EV Company News For The Month Of April 2022


  • Global electric car sales March 2022 - Up 60% YoY reaching 15% share. China sales up 118% YoY to 26% share. Europe sales were up 10% YoY to 22% share.
  • EV market news - Biden invokes Defense Production Act to boost EV battery production. Electric car sales soar despite ballooning battery costs.
  • EV company news - BYD discontinues production of fuel vehicles as it shifts entirely to NEVs. Tesla opens Texas Gigafactory. Ford celebrates as production begins for F-150 Lightning trucks.
  • 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 »

Electric cars charging at a charging station. 3d rendering

Дмитрий Ларичев/iStock via Getty Images

Welcome to the April 2022 edition of Electric Vehicle [EV] company news. April saw some supply chain disruptions and factory shutdowns in China (due to COVID-19). Despite this, EV sales continue to soar at near record level sales in China, Europe, and USA. Most interesting is that both China (26%) and Europe (22%) plugin electric car market share is now comfortably over 20% based on March 2022 sales. Getting adequate supply of batteries (due to shortages of EV metals) is becoming a large and growing concern for all EV manufacturers.

Global Electric Car Sales As Of End March 2022

Global electric car sales finished March 2022 with 851,000 sales for the month (2nd best month ever), up 60% on March 2021, with market share of 15% for March 2022, and 11% YTD.

Note: 72% of electric car sales YTD were 100% battery electric vehicles (BEVs), the balance being hybrids.

China electric car sales were 458,000 in March 2022 representing the 2nd best monthly result ever, up 118% on March 2021 sales. Electric car market share in China for March was an impressive 26%, and 21% YTD.

Europe electric car sales were 250,000 in March 2022 (2nd best month ever), up 10% YoY, reaching 22% market share and 21% YTD. Norway reached 92% share, Sweden 56%, Germany 26%, UK 23%, and France 21.4% in March 2022.

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 charts below.

Global Plugin Electric Car Sales By Brand For March 2022

Global plugin electric car sales by brand for March 2022


Global Plugin Electric Car Sales By Brand YTD In 2022

Global plugin electric car sales by brand YTD in 2022


Top 100% Electric Car Sales YTD By Auto Group

Top electric car sales YTD by auto group


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. It now looks like electric car sales already took off in 2021 with ~6.5m sales and 9% market share.

Global EV sales forecast


Bloomberg 2022 global EV slaes forecast by drivetrain

Bloomberg Hyperdrive

Bloomberg's forecast 2022 EV sales by region

Bloomberg Hyperdrive

EV Market News

On March 31, Seeking Alpha reported:

Biden invokes Defense Production Act to boost EV battery production...the Biden administration officially said Thursday it will use the Defense Production Act to boost domestic production of critical materials for batteries needed to power electric vehicles and the transition to renewable energy. The decision adds lithium, nickel, cobalt, graphite and manganese to a list of covered items, which could help mining companies access $750M under the Act's Title III fund.

On April 9, Reuters reported:

Canadian miners cheer Ottawa's critical minerals budget plan. Canadian miners say Ottawa's plan to spend C$3.8 billion ($3.02 billion) to boost domestic production of lithium, copper and other strategic minerals should help propel the country's efforts to become a key part of the global electric vehicle supply chain.

On April 19, Business Insider reported:

Rivian CEO warns the looming EV battery shortage will make the chip shortage feel like 'a small appetizer' for what's to come...Elon Musk has repeatedly warned battery supplies could impact electric car production...Now, automakers looking to branch out into electric cars could face a critical shortage of EV batteries, as well as the metals required to produce the roughly 1,000 pound lithium-ion batteries. "Put very simply, all the world's cell production combined represents well under 10% of what we will need in 10 years," Scaringe said, according to The Journal. "Meaning, 90% to 95% of the supply chain does not exist," he added.

On April 20, Seeking Alpha reported: "COVID impact on China auto industry to continue into May, resulting in 20-40% production loss."

On April 20, Reuters reported:

Analysis: Soaring battery costs fail to cool electric vehicle sales...This year, EV demand has stayed strong even as the average cost of lithium-ion battery cells soared to an estimated $160 per kilowatt-hour in the first quarter from $105 last year. Costs rose due to supply chain disruptions, sanctions on Russian metals and investor speculation.

On April 25, eVTOL reported:

Vertical Aerospace expects concurrent type certification in UK and Europe. U.K.-based Vertical Aerospace said it expects to launch aerial ridesharing services with its four-passenger eVTOL aircraft in the U.K. and Europe in 2025. The company recently announced that the European Union Aviation Safety Agency (EASA) has agreed to concurrently validate the type certification that Vertical expects to receive from the U.K. Civil Aviation Authority [CAA]. To ensure its aircraft meets regulations from both authorities, the company has appointed Trevor Woods, the former certification director at EASA, to act as the eVTOL developer’s director of regulatory affairs.

On April 25, CleanTechnica reported:

15 European countries have 15%+ plugin vehicle sales. There are 12 European countries that have 10% or more of new-car buyers buying full electric vehicles (BEVs). China also passed those milestones in 2021 (15% plugin vehicle share and 12% BEV share).

On May 1, CleanTechnica reported:

Electric car sales soar despite ballooning battery costs...According to estimates from EV-Volumes.com, global EV sales soared by nearly 120% in the first quarter of this year. Tesla delivered a record 310,000 EVs in the first quarter, despite the fact that the company implemented several price increases in 2021, and another in March 2022...Reuters reports that Chinese automakers Nio, XPeng, and Li Auto all sold record numbers of EVs in March.

EV Company News

Tesla Inc. (NASDAQ:TSLA)

Tesla is currently ranked the number 1 globally YTD with 15.5% global market share. Tesla is number 3 in China with 9.6% market share in 2022. Tesla is ranked 5th in Europe with 10.2% YTD share, due to a slow January. Tesla is still the number 1 electric car seller in the US by far.

On April 8, Nikkei Asia reported:

Tesla opens Texas Gigafactory as China factory stays shut. Austin plant follows Berlin factory as EV maker works to increase deliveries by 50%...The company produced 305,407 vehicles from January to March, down from 305,840 the previous quarter. "This was an *exceptionally* difficult quarter due to supply chain interruptions & China zero Covid policy," Musk tweeted on April 2.

Tesla opened Giga Texas in Austin on April 7 with a cyber rodeo party

Tesla opened Giga Texas in Austin on April 7 with a cyber rodeo party


Tesla opened Giga Texas in Austin on April 7


On April 8, Bloomberg Hyperdrive reported:

Teslas are a popular choice for fleets, from Hertz to NYPD... From Hertz Global Holdings Inc. to taxi operators to the New York City Police Department, Teslas are becoming a popular -- if unexpected -- choice for bulk buyers due in part to their favorable economics. Tesla is by far the most popular brand on an app operated by Standard Fleet, a San Francisco-based startup helping companies manage EV fleets...“In concept, Teslas are more expensive but the payback is coming faster than people expect,”...“There are lower fuel and maintenance costs. We’re talking high tens of thousands of miles to break even and not 100K miles.”

On April 10, Seeking Alpha reported:

Tesla bull Ron Baron expects to make 3x-5x on his investment in 10 years... “I think we’re going to make three, four, five times our money on Tesla from here,” Baron said in a CNBC interview on Thursday...“I think for Tesla this is the very beginning of what they’re doing," Baron said.

On April 18, Seeking Alpha reported: "Cathie Wood projects Tesla to hit $4,600 per share by 2026."

On April 20, Seeking Alpha reported:

Tesla bulls tout lofty long-term price targets...In a report released Sunday by the Texas-based hedge fund Worm Capital, Tesla should easily grow to justify its high multiple and will soon “dominate the S&P 500.”... “Our multi-year research effort into Tesla’s manufacturing capabilities and supply chain integrations suggest that Tesla is more than 6 years ahead of any competitor. This lead is expanding.”...“We believe Tesla shares could offer a 10x return by 2030 – and potentially much more,” the team concluded.

On April 20, Seeking Alpha reported:

Tesla results: Elon Musk's EV maker beats on earnings and revenue. Tesla press release: Q1 Non-GAAP EPS of $3.22 beats by $0.95. Revenue of $18.76B (+80.6% Y/Y) beats by $920M...Automotive gross margin of 32.9% vs. +26.5% in 1Q21. Capex of $1.77B vs. $1.35B in 1Q21.FCF of $2.23B vs. $293B in 1Q21.

Tesla's Key Financial Metrics Continue To Get Better And Better

Tesla Q1, 20022 update


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 most recent Tesla article on Trend Investing - "A Brief Update On Tesla And What Is A Fair Valuation Today Plus My PTs For The Years Ahead."


BYD is currently ranked the number 2 globally with 14.3% market share YTD. BYD is ranked number 1 in China with 25.3% market share in March 2022.

On April 3, CNEVPOST reported: "BYD discontinues production of fuel vehicles as it shifts entirely to NEVs."

On April 4, Seeking Alpha reported:

China's BYD Company posts strong month of EV deliveries; ends combustion engine cars to focus on electric...Chinese automaker BYD Company says it sold more 104,878 new energy vehicles in March up 333% Y/Y (including 104,338 passenger cars, and 540 commercial vehicles) and up 18.8 percent from 88,283 units in February.

On April 4, Paultan.org reported: "BYD Seal EV – China’s Tesla Model 3 rival with 800V architecture, up to 700 km range, 530 hp, 0-100 in 3.8 s."

On April 21, Carsguide reported:

BYD and other Chinese electric car brands to boost EV uptake in Australia, but better supply from other global manufacturers would help: EV Council.

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)

SGMW (SAIC-GM-Wuling Automobile) is number 3 globally with 8.5% (not updated this month) market share year to date. SAIC/GM/Wulin JV (SGMW) is 2nd in China with 10.2% share in March 2022.

On April 8, GM Authority reported:

GM’s all-new Wuling MINI EV GameBoy Edition now on sale in China. After first revealing the all-new Wuling MINI EV GameBoy Edition in early March, SAIC-GM-Wuling has just released the new edition of Wuling‘s successful all-electric minicar in China...

Volkswagen Group [Xetra:VOW](OTCPK:VWAGY) (OTCPK:VLKAF)/ Audi (OTCPK:AUDVF)/ Lamborghini/ Porsche (OTCPK:POAHF)/ Skoda/ Bentley

'Volkswagen Group' is currently ranked the number 4 top-selling global electric car manufacturer with 8.3% (not updated this month) market share YTD, and 1st in Europe with 17.5% market share YTD.

On April 11, Autocar reported:

Bentley Mulsanne to be reborn as super-luxury electric GT. New flagship will be a high-priced, sporty model with next-gen EV tech. An all-new Bentley Mulsanne is due to arrive before the end of the decade, kick-starting the firm's radical electric era. The new flagship model will be part of Bentley's recently announced five-in-five strategy, in which it will launch five electric models between 2025 and 2030.

On April 14, Volkswagen Group reported: "Volkswagen Group deliveries of all-electric vehicles up by 65 percent in the first quarter." Highlights include:

  • "Despite supply bottlenecks for semiconductors and wire harnesses, 99,100 all-electric vehicles (BEVs) have been delivered by the end of March (Q1 2021: 60,000).
  • Strong demand: BEV order bank rises to around 300,000 vehicles in Western Europe alone.
  • BEV deliveries in China increase more than four-fold to 28,800 units (Q1 2021: 6,200)..."

On April 26, Bentley reported: "Bentley seeks extraordinary engineers to accelerate path to full electrification."

On April 28, Volkswagen Group reported:

Volkswagen Group and bp launch strategic partnership to rapidly rollout EV fast charging in Europe...Partnership could lead to up to 8,000 new charge points across Germany, UK and other European countries by end 2024.

Geely Automobile Holdings Ltd (OTCPK:GELYY, HK:0175), Volvo Cars, Kandi Technologies Group (NASDAQ:KNDI), Proton, Lotus,

Geely/Volvo is currently ranked number 5 in the global electric car manufacturer's sales ranking with ~5.5% global market share.

On March 30, Lotus reported:

Lotus Eletre – the world’s first hyper-SUV EV – is revealed in London. The Eletre is an all-new and all-electric Hyper SUV, a striking and progressive addition to the Lotus range, and the first of a new breed of pure electric SUVs. It takes the core principles and Lotus DNA from more than 70 years of sports car design and engineering, evolving them into a desirable all-new lifestyle car for the next generation of Lotus customers.

The Lotus Eletre World Premiere In London

The Lotus Eletre world premiere in London


On April 4, Volvo Cars reported:

Volvo Cars reports sales of 58,667 cars in March, share of electrified cars increased to 36%. In March, sales of Volvo Cars’ Recharge models made up 35.5 per cent of all Volvo cars sold globally during the month. Sales of fully electric cars made up 9.0 per cent of total sales. In the first quarter, Recharge sales made up 33.6 per cent of total sales, while fully electric cars made up 7.9 per cent.

On April 7, Reuters reported: "Japan start-up to offer fleet service using China's Geely EVs."

On April 19, Volvo Cars reported:

Volvo Cars Tech Fund invests in battery technology pioneers StoreDot. Volvo Cars has made an investment in StoreDot, an Israeli company developing extreme-fast charging battery technology for electric cars, through the Volvo Cars Tech Fund, its venture capital arm.

Hyundai (OTC:HYMTF), Kia (OTC:KIMTF)

Hyundai-Kia Group is currently ranked number 6 in the global electric car manufacturer's sales ranking with 5.4% market share. Hyundai-Kia Group is ranked 3rd in Europe with 11.3% market share YTD.

On April 1, Hyundai reported:

Hyundai Motor America reports record-breaking Q1 2022 retail sales...Electrified vehicle retail sales increased 241% in Q1. Total Q1 sales declined 4%.

On April 1, Kia reported:

Kia announces March 2022 global sales results. Kia to continue creating sales momentum and enhancing profitability through new models, such as the all-new Niro and Kia EV6.

On April 13, Hyundai reported: "Hyundai IONIQ 5 sweeps World Car of the Year, World Electric Vehicle of the Year and World Car Design of the Year."

On April 25, Hyundai reported: "Hyundai Motor Group affiliates join Climate Group's RE100, aiming to expand renewables usage."

On April 26, Top Electric SUV reported:

Kia began the second phase of its electrification strategy by introducing the Kia EV6, its first ‘born EV’ in 2021. Many more dedicated Kia electric car models are coming by 2027, including a flagship SUV called the Kia EV9. An exclusive report from ETNews suggests that internally, the second bespoke Kia EV goes by the codename ‘Kia MV.’

Stellantis N.V. (NYSE:STLA) (merger Fiat Chrysler Group and the Peugeot Group) Ferrari

Stellantis Group is currently ranked the number 7 in the global electric car manufacturer's sales with ~5% (not updated this month) global market share. Stellantis is ranked 2nd in Europe with 14.7% market share YTD.

On April 5, Stellantis N.V reported: "Stellantis and the CEA collaborate on battery modeling."

On April 13, Stellantis N.V reported: "Chrysler explores variations of brand’s electrified future with reveal of Chrysler Airflow Graphite Concept at 2022 New York International Auto Show." Highlights include:

  • "...Chrysler reinforces commitment to launch its first battery-electric vehicle (BEV) by 2025 and full battery-electric portfolio by 2028.
  • All-electric Chrysler Airflow Concept integrates leading-edge drive-system technology with intuitive AI and connected-vehicle technology that delivers up to 400-mile range and fast-charging functionality..."

On April 19, Stellantis N.V reported: "Stellantis suspends production in Russia."

On May 2, Stellantis Blog reported:

Stellantis announces $3.6 Billion CAD investment for its Canadian operations to accelerate electrification plans...Stellantis today announced plans to invest $3.6 billion CAD ($2.8 billion USD) to secure the future of its Windsor and Brampton (Ontario) Assembly Plants and to expand its Automotive Research and Development Centre [ARDC] to accelerate the company’s move to a sustainable future.

BMW (OTCPK:BMWYY), Mini, Rolls-Royce

BMW Group is currently ranked the number 8 global electric car manufacturer with 3.5% global market share. BMW Group is ranked 4th in Europe with 11.1% market share YTD.

On April 7, BMW Group reported:

BMW Group steps up rapid pace of growth in electromobility and more than doubles sales of fully-electric vehicles in first quarter.

On April 22, Drive reported:

BMW joins Toyota in denouncing a fully electric future. The boss of BMW has joined a growing chorus of executives across the automotive industry who have cautioned against completely phasing out petrol and diesel engines.

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 9 globally with 3.1% market share.

On April 11, Mercedes Blog reported:

Mercedes sales Q1 2022: 501,600 units (-15%). Of the 501,600 units sold, 67,800 were electrified models, of which 21,900 were pure electric models. Thus, sales of electrified models increased by 37% while sales of electric models increased by 210%. It is expected that the debut of the Mercedes EQE and EQS SUV will accelerate sales of pure electric models.

On April 14, Mercedes Blog reported:

More than 1000 km in the real world drive with Mercedes EQXX. The Mercedes EQXX has demonstrated its outstanding efficiency by managing to cover more than 1000 km in open traffic from Sindelfingen in Germany to Cassis on the Côte d’Azur via the Gotthard tunnel, the Swiss Alps and Northern Italy.

On April 19, Mercedes Blog reported:

Mercedes EQS SUV: Up to 7 seats and a range of 660 km. The Mercedes EQS SUV is the first Mercedes luxury SUV built on a dedicated electric platform, as the EQC and EQA use conventional model platforms from the GLC and GLA. Built on the EQS EVA architecture, the EQS SUV has the same 3210 mm wheelbase as the EQS, and at 5,125/1,959/1,718 mm, it is 91 mm shorter, 33 mm wider and no less than 206 mm taller than the sedan.

Mercedes EQS SUV

Mercedes EQS SUV

Mercedes Blog website

Li-Auto (LI)

On April 1, Li-Auto announced:

Li Auto Inc. March 2022 delivery update. Li Auto Inc...today announced that the Company delivered 11,034 Li ONEs in March 2022, up 125.2% year over year. This took the Company’s first quarter deliveries to 31,716, representing a 152.1% year-over-year increase. The cumulative deliveries of Li ONE reached 155,804 since the vehicle’s market debut in 2019.

XPeng Inc. (Xiaopeng Motors) (XPEV) [HK:9868]

On April 27, Seeking Alpha reported: "XPeng secures RMB7.5B credit facilities for business operations and expansion in China."

Great Wall Motor [HK:2333] (OTCPK:GWLLF) (OTCPK:GWLLY) [Ora]

On April 2, Great Wall Motors reported: "Continuous growth, GWM's revenue exceeds RMB 136.4 billion in 2021, up 32.04%."

On April 29, Great Wall Motors reported:

Driven by Brand Premiumization and Globalization, GWM created CNY 33.6 billion revenue in the first quarter of 2022...

NIO Inc. (NIO)

On April 9 Reuters reported: "China EV maker Nio suspends production due to supply chain disruptions."


On April 14, Mitsubishi reported: "All-New Outlander PHEV model wins the iF Design Award 2022."

On April 18, The Driven reported: "Renault halts production of electric Mégane due to supply chain issues."

On April 22, Renault Group reported: "1st quarter 2022 - A performing commercial policy strengthened by a profound line-up renewal." Highlights include:

  • "The Group's global sales amounted to 552,000 vehicles in the 1st quarter of 2022, in a still very disrupted market context.
  • Group revenue was € 9.7 billion for the quarter, down -2.7% (-0.7% at constant scope and exchange rates1)...
  • This commercial policy is reinforced by the success of its new products, which enables Renault Group to strengthen its leadership in hybrid and electric mobility:
    • Renault Arkana recorded more than 9,000 orders per month in the 1st quarter, 60% on E-TECH version and 60% on the retail channel.
    • Renault Megane E-TECH Electric is experiencing a promising launch with more than 10,000 orders in two months, 70% on high versions.
    • Dacia Sandero remains the best-selling vehicle to retail customers in Europe.
    • With more than 9,000 sales in Europe and 20,500 orders recorded in the 1st quarter, Dacia Spring 100% electric is the 2nd best-selling electric vehicle in France.
    • New Jogger promises to be a new success of the Dacia brand with 36,500 orders in 4 months and a 70% mix on high versions in Europe.
    • The E-TECH line-up (100% electric, plug-in hybrid and hybrid vehicles) accounted for 36% of Renault brand passenger car sales in Europe over the quarter, up 13 points compared to the 1st quarter of 2021..."

GAC Group (Guangzhou Automobile Group Co. Ltd.)

On April 6, Car News China reported:

GAC Aion to launch new electric supercar this year. GAC will launch a pure electric supercar with zero-to-hundred acceleration in just 1.9 seconds. Its price will overcome 1,000,000 RMB (157,130 USD). The first deliveries of the supercar will start in late 2022 or early 2023. According to Chinese media, its production version is inspired by the GAC Aion ENO.146 concept.

Ford (NYSE:F)

On April 7, Ford reported: "Ford pro ready to electrify business productivity in Europe as first E-Transit models roll off production line."

On April 21, Ford reported: "Ford Pro to reveal second all-electric commercial vehicle for customers in Europe..."

On April 26, Ford announced:

America’s best-selling vehicle now electric: Production begins for F-150 Lightning trucks.

  • Full production of F-150 Lightning trucks begins at the high-tech Rouge Electric Vehicle Center within Ford’s historic Rouge Complex.
  • Lightning is drawing interest from customers of competitor brands at a record rate across North America, with three out of four reservation holders new to Ford...

F-150 Lightning trucks are now being built for customers across America. F-150 Lightning is the fastest-accelerating F-150 yet and the only full-size electric pickup available now with a starting price less than $40,000.Built at the ultra-modern Rouge Electric Vehicle Center within Ford’s historic Rouge Complex, F-150 Lightning is the only electric vehicle that is Built Ford Tough. Ford F-Series has been America’s best-selling truck for 45 years in a row1 and is second only to the iPhone in revenue among all American consumer products, according to a 2020 study.

Ford-F150 Lightning production has begun

Ford-F150 Lightning production has begun

Ford website

General Motors/Chevrolet (NYSE:GM)

On April 5, Bloomberg Hyperdrive reported:

GM and Honda unveil plan to jointly build millions of small electric vehicles. Automakers to introduce vehicles in North America in 2027. Venture to develop models with prices starting below $30,000.

On April 12, General Motors reported: "GM and Glencore enter multi-year cobalt supply agreement."

On April 25, General Motors reported:

Ultium Energy recovery can help GM EVs charge and accelerate faster and drive farther. GM has developed a patented heat pump that recovers energy from the battery to power heating and propulsion while also helping to conserve range.

On April 25, General Motors reported:

GM reports first-quarter 2022 results. General Motors Co. (NYSE: GM) today reported first-quarter earnings driven by improved production and robust customer demand in North America. GM expects full-year 2022 net income in a range of $9.6 billion-$11.2 billion and is reaffirming its earnings guidance of EBIT-adjusted in a range of $13.0 billion-$15.0 billion.

Toyota (NYSE:TM)/ Lexus

On April 20, Toyota reported: "Lexus unveils the all-new RZ, the first pure battery EV for Global Markets..."

Lexus RZ - Lexus' first fully-electric car unveiled

Lexus RZ - first fully-electric car


Rivian Automotive (RIVN)

On April 6, Reuters reported:

Rivian on track to meet production target of 25,000 vehicles. Electric vehicle maker Rivian Automotive Inc said on Tuesday it is on track to achieve its production target of 25,000 vehicles this year, sending its shares up 2.4% in extended trading.

On April 7, The Driven reported: "Rivian produced 2,500 EVs in first quarter, delivered half of them..."

Lucid Group (LCID)

On April 12, Lucid Motors reported: "Lucid announces new Lucid Air grand touring performance model with 1,050 horsepower." Highlights include:

  • "Lucid Air Grand Touring customer deliveries already in progress; deliveries of new Grand Touring Performance model begin June 2022.
  • New Lucid Air Grand Touring Performance delivers 1,050 horsepower, accelerates from 0-60 mph in 2.6 seconds.
  • Lucid Air Grand Touring rated at 819 horsepower, surpassing an earlier estimate of 800, accelerates from 0-60 mph in 3.0 seconds.
  • With an EPA-estimated range of up to 516 miles – or 4.6 miles of driving range per kilowatt hour – Lucid Air Grand Touring leads the entire EV industry in efficiency.

On April 26, Lucid Motors reported: "Lucid announces deal for purchase of up to 100,000 electric vehicles." Highlights include:

  • "Purchase commitment by the Government of Saudi Arabia by the Ministry of Finance to include award-winning Lucid Air and future Lucid models.
  • Among one of the largest-ever purchase commitments of its kind for sustainable electric vehicles.
  • Ten-year deal is part of Saudi Vision 2030 and Saudi Green Initiative to transform the Kingdom via sustainable transportation and technologies."

Polestar Automotive Holding UK Limited (PSNY) via SPAC Gores Guggenheim Inc. (GGPI)

On April 4, Bloomberg Green reported:

Hertz plans electric car fleet expansion with 65,000 Polestars...Hertz Global Holdings Inc. plans to buy 65,000 electric vehicles from Polestar over the next five years, betting its renters are both EV curious and eager to drive brands beyond Tesla.

Tata Motors (TTM) group (Jaguar, Land Rover)

On April 2, Tata Motors reported:

Tata Motors delivers 712 EVs in Maharashtra and Goa on one single day. In the biggest single day delivery ever seen in the country, Tata Motors – India’s leading automobile company along with its dealer partners, today delivered 712 EVs (564 Nexon EVs and 148 Tigor EVs) to individual customers in Maharashtra and Goa. With a commanding market share of 87% (11M, FY 22) and over 21500 Tata EVs on road till date, Tata Motors is playing a leading role in proactively driving the adoption of electric mobility in the country.

On April 25, Tata Motors reported:

Tata Motors signs a MoU with Lithium Urban Technologies for one of the biggest EV fleet deployment in India. To deploy 5000 XPRES T EVs for employee transportation...

On April 28, Gadgets 360 reported:

Tata Motors said to ramp up electric vehicles production, aims to deliver 80,000 Units in FY 2022-23. Tata Motors reportedly produced and delivered 19,000 electric vehicles in the last financial year.

GreenPower Motor Company Inc. [TSXV:GPV] (GP)

No significant news for the month.

Investors can also read my Trend Investing article on GreenPower here.

Workhorse Group Inc. (WKHS)

On April 6, Workhorse Group Inc. reported:

Workhorse Group strengthens financial position through deleveraging transaction. The Company entered into an agreement with High Trail Capital to exchange their outstanding 4.00% senior secured convertible notes for approximately $29.7 million of the Company’s common stock. This transaction will eliminate the remaining debt from Workhorse’s balance sheet.

Lion Electric (LEV)

On April 28, Lion Electric reported:

Funding of up to $375,000 available for each lion electric zero-emission bus under the EPA’s $5 billion clean school bus program. Lion Electric Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty vehicles, today announced that the company is preparing to assist customers in securing funding under the first $500 million tranche of the U.S. Environmental Protection Agency (“EPA”)’s $5 billion Clean School Bus Program.

Nikola Corporation (NKLA)

On April 28, Green Car Congress reported:

Nikola launches serial production of Nikola Tre BEV in Arizona; fuel-cell trucks next year. Nikola Corporation has begun commercial serial truck production of the Nikola Tre BEV (battery-electric vehicle); initial customer shipments have begun. Next year, fuel-cell electric vehicles (FCEV) are planned to be added to the manufacturing mix, said Mark Russell, Nikola’s CEO.

Near Term Potential EV Producing Companies

Faraday Future Intelligent Electric Inc. (FFIE)

On April 3, Faraday Future Intelligent Electric Inc. reported:

Faraday Future announces new brand campaign as it partners with Top Global Industry Suppliers to build the California-Manufactured Techluxury FF 91 EV.

Lordstown Motors (RIDE)

No news significant for the month.

Arrival (ARVL)

On April 11, Tech Crunch reported:

Arrival’s Avinash Rugoobur to reveal EV built with Uber at TC Sessions: Mobility 2022...The company aims to produce electric vehicles that cost less than other EVs and competes with pricing on fossil fuel-powered vehicles. A lofty goal requires a bold plan. For Arrival, that means bypassing the traditional large-scale or even “giga-sized” factory used by major automakers and instead turning to a much smaller and decentralized approach. Arrival plans to build 31 microfactories by 2024, including one in Charlotte, N.C.

Fisker Inc. (FSR)

On April 12, Fisker reported: "California EV company Fisker (NYSE: FSR) selects Hyderabad as Headquarters for initial operations in India." Highlights include:

  • "Hyderabad in Telangana State selected as headquarters for Fisker's operations in India.
  • Hon'ble Minister for IT and industries K.T. Rama Rao visited Fisker's Manhattan Beach, California HQ recently.
  • Fisker US management is preparing to visit Telangana.
  • The Hyderabad office will contribute to software and virtual vehicle development.
  • Recruiting and hiring for local employees is underway."

On April 26, Bloomberg Hyperdrive reported:

Fisker SUV demand has CEO hoping partner triples production after next year...Fisker Inc. hopes to boost production capacity at partner Magna International Inc.’s plant in Austria to 150,000 vehicles from 2024 as reservations for its first electric car surge. The startup has taken more than 40,000 reservations for the Ocean sport utility vehicle that starts at $37,499.

Note: A 2020 Reuters article quoted: "Fisker is targeting initial sales of 8,000 SUVs in 2022, 51,000 in 2023 and 175,000 in 2024."

You can read my Trend Investing article on Fisker Inc. here, or the European reveal of Fisker Ocean video here.

Three Wheel EV Companies

Arcimoto Inc. (FUV)

On March 31, GlobeNewswire reported: "Arcimoto announces full year 2021 financial results and provides corporate update." Highlights include:

  • "Sold a record 190 new and 2 pre-owned customer vehicles in 2021.
  • Despite widespread supply chain challenges, year-over-year unit production output nearly tripled to 331 vehicles, and customer deliveries nearly doubled over 2020 levels.
  • Acquired, renovated and launched operations at new manufacturing plant, the RAMP, a 250,000-square-foot facility on more than 10 acres, designed for mass production of the Company’s EVs. At full capacity, the RAMP is expected to have a production capacity of 50,000 vehicles per year.
  • Doubled the number of open states for Arcimoto sales, adding Florida, Nevada, and Arizona to the original West Coast launch states of California, Oregon, and Washington."

Electrameccanica Vehicles Corp. (SOLO)

No news for the month.

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 22.5. 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.

Other EV Or EV Related Companies

Other EV companies I am following include Envirotech Vehicles (EVTV) (formerly ADOMANI Inc.), Atlis Motors, Ayro, Inc. (AYRO), Blue Bird Corporation (BLBD), Blink Charging (BLNK), Byton (private), Canoo (GOEV), China Evergrande New Energy Vehicle Group [HK:3333], Chery Automobile Co. Ltd. (private), Didi Chuxing, Dyson (private), Electric Last Mile Solutions Inc. ("ELMS") (ELMS), Guangzhou Automobile Group Co., Honda [TYO:7267] (HMC) (OTCPK:HNDAF), Hyliion Holdings (HYLN), Ideanomics Inc. (IDEX), Mahindra & Mahindra (OTC:MAHDY), Mazda (OTCPK:MZDAY), Niu Technologies (NIU), Proterra (PTRA), 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, Sweden, Iceland, Greece, Ireland, Israel (2030); Scotland (2032); Hong Kong (2030-40); EU, Germany, 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 Paulo, Seoul (2040).

Note: Wikipedia has an excellent list showing the phase out of fossil fuels in various cities and countries.

ICE Vehicle Phase Out Target Dates

ICE vehicle phase out target dates


Autonomous Driving/Connectivity/Onboard Entertainment/Ride sharing [TaaS]/ EV Leasing/Renting

On April 28, Bloomberg reported:

Baidu leads years-long race for first driverless taxis in China. Baidu nabs first-of-its kind robotaxi license in China. It eyes a fully driverless ride-hailing service in 2023. Baidu Inc.’s ride-hailing service will deploy cars without humans behind the wheel on Chinese roads for the first time, a symbolic victory in a years-long quest to carve out businesses beyond internet advertising...(Baidu) runs a ride-hailing platform powered by a fleet of robotaxis in nine cities including Guangzhou and Beijing. Its electric vehicle spinoff raised $400 million from external investors, and plans to start mass production in 2023.

BNEF 2020 forecasts by fleet type

BNEF 2020 forecasts by fleet type



March 2022 global electric car sales were up 60% YoY and reached 15% global market share; 26% share in China, 22% in Europe, and no figures for the USA.

Highlights for the month were:

  • Biden invokes Defense Production Act to boost EV battery production.
  • Canadian miners say Ottawa's plan to spend C$3.8 billion ($3.02 billion) to boost domestic production for EV metals supply chain.
  • Rivian CEO warns the looming EV battery shortage will make the chip shortage feel like 'a small appetizer' for what's to come.
  • 15 European countries have 15%+ plugin vehicle sales in March 2022.
  • Electric car sales soar despite ballooning battery costs.
  • BYD discontinues production of fuel vehicles as it shifts entirely to NEVs.
  • Tesla's are a popular choice for fleets, from Hertz to NYPD. Tesla bull Ron Baron expects to make 3x-5x on his investment in 10 years, Worm Capital expects 10x gains from here to 2030. Tesla results - Q1 Non-GAAP EPS of $3.22 beats by $0.95. Revenue of $18.76B (+80.6% Y/Y) beats by $920M.
  • Volkswagen Group deliveries of all-electric vehicles up by 65 percent in the first quarter. Volkswagen Group and BP launch strategic partnership to rapidly rollout EV fast charging in Europe. Bentley Mulsanne to be reborn as super-luxury electric GT.
  • Geely: Lotus launches the Lotus Eletre: the world’s first electric Hyper-SUV.
  • Hyundai IONIQ 5 sweeps World Car of the Year award.
  • Stellantis suspends production in Russia.
  • BMW Group more than doubles sales of fully-electric vehicles in first quarter. BMW joins Toyota in denouncing a fully electric future.
  • Mercedes EQXX achieves more than 1000 km in a real world range test.
  • XPeng secures RMB7.5B credit facilities for business operations and expansion in China.
  • Ford: Production begins for F-150 Lightning trucks.
  • GM and Honda unveil plan to jointly build millions of small electric vehicles.
  • Lexus unveils the all-new RZ, the first pure battery EV for Global Markets.
  • Rivian on track to meet production target of 25,000 vehicles in 2022.
  • Lucid announces Lucid Air grand touring performance model. Lucid- Saudi Arabia deal for purchase of up to 100,000 electric vehicles over 10 years.
  • Hertz plans electric car fleet expansion with 65,000 Polestars.
  • Tata Motors aims to deliver 80,000 EVs in FY 2022-23.
  • Nikola launches serial production of Nikola Tre BEV in Arizona.
  • Fisker SUV demand has CEO hoping partner triples production after next year. Fisker Ocean reservations stand at over 40,000.
  • Baidu leads years-long race for first driverless taxis in China. Baidu nabs first-of-its kind robotaxi license in China.

As usual, all comments are welcome.

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Disclosure: I/we have a beneficial long position in the shares of TESLA (TSLA), BYD CO (HK:1211), SAIC MOTOR [SHA:600104], XPENG [HKG:9868], FISKER (FSR), GREENPOWER MOTOR [TSXV:GPV], BATT, VERTICAL AEROSPACE (EVTL), 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.

Additional disclosure: The information in this article is general in nature and should not be relied upon as personal financial advice.

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