Volkswagen and General Motors are both accelerating electrification in China, the world's largest EV market. SAIC Volkswagen Automotive recently started upgrading one of its Shanghai plants for EV production. GM introduced a concept EV in China, demonstrating its local design capability.
Tesla battery supplier Panasonic has made another move to scale up in the US. The company reportedly plans to set up a new battery production line in Gigafactory Nevada, which will likely increase output by 10%.
Hyundai Motor took another step forward to transform its vehicles. The automaker injected KRW346.2 billion (US$265.1 million) into the majority-owned self-driving startup, 42dot, last week to set up a global software center for software-defined vehicles (SDV).
China, the world's largest EV market, is expected to keep its tax incentives to maintain the momentum. The purchase tax break for new energy vehicles (NEV) will likely remain after the end of this year and benefit the whole supply chain.
Hyundai Motor bets on the China market to scale up its fuel cell business. The automaker began operating its first fuel cell plant in Guangzhou, China, on June 1. The production base aims to make 6,500 fuel cell systems each year.
The Canadian government announced on May 29 that it will offer funding support of CAD300 million (US$221 million) for a cathode active materials (CAM) facility constructed by the joint venture between General Motors and South Korea-based POSCO Future M.
Hyundai Motor and LG Energy Solution have embarked on a joint effort to scale up in the US. The pair announced on May 26 that they will build an EV battery cell plant together in Georgia. Production is expected to begin at the end of 2025.
LG Electronics has reached a milestone in its charging business. Its majority-owned company, HiEV Charger, started producing EV chargers on May 24. Besides serving the domestic market, LG said it has already planned product launches and collaborations outside South Korea.
Ford Motor announced that its EV customers will be able to charge with Tesla Superchargers in the US and Canada next year. Moreover, Ford plans to integrate the connector of the supercharger into its EV design starting in 2025.
South Korean Trade, Industry and Energy Ministry announced on May 23 that the government and local automakers will invest KRW14.3 trillion (US$10.9 billion) in the automotive component industry, helping EV production grow fivefold by 2030.
As the US keeps urging manufacturers to invest through a series of initiatives, including the Inflation Reduction Act (IRA), South Korea-based EV and parts suppliers are accelerating their moves to invest in the US.
EV company BYD is looking to expand production capacity in Europe. According to media reports, it is considering several countries in which to build a plant, including France. On the other hand, Shanghai-based SAIC Motor said its first mass-produced EV with solid-state batteries will be ready in 2025.
Ford Motors announced several agreements with lithium companies on May 22, a step forward to support its EV ambitions. The carmaker also aims to achieve a margin of 8% of earnings before interest and taxes (EBIT) for its EV business segment by late 2026.