Author: Harding Greenwood

Morgan Stanley has highlighted the disruptive force of Xiaomi’s electric vehicle (EV) as the company’s first model, the SU7, sees strong early sales, potentially impacting other local EV startups. “We raise Xiaomi’s price target on the back of upbeat EV sales performance. We believe its disruptive force is unfolding but Xiaomi needs to deliver more to convince investors,” analyst Andy Meng’s team wrote in an April 11 research note. Xiaomi officially launched the SU7 on March 28, and the model received 88,898 firm orders in the first 24 hours. The SU7 is offered in three variants with starting prices ranging…

Global sales of fully electric and plug-in hybrid vehicles (PHEVs) increased by 12% in March compared to the same month in 2023, with growth in China and the U.S. market partly offset by a 9% drop in Europe, according to market research firm Rho Motion. “Overall, sales growth has slowed but it’s still somewhat positive,” said Charles Lester, data manager at Rho Motion, in comments to Reuters. The demand for electric cars has cooled in recent months after experiencing significant growth for several years, as consumers await more affordable models to enter the market. In March, global electric vehicle sales…

Rivian marked a major milestone with the production of its 100,000th EV, CEO RJ Scaringe announced on Wednesday. This milestone comes nearly three and a half years after the company’s first model rolled off the production line. Rivian, known for its “Electric Adventure Vehicles,” including the all-electric R1T pickup and R1S SUV, has been expanding its brand presence. The R1T made history as the first electric pickup to hit the US market in September 2021, followed by the introduction of the R1S, an electric SUV with seating for seven, with customer deliveries beginning in August 2022. https://twitter.com/RJScaringe/status/1775542775259541992 As part of…

Since the Biden administration announced a $7.5 billion investment to establish a nationwide EV charging network over two years ago, progress has been slow. Despite the ambitious goal of having 500,000 charging points in operation, as of March 2024, just seven EV charging stations have been built using these funds. The administration allocated $5 billion to individual states to build chargers along major highways. However, the process to activate these funds has proven lengthy, as states need to submit plans to the administration and then solicit bids for the work. The seven stations that have been built so far are…

Tesla has achieved a significant milestone, producing six million vehicles since launching its first model, the Roadster, in 2008. This accomplishment marks a pivotal moment for the electric vehicle manufacturer, solidifying its position as a leader in the industry. However, despite this success, Tesla is encountering several challenges in early 2024, with some suggesting that the company may be intentionally limiting its production capacity. Surpassing the production of any other automaker, including the new challenger BYD from China, which recently celebrated the production of its seven-millionth plug-in hybrid, Tesla’s achievement was announced recently. The milestone was accompanied by expressions of…

The European Union and Norway have inked a strategic partnership aimed at bolstering cooperation in raw materials and battery value chains. The memorandum of understanding, signed by EU Commissioner Maros Sefcovic and Norwegian Minister of Trade and Industry Jan Christian Vestre, outlines joint investment projects and research collaboration in key areas. The partnership, described as a “comprehensive framework for future-oriented and long-term cooperation,” aims to enhance overall competitiveness, create high-quality jobs, and reduce the risk of trade disruptions. It focuses on integrating value chains for raw materials and batteries through investment projects, joint ventures, and consortia, among other forms of…

British Airways has announced a significant investment programme to decarbonise its ground support equipment at Heathrow Airport, as part of a broader £7 billion investment across its business over the next three years. The airline plans to overhaul its ground vehicles, such as vans, cars, cargo transporters, and passenger steps, gradually replacing them with hybrid or electric alternatives “where available.” This includes replacing all 20 diesel-powered vehicles used for loading and unloading cargo containers with hybrid electric models. Additionally, 135 electric baggage tugs will be introduced, accounting for 40% of the company’s fleet of tugs, and all passenger steps will…

Tesla CEO Elon Musk recently announced that the company is no longer constrained by compute power for its AI training, indicating a potential breakthrough in its pursuit of achieving full self-driving capabilities. Self-driving technology presents a significant challenge but offers substantial benefits, including improved safety and efficiency. Musk’s statement suggests that Tesla is making progress toward realizing these benefits, despite facing setbacks in the past. Since 2016, Tesla has been selling its “Full Self-Driving” package to customers, with promises of achieving self-driving capabilities. However, the company has faced challenges, including delays in its Dojo supercomputer program, which was intended to…

Hyundai Motor Company has announced plans to nearly double the number of fast-charging stations in its own High Performance Charging (HPC) network, “E-Pit,” in South Korea. The carmaker currently operates 286 fast-chargers at 54 locations across the country and aims to increase this number to 500 by next year. The E-Pit stations offer charging speeds of up to 350 kW, allowing electric vehicles (EVs) equipped with an 800-volt system to charge from 10 to 80 percent in just 18 minutes. According to local media reports, Hyundai will install an additional 3,000 ultra-fast chargers through its affiliate, Korea Electric Vehicle Charging…

Xiaomi’s much-anticipated entry into the electric vehicle market is set to make waves as the company gears up to unveil its first EV, the SU7. CEO Lei Jun outlined the vision for the vehicle, aiming for it to be the “best looking, easiest to drive, and smartest car” priced below 500,000 yuan ($69,424). This move marks Xiaomi’s bold step into the automotive industry, aligning with its ambition to be among the world’s top five automakers. The SU7, aptly named with ‘SU’ representing Speed Ultra, promises advanced technology capable of delivering impressive acceleration, surpassing even Tesla and Porsche’s electric vehicles. Xiaomi…

FreeWire Technologies has introduced a groundbreaking Accelerate Program aimed at accelerating the adoption of EV charging infrastructure. The program offers businesses a unique opportunity to have FreeWire’s EV charger technology installed and managed at no cost, with FreeWire profiting from the charging sessions. This innovative approach marks a shift in FreeWire’s business model, which traditionally involved selling its charging technology directly to businesses. The Accelerate Program, however, allows businesses to have custom-branded FreeWire chargers installed with zero upfront costs. FreeWire then owns and operates the equipment, providing businesses with a share of the charging session revenues and a guaranteed minimum…

Leapmotor, a Chinese automaker, is set to begin production of its electric vehicles (EVs) at partner Stellantis’ Tychy plant in Poland, according to sources familiar with the matter. This move positions Leapmotor as one of the first Chinese automakers to commence production in Europe. The output is expected to include the Leapmotor T03 small EV car, with production potentially starting before the end of June. This will be achieved using the semi-knocked down (SKD) technique, which involves transforming partially assembled kits into finished vehicles. One source indicated that the selection of the Tychy plant by Stellantis was part of a…