Volkswagen AG raised its five-year investment plan to EUR 180 billion ($193 billion) as Europe's biggest carmaker intensifies a push to challenge Tesla Inc.'s leadership on electric vehicles.
Hyundai Motor Group announced on March 13 that it has signed a term sheet for the potential acquisition of Genral Motors (GM)'s plant in Maharashtra, India. The South Korean carmaker has just become the first OEM to install DC ultra-fast charging stations on highways in India.
India is currently witnessing a revolution in the automotive industry, with the increasing demand for electric vehicles (EVs) driven by rising fuel costs, environmental concerns, and the need for sustainable transportation. Official data suggests that sales of EVs in India have surpassed the 100,000-unit milestone for the fifth consecutive month in February with 106,107 new registrations, an improvement from January's 101,060 units and December 2022's 102,522 units.
Due to the alleged abuse of subsidies by automakers and the announcements of other incentive schemes, India may discontinue FAME-II, one of its flagship incentive schemes for encouraging EV adoption, when it ends in March 2024.
Volkswagen announced on March 13 that it is going to build the first overseas battery cell plant in Ontario, Canada. The plant will be stablished through VW's battery subsidiary PowerCo.
Volkswagen AG's Oliver Blume summoned top managers to a hip Berlin hangout in late January to strategize on how Lamborghini, Bentley, Skoda and Seat would pitch an initial public offering to investors.
China's top EV startup Neta held a groundbreaking ceremony on Mar 30 for its first overseas manufacturing plant outside China. Located in Bangkok, Thailand, the plant is slated to start production around January next year, serving as a manufacturing base for automobile exports to ASEAN countries.
Japan-based Mitsubishi Motors is poised to scale up its EV business in the next few years. It revealed a new mid-term business plan, Challenge 2025, aiming to increase spending on R&D and CAPEX in electrification. The carmaker also plans to roll out four battery EVs in five years.
As EV sales have increased rapidly in recent years in India, the lack of local components suppliers from materials to batteries may pose a risk to the country with rising reliance on imports from China.
A price war started by Elon Musk's Tesla Inc. has spread beyond electric cars to gasoline-fueled vehicles as the likes of Peugeot SA's Citroen, Mercedes-Benz Group AG and General Motors Co.'s Chevrolet seek to protect market share.
After Tesla officially announced that it will build a Gigafactory in Nuevo Leon, Mexico, the Mexican government said it has also suggested Tesla build a battery plant in Mexico, according to Reuters.
Xiaomi plans to begin mass-producing its EVs in the first half of next year, according to its founder, chairman and CEO, Lei Jun. It has been two years since the China-based tech giant revealed its EV ambition. Now all eyes are on its upcoming first model.
German automaker Mercedes-Benz has won against Tesla to be authorized by the US to activate SAE Level-3 conditional autonomous driving on public freeway in the state of Nevada, although the regulation still requires a safety driver behind the wheel.
Indonesia took a step forward to boost its EV market on March 6. The government announced a subsidy program for electric scooters, vehicles and buses. Officials said the country is in final discussions with two global automakers about new investments, hoping the program will benefit the conversations.
China's National People's Congress (NPC) and Chinese People's Political Consultative Conference (CPPCC) started their respective annual meetings during the weekend. Local automotive leaders like He Xiaopeng and Li Shufu provided their advice to the government before the sessions began, hoping to scale up the country's autonomous driving and pickup truck markets.
