EV Company News For The Month Of July 2021
- Global electric car sales for June 2021 were up 153% YoY reaching 8.7% share. Europe sales rose 157% YoY reaching 19% share, and China sales rose 158% YoY reaching 15% share.
- EV market news - EU proposes end to the internal combustion engine in 2035. Bank of America sees EVs representing 67% of total car market share by 2030.
- EV company news - Tesla Q2 $1b net income. Mercedes all-electric by 2030. Stellantis 30b euro wager on EV market through 2025. Hyundai aims to triple EV sales by 2025.
- BYD June YoY e-car sales up 207%, BMW H1 e-car sales up +148.5%, Mercedes Benz H1 e-car sales up +305.0%. Mercedes plans to go all-electric by 2030, plans for eight Gigafactories. Great Wall Motor plans to sell 3.2 million EVs in 2025.
- 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 July 2021 edition of Electric Vehicle [EV] company news. July saw a record month of June electric car sales with an impressive 8.7% market share (see below). Electric car sales for June 2021 saw staggering results in both Europe (237,000) and China (235,000) as they race neck and neck for the EV lead. The EV disruption is rapidly growing with Europe June 2021 market share at 19% (last year June was 8.2%) and China June 2021 market share at 15% (last year June was 5.5%). These results are roughly a 2.6x (158%) YoY increase based on the raw numbers. Now that's exponential growth and disruption!
An interesting new fact for the month was that "auto companies collectively are spending $330 billion over the next five years to bring more plug-in models to showrooms" (see EV market news). This just further highlights the rapid shift to EVs.
Finally, released in July, in the BloombergNEF’s New Energy Outlook 2021, BNEF forecast "to reach net-zero" by 2050 we need to produce 11x more EVs per year by 2030 (than 2020) and 26x more batteries pa by 2030 (than 2020). So while the EV disruption has clearly begun, you can see by these forecasts we are really just at the beginning.
Global electric car sales as of end June 2021
Global electric car sales finished June 2021 with 583,000 sales for the month, up 153% on June 2020, with a market share of 8.7% for June 2021, and 6.3% YTD.
Note 70% of all global electric car sales in 2021 were 100% battery electric vehicles [BEVs], the balance being hybrids.
China electric car sales were 235,000 in June 2021 (best month ever), up 158% on June 2020. Electric car market share in China for June was 15.0%, and 11% 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 237,000 in June 2021 (2nd best month ever), up 157% on June 2020. Europe electric car market share was 19% in June, and 16% YTD. Germany sits at 24% share in June and 23% YTD. Electric car market share YTD for Switzerland is at 40%.
US electric car sales were not available; however InsideEVs reported in July: "In trend-setting California, electrified vehicles reached a 20% share of the market in the first quarter of 2021."
Note: The above sales include light commercial vehicles.
Note: An acknowledgement to Jose Pontes and the team at CleanTechnica Sales for their work compiling all the electric car sales quoted above and below.
Global electric car sales by manufacturer for June and YTD in 2021
100% EV ("BEV") Brand leaders YTD (Jan-June 2021)
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 2021 forecast for annual electric vehicle sales
Bloomberg's forecasts shown below under the economic transition scenario (no additional policy measures) forecasts ~18% by 2025 and 34% by 2030 (70% by 2040). Note the 2030 figure rises to almost 60% under BNEF's net zero scenario (with incentives, etc. to get to zero emissions by 2050).
Note: My forecasts for new passenger & light commercial electric vehicles sales market share are 25% by 2025 and 75% by 2030.
BNEF 2021 forecasts: Passenger vehicle forecast - EVs rising
BNEF: Global EV fleet size forecast growth for each segment
The BNEF 2021 EV report also states:
Average battery pack prices go below $100/kWh on a volume-weighted average basis by 2024, driven by the introduction of new cell chemistries and manufacturing equipment and techniques.
Source: BNEF 2021 EV report
EV market news
On July 1, Electrek reported:
Eviation’s ‘Tesla of aircraft’ production version unveiled with over 400 miles of range. After Eviation unveiled the prototype of its Alice aircraft back in 2017, the company attracted a lot of attention and comparison with Tesla because the aircraft was amongst the first all-electric plane that was viable for actual commercial use. It boasted a range of up to 600 miles (965 km) and a capacity of up to nine passengers, making it viable for some short-haul regional airlines. Eviation is unveiling the production version of the Alice electric aircraft with a few more details: “Alice, a nine-passenger, two-crew member aircraft, produces no carbon emissions, significantly reduces noise, and costs a fraction to operate per flight hour..."
Eviation's all-electric aircraft "Alice"
Source: Eviation website
On July 3, Bloomberg Green reported:
China’s hot EV and solar stocks have more room to run, funds say.....BlackRock Inc., Aberdeen Standard Investments Ltd. and UBS Global Wealth Management are among those backing investments in Chinese electric vehicle-related companies and solar firms..... Global funds are upbeat because of China’s continued dominance in global EV battery and solar panel production, and the nation’s supportive industry policies serving its ambitious goal of reaching carbon neutrality in 2060. International expansion by key players is among other reasons for their optimism.
On July 9, Reuters reported:
Taiwan's Foxconn discussing electric vehicle plant in Wisconsin. Foxconn and electric car manufacturer Fisker Inc said in May that they had finalised a vehicle-assembly deal. They did not identify a location, but Fisker's CEO said Foxconn's Wisconsin site was a possibility.
On July 14, Teslarati reported:
Tesla battery partner LG Chem to invest $5B to produce EV battery materials. LG Chem plans to invest 6 trillion KRW ($5 billion) to produce EV battery materials for separators, cathodes, anodes, and other key elements.....The EV battery supplier expects the battery materials market to grow quickly between 2021 to 2026, from 39 trillion ($34 billion) KRW to 100 trillion KRW ($87 billion)......
Note: For details on LG Chem's supply chain you can read my exclusive Trend Investing article: "Choosing EV Metal Miners And Battery Manufacturers By Connecting The Supply Chain - December 2019."
On July 14, Business Insider reported:
Bank of America says EV batteries will reach a 'sold out' scenario in the next 5 years — and gives 6 related stocks set to benefit from the supply-demand mismatch. Bank of America sees EVs representing 67% of total car market share by 2030.
Note: My current forecast is for 65% by end 2029 and 75% by end 2030.
On July 15, Seeking Alpha reported:
EU proposes end to the internal combustion engine in 2035......the European Commission has now proposed a date to call time on the internal combustion engine. Sales of new cars and vans that produce CO2, including plug-in hybrids, would be banned as of 2035.
On July 15, Reuters reported: "EU proposes effective ban for new fossil-fuel cars from 2035.
- Commission proposes 55% cut in CO2 emissions from cars by 2030
- Proposals include 100% cut in CO2 emissions from cars by 2035
- Commission expects 16.3 million charging stations by 2050
- Plug-in hybrids will count as low-emission vehicles until 2030.
The European Union on Wednesday proposed an effective ban on the sale of new petrol and diesel cars from 2035, aiming to speed up the switch to zero-emission electric vehicles (EVs) as part of a broad package of measures to combat global warming."
Note: A follow up Bloomberg Hyperdrive Daily article quoted: "My colleagues at BloombergNEF calculated that the 2030 target will mean at least 60% of new vehicle sales that year will have to be battery electric in Europe, up from just over 6% last year."
On July 15, Seeking Alpha reported:
Flying cars from Tesla called a likely long-term scenario by Morgan Stanley. Morgan Stanley says flying cars from Tesla is a question of when and not if. While acknowledging that Tesla management has not discussed the eVTOL/UAM (urban air mobility) market in detail, analyst Adam Jonas and team feel the chance that Tesla does not ultimately offer eVTOL/UAM products and services is remote.
On July 20, The Driven reported:
United Airlines announces purchase of 100 electric planes. US-based United Airlines has announced plans to purchase 100 electric planes from Swedish start-up Heart Aerospace that are expected to take to the skies as early as 2026. United Airlines Ventures (UAV) says it has invested in Heart Aerospace, along with Bill Gates’ Breakthrough Energy Ventures, and said it has conditionally agreed to purchase 100 of the company’s ES-19 electric aircraft.
On July 21, BloombergNEF released their New Energy Outlook 2021 stating:
Specifically, the following milestones will need to be achieved by 2030 to be on track to reach net-zero by mid-century:
- Add 505 gigawatts of new wind power each year to 2030 (5.2 times the 2020 total)
- Add 455 gigawatts of solar PV each year to 2030 (3.2 times the 2020 total)
- Add 245 gigawatt-hours of batteries each year to 2030 (26 times the 2020 total)
- Add 35 million EVs added to the road each year to 2030 (11 times the 2020 total)..........
On July 21, Yahoo Finance reported:
Global EV battery industry will be 'sold out' by 2025: BofA.....“Our updated EV battery supply-demand model suggests the global EV battery supply will likely hit [a] ‘sold-out’ situation between 2025-26, with its global operating rates reaching above 85%,” the report reads. The report states that BofA expects global battery shortages to intensify further in the period between 2026 to 2030 due to a continued rise in EV penetration across all markets, reflecting an "incrementally bullish" outlook for the EV industry. BofA Global Research lifted its estimated global penetrations for all EVs, including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), to 23%, 40%, and 67% for 2025, 2030, and 2040, respectively.
On July 23, The WSJ reported:
Electric-Vehicle Sales Growth Outpaces Broader Auto Industry......Auto companies collectively are spending $330 billion over the next five years to bring more plug-in models to showrooms, according to consulting firm AlixPartners LLP.
On July 23, Bloomberg Hyperdrive reported:
Tight battery market is next test for EVs after chip crisis. Rising demand from electric vehicles and challenges in securing raw materials will deliver a battery supply crunch for automakers already grappling with a chip crisis, according to a key Chinese manufacturer. “When the chip shortage is over, the major supply shortage the industry faces would be batteries,” Yang Hongxin, chairman of SVolt Energy Technology Co.....Demand for lithium-ion batteries from transport and energy storage will surge to as much as 5.9 terawatt-hours a year in 2030, putting a strain on supply chains, BloombergNEF said in an annual New Energy Outlook report published Wednesday.
On July 28, Bloomberg Hyperdrive reported:
Lilium joins forces with Porsche’s battery maker for flying taxi.... Flying taxi startup Lilium GmbH has partnered with another German company, battery specialist Customcells GmbH, to power its planned seven-seater e-jet.
EV company news
Tesla Inc. (NASDAQ:TSLA)
Tesla is currently ranked the number 1 globally with 15% global market share. Tesla is number 3 in China with 12% market share. Tesla is ranked about 6th in Europe with 7% market share. Tesla is still assumed to be the number 1 electric car seller in the US by far.
On July 2, Tesla reported:
Tesla Q2 2021 vehicle production & deliveries. In the second quarter, we produced and delivered over 200,000 vehicles. Our teams have done an outstanding job navigating through global supply chain and logistics challenges.
On July 3, Tesmanian reported:
Tesla to deliver around 900,000 cars in 2021, says Loup Ventures. Tesla (NASDAQ: TSLA) has demonstrated excellent production and delivery performance in Q2 2021. Having increased their number by 122% compared to the same period a year earlier, the company confirmed that its development and acceleration of delivery growth continues....In their opinion, the company appears to be in the slope portion of its growth S-curve and the reason for this is a “combination of consumer willingness to purchase EVs, along with Tesla's winning formula of vehicle performance and value.” Tesla delivered 201,250 vehicles in Q2, a record for the company. Most importantly, this reflects a 122% y/y rise.
On July 8, Tesmanian reported: "Tesla Giga Shanghai sold 33,155 cars in June, achieving 400K annual production capacity."
On July 11, Tesmanian reported: "Tesla Giga Berlin Expected to receive final environmental building permit in Q4, per Brandenburg Minister of Economics."
On July 20 Electrek reported:
Tesla Semi electric truck is finally about to go into production.....When launching Tesla Semi in 2017, the automaker said that the electric truck’s production versions, a class 8 truck with an 80,000-lb capacity, will have 300-mile and 500-mile range options for $150,000 and $180,000, respectively. It would also have the lowest cost of operation of any semi-truck, making it extremely disruptive in an industry where every cent counts....
On July 23, Tesmanian reported: "Tesla plans to redeem its $1.8B of 5.3% bonds earlier than expected."
On July 23, Tesmanian reported: "Tesla secures nickel supply deal with Australian BHP."
On July 26 Seeking Alpha reported:
Tesla EPS beats by $0.47, beats on revenue. Q2 Non-GAAP EPS of $1.45 beats by $0.47; GAAP EPS of $1.02 beats by $0.47. Revenue of $11.96B (+98.0% Y/Y) beats by $560M. Automotive gross margin of 28.4% vs. +26.06% consensus. Capital expenditure of $1.5B vs. $1.19B.
On July 26 Seeking Alpha reported: "Tesla gains after tallying over $1 billion in net income."
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."
Volkswagen Group [Xetra:VOW](OTCPK:VWAGY) (OTCPK:VLKAF)/ Audi (OTCPK:AUDVF)/ Lamborghini/ Porsche (OTCPK:POAHF)/ Skoda/ Bentley
Volkswagen Group is currently ranked the number 2 top-selling global electric car manufacturer with 13% market share YTD, and 1st in Europe with 25% market share. Audi is ranked about the number 9 top-selling global electric car manufacturer.
On July 7, Volkswagen reported: "Cross-industry CEO alliance backs EU plan to cut carbon emissions by 55% by 2030."
On July 13, Volkswagen reported: "Enel X and Volkswagen team up for electric mobility in Italy."
On July 13, Volkswagen reported: "Volkswagen Group and Gotion High-Tech team up to industrialize battery cell production in Germany."
On July 20, Volkswagen reported: "Volkswagen Group more than doubles deliveries of all-electric vehicles in first half year." Highlights include:
- "Major model offensive for battery-electric vehicles [BEV] is having an effect.
- Worldwide BEV deliveries more than double to 170,939 (64,462) units in first half year.
- BEV ramp-up to further accelerate in second half thanks to extended model range.
- Plug-in hybrid [PHEV] also in considerable demand; deliveries more than triple to 171,300 (56,303) units....."
Source: Volkswagen website
On July 22, CarBuzz reported:
Porsche's high-performance EV battery team looks unbeatable.....BASF will provide the high-energy (HED) NCM cathode active materials that contribute to fast charging and high energy density while Cellforce will produce the battery itself.....the battery production plant, based in Tubingen, Germany, is only expected to begin operations in 2024.
On July 28, Volkswagen reported: "Consortium of Volkswagen Group, Attestor Limited and Pon Holdings B.V. to launch takeover offer for Europcar."
Wuling Automobile JV (SAIC 51%, GM 44%, Guangxi 5.9%), SAIC Motor Corporation Limited [SAIC] [CH:600104] (SAIC includes Roewe, MG, Baojun, Maxus), Beijing Automotive Group Co. (BAIC)(includes Arcfox) [HK:1958) (OTC:BCCMY)
SAIC is global number 3 with 11% market share. SAIC is number 4 in China (not counting SGMW) with 7% market share. SGMW (SAIC-GM-Wuling Automobile) is number 1 in China with 18% market share.
On July 20, SAIC reported:
SAIC Motor targets selling 550,000 vehicles overseas this year. Chinese carmaker SAIC Motor has set its overseas sales target for this year at 550,000 vehicles. The figure is expected to hit 1.5 million by 2025.
You can read my recent Trend Investing article: "SAIC Motor Looks To Be A Good Buy Near The 5 Year Low".
BMW (OTCPK:BMWYY), Mini, Rolls-Royce
BMW Group is currently ranked the equal number 4 global electric car manufacturer with about 5% (not updated) global market share. BMW is ranked 4th in Europe with 11% market share.
On July 2, BMW Group reported: "Series production of BMW iX* gets underway at Plant Dingolfing.....Standard production of the fully-electric BMW iX* began today in Dingolfing. The plant in Lower Bavaria now produces vehicles with all drive train variants...."
BMW iX all-electric car production has begun in Germany
On July 7, BMW Group reported: "BMW Group posts strong sales for first half-year. On course for solid, profitable sales growth in 2021." Highlights include:
- "BMW Group sales +39.1 percent higher year-on-year; 1,339,080 vehicles sold in first six months.
- Sales up +7.1 percent from pre-crisis year 2019.
- Sales increase for all brands and regions.
- Deliveries of electrified vehicles more than doubled (153,267 vehicles, +148.5%).
- Pieter Nota: “Strong sales for first half-year – continuing on growth track with decisive expansion of electrification”."
On July 8, BMW Group reported: "Antitrust investigation against automotive manufacturers: European Commission drops most charges against BMW Group."
Stellantis N.V. (NYSE:STLA)(merger Fiat Chrysler Group (FCA) and the Peugeot Group (PSA)) Ferrari
Stellantis Group is currently ranked the equal number 4 in the global electric car manufacturer's sales with about 5% (not updated) global market share. Stellantis is ranked 2nd in Europe with 14% market share.
On July 6, Stellantis N.V. announced: "Ellesmere Port will support sustainable mobility through the production of an all-electric vehicle, starting in 2022." Highlights include:
- ".....Stellantis £100 million investment supported by the UK government to secure an all-electric future for the plant.
- Ambition for Ellesmere Port plant to be carbon neutral by mid-decade.
- Ellesmere Port to support Stellantis Europe’s leading LCV position.
- Vauxhall continuing its tradition of manufacturing vehicles in the UK, which started in 1903."
On July 8, Stellantis N.V. announced: "Stellantis to hold “EV Day 2021” today and provides update on H1 2021 trading performance."
On July 8, Stellantis N.V. announced: "Stellantis intensifies electrification while targeting sustainable double-digit adjusted operating income margins in the mid-term." Highlights include:
- "Plans to invest more than €30 billion through 2025 in electrification and software, while continuing to be the automotive efficiency frontrunner, with investment efficiency 30 percent better than industry average.
- Targeting over 70 percent of sales in Europe and over 40 percent in the United States to be low emission vehicle [LEV] by 2030.
- All 14 brands committed to offering best-in-class fully electrified solutions.
- Delivering BEVs that meet demands of customers, with ranges of 500-800 km/300-500 miles and class-leading fast charging capability of 32 km/20 miles per minute.
- Four flexible BEV-by-design platforms, scalable family of three electric drive modules and standardized battery packs to cover all brands and segments.
- Platforms designed for long life via software and hardware upgrades.
- Global EV battery sourcing strategy of over 260GWh by 2030, supported by five “gigafactories” between Europe and North America.
- Plans include dual battery chemistries: a high energy-density option and a nickel cobalt-free alternative by 2024.
- Solid state battery technology introduction planned in 2026."
On July 23, Stellantis N.V. announced: "Stellantis announces successful signing of €12 billion syndicated Revolving Credit Facility."
BYD Co. [SHE: 002594][HK:1211](OTCPK:BYDDY) (OTCPK:OTCPK:BYDDF)
BYD is currently ranked the number 6 globally with about 5% (not updated) global market share, and is ranked number 2 in China with 14% market share.
On July 1, BYD reported:
Finland's first BYD eBuses hit the road in Turku. The initial deliveries form part of a total order from Nobina for 119 BYD eBuses – the largest ever in Finland – and the first time BYD's latest 15-metre model will enter commercial operations.....
On July 1, BYD reported: "BYD: world's leading New Energy Vehicle maker comes to ITT Hub...."
On July 8, BYD reported:
BYD's New Energy passenger car sales rocket 207.1% YoY in June. Shenzhen, China - BYD sold 51,015 vehicles in June, with 49,765 units of passenger vehicles and 1,250 units of commercial vehicles respectively.
Source: BYD website
On July 20, BYD reported:
BYD ADL partnership signs framework agreement with Ireland's NTA for up to 200 battery-electric single deck buses. Alexander Dennis Limited [ADL] and BYD UK jointly announced today that their electric vehicle partnership, the UK's leading electric bus producer, has signed a framework agreement with the National Transport Authority of Ireland (NTA) for the delivery of up to 200 BYD ADL Enviro200EV zero emission battery-electric buses. An initial firm order for 45 buses was agreed at the same time, with delivery commencing in 2022.
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 7 globally with 5% (not updated) market share. Daimler-Mercedes is ranked 3rd in Europe with 11% market share.
On July 5, Daimler reported:
Daimler Truck, the TRATON GROUP and Volvo Group plan to pioneer a European high-performance charging network for heavy-duty trucks.
On July 6, Daimler reported:
Mercedes-Benz Cars sales. Q2 2021. Deliveries of plug-in hybrids and all-electric cars more than quadrupled in just six months, reaching 121,500 units (+305.0%). In total, the xEVs made up 10.3% of total Mercedes-Benz Cars sales in the first half of 2021. Around 39,000 all-electric vehicles were delivered from January to June (+291.4%), including more than 19,000 units (+469.4%) of the EQA, EQC and EQV models (Combined power consumption: 26.4 15.7 kWh/100 km; combined CO₂ emissions: 0 g/km).
On July 21, Daimler reported: "2nd quarter results 2021."
Source: Daimler website
On July 22, Daimler reported: "Mercedes-Benz prepares to go all-electric." Highlights include:
- "All newly launched architectures will be electric-only from 2025 onwards.
- In 2025 Mercedes-Benz will launch three electric-only architectures.
- Mercedes-Benz will be ready to go all electric at the end of the decade, where market conditions allow.
- Mercedes-Benz to install battery cell capacity of more than 200 Gigawatt hours with partners, plans for eight Gigafactories.
- New partnerships for development and production of battery cells in Europe.
- Efficiency of electric drivetrains to be enhanced through vertical integration and the acquisition of YASA, a specialist in ultra-high performance axial flux motors.
- Plug & Charge to introduce seamless charging without extra steps needed for authentication and payment. Mercedes me Charge to have more than 530,000 AC and DC charging points worldwide.
- Acceleration of electrification ramp-up marks a radical shift in capital allocation.
- Mercedes-Benz is committed to its margin targets – also in a BEV-world."
On July 22 CNBC reported: "Mercedes plans to go all-electric by the end of the decade."
On July 23 The Driven reported:
Mercedes accelerates electric shift, gains on Tesla with 1000km range EV......declaring on Friday it will spend €40 billion to help bring forward the “tipping point” in EV adoption.....customers would be able to choose an all electric car in all segments (sedan, SUV etc) by next year, an all-electric alternative for every model by 2025, and will not produce any more new ICE models from 2025. It will make and sell electric only by 2030.
On July 23, Mercedes Blog reported:
Mercedes teases the future Maybach EQS electric SUV....The teaser photo comes right after the company’s CEO announced that every single model will come with an all-electric variant starting 2025.
Geely Automobile Holdings Ltd (OTCPK:GELYY, HK:0175), Volvo Cars, Polestar, Kandi Technologies Group (NASDAQ:KNDI), Proton, Lotus
Volvo is currently ranked about number 8 in the global electric car manufacturer's sales ranking with 4% (not updated) global market share.
On July 2, Geely Automobile Holdings Ltd. announced:
Connected transactions in relation to the acquisitions and the Ningbo Viridi subscription.... in order to develop the ZEEKR Brand, the ZEEKR Group has entered into the CEVT Acquisition Agreement, the Haohan Energy Acquisition Agreement and the Ningbo Viridi Subscription Agreement to acquire the assets and technologies required for the research and development, production and sale of electric vehicles.
On July 8 Bloomberg reported:
Volvo-backed Polestar is in SPAC merger talks with Gores Guggenheim (GGPIU)....Transaction could value electric-car maker at $25 billion.
On July 12, Volvo Cars reported: "Volvo Cars increases shareholding in Polestar to 49.5 per cent."
On July 21, Volvo Cars reported:
Volvo Cars to take full ownership of its Chinese manufacturing and sales operations. Volvo Cars has signed an agreement with its parent Geely Holding to acquire Geely Holding’s stake in the companies’ joint ventures in China, with the aim of taking full ownership of its car manufacturing plants and sales operations in the country.
On July 23, Volvo Cars reported: "Volvo Cars reports record six-month performance in H1 2021." Highlights include:
- "Revenue of MSEK 141,131 (111,759), +26.3%.
- Operating income increased to MSEK 13,238 (-989).
- EBIT margin of 9.4% (–0.9%).
- Basic earnings per share of SEK 163.63 (-35.99).
- Retail sales up 41.0%, resulting in approximately 775,000 cars sold for the last 12 months.
- Electrified ‘Recharge’ line-up accounted for 25% of total sales."
On July 28, Geely Automobile Holdings Ltd. announced:
Voluntary announcement formation of Joint Venture. On 27 July 2021, Jirun Automobile, an indirect 99% owned subsidiary of the Company, entered into the Joint Venture Agreement with Sunwoda and Geely Holding Automobile, pursuant to which the parties agreed to form the Joint Venture to engage in the development, production and sales of hybrid battery cells, battery modules and battery packs. The registered capital of the Joint Venture will be RMB100 million, and will be contributed as to 41.50%, 30% and 28.50% by Jirun Automobile, Sunwoda and Geely Holding Automobile, respectively.
Renault [FR:RNO] (OTC:RNSDF)/ Nissan (OTCPK:NSANY)/ Mitsubishi (OTCPK:MSBHY, OTCPK:MMTOF)
Renault is currently ranked about number 10 in the global electric car manufacturer's sales ranking with about 2% (not updated) market share.
On July 1, Nissan Motor Corporation reported:
Nissan unveils EV36Zero – a £1bn Electric Vehicle Hub. Nissan EV36Zero will supercharge the company’s drive to carbon neutrality and establish a new 360-degree solution for zero-emission motoring.
On July 2, Benchmark Mineral Intelligence reported: "Nissan & Envision AESC to spearhead UK lithium ion economy with 25 GWh battery gigafactory."
On July 16, Renault Group reported: "Worldwide sales results 1st half 2021." Highlights include:
- "Renault Group's worldwide sales are up 18.7% in the first half of 2021 compared with 2020.
- Renault Group confirms the continuation of a selective sales policy favouring growth in profitable volumes......
- The Group's order backlog in Europe at the end of June 2021 amounts to 2.5 months' sales, supported by the attractiveness of the Renault E-TECH offering, light commercial vehicles, New Dacia Sandero and Dacia Spring 100% electric.
- The Group is on track to meet its CAFE targets in 2021."
On July 28, Nissan Motor Corporation reported: "FY2021 1st quarter financial results." Highlights include:
- "Net revenues of 2,008.2 billion yen.
- Operating income of 75.7 billion yen.
- Net income attributable to owners of parent of 114.5 billion yen."
Toyota (NYSE:TM)/ Lexus
No EV related news for the month.
Hyundai (OTC:HYMTF), Kia (OTC:KIMTF)
Hyundai is currently ranked number 15 (not updated) in the global electric car manufacturer's sales ranking. Kia is ranked about number 12 (not updated).
On July 1, Hyundai reported: "Hyundai Motor America reports all-time best June and Q2 2021 sales."
On July 23, Hyundai reported:
Hyundai Motor aims to triple EV sales by 2025.....and develop new EV batteries to help achieve that target...."We are planning to internalize development of both the lithium batteries and next-generation batteries"...."We plan to cooperate with the three local battery companies as well as foreign companies to develop an optimized battery that fulfills market requests." The company is working to enhance solid-state batteries' safety, mileage and charging time, Koo said, adding that it will start a trial run of mass-producing the EV batteries by 2025 with a goal to officially enter mass production by 2030.
On July 28 The Korea Herald reported:
Hyundai, LG collaborate to build EV battery plant in Indonesia. South Korea’s leading automaker Hyundai Motor Group and battery producer LG Energy Solution are joining forces to establish a $1.1 billion electric vehicle battery plant in Indonesia, the companies said Thursday. The two companies signed a memorandum of understanding with the Indonesian government for the plant, which would produce 10 gigawatt-hours worth of NCMA (nickel, cobalt, manganese, aluminum) lithium-ion battery cells annually, enough for 150,000 electric vehicles, the firms said.
Great Wall Motors [HK:2333] (OTCPK:GWLLF) (OTCPK:GWLLY)
On July 2, Electrive reported:
Great Wall Motor plans to sell 3.2 million EVs in 2025. Great Wall plans annual global sales of 4 million vehicles by 2025, of which 80 per cent – or 3.2 million vehicles – are to be so-called New Energy Vehicles.
Ford is currently ranked about number 16 (not updated) in the global electric car manufacturer's sales ranking.
On July 7, Ford reported: "Fully-electrified line-up showcases thrilling Ford driving experiences at Goodwood Festival of Speed." Highlights include:
- "Ford prepares to dial up acclaimed fun-to-drive attitude as the automaker transitions to 100 per cent all-electric passenger vehicle powertrains by 2030.....
- First all-electrified Ford line-up on display at Goodwood includes Mustang Mach-E GT, Team Fordzilla P1, Mustang Mach‑E 1400 and exciting motorsport news."
NIO Inc. (NIO)
On July Bloomberg reported: "Nio plans to add 3,700 battery stations by 2025 in world's largest auto market."
On July 1, NIO Inc. reported: "NIO Inc. provides June and second quarter 2021 delivery update." Highlights include:
- "NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year.
- NIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year.
- Cumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597."
XPeng Inc. (Xiaopeng Motors) (XPEV) [HK:9868]
On July 1, XPeng Inc. reported: "XPeng announces vehicle delivery results for June and second quarter 2021." Highlights include:
- "6,565 vehicles delivered in June 2021, a record month with a 617% increase year-over-year.
- 17,398 vehicles delivered in 2Q 2021, a record quarter with a 439% increase year-over-year.
- 4,730 P7s delivered in June 2021, the highest monthly deliveries since the P7’s launch.
- 30,738 total vehicles delivered year-to-date, a 459% increase year-over-year."
On July 8, XPeng Inc. reported: "XPeng to join Hang Seng Composite Index."
You can read my recent Trend Investing article on XPeng Motors here.
On July 2, Li-Auto reported:
Li Auto Inc. June 2021 delivery update. Li Auto Inc., an innovator in China’s new energy vehicle market, today announced that the Company delivered 7,713 Li ONEs in June 2021, representing a 320.6% year-over-year increase, a 78.4% quarter-over-quarter increase, and a new monthly high.
General Motors/Chevrolet (NYSE:GM)
On July 1, General Motors reported: "GM second-quarter sales increase 40 percent." Highlights include:
- "Chevrolet Bolt EV delivers record second-quarter and first-half deliveries...."
On July 2, General Motors reported:
GM to source U.S.-Based lithium for next-generation EV batteries through closed-loop process with low carbon emissions. Through an agreement with Controlled Thermal Resources, lithium will be sourced in part from California from a more environmentally friendly process than traditional lithium production.
On July 15, General Motors reported:
GM announces new fleet charging service designed to accelerate the adoption of fleet electrification.
On July 19 Seeking Alpha reported:
GM reveals plans to make another electric pickup......The new EV will be a full-sized pickup under the GMC nameplate and is expected to be aimed at a mainstream crowd, unlike the upcoming all-electric GMC Hummer. In addition to the two all-electric GMC models, the Detroit automaker also plans to make an electric version of the Chevy Silverado. GM has a broad plan to release 30 new EVs globally by 2025.
Honda [TYO:7267] (HMC) (OTCPK:HNDAF)
On July 16, Reuters reported:
Honda open to new alliances to bring down EV costs, says CEO. "If through an alliance Honda can accomplish early what it should aim to be, then we'd be willing to form an alliance," Toshihiro Mibe, who took the top job in April, told a press briefing, when asked how he envisions global alliances on electrification.
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 July 6, GreenPower Motor Company Inc. reported:
WeDriveU selects GreenPower EV Stars for fleet electrification....it has teamed with WeDriveU to add EV Stars to its electric shuttle fleet. As the leader in transportation solutions for workplaces and campuses, the purpose-built all-electric EV Star will be integral in the expansion of WeDriveU’s zero emissions fleet for customers across the U.S. Greenpower expects to deliver the first EV Star to WeDriveU in the current quarter with additional units planned by the end of the calendar year.
On July 22, GreenPower Motor Company Inc. reported:
GreenPower files Preliminary Base Shelf Prospectus and Registration Statement....up to an aggregate total of US$200 million from time to time during the 25-month period that the final short form base shelf prospectus remains effective. The Securities may be offered in amounts, at prices and on terms to be determined at the time of sale.
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"
Mahindra & Mahindra (OTC:MAHDY)
On July 28, Mahindra & Mahindra Ltd. reported:
Mahindra & Mahindra strengthens its commitment to achieve carbon neutrality. Mahindra & Mahindra Ltd. [M&M] is adopting a 58 MWp captive solar plant that is expected to generate about 100 million units of power annually beginning 2022.
Near term potential EV producing companies
Lucid Group (LCID) (merger with Churchill Capital Corp. IV (CCIV))
On July 14, Investors Business Daily reported:
Lucid Motors hits key milestone as luxury EV rival to Tesla looms....."The testing and validation of Lucid Air is progressing well," CEO Peter Rawlinson said on the call, according to Bloomberg. "It's on track for the second half of 2021 start of production for customer deliveries.".....The Newark, Calif.-based company plans to accelerate its Arizona factory expansion to meet demand for its Air electric sedan. And it will add a dedicated assembly line for its next model, the Gravity electric SUV, due in 2023. Funds from the merger will allow Lucid to step up growth plans."
On July 26, Lucid Motors reported: "Lucid Motors debuts on Nasdaq through merger with Churchill Capital Corp IV. Lucid Group."
Lordstown Motors (RIDE)
No significant news for the month.
Investors can read my recent article: "Lordstown Motors Is Worth Considering To Buy Cautiously, Despite The Controversy".
Rivian Automotive (private)
On July 4 InsideEVs reported:
Rivian-Amazon delivery vans are coming.....According to the original info from September 2019, when Amazon invested $700 million in Rivian, the company is expected to produce up to 100,000 electric delivery trucks. The first 10,000 by the end of 2022, and the remaining 90,000 by 2030..... Rivian-Amazon delivery van prototypes were already seen a few times during its real-world testing.....We guess that now the company is moving to series production, at least to a beta phase.
On July 16 Seeking Alpha reported: "Rivian delays electric pickup deliveries until September."
On July 23 Rivian announced:
Rivian closes $2.5 billion funding round....."This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout."
Faraday Future Intelligent Electric Inc. (FFIE)
On July 22, Faraday Future reported: "Faraday Future listed on Nasdaq with the ticker “FFIE” and announces new reservation policy for flagship product FF 91 Futurist." Highlights include:
- "Announces 300 invite-only, limited-edition FF 91 Futurist Alliance Edition model and new reservation plan for FF 91 Futurist model, with a deposit of $5,000 and $1,500, respectively. New FF Intelligent APP and FF.com will be the online reservation platform.
- $1 billion round of financing will promote FF 91’s delivery in 12 months, marking the last sprint towards production for manufacturing, supply chain, user ecosystem and other related areas with the goal to be the leader in its market segment....."
On July 22 Seeking Alpha reported:
Faraday Future stock starts trading in latest challenge to Tesla. Faraday Future Intelligent Electric [NASDAQ:FFIE] opens for trading after the automaker's merger with Property Solutions Acquisition Corp. [PSAC] in a SPAC deal. The business combination will result in gross proceeds of approximately $1B for Faraday Future. The transaction proceeds are expected to fully finance the launch of the class defining FF 91 into the market within 12 months after closing.
On July 27, Faraday Future reported:
Faraday Future announces that all 300 of its invite-only FF 91 Futurist alliance edition vehicles have been pre-ordered. The FF 91 Futurist Alliance Edition is equipped with exclusive and unique user-focused features and services-planned for delivery in 2022.
On July 15, Arrival reported:
LeasePlan and Arrival sign partnership to bring revolutionary electric vans to European cities.
On July 22, Arrival reported:
Anaheim Public Transit Operator partners with Arrival to successfully secure a $2 million clean vehicle grant.
Workhorse Group Inc. (WKHS)
No news for the month.
Hyliion Holdings (HYLN)
On July 27, Businesswire reported: "Hyliion set to join Russell 3000 and Russell 2000 Indexes."
Fisker Inc. (FSR)
On July 8 The Milwaukee Journal reported:
Foxconn's partner Fisker in discussions with Wisconsin Economic Development Corporation for 'electric vehicle manufacturing'....about building electric vehicles in the state, Foxconn confirmed Thursday.
On July 28, Fisker Inc. reported: "Fisker to take investment position and create strategic partnership in Allego, a leading Pan-European electric vehicle charging network."
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)
No news for the month.
Nikola Corporation (NKLA)
On July 15, Nikola Corporation reported:
Nikola adds 51 dealership locations in 9 states. Nikola announces expansion of its current Nikola dealer sales and service network with the addition of five dealers covering key territories.
Canoo Inc. (GOEV)
No significant news for the month.
Proterra (PTRA)/ ArcLight Clean Transition Corp. (ACTC)
On July 20, Proterra reported: "ROUSH CleanTech, Penske, and Proterra announce new collaboration for next-generation F-650 electric commercial trucks."
EV fleet purchasing & financing
Ideanomics Inc. (IDEX)
On July 1, Ideanomics Inc. reported: "Mani Iyer appointed CEO of Ideanomics electric tractor subsidiary Solectrac."
Three wheel EV companies
Arcimoto Inc. (FUV)
On July 2, Businesswire, reported:
Arcimoto and City of Encinitas launch joint Municipal Pilot Program to test ultra-efficient electric vehicles for Encinitas Lifeguards and City Fleets.
On July 16, Businesswire, reported:
Arcimoto, Tennessee Clean Fuels, and Drive Electric Tennessee launch Statewide Pilot Program to test ultra-efficient electric vehicles. Arcimoto FUV and Deliverator models will be put to the test in key cities across the state to further Tennessee’s shared vision for electric transportation.
On July 22, Businesswire, reported: "Arcimoto and Redivivus launch battery recycling partnership."
You can read my Arcimoto Trend Investing article here, and my CEO interview here.
Electrameccanica Vehicles Corp. (SOLO)
On July 10, Electrameccanica Vehicles Corp. reported:
Power Hour: Electrameccanica CEO Paul Rivera talks partnership potential, vehicle production on 'Power Hour'.
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 33.36. 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), 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), Europe (2030), Japan (2035), Canada (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 Province (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 July 6 Car Advice reported:
Tesla boss Elon Musk admits autonomous tech is “a hard problem” and the “difficulty is obvious”.....Elon Musk says mastering the tech is more difficult than he expected......Elon Musk wrote: “FSD 9 (Full Self Driving 9) beta is shipping soon I swear! Generalized (autonomous) self-driving is a hard problem, as it requires solving a large part of real-world AI (artificial intelligence).
BNEF 2020 forecasts by fleet type
Source: Bloomberg New Energy Finance [BNEF] 2020 EV report
June 2021 global electric car sales were 153% YoY and reached 8.7% global market share; 15.0% share in China, 19% in Europe, and no figures for the USA.
Highlights for the month were:
- BNEF forecast "to reach net-zero" by 2050 we need to produce 11x more EVs by per year by 2030 (than 2020) and 26x more batteries pa by 2030 (than 2020).
- Eviation’s ‘Tesla of aircraft’ production version unveiled with over 400 miles of range.
- China’s hot EV and solar stocks have more room to run, funds say.
- EU proposes end to the internal combustion engine in 2035.
- Bank of America sees EVs representing 67% of total car market share by 2030.
- Global EV battery industry will be 'sold out' by 2025: BofA.
- United Airlines announces purchase of 100 electric planes.
- Flying cars from Tesla called a likely long-term scenario by Morgan Stanley.
- Auto companies collectively are spending $330 billion over the next five years to bring more plug-in models to showrooms.
- Tight battery market is next test for EVs after chip crisis.
- Tesla Q2 deliveries were 201,250. Tesla forecast to deliver around 900,000 cars in 2021. Will have 2 additional gigafactories by 2022 (Giga Berlin & Giga Texas). Q2 record net income exceeds US$1b. Tesla Semi electric truck is finally about to go into production.
- Volkswagen battery electric vehicle deliveries nearly triple in H1.
- BYD Co - Nobina in Finland orders 119 BYD eBuses. Ireland's NTA orders up to 200 single deck e-buses from BYD/ADL JV. BYD's New Energy passenger car sales rocket 207.1% YoY in June.
- BMW iX production begins. BMW deliveries of electrified vehicles more than doubled (153,267 vehicles, +148.5%) in H1, 2021.
- Mercedes-Benz Cars sales. Q2 2021. Deliveries of plug-in hybrids and all-electric cars more than quadrupled in just six months, reaching 121,500 units (+305.0%). Mercedes plans to go all-electric by the end of the decade, plans for eight Gigafactories.
- Volvo-backed Polestar is in SPAC merger talks with Gores Guggenheim (GGPIU)....Transaction could value electric-car maker at $25 billion. Volvo Cars to take full ownership of its Chinese manufacturing and sales operations, by buying out Geely.
- Stellantis plans to invest more than €30 billion through 2025 in electrification and software.
- Great Wall Motor plans to sell 3.2 million EVs in 2025.
- Hyundai Motor aims to triple EV sales by 2025.
- NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year.
- XPeng 6,565 vehicles delivered in June 2021, a record month with a 617% increase year-over-year.
- Li Auto delivered 7,713 Li ONEs in June 2021, representing a 320.6% year-over-year increase.
- GM reveals plans to make another electric pickup, plans 30 new EVs globally by 2025.
- Lucid Motors ("LCID") debuts on Nasdaq through merger with Churchill Capital Corp IV. Lucid Group. Lucid Air is on track for the second half of 2021 start of production for customer deliveries.
- Rivian closes $2.5 billion funding round, delays electric pickup deliveries until September.
- Faraday Future stock starts trading on the NASDAQ under ticker "FFIE".
- Tesla boss Elon Musk admits autonomous tech is “a hard problem” and the “difficulty is obvious”.
As usual all comments are welcome.
- My June 2021 Blog post (no paywall) - A Look At My Past 5 Years Biggest Winners & Losers - What Went Right And Wrong
If you want to sign up for Trend Investing for my best investing ideas, latest trends, exclusive CEO interviews, chat room access to me, and to other sophisticated investors. You can benefit from the work I've done, especially in the electric vehicle and EV metals sector. You can learn more by reading "The Trend Investing Difference" or sign up here.
This article was written by
The Trend Investing group includes qualified financial personnel with a Graduate Diploma in Applied Finance and Investment (similar to CFA) and well over 20 years of professional experience in financial markets. Trend Investing searches the globe for great investments with a focus on "trend investing" themes. Some focus trends include electric vehicles and the lithium/cobalt/graphite/nickel/copper/vanadium miners, battery and plastics recycling, the online data boom, 5G, IoTs, AI, cloud computing, renewable energy, energy storage etc. Trend Investing was recently selected as the leading expert consultancy for a U.S government project on the EV supply chain and to the Board of Directors of the Critical Minerals Institute.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of TESLA (TSLA), BYD CO (HK:1211), XPEV, FSR, FUV, GREENPOWER MOTOR [TSXV:GPV], SAIC MOTOR, BAIC MOTOR either through stock ownership, options, or other derivatives. 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.
The information in this article is general in nature and should not be relied upon as personal financial advice.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.