Business News

Tesla

Tesla plans to launch a budget-friendly model, known as the “Mini Model Y,” with an annual production capacity of up to 4 million vehicles. Half of these cars will be manufactured in North America, while the other half will be evenly split between Germany and China. According to Chapter 3 of Tesla’s “Master Plan,” compact electric vehicles will be equipped with a 53kWh lithium iron phosphate battery, while mid-sized cars will come with a 75kWh lithium iron phosphate battery.

Tesla’s energy storage gigafactory project has officially been signed and settled in Shanghai. The new factory is planned to produce Tesla Megapack energy storage batteries, with an initial annual production capacity of 10,000 units and a scale of nearly 40GWh. Construction will commence in the third quarter of 2023, with production expected to begin in the second quarter of 2024.

Land Rover

According to media reports, Jaguar Land Rover plans to invest £15 billion (equivalent to $19 billion) in the next five years for the development of electric vehicles. The company aims to introduce a new all-electric four-door GT model by 2025.

Skoda

Skoda has officially announced plans to launch no fewer than six electric vehicles by 2026, one of which is a compact pure electric model called Elroq that is scheduled to hit the market in 2024.

Honda

Honda’s CEO, Seiji Kuraishi, has revealed plans to introduce a new mid-to-large-sized electric vehicle in North America by 2025. Additionally, Honda intends to release four electric vehicles in Japan. The company is committed to exclusively selling electric vehicles worldwide by 2040.

Toyota

The Toyota Motor Corporation has recently introduced its inaugural electric vehicle model under the Lexus brand in Japan. Furthermore, the company will offer complimentary installation of home battery chargers for owners of Lexus electric vehicles.

Kia

Kia Motors President Song Ho-sung announced that the company will launch electric vehicles in China within the next two years, with a focus on introducing a compact all-electric SUV called “EV5” to the Chinese market.

Maserati

The highly anticipated global debut of the all-new Maserati Grecale pure electric SUV has taken place in the automotive industry. The new vehicle is powered by 400V technology at its core, coupled with a high-performance battery boasting a capacity of up to 105 kWh, enabling it to achieve a top speed of over 200 kilometers per hour.

Regional News

Norway

Data released by the Norwegian Road Federation (OFV) showed that the number of new car registrations in Norway reached 19,366 vehicles in March, with electric cars accounting for nearly 87%, which is a record high.

US

The U.S. Department of the Treasury and the Internal Revenue Service have issued guidance on proposed provisions related to electric vehicles in the Inflation Reduction Act, which provides a tax credit of $7,500 for electric vehicles that are ultimately assembled in North America. However, it also includes additional requirements regarding suggested retail price, critical minerals, and battery component procurement.

Indonesia

The Indonesian government has announced a reduction in the value-added tax (VAT) for battery-based electric vehicles (EVs) from the previous 11% to just 1%, aiming to further promote the widespread adoption of electric cars.