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☆ Solus unit to build Canada copper foil facility as part of EV battery push
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Sept 5 (Reuters) - A unit of South Korea's Solus Advanced Materials (336370.KS) will build a copper foil facility in the Canadian province of Quebec, producing technology for electric vehicle (EV) batteries, Ottawa said on Tuesday. "Canada is a partner of choice when it comes to the future of the automotive sector," Champagne said in a statement. The Volta plant is expected to employ 260 people. Granby is close to Becancour, a small town to the east of Montreal seeking to become an EV supply chain hub. Last month a consortium of Ford Motor Co F.N and South Korean companies said they would build a C$1.2 billion plant to produce EV battery materials in Becancour.

Persons: Francois, Philippe Champagne, Champagne, David Ljunggren, Josie Kao Organizations: Volta Energy Solutions, Ford Motor Co, Thomson Locations: OTTAWA, KS, Canadian, Quebec, Ottawa, Granby, Canada, Becancour, Montreal

☆ BMW to use Amazon cloud technology to build its autonomous driving features for new EVs
▼ + stars: | 2023-09-05 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

BMW revealed the BMW Vision Neue Klasse, a concept electric vehicle that will underpin its foray into battery-powered cars. MUNICH — BMW will build its semi-autonomous driver assistance system on Amazon's cloud computing technology, the two companies said Tuesday. It comes as traditional automakers look to boost the technology in their cars, with a particular focus on ADAS, to compete with Tesla . An ADAS is a software system that can offer drivers assistance with actions such as lane changing or parking. Automakers are looking to introduce an increasing number of these features as they push toward autonomous driving.

Persons: Tesla's Organizations: BMW, Neue, Tesla Locations: MUNICH

☆ 'Most at risk': UBS downgrades 2 major automakers over China EVs threat
▼ + stars: | 2023-09-05 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

UBS has downgraded both Volkswagen and Renault over mounting competition from Chinese electric vehicle manufacturers. 1 automaker, the company is at risk of being marginalized as Chinese companies, such as Warren Buffet-backed BYD , take market share. 1 automaker in Europe, Volkswagen also faces intensifying competition as higher numbers of cheaper Chinese electric vehicles are imported into the continent. With about 70% of sales in Europe and a 10% market share, the investment bank said Renault is highly exposed to competition from Chinese automakers and Tesla. We estimate Renault's European market share of c10% today will reduce towards 7% by 2030," said UBS analysts led by David Lesne in a separate note to clients.

Persons: Warren Buffet, Patrick Hummel, France's Renault, David Lesne, Benz, Tesla's EVs Organizations: UBS, Volkswagen, Renault, VW, Tesla, Benz, BMW, IAA Mobility, Mercedes Locations: Europe, Munich

☆ China's auto workers bear the brunt of price war as fallout widens
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +9 min

Millions of auto workers and suppliers in China are feeling the heat as an electric vehicle price war forces carmakers to shave costs anywhere they can. State-run China Automotive News estimates there are over 100,000 auto suppliers in the country. Suppliers typically negotiate prices once a year, but many have been pressed to lower prices on a quarterly basis in 2023, two senior executives at auto suppliers said. And in June, a group of small suppliers wrote to state-owned Changan Automobile to push back against 10% price reductions. Three months later, he told Reuters that price cuts had been more aggressive in 2023 than in previous years.

Persons: Aly, Mike Chen, Chen, carmakers, Tesla, George Magnus, Elon Musk, Mike Chen's, Li Auto, Liu, Changan Automobile's, Chen Yudong, They've, Zhang Yan, Brenda Goh, Kripa Jayaram, Marius Zaharia, David Clarke Organizations: SAIC Volkswagen, REUTERS, Rights, Shanghai, SAIC, Volkswagen, VW, Oxford University's China, China Passenger Car Association, Tesla, GM, HK, Changan Automobile, Mitsubishi Motors, Toyota, Hyundai, China Automotive, Automobile, EV, Reuters, Thomson Locations: Shanghai, China, China's, Beijing, Shenzhen, Hefei, Chongqing, Chery's, Qingdao

[1/6] A view shows model TO3 of Leapmotor, a Chinese automobile manufacturer, displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. Chinese EV makers, including BYD (002594.SZ), Nio (9866.HK) and Xpeng (9868.HK) are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales. The arrival of Chinese EV makers in Europe has raised concerns they could dominate EV sales. Xpeng President Brian Gu said while European carmakers currently lag behind China, they have made a "huge commitment" to EVs with partnerships and large investments in technology. "I would never discount the large (carmakers) trying really hard to come back and focus on this important transition," Gu said.

Persons: Leonhard Simon, Luca de Meo, De Meo, Hildegard Mueller, Oliver Zipse, Oliver Blume, Brian Gu, Gu, Ferdinand Dudenhoeffer, Dudenhoeffer, Nick Carey, Victoria Waldersee, Gilles Gillaume Christina Amann, Zoey Zhang, Jan Schwartz, Friederike Heine, Clarence Fernandez, Sharon Singleton Organizations: REUTERS, China EV, Renault, Reuters, HK, Europe's EV, Zhejiang Leapmotor Technology, EV, German Association of, Automotive Industry, Jato Dynamics, BMW, Benz, Klasse, Volkswagen, Auto, Thomson Locations: Munich, Germany, China, MUNICH, BYD, Zhejiang, Europe, Asia

REUTERS/Angelika Warmuth Acquire Licensing RightsMUNICH, Sept 4 (Reuters) - Mercedes-Benz (MBGn.DE) does not expect its sales in Europe to be all-electric by 2030 but will have its line-up ready, Chief Executive Ola Kaellenius said in an interview at the Munich car show. The premium carmaker has long said it is targeting all-electric sales by 2030 "where markets allow", saying customers will ultimately decide what product they want and pointing to the need for infrastructure to support the transition to electric vehicles (EV). Europe's EV market had grown significantly in recent years but likely wouldn't be ready for all-electric sales by 2030, Kaellenius said on the sidelines of the Munich show. "It's not going to be 100% in 2030, obviously... from the whole European market, but probably from the Mercedes side as well," he said. EV sales in Europe grew nearly 55% in the first seven months of 2023, to about 820,000 vehicles, making up about 13% of all car sales.

Persons: Mercedes, Angelika Warmuth, Ola Kaellenius, Kaellenius, It's, Oliver Zipse, Oliver Blume, Victoria Waldersee, Miranda Murray, Susan Fenton Organizations: Benz, REUTERS, Rights, Mercedes, BMW, Volkswagen, Victoria, Thomson Locations: Munich, Germany, Europe, China

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A Renault wallbox charging station is used by a Renault Captur hybrid car at a dealership in Les Sorinieres, near Nantes, France, October 23, 2020. Chinese EV makers, including BYD (002594.SZ), Nio (9866.HK) and Xpeng (9868.HK) are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales. The arrival of Chinese EV makers in Europe has raised concerns they will undercut local carmakers and dominate EV sales. Mercedes-Benz (MBGn.DE) will present its CLA compact class and BMW (BMWG.DE) its Neue Klasse, both of which target higher range and efficiency, while halving production costs. Volkswagen (VOWG_p.DE) CEO Oliver Blume told reporters that through its partnerships in China, the carmaker aims to cut battery cell costs by 50%.

Persons: Stephane Mahe, Luca de Meo, De Meo, Fabian Brandt, Oliver Wyman, Gilles Le Borgne, Oliver Blume, " Blume, Nick Carey, Victoria Waldersee, Gilles Gillaume, Christina Amann, Friederike Heine, Clarence Fernandez, Sharon Singleton Organizations: Renault, REUTERS, China EV, Reuters, HK, Europe's EV, EV, Jato Dynamics, Benz, BMW, Klasse, Volkswagen, Greenpeace, Protesters, Thomson Locations: Les Sorinieres, Nantes, France, China, MUNICH, BYD, Europe, Munich, Asia

☆ Xpeng says it plans to expand into more European markets next year
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

People visit at the XPeng Motors booth at the Auto Shanghai show, in Shanghai, China, April 19, 2023. REUTERS/Aly Song/File photo Acquire Licensing RightsMUNICH, Sept 4 (Reuters) - Chinese electric vehicle maker Xpeng (9868.HK) plans to expand into more European markets, including Germany, Britain and France in 2024, president Brian Gu told reporters on Monday at the IAA Mobility motor show in Munich. China's EV makers are seeking to expand in the region, aiming for higher margins and faster growth in overseas markets and challenging European companies on their home turf with cheaper models. Chinese EV makers are also struggling with a bruising price war at home that has squeezed their profitability and capped growth. While their EV sales picked up rapidly in South East Asia and South America, the European market has remained difficult for Chinese auto brands.

Persons: Aly, Brian Gu, Gu, ”, Zhang Yan, Victoria Waldersee, Josephine Mason, Jason Neely Organizations: Auto, REUTERS, Rights, HK, IAA Mobility, China's, EV, Thomson Locations: Auto Shanghai, Shanghai, China, Germany, Britain, France, Munich, Israel, Netherlands, Norway, South East Asia, South America, Europe

☆ Volkswagen in 'advanced talks' with Mahindra on MEB platform
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsBERLIN, Sept 4 (Reuters) - Volkswagen (VOWG_p.DE) said on Monday that it is in advanced talks with India's Mahindra & Mahindra (MAHM.NS) on the use of key electric components of the German carmaker's open platform for electric vehicles, called MEB. Mahindra wants to use central MEB components such as the e-drive and unit cells for its models, said Volkswagen in a statement. Volkswagen has developed a modular, open vehicle platform for EVs, called MEB, which is used to build to its own cars and those of other group companies including Skoda and Audi. In August, Volkswagen and Mahindra signed a term sheet under which the German carmaker would supply electric components to its Indian peer.

Persons: Andrew Kelly, Miranda Murray, Friederike Heine Our Organizations: New York, REUTERS, Rights, India's Mahindra, Mahindra, Volkswagen, Skoda, Audi, Thomson Locations: Manhattan , New York City, U.S

☆ Tesla's China-made EV deliveries rise 9.3% y/y in August
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: 1 min

Chinese flag and Tesla logo is seen through a magnifier in this illustration taken January 7, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBEIJING, Sept 4 (Reuters) - U.S. automaker Tesla (TSLA.O) sold 84,159 China-made electric vehicles (EVs) in August, a 9.3% rise from a year earlier, data from the China Passenger Car Association (CPCA) showed on Monday. Sales of China-made Model 3 and Model Y cars rose 30.9% from a month earlier. Chinese rival BYD (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid models, recorded deliveries of 274,086 passenger vehicles in August, a jump of 57.5% year-on-year. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Christopher Cushing and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Tesla, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Louise Heavens Organizations: REUTERS, Rights, U.S, China Passenger Car Association, of, Thomson Locations: Rights BEIJING, China, of China

☆ Mercedes unveils new electric vehicles with better range than any Tesla model
▼ + stars: | 2023-09-04 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

London CNN —Mercedes-Benz has just unveiled new “close-to-production” concept vehicles that could outdo Tesla cars by going more than 466 miles on a single charge. That’s compared with a range of less than 380 miles for any Tesla model. The German automaker’s Concept CLA Class, revealed Sunday at the IAA Mobility auto show in Munich, comprises four new models: a sedan, a station wagon and two SUVs. The vehicles will each have a range of more than 750 kilometers (466 miles), versus Tesla’s (TSLA) Model 3 and Model S, which have the brand’s highest ranges and each can go for just under 375 miles off one charge. Overall, charging speed and range are expected to be improved by up to 30% compared with the brand’s previous models, according to the company.

Persons: London CNN — Mercedes, Tesla, ” Frank Weber, Mercedes, Ola Källenius, Roger Federer, Källenius, Mercedes ’, “ Organizations: London CNN, Benz, IAA, BMW, Volkswagen, Renault, Europe’s, “, Neue, Mercedes, Roger Federer Sunday, UBS Locations: Munich, Berlin, Hamburg, Mercedes ’

☆ BMW, Mercedes launch biggest EV push yet to catch Tesla with new models
▼ + stars: | 2023-09-04 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

BMWMUNICH, Germany — BMW and Mercedes are making their biggest push yet into electric cars in a bid to fend off rising competition from Chinese players and catch up with U.S. giant Tesla . On Saturday, rival BMW showed off the "Vision Neue Klasse," another electric concept car that highlights the company's EV ambitions. This is the companies' biggest push yet toward a new platform for the electric vehicle era. Tesla commanded 20% of the global EV market in the second quarter, followed by 15% for BYD, according to Counterpoint Research. GTI Concept electric vehicle at the IAA show, and said a production version of the car is scheduled to hit the road in 2027.

Persons: Warren Buffett, BYD, Elon Musk's Tesla, Mercedes, Ola Kallenius, Kallenius, CNBC's Annette Weisbach, Oliver Zipse, CNBC's Arabile, Zipse, Daniel Roeska, Roeska, Tesla Organizations: BMW, IAA, BMW MUNICH, Mercedes, IAA Mobility, Benz, Analysts, Bernstein Research, CNBC, Tesla, BYD, Research, U.S ., EV, Volkswagen Locations: Munich, Germany, Tesla, China

☆ BMW expects higher China sales in 2023, finance chief says
▼ + stars: | 2023-09-02 | by ( Christina Amann | ) www.reuters.com time to read: +2 min

BMW's concept model i Vision Dee is unveiled during an event at the Auto Shanghai show, in Shanghai, China April 18, 2023. China's passenger vehicle sales fell for a second month in July, as discounts and government support measures failed to lure consumers wary of buying cars amid a sputtering economy and a prolonged slump in the housing market. BMW recently raised its 2023 outlook for group vehicle sales and said it expects solid growth, which is defined as anywhere between 5% and 9.9%. In 2022, vehicles sales had declined by 4.8% to around 2.4 million; in China, they were down 6.4% to 791,985. Mertl said that the phase-out of grants to boost electric vehicles in Germany would cause a temporary drop in demand.

Persons: Dee, Aly, Walter Mertl, Mertl, Price, Christina Amann, Christoph Steitz, David Holmes Organizations: Auto, REUTERS, Rights, BMW, IAA, Reuters, Tesla, General Motors, Volkswagen, Thomson Locations: Auto Shanghai, Shanghai, China, Munich, Germany

☆ BMW's 'Neue Klasse' at least as profitable as current EVs - CEO Zipse
▼ + stars: | 2023-09-02 | by ( Christina Amann | ) www.reuters.com time to read: +2 min

Chairman of the Board of Management of BMW AG Oliver Zipse attends an event at the Auto Shanghai show, in Shanghai, China April 18, 2023. The Neue Klasse, to be launched in 2025, is at the heart of the carmaker's efforts to replicate past successes and catch up with EV pioneer Tesla (TSLA.O), which is also staging a return to the IAA this year. "We are very profitable with electric cars ... already today," Zipse told reporters, adding that the Neue Klasse - or New Class - would be "very profitable. Production of the new platform will start at the group's factory in Debrecen, Hungary, where BMW is investing 2 billion euros ($2.2 billion) in new battery-making and assembly operations for the Neue Klasse. Development of the Neue Klasse is targeting to reduce battery pack costs by half and achieve 25% more range per kilowatt-hour, a key measure of efficiency, executives have said.

Persons: BMW AG Oliver Zipse, Aly, Oliver Zipse, Zipse, Christina Amann, Christoph Steitz, Helen Popper, David Holmes Organizations: Management, BMW AG, Auto, REUTERS, BMW, IAA, Neue, Tesla, Thomson Locations: Auto Shanghai, Shanghai, China, MUNICH, Munich, Debrecen, Hungary, Mexico

The company's leaders put all their chips behind a new car they called the "Neue Klasse," or "new class." Now, BMW is at another crossroads, and is turning again to a "Neue Klasse" to drive a new strategic direction. Neue Klasse vehicles will be powered by 48-millimeter-diameter cylindrical batteries in different lengths. The Neue Klasse is targeting a 50% reduction in battery pack costs and 25% more range per kilowatt-hour, a measure of efficiency, executives said. Neue Klasse vehicles will have four "super brains," to control propulsion, driver assistance systems, infotainment and other functions, Weber said.

Persons: trailblazer Tesla, Adrian van Hooydonk, that’s, Frank Weber, Tesla, Oliver Zipse, Evangelos Simoudis, Weber, Mercedes, Stephan Durach, Durach, Joe White, Mark Potter Organizations: Neue, Reuters, BMW, REUTERS, Rights, trailblazer, Volkswagen, Mercedes, Benz, Neue Klasse, Munich, Klasse, chipmaker Qualcomm, Thomson Locations: Munich, Germany, Detroit, Hungary, Silicon

☆ Ryan Reynolds says his $120K electric motorcycle makes him feel like Superman – and he's sparked a surge of interest in its English maker
▼ + stars: | 2023-09-02 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

Ryan Reynolds raved about his custom-made electric motorcycle on Instagram. His praise for the bike has sent its maker, an English startup called Arc, into "overdrive." AdvertisementAdvertisementRyan Reynolds has sent a small English electric motorcycle company "into overdrive" after raving about one of their high-end electric motorcycles. His celebrity power sparked a surge of interest for Coventry-based Arc on social media and a "huge amount" of enquiries. AdvertisementAdvertisementChairman Mark Truman told BBC News: "As a start-up business we would never have been able to pay for that sort of celebrity endorsement."

Persons: Ryan Reynolds raved, Ryan Reynolds, Arc, he'd, Mark Truman, Reynolds, Truman Organizations: Wrexham, BBC, BBC News Locations: Coventry, American

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

☆ EV owners are fed up with charging stations that lack bathrooms, snacks, and even trash cans
▼ + stars: | 2023-09-01 | by ( Tim Levin | ) www.businessinsider.com time to read: +6 min

EV charging stations sometimes lack simple amenities like 24-hour bathrooms, food, and trash cans. That's because charging stations today often lack basic amenities that we take for granted at gas stations: things like bathrooms, rain and sun cover, food options, and even trash cans. AdvertisementAdvertisementIf electric cars really are going to be the future, experts told Insider, the experience at charging stations needs to get a whole lot more convenient. Rove, a startup, is working on huge charging stations with grocery stores, fresh espresso, and 24/7 lounges. Rove, a startup, is working on huge charging stations with grocery stores, fresh espresso, and 24/7 lounges.

Persons: that's, Tim Levin, I'm, JD Power, Brent Gruber, Gruber, EVs weren't, Loren McDonald, Brendan Jones, Rove, Rove Blink, Jones, Tesla Organizations: EV, Morning, JD Locations: waded, America

☆ Tesla releases refreshed Model 3 with longer driving range in China
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +3 min

Visitors check a Tesla Model 3 car at a showroom of the U.S. electric vehicle (EV) maker in Beijing, China February 4, 2023. The updated version of the Model 3 was Tesla's first new or restyled car since it launched its global best-seller, the Model Y, in 2020. The new Model 3 promises a longer driving range for China, according to the company's website. Reuters first reported last November that Tesla was developing a revamped version of the Model 3 in a project codenamed "Highland". In China, the new Model 3 starts at 259,900 yuan ($35,807.78), the company's website showed on Friday.

Persons: Florence Lo, Tesla, Zhang Yan, Hyunjoo Jin, Daniel Leussink Brenda Goh, Christian Schmollinger, Kevin Krolicki Organizations: Tesla, U.S, REUTERS, Rights, EV, China Passenger Car Association, Volkswagen, Mercedes, Reuters, Thomson Locations: Beijing, China, Europe, East, Australia, Japan, Shanghai, Fremont , California, Munich

☆ Volkswagen, Renault shares hit by rare ‘sell’ rating as Chinese competition grows
▼ + stars: | 2023-09-01 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —Shares in Europe’s largest carmaker Volkswagen and its French rival Renault dropped sharply Friday after UBS analysts recommended investors dump the stocks, citing the growing threat to their business from Chinese competitors. Volkswagen was down 4.4% in late afternoon trade in Europe and Renault 5.6% lower, while the benchmark STOXX Europe 600 index was flat. China is the biggest single market for Volkswagen but its sales there have been declining in the face of pressure from local competitors. In their note, the UBS analysts highlighted the threat to the carmaker from “highly competitive” Chinese EVs. Volkswagen, Renault and other global players have been teaming up with Chinese companies, too.

Persons: ” Patrick Hummel, David Lesne, Juan Perez, Carrascosa, BYD, Warren Buffett, ”, “, —, Geely Organizations: London CNN —, Volkswagen, French, Renault, UBS, Swiss, “ Renault, China Passenger Car Association . Vehicles Locations: Europe, China

☆ Exclusive: China's Gotion buys 25% stake in Slovak EV battery startup Inobat
▼ + stars: | 2023-09-01 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, Sept 1 (Reuters) - Chinese battery maker Gotion High Tech (002074.SZ) is buying a 25% stake in Slovak battery maker Inobat and will provide supply chain and technology support as the startup scales up production of electric vehicle batteries, the companies said on Thursday. Inobat said the investment will provide it access to Gotion's research and development, as well as to the Chinese battery maker's raw materials including lithium, and to cell production and recycling capabilities. Gotion said last year that it plans to locate one third of its production capacity outside China by 2025 to meet growing demand from EV makers and energy storage clients. The Chinese battery maker is building a $2.36 billion plant in Michigan and is looking at setting up an EV battery plant in Morocco with a potential investment of up to $6.3 billion. Inobat has signed declarations of intent with the governments of Spain and Serbia to build EV battery plants, though those agreements are not final.

Persons: Inobat, Li Zhen, Northvolt, Gotion, Nick Carey, Simon Cameron, Moore Organizations: Gotion High Tech, Gotion, Volkswagen, Volvo, Reuters, BlackRock, EV, Thomson Locations: Europe, North America, China, Michigan, Morocco, Spain, Serbia

☆ China's BYD adds second model to Japan EV line-up
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

YOKOHAMA, Sept 1 (Reuters) - China's BYD (002594.SZ) on Friday said it will start selling its second electric vehicle model in Japan this month, as it seeks to secure a foothold in a market that has given rise to some of the world's best-selling auto brands. BYD, which stands for Build Your Dreams, will also announce Dolphin pricing on that date. A spokesperson declined to disclose how many vehicles it needed to sell in Japan each year to be profitable. This year, its Japan unit signed a car dealership contract with Japanese trading house Sojitz (2768.T). ($1 = 7.2582 Chinese yuan renminbi)($1 = 145.6700 yen)Reporting by Daniel Leussink; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: BYD, Daniel Leussink, Christopher Cushing Organizations: Japan, Thomson Locations: YOKOHAMA, Japan, China, The Shenzhen, Yokohama

Mercedes will also offer a lithium-iron-phosphate, or LFP, battery in the new CLA model lineup due to hit showrooms in early 2025, a first for any Mercedes EV, the CEO said in an interview. Mercedes will preview the future electric CLA with a prototype to be unveiled at the IAA auto show in Munich, Germany on Sunday. Getting more driving range using less energy from the battery is the key target for the German automaker's future EV development, Kaellenius said. Driving range remains a critical competitive benchmark in the EV market. Mercedes engineers have been testing ways to improve EV efficiency using long road trips in a prototype vehicle called the Vision EQXX.

Persons: Ola Kaellenius, Mercedes, Tesla, Kaellenius, Joe White, Susan Fenton Organizations: DETROIT, Benz, Reuters, EV, Tesla, Sunday, VW, Consumers, Thomson Locations: China, Munich, Germany, Europe, United States

☆ Auto Industry’s Shift to EVs Gets $12 Billion Boost
▼ + stars: | 2023-08-31 | by ( Scott Patterson | ) www.wsj.com time to read: 1 min

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