Author: Benedict Mcdaniel

BMW Group has announced robust performance in the U.S. market for the second quarter of 2024, with a notable increase in electric vehicle (EV) sales. The German automaker reported selling 91,237 vehicles under the BMW brand, marking a 4% year-over-year growth. When combined with Mini brand sales, which saw a decline of 22% to 5,898 units, the total for BMW Group amounted to 97,135 vehicles. In the realm of electric vehicles, BMW witnessed significant advancement, bolstering its EV market share to over 15%. EV sales for the quarter totaled 14,081 units, reflecting a substantial 24% increase compared to the same…

Kia Motors’ upcoming EV9 GT is set to elevate the electric SUV segment with its high-performance enhancements, spotted testing in Korea ahead of its official release. Following the successful launch of the EV9 last year in Korea and subsequent entry into the US market, where it has garnered significant attention, Kia aims to expand its global footprint with this new variant. The EV9, which debuted in the US market last December with base prices starting below $55,000, has already seen robust sales, with 9,671 units sold through the first half of 2024. With production underway in Georgia since May, Kia…

Archer Aviation has received a significant $55 million investment from Stellantis, marking another milestone in their strategic partnership aimed at advancing urban air mobility. This follows Stellantis’ previous investments totaling $110 million in 2023, including stock purchases and strategic funding agreements. The latest funding injection comes as Archer successfully achieves a transition flight test milestone, underscoring its progress in developing electric vertical take-off and landing (eVTOL) aircraft. Archer plans to utilize these funds to complete construction of a major manufacturing facility in Georgia by the end of this year. This facility, spanning approximately 350,000 square feet on a 100-acre site,…

Electric vehicle leader Tesla exceeded market expectations in the second quarter of 2024, delivering a total of 444,000 vehicles and producing 411,000, the company announced today. Wall Street analysts had anticipated deliveries around 438,000 units, marking a slight reduction from the previous year’s figure of 466,000. The company’s robust performance comes amidst a backdrop of global supply chain challenges and logistical complexities. In a statement, Tesla highlighted its record-breaking energy storage deployment, deploying 9.4 GWh of energy storage products during the quarter. This achievement represents a significant leap from previous quarters and underscores Tesla’s commitment to advancing sustainable energy solutions.…

China’s State Council has announced stringent new regulations governing the mining, processing, and trading of rare earth minerals, set to take effect on October 1st, in a move aimed at bolstering oversight of these critical resources. Rare earths such as praseodymium, neodymium, terbium, and dysprosium, known for their magnetic properties essential in technologies like electric motors and wind turbines, will be subject to increased scrutiny under the new rules. Companies involved in the sector must adhere to a traceability system to accurately report their mining, processing, and export activities. “The establishment of an information system for traceability of rare earths…

Tesla has announced the relaunch of its Full Self-Driving (FSD) free transfer promotion for new deliveries of the Model S, Model 3, Model X, and Model Y between June 24 and August 31, 2024. The decision to relaunch the promo follows Elon Musk’s announcement during the 2024 Annual Stockholder Meeting earlier this month, where he extended the FSD free transfer promo for another quarter. Musk’s decision to relaunch the promo demonstrates Tesla’s commitment to fulfilling its promises to investors. See also: Tesla Rolls Out Vision-Based Attention Monitoring in Latest FSD Update Tesla’s FSD free transfer offer can be combined with other…

In a bid to advance power electronics for electric vehicles (EVs), US semiconductor manufacturer Texas Instruments (TI) and Taiwanese electronics specialist Delta Electronics have joined forces. The collaboration aims to develop a lighter and more cost-effective 11 kW onboard charger for EVs in its initial phase. The long-term partnership involves combining research and development capabilities in power management and power supply at a joint innovation lab in Pingzhen, Taiwan. This collaboration seeks to optimize power density, performance, and size to accelerate the realization of safer, faster-charging, and affordable electric vehicles. Amichai Ron, senior vice president for Embedded Processing at TI,…

The City of Cape Town has initiated a tender to acquire 30 electric buses for its MyCiTi programme and is exploring the possibility of electrifying other municipal vehicles, including waste collection trucks. The electric bus tender, issued by the Cape Town Urban Mobility Directorate, will close in mid-July. The city plans to spend 668 million Rand (approximately 34 million euros) on MyCiTi buses over the next three years. This expenditure is part of a larger budget of 6.3 billion Rand (approximately 309 million euros) allocated for the MyCiTi south-east expansion over the same period. See also: Zero Carbon Charge to Establish…

China has initiated an anti-dumping investigation into pork imports from the European Union, a move widely seen as retaliatory against the EU’s proposed tariff hike on Chinese-made electric vehicles (EVs). The EU recently announced a plan to increase tariffs on Chinese EVs from 17.4% to 38.1%, citing unfair competition due to Chinese subsidies for its companies. While these new tariffs are scheduled to take effect on July 4th, they could be rescinded at a later date. Concerns had arisen that China might retaliate by imposing a 25% tariff hike on gasoline-powered vehicles, particularly impacting the German car sector. However, China’s…

CATL has commenced construction of its power battery production base in Beijing, aiming to supply customers in the city such as BAIC Group, Xiaomi, and Li Auto. A groundbreaking ceremony was held in Beijing on June 18 for the battery base project, a joint investment by CATL, BAIC, Beijing Energy International Holding, and Xiaomi, CATL announced today. The manufacturing site, designed to meet the standards of a lighthouse factory and a zero-carbon factory, will feature CATL’s high-speed, highly automated, and flexible production lines. Once completed, the site will supply battery products to automotive customers in Beijing, Tianjin, and Hebei, including…

Tesla has been granted approval to conduct tests of its advanced driver assistance systems on selected streets in Shanghai, a move seen as a crucial step towards deploying its Full Self-Driving suite in China’s competitive automotive market. The approval, reported by Bloomberg and citing sources familiar with the matter, signifies Tesla’s advancement in its global self-driving ambitions, with China becoming the first country outside the United States where the company is conducting such tests. Tesla plans to initiate early testing with a small number of vehicles in Shanghai and is exploring the possibility of expanding to other cities, including Hangzhou…

On June 16, 2024, Hyundai Motor Company officially announced its filing for an initial public offering (IPO) in India, with plans to raise nearly $3 billion. The South Korean automaker submitted the “Draft Red Herring Prospectus (DRHP)” to the Indian securities market, marking a crucial step in the IPO process. India’s Securities and Exchange Board is expected to review and approve the IPO within the next three to six months. See also: Hyundai Set to Unveil Inster Electric SUV, Taking Aim at Dacia Spring Hyundai Motor Company has wholly owned its subsidiary, Hyundai Motor India Limited, since its inception in 1996.…