Electric car company news – Tesla Cybertruck sold out by 2027. BYD’s sales soared. Volkswagen to sell out of electric cars in 2022 in Europe and the US. Mercedes electric cars will be sold out in 2022.
Hyundai is investing $5.5 billion to make electric cars and batteries in the United States. Lucid Motors plans for a new electric vehicle factory in Saudi Arabia.
Lucid Motors plans to launch in Europe, they announced plans to build a new electric car factory in Saudi Arabia, and reported 30,000 reservations. Fisker announced its third product, the Project Ronin, a high-tech electric GT sports car, and reported over 45,000 reservations.
There were reports in May that car sales (both electric and conventional) slowed in April due to the Covid-19 lockdown in China and the war in Ukraine. Supply chain issues such as wiring harnesses from Ukraine have been a major concern for many OEMs.
Bloomberg New Energy Finance now predicts that “plug-in electric vehicle sales will increase from 6.6 million in 2021 to 20.6 million in 2025” and “plug-in electric vehicles will account for 23% of global new passenger vehicle sales by 2025, 10% higher than in 2021.”
Electric vehicle production suffers from supply-side risks…a largely global situation where today’s industry cannot produce enough vehicles to meet customer demand regardless of powertrain. Due to limited supply of raw materials, prices of materials used in batteries, such as lithium and cobalt, have risen sharply over the past year. Automakers have had to act by raising prices.
China is in talks with automakers to extend expensive electric vehicle subsidies due to expire in 2022 to keep key markets alive amid a broader economic slowdown. Information and Industrial Technology (MIIT) is considering continuing subsidies for Electric Vehicle buyers in 2023, three people said, speaking on condition of anonymity because the talks are private.
The US Government has provided $500 million for electric school buses. The White House announced the first round of funding for Electric School Buses as part of the bipartisan Infrastructure Investment and Jobs Act. $500 million will be used to help school districts purchase vehicles and install infrastructure.
Global Electric Vehicle sales will continue to grow strongly in 2022 after breaking records last year. Policy support and a steady stream of new models are helping sales in key markets, but greater efforts are needed to predict supply chain bottlenecks and boost production of key minerals. But sales continue to grow strongly through 2022, with 2 million Electric Vehicles sold globally in the first quarter, up three-quarters from the same period last year. Electric Vehicles tend to be smaller in China than in other markets. In addition to lowering production costs, this also significantly narrows the price gap with conventional cars. The median price of Electric Vehicles in China is only 10% higher than traditional products, compared with 45% to 50% on average in other major markets. By contrast, Electric Vehicle sales are lagging in most emerging and developing countries, where models are often scarce and at prices unaffordable for the mass market.
More electric HGVs will enter the United States and Europe. As the Electric Vehicle revolution progresses, so are the orders for electric HGVs, 800 eCascadia electric HGVs for Sysco… 110 Scania electric HGVs for Einride.
Electric Vehicle company news for May, Tesla;
Tesla is currently the second largest manufacturer in the world with a global market share of 13.7%. Tesla ranks third in China with a year-to-date market share of 7.8%. To date, Tesla remains the No. 1 electric car seller in the United States.
Tesla confirmed plans for a second Shanghai factory which is to be built near the existing Giga Shanghai. They will build a new manufacturing plant with an annual capacity of 450,000 vehicles to be built near the current one.
Elon Musk revealed Tesla Cybertruck sold out until 2027. After several delays, Cybertruck is currently not expected to be delivered until late 2023 or early 2024. Now, in a new interview, Elon Musk says Tesla has enough Cybertruck preorders to meet 3 years of production. This pushes the delivery of new pre-orders to 2027.
Tesla already wants more space for the Berlin Gigafactory. A German newspaper reported that Tesla has submitted an application to develop another 100 hectares east of its German factory.
Electric Vehicle company news for May, Volkswagen;
Volkswagen Group Electric Vehicles are basically sold out in Europe and US for 2022. Volkswagen Group CEO Herbert Diess told the Financial Times that Battery Electric Vehicles are basically sold out for 2022 in Europe and the US, as the order backlog in Western Europe alone reached 300,000: “We have very high order books and order intake on electric vehicles,”. “We are basically sold out on electric vehicles in Europe and in the United States. And in China, it’s really picking up,”.
Electric Vehicle company news for May, KIA;
Kia is to establish its first electric Purpose Built Vehicle plant in Korea, as it accelerates electrified mobility.
Kia will establish its first manufacturing facility dedicated to producing electric Purpose Built Vehicles.
Construction of new facility to begin in the first half of 2023; production to start in the second half of 2025.
Electric Vehicle company news for May, Volvo;
Volvo Cars reports sales of 47,150 cars, share of electrified cars increased to 38.4%. Volvo Cars reports sales of 47,150 cars, down 24.8 per cent compared with the same month last year. Demand is still strong, especially for Volvo Cars’ electrified vehicles and the share of Recharge models as part of total sales continues to increase.
Electric Vehicle company news for May, BMW;
BMW i Ventures announces lead investment in green lithium refining technology Mangrove Lithium.
Electric Vehicle company news for May, Mercedes;
Mercedes invests in the development of new battery technology. In anticipation of solid-state batteries, from 2025, the electric version of the G-Class, the Mercedes EQG, will feature anode cells with a high percentage of silicon rather than graphite.
Electric Vehicle company news for May, Ford;
The strength of the Mustang Mach-E and E-Transit boosts Electric Vehicle sales by 139% – the first F-150 Lightnings are now delivered to dealers; despite challenges in semiconductor chips, improved inventory flow led to the increase.
The Ford Pro introduces the exciting next stage in the electrification journey of the all-new all-electric E-Transit Custom. More details will be revealed in September, with production scheduled to begin in 2023 at Ford Otosan’s modern plant in Kocaeli, Turkey.
Ford also joined call for EU to sell 100% electric vehicles by 2035.
Electric Vehicle company news for May, Toyota;
Toyota unveiled its first battery-powered electric vehicle tentatively, as rivals go all out. Toyota Motor Corp. unveiled its first lease-only battery-powered electric vehicle in Japan. The automaker said the strategy would help allay drivers’ concerns about battery life and resale value, but it also caught analysts’ attention.
Electric Vehicle company news for May, Rivian;
Electric Vehicle maker Rivian is sticking to production targets despite supply chain disruptions. Rivian Automotive Inc confirmed its annual production guidance of 25,000 vehicles, saying continued supply chain disruptions and material costs kept the electric car maker from hitting its original 50,000-vehicle target.
Electric Vehicle company news for May, Lucid;
Lucid reported 30,000 electric car reservations and raised prices on its Air sedan. Customers who book Lucid Air in June or later will pay between 10% and 12% more for their vehicle, reflecting potential sales of $2.9B.
Lucid advanced its global sustainability vision and announces new details for its first overseas manufacturing facility with a Saudi Arabian partner.
The new facility brings advanced electric vehicle manufacturing to Saudi Arabia for the first time, with a local capacity of 155,000 units.
The plant’s goal is to meet the growing global demand for Lucid’s electric vehicles by increasing Lucid’s global production capacity to 500,000 electric vehicles per year by mid-decade.
The signing ceremony will celebrate agreements expected to provide Lucid with a total of up to $3.4 billion in funding and incentives over the next 15 years.
The Saudi Arabian government has reaffirmed its commitment to buy up to 100,000 Lucid electric vehicles over 10 years.
Electric Vehicle company news for May, Polestar;
Polestar reported a strong start to 2022 with record sales, continued growth and market expansion. Vehicle sales more than doubled to around 13,600 in the first four months of the year, with the company’s order book tripling in 2021. During this period, Polestar increased its global market from 19 to 23 by the end of 2021, putting the company on track to reach its target of 30 markets by the end of 2023. New markets in the Middle East and Europe will soon be joined by Spain and Portugal. It is planned to start operations in Israel and Italy later in 2022. Additionally, Polestar announced a global partnership with car rental company Hertz to deliver 65,000 vehicles over the next five years.
Polestar also invested in ultra-fast charging battery company StoreDot; opens access to advanced battery technology.
Arrival achieved EU bus certification milestone…the Arrival Bus has achieved EU certification and received European Whole Vehicle Type Approval (EUWVTA)…This major milestone is the critical step towards Arrival Buses carrying passengers on public roads in Europe and the UK.
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