In a bold move to cater to the evolving energy needs of consumers, Kymco has launched its first electric scooter series featuring the Ionex BMU battery metering module, which integrates both charging and battery swapping capabilities.
The US announced 25% to 100% tariff hikes on China-made EVs, batteries, semiconductors and other goods. Although the move does not impact South Korean industries for now, companies must tackle a new round of supply chain disruptions as US-China trade disputes heat up.
China blasted the Biden administration's move to increase US tariffs on a wide range of Chinese imports, vowing to take its own action, without giving specifics.
US President Joe Biden announced sweeping tariffs on multiple Chinese goods on May 14. Industry experts said China's lithium-ion battery exports will likely take a significant hit while the solar sector is less unlikely to be disrupted.
Vincent Yang, CEO and founder of ProLogium, stated that the factory in Zhongli, Taoyuan has entered the customer verification stage, with plans to produce 200 Lithium-Ceramic Batteries (LCBs) for Electric Vehicles (EVs) in November, and aims to produce 1,500 EV LCBs by early 2025.
The US Biden administration reportedly will impose higher tariffs on Chinese solar panels, lithium batteries, and EVs. In retaliation for the move, China is said to pressure global automakers with its lithium battery patents.
The US government reportedly plans to raise tariffs on China-made clean energy products, especially EVs. Supply chain sources said the move will likely achieve instant success: protecting the US automotive industry from China's price war and fostering America's local supply chain.
The US is poised to take a tough stance on China's clean energy products. The Biden administration reportedly will soon announce new tariffs on China-made EVs, solar goods, and other products, with EVs likely seeing their levy quadruple.
Panasonic Group reported a record-high net income for the fiscal year ending in March 2024. Its battery business received significant tax credits from the US Inflation Reduction Act (IRA).
The US-China trade relationship will likely exacerbate as the US might take "extreme action" on Chinese-made connected cars. The Biden administration is also considering new tariffs on several sectors China dominates, including EVs.
In the realm of "decarbonization"-spawned green business opportunities, the spotlight shines brightly on low-carbon hydrogen, an arena deemed indispensable in the medium to long term. Taiwan has earmarked hydrogen energy as one of the twelve pivotal strategies for its transformative journey towards net-zero emissions.
Toyota Motor reported hefty profit growth for the past fiscal year ending March 2024, thanks to booming hybrid EV sales and a weaker Japanese Yen. The automaker said it plans to invest JPY2 trillion (US$13.79 billion) in its suppliers, growing the EV lineup and developing Software-Defined Vehicles (SDV).
The US is giving its automotive industry another boost toward EVs. The federal government will offer over US$100 million in grants to help small- and medium-sized automotive components suppliers expand or retool their production facilities.
A rapidly growing, global market for hybrid electric vehicles should power earnings at major Asian automakers including Japan's Toyota Motor Corp. and India's Tata Motors Ltd.
Samsung SDI and Stellantis have been building a joint battery plant in the US to produce the South Korean company's sixth-generation prismatic battery, P6.
The US Department of Treasury will grant EV makers a two-year extension for restrictions on some hard-to-trace battery materials, including China-dominated graphite. The move was welcomed by automakers while upsetting some US politicians.
Leading South Korea-based battery manufacturers LG Energy Solution, Samsung SDI, and SK On reported unsatisfactory financial performance in the first quarter of 2024 due to slow EV market growth, customers adjusting their inventory levels, and falling metal prices.
In the first quarter of 2024, BYD's net profit was CNY4.57 billion (approx. US$630 million), a year-on-year increase of 10.6%, but a significant decrease of 47.3% compared to the fourth quarter of 2023. This highlighted that profitability was impacted by slowing demand for EVs and intense price competition. Market analysis suggests that while the penetration and sales of EVs are growing, it has come with a decrease in profits.
