LG and Magna reportedly ‘very near’ to signing deal for Apple Car production.
- Shell plans globally 500,000 charging points by 2025, and 2.5 million by 2030.
- Dems push $25B for electric school buses, a Biden priority.
- Biden pledges to slash greenhouse gas emissions in half by 2030.
- Cars.com reports 66% of Americans have renewed interest in EVs
- Tesla produced just over 180,000 vehicles in Q1, 2021. Tesla gains after Canaccord calls it 'the brand" in energy. Canaccord upgrades Tesla to a Buy rating and lifts its price target to $1,071.
- BMW solid-state battery plans: Prototype by 2025, production model by 2030.
- Volkswagen second production line started up for MEB batteries in Braunschweig. Volkswagen ID.4 named World Car of the Year 2021. Volkswagen reveals 6 new cars at Auto Shanghai. Ferrari confirms first all-electric car will arrive in 2025.
- BYD launches e-platform 3.0 using their built to chasisi LFP Blade battery. It takes just 2.9 seconds to go from 0 to 60 mph, has a range of up to 600 miles and 800V fast charging technology (gives 90 miles in just 5 mins).
- Mercedes-Benz new all-electric EQS to have a range of up to 770kms (478 miles), out August 2021. Mercedes-Benz maker Daimler says it will accelerate its shift to electric cars. By 2022 Mercedes will invest 10 billion euros in electric mobility, will electrify the entire conventional range and will have 10 electric models in total.
- Baidu and Geely push ahead with aggressive electric vehicles... $7.7B plan to build smart cars together over the next five years.
- Stellantis plans to triple electric vehicle sales in 2021.
- Kia launches its first dedicated all-electric model, the EV6 crossover.
- XPeng’s third production model (P5) launched with improved autonomous driving features. XPeng inks cooperation agreement for new smart EV manufacturing base in Wuhan (their third 100,000 e-cars pa facility).
- Ford takes steps toward making battery cells for electric vehicles.
- GM and LG Energy Solution Investing $2.3 Billion in 2nd Ultium Cells Manufacturing Plant in U.S. GM Cadillac rolls out $60,000 Lyriq EV as it phases out gas engines.
- BofA begins coverage on Fisker with a buy and a US$31 price target.
- Northern Genesis Acquisition Corp. receives stockholder approval for its intended business combination with Lion.
- Proterra selected in electric bus contract by Washington State Department of Enterprise Services.
- Ideanomics' Tree Technologies inks deal to supply 200,000 E-Motorbikes to Indonesia.
- In Q1 2021, Arcimoto manufactured a record 84 vehicles.
As usual all comments are welcome.
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Analyst’s Disclosure: I am/we are long TESLA (TSLA), BYD CO (HK:1211), XPEV, FSR, FUV, GREENPOWER MOTOR [TSXV:GPV], LORDSTOWN MOTORS (RIDE). 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.
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