EVWorldNews

Category: Electric Vehicles

  • Electric vehicle battery cost is going increase further.

    The costs of the Electric vehicle battery have been soaring in the year and that is because of the material and battery component prices increasing.

    Price of the Lithium-ion battery pack’s volume-weighted average has reached an amount of $151 per kwh in the year which is an increase of 7% over the year 2021. This is going to mark the first time average increase since the BNEF had begun the tracking of prices in the year 2010 and it delays the price parity of electric vehicle with the internal combustion cars.

    Also read : Indian Celebrities owning electric cars. – EV World News

    This is a figure which represents an average through different end uses of multiple battery including the different kinds of the electric buses, vehicles and the stationary energy storage adding that a specific average for the EV packs was $138 per kwh in the year 2022.

    The average prices may have been higher in the year had it not been for the increased adoption of lower cost of lithium chemistry as the alternative for NMC which is used by a lot of manufacturers. On an average, the LFP battery cells had been 20% lesser than the NMC cells.

    Though, the overall cost increase has been outpacing the increase in the adoption of LFP chemistry as per BNEF. LFP had also not been immune to the rise in the cost. On the pack basis, the prices had risen by 27% in the year 2022.

    The battery price increase has also come despite a lot of announcements due to battery manufacturing which is going to eventually increase the supply but has not begun to impact the market yet.

    The BNEF is expecting the battery costs to for dropping once again in the year 2024, when more of the lithium mining and refining capacity is going to be online and it will reduce the prices of the market.

  • Chinese electric vehicles are offering a challenge to Europe

    The Chinese electric vehicles are now making their way into Europe and are aiming to win the sales volume from manufacturers such as Volkswagen which are looking to sell higher volumes of vehicle. But Mercedes, BMW and Audi cannot afford to get complacent as the companies will be coming for the upmarket manufacturers too.

    The premium markets however are going to be a lot more difficult to target as it is going to be difficult to compete with the status symbols which Audi, BMW, Mercedes and Porsche have become over the years and the nameplates BYD, Aiways, Xpeng or NIO may not have the same impact.

    It has been said that the share of the Chinese manufacturers of the battery electric vehicles in Europe may rise to about 15% by the year 2025 from 5% that it is right now. The big carmakers of Europe are currently hamstrung by the EU CO2 regulations which are in favor of the bigger, expansive and higher profit market electric cars and therefore seem unable to compete with the mid-price challenge and are even less inclined to contemplate a rise of the cheaper electric runabout.

    It is difficult to believe that the EU policy which is going to hollow the industry out and cause many job losses will be going unchallenged.

    Also read : GM to install 40000 EV chargers (evworldnews.com)

    The market is vulnerable and the brands have been notching up impressive sales which are based on the high-standard equipment levels and have prices which are below the competitive companies.

    Chinese electric vehicles are going to go unopposed from the European electric vehicles. The earlier hurdles such as quality which were being faced by the ICE versions of the Chinese electric vehicles will not be faced by the electric vehicles as they have a superior quality in the recent past due to better manufacturing.

  • Electric Car Manufacturer VinFast to come up with an IPO

    An electric car manufacturer from Vietnam called VinFast which is backed by the richest man in Vietnam has filed for an IPO in the United States as it is getting ready for delivering its first SUV to the consumers in California later in the month.

    This is a unit which is founded by the Pham Nhat Vuong and is being advised by the banks which include Citigroup, JPMorgan Chase and Co, Credit Suisse, Morgan Stanley and others. The shares are going to be traded under symbol of VFS on Nasdaq. There aren’t any details about the date when it will be possibly listed.

    Also read : GM to install 40000 EV chargers (evworldnews.com)

    The IPO plans of VinFast have been there in for close to two years. It was reported in the year 2021 that there were plans that a $2 billion US IPO was in the pipeline for the company. The company in had in the month of April filed for the confidentiality for the sale of shares. The company is looking to raise close to $1 billion from the offering in the month of January.

    VinFast is going to sell as well as list shares as per them when the conditions of the market are going to be suitable for them.

    Once it is listed, the company is going to look at further opportunities for raising funds. This is going to help them in their plans for growing all over the world.

    VinFast is going to be one of the biggest companies which are going to see an IPO since Vinhomes JSC which raised $1.4 billion debut share sale in the year 2018. The IPO did not do well since but the electric car manufacturer is going to look to change that trend and make sure that they grow at a steady rate in the coming few years.

  • EV chargers to be installed by General motors in Rural America.

    General Motors is going ahead with its plans which include the installation of 40,000 EV chargers. Most of which is going to take place in the rural parts in America. This is going to come as the plans of GM including selling exclusively for the zero-emission passenger vehicles by the year 2035. This is not going to be the Level 3 fast chargers but the slower ones but they are going to be powerful ones. These will be going in the locations where the EV drivers may be able to leave their vehicles parked for a couple of hours like the sport venues, parks or the downtown shopping districts. These are chargers which are going to have the industry-standard plugs which might be used by most of the electric vehicles and not only the likes of GM and Tesla.

    As of now there are 43,000 such charging stations in America. If all the units get installed, they would be able to double their number of stations.

    For now, 1,000 dealers of GM have come on board for the installation of 10 chargers per its dealership. Many of the GM dealership owners are the independent business owners and own over one dealership. The chargers are not going to be installed at the dealerships though but through the local area where the dealerships are based.

    As of now, most of the electric vehicles in the country are sold on the coastal areas such as California and New York. The EV chargers as of now are concentrated more in the suburban parts and urban parts of the nation around the major highways where they serve people who drive from one town to another.

    The dealers will get to select the location of the chargers in the communities where they are located or their dealership is located.

  • Fully Electric vehicles are now 11% of all cars sold

    The number of plugin vehicle registrations which were made all around the world in the month of October were up by around 55% when compared to the same month in 2021 as it reached as many as 932,000 units. As a result, this is the second best ever. This was just behind the number of registrations made in the previous month. With a month that strong, the plugins had represented 16% of the overall market. The Battery electric vehicles which are also called the fully electric vehicles have now reached 11% share in the market. This is a number which could have been higher than this had the market not been in the recovery mode. This in addition to the fact that the HEVs also posted their highest rate of growth is a confirmation again that the ICE markets and HEVs are correlated to each other.

    Also Read : Zooz power to enter into a joint venture with Blink Charging in US electric vehicle market. – EV World News

    Growth rate of BEV in the month of October year on year was around 54% and was slightly smaller than the plugin hybrids but if China was excluded from this tally, it can be determined that the PHEVs were up only by 5%. Still this can be the best time since February that the market has gone up without any intervention from China. Many markets in Europe, most notably Germany are going to end their incentives by the end of the year on the PHEVs and therefore, it’s sales are considerably increasing. A further rush is expected in the markets all over the world to buy the PHEVs with the subsidies. The growth in the Fully electric vehicles is a positive sign too while the dominance of China remains unparalleled in the market and will continue to do so as there are many encouraging steps been taken by their government and that is going to help the market grow continuously.

  • Electric Vehicle startups finding it difficult to gain ground

    Government has recently cracked down on the makers of electric vehicles as there have been allegations of flouting norms. This has made the auto-component suppliers become very cautious. Many established makers who had been diversifying into the EV segment are now only placing their bets on the major legacy players as they have emerged to be a lot more reliable than Electric Vehicle startups.

    EV industry has been coming under fire since many months following FAME-2 subsidies suspension by the government to over 5 companies for defying of rules on the localization. Resultant, many startups are either overshooting their new product launch deadline by many months or are struggling to ramp the production up. Some of the others such as Simple energy, Oben Electric and Matter have been seeing their debuts getting delayed by 10 months to a year.

    A proprietor of the company which makes electrical and electric component has said that being a component manufacturer, there are many investment companies which have to be made specifically for a customer. These are customized products. These are not products where one size is going to fit all the needs.

    As over half of the Electric Vehicles are made outside of the factor of the vehicle maker, the component makers carry all the responsibility of supplying the parts which help in putting a product on the production line. The component suppliers have to invest in the production of the products which match the requirements of the vehicle maker precisely.

    Read Also : Elon Musk makes a cheeky comment on Biden’s tweet – EV World News

    Another Electric Vehicle startup owner said that it is difficult for them to secure supply chain and that is now leading to delays. Most startups are not able to be in line with the competition but are also not meeting their own projections either due to this. That is a major problem for the electric vehicle industry.

  • Zooz power to enter into a joint venture with Blink Charging in US electric vehicle market.

    An Israel-based developer, Zooz Power which has developed an ultra-fast power booster to be used by Electric Vehicles has secured the distribution agreement for helping in establishing its footprint in the United States Market.

    Also Read : BasiGo and Metro Africa lead Africa’s electric vehicle charge – EV World News

    On this Sunday, Zooz announced that it has signed an agreement for five years with the company Blink Charging. As per this deal, the operator in United States is going to be serving as the distributor for sales and deployment of the systems of fast charging which it says has the ability to fully recharge a battery within 15 minutes. Tel-Aviv listed shares of Zooz saw a jump of 20% in the afternoon trade.

    The CEO of Zooz, Boaz Weizer described this agreement as a major milestone in the penetration of the company into the market of United States. The market is seeing great development and is going to offer great business potential in the years to come.

    KPB which is based on a patented flywheel technology of Zooz is now converting electrical energy into the kinetic energy and has been designed for the areas where the EV infrastructure is still behind or where the grid is not sufficient enough to give the company a quick boost. The boosters are modular and can take up only half the parking space. These are installed in many parking lots, hotels and airports.

    Blink Charging said that as the demand for convenient and accessible long-range EV charging is going to grow, it is important that the company provides the EV drivers with a dependable and sustainable solution.

    Read Also : https://twitter.com/evworldnews/status/1599634338559062017

    Zooz will be working on Blink Charging on what will be a joint R & D pilot program which is going to be funded by the BIRD foundation for testing the capability of the system to ensure extremely fast charging of the electric vehicles and the capability of the system to ensure the ultra fast charging.

  • Elon Musk makes a cheeky comment on Biden’s tweet

    Elon Musk who is the founder of Tesla and is a new owner of the micro blogging website Twitter has been in the news in the recent past for different reasons.  Recently, Musk made a comment on the tweet of the President of United States, Joe Biden and asked him to buy an electric car from his company Tesla. United State’s President had recently reveled the plans of building 5 lakh electric vehicle charging stations all across the United States and announced a release of the funding for a nationwide charging network for the Electric Networks. This is going to help in financing the construction of charging stations across 35 different states and will significantly improve the charging infrastructure of the country.

    Following the post on social media site, Twitter, Musk and Biden then had a conversation on Twitter. The tongue in cheek comments were followed by people all over the world and created quite the buzz all over.

    Earlier in the Year, Biden did not Tesla when he was making his speech for the state of Union. Musk commented on that and said that no one was watching the President when he was making that address.

    Read the Tweet here : Elon Musk on Twitter: “@POTUS Or you can just buy a Tesla” / Twitter

    Biden said that an investment of a total of $18 billion was made by GM and Ford for building electric vehicles while Tesla had not been mentioned in the address that Biden made to the nation. Musk was quick to address that Tesla had been contributing to as many as 50,000 jobs in United States for building electric vehicles and is investing over double of what the other two companies that Biden mentioned are investing.

    Read Also : Electric Vehicle Market banks on India (evworldnews.com)

    He even went on to say that Biden is treating the public of America like Fools. Biden had in February though, had acknowledged the contribution of Tesla for countering the Chinese EV infrastructure.

  • Electric Vehicle market in India to be a huge part of Electric vehicle change.

    Electric Vehicles in India are going to be a major boon for the electric vehicles market as a whole as the country is dealing with some severe issues of pollution and traffic and electric vehicles have been touted to be a big solution. As a mode of transport, this isn’t just efficient but also eco-friendly. For addressing the pollution and traffic issues, authorities are now pushing the electric vehicles hard as an effort for curbing the air pollution and limiting its dependence on the crude oil. The industry of automobile has been expected to now make a major switch to the electric vehicles in the years to come.

    Also Read :https://twitter.com/evworldnews/status/1599634338559062017

    Population growth is the major reason for the hike of fuel as there is excess in demand and India is exploding as a population. This rapid growth in population is going to put a major strain on the resources of the country including the infrastructure related to transport.

    Air pollution is a huge problem all over the world. India has of now has 14 of the most polluted cities in the top 20 as per the World Health organization. Electric Vehicle is responsible for zero emission and they can play a major role in improvement of air quality.

    Also, India is the third largest importer of oil and the cost of the oil that it imports is a huge draining factor for the economy of the country. The electric vehicles are a lot more efficient than the diesel and petrol vehicles and may also help in the reduction of India on the imported oil.

    Also Read : Emerging countries to lead the Electric Vehicle charge (evworldnews.com)

    Though, alternate transport may be the need of the hour but being a huge economy with people with different class and strata, the switch to the electric vehicles will not be easy and is going to require a major investment in the infrastructure such as charging facilities.

  • Electric vehicles in India running on e-rickshaws.

    Electric Vehicles in India have been a talking point all over the country as the country struggles with growing population and worsening air pollution. Slowly but surely the revolution is coming in terms of electric mobility and the massive revolution is being led by an unlikely source. The unlikely source being e-rickshaws.

    The electric three-wheeler usually used as public transport has been adopted by people all over the country. Whether it is a person who wants to drive the e-rickshaw and is tired of pulling a rickshaw load or a person who wants to set this up as a business, there is opportunity which is there for sure to lead the electric vehicle revolution. The market did however suffer a great dela in the coronavirus period as the impact of coronavirus on electric vehicles was extremely negative in India. There were curfew-like conditions in the coronavirus pandemic. The effect of the virus caused a major dip in the demand for the shared services of electric vehicle. Therefore, the mobility service providers have deterred considerably from investing in the e-rickshaw market but after the pandemic, it has picked up again. The government in India has been encouraging the service providers from making an investment into the e-rickshaws and in the public transportation with the focus being there on the three wheelers, cabs and buses. With the implementation of the policies of the government, there are opportunities for this market are going to expand at a high rate. This is also beneficial for the country which has a high population and therefore helps people get through the traffic with ease. This is also fuel efficient and helps in emissions.  The popularity is only going to increase with the growth in the emission strictness and the population becoming more aware about the benefits of e-rickshaws

    Also Read : Switzerland may limit electric vehicle usage due to electricity shortage. – EV World News