Business News

Volkswagen

During a media briefing, Volkswagen Group (China) announced its plans for 2023: aiming to offer 30 locally-produced fuel and hybrid vehicle models by 2027, and planning to provide at least 30 pure electric vehicle models in the Chinese market by 2030.

Tesla

• Tesla announced on Thursday that it had deployed 55,000 Supercharger stations worldwide. In September of last year, Tesla announced having reached a milestone of 50,000 global Supercharger stations. Within just four months, the company added approximately 5,000 additional charging stations which indicates a rapid expansion in its deployment scale.
• Tesla plans to construct the world’s largest supercharging station in Kern County, California. The site will comprise 164 charging stalls, including 16 specifically designated for direct access, catering to the charging requirements of vehicles such as Cybertruck and other large trailers or vehicles.

BMW

• The 50:50 joint venture between BMW Brilliance and Mercedes-Benz has received unconditional approval from the State Administration for Market Regulation. The joint venture company will construct and operate at least 1,000 supercharging stations and approximately 7,000 charging piles in the Chinese market.
• BMW is planning to expand its business in the flourishing electric vehicle market in India with the aim of attracting high-end customers and addressing the increasing emphasis on clean energy. Mr. Pawah, President of BMW India, stated that by 2025, electric vehicles are projected to constitute 25% of their sales in India.
• BMW plans to transition its core brand to an agency sales model, starting from 2026, with Germany being one of the first countries to undergo this transformation.

Audi

According to Automotive Weekly, Audi plans to restructure its global production network in order to reduce excess capacity. It is currently considering transferring the production of the Q8 E-tron all-electric SUV, which is currently manufactured at its factory in Belgium, to Mexico or China.

BYD

• BYD has officially announced the signing of a land pre-purchase agreement with the Seged City Government in Hungary for the establishment of its passenger car factory in Hungary.
• BYD Automotive has announced a strategic partnership with Qatari automotive dealer MANNAI CORPORATION, aiming to bring diverse options of new energy vehicles to the Qatari market and contribute to the realization of Qatar’s 2030 vision for electrification.
• BYD has officially declared a memorandum of understanding for strategic cooperation with France-based ANNO Group, establishing a formal partnership to further drive BYD’s localization process in the European market.

Geely

Geely Holding Group has announced that it expects to achieve a total sales volume of approximately 2.79 million vehicles by 2023, representing a year-on-year increase of 20%. The sales of new energy vehicles are projected to be around 980,000 units, showing an impressive growth rate of 51%, with a penetration rate reaching 35%.

Nezha Automobile

Nezha has signed a contract with its Malaysian partner to collaborate on the construction of their third overseas factory globally, aiming for official production by 2025.

Farasis Energy

Farasis Energy’s first sodium-ion electric vehicle model has officially rolled off the production line. Currently, the energy density of the produced sodium-ion batteries ranges from 140-160Wh/kg. According to their plans, Farasis Energy will introduce a second-generation sodium-ion battery in 2024 with an energy density reaching 160-180Wh/kg. By 2026, there will be further enhancements in product energy density.

Sunwoda

The development of 4C lithium iron phosphate batteries has been completed and they will be released soon. Solid-state battery products are also in the laboratory research and development stage, progressing normally.

Regional News

Shanghai, China

According to the Shanghai Municipal Government Work Report, in order to promote the high-quality development of public charging facilities throughout the city, the municipal government will continue to prioritize the construction of charging facilities as a practical project for three consecutive years. The Shanghai Municipal Transportation Commission is primarily responsible for effectively implementing the “addition of 10,000 public (including dedicated) charging piles” initiative.

Germany

According to a report by PwC, the sales of pure electric vehicles produced by German automakers in the Chinese market are expected to increase by nearly 50% in 2023 compared to 2022. In the fourth quarter of 2023, there will be a year-on-year growth rate of 63% for German brand pure electric vehicles sold in China. The market share of German brand pure electric vehicles in China is projected to increase by one percentage point from the previous year, reaching 5%.

US

• The US Department of the Treasury has stated that, due to the implementation of provisions in the Inflation Reduction Act regarding procurement of components from Chinese suppliers, eligibility for the $7,500 consumer tax credit for electric vehicle models has been reduced to 13.
• The US Department of Transportation (DoT) has allocated $623 million for the construction of electric vehicle charging infrastructure nationwide. The funding will be utilized to establish electric vehicle charging stations in 22 states, Puerto Rico, and other US territories, encompassing a total of 47 projects and providing 7,500 new electric vehicle charging ports.
• The US government announced in a statement that the Department of Transportation and the Department of Energy will invest $325 million in three projects aimed at advancing electric vehicle technology, expanding charging infrastructure, and reducing battery costs.
• According to Reuters, the United States Environmental Protection Agency will hold a hearing on January 10th to discuss California’s plan of phasing out sales of gasoline-powered vehicles by 2035.
• The United States Postal Service (USPS) recently unveiled its first electric vehicle charging station in Atlanta, Georgia.
• According to foreign media reports, the United States plans to withdraw strict new regulations from the Environmental Protection Agency (EPA) that would have required American car manufacturers to prioritize electric vehicles as their main business by 2032.
• According to data from the U.S. Department of Transportation, even with fuel-powered vehicles, American drivers have an average daily driving distance of only 37 miles (approximately 59.55 kilometers). Consequently, automobile manufacturers are developing electric vehicles with longer range capabilities.

EU

• The European Commission has approved a German state aid plan worth 902 million euros to support the establishment of an electric vehicle battery factory by Swedish company Northvolt in Germany, in response to the challenges posed by the US “Inflation Reduction Act” on European industry.
• According to Clean Technica data, the European new energy vehicle market is expected to surpass the 3 million mark in 2023, reaching a total of 3,016,880 vehicles. This represents a year-on-year growth rate of 15.9%, with an increase of only 1.5% compared to the previous year. In December alone, sales reached 294,166 units, showing a month-on-month increase of 4.5%. However, compared to the same period last year when sales were at a much higher level of 413,483 units, there was a significant decline of 29%, marking the most severe drop in over a decade.

Italy

The Italian government plans to invest 930 million euros (approximately 7.27 billion RMB) in promoting the sales of electric vehicles and encouraging people to abandon fuel-powered cars in favor of embracing electric ones.

French

France has introduced a new regulation that significantly expands the scope of the “ecological tax” imposed on heavy and high-emission vehicles. This policy, which came into effect on January 1st, aims to encourage people to purchase electric cars and combat the environmental impact caused by fossil fuel-powered vehicles.

Hungary

The Hungarian government recently announced an additional 30 billion forints, in addition to the previously launched 60 billion forint subsidy program for electric vehicles. This new funding will be utilized to provide purchase subsidies and discounted loans, aiming to promote the widespread adoption of electric vehicles in Hungary.