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☆ Analysis: China’s EV market reshaped by a brutal elimination round
▼ + stars: | 2024-04-24 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —A “life and death race” has begun to unfold in the world’s largest market for electric vehicles (EV). More than a dozen passenger carmakers disappeared from the market last year, according to statistics from the China Passenger Car Association. Too many playersOvercrowding is another major issue plaguing China’s EV industry. Last month, Xiaomi, a Chinese smartphone brand, launched its electric car, the SU7 sedan. “China’s EV industry has entered a stage of cyclical adjustment after two decades of growth,” he said at a forum in Beijing.

Persons: ”, Tesla, Mark Rainford, Richard Yu, Li Auto, “ They’re, Huawei’s Aito, Lei Jun, BYD, Rainford, Gan Jiayue, Wang Chuanfu, Yin Tongyue Organizations: Hong Kong CNN, Auto China, YouTube, China, “, National Development, Reform Commission, China Passenger Car Association, WM, Mitsubishi Motors, Honda, Hyundai, Ford, Huawei, EV, China Association of Auto Manufacturers, China’s EV, Li, Tesla, Porsche, Geely Auto, Meizu, Chery Auto, International Energy Agency Locations: China, Hong Kong, Beijing, Shanghai, oversupply, Meizu

☆ Nissan targets 1 million extra vehicle sales in next 3 years, aims to cut EV costs
▼ + stars: | 2024-03-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A Nissan Ariya electric car is on display during 2020 Beijing International Automotive Exhibition (Auto China 2020) at China International Exhibition Center on September 27, 2020 in Beijing, China. Nissan is targeting an additional 1 million vehicle sales over the next three years and a 30% reduction in electric vehicle production costs by 2030, the Japanese carmaker announced Monday. In a new medium-term business plan, Nissan also said it would launch 30 new models by fiscal year 2026, with 16 of these electrified. "Faced with extreme market volatility, Nissan is taking decisive actions guided by the new plan to ensure sustainable growth and profitability." The country boasts the world's largest and most crowded EV market and its automakers are exerting significant downward pressure on prices.

Persons: Makoto Uchida, Elon Musk Organizations: Nissan, Automotive, China International Exhibition Center, Ford Motor, General Motors, Mercedes, Benz, Volkswagen Locations: China, Beijing

☆ Polestar the first EV maker to incorporate StoreDot's fast-charging batteries
▼ + stars: | 2023-11-09 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

Under the terms of the deal the two companies will collaborate on incorporating the fast-charging technology into Polestar vehicles. A prototype will be demonstrated next year, and StoreDot said it hopes Polestar cars using its extreme fast-charging batteries will be on the road by 2027. Polestar CEO Thomas Ingenlath said the collaboration with StoreDot would give EV owners "the ability to recharge in minutes". "What used to be range anxiety in electric vehicles is now transforming to charging anxiety," StoreDot CEO Doron Myersdorf said. Polestar last month said deliveries of electric vehicles (EV) rose 50% in the third quarter from a year earlier but fell 12% from the second quarter.

Persons: Thomas Peter, StoreDot, Thomas Ingenlath, Doron Myersdorf, Myersdorf, Polestar, Steven Scheer, Jan Harvey Organizations: Beijing International Automotive, Auto, REUTERS, Rights, Volvo, BP, Daimler, StoreDot, EV, Reuters, Thomson Locations: Auto China, Beijing, China, Swedish

Hozon's IPO plan comes after it announced a 7 billion yuan pre-IPO fundraising late on Tuesday in a social media statement. More banks could be added to the syndicate working on the IPO as the deal progresses, they said. Local Hong Kong media reported earlier this week Hozon could raise up to $1 billion in a local listing. Hozon is building its first overseas plant in Thailand and aims to start production there in January 2024. Reporting by Kane Wu in Hong Kong and Scott Murdoch in Sydney; Additional reporting Zhang Yan; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Morgan Stanley, CICC, Kane Wu, Scott Murdoch, Zhang Yan, David Holmes Organizations: Hozon, Beijing International Automotive, Auto, REUTERS, Rights, Zhejiang, New Energy Automobile Co, HONG, Hozon Auto, China International Capital Corporation, Hong, Hong Kong Stock Exchange, Thomson Locations: Auto China, Beijing, China, HONG KONG, SYDNEY, Hong Kong, Indonesia, Thailand, Myanmar, Nepal, Sydney

☆ Swedish EV maker Polestar's loss narrows as supply chain snags ease
▼ + stars: | 2023-08-31 | by ( Marie Mannes | Thomson Reuters | Stockholm-Based Company News Correspondent Who Mainly Covers Anything To Do With Retail | ) www.reuters.com time to read: +2 min

STOCKHOLM, Aug 31 (Reuters) - Swedish electric vehicle (EV) maker Polestar's operating loss narrowed in the second quarter as the auto industry slowly recovers from pandemic-related supply chain bottlenecks. Delayed production starts, job cuts and mounting competition from new Chinese rivals have meant a tough year for the company. While some have cut prices to boost demand from consumers grappling with higher living costs, Polestar has maintained its premium pricing. The company posted a net loss per share of $0.14 in the quarter, compared with $0.12 a year ago. Cash and cash equivalents at the end of the quarter were $1.06 billion, compared with $884.3 million in the preceding three-month period.

Persons: China's Geely, Polestar, Thomas Peter Acquire, Thomas Ingenlath, Marie, Arsheeya, Alexander Smith, Mark Potter Organizations: Volvo, Beijing International Automotive, Auto, REUTERS, Reuters, U.S, Marie Mannes, Thomson Locations: STOCKHOLM, Swedish, Auto China, Beijing, China, Stockholm, Bangalore

☆ China's Hozon to start selling Neta EVs in Indonesia from Q4
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

The company also plans to start localized assembly and production for its products in Indonesia from the second quarter of 2024, it said. Wang Chengjie, president director of PT NETA Auto Indonesia, said the local assembly plant will have a production capacity of 30,000 units annually. Hozon, which exported 6,970 cars in the first half of this year, has been selling its Neta EVs to Southeast Asian countries including Thailand, Myanmar and Nepal. It is building its first overseas plant in Thailand and aims to start production there in January 2024. Hozon's Neta V was the second best-selling EV in Southeast Asia in the first quarter, following BYD's Atto 3, according to research firm Counterpoint.

Persons: Tingshu Wang TANGERANG, Hozon Auto, Wang Chengjie, Hozon's Neta, Stefanno Sulaiman, Zhang Yan, Kim Coghill Organizations: Beijing International Automotive, Auto, REUTERS, Hozon, Gaikindo, PT NETA Auto, Thomson Locations: Auto China, Beijing, China, Indonesia, SHANGHAI, Southeast Asia, Gaikindo Indonesia, Hozon, Thailand, Myanmar, Nepal, Jakarta, Shanghai

☆ Some electric vehicles from BMW, Nissan, Hyundai and Volkswagen will no longer get federal tax credits
▼ + stars: | 2023-04-18 | by ( Emma Newburger | ) www.cnbc.com time to read: +4 min

Brown | AFP | Getty ImagesFewer electric vehicles now qualify for federal tax credits after the Biden administration this week unveiled stricter rules for battery sources that will prioritize domestically manufactured models. The new list published by the Treasury Department includes 16 U.S. manufactured models from Ford , General Motors , Tesla and Stellantis . Ten of the models on the new list will qualify for the full $7,500 tax credit, with the rest qualifying for half that amount. Vehicles losing credits include those from BMW, Hyundai, Nissan, Rivian , Volkswagen and Volvo Cars. The bill set various manufacturing requirements for new all-electric and plug-in hybrid vehicles to qualify for the $7,500 tax credit.

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