The Inflation Reduction Act is changing the way Swedish automaker Volvo Car AB plans to build electric vehicles, Chief Executive Officer Jim Rowan said in an interview this week. "The thing that it's changing is our supply base, especially on batteries and probably on minerals as well," Rowan said. "It's driving more and more of that technology into North America."
BYD finished 2022 strong despite facing multiple challenges. Increasing new energy vehicle (NEV) sales benefited the EV maker's revenue and profits. It reported CNY16.62 billion (US$2.4 billion) in net profit, a 445.86% surge from 2021.
Leading Indian battery manufacturer Amara Raja Batteries has said they intend to establish a new manufacturing plant operating at a giga-scale capacity, with a primary focus on producing Li-ion cells and battery packs that are optimized for the unique conditions found in India. The move is part of the company's efforts to transition from being just a lead-acid battery maker to an energy and mobility player.
China-based battery giant CATL has begun mass production of its Qilin battery, according to local news reports. The battery, which leverages the company's latest cell-to-pack (CTP) technology, is expected to deliver more power than 4680 cells.
US-based Albemarle Corporation announced on March 22 it has selected South Carolina as the site of its new lithium processing facility. The specialty chemicals manufacturing company plans to make 50,000 metric tons of battery-grade lithium hydroxide every year from multiple sources, including recycled batteries.
Nio Inc. is "very confident" of meeting its target of doubling sales to 250,000 electric vehicles this year, Chief Financial Officer Steven Feng said, prompting the Chinese automaker's shares to surge in Hong Kong.
Global EV sales continued to exhibit prominent growth in 2022, amounting to 9.78 million units, as opposed to the overall automotive sales worldwide that again came short of expectation, according to the latest figures collected by DIGITIMES Research.
Though automotive IC vendors have predicted the chip shortage to persist into the second quarter of 2023, car sales in China have been disappointing so far this year, including sales of new energy vehicles (NEV), according to industry sources.
In the world of gasoline cars, Japan's automakers are king. Toyota Motor Corp. has held the title of the world's No. 1 car company for the past three years, while Honda Motor Co. and Nissan Motor Co. remain global best sellers.
China will likely welcome back its robust EV market soon. Data from the China Passenger Car Association (CPCA) showed that wholesale and retail sales of new energy vehicles (NEV) recovered in February. NEV exports last month also saw a 73% growth from 2022.
Chinese carmaker BYD has reportedly registered a new trademark, "Yun-nian" (cars adorned with cloud patterns), according to several Chinese media outlets. Sources were cited as saying that Yun-nian is a whole new in-house technology for intelligent mobility.