EV FACTORY RAMP
Chorus grows for angel tax repeal; policy push for EVs
Startup Inc’s calls to do away with angel tax have found support from the government. This and more in today’s ETtech Top 5.
Tesla unlikely to move forward with India investment, Musk's execs cease contact: Report
Tesla Inc. is unlikely to pursue new investments in India in the near future, sources familiar with the matter said. Following Elon Musk's postponed visit and lack of further communication, Indian officials believe Tesla faces financial constraints. India now focuses on local automakers like Tata Motors and Mahindra & Mahindra to boost its nascent EV market.
VinFast pushes ahead with Asia expansion, expects to open India plant ahead of schedule
VinFast in January signed an agreement with the Indian state of Tamil Nadu to invest as much as $2 billion in the country as it seeks to break into one of the world’s biggest auto markets. Work on the plant started in February, with an initial investment of $500 million.
Tesla ramps up job cuts in China as sales slowdown bites
Tesla Inc. is escalating job cuts in China to regain market share, with layoffs extending to various departments at its Shanghai plant. The company faces challenges amid a global EV demand slowdown, intense competition, and shrinking market share. Despite layoffs, Tesla secured approval for its driver-assistance system in China.
Tesla scraps low-cost car plans amid fierce Chinese EV competition
Tesla has canceled its affordable Model 2 car, which was expected to drive the company's growth into a mass-market automaker. The decision comes as Tesla faces fierce competition from Chinese electric-vehicle makers, who are offering cars as low as $10,000. The new plans call for robotaxis to be produced in much lower volumes than the projected Model 2, with Tesla's cheapest current model, the Model 3 sedan, retailing for about $39,000 in the US. Tesla shares were down about 3% in early afternoon trading after the Reuters report.
Tesla's Sales Drop: A sign that its grip on the EV market is slipping
Tesla faced a sharp decline in quarterly sales, sparking concerns about Elon Musk's leadership as competitors like BYD, Kia, and Hyundai saw increases in electric vehicle sales. The market is shifting, with mainstream buyers possibly put off by Tesla's unconventional design and service issues. The company must address challenges to regain momentum.
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What are EV startups doing to ride out weak demand?
US electric vehicle startups are turning to cheaper models, slamming the brakes on their production ramp-up plans and laying off employees to navigate a slump in demand due to steep borrowing costs and high repair expenses for the vehicles.
EV maker River raises $40 mn in Series B funding from Yamaha Motor and others, working on second electric scooter
Bengaluru-based electric two-wheeler maker River has raised $40 million in Series B funding led by Yamaha Motor Co. The funds will be used to ramp up production, expand the distribution network, and launch a second product within two years. River's first product, Indie, has received positive customer response and the company plans to increase volumes and expand to 10 cities by the end of this fiscal year.
EV makers may get boost with Rs 2,671 crore allocation in interim budget 2024
Sitharaman, in her shortest budget speech since assuming charge as Finance Minister, said the government “will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure”. Emphasis will be made on bringing more electric buses to reduce vehicular emissions and realise the country’s net-zero targets.
EV Budget 2024: Govt to provide support to charging infrastructure; expand EV ecosystem, says Nirmala Sitharaman
The interim budget announced the expansion of the electric vehicle ecosystem and support for charging infrastructure. The government aims to encourage the use of e-buses for public transport and provide entrepreneurship opportunities for vendors in manufacturing, installation, and maintenance. Last year's budget exempted capital goods and machinery for lithium-ion cell manufacturing and reduced custom duty on batteries.
Budget Announcements for EVs: Can Interim Budget get the 'fame' for EVs roaring?
FAME SCHEME In Budget: The Indian budget has a significant impact on the electric vehicle (EV) industry's growth trajectory. With the demand for EVs increasing, policies and support through budget allocations become pivotal for both the industry and consumers. Recent data indicates a soaring demand for EVs, with Tata Motors projecting substantial sales growth. However, challenges persist, including issues related to FAME schemes and the need for consistent policies and standards. The upcoming budget discussions will likely focus on sustaining incentives, funding extensions, and setting new frameworks for EV growth.
What China's EV city says about the state of the economy
Hefei, China, known for its ultramodern factories and thriving industries like electric vehicles and solar panels, is facing a decline in real estate and its devastating effects on small businesses. The city's success in nurturing technology manufacturers has led to the adoption of the Hefei model by the Chinese government, which involves using government funds to invest in manufacturers and provide attractive loans for new factories. However, the real estate market in Hefei has witnessed a significant drop in sales, leading to financial difficulties for debt-laden developers and a decline in land lease purchases from the government.
Tesla will start making new EV model in second half of 2025
Tesla expects to start production of its next-generation electric vehicle at its Texas factory in the second half of 2025. CEO Elon Musk noted that ramping up production of the new vehicle would be challenging and Tesla also warned of a sharp slowdown in sales growth this year. Musk said it would require new revolutionary manufacturing technology, indicating that any boost to Tesla's declining growth would take time. Tesla had told suppliers to prepare for a June 2025 startup of a smaller crossover vehicle. Musk projected that production would start towards the end of 2025.
Budget booster for EVs; QR frauds spike
The government could set aside Rs 10,000-12,000 crore for the third installment of the Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme.
Nissan ramps up EV plans in UK with $1.4-billion investment
Nissan said its plans for electric versions of the Qashqai and Juke, produced in Sunderland, northeast England, would require a total investment of up to 2 billion pounds, including a third battery plant in Britain and infrastructure projects that partners would help to finance.
EV penetration to grow exponentially, sector's profitability expected to delay take off
Sales of EVs is on a growth path, led by the two-wheeler segment. Penetration of electric two-wheelers in the overall two-wheeler sales increased to about 5% in FY23, though the pace of adoption has slowed over the past few months owing to the reduction in subsidy. To offset the vehicle cost hike owing to reduction in subsidy, electric two wheeler OEMs recently introduced de-spec versions of their existing electric scooters.
Tesla joins GM, Ford in slowing EV factory ramp as demand fears spread
Tesla, along with General Motors and Ford, has expressed caution about expanding electric vehicle (EV) production due to economic uncertainties and concerns about a slowdown in demand. CEO Elon Musk cited worries about higher borrowing costs affecting customers' ability to afford Tesla vehicles, despite significant price cuts. Musk also mentioned the impact of economic uncertainty on consumer purchasing decisions. These cautious remarks have led to a decline in Tesla's shares and those of other EV makers.
Tata Motors tests export markets for EVs, to roll out EV-only dealerships in India
Tata Motors, India's largest electric carmaker, is testing its electric vehicles in global markets to potentially launch them if successful. The company is evaluating markets, running tests, and discussing with business partners. Tata also plans to open new car dealerships exclusively for electric vehicles in Indian cities as sales of clean cars increase.
How a small EV maker became more valuable than Ford and General Motors combined
The last time a stock with a tiny free float rose from relative obscurity to the ranks of the world’s largest companies, it didn’t end well. AMTD Digital Inc., another US-listed company with roots in Asia, soared more than 32,000% in the span of a few weeks. AMTD has since tumbled more than 99%, hitting a record low last week. Its valuation now stands at a humble $1.2 billion.
China's Xiaomi wins state planner nod to make EVs amid glut in autos
Xiaomi Corp has won the approval of China's state planner to manufacture electric vehicles (EVs), said two people with knowledge of the matter, marking a major step towards the smartphone maker's goal of producing cars by early next year.
Mahindra's EV unit raises $145 million from Temasek
Temasek will take up to a 3% stake in the company, which last year raised up to $250 million from British International Investments (BII) at a valuation of as much as $9.1 billion. The automaker is aggressively trying to lift the share of its electric SUVs in a market that is dominated by larger rival Tata Motors, as the government pushes to grow EV sales to 30% by 2030 from less than 2% on Thursday
View: India should ramp up consumer subsidies for EVs, instead of rolling them back
India's recent cut in subsidies for electric two-wheeler EVs (E2W) under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme could impede the growth of the EV sector and put the government's policy objectives at risk. Conversely, the USA has prolonged tax credits of up to $7,500 for light-duty EVs through 2032 and other measures under the Inflation Reduction Act (IRA). China has recently announced a package of incentives and tax breaks worth $72 billion to promote EVs and other green vehicles. India needs to boost its support for the entire EV value chain, including charging infrastructure and concessional financing.
EV startup Nikola reports jump in second-quarter deliveries, shares rise
Nikola, which went public in 2020, produced 33 trucks during the second quarter, compared with 63 trucks in the preceding quarter.
As US races head, Europe frets about battery factory subsidies
European carmakers are frantically trying to build the supply chains they need to churn out electric vehicles.
Tesla offers China-made electric vehicles for sale in Canada
Tesla has listed its China-made Model 3 and Model Y for sale in Canada, as the company completed its first exportations to North America from the Shanghai factory. Both models are available for immediate purchase in British Columbia, qualifying for federal incentives of C$5,000 in Canada.
Tesla to build Shanghai factory to make Megapack batteries
The company began producing Model 3 cars in Shanghai in 2019 and now is capable of producing 22,000 units of cars per week. Tesla planned to expand the Gigafactory Shanghai, its most productive automaking plant, to add an annual capacity of 450,000 units, Reuters reported last May.
Tesla to build Shanghai factory to make Megapack batteries- Xinhua
Elon Musk's automaker will break ground on the plant in the third quarter and start production in the second quarter of 2024, Xinhua reported from a signing ceremony in Shanghai. Complementing a huge existing Shanghai plant making electric vehicles, the new factory will initially produce 10,000 Megapack units a year, equal to around 40 gigawatt hours of energy storage, to be sold globally, Xinhua said.
Ather Energy to make 1 mn more 2-wheelers; eyes new EV factory
As electric two-wheeler adoption sees some stabilisation after several fire incidents last year, leading EV player Ather Energy said on Sunday that it is in talks with various state governments for establishing an additional factory to meet the demand.
EV maker Rivian's deliveries nearly quadruple as it ramps up production
The company, which went public late last year and counts Amazon.com Inc as an investor and customer, has been ramping up production of its R1S sport utility vehicle and R1T pickup truck. It has also benefited from soaring demand for electric vehicles. Rivian said it produced 4,401 vehicles in the second quarter at its manufacturing facility in Normal, Illinois, up from 2,553 vehicles in the previous quarter.
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