EV Company News October 2022

Welcome to the October 2022 edition of Electric Vehicle [EV] company news.

October saw a landmark result with September 2022 global plugin electric car sales exceeding one million for the first time ever! Records everywhere continue to be broken. September 2022 global plugin electric car sales set a new record high, plus we saw a record sales result for Chinese plugin electric car sales. What a month!

October saw the U.S government award US$2.8b in grants to help build a USA battery supply chain. The European Commission is working on a similar plan to be known as the European Critical Raw Materials Act. All of this is good news for EVs with governments now stepping in to help support the development of local supply chains. The EU also struck a provisional agreement to ban the sale of new diesel and gasoline cars from 2035.

Global electric car sales as of end September 2022

Global plugin electric car sales finished September 2022 with a record 1,040,000 sales for the month, up 51% on September 2021, with market share of 17% for September 2022, and 13% YTD.

Note: ~72% (not updated recently) of electric car sales YTD are 100% battery electric vehicles (BEVs), the balance being hybrids.

China plugin electric car sales were a record with over 630,000 sales in September 2022, up 78% on September 2021 sales. Electric car market share in China for September was 35%, and 29% YTD.

Europe plugin electric car sales were 250,000 in September 2022, up 7% YoY, reaching 24% market share and 21% YTD. Norway reached 89% share, Sweden 55%, Ireland 33%, Netherlands 33%, Germany 32%, France 24%, and UK 22% share in September 2022.

USA plugin electric car sales were reported on October 14, 2022 by CleanTechnica stating: “Fully electric vehicles reached ~6% of auto sales in USA in 3rd Quarter. 6% of US auto sales is up from EVs’ 2.2% of US auto sales in Q3 2020.”

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.

Global plugin electric car sales by brand for September 2022 (source: CleanTechnica)

Global plugin electric car sales by brand YTD in 2022

EV sales forecast to really take off from 2022 as affordability kicks in

The chart below aligns with our research that electric car sales will really take-off after 2022.

2022 – BloombergNEF forecasts for global electric car sales

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 October 14 Reuters reported:

E-bus deal puts Oslo on track for zero emissions goal. Oslo is on course to become the first capital city in the world with an all-electric public transport system, targeting that goal for the end of 2023 as part of its aim to become the world’s first wholly emissions-free city by 2030.

On October 17 Automotive News China reported:

EU needs to increase EV support to fend off Chinese competition, study says…….EV sales growth in the bloc had slowed, with full-electric cars making up 11 percent of sales in the first half of 2022 when historical trends suggested they should have reached 13 percent……In the meantime, Chinese automakers including BYD and Great Wall Motor are looking to gain a foothold in the EU…..T&E estimates Chinese-made EVs accounted for 5 percent of EV sales in the EU in the first half of this year and could have an 18 percent share of the market by 2025…….The failure of EU carmakers to scale up supply could result in foreign automakers offering affordable models and capturing a large share of the mass market in Europe,” the report said.

On October 18 Bloomberg reported:

Foxconn unveils pickup, crossover models to expand EV lineup. Model V pickup truck to be built in Taiwan, Thailand, US. Foxconn is pushing into EVs in search of growth beyond iPhones……The company, whose main listed arm is Hon Hai Precision Industry Co., unveiled the Model B crossover SUV and Model V pickup truck at its event in Taipei.

Foxconn’s new vehicles – Model V electric pickup truck and Model B electric crossover SUV (Source)

On October 19 Energy.Gov announced:

Biden-Harris administration awards $2.8 Billion to supercharge U.S. manufacturing of batteries for electric vehicles and electric grid. The 20 companies will receive a combined $2.8 billion to build and expand commercial-scale facilities in 12 states to extract and process lithium, graphite and other battery materials, manufacture components, and demonstrate new approaches, including manufacturing components from recycled materials. The Federal investment will be matched by recipients to leverage a total of more than $9 billion to boost American production of clean energy technology, create good-paying jobs, and support President Biden’s national goals for electric vehicles to make up half of all new vehicle sales by 2030 and to transition to a net-zero emissions economy by 2050……..DOE anticipates moving quickly on additional funding opportunities to continue to fill gaps in and strengthen the domestic battery supply chain………The President also announced the launch of the American Battery Material Initiative…….The Initiative will coordinate domestic and international efforts to accelerate permitting for critical minerals projects, ensuring that the United States develops the resources the country needs in an efficient and timely manner, while strengthening Tribal consultation, community engagement, and environmental standards to build smarter, faster, and fairer.

On October 21 Reuters reported:

Exclusive: Automakers to double spending on EVs, batteries to $1.2 trillion by 2030……The world’s top automakers are planning to spend nearly $1.2 trillion through 2030 to develop and produce millions of electric vehicles, along with the batteries and raw materials to support that production, according to a Reuters analysis of public data and projections released by those companies. The EV investment figure, which has not previously been published, dwarfs previous investment estimates by Reuters and is more than twice the most recent calculation published just a year ago…….Automakers have forecast plans to build 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production, according to the analysis. To support that unprecedented level of EVs, carmakers and their battery partners are planning to install 5.8 terawatt-hours of battery production capacity by 2030, according to data from Benchmark Mineral Intelligence and the manufacturers.

Note: Bold emphasis by the author. Trend Investing’s forecast for some time now is 75% market share in 2030 with ~64m plugin electric cars (includes light commercial vehicles) sold pa.

On October 26 U.S News reported:

Government awarding $1 billion to schools for electric buses. Nearly 400 school districts across the country are receiving grants totaling about $1 billion to purchase 2,500 “clean” school buses under a new federal program…..Only about 1% of the nation’s 480,000 school buses were electric as of last year, but the push to abandon traditional diesel buses has gained momentum in recent years. Money for the new purchases is available under the federal Clean School Bus Program, which includes $5 billion from the bipartisan infrastructure law President Joe Biden signed last year.

On October 27 Bloomberg reported:

France and Germany are hatching a plan to protect Europe’s e-vehicle makers……French President Emmanuel Macron is looking to enlist German Chancellor Olaf Scholz’s support for a new plan to help European auto makers compete with the US and China, after President Joseph Biden outlined heavy subsidies benefiting electric cars made in North America……the two leaders were converging on the idea of assuring that EU car subsidies are used for European-made vehicles.

On October 28 CNBC reported:

EU strikes deal to ban the sale of new diesel and gasoline cars from 2035……the European Parliament said EU negotiators had agreed on a deal related to the European Commission’s proposal for “zero-emission road mobility by 2035.” Formal approval of the deal from the European Council and European Parliament is required before it takes effect.

On October 29 Bloomberg reported: “Evergrande NEV starts delivery of first batch of electric cars.”

On October 29 The South China Morning Post reported:

China’s submarine fleet may soon be powered by lithium batteries. China’s large fleet of conventional submarines could soon be powered by lithium-ion batteries as a result of advances in the country’s world-leading electric car industry, according to a Chinese navy study……lithium battery-powered submarines would most likely use the iron phosphate approach……Japan’s navy was the first to do so, in 2018……South Korea launched its first lithium-powered submarine in 2021…..Germany and France have also developed prototype lithium batteries for submarine use with plans for military service in the near future.

EV company news

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

BYD is currently ranked the number 1 globally with 17.3% market share YTD. BYD is ranked number 1 in China with 28.9% market share YTD.

On October 3 Seeking Alpha reported:

Warren Buffett-backed BYD reported booming September and Q3 sales. Chinese EV maker BYD Company sold a record 201,259 new energy vehicles in September up ~184% Y/Y, after selling 174,915 in August and 162,530 in July. Sales of pure electric vehicles up 161.5% Y/Y to 94,941 units and plug-in hybrid vehicles up 214.49% Y/Y to 106,032 units.

On October 4 Seeking Alpha reported:

German car rental giant agrees to buy 100K EVs from BYD Company…… Germany mobility and car rental company SIXT.

On October 5 Business Standard reported: “BYD India targets 15,000 EV sales in 2023, to expand portfolio and network.”

On October 10 CleanTechnica reported:

BYD delivering 120 electric semi trucks in 2022…..The 5 units of the semi truck, called the Q3MA, were delivered by BYD Mexico to transportation company Marva in Puebla, Mexico. The big shocker, though – which you already saw in the headline to this piece – is that BYD plans to deliver 120 fully electric semi trucks to customers within 2022.

On October 18 Nikkei Asia reported:

BYD rolls into Europe’s EV scene to take on VW and Tesla……BYD announced the launch of three EVs in the European market…..

On October 28 Seeking Alpha reported:

BYD Company Limited net profit of RMB5.70B, revenue of RMB117.1B. BYD Company Limited (OTCPK:BYDDF): Q3 net profit of RMB5.70B ($786 M), up 350.1% Y/Y and 105.1% Q/Q. Revenue of RMB117.1B up 115.6% Y/Y and up 39.8% Q/Q. The company expects to sell 1.78 million, 3.2 million and 4 million vehicles from 2022 to 2024, with average sales revenue of RMB 160,000, 170,000 and 170,000 per vehicle.

Tesla Inc. (NASDAQ:TSLA)

Tesla is currently ranked the number 2 globally with 13.3% global market share YTD. Tesla is number 3 in China with 7.9% market share YTD. Tesla is still the number 1 electric car seller in the US by far with ~66% market share.

On October 3 Reuters reported: “Tesla’s logistical challenges overshadow record deliveries.”

On October 6 Seeking Alpha reported: “Tesla is lifted to investment grade at S&P.”

On October 6 Electrek reported:

Tesla Semi production starts, Pepsi to get first electric trucks. Elon Musk announced that Tesla is starting Tesla Semi production and Pepsi is going to get the first electric trucks starting December 1st.

On October 19 Seeking Alpha reported: “Tesla Non-GAAP EPS of $1.05 beats by $0.04, revenue of $21.45B misses by $510M.”

Note: You can view the Tesla Q3 2022 update here. Elon mentioned Tesla could potentially do a US$5-10b share buyback next year.

Tesla Q3 2022 earnings results summary page

On October 21 InsideEVs reported: “Tesla Model Y sales skyrocketing, may beat Ford F-150 globally in 2022.”

On October 22 CleanTechnica reported:

Lower-cost Tesla will outsell all current Teslas combined……CEO Elon Musk’s response was: “Well, we don’t talk exact dates……it’s obvious you can guess what we’re working on, which is this next-generation vehicle, which will be about half the cost of the 3/Y platform. It’ll be smaller, to be fair, but it will I think swiftly become – swiftly exceed the product of all of our other vehicles combined.”

On October 24 Seeking Alpha reported: “Tesla cuts prices in China by up to 9% amid softening demand.”

On October 29 Bloomberg reported: “Tesla Begins Clearing German Forest to Expand Electric-Car Plant.”

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 8.3% (not updated) market share YTD, and 1st in Europe with 19.6% market share YTD.

On October 13 Bloomberg reported:

Volkswagen to invest $2.3 Billion in China autonomous driving venture. Carmaker, Horizon target cost, power saving single chip……The new unit will develop automated and assisted driving systems for China, integrating numerous functions on one chip to save costs and lower energy consumption.

On October 14 Volkswagen Group reported: “Volkswagen Group’s all-electric deliveries up 25 percent after nine months.”

On October 14 Autocar reported:

Porsche Macan EV delayed due to VW software woes. Electric SUV won’t arrive until at least 2024 as problems at Cariad software division slow development progress.

On October 18 Volkswagen Group reported: “Volkswagen Group and Xanadu establish quantum simulation program for battery materials.” Highlights include:

• “The research program focuses on innovations in quantum algorithms for simulating battery materials, which are needed to potentially impact the design and development of next-generation cells.
• The two organizations intend bring to market resource-efficient quantum algorithms that aim at accelerating Volkswagen’s adoption of quantum computers in the next decade…..”

On October 27 Reuters reported: “Volkswagen brand will only produce electric cars in Europe from 2033 -brand chief……”

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 7.6% market share YTD. SAIC/GM/Wulin JV (SGMW) plus SAIC is 2nd in China with 11.3% share YTD.

On October 17 SAIC Motor reported:

SAIC Motor sells 517,000 vehicles in September. SAIC Motor, China’s largest automaker, sold 517,000 vehicles in September, setting a monthly new high for the company……Official data indicates that since this year, its new energy vehicles (NEVs) and overseas sales have reached nearly 700,000 units, both of which are expected to exceed one million…..

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 5.7% (not updated) global market share YTD.

On October 27 Reuters reported: “Chinese automaker Geely’s new energy brand Farizon raises over $300 mln……”

On October 27 Volvo Cars reported:

Volvo Cars reports third-quarter results – despite multiple headwinds, demand continued to be robust…….Electrified ‘Recharge’ line-up accounted for 25.1% of total sales in Q3, of which 7.4% were fully electric.

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

Hyundai-Kia Group is currently ranked number ~6 in the global electric car manufacturer’s sales ranking with 4.8% market share YTD. Hyundai-Kia Group is ranked 3rd in Europe with 11.4% market share YTD.

On October 3 Hyundai reported: “Hyundai Motor America reports record September and Q3 2022 retail sales.” Highlights include:

• “…..Best-ever Q3 total and retail sales for Elantra HEV, IONIQ 5, Santa Cruz, Santa Fe PHEV and Tucson PHEV.”

On October 4 Hyundai reported: “Hyundai IONIQ 6 relieves range anxiety with 614 kilometers per charge.”

Hyundai IONIQ 6

Source: Hyundai website

On October 4 Kia reported: “Kia announces September 2022 global sales results.” Highlights include:

• “September global sales at 249,146 units, up 11.0% y/y…..
• Kia to continue creating sales momentum and enhancing profitability through new models, such as the award-winning Kia EV6.”

On October 20 Hyundai reported: “MotorTrend names Hyundai IONIQ 5 2023 SUV of the Year.”

Hyundai IONIQ 5

On October 24 Hyundai reported:

Hyundai Motor announces 2022 Q3 business results……All-electric model sales in Q3 jumped 27% y/y to over 52,000 units……

On October 26 Reuters reported:

Hyundai breaks ground on $5.5 bln U.S. EV, battery plant…..in Georgia….Hyundai plans to begin commercial production in the first half of 2025 in the massive plant in Bryan county about 30 miles west of Savannah, that will have an annual capacity of 300,000 units.

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

Stellantis Group is currently ranked the number ~7 in the global electric car manufacturer’s sales with 5.1% (not updated) global market share YTD. Stellantis is ranked 2nd in Europe with 15.6% market share YTD.

On October 10 Stellantis N.V. reported: “Stellantis signs non-binding MOU with GME for future offtake of battery grade nickel and cobalt sulphate.”

On October 27 Stellantis N.V. reported:

Stellantis Hordain: First Plant in the World to produce Hydrogen-powered, electric and combustion engine commercial vehicles……From 2024, the site will have a production capacity of 5,000 vehicles per year, reaffirming Stellantis’ ambition to be the first mass-produced manufacturer of hydrogen-powered utility vehicles.

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

BMW Group is currently ranked the number 8 global electric car manufacturer with 3.5% global market share YTD. BMW Group is ranked 4th in Europe with 10.8% market share YTD.

On October 10 BMW Group reported: “Dynamic growth in e-mobility: BMW Group doubles sales of fully-electric vehicles.” Highlights include:

• “Electro-Ramp-up delivers: 128,196 fully-electric BMW and MINI vehicles sold (+114.8%) YTD September……”

On October 19 BMW Group reported: “BMW Group announces $1.7 billion [USD] investment to build electric vehicles in the U.S. and signs agreement with Envision AESC for the supply of battery cells to Plant Spartanburg.” Highlights include:

• “$1 Billion New Investment in Plant Spartanburg [USA]) to Prepare for the Production of Battery Electric Vehicles. At Least Six Fully-Electric BMW X-Models by 2030 produced in the U.S..
• Additional $700 Million Investment to Build a New High-Voltage Battery Assembly Facility in South Carolina.
• Envision AESC to Build New Battery Cell Plant in South Carolina to Supply New Round Lithium-Ion Cells for Electric Vehicle Production in the U.S..”

On October 21 BMW Blog reported:

BMW invests 800 million euros at Plant Leipzig for Electric Vehicles….. Plant Leipzig will receive a capital infusion of 800 million euros to ramp up the production of electric cars. The investment will cover a new battery assembly line and new cell varnishing lines. BMW says the batteries will be used for its fully electric MINI Countryman. Between 2020 and the end of 2024, the BMW will have invested more than 800 million euros in establishing e-component production in Leipzig. In the future, this area of production will take up around 150,000 square meters on the site.

Daimler-Mercedes (DDAIF) (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% market share.

On October 11 Mercedes-Benz Group reported: “Mercedes-Benz deliveries up 21% in Q3 with robust demand.” Highlights include:

• “……EV ramp-up continues: Q3 Battery Electric Vehicle (BEV) sales more than double to 30,000 units (+115%). EQS SUV market launch in United States. EQE SUV premiere in October…..”

On October 16 Mercedes Blog reported:

Official: Mercedes EQE SUV World Premiere at Paris. Mercedes luxury electric range is now complete. The Mercedes EQE SUV is the fourth model built on the dedicated EVA electric platform used in the Mercedes EQS, EQS SUV and EQE…..

Mercedes EQE SUV

On October 20 Mercedes-Benz Group reported: “Mercedes-Benz signs supply deal with Rock Tech Lithium for EV-ramp up.”

On October 26 Mercedes-Benz Group reported:

Mercedes-Benz posts robust Q3 profit in a demanding environment…… Electrification accelerated: Mercedes-Benz passenger car BEV sales more than doubled; eight battery electric vehicles now on sale with EQE SUV introduced and EQS SUV & EQE in production.

On October 26 Mercedes Blog reported: “Mercedes-Benz leaves Russia, sells everything…..”

GAC Group (Guangzhou Automobile Group Co. Ltd.)

GAC Group is ranked number 11 globally with 2.7% market share YTD.

On October 20 CarNewsChina.com reported:

GAC Aion Y Plus launched in Chinese market, price starts at 24,800 USD……The Aion Y Plus is equipped with permanent magnet synchronous motors with 150 kW and 225 Nm. The 70 Executive Edition is powered by a 63.98 kWh lithium iron phosphate battery pack provided by GAC that provides a pure electric cruising range of 510 km.

GAC Aion Y Plus (source)

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

On October 1 XPeng Inc. reported: “XPeng announces vehicle delivery results for September and third quarter 2022; G9 Flagship SUV deliveries started in September.” Highlights include:

• “8,468 vehicles delivered in September 2022.
• 29,570 vehicles delivered in Q3 2022.
• 98,553 total vehicles delivered in the first nine months of 2022.”

On October 3 XPeng Inc. reported: “XPENG receives third consecutive MSCI ESG rating of AA achieves Industry-leading DJSI Scores.”

You can watch a recent video called “World’s First Flying Car | XPeng X2.“

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

On October 11 Great Wall Motor reported: “GWM HAVAL H6 PHEV launched in Thailand……”

On October 12 Great Wall Motor reported:

Empowered by Forest Ecosystem, GWM sold 93,600 new vehicles in September, with a MoM Growth of 6.14%……ORA sold 7,605 units in September. ORA GOODCAT, as a “New Generation Intelligent Beauty&Trendy Sport Car”, has released various versions of products for different scenarios, achieving steady growth in sales volume.

On October 18 The Driven reported:

“Huge expansion:” Next Ora Cat specs, more GWM electric models on way. Great Wall Motor (GWM) has underlined its intention to introduce more electric models – likely including a new battery electric sedan – to Australia in a recent sales report. The report, published to GWM’s global website on Monday, came shortly ahead of a worldwide announcement on Tuesday of a “huge expansion” into the “new energy vehicles” arena……The GWM has plans to introduce 50 NEVs by 2025, in a strategy it has dubbed ‘Revolution is On.’ And, it wants to encourage the use of renewable, clean energy sources “wherever possible” by rolling out solar-powered charging stations.

Ford (NYSE:F)

On October 4 Electrek reported:

Ford triples EV sales YOY with strong Mustang Mach-E growth and gains 3.1% electric vehicle market share……Despite ongoing supply issues, Ford’s electric vehicle sales tripled (+197.3%) from last year, gaining 3.1% market share as the automaker looks to hit its goal of a 600,000 run rate by the end of 2023……

On October 5 CNBC reported:

Ford hikes starting price of its electric F-150 Lightning pickup for second time in less than two months. Ford is increasing the entry-level price of its electric F-150 Lightning pickup by $5,000 for the 2023 model year due to rising costs and supply chain issues. The starting price of the 2023 Lightning Pro model will be $51,974 – up nearly 11% and a 30% increase from the truck’s $39,974 price in May 2021.

On October 25 Ford reported: “Ford takes next steps towards carbon neutrality in Europe by 2035 – Signs MoUs with key suppliers to secure delivery of low carbon steel.”

On October 25 Reuters reported: “Ford, Hyundai discussing EV investments with Indonesia – Indonesian minister……”

On October 26 Ford reported: “Ford exits Sollers Ford Joint Venture in Russia following seven month suspension of operations.”

On October 28 Automotive News reported:

Ford postpones deadline for dealers to decide on EV investment. Dealers will get an extra month to decide whether to spend up to $1.2M on chargers and other upgrades the automaker is requiring for certification to sell EVs after 2023……

Li Auto (LI) [HK:2015]

On September 30 Li Auto reported:

Li Auto Inc. unveils Li L8, its six-seat, large premium smart SUV for families, and Li L7, its five-seat, large flagship smart SUV for families.

Li Auto Li L8

Li Auto Li L7

On October 1 Li Auto reported:

Li Auto Inc. September 2022 delivery update…..the Company delivered 11,531 vehicles in September 2022, up 62.5% year over year……The cumulative deliveries of Li Auto vehicles reached 211,015 as of the end of September.

NIO Inc. (NIO)

On October 1 NIO Inc. reported: “NIO Inc. provides September and third quarter 2022 delivery update.” Highlights include:

• “NIO started deliveries of ET5 in late September 2022.
• NIO delivered 10,878 vehicles in September 2022.
• NIO delivered 31,607 vehicles in the three months ended September 2022, increasing by 29.3% year-over-year and achieving record-high quarterly deliveries.
• Cumulative deliveries of NIO vehicles reached 249,504 as of September 30, 2022.”

On October 8 Bloomberg reported:

Nio targets four new European markets for EV model rollout……Following a year of modest sales in Norway, Nio will offer three models in Germany, Denmark, Sweden and the Netherlands, showcasing the move with an event in Berlin Friday……

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

On October 11 Nissan reported: “Nissan announces exit from Russian market.”

On October 21 Renault Group reported: “2022 third quarter: 20.5% increase in revenue & success of new launches.” Highlights include:

• “……Renault Megane E-tech Electric is experiencing a promising start with more than 37,000 orders since its launch in Q2….
• The E-tech range (electric and hybrid) accounted for 38% of Renault passenger car sales in Europe over the first 9 months, up 12 points compared to the first 9 months of 2021….”

On October 27 Nissan reported: “2023 Nissan Ariya electric crossover named ‘Editor’s Pick’ in second annual Newsweek Auto Awards.”

General Motors (GM)/Chevrolet

On October 4 Reuters reported: “GM to boost EV Chevrolet Bolt production…..”

On October 7 General Motors reported: “GM Defense to provide Battery Electric Technology to Defense Innovation Unit.”

On October 12 General Motors reported: “GM enters collaboration agreement with Queensland Pacific Metals for Nickel from Australia.”

On October 25 General Motors reported:

GM reports third-quarter 2022 results. General Motors Co. (NYSE: GM) today reported third-quarter net income attributable to stockholders of $3.3 billion and EBIT-adjusted of $4.3 billion driven by record third-quarter revenue of $41.9 billion. GM reaffirms its full-year earnings guidance.

On October 25 General Motors reported: “GM secures all energy needed to achieve renewable energy goal 25 years ahead of initial target.”

Polestar Automotive Holding UK (PSNY)

On October 7 CNBC reported: “Polestar confirms it will deliver 50,000 electric vehicles in 2022.” Highlights include:

• Polestar confirmed that it still expects to deliver 50,000 vehicles in 2022.
• The company said its China factory has “caught up” after several weeks of Covid-related shutdowns earlier this year.
• Polestar plans to launch its newest model, an electric SUV called the Polestar 3, on Wednesday.”

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

On October 19 BAIC reported: “BAIC wins the industry’s “double award” with new energy innovation ability and overseas patent……”

Rivian Automotive (RIVN)

On October 3 Rivian Automotive reported:

Rivian produced 7,363 vehicles in Q3 2022…..and delivered 6,584 vehicles during the same period. These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided.

On October 6 CNBC reported:

Rivian needs to sharply ramp up EV production to meet 2022 targets – Wall Street is betting it can……

On October 11 Reuters reported:

Rivian shares skid after EV maker recalls nearly all vehicles…… heightening investor concerns that the company may not be able to meet its 2023 production target.

Lucid Group (LCID)

On October 12 Lucid Group reported:

Lucid produced 2,282 vehicles in Q3 2022, on track for 2022 annual production guidance of 6,000 to 7,000 vehicles.

On October 24 Lucid Group reported:

Lucid announces opening of its first Middle East Studio in Riyadh, Saudi Arabia.

Toyota (NYSE:TM)/ Lexus

On October 12 Toyota reported: “World Premiere of the new all-electric Lexus UX 300e.

Lexus UX 300e (Prototype)

On October 24 Toyota reported: “Toyota announces bZ3, second model in bZ Series. A battery electric sedan developed through the collaboration of Toyota, BYD, and FAW Toyota.”

Toyota bZ3

On October 24 Reuters reported: “Toyota to produce electric car powered by BYD batteries in China.”

On October 24 Seeking Alpha reported: “Toyota is in a mad scramble to catch up in electric vehicles after once being an early Tesla investor.”

On October 26 Seeking Alpha reported:

Toyota expected to ramp up production of its all-electric crossover while it reviews overall EV strategy. Toyota Motor Corporation is considering increasing production of its bZ4X electric vehicle crossover by 6X to 12X the current monthly output of just over 1K if it can line up the necessary chips and components……The Japanese automaker is targeting the period after 2025 for the big all-electric vehicle production push…..

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

On October 7 Tata Motors reported:

Go EV with the all-new Tiago.ev……Tata Motors, India’s leading automobile manufacturer today announced booking details for its newest entrant in its EV family, the Tiago.ev, which has been launched at a special introductory price, starting from INR 8.49 Lakh (All India – Ex-showroom), for the first 10,000 customers…..

Tata Motors Tiago.ev

On October 11 Tata Motors reported: “Tata Tiago.ev receives a blockbuster opening.” Highlights include:

• “Stupendous customer response to Tiago.ev as it races past 10,000 bookings in 1 day.
• Celebrating this achievement, Tata Motors extends introductory pricing for an additional 10,000 customers.”

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

On October 26 GreenPower Motor Company Inc. reported:

GreenPower’s BEAST and Nano BEAST all-electric school buses eligible for purchase under today’s EPA announcement. GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) (“GreenPower”), a leading manufacturer and distributor of zero-emission, electric-powered, medium and heavy-duty vehicles, today lauded the U.S. Environmental Protection Agency (EPA) for its announcement of the selectees that are eligible for nearly $1 billion in funding to school districts across the nation to cause the transition to zero-emission school buses. The funding represents the first offering under the five-year, $5 billion Clean School Bus Program created by the Bipartisan Infrastructure Law passed last year.

Workhorse Group Inc. (WKHS)

On October 27 Workhorse Group Inc. reported:

Workhorse Group announces proposed settlements of class action lawsuit and related shareholder derivative actions…..Under the terms of the settlement of the class action and in resolution of all claims, Workhorse will pay $15 million in cash, which will be funded fully by proceeds of available insurance, and $20 million payable in Workhorse stock……

Lion Electric (LEV)

On September 30 Lion Electric reported:

Lion electric congratulates epa on doubling clean school bus rebate awards to nearly $1 billion……

Nikola Corporation (NKLA)

On October 14 Nikola Corporation reported:

Nikola completes acquisition of Romeo Power. Acquisition strengthens Nikola’s vision to pioneer solutions for a zero-emissions world……

On October 20 Nikola Corporation reported:

Nikola highlights benefits to integrated truck and energy business model from the Inflation Reduction Act……

Honda [TYO:7267] (HMC) (OTCPK:HNDAF)

On October 11 Honda reported:

Honda and LG Energy Solution announce Ohio as home to Joint Venture EV Battery Plant……where the two companies will commit to investing $3.5 billion and creating 2,200 jobs, pending final government approvals. The companies’ overall investment related to the JV is projected to reach $4.4 billion.

On October 13 CNBC reported:

Sony and Honda plan to start U.S. deliveries of their electric vehicle in 2026…….U.S. deliveries are slated to start in the spring of 2026, with deliveries to the Japanese market happening in the latter half of the same year.

On October 25 Honda reported: “Honda begins sales of “Honda Power Pack Exchanger e:” Battery Swapping Station.”

Lordstown Motors (RIDE)

On September 29 Lordstown Motors reported: “Lordstown Motors begins commercial production of Endurance™ Pickup Truck.” Highlights include:

• “Start of production of commercially saleable Endurance vehicles at the Foxconn EV Ohio plant.
• Production volume will ramp slowly as a result of supply chain constraints; engineering readiness, quality, and part availability will continue to govern the speed of launch.
• FMVSS confirmation crash testing successfully completed.
• Endurance TM has been named as one of only three semi-finalists in the North American Truck of the Year competition.
• Confirming Q4 start-of-sales, subject to full homologation testing and required certification.
• Expect to end the quarter with cash and cash equivalents of approximately$195 million.
• Continue to explore capital raising alternatives, including in connection with initial Foxconn JV program and strategic partnership discussions.”

Near term potential EV producing companies

Arrival (ARVL)

On September 30 Arrival reported:

Arrival produces first production verification van in Microfactory…… Although we have not yet achieved serial production, we are focused on making it happen. We will continue to produce vehicles in our Microfactory in order to master at-scale production…..

On October 21 Reuters reported: “EV startup Arrival to focus on U.S. market to rein in costs.”

Fisker Inc. (FSR)

On October 12 The Driven reported: “Fisker Ocean EV with solar roof to debut at Paris Mondial de l’Auto……”

On October 17 Bloomberg reported:

EV startup Fisker seeks US production site to make its cars eligible for subsidies. Looking at options for US Ocean production as early as 2024. Carmaker may buy plant or team up with partner Magna.

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

Three wheel EV companies

Arcimoto Inc. (FUV)

On October 13 GlobeNewswire reported:

Arcimoto deliverator named Overall Electric Vehicle of the Year in 2022 AutoTech Breakthrough Awards.

On October 20 GlobeNewswire reported:

Arcimoto announces next phase of strategic restructuring plan and operational milestone……As part of the plan, Arcimoto reduced operations spend and commenced a workforce reduction, which combined are expected to reduce annual expenses by approximately $20 million and position the Company for long-term financial success.

Electrameccanica Vehicles Corp. (SOLO)

On October 6 Electrameccanica Vehicles Corp. reported:

Electrameccanica secures license to sell SOLO EV in Arizona. Single-seater EV caters to consumers’ and businesses’ everyday mobility needs in one of the most EV-friendly and densely-populated areas in the country.

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 10.75. 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 N.V. (RACE), Guangzhou Automobile Group Co., Hyliion Holdings (HYLN), Ideanomics Inc. (IDEX), Mahindra & Mahindra (OTC:MAHDY), Mazda (OTCPK:MZDAY), Niu Technologies (NIU), Proterra (PTRA), Qiantu Motor, Sono Group N.V (SEV), (Subaru (OTCPK:FUJHY), Suzuki Motor Corp. [TYO: 7269] (OTCPK:SZKMY) (OTCPK:SZKMF), Tata Motors (TTM) group (Jaguar, Land Rover), 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

Autonomous Driving/Connectivity/Onboard entertainment/Ride sharing [TaaS]/ EV leasing/renting

On October 8 Wired reported:

Ford abandons the self-driving road to nowhere. Ford and Volkswagen sank nearly $4 billion into developer Argo. Now, amid wider signs of slow progress in autonomous tech, they’re shutting it down.

On October 21 Reuters reported:

Tesla cars will not be approved as fully self driving this year, Musk says……Musk also said Tesla hopes to provide an update to FSD in 2023 to show regulators that the technology is much safer than the average human driver.

BNEF 2020 forecasts by fleet type

Conclusion

September 2022 global plugin electric car sales exceeded one million for the first time ever, up 51% YoY and reached 17% global market share; 35% share in China, 24% in Europe, and no data for September (May was 6.1%, Q3 was ~6%) for the USA.

Highlights for the month were:

• Oslo is on course to become the first capital city in the world with an all-electric public transport system, targeting that goal for the end of 2023.
• EU needs to increase EV support to fend off Chinese competition, study says.
• Foxconn unveils new electric pickup and crossover models to expand EV lineup.
• Biden-Harris administration awards $2.8 Billion of grants to supercharge U.S. manufacturing of batteries for electric vehicles and electric grid……The American Battery Material Initiative will coordinate domestic and international efforts to accelerate permitting for critical minerals projects.
• The world’s top automakers are planning to spend nearly $1.2 trillion through 2030 to develop and produce millions of electric vehicles, along with the batteries and raw materials to support that production. More than twice the most recent calculation published just a year ago. Automakers have forecast plans to build 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production
• U.S Gov. awarding $1 billion to schools for electric buses.
• France & Germany are hatching a plan to protect Europe’s e-vehicle makers assuring that EU car subsidies are used for European-made vehicles.
• EU strikes provisional agreement to ban the sale of new diesel and gasoline cars from 2035.
• China’s submarine fleet may soon be powered by lithium batteries.
• BYD reported booming September and Q3 sales. Sold a record 201,259 new energy vehicles in September up ~184% Y/Y. BYD delivering 120 electric semi trucks in 2022. BYD announced the launch of three EVs in the European market. BYD Q3 net profit soars to RMB5.70B ($786 M), up 350.1% Y/Y and 105.1% Q/Q.
• Tesla Semi production starts, Pepsi to get first electric trucks starting Dec. 1. Tesla reported record Q3 2022 revenues, Non-GAAP EPS of $1.05 beats by $0.04, revenue of $21.45B misses by $510M, and a possible $5-10b share buyback next year. Model Y sales skyrocketing globally. Tesla working on a lower-cost Tesla that will be smaller and outsell all current Tesla’s combined.
• Volkswagen Group’s all-electric deliveries up 25 percent after nine months. Volkswagen brand will only produce electric cars in Europe from 2033.
• SAIC Group on target to exceed 1 million BEV sales in 2022.
• Hyundai breaks ground on $5.5 bln U.S. EV, battery plant in Georgia with commercial production due H1 2025.
• BMW Group doubles sales of BEVs YTD September. BMW Group announces US$1.7 billion investment to build EVs in Spartanburg, South Carolina, USA. BMW invests 800m euros at Plant Leipzig for EVs.
• GAC Aion Y Plus launched in the Chinese market, price starts at US$24,800.
• Great Wall Motors has plans to introduce 50 NEVs by 2025.
• Ford triples EV sales YOY with strong Mustang Mach-E growth and gains 3.1% electric vehicle market share.
• Nio targets four new European markets for EV model rollout.
• GM to boost EV Chevrolet Bolt production.
• Polestar confirms it will deliver 50,000 electric vehicles in 2022.
• Toyota expected to ramp up production of its all-electric crossover while it reviews overall EV strategy. Is targeting the period after 2025 for the big all-electric vehicle production push.
• Tata Motors new Tiago.ev races past 10,000 bookings in 1 day.
• Honda and LG Energy Solution announce Ohio as home to Joint Venture EV Battery Plant.
• Lordstown Motors begins commercial production of Endurance™ Pickup Truck.
• Arrival produces first production verification van in Microfactory.
• Ford abandons the self-driving road to nowhere.

As usual all comments are welcome.