Issue #10 • July 8, 2022
Happy Friday! This week in mobility... Tesla faced competition from BYD for the top dog spot in the global electric vehicle space, and more.
Need to Know
“Tesla is no longer the world’s largest electric car producer.” This headline was thrown around a lot this week when BYD announced its Q2 results, which, on paper, outperformed Tesla — the numbers didn’t tell the entire story.
While BYD reported more “electric vehicles” delivered than Tesla, those numbers included plug-in hybrid vehicles. All things considered, Tesla kept its top spot with all-electric vehicle production, but the momentary upset is a window into what’s to come…
BYD is no slouch — it’s China’s largest domestic automaker. And since January, its shares have shot up 36%, with a current market capitalization of about $149 billion. And in the wings, the number 3 spot is occupied by Volkswagen, which has plans to overtake both Tesla and BYD in the coming years. All to say, as EVs continue to gain popularity, it’ll be interesting to see who ends up on top.
In Other News
🏛️ Regulatory. The US Transportation Department announced a proposal to require state transportation agencies to set new targets for reducing tailpipe emissions on the national highway system. NHTSA shared that it plans to increase its scrutiny of automated driving systems following its release of Level 2 crash data weeks ago. NHTSA also opened a special investigation into a recent crash of a Cruise vehicle in California that resulted in minor injuries. Michigan allocated $130 million for a new EV training center. Canada has been pitching itself to automakers as the perfect place to build EVs. German regulators gave Volkswagen and Bosch the go-ahead to develop automated driving technology jointly. And Shenzhen will become the first Chinese city to allow L3 autonomous driving for regular vehicles, starting August 1st.
🚘 Cars. Jaguar plans to revamp its lineup with a trio of electric crossovers, launching in 2025. General Motors announced that the 2024 Chevy Silverado EV would hit Detroit this month for road testing. Aehra, a Milan-based EV startup, is planning to enter the luxury EV space. And the first electric Ferrari will arrive in 2025, but the company isn’t giving up on combustion engines.
🚛 Trucks & Buses. Scania AB delivered the world’s first electric timber truck in Sweden, able to haul 80 tons.
⚡ Mobility Ecosystem. Tesla’s non-Tesla Supercharger pilot program is slated to open in the US this year. Intel’s Mobileye launched EyeQ Kit, an SDK for advanced safety and driver-assistance systems. And Nio announced that it’s bringing 500 KW Fast Chargers to Europe and China this year.
📍Go to Market. Fisker asked Ocean SUV pre-orderers to pay an additional $5,000 non-refundable deposit or lose their spot. And Rivian delivered 4,467 vehicles in the second quarter, nearly four times more than the preceding quarter, thanks to a production ramp-up.
💼 Business. Volkswagen announced plans to expand its operations in China to keep pace with fast-growing Chinese competitors. Toyota sold its 200,000th EV in the US, triggering a slow phaseout of its federal tax credit over the next 15 months. And Argo AI laid off an undisclosed number of employees.
🤝 Partnerships. VinFast, a Vietnamese EV automaker, entered a strategic partnership with ProLogium, a solid-state battery manufacturer, to accelerate its growth and expansion. Loop Energy and Tevva Motors signed a multi-year fuel cell supply agreement. Jaguar Land Rover partnered with Andersen EV for luxury, customizable home charging. City Transformer partnered with SEGULA Technologies as its engineering development partner on the all-electric foldable CT-1 microcar. Finally, Inceptio Technology partnered with Ambarella to bring Level 3 automated driving truck technology to market.
✨ Investments. Northvolt raised $1.1 billion to support its battery factory rollout plans in Europe. Volkswagen’s future Mobility Solutions materialize with the closing of the Europcar transaction. American Robotics signed the terms sheet to acquire Airobotics, an autonomous drone company. Volvo Group Venture Capital invested in Optibus, a software company for efficient, sustainable bus operations. And Lotus secured £74 million in funding to transition towards all-electric motoring.
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