EV Company News For The Month Of June 2023

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

June saw very strong May global plugin electric car sales exceeding the magic million mark! June was also a very busy month of news dominated by market leaders Tesla and BYD with superb sales results.

Global electric car sales as of end May 2023

Global plugin electric car sales were 1,057,000 in May 2023, up 50% on May 2022 sales. Global plugin electric car market share in May was 16%, and 14% YTD.

China plugin electric car sales were 600,000 in May 2023, up 54% on May 2022 sales. Electric car market share in China for May was 35%, and 35% YTD.

Europe plugin electric car sales were 253,000 in May 2023, up 38% YoY, reaching 23% market share and 21% YTD. Norway reached ~90% share, Sweden 62%, Netherlands 46%, Germany 22.9%, France 24%, and UK 23.1%

USA plugin electric car sales were reported by Argonne National laboratory in May 2023 as having reached 8.36% market share.

Note: Globally 100% battery electric cars represented 70% market share YTD of all plugin electric cars sold.

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.

Top selling global plugin electric car auto groups Jan-May, 2023 (source)

Global EV sales forecasts in the years ahead

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

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

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 14.35m sales (17.5% market share).

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 June 10 Seeking Alpha reported:

Air taxi interest heats up as FAA highlights milestones. Electric vertical take-off and landing (eVTOL) operators are attracting evermore attention as regulators signal the reality of flying taxis appears closer than ever. Indeed, the Federal Aviation Administration said that it is “planning for integration of these aircraft into the airspace, and collaborating internationally” in an update just this week… The spate of updates in recent months has sparked major rallies for the likes of Archer Aviation (ACHR), Joby Aviation (JOBY), Blade Air Mobility (BLDE), Embraer-backed (ERJ) Eve Air Mobility (EVEX), Lilium (LILM), and Vertical Aerospace (EVTL).

On June 12 Aljazeera reported:

Saudi Arabia signs $5.6bn EV deal as it eyes closer China ties… The memorandum of understanding signed on Sunday with electric and self-driving car maker Human Horizons on the development, manufacture and sale of vehicles accounted for more than half of the $10bn in investments signed on the first day of a major business conference being held in the capital, Riyadh.

On June 14 Seeking Alpha reported:

Electric vehicles can take a victory lap with ICE dominance in the rear-view mirror. Bank of America issued a strong statement on the electric vehicle market with an assertation that ICE dominance is over. The firm noted electric vehicles for the first time are expected to account for a larger portion of new model launches at 46% vs. ICE at 36% and hybrids representing another 18%.

On June 14 Vertical Mag reported:

United Airlines, Eve Air Mobility to bring first electric flights to San Francisco. Eve Air Mobility (“Eve”) (EVEX) (EVEXW) and United Airlines (fUAL) announced plans to bring Urban Air Mobility [UAM] to San Francisco by launching electric commuter flights throughout the Bay Area… Eve’s eVTOL is scheduled to enter service in 2026.

On June 20 Reuters reported: “Japan’s Suzuki to make ‘flying cars’ with SkyDrive.”

On June 20 Bloomberg reported:

Rivian adopts Tesla’s EV charging standard, joining Ford and GM. Agreement follows similar moves by Ford and General Motors. Tesla’s NACS standard competes with Combined Charging System.

On June 21 Bloomberg reported:

China extends tax breaks for new energy vehicles until 2027… While new cars are generally subject to a 10% sales tax, it hasn’t applied to clean-energy vehicles since 2014 and the policy was recently extended through 2023. Wednesday’s announcement pushes that date to the end of 2025 for clean cars priced under 300,000 yuan ($41,700) that don’t seat more than nine people. Cars priced under 150,000 yuan will get further support through the end of 2027.

On June 21 Bloomberg reported:

Waymo, Cruise driverless cars are suddenly all over San Francisco… San Franciscans are getting used to seeing little electric vehicles zipping around with no one in the driver’s seat… Thousands of public users – not including Waymo employees – are riding in a limited patch of San Francisco, and the waitlist is at more than 80,000… Cruise, meanwhile, is averaging 1,000 trips a day in San Francisco, and on busy days has hit 2,000 trips. The company has 300 customized Chevy Bolt electric vehicles across San Francisco, Austin and Phoenix. Tens of thousands of people are signed up to ride Cruise here, a spokesperson told me, and tens of thousands more are on the waitlist. The company’s goal is to hit $1 billion in robotaxi revenue by 2025.

On June 21 EVTOL Insights reported:

Eve Air Mobility wins orders for up to 80 eVTOLs. Eve Air Mobility has signed an agreement with aircraft lessor Nordic Aviation Capital [NAC] to acquire 15 firm plus 15 optional eVTOLs that will be leased to fleet operators.

On June 22 Reuters reported:

China unveils $72 billion tax break for EVs, other green cars to spur demand… China to exempt NEV purchase tax in 2024-2025. Purchase tax exemption will be halved in 2026-2027.

On June 24 Reuters reported:

Exclusive: Washington state plans to mandate Tesla’s charging plug. Washington follows the move by Texas to mandate Tesla’s technology, The North American Charging Standard (NACS), adding momentum to CEO Elon Musk’s hope of making it the national charging technology.

On June 27 Bloomberg reported: “China’s cutthroat EV market is squeezing out smaller players.”

On June 27 CNBC reported:

Volvo just became the latest EV maker to move to Tesla’s charging standard… The deal with Tesla appears identical to those announced by Ford, GM and Rivian in recent weeks.

On June 27 Seeking Alpha reported:

Industry standards body SAE to adopt Tesla’s charging connector system… SAE International, formerly known as the Society of Automotive Engineers, said it would standardize Tesla’s (TSLA) North American Charging Standard (NACS) connector and will develop the new standard on an “expedited timeframe.”

On June 28 CNN reported:

The first battery-powered trains have arrived in Europe… Enter Europe’s first battery-powered trains. A 20-strong fleet of Hitachi Masaccio trains is now running in Italy, where they are known as “Blues.” It’s the first phase of a 1.23 billion euros project which will add 135 battery-powered trains to national operator Trenitalia’s network, running in Calabria, Friuli Venezia Giulia, Lazio, Tuscany, and the islands of Sicily and Sardinia.

On June 28 Seeking Alpha reported:

EV charging ports in the U.S. expected to grow fourfold by 2027 – Wood Mackenzie… Most of those chargers are anticipated to be in the residential category.

On June 29 Seeking Alpha reported: “Polestar Automotive signs deal with Tesla for Supercharger network access.”

On July 3 the Inquirer.net reported:

World’s first flying car: FAA-approved and available for preorder… The world’s first flying car is now a reality, and you can drive it from the freeway to the skies for $299,999. On June 25, 2023, Alef Aeronautics announced its Model A is the first flying vehicle to receive legal approval from the US government.

EV company news

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

BYD is currently ranked the number 1 globally with 21.9% market share YTD (Jan-May 2023). BYD is ranked number 1 in China with 36% market share in May 2023.

On June 9 Reuters reported:

China’s BYD announces new Fang Cheng Bao brand of energy vehicles… The new brand is called Fang Cheng Bao, which translates from Chinese literally as “Formula” and “Leopard”. The Chinese EV giant is expected to launch the first model this year – an SUV identified for now internally as SF, BYD said in a statement.

On June 16 BYD Co. reported:

BYD wants to be one of Australia’s best-selling brands. Chinese electric vehicle company BYD is already off to the races in Australia as the second-largest seller of EVs behind Tesla, but its aspirations are much more expansive. According to the company’s Australian distributor, the plan is to achieve 50,000 annual sales here over the next few years, supported by an expansion of its EV line-up – including sports sedans and utes.

On June 26 Reuters reported: “Berkshire Hathaway sells $86.3 million worth of shares in China’s BYD.”

On July 3 Bloomberg reported:

Tesla, BYD post record sales on demand for electric vehicles… Tesla delivered a record 466,140 cars worldwide in results posted Sunday, outpacing Wall Street estimates. BYD, China’s biggest-selling car brand, posted its best-ever quarterly sales results of 700,244 new-energy vehicles – half fully-electric sales, and the other plug-in hybrids…

Tesla and BYD are the standout EV leaders, both growing fast (source)

On July 3 CNBC reported:

BYD launches its most direct Tesla competitor yet. BYD’s Denza brand revealed Monday its new N7 electric SUV comes with features and a price that rival Tesla’s Model Y… Mercedes-Benz Group has a 10% stake in the Denza brand.

On July 4 Bloomberg reported:

BYD picks Brazil for its first electric-vehicle hub outside Asia. Plant will have capacity for 150,000 electric cars per year. BYD Co. will invest 3 billion reais ($624 million) in Brazil to build its first electric-car plant outside Asia as the Chinese giant seeks to extend its geographical reach amid a global surge in sales… The facility will include hybrid and electric car production, a unit focused on chassis for electric buses and trucks, and one to process lithium and iron phosphate for the international market. Operations are expected to start by 2024.

Tesla Inc. (TSLA)

Tesla is currently ranked the number 2 globally with 14.8% global market YTD (Jan-May 2023). Tesla is number 2 in China with 8.7% market share in May 2023. Tesla is number 1 in Europe with 12.4% market share in May 2023. Tesla is still the number 1 electric car seller in the US by far with ~65%+ market share.

On June 8 Electrek reported: “Tesla is rumored to be planning a ‘more than $4.5 billion factory’ in Spain.”

On June 15 Seeking Alpha reported:

Putting a number to Tesla’s new Supercharger-for-all business… The Morgan Stanley “dominant case” assumes 30% EV miles penetration, 80% Tesla share of Supercharging and 70% NOPAT margin to lead to a potential net present value of $33 per share. The Morgan Stanley “monopoly case” assumes 50% EV miles penetration, 100% Tesla share of Supercharging and 80% NOPAT margin to lead to a potential net present value of $78 per share.

On June 19 Electrek reported:

Tesla Model Y second only to Ford F-150 as best-selling vehicle in US. The EV doubled US registrations in January-April 2023, becoming America’s No. 1 passenger car and second best selling vehicle overall.

On June 20 Bloomberg reported:

Musk meeting on Modi’s US agenda as India seeks Tesla factory… Chief Executive Officer Musk has been scouting for the location of Tesla’s next gigafactory.

On June 24 Tesmanian reported: “Tesla Megapack units to power largest battery system in New York City.”

On June 26 Seeking Alpha reported:

Tesla is downgraded at Goldman Sachs as Wall Street continues to dial up caution on the EV stock… Goldman Sachs set its price target on Tesla (TSLA) at $248 and the firm kept a positive view on parts of the EV sector. “Importantly, we remain positive on EV adoption, and we continue to see the most investing opportunities among our broader set of suppliers, especially those with higher content to enable the shift to EVs and electrification.”

On June 29 CNEVPOST reported:

Tesla to equip revamped Model 3 in China with CATL’s new battery, report says. Tesla’s revamped China-made Model 3 will use CATL’s new M3P lithium iron phosphate battery, with the base model battery pack capacity upgraded from 60 kWh to 66 kWh…

On July 2 Seeking Alpha reported:

Tesla confirms new record deliveries, beats expectations. Tesla (TSLA) said Sunday it delivered 466,140 electric vehicles in the second quarter of 2023, easily beating estimates of around 445,000 units. The company produced 479,700 vehicles in the same period.

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 (OTC:AUDVF)/ Lamborghini/ Porsche (OTCPK:POAHF)/ Skoda/ Bentley

‘Volkswagen Group’ is currently ranked the number 3 top-selling global electric car manufacturer with ~7.4% (not updated this month) market share YTD, and 2nd in Europe with 8.3% market share in May 2023.

On June 2 Volkswagen reported:

Electric VW bus for North America and Europe: world premiere of the ID. Buzz with long wheelbase…

Volkswagen ID. Buzz with long wheelbase (source)

On June 6 Reuters reported:

VW’s China joint venture transforms Shanghai plant for EV production. Volkswagen ‘s Chinese joint venture with SAIC Motor has transformed one of its plants in Shanghai for production, research and development of electric vehicles (EV), the German automaker said on Tuesday. Production of internal combustion engine models at the main plant of SAIC Volkswagen in Anting of Shanghai will be relocated to other plants, Volkswagen said in an emailed statement to Reuters, which came after comments on social media saying Volkswagen was shutting a plant in Shanghai.

On June 22 Bloomberg reported:

Volkswagen’s EV battery effort keeps its executives up at night… The cell plants VW is setting up in Germany, Spain and Canada will underpin its shift away from the combustion engine. The automaker has earmarked €20 billion ($22 billion) worth of investment through 2030 to try and turn its one-year-old battery unit PowerCo into a behemoth… VW is setting up some of its battery plants without partners. PowerCo will make unified cells designed to fit most of the group’s EV platforms, a strategy that could be a major advantage if the company can pull it off, but also risky.

On June 28 Reuters reported:

Volkswagen shares recover after EV production cut reports… Morgan Stanley said it expects a slowdown in European demand for EVs after cuts to subsidies…

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

Geely-Volvo is currently ranked number 4 in the global electric car manufacturer’s sales ranking with ~6.1% (not updated this month) global market share YTD. Geely-Volvo is ranked 5th in Europe with 6.5% market share in May 2023.

On June 1 Geely Automobile Holdings Ltd. reported:

Unaudited delivery volume of ZEEKR… delivered 8,678 units of vehicles in May 2023, up approximately 100% year on year.

On June 5 Volvo Cars reported:

Volvo Cars global sales up 31 per cent in May… Sales of Volvo Cars´ Recharge models of fully electric and plug-in hybrid cars increased by 55 per cent in May, accounting for 40 per cent of all Volvo cars sold globally during the month…

On June 7 Volvo Cars reported:

Small yet mighty: say hello to the fully electric Volvo EX30 small SUV! What’s more, the attractive pricing of the EX30 – which starts at around EUR 36,000 – means our customers get a premium all-electric SUV for a similar price as an internal combustion engine-powered equivalent.

Volvo’s fully electric EX30 – From EUR 36,000 (source)

On June 8 Electrek reported:

ZEEKR rolls first X SUVs off assembly line, targets Tesla ahead of first deliveries… The automaker shared that the first SUVs assembled will be shipped to company stores in various cities around China, with initial customer deliveries expected to begin by mid-June. It is available in three versions priced between RMB 189,800 ($26,700) and RMB 209,800 ($29,500).

On June 27 Volvo Cars reported:

Electric Volvo car drivers will get access to 12,000 Tesla Superchargers across the United States, Canada and Mexico as Volvo Cars adopts North American Charging Standard…

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 5 globally with 5.6% market share YTD. SAIC/GM/Wulin JV [SGMW] plus SAIC is 4th in China with 6% share in May 2023.

On June 2 GM Authority reported:

GM’s Wuling MINI EV ranks well in J.D. Power 2023 EV Initial Quality Study. General Motors’ top-selling electric model for the Chinese market, the Wuling Hongguang MINI EV, has received a better-than-average rating in the J.D. Power 2023 EV Initial Quality Study.

On January 5 Automotive News reported:

SAIC-GM venture launches output at second Ultium EV plant. The factory is constructed at SAIC-GM’s production site in the central China city of Wuhan…

On June 13 SAIC reported:

SAIC Motor sees steady growth in sales in May… SAIC Motor has also witnessed a boom in new energy vehicle (NEV) sales, with 286,000 units sold from January to May… On April 18, SAIC released its Three-Year Action Plan for the Development of New Energy Vehicles, signaling its intention to focus more on issues related to future-oriented electric and intelligent technologies. According to the plan, its annual sales of NEVs will strive to achieve 3.5 million units by 2025, 2.5 times the 2022 figure, with a compound annual growth rate of 50 percent. Among them, sales of its self-owned brand NEVs will account for 70 percent of its total NEV sales.

Stellantis N.V. (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 4.8% global market share YTD.

On June 5 Stellantis N.V. reported: “Stellantis and Galloo to form Joint Venture for end-of-life vehicle recycling.”

On June 15 Stellantis N.V. reported: “Stellantis Ventures seeds innovation with 11 key investments into sustainable mobility.”

On June 27 Stellantis N.V. reported: “Charging your way: Stellantis launches Free2move Charge to make it ‘Easy to Always Be Charged’.”

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

BMW Group is currently ranked the number 7 global electric car manufacturer with 4.3% global market share YTD. BMW Group is ranked 3rd in Europe with 7.9% market share in May 2023.

On June 7 BMW Group reported: “BMW Group successfully completes €8bn revolving credit facility.”

On June 27 BMW Blog reported:

BMW’s $700M Battery Plant in Woodruff breaks ground. BMW Begins Construction on New High-Voltage Battery Assembly Plant in South Carolina.

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

Hyundai-Kia Group is currently ranked number ~8 in the global electric car manufacturer’s sales ranking with ~3.8% (not updated this month) market share YTD.

On June 1 Hyundai reported:

Hyundai Motor America reports May 2023 Sales… Green car sales climb; Represent 19% of retail sales up 93%.

On June 1 Kia reported:

Kia announces May 2023 global sales results… Kia SUV models lead company’s strong sales, with the new EV9 all-electric SUV to also add further momentum. Kia to accelerate its electrification efforts and its transition into a sustainable mobility solutions provider.

On June 15 Hyundai reported: “Hyundai IONIQ 6 named favorite plug-in vehicle by Midwest Automotive Media Association.”

On June 28 Hyundai reported: “Hyundai IONIQ 6 Crowned Car and Driver’s 2023 EV of the Year.”

GAC Group (Guangzhou Automobile Group Co. Ltd.)

GAC Group is currently ranked number ~9 in the global electric car manufacturer’s sales ranking with 3.5% (not updated this month) market share YTD. GAC Group is ranked 3rd in China with 6.6% market share in May 2023.

On June 26 Electrek reported: “GAC unveils futuristic car, eVTOL combo that has already completed maiden flight…”

On June 29 CnEVPost reported:

GAC Aion aims to sell 500,000 all-electric vehicles this year… GAC Aion will aim to exceed 1 million vehicles in annual production and sales by 2025, Yin said, adding that the company is now moving full steam ahead with its initial public offering (IPO) efforts. For the full year 2022, GAC Aion sold 271,156 vehicles, according to data monitored by CnEVPost. This year’s sales target of 500,000 vehicles would represent an 84.4 percent increase.

Mercedes-Benz Group [GER:MBG] (OTCPK:MBGAF) (OTCPK:MBGYY) (Smart – 50% JV between Mercedes-Benz Group & Geely) (NB: Daimler was renamed to Mercedes-Benz Group)

Mercedes-Benz Group is ranked number ~10 globally with ~2.9% (not updated this month) market share YTD. Mercedes-Benz Group is ranked 4th in Europe with 7.7% market share in May 2023.

On June 9 Mercedes-Benz Group reported:

Mercedes-Benz DRIVE PILOT further expands U.S. availability through California certification… “Mercedes-Benz DRIVE PILOT is the world’s only SAE Level 3 system with internationally valid type approval.”

On June 13 Mercedes-Benz Group reported:

Mercedes-Benz eActros LongHaul will celebrate world premiere as eActros 600 in October – production plants prepare series production…

On June 22 Mercedes-Benz Group reported:

Change of name: EvoBus becomes Daimler Buses – the company will benefit from brand awareness in the future…

On June 28 Mercedes-Benz Group reported:

First electric semitrailer truck with the three-pointed star handed over in the Netherlands…

Li-Auto (LI) [HK:2015]

Li-Auto is ranked 5th in China with 4.2% market share in May 2023.

On June 1 Li-Auto reported:

Li Auto Inc. May 2023 delivery update… the Company delivered 28,277 vehicles in May 2023, up 146.0% year over year.

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

On June 1 Great Wall Motors reported: “HAVAL H6 HEV & Jolion HEV launched in Chile.”

On June 19 CleanTechnica reported:

Great Wall Motor to manufacture EV Batteries in Thailand…The federal government is implementing tax incentives and subsidies to help fund this new EV battery pack manufacturing facility.

Ford (F)

On June 12 Ford reported: “Ford opens Cologne EV Center – Home of a New Generation of Electric Vehicles – First Carbon Neutral Assembly Plant.” Highlights include:

• “…With an annual production capacity of 250,000 EVs, the new EV Center supports the company’s global plans to reach a run rate of two million EVs annually by the end of 2026.”

On June 22 Bloomberg reported:

Ford gets $9.2 billion to help US catch up with China’s EV dominance… a conditional $9.2 billion loan to Ford Motor Co. for the construction of three battery factories. The enormous loan – by far the biggest government backing for a US automaker since the bailouts in the 2009 financial crisis.

On June 28 Ford reported:

Ford to cut jobs in the US, Canada to trim costs… The development comes after the company said in May it expects to take up restructuring charges between $1.5 billion and $2 billion in 2023.

NIO Inc. (NIO)

On June 1 NIO Inc. reported: “NIO delivered 6,155 vehicles in May.”

On June 12 Bloomberg reported:

Nio cuts prices on all electric vehicles by $4,200 in China… Nio’s losses have widened; still targets 250,000 sales in 2023.

On June 15 NIO Inc. reported:

NIO Launches ET5 Touring, the First Smart Electric Tourer… Designed with families in mind, the ET5 Touring adds versatility, space, and practicality to the sporting character of its sedan variant, offering users a dynamic style as the world’s first premium smart electric tourer.

NIO ET5 Touring (source)

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

On June 1 XPeng Inc. reported:

XPENG announces vehicle delivery results for May 2023… In May 2023, XPENG delivered 7,506 Smart EVs. The delivery volume of the P7i has experienced a substantial increase compared to the previous month.

On June 29 XPeng Inc. reported: “XPeng launches G6 Ultra Smart Coupe SUV in China.”

Xpeng G6 Ultra Smart Coupe SUV (source)

General Motors (GM)

On June 2 General Motors reported:

GM and POSCO Future M to expand EV Battery Supply Chain in North America with new integrated CAM and Precursor Processing Complex. Complex planned to produce Cathode Active Material [CAM] and Precursor CAM [pCAM] for 360,000 EVs annually.

On June 5 General Motors reported: “GM furthers Flint commitment with $1B+ manufacturing investment.”

On June 9 Bloomberg reported: “GM will join Tesla’s EV charging network in step closer to US industry standard.”

On June 13 Electrek reported:

GM plans fourth EV battery plant with new Samsung SDI partnership… The new plant will produce nickel-rich prismatic and cylindrical cells and is expected to help “significantly increase the accessibility and affordability of EVs.” Once complete, the plant is expected to have over 30 GWh capacity, bringing GMs total to over 160 GWh.

On June 26 General Motors reported: “GM and Element 25 to expand U.S. EV Supply Chain with Domestic Manganese Sulfate production.” Highlights include:

• “…GM to invest US$85 million (~A$128 million¹) as a loan to Element 25 to build the facility in Louisiana.”

On June 27 General Motors reported:

GM Defense to Prototype an Advanced Energy Storage System for the Defense Innovation Unit. GM Defense, a subsidiary of General Motors, was selected by the Department of Defense’s (DoD) Defense Innovation Unit (DIU) to prototype an energy storage unit.

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

On June 24 Nissan Motor Corporation reported: “2024 Nissan LEAF pricing starts at $28,140.”

On June 29 Reuters reported:

Renault shares driven higher by better 2023 outlook. Renault shares jumped more than 7% on Thursday after it raised its 2023 financial outlook thanks to the success of new models, in particular the Austral SUV and a Dacia Jogger hybrid. After several years of restructuring and strategic repositioning to restore margins, the French carmaker said it is now aiming for an operating margin of 7% to 8% by full-year 2023, from a previous target of more than 6%.

Polestar Automotive Holding UK Limited (PSNY)

On June 30 Yahoo News reported: “Polestar joins Volvo with Agreement to Adopt Tesla’s Charge Port.”

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

On June 20 BAIC reported:

BAIC Group unveils May performance: Flood of new product launches, ARCFOX year-on-year growth surpasses 200%… In May this year, ARCFOX saw a year-on-year sales growth of 209%, with all models achieving an increase of over 100%, maintaining a stable growth trend since the start of the year.

On June 21 BAIC reported:

BAIC GROUP Enters the ‘Top 500 Most Valuable Brands in China’ with a Brand Value of 342.959 billion Yuan…

Hozon New Energy Automobile Co. (private) (owns Neta)

On June 1 South China Morning Post reported: “Chinese EV maker Hozon weighs June filing for US$1 billion Hong Kong IPO, sources say.”

On June 26 Thailand Business News reported: “Chinese EV makers eye Thailand as regional hub unfazed by political uncertainties. Chinese EV makers are considering Thailand as a manufacturing and distribution base to neighboring economies.” Highlights include:

• “Chinese electric vehicle (EV) makers are investing in Thailand due to its stable business environment and incentives for new energy industries.
• Hozon New Energy Automobile has set a target of selling 15,000 EVs in Thailand by 2023, accounting for half of its overseas turnover.
• The Thai government aims for EV production to reach 30% of total auto manufacturing by 2030, and is in talks with companies such as CATL to build production facilities.”

Lucid Group (LCID)

On June 27 Reuters reported:

Aston Martin turns to US EV company Lucid for high-tech help… Aston Martin has reached a deal that will give U.S. electric vehicle (EV) maker Lucid Group a 3.7% stake in return for access to its “high performance” technology.

Rivian Automotive (RIVN)

On June 20 Rivian Automotive reported:

Rivian accelerates electrification through adoption of North American Charging Standard and access to Tesla’s Supercharger Network for Rivian Drivers.

On June 22 Car and Driver reported:

Rivian R2 compact SUV targeted for 2026 launch, $40,000 starting price. The American startup’s second model will be revealed in 2024, according to recent comments from Rivian’s CFO.

On June 28 Best Stocks reported: “Rivians positive Q1 R=results and strategic approach generate optimism in EV market…”

Fisker Inc. (FSR)

On June 1 Fisker Inc. reported: “Fisker to commence volume deliveries of Fisker Ocean week of June 19 in United States…”

On June 9 Fisker Inc. reported: “Fisker to open China delivery Center in 2023 and start deliveries of Fisker Ocean SUV in Q1 2024.”

Toyota (TM)/ Lexus

On May 31 Toyota reported: “Toyota ramps up commitment to electrification with U.S. BEV production and additional Battery Plant Investment.” Highlights include:

• “All-new, three-row, battery electric SUV will be assembled at Toyota Kentucky starting in 2025.
• New SUV will use batteries from Toyota North Carolina which begins battery production in 2025.
• New $2.1 billion battery plant investment will allow for an expanded role in support of electrification.”

On June 8 Seeking Alpha reported:

Toyota tips off directional shift to electric vehicles with new battery lab… in York Township, Michigan. The facility will be used to evaluate batteries for electric and electrified vehicles in North America.

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

On June 2 Tata Motors reported:

Tata Motors today launches the upgraded Nexon EV MAX XZ+ LUX. Made feature rich with a Larger 26.03 cm (10.25 inch) Infotainment Screen, TFT High Resolution HD Display, 180+ voice commands, HD Rear View Camera and Wireless Android Auto & Apple Carplay.

Tata Motors upgraded Nexon EV MAX XZ+ LUX (source)

On June 3 Reuters reported:

India’s Tata Group signs $1.6 billion EV battery plant deal. India’s Tata Group signed an outline deal on Friday on building a lithium-ion cell factory, based on investment of about 130 billion rupees ($1.58 billion), as part of the nation’s efforts to create its own electric vehicle supply chain…

On June 9 Tata Motors reported: “HSBC India partners with Tata Motors to promote mass adoption of Electric Vehicles.”

On June 27 Tata Motors reported: “India’s bestselling EV – the Nexon EV celebrates 50,000 sales milestone…”

GreenPower Motor Company Inc. [GPV] (GP)

On June 1 GreenPower Motor Company Inc. reported: “GreenPower delivers all-electric School Buses and prepares for additional orders from California dealer…”

Workhorse Group Inc. (WKHS)

On June 27 Workhorse Group Inc. reported: “Workhorse Group begins W750 production and announces Smyrna Truck to be its First Certified Dealership in Georgia.”

Lion Electric (LEV)

No news for the month.

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

On June 6 CarWale reported: “Honda Elevate-based EV to be launched in India by 2026…”

Lordstown Motors (RIDE)

On June 27 CNBC reported: “Lordstown Motors files for bankruptcy, sues Foxconn over $170 million funding deal.”

Mazda (OTCPK:MZDAY)

On June 21 Mazda reported:

Panasonic Energy and Mazda to enter into discussions to establish medium- to long-term partnership for supply of Automotive Cylindrical Lithium-ion Batteries…

On June 22 Mazda reported:

MAZDA MX-30 e-SKYACTIV R-EV mass production launched. Promoting initiatives to reduce Environmental Impact Across the production process to Achieve Carbon Neutral.

Arrival (ARVL)

On June 6 Arrival reported: “Arrival to exchange $20m debt for equity with Antara…”

On July 4 Seeking Alpha reported: “British EV player Arrival terminates SPAC merger, to look for other funding avenues.”

Suzuki Motor Corp. [TYO: 7269] (OTCPK:SZKMY) (OTCPK:SZKMF)

On June 10 Reuters reported:

Japan’s Suzuki to make ‘flying cars’ with SkyDrive… The companies will use a Suzuki Group factory in central Japan to make electric vertical take-off and landing (eVTOL) aircraft and aim to begin production by around spring next year, Suzuki said in a statement.

EV & battery ETF

• The Amplify Lithium & Battery Technology ETF (BATT) is a broad based EV related fund worth considering. 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), Atlis Motors, Ayro Inc. (AYRO), Blue Bird Corporation (BLBD), Blink Charging (BLNK), Byton (private), Canoo Holdings (GOEV), Chery Automobile Co. Ltd. (private), Didi Chuxing, Electric Last Mile Solutions Inc. (“ELMS”) (ELMS), Ferrari NV (RACE), Guangzhou Automobile Group Co., Hyliion Holdings (HYLN), Ideanomics Inc. (IDEX), Mahindra & Mahindra (OTCPK:MAHDY), Nikola Corporation (NKLA), 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

May 2023 global plugin electric car sales were 1,057,000 up 50% YoY and reached 16% global market share; 35% share in China, 23% in Europe, and 8.36% in USA.

Highlights for the month were:

• Air taxi (eVTOLs) interest heats up as FAA highlights milestones.
• BoA says EVs can take a victory lap with ICE dominance in the rear-view mirror.
• Saudi Arabia signs $5.6bn EV deal as it eyes closer China ties.
• United Airlines, Eve Air Mobility to bring first electric flights to San Francisco.
• China extends tax breaks for new energy vehicles until 2027.
• Waymo, Cruise driverless cars are suddenly all over San Francisco.
• Washington state plans to mandate Tesla’s charging plug, following on from Texas.
• China unveils $72 billion tax break for EVs, other green cars to spur demand.
• Ford, GM and Rivian, Volvo & Polestar to join Tesla’s EV charging network. Industry standards body SAE to adopt Tesla’s charging connector system.
• The first battery-powered trains have arrived in Europe.
• World’s first flying car (by Alef Aeronautics) FAA-approved and available for preorder.
• BYD announces new Fang Cheng Bao brand of energy vehicles. BYD to build an EV factory in Brazil to make 150,000 vehicle pa, operations to start in 2024.
• Tesla, BYD post record Q2 sales on demand for electric vehicles.
• Tesla is number 1 in Europe with 12.4% electric car market share in May 2023. Tesla is rumored to be planning a ‘more than $4.5 billion factory’ in Spain. Tesla Model Y is America’s No. 1 selling passenger car.
• Volkswagen world premiere of the ID. Buzz with long wheelbase.
• Geely owned ZEEKR delivered 8,678 vehicles in May 2023, up ~100% YoY.
• Volvo releases the Volvo EX30 small SUV, from EUR 36,000 and cost competitive with ICE cars.
• SAIC Motor targets annual sales of NEVs of 3.5 million units by 2025.
• BMW’s $700M Battery Plant in Woodruff breaks ground.
• GAC Aion aims to sell 500,000 all-electric vehicles this year.
• Li-Auto delivered 28,277 vehicles in May 2023, up 146.0% YoY.
• Ford opens Cologne EV Center. Ford gets a U.S Gov. $9.2 billion loan for the construction of three battery factories.
• NIO delivered 6,155 vehicles in May, still targets 250,000 sales in 2023.
• XPeng delivered 7,506 Smart EVs in May and launches G6 Ultra Smart Coupe SUV in China.
• GM plans fourth EV battery plant with new Samsung SDI partnership.
• BAIC ARCFOX saw a year-on-year sales growth of 209%.
• Aston Martin turns to US EV company Lucid for high-tech help.
• Rivian R2 compact SUV targeted for 2026 launch, $40,000 starting price.
• Toyota ramps up commitment to electrification with U.S. BEV production and additional Battery Plant Investment.
• India’s Tata Group signs $1.6 billion EV battery plant deal.
• Lordstown Motors files for bankruptcy, sues Foxconn over $170 million funding deal.
• Japan’s Suzuki to make ‘flying cars’ with SkyDrive.

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.