Follow PSR’s team of analysts as they track the rapidly expanding global battery electric power market, including, battery technology, transportation, eMobility, mergers and acquisitions and more.
Akio Toyoda, Toyota’s chairman, has expressed skepticism about the widespread adoption of electric vehicles (EVs), estimating they will achieve only a 30% market share despite evidence of higher adoption rates in countries like Norway and China. This stance aligns with Toyota’s continued focus on hybrids and fuel cell vehicles, contrasting with the rapid EV market growth and the aggressive EV strategies of competitors. Toyoda’s comments reflect a cautious approach to EV adoption, diverging from industry trends favoring more substantial EV penetration.
Hyundai Motor Company is developing a hybrid vehicle for its Genesis luxury brand. The company had planned to focus on EVs and FCVs for the Genesis, which will be launched after 2025. The recent slowdown in the growth of the EV market has forced the company to change its strategy.
According to industry insiders, Hyundai Motor is developing a hybrid engine and related systems for the Genesis, which is expected to be launched in 2025. Hybrid models will be added to the mainstream GV80 and GV70 models. The company plans to expand its HV lineup under the Hyundai Motor and Kia brands as well, having decided to introduce HVs under its luxury car brands due to the risk of slumping sales if it continues to shift more toward EVs. Hyundai Motor’s HV sales in 2023 were up 53% from the previous year to approximately 380,000 units.
On Jan. 20, 2024, Lingong Heavy Machinery Co., Ltd. and CATAL New Energy Technology Co., Ltd. signed a strategic cooperation agreement to jointly develop electric construction machinery.
Lingong Heavy Machinery is a leader in the global wide body mining truck and high-altitude operation platform industry and is also an active advocate and strong promoter of green, intelligent, international, and low-carbon environmental protection development in the engineering machinery industry.
CATAL is a leading global new energy innovation technology company, committed to providing first-class solutions and services for global new energy applications, and has a wide range of vehicle factory partners around the world.
The Indian government’s Budget for the fiscal year 2024-25 is emphasizing the automotive industry, with a particular focus on the electric vehicle (EV) ecosystem. The budget reflects a strong commitment to sustainability and green initiatives, aiming to position India as a leader in the global EV market.
This analysis delves into the key highlights and implications of the budget, drawing insights from industry leaders and experts. Here are highlights of Budget.
EV Ecosystem Reinforcement: The government’s pronounced emphasis on bolstering the EV ecosystem through support for the manufacturing and charging infrastructure has been met with widespread acclaim. Finance Minister Nirmala Sitharaman’s commitment to payment security mechanisms for e-buses underlines a strategic approach to encourage public transport electrification.
Euromonitor International has released the results of its Electric Vehicle Readiness Index for 2023 survey, which evaluates the most prepared countries which can support widespread EV adoption.
Norway, Switzerland and Sweden ranked at the top of the index, due to EV market maturity and consumer buying power. Brazil, South Africa and India were ranked at the bottom, owing to limited government incentives, low incomes and the undersupply of public charging stations
The electric hydro foiling propulsion system is a fast-growing technology taking an important place in the future of the maritime industry. The revolutionary concept provides cost-effectiveness, zero-emissions, zero-noise and excellent performance values (very fast) in different types of boats for pleasure and commercial use.
Tne technology is innovative and is, for most vessels, based on a specific aerodynamic design of a boat, retractable foils, electric motors, and batteries. Hydro foiling and electric systems work together to cut through waves causing less drag and resulting in higher speed.
The use of energy is much less than for any other vessel with a traditional propulsion system. E-foiling boats give an impression of flying over water silently with no CO2 emission or any other air or water pollution. The experience is comfortable, safe, clean and speedy.
Deutz AG signed an agreement Jan. 19, 2024, to sell its shares in Torqeedo to Yamaha Motor Co Ltd. The sale of Torqeedo’s shares were planned and announced at the Deutz Annual General Meeting held in April 2023.
Torqeedo is a market leader in developing and manufacturing advanced marine electric engines and propulsion systems.
In a recent interview with EPBR News Agency, the Chinese carmaker BYD announced its strategic initiative to comprehensively verticalize its electric vehicle production operations in Brazil. This encompasses the entire value chain, ranging from lithium exploration and processing to battery manufacturing, culminating in the production of both buses and automobiles.
The Thai government has announced the discovery of a large lithium deposit, calling the deposit the third largest in the world after Bolivia and Argentina. It has estimated reserves of approximately 14.8 million tons. The deposit was found at two sites in the southern province of Phang Nga. However, it will take some time to find out how much of the discovered resources can be used.
Thailand is keen to become the center of EV production in Southeast Asia, leveraging its experience in assembling conventional cars, and the discovery of the lithium deposit will give the country a boost in achieving this goal.
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