Electric Vehicle Industry Updates: September 2021
Electric vehicles (EVs) would increase power consumption by 100 TWh by 2030. Electric cars are still a long way from being mainstream, but the EV industry has been producing steadily over the past several years.
The Covid-19 outbreak's economic effects had a huge impact on the global car sector. Stronger activity in the second half somewhat countered this, resulting in an overall decline of 16 per cent from last year. Even though conventional and total new car registrations are declining, the worldwide electric car sales share is expected to reach a historic high of 4.6 per cent in 2020, a 70 per cent increase from 2016. In 2020, around 3 million new electric vehicles were registered, with strong improvements expected in 2021.
It is critical to be informed about what is going on in the industry, to keep up with the new normal trend.
GlobaL Market Updates
1. Rivian, an electric car company sponsored by Amazon, has announced its IPO (IPO).
Rivian Automotive, an Amazon-backed maker of electric trucks and utility vehicles, announced that it has filed for an initial public offering (IPO) using a clause that allows it to keep its financial information secret. As of now, there is no information about the offering's size and price range.
2. The first all-electric vehicle was introduced by Kia, beginning at $40,000.
A new all-electric Kia car, the EV6, has made its debut in South Korea ahead of its international launch later this year. The EV6 is Kia's first vehicle built on Hyundai Motor Group's exclusive EV-only electric-global modular platform (E-GMP). The electric automobile has offered two battery packs: a 58-kWh battery pack and a long-range 77.4-kWh battery pack. The 58-kWh and 77.4-kWh versions can go up to 370 km and 475 km on a single charge, respectively.
3. Honda introduces the U-GO electric scooter in China.
Honda's Chinese affiliate, Wuyang-Honda, has introduced a new electric scooter, the 'U-GO Electric Scooter,' to its range in the Chinese market. The new Honda U-GO electric scooter costs 7,499 Chinese Yuan ($1,150) in China, with the standard version costing 7,999 CNY ($1,233). Standard features include a continuous-rated hub motor with outputs ranging from 1.25 to 1.80 kW, and high speeds up to 53 km/h (28 mph). The second model has a lower power rating of 0.8 kW and tops out at 43 km/h. Both versions have a detachable Lithium-ion battery with a maximum capacity of 1.44 kW.
4. Xiaomi has acquired an autonomous driving startup to expand its embryonic electric car business.
Xiaomi announced the $77.37 million acquisition of Deepmotion to "improve the technological competitiveness" of its electric car business. The deal may help bring autonomous driving features to the automobiles Xiaomi ultimately builds, a capability that several manufacturers are developing for next-generation electric vehicles.
5. Guidehouse Insights named Gogoro the Global Leader in Light Electric Vehicle Battery Swapping.
Gogoro Inc., a technology pioneer enabling the transition to sustainable urban transportation, announced today that it has been named the global leader in light electric car battery swapping by renowned research firm Guidehouse Insights. The hyper-efficient battery swapping platform Gogoro Network is the de facto standard in Taiwan for powering electric two-wheel cars. Gogoro-powered cars account for approximately 97 percent of all-electric scooters sold in Taiwan when combined with its vehicle partners. Gogoro just announced the 400,000th Gogoro Network monthly subscriber, the 200 millionth battery exchange, and the saving of millions of kilos of CO2 since its inception in 2015. The Gogoro Network is gaining worldwide market momentum through strategic collaborations in India and China, and rising interest in its battery swapping ecosystem globally.
Upcoming Launches
1. Euler Motors has received orders for approximately 2500 units, with a deployment time of 6-8 months.
Euler CEO Saurav Kumar said that e-commerce heavyweights such as Flipkart, Udaan, and Big Basket had placed orders for over 2500 units of their E3Ws. Euler has been creating and testing these vehicles since inception. They will deliver over the next six to eight months.
2. Toyota and Maruti Suzuki will collaborate on a self-charging hybrid electric car.
Toyota is assisting the Maruti Suzuki in developing HEVs that can charge on the road without the need for a roadside infrastructure.
3. BYD India will offer an electric MPV for the business-to-business sector.
BYD India, a subsidiary of the Warren Buffett-backed EV manufacturer BYD, intends to debut an electric MPV for the B2B market in India soon. Given the necessity and growing demand for EVs in this critical region, the firm made this strategic move. The move to enter the B2B market is also consistent with BYD's electrified transport solutions. It aims to promote a cleaner global environment and assist India in meeting its ESG targets.
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