Business News

Volkswagen Group

Volkswagen Group has announced its plan to invest approximately $700 million in Xiaopeng Motors, acquiring a 4.99% stake, with the aim of jointly developing two electric vehicle models by 2026. Additionally, Audi and SAIC Motor Corporation have signed a memorandum of understanding to deepen their existing collaboration. Both partnerships will focus on the development of exclusive electric intelligent connected vehicles for the Chinese market.

The innovative all-electric BMW iX1 is scheduled to be unveiled at the 2023 Chengdu Auto Show. The BMW Group aims to deliver over ten million electric vehicles to global customers by 2030. In the upcoming decade, both MINI and Rolls-Royce will also transition into electric brands.

Regional News

EU

The European Union has passed a new regulation stating that, starting from 2025, there must be a fast charging station providing at least 150 kW of charging power every 60 kilometers on highways. These stations are required to clearly display information about the charging prices and waiting times, and they do not require any subscription for charging.

The new battery regulations of the European Union have officially come into effect and will be implemented on February 18, 2024. Certain obligations under these regulations will have an implementation date of August 18, 2024.

According to data released by the European Automobile Manufacturers’ Association, new car registrations in Europe increased by 17% year-on-year to 1.02 million units in July, primarily due to robust demand for electric vehicles and improved component supply. Sales of pure electric vehicles surged by 62% compared with the same period last year.

France

The French government has announced that the European Union approved a subsidy of 1.5 billion euros to support the construction of a new battery factory in Dunkirk, located in northern France. Prior to this, several electric vehicle battery projects were announced in the northern region of France. Commenting on this development, French media stated that the north of France is making concerted efforts to build Europe’s “Battery Valley.

UK

The House of Lords in the UK Parliament has announced that it will launch an inquiry into electric vehicles. The investigation will particularly scrutinize the government’s strategy for phasing out fossil fuel-powered cars, expanding charging infrastructure, and handling the disposal of electric vehicles.

US

The National Highway Traffic Safety Administration (NHTSA) announced on August 1st that it has initiated an investigation into steering control and power steering failure issues in 280,000 new Tesla Model 3 and Model Y vehicles. However, this investigation is still in its preliminary assessment stage.

Texas approved a plan on Wednesday that requires the use of only Tesla’s NACS standard for electric vehicle charging in order to be eligible for federal funding.

Thailand

BOI has issued a statement stating that Changan Automobile submitted an application for investment promotion to establish a production plant in Thailand for electric and hybrid vehicles, with an estimated initial annual production capacity of 100,000 vehicles. The investment is valued at 8.8 billion Thai Baht (approximately $250 million).

Malaysia

Malaysia plans to establish 10,000 electric vehicle charging stations by 2025. Additionally, Malaysia’s largest asset management company is considering merging Sime Darby Motors with Perusahaan Otomobil Kedua Sdn Bhd (Perodua), the country’s second national carmaker, to create a domestic automotive giant worth over RM10 billion (approximately USD 2.15 billion) and lead the development of the country’s electric vehicle industry.