EV Company News For The Month Of January 2023

Welcome to the January 2023 edition of Electric Vehicle [EV] company news.

January saw December 2022 global plugin electric car sales smash all previous records. Record global sales (estimate), record China sales, and record Europe sales. Wow!

Global electric car sales for 2022

According to EV-Volumes, 2022 global electric car sales reached 10.522m sales (13% market share), up 55% on 2021. A record high!

Global electric car sales reached 10.522m in 2022 and 13% market share (source)

As shown below, China dominates global EV sales (59%), followed by Europe (25%) and North America (10.5%). In 2023, North America is forecast to do better.

Bloomberg breakdown of EV sales by year and region (source) – Forecasts 13.6m plugin electric car sales in 2023

Note: Trend Investing’s forecast for 2023 is about 14.4m sales (17.5% market share).

Global electric car sales as of end December 2022

Global plugin electric car sales finished December 2022 with an estimated ~1.1 million+ sales for the month (not yet updated) with market share of an estimated 17% (not yet updated) for December 2022, and ~13% YTD (as of end Dec. 2022).

Note: 73% of electric car sales in 2022 were 100% battery electric vehicles (BEVs), and 27% were being plugin hybrids.

China plugin electric car sales were a record 671,000 sales in December 2022, up 83% on December 2021 sales. Electric car market share in China for December was 30%, and 30% YTD.

Europe plugin electric car sales were a record 413,500 in December 2022, up 147% YoY, reaching 38% market share and 23% YTD. Norway reached 87.6% share, Sweden 74.6%, Netherlands 51%, Germany 55%, France 25%, and UK 39% share in December 2022.

USA plugin electric car sales were reported by CleanTechnica stating on February 1, 2023:

“Monthly sales of new plug-in electric vehicles [PEV], including all-electric vehicles (EV) and plug-in hybrid electric vehicles [PHEV], reached 7.4% of all light-duty sales in September 2022, exceeding a 7% share for the first time.”

Note: The above sales include light commercial vehicles.

Note: An acknowledgement to Jose Pontes and the team at CleanTechnica Sales for their work compiling all the electric car sales quoted above and charts below. Also the team at EV-Volumes for their great work.

Global EV sales by OEM in 2022 (source)

Global plugin electric car sales forecast to grow exponentially this decade

BloombergNEF forecasts (as of mid 2022):

“plug-in electric vehicles sales rise from 6.6 million in 2021 to 20.6 million in 2025” and “by 2025, plug-in electric vehicles represent 23% of new passenger vehicles sales globally, up from just under 10% in 2021.”

2022 – BloombergNEF long term EV forecast (global EV share to exceed 70% by 2040)

BloombergNEF forecasts ~40.4% global passenger EV market share in 2030 and 75.3% in 2040 (published June 2022)

EV market news

On January 3 Reuters reported: “Hitting record, electric cars sales in Norway near 80% in 2022.”

On January 3 Global times reported:

As government subsidies expire, China’s NEV sector is to embrace rising competition….The ratio of NEVs that obtained governmental subsidies has dropped from 78 percent in 2017 to 47 percent in 2021, data from the Ministry of Industry and Information Technology showed. “The phase-out of subsidies will have a big impact on those auto players that make cars for subsidy’s sake, and on those models that are mainly low end, priced around 100,000 yuan,” Cui said….Analysts projected there will be slower EV sales in the coming months after the subsidy policy phase-out, but its sales growth will still remain positive in the country in 2023. The CAAM forecast that China’s NEV sales for 2023 will likely rise by 35 percent in the coming 12 months to reach 9 million units, compared to an estimated 6.7 million units for 2022…

On January 6 Interesting Engineering reported:

Davinci Motor debuts its electric motorcycle with a 400 kilometer range at CES 2023.The bike can hit the 60 mph mark in three seconds and offers a top speed of 124 mph.

On January 10 Bloomberg reported:

China new-energy vehicle sales, shipments nearly doubled in 2022. China’s shipments of new-energy passenger vehicles to dealerships climbed 96% to 6.5 million in 2022, in line with the 6.49 million forecast by the Passenger Car Association last week. Meanwhile, nationwide retail sales of NEVs, which include pure electric cars and hybrids, jumped 90% to 5.67 million, according to figures released by the PCA on Tuesday. They rose 6.5% in December from November to 640,000 units….BYD Co., which is backed by Warren Buffett, accounted for almost 30% of China’s NEV sales in 2022, selling 1.86 million, triple the previous year’s number. SAIC-GM-Wuling Automobile Co. and Tesla Inc. kept their positions as the other two top-sellers….

On January 12 the IEA released:

Energy Technology Perspectives 2023, the latest instalment in one of the IEA’s flagship series, serves as the world’s first global guidebook for the clean technology industries of the future. It provides a comprehensive analysis of global manufacturing of clean energy technologies today – such as solar panels, wind turbines, EV batteries, electrolysers for hydrogen and heat pumps – and their supply chains around the world, as well as mapping out how they are likely to evolve as the clean energy transition advances in the years ahead….The report also highlights the specific challenges related to the critical minerals needed for many clean energy technologies, noting the long lead times for developing new mines and the need for strong environmental, social and governance standards. Given the uneven geographic distribution of critical mineral resources, international collaboration and strategic partnerships will be crucial for ensuring security of supply.

On January 17 Seeking Alpha reported:

Hertz Global takes electric vehicle commitment to Europe. Hertz Global (NASDAQ:HTZ) is building on its strategy to have the largest electric vehicle rental fleet in the world by making up to 25K electric vehicles available to rent to Uber (UBER) drivers in European capitals by 2025…The EV rental options are expected to the include Tesla (TSLA) Model 3 and Polestar 2 (PSNY) vehicles.

On January 17 Seeking Alpha reported:

Wyoming legislators propose EV ban. In an apparent dig at California’s efforts to phase out internal combustion engines by 2035, Wyoming state legislators have proposed a ban on EVs in the state by the same date.

On January 17 Electrek reported:

The world’s largest electric ferry can take you and your closest 2000 friends across the ocean. Electric power is flexing its muscles again as the world’s largest electric ferry – capable of carrying 2,100 passengers and their vehicles – is set for delivery in two years…..Designed by Revolution Design and built by Incat, the ferry is powered by two electric motors (5 – 9.6 MW) beneath the hull. The vessel can carry up to 2,100 passengers and 226 vehicles at up to 25 knots for a max range of 100 n.m.

Incat’s world’s largest electric ferry is coming soon (source: Incat)

On January 17 Tritium reported:

Tritium secures largest order in company history from bp…..Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current [DC] fast chargers for electric vehicles (EVs), today announced that bp has placed the largest ever order from a single customer in Tritium’s history. bp will install the chargers for fleets and the general public in the United States, the United Kingdom, Europe, and Australia as bp expands its EV charging business, bp pulse…..

On January 23 The Financial Post reported:

UK’s petrol and diesel sales eroded as electric vehicles make inroads. Surging electric vehicle sales are helping to darken the outlook for road fuel demand in the UK. While the nation’s automakers reported their worst overall sales year in three decades in 2022, electric vehicles bucked the trend with shipments surging 40% from a year earlier. That drove up their share of the nation’s new-car market to 17% from 12%…..

On January 22 Teslarati reported:

Aptera to begin production of Launch Edition EV. Aptera Motors announced plans to start production of its Launch Edition EV, which is equipped with around 700 watts of proprietary solar technology and powers up to 40 miles per day with solar energy.

On January 24 Electrek reported: “Volta trucks sells over 300 all-electric trucks totaling more than $92M in revenue.”

On February 3 CNBC reported:

Biden administration expands EV tax credits in boost for Tesla, Cadillac, others. The U.S. Treasury is changing its definition of an “SUV” to make more electric vehicles from Tesla, General Motors and others eligible for up to $7,500 in federal tax credits at higher prices. The decision follows Tesla CEO Elon Musk publicly criticizing the former standards as well as GM and Ford lobbying to change the guidelines. It’s unclear how the decision will affect up to 20% pricing cuts announced by Tesla last month that made the Model Y eligible for the credits….

EV company news

BYD Co. [SHE: 002594][HK:1211](OTCPK:BYDDY) (OTCPK:OTCPK:BYDDF)

BYD is currently ranked the number 1 globally with ~18.4% (not yet updated for Dec. 2022) market share YTD (as of end Dec. 2022). BYD is ranked number 1 in China with 31.1% market share YTD (as of end Dec. 2022).

On January 12 Bloomberg reported:

China’s BYD plans push into India’s burgeoning EV market. Automaker seeks to capture 40% of India EV market by 2030. BYD will introduce luxury Seal EV sedan by end of this year…

On January 17 Bloomberg reported:

China’s BYD will start selling electric SUVs in the UK this quarter…BYD’s debut model will be the Atto 3 sport utility vehicle…… Shenzhen-based BYD has been expanding in Europe, having already set up shop in countries including Norway, Denmark, Sweden, the Netherlands and Belgium. The group — which also has been making a big push into other markets around Asia, including Thailand and Australia…

On January 18 The Driven reported:

BYD to launch an even more affordable electric city car, starts under $13,000…..This hatchback is called the BYD Seagull and has a starting price – in China – at the equivalent of $12,750 AUD and goes up to $21,250 AUD. It’s expected to be launched in its local market later this year.

Tesla Inc. (NASDAQ:TSLA)

Tesla is currently ranked the number 2 globally with 13% (not yet updated for Dec. 2022) global market share YTD (2022). Tesla is number 3 in China with 7.4% market share YTD (as of end Dec. 2022). Tesla is still the number 1 electric car seller in the US by far with ~65% market share.

On January 3 Torque News reported:

Tesla’s Generation 3 Platform will end all other gas and EV companies. Tesla’s 2nd generation platform is tops in the world and its 3rd generation platform is going to come out in a few months. This is going to end all other EV and gas car companies…In 8 weeks, we are going to have Tesla investor day, 2023.…Tesla’s generation 3 platform will be half the cost and half the effort in order to produce vehicles compared to Tesla’s generation 2…I believe the generation 3 platform is going to have 2 primary vehicles: * The Robotaxi vehicle * The compact vehicle…

On January 4 Tesmanian reported:

Tesla officially begins construction of lithium refinery……in Corpus Christi, Texas…….an official sign has now been installed near the site, announcing that Tesla is building a lithium refinery at this site. This was the first significant sign that the construction of Tesla’s facility, which is said will be processing spodumene concentrate for use in the production of 4680 battery cells, had begun.

On January 6 Seeking Alpha reported:

Tesla rattles electric vehicle sector with more price cuts in China. Tesla (NASDAQ:TSLA) cut prices in China on the Model Y and Model 3 for the second time in less than three months.

On January 10 Teslarati reported:

Tesla files for $716M expansion at Giga Texas, including cathode plant…Tesla filed for four new projects on January 9, according to filings with the Texas Department of Licensing and Regulation. The projects are filed separately because they will expand four different facilities, the filings show. Tesla registered the projects to “Cell 1,” “Drive Unit,” “Cathode,” and “Cell Test Lab.”…Tesla has been planning to build a cell facility at Gigafactory Texas for some time. Tesla filed to build a Cathode plant at Gigafactory Texas in February 2022, filings with Travis County showed.

On January 11 Reuters reported:

Tesla nears deal to build production facilities in Indonesia – Bloomberg News. Tesla Inc (TSLA.O) is nearing a preliminary deal to build production facilities in Indonesia with a capacity of one million units, Bloomberg News reported on Wednesday, citing people familiar with the matter. The country’s investment minister confirmed talks with the world’s most valuable automaker, the report added.

On January 11 Teslarati reported: “Tesla beats BMW and becomes number 1 in the U.S. for luxury sales.”

On January 12 Bloomberg reported:

Tesla China plant expansion in doubt over StarLink concerns. Carmaker had planned to boost output to 2 million EVs a year. Upgrade is stalled by concerns from China’s central government…

On January 14 Reuters reported:

Tesla turns up heat on rivals with global price cuts. Tesla cuts prices globally by up to 20%…..Tesla lowered prices across the United States, Europe, the Middle East and Africa, following a series of cuts last week in Asia…. hose cuts are before a $7,500 U.S. federal tax credit that took effect for many electric vehicles on Jan. 1 that could bring discounts to more than 30%.

On January 25 Seeking Alpha reported:

Tesla cruises past profit expectations, tips new model and Cybertruck are on the way….The Austin-based company generated $12.6B in GAAP net income during the quarter and $14.1B in non-GAAP net income. The electric vehicle powerhouse reported it produced 439,701 vehicles overall in Q4 and delivered 405,278 vehicles. For the full year, Tesla produced 1,369,611 vehicles (+47% year-over-year) and delivered 1,313,851 vehicles (+40% Y/Y)….The company plans to share details on its next generation vehicle at its Investor Day on March 1.

A summary from Tesla’s Q4, 2022 and full year 2022 financial results (source)

On January 25 Seeking Alpha reported:

Tesla stock surges on optimistic sales, production outlook… “Thus far in January we’ve seen the strongest orders year-to-date than ever in our history,” he said. “We’re currently seeing orders of almost twice the rate of production.”

On January 25 Reuters reported:

Tesla plans $3.6 bln Nevada expansion to make Semi truck, battery cells. Tesla Inc (TSLA.O) said on Tuesday it would invest more than $3.6 billion to expand its Nevada Gigafactory complex with two new factories, one to mass produce its long-delayed Semi electric truck and the other to make its new 4680 battery cell.

On January 30 Electrek reported:

Tesla bursts into top 10 best-selling cars in the world with 2 models; industry should be scared….

4.Tesla Model Y: 759,000 (up 88% versus last year)…

7. Tesla Model 3: 596,000 (up 4% versus last year)……

Investors can read our past Trend Investing article: “Tesla – A Look At The Positives And The Negatives“, where we rated the stock a buy. It was trading at USD 250 (post 5:1 stock split and 3:1 split is equivalent to USD 16.67). Investors can also read the latest Tesla Trend Investing article (discusses the potential of Tesla’s humanoid robot) here.

Volkswagen Group [Xetra:VOW](OTCPK:VWAGY) (OTCPK:VLKAF)/ Audi (OTCPK:AUDVF)/ Lamborghini/ Porsche (OTCPK:POAHF)/ Skoda/ Bentley

‘Volkswagen Group’ is currently ranked the number 3 top-selling global electric car manufacturer with ~8% (not yet updated for Dec. 2022) market share YTD (2022), and 1st in Europe with 20.6% market share YTD (as of end Dec. 2022).

On January 10 Audi reported: “Audi delivers over 100,000 electric models in 2022 – despite challenging environment.”

On January 10 Volkswagen reported: “Volkswagen’s worldwide deliveries of all-electric vehicles grow by almost 24 percent in 2022.” Highlights include:

• “Volkswagen brand’s e-strategy making rapid progress: ID.4 is Volkswagen’s top electric world car.
• China is frontrunner: ID. model deliveries more than doubled….”

On January 12 Volkswagen reported: “Transformation progressing: Volkswagen Group delivers 26 percent more all-electric vehicles in 2022.” Highlights include:

• “572,100 all-electric vehicles (BEVs) handed over to customers, following 452,800 in 2021.
• BEV share raised to 6.9 percent after 5.1 percent a year earlier.
• Group remains BEV market leader in Europe, is #4 in the U.S. and increased its BEV deliveries in China by 68 percent.
• Overall deliveries down 7 percent to 8.3 million vehicles due to supply constraints and temporary production stops.
• Western European order bank remains high with 1.8 million vehicles, thereof 310,000 BEVs.”

On January 27 Volkswagen reported:

Volkswagen Group has already set up more than 15,000 HPC points around the world…..Expansion plans by end of the Year: to install up to 25,000 high-power charging points around the world with the help of partners…..

Wuling Automobile JV (SAIC 51%, GM 44%, Guangxi 5.9%), SAIC Motor Corporation Limited [SAIC] [CH:600104] (SAIC includes Roewe, MG, Baojun, Maxus)

SGMW (SAIC-GM-Wuling Automobile) is number 4 globally with ~7.4% (not yet updated for Dec. 2022) market share YTD (2022). SAIC/GM/Wulin JV (SGMW) plus SAIC is 2nd in China with 10.5% share YTD (as of end Dec. 2022).

On January 9 SAIC Motor reported:

SAIC Motor leads China in car sales for 17 consecutive years. SAIC Motor, the largest carmaker in China, sold 5.3 million vehicles in 2022, ranking first in China for 17 years in a row. It was also China’s first automobile enterprise to sell 1 million new energy vehicles (NEVs), as well as the first Chinese carmaker with more than 1 million overseas volume. In 2022, sales of its self-branded cars, NEVs, and vehicle exports all maintained rapid growth, which have enabled SAIC Motor to expand…Sales of its NEVs exceeded 1.07 million, up 46.5 percent year-on-year, and ranked first in the world.

On January 11 Bloomberg reported:

China’s MG motor aims to launch three EVs in India by end 2024. MG Motor said it is focusing on electric vehicles in India and expects up to 30% of its local sales to eventually come from that segment.

On January 19 Just Auto reported:

SAIC Motor to make EVs, batteries in Thailand in 2023. First come the batteries, then EV production.

On January 20 CleanTechnica reported:

SAIC-GM-Wuling getting ready to unleash another smash hit, the KiWi all-wheel drive mini electric SUV.

On January 26 Car News China reported:

Wuling Bingo EV city car to launch in March 2023 – BYD Seagull Rival. The Wuling Bingo four-seat electric hatchback will hit the Chinese market in March this year with a price tag starting from 70,000 RMB (10,300 USD). This vehicle will become a strong rival for the upcoming BYD Seagull.

Geely Automobile Holdings Ltd (OTCPK:GELYY, HK:0175), Volvo Cars, Kandi Technologies Group (NASDAQ:KNDI), Proton, Lotus, ZEEKR. (Note: Volvo Group is a separate company that makes e-trucks & e-buses)

Geely/Volvo is currently ranked number 5 in the global electric car manufacturer’s sales ranking with ~5.9% (not yet updated for Dec. 2022) global market share YTD (2022).

On January 3 Geely Automobile Holdings Ltd. reported:

Unaudited delivery volume of Zeekr in December 2022…delivered 11,337 units of vehicles in December 2022, up approximately 199% year on year. For the year of 2022, Zeekr delivered an aggregate 71,941 units of vehicles.

On January 5 Volvo Cars reported: “Volvo Cars reports full year 2022 sales, share of fully electric cars at 10.9%…..”

On January 17 Electrek reported:

Breaking down Geely Group’s 5% sales growth by automaker, including Volvo Cars and Polestar. Chinese automotive conglomerate Geely Group has posted its annual sales results for 2022, which accounted for more than 2.3 million vehicles sold and nearly 5% growth overall. Although not all of those sales were all-electric models, EVs accounted for nearly a third of them….

On January 23 Asia Financial reported:

Geely to ramp up production of London Taxi EVs. Geely, the large Chinese automobile group, plans to ramp up production of London’s iconic black taxis with an electric brand of commercial and passenger vehicles. The multinational group, based in Hangzhou in China’s Zhejiang Province, has invested 500 million pounds ($620.74 billion) since it took control of London Electric Vehicle Company (LEVC) a decade ago.

On January 29 Technode reported:

Geely targets 600,000 EV sales in 2023. Chinese automaker Geely is aiming to sell at least 600,000 electrified vehicles in 2023, which would be 83% more than the 328,700 units the company sold last year, Gan Jiayue, chief executive of Geely Automobile Group, said on Saturday…..

Stellantis N.V. (NYSE:STLA) (merger Fiat Chrysler Group (FCA) and the Peugeot Group (PSA)) Ferrari (Jeep, Chrysler, Dodge, and RAM are all owned by FCA)

Stellantis Group is currently ranked the number 6 in the global electric car manufacturer’s sales with ~4.7% (not yet updated for Dec. 2022) global market share YTD (2022). Stellantis is ranked 2nd in Europe with 14.6% market share YTD (as of end Dec. 2022).

On January 4 Stellantis N.V. reported: “Stellantis to build electric aircraft with Archer and provide strategic funding for growth.” Highlights include:

• “Stellantis and Archer join forces to manufacture Archer’s Midnight eVTOL aircraft…
• Stellantis will provide up to $150 million of equity capital for potential draw by Archer at its discretion in 2023 and 2024.
• Stellantis intends to increase its strategic shareholding in Archer through future purchases of Archer stock in the open market.”

On January 5 Stellantis N.V. reported: “Ram 1500 Revolution Battery-electric Vehicle (BEV) Concept unveiled at CES 2023. “

Ram 1500 Revolution Battery-electric Vehicle (BEV) Concept (source)

On January 5 Stellantis N.V. reported: “New ‘Mobilisights’ business unit advances Stellantis’ growing data and connected services offer.” Highlights include:

• “Mobilisights will leverage data from Stellantis’ connected vehicles, which are expected to reach 34 million by 2030.
• Mobilisights to operate as an independent business unit, collaborate with data partners and license data to a wide range of customers, including other automakers.
• Consistent with Dare Forward 2030, Mobilisights will be a key contributor to the €20 billion in incremental annual revenues expected from software-related services by 2030.”

On January 9 Stellantis N.V. reported:

Stellantis signs binding agreement with Element 25 Limited for manganese sulphate supply for electric vehicle batteries…..

On January 18 Stellantis N.V. reported:

Stellantis and Terrafame agree on Low-Carbon Nickel Sulphate supply for Electric Vehicle Batteries. Stellantis strengthens value chain for electric vehicle battery production supporting Dare Forward 2030 strategic plan targets…..

Hyundai (OTC:HYMTF), Kia (OTC:KIMTF)

Hyundai-Kia Group is currently ranked number 7 in the global electric car manufacturer’s sales ranking with ~4.7% (not yet updated for Dec. 2022) market share YTD (2022). Hyundai-Kia Group is ranked 4th in Europe with 10.1% market share YTD (as of end Dec. 2022).

On January 3 Kia reported: “Kia announces 2022 global sales and 2023 targets.” Highlights include:

• “…the all-electric EV6 demonstrated Kia’s competitiveness in the global EV market as it had a total sale nearly 80,000 units…”

On January 4 Kia reported: “Kia America completes best retail sales year in company history.” Highlights include:

• “…..Sales of Kia’s electrified models increased 142-percent compared to December, 2021…”

On January 4 Hyundai reported:

Hyundai Motor America reports record-setting December, Q4 and 2022 sales…..Eco-friendly vehicle retail sales for Q4 grew 40% compared with Q4 2021. Growth in eco-friendly total sales were headlined by Elantra HEV (+431%), Santa Fe HEV (+85%), Tucson HEV (+38%), IONIQ 5 (+2835%) and KONA EV (+35%).

On January 4 Hyundai reported: “Hyundai IONIQ 5 wins the car connection best electric car to buy 2023 award.”

On January 18 Hyundai reported:

Hyundai celebrates record market share in Europe in 2022…..Increasingly driven by the demand for EVs, the company also saw a rise of 19 per cent in sales of zero emission vehicles…

BMW (OTCPK:BMWYY), Mini, Rolls-Royce

BMW Group is currently ranked the number 8 global electric car manufacturer with ~3.5% (not yet updated for Dec. 2022) global market share YTD (2022). BMW Group is ranked 3rd in Europe with 10.5% market share YTD (as of end Dec. 2022).

On January 10 BMW Group reported: “BMW Group stays on track for success in 2022: Maintains No. 1 position in global premium segment, doubles electric sales.” Highlights include:

• “….Sales of fully-electric vehicles more than doubled to 215,755 units (+107.7%).
• Sales up +10.6% in fourth quarter of 2022.
• MINI Electric* is best-selling MINI model variant.
• Pieter Nota: “Next milestone for 2023: 15% of total sales from fully-electric vehicles”.”

On January 11 BMW Blog reported: “MINI confirms two electric vehicles will be launched in 2023…..”

On January 20 InsideEVs reported:

BMW announces deeper partnership on solid state batteries. The Bavarian automaker said it was going to “start the next phase of joint research and development” with Solid Power.

On January 26 BMW Group reported: “BMW Group once again reduces CO2 emissions across vehicle fleet in 2022.”

Daimler-Mercedes (OTCPK:DDAIF, OTCPK:DDAIY) (Smart – 50% JV between Daimler & Geely) (NB: A proposal to rename Daimler to Mercedes Benz)

Daimler-Mercedes is ranked number 9 globally with ~2.9% (not yet updated for Dec. 2022) market share YTD (2022). Mercedes Group is ranked 5th in Europe with 9.0% market share YTD (as of end Dec. 2022).

On January 4 Reuters reported: “Mercedes-Benz unveils 1,000 km-per-charge VISION EQXX prototype…..”

On January 5 Mercedes-Benz Group reported: Mercedes-Benz to launch global branded high-power charging network, starting in North America.” Highlights include:

• “All-electric strategy: High-power charging network supports going all electric by end of decade by ensuring effortless and rapid charging.
• Global reach: Establishment of more than 10,000 high-power chargers worldwide across North America, Europe, China and other main markets.
• Mercedes-Benz customers can pre-book a charging station from their car, but network will be open and accessible to all brands to encourage rapid uptake of electric vehicles.
• Sustainable operation: Focus on renewable energy, green charging via Mercedes me Charge…..
• Technology partners: In North America Mercedes-Benz partners with expert partners such as ChargePoint, a leading specialist in charging network design and provision.”

On January 6 Reuters reported:

Mercedes to launch vehicle-charging network, starting in North America…Mercedes-Benz (MBGn.DE) is poised to invest billions of euros to build 10,000 fast-charging points in North America, Europe and China by 2030…..

On January 10 Mercedes-Benz Group reported: “Mercedes-Benz finishes 2022 with strong Top-End and Battery Electric Vehicle deliveries.” Highlights include:

• “Ramping up electrification: Mercedes-Benz Passenger Cars (MBPC) Battery Electric Vehicle (BEV) retail sales more than doubled to 117,800 units (+124%) in 2022……

On January 12 Daimler Truck reported:

Mercedes-Benz eCitaro electrifies inter-city routes: 45 electric buses delivered to the VLP transport company in Mecklenburg-Western Pomerania…..

On January 13 Green Car Reports reported: “Mercedes reportedly plans to drop EQ badging for EVs…..”

GAC Group (Guangzhou Automobile Group Co. Ltd.)

GAC Group is ranked number 11 globally with 2.7% (not yet updated for Dec. 2022) market share YTD (2022).

On January 5 GAC Group reported:

GAC Motor unveils new models and trillion-yuan initiative at Auto Guangzhou 2022…..According to the plan, GAC is expected to realize a total production and sales that exceeds 4.75 million vehicles and reach RMB 1 trillion in revenue by 2030. Measures to achieve the goal include strengthening supply chains, building an energy ecosystem, upgrading current models with intelligent technologies, and more. The implementation of the development outline will help GAC MOTOR maintain its leading position in the high-end NEV market. GAC Group delivered over 2.4 million units of vehicles in 2022, despite pressure from the pandemic, extended chip shortage, and hiking raw material prices. The Group’s home-developed brands GAC MOTOR and GAC AION achieved a total production and sales of more than 620,000 vehicles in China, of which 43% was contributed to NEVs. In 2023, GAC will be rolling out its first product equipped with X-Soul, its independently developed electrical and electronic architecture.

On January 9 Reuters reported: “Honda’s JV with GAC ends production of Acura brand in China.”

Great Wall Motors [HK:2333] (OTCPK:GWLLF) (OTCPK:GWLLY) [ORA]

On January 12 Great Wall Motors reported:

Great Wall Motor reveals 2022 achievement with 11,616 car sales led by exceptional performance of HAVAL H6 and ORA Good Cat, reinforcing xEV leadership while driving Thailand towards Electric Vehicle Society.

On January 16 Bangkok Post reported:

Great Wall Motor aims for EV future. According to the company’s 2025 Strategy, GWM aims to raise its sales proportion of new energy vehicles to 80% by 2025 and it will invest a total of CNY 100 billion (493.6 billion baht) in the R&D of new…

On January 26 Great Wall Motors reported:

Great Wall Motor joins opening of EV Technology Learning Center, signs MOU for vocational workforce development to drive sustainable growth of New Energy Vehicle Industry…..

Ford (NYSE:F)

On January 17 Ford reported: “Ford announces new Solar Power Plant as further step towards achieving ambitious sustainability targets.”

On January 19 Inside EVs reported: “Virginia rejects Ford battery plant investment over CATL’s CCP ties.”

Li-Auto (LI) [HK:2015]

On January 1 Li- Auto reported:

Li Auto Inc. December 2022 delivery update. Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced that the Company delivered 21,233 vehicles in December 2022, achieving another monthly delivery record and representing an increase of 50.7% year over year. This brought the Company’s fourth quarter deliveries to 46,319, up 31.5% year over year. Total deliveries in 2022 increased by 47.2% year over year to 133,246. The cumulative deliveries of Li Auto vehicles reached 257,334 as of the end of December.

NIO Inc. (NIO)

On January 1 NIO Inc. reported: “NIO Inc. provides December, fourth quarter and full year 2022 delivery update.” Highlights include:

• “NIO delivered 15,815 vehicles in December 2022, increasing by 50.8% year-over-year.
• NIO delivered 40,052 vehicles in the three months ended December 2022, increasing by 60.0% year-over-year.
• NIO delivered 122,486 vehicles in 2022 in total, increasing by 34.0% year-over-year.
• Cumulative deliveries of NIO vehicles reached 289,556 as of December 31, 2022.”

XPeng Inc. (Xiaopeng Motors) (XPEV) [HK:9868]

On January 1 XPeng Inc. reported: “XPENG announces vehicle delivery results for December and fourth quarter 2022.” Highlights include:

• “11,292 vehicles delivered inDecember 2022.
• 22,204 vehicles delivered in Q4 2022.
• 120,757 vehicles delivered cumulatively for the full year of 2022.
• Total cumulative deliveries reached 258,710 as ofDecember 31, 2022.”

On January 17 Bloomberg reported: “Xpeng follows Tesla with major price cuts on China Electric Cars.” Highlights include:

• “Xpeng slashes $22,000 off G3i base models, P7 sedans also cut.

• Many automakers lowering prices in world’s biggest EV market.”

On January 29 Technode reported:

Xpeng Motors plans to launch two new EVs in 2023: report. Xpeng Motors is planning to introduce two new electric vehicles (EVs) in 2023, in addition to redesigning three existing models. According to a report by Chinese media outlet LatePost, which cites sources familiar with the matter, the Chinese EV maker is also aiming to increase annual deliveries by 60% to reach 200,000 vehicles. One of the new EVs is the G7, a five-seater coupe-style sports utility vehicle with a starting price of RMB 200,000 ($29,484), that is scheduled to debut at this year’s Shanghai Auto Show in April. The other new EV is a multi-purpose vehicle codenamed H93, with mass production expected to begin in September, the report said.

On January 31 Bloomberg reported:

China electric-car upstart Xpeng pushes back profit goal after horror year.

• Xpeng’s star has fallen after sales miss target, share slump

• Carmaker plans push into self driving to revive its fortunes……

Having previously aimed to break even by late 2023 or early 2024, the Guangzhou-based automaker now expects to turn an operating profit in 2025…….

On February 3 CNBC reported: “Chinese Tesla rival Xpeng launches flagship EVs in Europe in international push.”

Renault [FR:RNO] (OTC:RNSDF)/ Nissan (OTCPK:NSANY)/ Mitsubishi (OTCPK:MSBHY, OTCPK:MMTOF)

On January 9 Renault reported:

Exclusive: Renault considers making mass-market EVs in India. Renault (RENA.PA) is considering building a mass-market electric vehicle in India, two people with knowledge of the ongoing review told Reuters, as part of a renewed push into a market where EV adoption is expected to grow quickly from a small base.

On January 12 Nissan Motor Corporation reported: “Nissan Ariya e-4ORCE to lead Pole to Pole expedition.”

Pole to Pole BTS with Ariya e-4ORCE

On January 25 Mitsubishi Motors reported: “All-new eK X EV earns top rating in Vehicle Safety Performance 2022 Car Assessment by JNCAP…..”

All-New eK X EV

General Motors (GM)/Chevrolet

On January 4 General Motors reported: “GM delivers a year of firsts. 2022 U.S. fourth quarter and full-year sales.”

2023 Growth Opportunities in EVs

• “Chevrolet Bolt EV and Bolt EUV production expected to increase to more than 70,000 units this year to meet strong global demand.
• Three Chevrolet EVs launching in the industry’s most popular segments.
• Cadillac LYRIQ production continues to increase to meet strong customer demand.
• GM’s first Ultium–dedicated assembly plant – Factory ZERO in Detroit and Hamtramck – slated to resume production this month. GMC HUMMER EV SUV planned to launch mid–2023.
• BrightDrop Zevo 600 production is underway at CAMI, Canada’s first full–scale EV plant, with Zevo 400 manufacturing slated to begin later this year.”

On January 20 General Motors reported: “GM investing $918 million in four U.S. facilities for V-8 engine production, EV components….”

On January 6 General Motors reported: “GM delivers 2.3 million vehicles in China in 2022.”

On January 21 Bloomberg reported:

GM and LG shelve plans for fourth US EV battery plant……GM still intends to build another battery plant in the US to support its electric-vehicle ambitions, the company said in a statement that didn’t specify a partner. The Detroit automaker has held discussions in recent months with other battery suppliers…..

On February 1 Reuters reported:

GM to help Lithium Americas develop Nevada’s Thacker Pass mine…. will invest $650 million in Lithium Americas Corp (LAC.TO)….GM has also agreed to buy all the lithium from Thacker Pass when it opens in 2026 – roughly 40,000 tonnes per year.

Polestar Automotive Holding UK Limited (PSNY)

On January 17 Polestar reported:

Candela C-8 ‘powered by Polestar’ shares battery and charging technology with Polestar 2…..

On January 24 Polestar reported: “Polestar 2 brings more power, performance and range…..”

Polestar 2 MY24

Beijing Automotive Group Co. (BAIC) (includes Arcfox) [HK:1958) (OTC:BCCMY)

On January 12 BAIC reported:

Annual production and sales of 1.45 million vehicles…..Among them, sales of ARCFOX vehicles increased by 110% year on year, with charging services covering 320 cities; the pre-sale orders of BJ60 exceeded 10,000 and sold more than 3,000 vehicles in the first month after the launch…..

Lucid Group (LCID)

On January 12 Lucid Group reported:

Lucid produced 3,493 vehicles in Q4 2022 and 7,180 in the full year 2022, exceeding annual guidance…..

On January 25 Lucid Group reported:

Lucid unveils state-of-the-Art Motorsports Electric Drive Unit, taking Lucid Air’s Advanced Electric Motor and Drivetrain Technology to the Racetrack…..

On January 27 Lucid Group reported:

Lucid Motors opens first retail studio and service centre in Montreal, Quebec…..The Montreal opening marks 32 Studio and service centre locations in North America and 36 globally, and will open to the public beginning Saturday, January 28.

On January 28 Reuters reported:

EV maker Lucid surges on report Saudi PIF to buy remaining stake. Lucid Group’s (LCID.O) shares surged 43% on Friday, paring gains after doubling on market speculation that Saudi Arabia’s Public Investment Fund (PIF) wanted to buy out the electric vehicle maker.

Rivian Automotive (RIVN)

On January 3, Rivian Automotive reported:

Rivian produced 10,020 vehicles in Q4 2022. Rivian Automotive, Inc. (NASDAQ: RIVN) today announced production totals for the quarter ending December 31, 2022. The company produced 10,020 vehicles at its manufacturing facility in Normal, Illinois and delivered 8,054 vehicles during the same period. On a full-year 2022 basis, the company produced 24,337 vehicles and delivered 20,332 vehicles.

On January 4 Reuters reported: “Rivian stock less bruised than Tesla as both miss EV targets…..”

Toyota (NYSE:TM)/ Lexus

On January 11 Japan Times reported: “Suzuki looks to partner Toyota to learn how to make small EVs…..”

On January 26 Seeking Alpha reported:

Toyota shocks with CEO announcement that could indicate a stronger next-gen vehicle focus…..Koji Sato will become president and CEO on April 1 and longtime CEO Akio Toyoda will step down to become chairman… “Toyota, from the overseas investors’ perspective, has been seen as sluggish in the electrification race because the company has deployed a variety of options, not just electric vehicles but hydrogen and existing gasoline-powered cars. This personnel change can be an opportunity for Toyota to cast off its backward image if they can show a focus on businesses based on the next-generation energy, including electric vehicles.”

On January 27 Green Car Reports reported: “Report: Toyota dedicated EV platform may be five years off…..”

Tata Motors (TTM) group (Jaguar, Land Rover)

On January 9 Tata Motors reported:

Tata Motors commences deliveries of the Ace EV to start a new era in last-mile deliveries

On January 10 Tata Motors reported:

Tata Passenger Electric Mobility Limited completes acquisition of Ford India’s Sanand plant.

On January 12 Bloomberg reported:

Jaguar owner to make electric-vehicle battery cells in Europe. India’s oldest conglomerate, Tata Group, is planning to set up electric vehicle cell-manufacturing operations in Europe as it tries to accelerate its British marque unit’s shift to battery-powered cars……The “intellectual property-heavy” facility will produce two cell chemistries — lithium iron phosphate for Tata Motors’ EVs and nickel manganese cobalt for the Indian automaker as well as Jaguar Land Rover, Balaji said.

On January 17 Tata Motors reported: “Tata Motors repositions Nexon EV portfolio with aggressive pricing; enhances range of MAX variants to 453 kms.”

Tata Motors Nexon EV MAX

On January 23, Tata Motors reported: “Tata Motors partners with ICICI Bank to offer financing for electric vehicle dealers.”

GreenPower Motor Company Inc. [TSXV:GPV] (GP)

On January 10, GreenPower Motor Company Inc. reported:

GreenPower delivers a record 101 all–electric vehicles in its third quarter…..“GreenPower made significant progress in the third quarter and we already have deliveries scheduled for more than 100 vehicles in the current quarter,” said GreenPower CEO Fraser Atkinson. “Our business development team and dealer partners have been hard at work and we believe we are on track to attaining an order backlog of 2,000 vehicles. Of significance is that almost all of these are supported by firm contracts or federal and state funding for the Nano BEAST Type A school bus, BEAST Type D school bus, EV Star Cargo, EV Star and EV Star Cab and Chassis.”

Workhorse Group Inc. (WKHS)

No news for the month.

Lion Electric (LEV)

On January 1 Green Car Congress reported:

Lion Electric produces first proprietary Li-ion battery pack. The Lion Electric Company recently completed production of its first lithium-ion battery pack at the company’s battery manufacturing facility located in Mirabel, Québec. Final certification of the first battery pack is expected in the first quarter of 2023, followed by a gradual ramp up of production in 2023. The first batteries produced in Mirabel will power the Lion5 truck and the LionAmbulance, expected to reach commercial production in the first half of 2023.

Nikola Corporation (NKLA)

On January 5 Nikola Corporation reported:

PGT Trucking purchases Nikola Tre Battery-Electric Semi-Truck to offer sustainable shipping solutions.

On January 13 Nikola Corporation reported:

Nikola moves battery manufacturing to Coolidge, Ariz. Cypress, Calif. production facility to close by July 2023.

On January 23 Nikola Corporation reported:

GP JOULE to order 100 Nikola Tre Fuel Cell Electric Vehicles. The Nikola Tre FCEVs will be among the first produced by the Nikola Iveco Europe joint venture.

On January 24 Nikola Corporation reported:

Fortescue Future Industries (FFI) and Nikola to collaborate and invest in the co-D=development of large-scale U.S. Green Hydrogen Production Projects…..

On January 25 Nikola Corporation reported: “15 Nikola Tre FCEVs headed to Biagi Bros. Inc. in California in Q4 2023.”

Honda [TYO:7267] (HMC) (OTCPK:HNDAF) AFEELA (Sony Honda Mobility JV)

On January 5 Bloomberg reported:

Sony and Honda unveil Afeela EV in latest challenge to Tesla…The new company is also collaborating with Qualcomm Inc. and Epic Games Inc. to enable 5G connectivity and entertainment….The joint venture’s first car to roll out on the CES stage was a sedan featuring 45 sensors, including cameras, radar and ultrasonic sensors. It is “a software-defined vehicle,” Qualcomm CEO Cristiano Amon said during the presentation. Sony said it would keep the Afeela cars constantly updated…

Sony Honda Mobility AFEELA (source)

On January 13 Honda reported:

Announcement regarding the Completion of Procedures for the establishment of a Joint Venture with LG Energy Solution for EV battery production in the U.S…..The JV will begin construction of a new battery plant early this year with the goal of completion by the end of 2024 and starting mass production of advanced lithium-ion battery cells by the end of 2025. The plant aims to have an annual production capacity of approximately 40GWh. All batteries produced by the new JV will be supplied exclusively to Honda plants in North America to power battery-electric vehicles sold in North America.

On January 23 Honda reported:

Honda Motor Co., Ltd. announces signing of Memorandum of Understanding with GS Yuasa for collaboration in Lithium-ion Battery…..

On January 24 Electrek reported: “Honda overhauls business operations to rapidly accelerate EV deployment……”

Lordstown Motors (RIDE)

On January 11 Cleveland Business Journal reported: “Lordstown Motors’ Endurance nosed out for North American Truck of the Year…..”

Mazda (OTCPK:MZDAY)

No EV news for the month.

Fisker Inc. (FSR)

No news for the month.

You can read a recent Trend Investing article on Fisker Inc. here.

Arrival (ARVL)

On January 31 The Verge reported:

Cash-strapped EV startup Arrival is laying off half its workforce…..Arrival, an electric vehicle startup based in the UK, said it was laying off 50 percent of its employees in a bid to reduce costs. The company also named a new CEO, Igor Torgov, who previously served as executive vice president of digital at the company.

Three wheel EV companies

Arcimoto Inc. (FUV)

On January 20 GlobeNewswire reported: “Arcimoto, Inc. announces closing of $12 million Public Offering.”

Electrameccanica Vehicles Corp. (SOLO)

On January 6 Electrameccanica Vehicles Corp. reported:

ElectraMeccanica announces partnership with Arizona Super Bowl Host Committee……

EV & battery ETF

• The Amplify Lithium & Battery Technology ETF (BATT) is a broad based EV related fund worth considering. It is currently a trading on a PE of 12.22. On their website they state: “BATT is a portfolio of companies generating significant revenue from the development, production and use of lithium battery technology, including: 1) battery storage solutions, 2) battery metals & materials, and 3) electric vehicles.

Other EV or EV related companies

Other EV companies we are following include Envirotech Vehicles (EVTV) (formerly ADOMANI Inc., Atlis Motors, Ayro, Inc. (AYRO), Blue Bird Corporation (BLBD), Blink Charging (BLNK), Byton (private), Canoo Holdings (GOEV), China Evergrande New Energy Vehicle Group [HK:3333], Chery Automobile Co. Ltd. (private), Didi Chuxing, Dyson (private), Electric Last Mile Solutions Inc. (“ELMS”) (ELMS), Ferrari NV (RACE), Guangzhou Automobile Group Co., Hyliion Holdings (HYLN), Ideanomics Inc. (IDEX), Mahindra & Mahindra (OTC:MAHDY), Niu Technologies (NIU), Proterra (PTRA), Qiantu Motor, Sono Group N.V (SEV), Subaru (OTCPK:FUJHY), Suzuki Motor Corp. [TYO: 7269] (OTCPK:SZKMY) (OTCPK:SZKMF), Vinfast, WM Motor, and Zhi Dou (private).

The list of countries and cities banning (or planning to ban) petrol and diesel vehicles include at least:

• Norway (2025); UK, Netherlands, Denmark, Sweden, Iceland, Greece, Ireland, Israel (2030); Scotland (2032); Hong Kong (2030-40); EU, Germany, Japan, Canada (2035); France, Spain, Egypt, Taiwan, Singapore, India, New Zealand and Poland (2040).
• Rome (2024); Athens, Paris, London, Stuttgart, Mexico City, Madrid (2025); Amsterdam, Brussels, Hainan (2030); California, New York, Quebec Province (2035); Sao Paolo, Seoul (2040).

Note: Wikipedia has an excellent list showing the phase out of fossil fuels in various cities and countries.

ICE vehicle phase out target dates

Conclusion

2022 global electric car sales reached 10.522m sales (13% market share), up 55% on 2021.

December 2022 global plugin electric car sales were an estimated 1.1m+ YoY and reached an estimated 17% global market share (not yet updated); 30% share in China, 38% in Europe, and no data for December (Sept. 2022 was 7.4%) for the USA.

Highlights for the month were:

• Hitting record, electric cars sales in Norway near 80% in 2022.
• IEA releases Energy Technology Perspectives 2023, the world’s first global guidebook for the clean technology industries of the future.
• As government subsidies expire, China’s NEV sector is to embrace rising competition.
• Davinci Motor debuts its electric motorcycle with 400km range at CES2023.
• China new-energy vehicle sales, shipments nearly doubled in 2022. Nationwide retail sales of NEVs jumped 90% to 5.67 million.
• The world’s largest electric ferry can take you and your closest 2000 friends across the ocean.
• Tritium secures largest order in company history from bp.
• UK’s petrol and diesel sales eroded as EV sales surged 40% in 2022.
• Aptera Motors to begin production of Launch Edition EV.
• Biden administration expands EV tax credits in boost for Tesla, Cadillac, others.
• BYD plans push into India’s burgeoning EV market, seeks to capture 40% of India EV market by 2030.
• Tesla’s Generation 3 Platform (robotaxi?, compact vehicle?) to be unveiled at Tesla Investor Day on March 1, 2023. Tesla officially begins construction of a lithium refinery in Texas. Tesla files for $716M expansion at Giga Texas, including a cathode plant. Tesla China plant expansion in doubt over StarLink concerns. Tesla cuts prices globally by up to 20%. Tesla plans $3.6b Nevada expansion to make Semi truck and 4680 battery cells.
• Volkswagen Group delivers 26% more all-electric vehicles in 2022.
• SAIC – China’s MG motor aims to launch three EVs in India by end 2024.
• Geely Group EVs accounted for nearly a third of all sales in 2022. Geely targets 600,000 EV sales in 2023.
• Stellantis and Archer join forces to manufacture Archer’s Midnight eVTOL aircraft. Stellantis Ram 1500 Revolution BEV Concept unveiled at CES 2023.
• Kia EV6 sales nearly 80,000 units in 2022.
• BMW Group’s sales of fully-electric vehicles more than doubled to 215,755 units in 2022.
• Mercedes-Benz to launch global branded high-power charging network, starting in North America. To build 10,000 fast-charging points in North America, Europe and China by 2030. Mercedes-Benz passenger cars (MBPC) Battery Electric Vehicle (BEV) retail sales more than doubled to 117,800 units (+124%) in 2022.
• Great Wall Motor aims to raise its sales proportion of new energy vehicles to 80% by 2025.
• Virginia rejects Ford battery plant investment over CATL’s CCP ties.
• Li Auto delivered 133,246 vehicles in 2022, increased by 47.2% YoY.
• NIO delivered 122,486 vehicles in 2022, increased by 34.0% YoY.
• XPeng delivered 120,757 vehicles in 2022.
• Renault considers making mass-market EVs in India.
• GMC HUMMER EV SUV planned to launch mid–2023.
• Lucid Group produced 7,180 vehicles in 2022. Lucid surges on ‘report’ Saudi PIF to buy remaining stake.
• Rivian produced 24,337 vehicles in 2022 (10,020 in Q4, 2022).
• Toyota shocks with CEO announcement that could indicate a stronger next-gen vehicle focus. CEO Akio Toyoda will step down to become Chairman.
• Honda overhauls business operations to rapidly accelerate EV deployment.
• Jaguar owner (Tata Group) to make electric-vehicle battery cells in Europe.
• GreenPower delivers a record 101 all–electric vehicles in its third quarter.
• Lion Electric produces first proprietary Li-ion battery pack.
• Sony and Honda unveil Afeela EV in latest challenge to Tesla.
• Cash-strapped EV startup Arrival is laying off half its workforce.

As usual, all comments are welcome.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.