- Global electric car sales record Nov. 2021 - Up 72% YoY, reaching 11.5% share. China sales up 106% YoY to 19% share. Europe sales up 33% YoY to 26% share.
- EV market news - China clean car sales spike as consumers embrace electric. Tesla prepares to open two new gigafactories - Texas & Berlin.
- EV company news - Tesla could deliver 1.5M cars in 2022, start of production at Giga Texas & Berlin. VW expects battery, raw material to drive cost up to $34B.
- Peugeot all-electric in Europe by 2030. Toyota to invest $35 billion into battery-powered EVs and roll out 30 models by 2030; partners with BYD to build affordable $30K e-car.
- Mercedes electric strategy >60b euro investment between 2022 and 2026. Rivian R1T crowned MotorTrend’s 2022 Truck of the Year. Lucid Group joins the Nasdaq-100 Index. NIO reveals a new sedan, the ET5. Polestar releases the Polestar 5.
- 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 December 2021 edition of Electric Vehicle [EV] company news. December reported yet another record month this time for November global electric car sales led by China (19% share) and Europe (26% share). Global electric car market share surged to 11.5% market share. Wow!
2021 has seen a sharp acceleration in the uptake of electric cars with 2021 sales looking like being up over about 100% YoY.
Looking ahead, even Volkswagen (OTCPK:VLKAF) (OTCPK:VWAGY) is now saying about 25% of all global car sales by 2026 will be fully electric. Given where we are heading, that may be too conservative. My updated forecast is for 32% market share by end 2025 and 80% by end 2030.
Global electric car sales as of end November 2021
Global electric car sales finished November 2021 with a record 721,000 sales for the month, up 72% on November 2020, with a market share of 11.5% for November 2021, and 8.1% YTD.
Note, 72% (69% YTD) of all global electric car sales in November 2021 were 100% battery electric vehicles [BEVs], the balance being hybrids.
China electric car sales were 413,000 in November 2021, up 106% on November 2020 sales. Electric car market share in China for November was 19%, and 14.3% YTD.
Europe electric car sales were 221,000 in November 2021, up 33% YoY, reaching an amazing 26% market share and 18.4% YTD. Germany reached 34% share, France 23%, and the Netherlands 28% share in October 2021.
US electric car sales were not available.
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.
Brand leaders YTD (Jan-November 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 end 2025 and 75% by end 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
2021 BNEF forecasts the number of EVs added to increase 11x by 2030 (from 2020 level)
EV market news
On November 29, EqualOcean reported: "New energy vehicles in China to get USD 6 Bn subsidy in 2022."
On December 7, Bloomberg reported:
Nomura Real Estate tries to attract EV drivers with new Condo...... Nomura Real Estate Holdings Inc., one of Japan's biggest listed property developers, sees electric vehicles as one key plank to its green building push. The company is constructing what it says is Japan's first fully emissions-free condominium powered by gas and electricity -- a high-rise luxury residential tower in Sagamihara, a city about an hour's drive from Tokyo. Every parking spot in the building's three-level basement will have its own electric-car charging point and the garage will also feature spare chargers for visitors.
On December 8, BNN Bloomberg reported:
China clean car sales spike as consumers embrace electric......Deliveries of new-energy vehicles, which include EVs and plug-in hybrids, increased 121% from a year earlier to 378,000 units, China's Passenger Car Association said Wednesday......But he noted the upward pressure for EV battery makers as the price of battery ingredients like lithium, cobalt and nickel continues to climb and said the auto industry as a whole in China has lost around 92.3 billion yuan ($14.5 billion) in profits in the first nine months due to chip and other constraints.
On December 13, seeking Alpha reported:
Biden-Harris release electric vehicle charging action plan.....designed to progress the Country towards the President's goal of 500k chargers nationwide, and 50% of EV sales share by 2030.
On December 13, Reuters reported:
Vietnam car company Vingroup starts work on $174 mln EV battery plant. Vietnam's biggest conglomerate Vingroup (VIC.HM) said on Sunday it had started building a $174 million battery cell plant for its VinFast electric vehicles business so the company can own its battery supply chain.
On December 20, New Atlas reported: "Archer celebrates the first flight of its Maker eVTOL."
Source: Archer website
On December 20, the WSJ reported:
U.S. sets 55-mile-a-gallon fuel-efficiency standard for 2026 models. Auto makers say they will need federal support to meet the new fleetwide average for cars and light trucks. The Biden administration on Monday raised fuel-efficiency standards for passenger cars and light duty trucks, saying the new standards will reduce pollution and save consumers billions of dollars at the gas pump. Auto makers must meet a fleetwide average of 55 miles a gallon for cars and light trucks by model year 2026, up from the 43 mpg standard set by the Trump administration for that year. The fleetwide mileage standard for the current 2021 model year is 40 mpg.
On December 24, EqualOcean reported:
2022 will be another thriving year for Chinese EV stocks......We expect the EV sector to remain a growth engine in 2022 for China's already-slowing-down economy.....As we near the end of 2021, China's EV industry continues with good sales momentum sprouting from last year, with year-to-date NEV sales already hitting 2.53 million, far beyond 1.36 million for the whole of 2020. 2022 is likely to be another winning year due to a number of tailwinds such as rollouts of more advanced models, better charging infrastructure and rising demand for EVs. On the other side, headwinds like supply chain shocks and intensifying competition remain in place. We believe the sector is poised to become a growth engine for China's already-slowing-down economy......Although the competition is intensifying, the whole year delivery guidance for NIO, XPeng, Li Auto and BYD remain strong due to a fast-growing demand for EVs....
On December 27, OceanicInsight reported: "Japan launches the world's first all-electric zero-emission tanker."
EV company news
Tesla Inc. (NASDAQ:TSLA)
Tesla is currently ranked the number 1 globally YTD with 14.0% global market share. Tesla is number 3 in China with 9% market share YTD. Tesla is ranked ~7th in Europe with 7% market share YTD. Tesla is still the number 1 electric car seller in the US by far.
On December 6, Teslarati reported: "Tesla Giga Berlin production unlikely to begin in 2021 as water pumping hearing delayed."
On December 9, Tesmanian reported:
Tesla could deliver 1.5M cars in 2022, with 2021 start of production at Giga Texas & Berlin. Big changes await Tesla in 2022, as the company will begin mass production at two new factories, which will entail a major increase in overall production capacity. Information from a manager of the company hints that next year Tesla will be able to achieve production of 1.5 million vehicles, as well as develop in many other directions.
On December 13, CNBC reported: "Elon Musk sells another $906.5 million worth of Tesla shares." Highlights include:
- "Tesla CEO Elon Musk sold another 934,091 shares of his electric car company, which are worth around $906.49 million, according to financial filings out late Monday.
- Musk also exercised options to buy 2.134 million shares of Tesla at the strike price of $6.24 per share granted to him via a 2012 compensation package.
- Musk, who is the wealthiest person in the world and who was just named Time magazine's 2021 Person of the Year, still has millions of stock options that he needs to exercise by August 2022."
On December 21, TeslaOracle reported: "4680 cell production line spotted at Giga Texas as Tesla prepares for the opening party in early 2022."
On December 22, Teslarati reported: "Tesla submits Gigafactory Berlin approval documents: Environment Ministry."
On December 23, Teslarati reported: Tesla agrees to purchase majority of battery-ready graphite from US facility." (Syrah Resources planned USA Vidalia facility)
On December 27, Tesmanian reported: "Tesla Giga Berlin battery manufacturing team gets to work as plant construction continues."
Elon Musk on Twitter: "Tesla will hold a Giga Texas grand opening party with factory tours for the community in early 2022"
Tesla Giga Berlin set to open soon in early 2022
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' is currently ranked the number 2 top-selling global electric car manufacturer with ~12.3% market share YTD (not updated), and 1st in Europe with 24% market share YTD.
On December 1, Reuters reported: "VW expects battery, raw material drive to cost up to $34 bln."
On December 8, Volkswagen Group reported: "Volkswagen enters into strategic partnerships for the industrialization of battery technology." Highlights include:
- "....Planned joint venture with Umicore to jointly produce key materials for battery cells.
- Investment in 24M secures access to innovative dry coating process in battery cell production.
- Long-term agreement with Vulcan Energy Resources Ltd. for supply of zero carbon lithium."
On December 9, Bloomberg Hyperdrive reported:
VW boosts future tech spending, enlarges management board.....The German company will invest 159 billion euros ($180 billion) in total in the next half decade, of which 89 billion euros are for technologies like software and electric cars......By 2026, about a quarter of all sales will be electric only, VW predicted.
On December 9, Volkswagen Group reported: "Planning Round 70: Volkswagen drives forward electrification of its European plants and presents its plan for transforming the Wolfsburg site." Highlights include:
- "In addition to Zwickau and Emden, more European sites to be electrified.
- Wolfsburg, the Group headquarters and a manufacturing site, will be transformed: partial production of the ID.3 from 2023 agreed; confirmation that Project Trinity will be implemented from 2026 onwards.
- At EUR 89 billion, investments in future areas will make up over half of total CAPEX for the first time......"
On December 13, Volkswagen Group reported: "Volkswagen Group creates European company for its battery business." Highlights include:
- "Bundling battery cell competencies: Volkswagen to make Salzgitter into its European battery hub.
- Group establishes European company for the management of its own battery activities and the setup of cell factories in Europe.
- Additional top international appointments: Ahn and Müller will take up leading roles in the field of battery cells.
- Gigafactory Salzgitter: Volkswagen Group investing around €2 billion in its own battery cell production for the volume segment starting in 2025.
- Vertical integration: New business models and partnerships along the value chain."
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 Group (includes Wuling share) is global number 3 with ~10.9% market share (not updated). SGMW (SAIC-GM-Wuling Automobile) is number 2 in China with 15% market share year-to-date. SAIC (excluding SGMW) is 4th with 6% market share.
On December 8, SAIC reported:
SAIC Motor.......Sales of new energy vehicles increased by 1.5 times.....The sales volume of SAIC Motor's NEVs stood at 640,000 vehicles in the first 11 months of the year, a year-on-year increase of 155.5 percent and still leading the industry in China. The annual sales volume of NEVs is expected to exceed 700,000 vehicles, including 147,000 NEVs from SAIC Motor Passenger Vehicle Company, as its middle- and high-end NEV models, including MG HS Hybrid, MG ZS EV, Roewe eRX5 and Ei6, have become its bread-and-butter models. The monthly sales volume of NEVs set a record of 82,000 vehicles in November....The overseas sales volume of MG has exceeded 310,000 vehicles this year, including 245,000 exported vehicles and 66,000 vehicles produced overseas. MG has sold 46,000 NEVs in the United Kingdom, France, Germany, Netherlands, Sweden, and other developed countries this year, becoming a leader among China's NEV makers in expanding into overseas markets.
On December 13, BAIC reported:
BAIC-Daimler deep long-term cooperation enters a new chapter. Beijing Automotive Group (hereinafter "BAIC Group") announces its overweight to 9.98% stake in Daimler AG (hereinafter "Daimler") since initial investment in 2019, so as to strengthen long-term strategic partnership, and demonstrate mutual success and prospect for future development. Meanwhile, Daimler holds a 9.55% stake in BAIC Motor listed in Hong Kong and a 2.46% stake in BAIC Bluepark, its A-shares listed company. This cross-shareholding will boost their sound development and long-run success in Chinese markets.
You can read my Trend Investing article: "SAIC Motor Looks To Be A Good Buy Near The 5 Year Low".
BYD is currently ranked the number 4 globally with 9% market share YTD. BYD is ranked number 1 in China with 18% market share YTD.
On December 2, Electrek reported: "Toyota partners with BYD to build affordable $30,000 electric car." See Toyota section below for more details.
On December 8, BYD reported: "TDS takes a major step forward in emission-free distribution with BYD ETM6 eTrucks....following the purchase of 10 BYD ETM6 pure-electric eTrucks....for the Netherlands. The vehicles will be used specifically for eco-friendly zero-emission delivery services of IKEA in Amsterdam.
Source: BYD website
On December 17, BYD reported: Nottinghamshire goes even greener following delivery of BYD ADL Enviro200EV Buses."
On December 27, China Daily reported:
EV industry benefiting from BYD's expertise......Ssangyong became BYD's latest partner, when the two signed a deal last week to develop battery packs for the South Korean carmaker......The batteries to be developed by the two companies will be installed on Ssangyong's U100 EV, which is expected to be mass-produced in 2023.
Stellantis N.V. (NYSE:STLA) (merger Fiat Chrysler Group (FCA) and the Peugeot Group (PSA)) Ferrari
Stellantis Group is currently ranked the number 5 in the global electric car manufacturer's sales with ~6% global market share (not updated). Stellantis is ranked 2nd in Europe with 13% market share YTD.
On December 7, Stellantis N.V. reported: "Stellantis targets ~€20 billion in incremental annual revenues by 2030 driven by software-enabled vehicles."
On December 7, Stellantis N.V. reported: "Stellantis, Foxconn partner to design and sell new flexible semiconductors for Automotive Industry." Highlights include:
- "Enables use of cutting-edge semiconductor technology across Stellantis' all-new STLA Brain architecture.
- Adoption and installation of products into Stellantis vehicles targeted by 2024.
- Partnership will help drive stability in Stellantis' global semiconductor supply chain."
On December 8, The Driven reported:
Peugeot to go all-electric in Europe by 2030.....as part of parent company Stellantis' larger transition away from internal combustion engine [ICE] models.......In July, Stellantis announced their plans to invest more than €30 billion through 2025 in electrification and software......Stellantis also revealed this week its software strategy and plans to deploy next-generation technology platforms with an aim to reach 34 million monetizable connected cars by 2030, with a majority of all new vehicles to be fully over-the-air updatable by 2024.
BMW (OTCPK:BMWYY), Mini, Rolls-Royce
BMW Group is currently ranked the number 6 global electric car manufacturer with 4.4% global market share. BMW Group is ranked 4th in Europe with 10% market share YTD.
On December 7, Reuters reported: "BMW hits 1 mln EV sales, targets 2 mln fully electric sales by 2025."
On December 13, Mercopress reported: "BMW signs deal to buy Argentine lithium...." from Livent.
On December 16, CNEV.post reported:
BMW aims to retain its glory in EV era with 'China First' strategy.....In 2022, BMW will present five all-electric models to Chinese customers, including the BMW iX, the BMW i4 and the all-electric BMW 3 Series produced in Shenyang. In addition, an all-electric flagship model will also be unveiled within the next year. By the end of 2023, the BMW Group will offer around 13 all-electric products in the Chinese market, it said.....By 2025, a quarter of BMW's sales in China will be purely electric vehicles.
Daimler-Mercedes is ranked number 7 globally with 3.6% market share. Daimler-Mercedes is ranked 3rd in Europe with 10% market share.
On December 2, Mercedes Blog reported:
Mercedes electric strategy: more than 60 billion euro investment between 2022-2026. Mercedes Supervisory Board has agreed on a business plan to invest more than 60 billion euros in 2022-2026 to speed up the transition to electric mobility. Mercedes Electric Strategy "Electric Only" is the most ambitious plan among premium car manufacturers.
Geely/Volvo is currently ranked number 8 in the global electric car manufacturer's sales ranking with 3.1% global market share.
On December 3, Volvo Cars reported:
Volvo Cars records 8.8 per cent sales growth in first eleven months, on track for full-year sales increase. The results also demonstrate the continued popularity of Volvo Cars' Recharge models, its line-up of cars with a fully electric or plug-in hybrid powertrain. November saw the start of retail deliveries of the new pure electric C40 Recharge model and in Europe, over half of all new Volvo cars sold in November were Recharge models. The global Recharge share was a third of total sales last month.
On December 6, Geely Automobile Holdings Ltd. reported:
Geely Automobile Holdings Limited total sales volume for November 2021 was 135,869 units total sales volume down 10% YOY. Save as the sales volume disclosed above, during the first eleven months of 2021, the shipping volume of the Group's exports of LYNK & CO-branded vehicles, namely "01 HEV" and "01 PHEV" to the European market was 10,702 units......
On December 10, Volvo Cars reported:
Volvo Cars and Northvolt to open Gothenburg R&D centre as part of SEK 30bn investment in battery development and manufacturing.
Hyundai is currently ranked number 11 in the global electric car manufacturer's sales ranking, with 2.5% market share. Kia is ranked number 10 with 2.6% market share.
On December 1, Kia reported: "Kia announces November 2021 global sales results." Highlights include:
"....Kia to create sales momentum through competitive new models including the EV6 battery electric vehicle....."
On December 1, Hyundai reported: "Hyundai Motor America reports November 2021 sales. Hybrid, plug-in hybrid, electric and fuel cell vehicle total sales up 165%."
On December 15, Hyundai reported: "Hyundai delivers first IONIQ 5 to EV enthusiast."
On December 15, Kia reported: "Kia announces 310-mile EPA-certified range for all-new EV6."
The 2022 Kia EV6
Source: Kia website
On December 28, Electrek reported:
Hyundai shuts down its engine development team amid focus on electric cars.....Hyundai reportedly had 12,000 people working on engines, but they are now being transferred to EV powertrain development.
Renault is currently ranked the number 12 in the global electric car manufacturer's sales ranking with 2.1% market share.
On December 3, Renault Group reported: "A hackathon to decarbonise Renault Group plants."
On December 14, Renault Group reported: "Renault Group signs-off on a three-year trade union agreement that places France at the heart of its value-creating activities."
On December 20, Mitsubishi Motors reported: "Mitsubishi Motors to reveal two concept cars at Tokyo Auto Salon 2022 - The Kei EV concept and the Ralliart concept car."
GWM is currently ranked number 13 in the global electric car manufacturer's sales ranking with 2.1% market share.
On December 15, Great Wall Motor reported:
GWM......Future plan of electric product lineup - the first electric model will soon be revealed in Australia. Under the overwhelming wave of electrification, as one of the important areas of Great Wall Motor's global strategic map, the Australian market has laid out the lineup of electrified products prospectively, and started the "fully charged" journey of electrification. In 2022, the first batch of electric models will be launched in Australia, including the pure electric brand ORA, the hybrid 3rd Gen HAVAL H6 and HAVAL JOLION. Among them, the hybrid 3rd Gen HAVAL H6 has gained a high degree of attention before its launching. At present, it has obtained more than one thousand intent orders, and many vehicle owners have expressed their expectation for hybrid models.
Toyota (NYSE:TM)/ Lexus
Toyota is currently ranked number 16 in the global electric car manufacturer's sales ranking with 2.0% market share.
On December 2, Electrek reported:
Toyota partners with BYD to build affordable $30,000 electric car. Toyota has reportedly partnered with China's BYD to build a new affordable electric car to launch next year...... "Toyota Motor Corp will launch an all-electric small sedan in China late next year, having turned to local partner BYD for key technology to finally make an affordable yet roomy runaround, four sources told Reuters." The electric vehicle is reportedly going to be powered by BYD's blade battery cells with LFP chemistry.
On December 7, Reuters reported:
Toyota to build new $1.3 bln battery plant in North Carolina......The new plant, at a site in Liberty that will begin production in 2025, will initially be capable of supplying lithium-ion batteries for 800,000 vehicles annually, and will "pave the way" for Toyota's U.S. production of electric vehicles......Toyota said the North Carolina plant plans to eventually expand to at least six production lines for up to 1.2 million batteries annually......The funds are part of the $13.5 billion Toyota announced in September it planned to spend globally by 2030 to develop batteries.
On December 14, Reuters reported:
Toyota to invest $35 billion into battery-powered EVs and roll out 30 models by 2030. It aims to increase global sales of battery electric vehicles by 3.5 million units a year by 2030.
Ford is currently ranked number 17 in the global electric car manufacturer's sales ranking with 1.8% market share.
On December 4, Reuters reported: "Ford aims to be world's #2 electric vehicle maker within two years - COO."
On December 9, CNBC reported:
Ford CEO says automaker needs EV batteries more than semiconductor chips as electric F-150 reservations hit 200,000 units. His comments come after the Detroit automaker shut down customer reservations for an upcoming electric version of the F-150 after they hit 200,000 units, which is more than double Ford's annual production capacity for the vehicle......There's worry by some Wall Street analysts that demand for EVs will exceed the expected supply of critical materials such as lithium, creating a problem for automakers to produce the vehicles.
On December 11, Reuters reported:
Ford expects to triple electric Mustang output by 2023. Ford Motor Co expects to triple the output of its all-electric Mustang Mach-E SUV to over 200,000 units per year by 2023. "It's hard to produce Mustang Mach-Es fast enough to meet the incredible demand, but we are sure going to try." Farley added.
On December 28, Teslarati reported: "Ford completes first deliveries of Mustang Mach-E in China....."
NIO Inc. (NIO)
NIO is currently ranked number 19 in the global electric car manufacturer's sales ranking with 1.5% market share.
On December 1, NIO Inc. reported: "NIO Inc. provides November 2021 delivery update." Highlights include:
- "NIO delivered 10,878 vehicles in November 2021, increasing by 105.6% year-over-year.
- NIO delivered 80,940 vehicles year-to-date in 2021 in total, increasing by 120.4% year-over-year.
- Cumulative deliveries of the ES8, ES6 and EC6 as of November 30, 2021, reached 156,581."
On December 18, CNBC reported:
Chinese electric car start-up Nio reveals a new sedan, augmented reality glasses.....the ET5, is set to begin deliveries in September 2022. Li also announced custom augmented reality glasses for the car that are made by Nreal, a Chinese start-up backed by Nio's investing arm. On the global front, Nio plans to enter Germany and three other countries in Europe next year, Li said.
NIO's new sedan the ET5 to begin deliveries in September 2022
Source: NIO website
XPeng Inc. (Xiaopeng Motors) (XPEV) [HK:9868]
XPeng is currently ranked number 20 in the global electric car manufacturer's sales ranking with 1.5% market share.
On December 1, XPeng Inc. reported: "XPeng announces vehicle delivery results for November 2021." Highlights include:
- "15,613 vehicles delivered in November 2021, a 270% increase year-over-year.
- 7,839 P7s delivered in November 2021, a 187% increase year-over-year.
- 82,155 total vehicles delivered year-to-date, a 285% increase year-over-year.
- Cumulative deliveries reached 121,953 as of the end of November 2021."
You can read my rend Investing article on XPeng Motors here.
Li Auto (LI)
On November 29, Li Auto reported: "Li Auto Inc. announces unaudited third quarter 2021 financial results." Highlights include:
- "Quarterly total revenues reached RMB7.78 billion (US$1.21 billion)1.
- Quarterly deliveries reached 25,116 vehicles.
- Quarterly gross margin reached 23.3%."
On December 1, Li Auto reported:
Li Auto Inc. November 2021 delivery update.... delivered 13,485 Li ONEs in November 2021, representing a 190.2% year-over-year increase. Total deliveries for the eleven months ended November 30, 2021, reached 76,404, taking cumulative deliveries to 110,001.
General Motors/Chevrolet (NYSE:GM)
On December 1, General Motors reported: "GM and POSCO chemical will build a new North America factory to process cathode active material for ultium batteries." Highlights include:
- "Joint venture will help scale battery cell production as GM targets U.S. EV leadership.
- GM is launching more than 30 EVs globally by 2025, including the GMC HUMMER EV, the Cadillac LYRIQ and the Chevrolet Silverado EV."
On December 7, General Motors reported: "GM to invest more than $51 million at Bedford aluminum casting facility for Chevrolet Silverado EV Drive unit castings."
On December 9, General Motors reported: "General Motors and Vacuumschmelze [VAC] announce plans to build a new magnet factory in the U.S. to support EV growth."
On December 11, Bloomberg reported:
General Motors plans $4 billion for EVs at Michigan plants. GM and LG Chem plan to open battery plant by the end of 2025.
On December 17, General Motors reported:
BrightDrop Delivers 1st All-Electric EV600 Vehicles to FedEx. FedEx and BrightDrop reach major milestone in effort to electrify last-mile deliveries. Today, BrightDrop delivered the first five of 500 electric light commercial vehicles to FedEx, the first customer to the receive the EV600s, which are the fastest built vehicles, from concept to market, in General Motors history.
On December 17, General Motors reported:
GM's Transition to an all-electric future begins with an off-road supertruck and commercial delivery EV, both powered by ultium platform. Delivery of the 1st BrightDrop EV600s and GMC HUMMER EV Pickup highlights the versatility of GM's flexible Ultium Platform.
On December 20, Teslarati reported:
GM Bolt EV, EUV production shutdown extends to end of February. "GM has notified employees at Orion Assembly the plant will extend downtime through February 2022 to continue prioritizing recall repairs. We will continue to inform employees at the appropriate time of any additional production schedule adjustments as we continue to focus on battery module replacements," Flores said.
Rivian Automotive (RIVN)
On December 13, Teslarati reported: "Rivian R1T crowned MotorTrend's 2022 Truck of the Year."
On December 16, Rivian Automotive reported:
Rivian to site second manufacturing plant in Georgia. Rivian will expand its manufacturing operations, locating its second U.S. plant in the state of Georgia. A carbon-conscious campus is planned east of Atlanta, in Morgan and Walton Counties. The project represents a $5-billion site development and manufacturing investment.
On December 29, Reuters reported:
Rivian delays deliveries of pickup, SUV with big battery packs to 2023. Rivian Automotive Inc [RIVN.O] will delay deliveries of its electric pickup truck and sports utility vehicle with big battery packs to 2023, Chief Executive RJ Scaringe said in a mail to customers on Tuesday. Scaringe said majority of Rivian's roughly 71,000 preorders for its R1T pickup truck and R1S SUV in the United States and Canada were for a version of the vehicles with a small battery pack option, which provides 314 miles of range on one charge.
Lucid Group (LCID)
On December 10, Lucid Group reported: "Lucid Group, Inc. prices $1,750,000,000 convertible senior notes offering."
On December 13, Lucid Group reported: "Lucid Group joins the Nasdaq-100 Index."
On December 20, Lucid Group reported:
Lucid Group, Inc. announces full exercise of convertible notes greenshoe, raising an aggregate total in excess of $2 billion USD; Equity shares begin trading today as part of Nasdaq-100 Index®.
On December 2, Electrek reported:
Polestar publicly reveals Polestar 5, shares three-year plan for two additional EV models. During a live event at the Classic Car Club in Manhattan, Polestar has shared its three-year business plan that includes the launch of three new EVs, including two SUVs and the Polestar 5 sports sedan. Furthermore, the Swedish automaker shared its 2021 revenue, alongside promising sales projections for 2025.
Polestar 5 to be based on the popular Polestar Precept concept electric car. A performance 4-door GT, set to be launched in 2024
Tata Motors (TTM) group (Jaguar, Land Rover)
On December 3, Tata Motors reported: "Tata Motors delivers 60 Ultra Urban 9/9 electric buses to Ahmedabad Janmarg Limited."
GreenPower Motor Company Inc. [TSXV:GPV] (GP)
On December 10, GreenPower Motor Company Inc. announced:
GreenPower announces grant of stock options. GreenPower Motor Company Inc. [Nasdaq: GP] [TSXV: GPV] (the "Company") announces that the Company has granted an aggregate of 350,000 incentive stock options to the Directors and Officers of the Company, 278,000 stock options to employees of the Company and 65,000 stock options to consultants.
Investors can also read my Trend Investing article on GreenPower here.
Workhorse Group Inc. (WKHS)
No significant news for the month.
Electric Last Mile Solutions Inc. ("ELMS") (ELMS)
On December 1, ELMS reported: "Zeeba Selects ELMS for its first order of commercial electric vehicles." Highlights include:
- "ELMS finalizes initial Zeeba purchase order for 50 all-electric Urban Delivery vans, with Zeeba's intent to purchase hundreds more in 2022.
- Zeeba, a market leader in van rentals, plans to add 2,500 all-electric vans by end of 2023."
On December 22, ELMS reported: "Glovis chooses ELMS Urban delivery for operations, plans urban utility pilot."
Lion Electric (LEV)
On December 14, Lion Electric reported:
Lion Electric receives conditional purchase order from Langs Bus Lines for 200 electric school buses.....with deliveries to begin gradually in 2022, through 2026.
Near term potential EV producing companies
Faraday Future Intelligent Electric Inc. (FFIE)
On December 14, Faraday Future reported:
Faraday Future reaches production milestone #3 with the start of construction for all remaining production areas at Hanford Plant. FF production of the FF 91 vehicles stays on-schedule ahead of targeted July 2022 start of production ("SOP").
Lordstown Motors (RIDE)
No significant news for the month.
On December 6, Arrival reported: "Arrival announces High Voltage Battery Module assembly plant in Charlotte, N.C.."
On December 16, Arrival reported: "Arrival reveals its first Electric Car designed to transform the global ride-hailing industry." Highlights include:
- "Arrival Car designed in partnership with Uber drivers to create the best possible experience for ride-hailing.
- First prototype finished on schedule and ready for testing in the new year."
Arrival reveals its first electric car designed to transform the global ride-hailing industry
On December 28, Arrival reported: "Arrival begins proving ground trials of its electric Bus." Highlights include:
- "Arrival has started proving ground trials on schedule in Q4 2021.
- The vehicles are going through extensive testing, ahead of certification and public roads trials next year as planned."
Hyliion Holdings (HYLN)
No news for the month.
Fisker Inc. (FSR)
On December 15, Fisker Inc. reported: "Fisker Inc. commits to United Nations global compact and will pursue sustainable development goals."
On December 21, Fisker Inc. reported: "Fisker to partner with Bridgestone for Electric Vehicle Services and Solutions in France and Germany."
You can read my Trend Investing article on Fisker Inc. here.
Nikola Corporation (NKLA)
On December 17, Nikola Corporation reported:
Nikola delivers first Nikola Tre Battery-Electric trucks to Total Transportation Services Inc.. California port drayage company has letter of intent for 100 trucks from Nikola for their zero-emission fleet.
On December 22, Nikola Corporation reported:
Heniff Transportation signs LOI with the intent to purchase 100 Zero-Emission Trucks from Thompson Truck Center and Nikola. Agreement includes an initial purchase or long-term lease of 10 battery-electric trucks.
Canoo Inc. (GOEV)
On December 15, Canoo Inc. reported:
Canoo & VDL Groep explore partnership that will Exclude VDL Nedcar. Canoo confirms manufacturing for 2022 and 2023 in its U.S. Facilities....
On December 15, Canoo Inc. reported:
Canoo increases production guidance and targets for US facilities.....2022 guidance: 3,000-6,000 from 500-1,000 Units. 2023 guidance: 14,000 - 17,000 from 15,000 Units. 2024 target: 40,000 - 50,000 Units. 2025 target: 70,000 - 80,000 Units.
Proterra (PTRA)/ArcLight Clean Transition Corp. (ACTC)
On December 9, Proterra reported:
Proterra announces leadership succession plan. Gareth Joyce to succeed Jack Allen as Chief Executive Officer, effective January 1, 2022; Jack Allen to Transition to Non-Executive Chairman of the Board
On December 14, Proterra reported: "Proterra announces EV Battery Factory in South Carolina as demand for commercial electric vehicles grows."
Mahindra & Mahindra (OTC:MAHDY)
On December 8, Mahindra & Mahindra reported:
Jio-bp and Mahindra Group sign MoU for EV and low-carbon solutions. Reliance BP Mobility Limited [RBML], operating under the brand name Jio-bp and The Mahindra Group, today announced a non-binding MoU for exploring the creation of EV products and services, alongside identifying synergies in low-carbon and conventional fuels.
On December 28, The Economics Times reported:
Mahindra Electric aims to double production capacity, to add half a dozen models. The company is likely to close FY22 with the volumes of about 14,000 to 15,000 EVs, which could potentially double in FY23 provided semiconductor challenges do not aggravate.....
EV fleet purchasing & financing
Ideanomics Inc. (IDEX)
On December 7, Ideanomics Inc. reported: "Solectrac, an Ideanomics company, named a top-10 product winner at 2022 World Ag Expo."
On December 22, Ideanomics Inc. reported:
US Hybrid receives $5.5million purchase order from Global Environmental Products to electrify street sweepers for California and other state fleets. US Hybrid and GEP have been working together since 2009 and have deployed first-of-their-kind, fully electric street sweepers across the US and Japan.
Three-wheel EV companies
Arcimoto Inc. (FUV)
On December 7, Globe Newswire reported:
Arcimoto and Tropical Tours and Adventures to introduce FUVs to Turks and Caicos Islands for Beachside Rentals. Pure-electric Fun Utility Vehicles will be available to rent in Providenciales in Q1 2022.
You can read my Arcimoto CEO interview here.
ElectraMeccanica Vehicles Corp. (SOLO)
On December 6, ElectraMeccanica Vehicles Corp. reported:
ElectraMeccanica SOLO EV sales update......delivering 42 SOLO EV vehicles as of November 30th.....In addition to delivering SOLO EVs to reservation holders and fleets, over 900 individuals enjoyed test drives at the LA Auto Show, exceeding our expectations. DRIVE SOLO!".
On December 13, ElectraMeccanica Vehicles Corp. reported: "American-Made 2023 ElectraMeccanica SOLO EV now undergoing validation testing."
On December 16, ElectraMeccanica Vehicles Corp. reported:
ElectraMeccanica provides update on Mesa Assembly Facility. The facility in Mesa, Arizona is the Company's new 235,000 square foot U.S. assembly and engineering technical center, which is on-track and scheduled to be commissioned in the summer of 2022 with the purpose of assembling an enhanced, U.S-built 2023 model year SOLO EV. The first flex line at the facility will have the ability to produce up to 20,000 vehicles per year - by Americans for Americans - enables domestic assembly operations within the U.S. and European target market.
On December 20, ElectraMeccanica Vehicles Corp. reported: "ElectraMeccanica to showcase next generation of eco-friendly SOLOs for Driver-Centric Mobility at CES 2022."
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 21.76. 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 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 Envirotech Vehicles (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), Guangzhou Automobile Group Co., Honda [TYO:7267] (HMC) (OTCPK:HNDAF), Mazda (OTCPK:MZDAY), Niu Technologies (NIU), Qiantu Motor, Sono Group N.V (SEV), 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, Netherlands, Denmark, Germany, Sweden, Iceland, Greece, Ireland, Israel, Europe (2030); Scotland (2032); Hong Kong (2030-40); Japan, Canada (2035); France, Spain, Egypt, Taiwan, Singapore, India, New Zealand and Poland (2040).
- Rome (2024); Athens, Paris, London, Stuttgart, Mexico City, Madrid (2025); Amsterdam, Brussels, Hainan (2030); California, New York, Quebec Province (2035); Sao Paolo, Seoul (2040).
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 December 21 AI Business reported: "Top 10 autonomous vehicle stories of 2021." The number 1 story was "Toyota acquires Lyft's self-driving unit for $550M."
BNEF 2020 forecasts by fleet type
Source: Bloomberg New Energy Finance [BNEF] 2020 EV report
November 2021 global electric car sales were up 72% YoY and reached 11.5% global market share; 19% share in China, 26% in Europe, and no figures for the USA.
Highlights for the month were:
- New energy vehicles in China to get USD 6 Bn subsidy in 2022.
- China clean car sales spike as consumers embrace electric.
- Nomura Real Estate tries to attract EV drivers with new Condo with charging facilities for every condo plus visitors.
- Vietnam car company Vingroup starts work on $174 mln EV battery plant.
- Archer celebrates the first flight of its Maker eVTOL.
- U.S. sets a 55-mile-a-gallon fuel-efficiency standard for 2026 models.
- EqualOcean: "2022 will be another thriving year for Chinese EV stocks."
- Japan launches the world's first all-electric zero-emission tanker.
- Tesla could deliver 1.5M cars in 2022, with 2021 start of production at Giga Texas & Berlin.
- VW expects battery, raw material drive to cost up to $34b. VW boosts future tech spending; by 2026, 25% of their cars will be electric only.
- SAIC monthly sales volume of NEVs set a record of 82,000 vehicles in November. Overseas expansion is gaining momentum boosted by MG.
- Stellantis, Foxconn partner to design and sell new flexible semiconductors for Automotive Industry.
- BMW hits 1 mln EV sales, targets 2 mln fully electric sales by 2025. By 2025, a quarter of BMW's sales in China will be purely electric vehicles.
- Mercedes electric strategy: more than 60 billion euro investment between 2022-2026.
- Hyundai shuts down its engine development team amid focus on electric cars.
- Peugeot to go all-electric in Europe by 2030.
- Toyota partners with BYD to build affordable $30,000 electric car. Toyota to build new $1.3 bln battery plant in North Carolina. Toyota to invest $35 billion into battery-powered EVs and roll out 30 models by 2030.
- Ford aims to be world's #2 electric vehicle maker within two years - COO. Ford expects to triple electric Mustang Mach-E output by 2023.
- Chinese electric car start-up NIO reveals a new sedan the ET5 and augmented reality glasses for the car.
- GM plans $4 billion for EVs at Michigan plants. GM and LG Chem plan to open battery plant by the end of 2025. GM is launching more than 30 EVs globally by 2025.
- Rivian R1T crowned MotorTrend's 2022 Truck of the Year.
- Lucid Group joins the Nasdaq-100 Index.
- Polestar releases the Polestar 5 based on the popular Polestar Precept concept electric car. A performance 4-door GT, to launch in 2024.
- Lion Electric receives conditional purchase order from Langs Bus Lines for 200 electric school buses.
- Arrival reveals its first Electric Car designed to transform the global ride-hailing industry.
- Nikola Corp.: Heniff Transportation signs LOI with the intent to purchase 100 Zero-Emission Trucks from Thompson Truck Center and Nikola.
- Mahindra Electric aims to double production capacity, to add half a dozen models.
As usual, all comments are welcome.
If you want to sign up for Trend Investing for my best investing ideas, latest trends, exclusive CEO interviews, chat room access....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.
Latest TI articles:
This article was written by
The Trend Investing group includes qualified financial personnel with a Graduate Diploma in Applied Finance and Investment and well over 20 years of professional experience in financial markets. They search the globe for great investments with a focus on trending and emerging themes. The current focus is on electric vehicles, the EV metals supply chain, stationary energy storage and AI.
They lead the investing group of the same brand name, Trend Investing. Features of the service include: Access to the Trend Investing portfolio, 7 monthly news updates, a monthly macro trends update, stock watchlist, CEO interviews, and direct access to the community and group leaders in chat.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of TESLA (TSLA), BYD CO (HK:1211), XPENG [HKG:9868], FISKER (FSR), GREENPOWER MOTOR [TSXV:GPV], SAIC MOTOR, BATT, VERTICAL AEROSPACE (EVTL) VIA BROADSTONE ACQUISITION (BSN), LILIUM N.V. (LILM) 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.