Welcome to the May 2021 edition of Electric Vehicle [EV] company news. May saw the 4th best month ever for April 2021 global electric car sales and as usual an enormous amount of good news for the EV companies.
A highlight from May was the amazing Shanghai Motor Show which was dominated by so many new and impressive electric cars either here now or coming soon. Take a look at the amazing Fully Charged videos below, and feel free to share your views in the comments section:
- Shanghai Motor Show pt. 1 - watch the World's carmakers converge on China | Exclusive Coverage
- Shanghai Motor Show pt. 2 - watch the World's carmakers converge on China | Exclusive Coverage
Global electric car sales as of end April 2021
Global electric car sales finished April 2021 with 392,000 sales for the month (4th best month ever), up 249% on April 2020, with a market share of not quoted for April 2021, and 5.7% YTD.
Note about 64% (not updated) of all global electric car sales in 2021 were 100% battery electric vehicles [BEVs], the balance being hybrids.
China electric car sales were 175,000 in April 2021, up 173% on April 2020. Electric car market share in China for April was 10.0%, 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%."
Europe electric car sales were 159,000 in April 2021, up 136% on April 2020. Europe electric car market share was 15% in April, and 15% YTD. Germany sits at 22% share in April and 22% YTD.
US electric car sales were not reported by EV Sales Blogspot.
Note: The above sales include light commercial vehicles.
Note: An acknowledgement to Jose Pontes and the team at EV Sales Blogspot and EV Volumes for their excellent work compiling all the electric car sales quoted above and below.
Global electric car sales by manufacturer for April 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
On April 21, Bloomberg reported:
Hero MotoCorp taps Taiwan’s Gogoro in shift to electric. Hero will integrate Gogoro battery technology in two-wheelers. CEO Munjal expects the Indian EV market to boom ‘very soon’.
On April 25, Visual Capitalist reported:
Electric Vehicle prices fall as battery technology improves. By 2023, the cost of Li-ion batteries is expected to fall to around $100/kWh—the price point at which EVs are as cheap to make as gas-powered cars.
Source: Visual Capitalist courtesy Ark Invest
On April 30, Bloomberg Hyperdrive reported: "Electric car-charging business is doing everything but making money."
On April 30, the Business Times reported:
Huawei dives deeper into EVs, seeks control of small automaker... Huawei is in talks with Chongqing Sokon to acquire a controlling stake in the latter's Chongqing Jinkang New Energy Automobile, said the sources. The move will allow Huawei to make intelligent cars bearing its own nameplate, they added. Jinkang counts US EV brand Seres, formerly known as SF Motors, as its main asset.
On May 10, Bloomberg reported:
China tech giants bet $19 billion on global electric car frenzy... China is shaping up to be the first real test of Big Tech’s ambitions in the world of carmaking, with giants from Huawei Technologies Co. to Baidu Inc. plowing almost $19 billion into electric and self-driving vehicle ventures widely seen as the future of transport. Over the past three months, Huawei, smartphone giant Xiaomi Corp., Baidu -- which runs China’s top search engine and a mapping app -- and even Apple’s Taiwanese manufacturing partner Foxconn have joined the fray, forging tie-ups and unveiling their own carmaking plans. Nowhere was that more on display than at last month’s Shanghai Auto Show.
On May 11, Bloomberg reported: "Blink buys European EV charging network for $24 million. Blue Corner deal gives Blink presence in four more countries."
On May 12, Bloomberg reported:
Plugging In: The EV transition gains speed. 3.1 million total global EV sales in 2020. $137 Average price, per kilowatt hours, for a lithium-ion battery pack in 2020 (Source: BloombergNEF). 112,000 Public EV charging points installed in China, in December 2020; the monthly figure is more than the size of the entire U.S. public charging network.
Note: The US$137/kWh price is close to my models forecast of US$131/kWh in 2020. If battery prices continue to fall at this rate then we will reach US$100/kWh by the end of 2022/early 2023. This is widely considered the purchase price parity point between ICE and EV and would likely trigger exponential EV sales growth.
On May 14, Engineering News reported:
Complete electrified truck fleets on the horizon... Volvo Trucks now has a line-up of six medium and heavy duty electric trucks, which makes it the most complete commercial electric truck range in the industry... “There is huge potential to electrify truck transport in Europe, and also in other parts of the world, in the very near future. To prove this, we have set the ambitious goal to have electric trucks account for half of our sales in Europe by 2030. And these three new heavy-duty trucks we are now launching mark a giant step towards reaching this target.
On May 19, Reuters reported:
Biden pitches $174 bln EV plan in Michigan, takes truck for a spin... "We need automakers and other companies to keep investing here in America and not take the benefits of our public investments and expand electric vehicles and battery manufacturing abroad," Biden said on a visit to a Ford Motor Co electric-vehicle plant in Dearborn, Michigan, to see the EV version of its best-selling F-150 pickup truck... Biden argues the United States is falling behind China, which is selling more EVs. "We're going to set a new pace for electric vehicles," the Democratic president said... Biden went to a Ford test track to briefly drive the EV truck still camouflaged ahead of its official reveal on Wednesday.
EV company news
Tesla Inc. (NASDAQ:TSLA)
Tesla is currently ranked the number 1 globally with 14% global market share. Tesla is number 2 in China with 12% market share. Tesla is now outside the top 4 in Europe with 5% market share. Tesla is still assumed to be the number 1 electric car seller in the US by far.
On April 26, InsideEVs reported:
In Q1 2021, Tesla Model 3 was world's best-selling premium sedan. "About three and a half years into its production, and even without a European factory, Model 3 was the best-selling premium sedan in the world, outselling long-time industry leaders such as the 3 Series and EClass. This demonstrates that an electric vehicle can be a category leader and outsell its gas-powered counterparts.
On May 4, Reuters reported:
Stellantis to hit emissions target without Tesla's help, says CEO... Stellantis was formed through the merger of France’s PSA and Italy’s FCA, which spent about 2 billion euros ($2.40 billion) to buy European and U.S. CO2 credits from electric vehicle maker Tesla over the 2019-2021 period.
On May 12, Reuters reported:
EXCLUSIVE Tesla puts brake on Shanghai land buy as U.S.-China tensions weigh - sources. U.S. electric car maker Tesla Inc has halted plans to buy land to expand its Shanghai plant and make it a global export hub, people familiar with the matter said, due to uncertainty created by U.S.-China tensions.
On May 18, Tesla reported:
Tesla's Musk blames bureaucracy for German gigafactory delays... Last month Tesla delayed the opening of its first European gigafactory to late 2021 from an initial July 1 date after adding plans to also establish a battery cell plant on site as well as a lengthy approval processes.
On May 24, Seeking Alpha reported:
Tesla lands cautious rating from Wells Fargo in first ratings look. Wells Fargo starts off coverage on Tesla with an Equal Weight rating... Wells Fargo assigns a price target of $590 to Tesla.
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 20% market share.
SAIC is global number 8 with 4% market share, and number 4 in China with 7% market share.
The SAIC-GM-Wuling Automobile Mini - The global number 1 selling electric car in April and number 2 YTD in 2021
On May 17, SAIC Motor reported:
SAIC Motor sees 42.4% increases in vehicle sales from Jan-April. SAIC Motor, the largest automaker in China, sold more than 1.56 million vehicles in the first four months of the year, a year-on-year increase of 42.4 percent and still leading the industry in the country. In April alone, the automobile manufacturer sold 419,500 vehicles, including 50,000 new energy vehicles [NEVs], a year-on-year increase of 432.2 percent and ranking first in China four months in a row. The sales of Wulin MINIEV totaled nearly 30,000 while that of Roewe, MG, R brand NEV models exceeded 10,000 in the same month. SAIC Motor is expected to sell more than 500,000 NEVs this year. Overseas sales of SAIC Motor reached 42,900 in April, a year-on-year increase of 62.6 percent, including 29,000 self-branded vehicles, a year-on-year increase of 127 percent. Presales of IM L7, a luxury pure electric smart car, began at the 2021 Shanghai International Automobile Industry Exhibition, which took place from April 19 to 28, and 2,000 such vehicles have been booked in 10 days. The MG Cyberster crowdfunding project has easily won the support of 5,000 fans in the first 10 days. "The world's first pure electric supercar e-sports cockpit" MG Cyberster officially advanced to mass production stage.
You can read my recent Trend Investing article: "SAIC Motor Looks To Be A Good Buy Near The 5 Year Low".
Volkswagen Group [Xetra:VOW](OTCPK:VWAGY) (OTCPK:VLKAF)/ Audi (OTCPK:AUDVF)/ Lamborghini/ Porsche (OTCPK:POAHF)/ Skoda/ Bentley
Volkswagen is currently ranked the number 3 top-selling global electric car manufacturer with 6% market share, and 1st in Europe with 23% market share. Audi is ranked the number 9 top-selling global electric car manufacturer with 3% market share.
In April the VW ID.4 was the best seller in Europe and the VW ID.3 was the 2nd best seller in Europe.
On May 5, Volkswagen reported: "Press shop expansion: Volkswagen reduces the number of truck journeys to Zwickau e-location by 9,000."
On May 6, Volkswagen reported: "Strong first quarter for Volkswagen Group." Highlights include:
- "Positive business development from second half of 2020 continues, leading to strong financial performance in first quarter
- Deliveries up 21.2 percent on previous year to 2.4 (2.0) million vehicles, sales of electrified vehicles more than doubled to 133,300 units
- High sales revenue of EUR 62.4 (55.1) billion thanks to increased unit sales and improved product mix
- Solid operating profit of EUR 4.8 (0.9) billion despite Covid-19 and slight impact from semiconductor shortages, operating return on sales reaches strong 7.7 (1.6) percent
- Profit before tax climbs significantly to EUR 4.5 (0.7) billion
- Profit after tax also significantly improved at EUR 3.4 (0.5) billion..."
On May 18, Lamborghini reported:
“Direzione Cor Tauri”: Lamborghini moving towards ecological transition. Stephan Winkelmann, Chairman and CEO of Automobili Lamborghini, commented: “Lamborghini’s electrification plan is a change of course that was made necessary by a radically changed context, in which we want to give our contribution by continuing to reduce environmental impact with tangible projects... First Full Electric Lamborghini (second half of the decade).
On May 18, Bloomberg reported:
Lamborghini will drop $1.8 billion on electrifying its supercars. From Aventador to Urus, each model will be offered as a plug-in hybrid by 2024. An EV is on the way later this decade.
On May 19, Volkswagen reported: "Now available to order: the new ID.4 GTX."
Volkswagen ID.4 GTX
Source: Volkswagen website
On May 26, Volkswagen reported: "Volkswagen launches sales offensive for the German market." Highlights include:
- "Investment: triple-digit million euro figure over three years – the largest program in Germany to date.
- Objective: to improve customer experience and strengthen dealerships.
- Content: training offensive for dealers, upgrading of dealerships and digitalization boost for sales channels.
- Online marketplace for dealers and Volkswagen to be launched in the summer.
- Volkswagen Board Member for Sales Klaus Zellmer: “We want to set standards for the customer experience.”"
BMW (OTCPK:BMWYY), Mini
BMW is currently ranked the number 4 global electric car manufacturer with 6% global market share. BMW is ranked equal 3rd in Europe with 12% market share.
On May 3, BMW Group reported: "BMW Group strengthens leadership position in Battery Technology with investment in Solid-State Innovator Solid Power."
On May 7, BMW Group reported: "First quarter: Transformation accelerated – core business significantly strengthened." Highlights include:
- "Zipse: "BMW Group highly profitable and sustainable".
- Deliveries of electrified vehicles more than doubled.
- Free cash flow of € 2.5 billion in first quarter.
- Sustainable mobility needs more than just an e-drive.
- Earnings boosted by higher deliveries and better pricing."
On May 12, BMW Group reported: "Over 200 million tonnes: BMW Group sets ambitious goal to reduce CO2 emissions by 2030."
BYD Co. [SHE: 002594] [HK:1211] (OTCPK:BYDDY) (OTCPK:BYDDF)
BYD is currently ranked the number 5 globally with 5% global market share, and is ranked number 3 in China with 12% market share.
On May 19, BYD Europe reported:
BYD builds one-millionth new energy passenger car. BYD is today celebrating a significant production milestone by becoming one of the first new energy vehicle manufacturers globally to produce one million electric passenger cars. The one-millionth car, the Han EV, rolled off the production line today at BYD's headquarters and manufacturing facility in Shenzhen.
On May 20, BYD Europe reported:
500th BYD ADL electric bus delivered to Go-Ahead London as orders top 1000 across the UK.
On May 25, BYD Europe reported:
BYD deliveries start ahead of schedule in Spain’s largest ever eBus order. The Municipal Transport Company of Madrid, EMT Madrid has today taken the delivery of the 30 eBuses from BYD, ahead of the programmed hand-over schedule in Spain’s largest-ever single order for electric buses.
On May 27, BYD Europe reported:
BYD lands major eBus order with Bergkvarabuss in Sweden. A total of 79 pure-electric emissions-free eBuses will include 12-metre models and also BYD’s latest Class-II 13-metre and Class-II 15-metre models. A number of the vehicles will be built at BYD’s production facility in Komárom, Hungary.
New BYD Class-II 15-metre eBus
Source: BYD Europe website
Daimler-Mercedes (OTCPK:DDAIF, OTCPK:DDAIY) (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 equal 3rd in Europe with 12% market share.
On May 5, Mercedes Blog reported:
New versions: Mercedes EQA 300 4Matic and EQA 350 4Matic. Two new versions of the Mercedes EQA have appeared in the Mercedes configurator, both with electric all-wheel drive...
On May 10, Mercedes Blog reported:
Concept EQT previews the future premium electric van. The new Concept EQT is here to preview the future premium electric van segment. Mercedes dedicates the vehicle to all those enthusiastic about sports and other recreational activities.
Mercedes new Concept EQT
Source: Mercedes Blog
On May 20, Daimler reported: "Daimler Truck sets out ambitions as an independent company." Highlights include:
- "Daimler Truck hosts inaugural Strategy Day for investors and analysts, setting out financial and technology goals...
- Ambitious technology roadmap for both battery [BEV] and fuel-cell electric vehicles [FCEV], with up to 60% of sales ZEV by 2030.
- Multiple new technology partnerships announced: Advanced battery development with CATL, high speed charging with Power Electronics, Siemens and Engie and a1200km ‘hydrogen corridor’ in Northern Europe with Shell.
- Separation and stock market listing for Daimler Truck on track; completion expected by year end 2021."
Geely Automobile Holdings Ltd (OTCPK:GELYY, HK:0175), Volvo Cars, Kandi Technologies Group (NASDAQ:KNDI), Proton, Lotus
Volvo is currently ranked number 7 in the global electric car manufacturer's sales ranking with 4% global market share.
On May 4, Volvo Cars reported:
Volvo Cars global sales up by 97.5 per cent in April. Sales of its Recharge line-up of chargeable models, with a fully electric or plug-in hybrid powertrain, remained strong in Europe during the month of April, representing 42 per cent of the company’s overall sales in Europe. Globally, Recharge cars accounted for 24.3 per cent of the total sales volume.
On May 10, GlobeNewswire reported:
Kandi Technologies reports first quarter 2021 financial results... Total revenues increased by 150.7% to $16.0 million, from $6.4 million in the same period of 2020... Gross margin was 27.3%, compared to 18.3% for the same period of 2020. Net loss was $6.4 million, or $0.08 loss per fully diluted share due to investment in R&D for new products, compared to a net loss of $1.6 million, or $0.03 loss per fully diluted share for the same period of 2020.As of March 31, 2021, working capital was $244.1 million; cash, cash equivalents, restricted cash and certificate of deposit totaled $162.5 million.
On May 10, Geely Automobile Holdings Ltd. reported:
Geely Automobile Holding sales volume for April 2021 was 100,331 units... Of the total sales volume in April 2021, 3,787 units were new energy and electrified vehicles.
On May 12, Volvo Cars reported:
Volvo Cars to evaluate a potential IPO. The Board of Volvo Cars has decided to evaluate the possibility of an initial public offering [IPO] of the company on the Nasdaq Stockholm stock exchange later this year. A final decision to list will be subject to market conditions and there can be no certainty that a listing will proceed. It has also decided to extend chief executive Håkan Samuelsson’s contract to the end of 2022.
On May 13, InsideEVs reported: "Check out a Geely one-minute EV battery swapping station in China."
On May 26, Volvo Cars reported: "Volvo Cars Torslanda becomes company’s first climate neutral car plant."
Stellantis N.V. (NYSE:STLA)(merger Fiat Chrysler Group (FCA) and the Peugeot Group (PSA)) Ferrari
Peugeot is currently ranked number 10 in the global electric car manufacturer's sales with 3% global market share. Stellantis is ranked 2nd in Europe with 14% market share.
On May 3, Stellantis N.V. announced:
Ermenegildo Zegna Group, in partnership with Stellantis Group, promotes sustainable mobility with a program to switch the whole fleet to green cars within 2025.
On May 5, Stellantis N.V. announced: "Strong Q1 2021 net revenues, with growth in all regions."
On May 18, Stellantis N.V. announced:
Stellantis, Foxconn to develop breakthrough digital cockpits and personalized connected services with Mobile Drive Joint Venture.
Great Wall Motors [HK:2333] (OTCPK:GWLLF) (OTCPK:GWLLY)
Great Wall Motors is currently ranked number 11 in the global electric car manufacturer's sales ranking with 3% global market share.
No news for the month.
Hyundai (OTC:HYMTF), Kia (OTC:KIMTF)
Kia is currently ranked number 12 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 May 13, Hyundai reported: "Hyundai Motor Group to invest $7.4 billion in the U.S. by 2025." Highlights include:
- "Hyundai Motor and Kia to build American-made battery electric vehicles.
- Hyundai Motor’s U.S. facility to begin EV production in 2022..."
On May 14, Bloomberg reported:
Hyundai to build EVs in U.S. as part of $7.5 billion investment... The investments will be made through 2025... Hyundai Motor Co. confirmed the EVs will be made at its assembly plant in Montgomery, Alabama.
On May 24, Hyundai reported:
Hyundai IONIQ 5 electric CUV disrupts EV market with ultra-fast charging and vehicle-to-load power capability... "Ultra-fast 800-volt multi-charging (10 to 80 percent in 18 minutes)... IONIQ 5 is the first model in Hyundai’s new family of IONIQ electric vehicles.
Hyundai IONIQ 5 electric CUV
Source: Hyundai website
On May 24, Hyundai reported: "Electrify America and Hyundai announce agreement to provide future all-electric IONIQ 5 drivers with two years of complimentary fast charging."
Renault [FR:RNO] (OTC:RNSDF)/ Nissan (OTCPK:NSANY)/ Mitsubishi (OTCPK:MSBHY, OTCPK:MMTOF)
Renault is currently ranked number 13 in the global electric car manufacturer's sales ranking with 2% market share.
On May 4, Renault Group reported: "BlaBlaCar, mobilize, RATP ET Uber join forces for sustainable mobility by launching the "Mobilité360" project."
On May 5, Nissan Motor Corporation reported: "Nissan sells its entire stake in Daimler."
On May 5, Renault Group reported: "Renault Group signs a worldwide agreement for a hybrid work organisation."
On May 11, Nissan Motor Corporation reported:
Nissan reports financial results for fiscal year 2020. Its Nissan NEXT transformation plan stays on course with steady performance each quarter. Reports achievement of sales forecast for FY20 and significant improvement in quality of sales
On May 11, Renault Group reported: "Nissan contributes - € 73 million for first quarter 2021 to Renault’s earnings."
On May 26, Mitsubishi reported: "Mitsubishi Motors introduces the Eclipse Cross PHEV Model in New Zealand and Australia."
Mitsubishi Eclipse Cross PHEV model
Source: Mitsubishi website
Toyota (NYSE:TM)/ Lexus
Toyota is currently ranked number 14 in the global electric car manufacturer's sales ranking with 2% market share.
On May 18, Lexus reported:
Lexus achieves cumulative global sales of 2 million electrified vehicles... Introduction of PHEV vehicles in 2021. Introduction of an all-electric BEV model in 2022.
NIO Inc. (NIO)
NIO is currently ranked number 15 in the global electric car manufacturer's sales ranking with 2% market share.
On May 1, NIO Inc. reported: "NIO Inc. provides April 2021 delivery update." Highlights include:
- "NIO delivered 7,102 vehicles in April 2021, increasing by 125.1% year-over-year..."
On May 24, NIO Inc. reported:
NIO announces renewal of joint manufacturing arrangements... it has entered into manufacturing agreements with Jianghuai Automobile Group Co., Ltd., or JAC, and Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd., or Jianglai, regarding the joint manufacturing of NIO vehicles and related fee arrangements. JAC is a major state-owned automobile manufacturer in China that currently manufactures the NIO vehicles in delivery, including the ES8, ES6 and EC6, in the Hefei JAC-NIO manufacturing plant designed and constructed for NIO vehicles. Jianglai is a joint venture for operation management established by JAC and NIO where NIO holds 49% equity interests.
Ford (NYSE:F)
Ford is currently ranked number 17 in the global electric car manufacturer's sales ranking with 2% market share.
On May 6, Ford reported: "Research Project to develop new, sustainable E Motor manufacturing processes kick-off on Ford Cologne-Niehl Site."
On May 13, Ford reported: "Ford urges agreement and action on UK-wide electrification roadmap ahead of COP26."
On May 20, Seeking Alpha reported:
Ford and SK Innovation signs MoU for a joint venture to produce batteries... to produce approximately 60 GWh annually in traction battery cells and array modules, starting mid-decade, with potential to expand.
On May 21, Ford reported: "Ford challenges Britain's smallest town to switch to electric with launch of new Ford Mustang Mach-E."
On May 22, Yahoo Finance reported:
Ford received almost 45,000 F-150 Lightning pre-orders in under 48 hours... The F-150 Lightning boasts up to 563 horsepower and 775 lb.-ft. of torque, as well as fast charging. Ford is aiming for an EPA-estimated range of 230 miles as standard and 300 miles with the extended model. The truck starts at $40,000 and it'll ship next spring.
Ford F-150 Lightning - All-electric pickup truck
Source: Media Ford
On May 26, Ford reported:
Superior value from EVs, commercial business, connected services is strategic focus of today’s ‘Delivering Ford+’ capital markets day... Expects 40% of Ford global vehicle volume to be all-electric by 2030; raises planned electrification spending to $30+ billion by 2025, including development of IonBoost batteries.
XPeng Inc. (Xiaopeng Motors) (XPEV)
On May 1, XPeng Inc. reported: "XPeng announces vehicle delivery results for April 2021." Highlights include:
- "5,147 vehicles delivered in April 2021, a 285% increase year-over-year.
- Year-to-date deliveries reached 18,487, a 413% increase year-over-year."
On May 13, XPeng Inc. reported: "XPeng reports first quarter 2021 unaudited financial results." Highlights include:
- "Quarterly total revenues reached RMB2,950.9 million, a 616.1% increase year-over-year.
- Quarterly vehicle deliveries were 13,340 units.
- Quarterly gross margin reached 11.2%."
You can read my recent Trend Investing article on XPeng Motors here.
Li-Auto (LI)
On May 1, Li-Auto reported:
Li Auto Inc. April 2021 delivery update... the Company delivered 5,539 Li ONEs in April 2021, representing a 111.3% year-over-year increase and taking the cumulative deliveries to 51,715...
On May 26, Li-Auto reported: "Li Auto Inc. announces unaudited first quarter 2021 financial results." Highlights include:
- "Quarterly total revenues reached RMB3.58 billion (US$545.7 million)1.
- Quarterly deliveries were 12,579 vehicles.
- Quarterly gross margin reached 17.3%."
General Motors/Chevrolet (NYSE:GM)
On April 30, Reuters reported: "GM to invest $1 bln in Mexico to build electric vehicles..."
On May 5, General Motors reported: "GM reports strong first-quarter 2021 results."
On May 11, General Motors reported: "Ultium Cells LLC and Li-Cycle collaborate to expand recycling in North America."
Honda [TYO:7267] (HMC) (OTCPK:HNDAF)
No EV news for the month.
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 May 3, GreenPower Motor Company Inc. reported:
GreenPower Motor Company is selected as an approved vendor for New Jersey Zero Emission Incentive Program... The NJ ZIP incentivizes fleets to begin their transition to zero emissions by offering up to $100,000 towards the purchase of battery-electric vehicles.
On May 25, GreenPower Motor Company Inc. reported: "GreenPower delivers five EV Star Cab and Chassis to Forest River."
GreenPower’s EV Star Cab and Chassis
Source: GreenPower Motor Company Inc. website
Investors can also read my recent Trend Investing article "GreenPower Motor Looks Set To Benefit From The Coming U.S Electric Bus And Transit Vehicle Boom"
Near term potential EV producing companies
Lucid Motors (private) (merger with Churchill Capital Corp. IV (CCIV))
On May 26, Lucid Motors reported: "Intuitive, effortless, and elegant: Lucid UX, the user experience for Lucid Air, is revealed."
Lordstown Motors (RIDE)
On May 24, Lordstown Motors reported: "Lordstown Motors reports first quarter 2021 financial results." Highlights include:
- "Reported first quarter 2021 net loss of $125 million, capex of $53 million and cash of $587 million on March 31, 2021.
- Timeline to Start of Production [SOP] in late-September 2021, which will be at limited capacity, remains on track. To-date, we have completed construction of 48 out of 57 prototypes and will begin pre-production vehicle [PPV] builds in July.
- We have passed two of the most difficult crash tests – frontal and pole – and vehicles are performing as planned during other durability and validation tests; we continue to expect we can achieve a 5-star crash rating...
- Revising upward our 2021 expectations for operating expenses by $115 million at the midpoint of the guidance range..."
Investors can read my recent article: "Lordstown Motors Is Worth Considering To Buy Cautiously, Despite The Controversy."
Arrival (ARVL)
On May 4, Arrival reported:
Arrival and Uber to collaborate on electric Car for ride-hailing industry... In addition, Arrival and Uber will explore a strategic relationship in key markets, including the UK and EU.
Rivian Automotive (private)
On May 29, Reuters reported:
Electric-vehicle firm Rivian could seek $70 bln valuation in IPO- Bloomberg News. Electric-truck startup Rivian Automotive Inc could target a valuation of about $70 billion in its potential public listing later this year, Bloomberg news reported on Friday. Amazon.com Inc [AMZN.O] and Ford Motor Co [F.N]-backed Rivian had a valuation of $27.6 billion, Reuters reported in January, after a $2.65-billion investment round led by T. Rowe Price.
Workhorse Group Inc. (WKHS)
On May 5, Workhorse Group Inc. announced:
Workhorse partners with Coulomb Solutions to supply its CATL Battery System... CSI recently completed the validation of a new 120 kilowatt-hour (“kWh”) Lithium-Iron Phosphate battery system in Workhorse’s C-1000 delivery platform and will be providing production quantities starting in May 2021.
On May 10, Workhorse Group Inc. announced:
Workhorse executes strategic development agreement with J.B. Poindexter & Co. Subsidiary EAVX to expand its product offerings..."
On May 10, Workhorse Group Inc. announced: "Workhorse Group reports first quarter 2021 results."
Faraday Future (FFIE)/ Property Solutions Acquisition Corp. (NASDAQ:PSAC)
On May 24, Faraday Future reported:
New FF Futurist experience kicks off in New York City. The Public Can View the Class Defining Ultimate-Intelligent Tech-Luxury Electric FF 91 in New York City for the first time.
Faraday Future FF 91
Source: Faraday Future website
Hyliion Holdings (HYLN)
On May 11, Businesswire reported: "Hyliion reports first quarter 2021 business updates."
On May 20, Businesswire reported: "Hyliion partners with Texas-based oil & gas industry leader for fleet electrification."
Fisker Inc. (FSR)
On May 13, Fisker Inc. reported: "Fisker and Foxconn sign framework agreements for project PEAR; confirming manufacturing to start in U.S. from Q4 2023." Highlights include:
- "Breakthrough new segment vehicle to be jointly developed and sold under the Fisker brand into global markets including North America, Europe, China, and India.
- Manufacturing to commence first in the United States with several locations under consideration by Fisker and Foxconn. Other global manufacturing sites under study for future production, supporting projected annual volumes of more than 250,000 units across multiple sites.
- Program milestones already achieved including exterior design freeze. Program critical sourcing underway, including securing chipset and semiconductor contracts through Foxconn.
- Project PEAR will enter the market with a starting price of less than $30,000, before incentives."
On May 17, Fisker Inc. reported: "Fisker Inc. announces first quarter 2021 financial results... Q1 2021 results in-line with expectations. Cash balance of $985 million."
On May 18, Fisker Inc. reported:
Fisker and onto sign agreement for delivery of up to 700 vehicles in 2023 to support growth of next generation EV mobility... Fisker to supply Ocean SUV to UK-based electric car subscription service, Onto.
On May 21, Fisker Inc. reported: "Fisker set to make first all-electric papal transport."
Note: You can read the full details on the above news here.
You can read my Trend Investing article on Fisker Inc. here. Also a February Kramer Fisker video here and a CNBC one here.
Lion Electric (LEV)
On May 6, Lion Electric reported:
Lion Electric closes business combination with Northern Genesis Acquisition Corp. and will debut as a publicly traded company. Beginning on May 7, 2021, Lion’s common shares are scheduled to begin trading on the New York Stock Exchange (the “NYSE”) and the Toronto Stock Exchange (the “TSX”) under the new symbol “LEV”, and its warrants are scheduled to begin trading on the NYSE under the new symbol “LEV WS” and on the TSX under the new symbol “LEV.WT.” The transaction, including the concurrent private placement [PIPE], resulted in proceeds of approximately U.S. $490 million to Lion, after payment of transaction expenses. Approximately U.S. $90 million of the net proceeds were used to repay outstanding credit facilities and debt instruments.
On May 7, Lion Electric reported:
Lion Electric announces U.S. manufacturing facility in Illinois, the largest all-electric medium and heavy-duty vehicles plant in the U.S... Joliet, Illinois facility planned to begin production in second half of 2022 with annual capacity of up to 20,000 zero-emission vehicles
On May 17, Lion Electric reported:
First Student and Lion Electric announce largest zero-emission school bus order of 260 buses...
Nikola Corporation (NKLA)
On May 6, Nikola Corporation reported:
Nikola and Total Transportation Services Inc. sign LOI for 100 Nikola trucks... The collaboration includes vehicle trials and a Letter of Intent [LOI] to order 100 Nikola Class 8 battery-electric vehicle [BEV] and fuel-cell electric vehicle [FCEV] semi-trucks...
On May 7, Nikola Corporation reported:
Nikola Corporation reports first quarter 2021 results. "During the first quarter Nikola continued to deliver on our previously communicated milestones and execute on our business plan,” said Mark Russell, Nikola's Chief Executive Officer. “We have had continued success in commissioning and validating the Nikola Tre BEVs, and are nearing completion of both our Ulm, Germany and Coolidge, Arizona manufacturing facilities.”
Canoo Holdings (GOEV)
On May 17, Canoo Holdings reported: "Canoo Inc. announces first quarter 2021 results." Highlights include:
First Quarter Business Highlights:
- "Announced Pickup Truck.
- Continued to build executive bench with key hires in the areas of Go to Market, Fleet Sales and Software Development.
- Grew FTE & contract headcount by approximately 28% compared to year-end 2020 to 544 employees and contractors. Given our focus on innovation, R&D employees which are almost entirely comprised of engineers, make up 80% of our workforce...
- "Cash and cash equivalents of $641.9 million as of March 31, 2021..."
On May 17, Canoo Holdings reported: "Canoo & University of Wisconsin-Madison partner on next-generation electric vehicle technologies."
Proterra (PTRA)/ ArcLight Clean Transition Corp. (ACTC)
On May 5, Proterra reported: "Thomas built buses delivers 50th Proterra Powered Electric School Bus."
EV fleet purchasing & financing
Ideanomics Inc. (IDEX)
On May 13, Ideanomics Inc. reported: "Ideanomics signs a definitive agreement to acquire California-based US Hybrid." Highlights include:
- "Founded in 1999, US Hybrid has pioneered clean transportation technologies for more than 20 years.
- It offers proven zero-emission powertrain components for electric, hybrid and fuel cell applications.
- Has fully operational Fuel Cell Engines for both mobile and stationary use at the 10kw, 50kw, and 100kw power levels..."
On May 17, Ideanomics Inc. reported: "Ideanomics, Inc. reports Q1 2021 financial results." Highlights include:
- "Revenue for the quarter ended March 31, 2021, was $32.7 million and gross profit of $10.8 million.
- First revenues from WAVE - Ideanomics' inductive charging business and from Timios, our Title and escrow services company - both businesses were acquired in January 2021.
- $356 million cash at quarter end providing a deep pool of capital for investment in our Ideanomics Mobility & Capital business units."
Three wheel EV companies
Arcimoto Inc. (FUV)
On May 17, Businesswire reported: "Arcimoto announces first quarter 2021 financial results and provides corporate update." Highlights include:
- "In Q1, manufactured a record 84 vehicles and delivered a record 60 customer vehicles.
- Increased affordability of Arcimoto FUVs in Oregon and California. FUVs are now eligible for the $2,500 Oregon Clean Vehicle Rebate and the $2,500 Charge Ahead Rebate, which combined can save Oregonians up to $5,000 on the purchase of a new FUV. Arcimoto FUVs also qualify for the $750 California Clean Vehicle Rebate Program, which, combined with the $1,500 California Clean Fuel Reward, offers savings of up to $2,250 on the purchase of a new FUV in California.
- Closed purchase of new manufacturing plant, the rAMP. With a facility footprint of approximately 210,000 square feet across 10.7 acres, the Company is planning for a manufacturing capacity of 50,000 units per year once fully operational..."
On May 21, Businesswire reported:
Arcimoto announces grand opening of Arcimoto San Diego on May 28. “We are committed to putting as many butts in seats as humanly possible this summer,” said Mark Frohnmayer, Founder and CEO. “The opening of this facility in San Diego is one step of many planned this year to drive awareness and experience, and to build data around the revenue models that we have outlined in our quarterly reports.”
You can read my Arcimoto Trend Investing article here, and my CEO interview here.
ElectraMeccanica Vehicles Corp. (SOLO)
On May 12, ElectraMeccanica Vehicles Corp. announced:
ElectraMeccanica breaks ground on new U.S. assembly and engineering plant in Mesa, AZ. The Canadian company, based in Vancouver, B.C., says the new facility will create up to 500 new jobs and potentially produce 20,000 of its flagship SOLO electric vehicle each year. ElectraMeccanica calls the SOLO EV an “all-electric solution for the urban environment,” with a range of 100 miles and a top speed of 80 miles per hour, making it safe for highway use. SOLO retails for $18,500 and is available for pre-order on its website.
Electric Vehicle ETFs
- The Amplify Lithium & Battery Technology ETF (BATT) is a broad based EV related fund worth considering. It is currently a trading on a PE of 33.88. 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. (OTCQB: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), Sweeden (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 May 7, Reuters reported: "Tesla tells regulator that full self-driving cars may not be achieved by year-end."
On May 13, The Driven reported:
“Gigantic”: Elon Musk updates Tesla FSD latest and subscription release... says the difference between v8 and v9 of FSD beta will be “gigantic”.
On May 17, Seeking Alpha reported:
Tesla under review in California for full self-driving claims. California Department of Motor Vehicles confirms that Tesla is under review to see if the company misleads customers by advertising its full self-driving capability option.
On May 19, Transport Topics reported: "Waymo eyes raising up to $4 Billion as leaders’ exits sow doubts."
On May 24, The New York Times reported:
The costly pursuit of self-driving cars continues on. And on. And on. Many in Silicon Valley promised that self-driving cars would be a common sight by 2021. Now the industry is resetting expectations and settling in for years of more work.
BNEF 2020 forecasts by fleet type
Source: Bloomberg New Energy Finance [BNEF] 2020 EV report
Conclusion
April 2021 global electric car sales were up 249% YoY and reached 5.7% YTD global market share; 10.0% share in April in China, 15% in April in Europe, and no figures for the USA.
Highlights for the month were:
- EV prices fall as battery technology improves, EV/ICE parity forecast by 2023.
- Consumers and OEMs flock to the Shanghai Motor Show with a focus on electric cars.
- Huawei dives deeper into EVs, seeks control of small automaker. China tech giants bet $19 billion on global electric car frenzy.
- Blink buys European EV charging network for $24 million.
- Volvo Trucks goal is to have electric trucks account for half of our sales in Europe by 2030.
- Biden pitches $174 bln EV plan in Michigan, takes Ford's new e-truck for a spin.
- In Q1 2021, Tesla Model 3 was world's best-selling premium sedan. Tesla loses Stellantis CO2 credits. German gigafactory delayed to late 2021. Tesla under review in California for full self-driving claims. Wells Fargo assigns a price target of $590 to Tesla.
- SAIC Motor hits a record 50,000 NEV sales in April, up 432% YoY.
- BMW Q1, 2021 deliveries of electrified vehicles more than doubled.
- Volkswagen Q1, 2021 sales of EVs more than doubled to 133,300 units.
- Volkswagen launches sales offensive for the German market including a triple-digit million euro investment over three years – the largest program in Germany to date.
- Lamborghini will drop $1.8 billion on electrifying its supercars.
- BYD builds one-millionth new energy passenger car.
- Hyundai to build EVs in U.S. as part of $7.5 billion investment.
- Ford received almost 45,000 F-150 Lightning pre-orders in <48 hours. Ford to invest $30+ billion by 2025 on electrification.
- GM to invest $1 bln in Mexico to build electric vehicles.
- Fisker EV deal with Foxconn to include U.S. factory, manufacturing to start from Q4 2023.
- Uber and Arrival to create an affordable, purpose-built EV for the ride-hailing industry.
- EV firm Rivian could seek $70 bln valuation in IPO- Bloomberg News.
- Lion Electric (LEV) closes business combination with NGAC.
- Nikola and Total Transportation Services Inc. sign LOI for 100 Nikola trucks.
- Elon Musk says the difference between v8 and v9 of FSD beta will be “gigantic”.
As usual all comments are welcome.
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