Thanks to the declining lithium costs, EV makers in India are busy cutting the prices of their products, as EV suppliers are trying to gain market share ahead of the expected import duty reduction on EVs, which may open the door for the influx of foreign-made EVs.
As one-sixth of new car buyers worldwide purchased EVs in 2023, the vehicle has gradually become part of people's daily lives. In September last year, Taiwan-based Chander Electronics released the island's first charging robot, E-Hero, to disrupt the market.
The EU Batteries Regulation, which came into force on February 18, 2024, mandates that new batteries must incorporate a specified proportion of recycled materials beginning in 2031. Originally projected to be below 4GWh by 2025, this legislation is poised to escalate Europe's battery recycling capacity to 200GWh by 2040, catalyzing scrutiny of the battery resource utilization market within the continent and prompting keen interest from stakeholders in South Korea.
Someday soon, plug-in cars may no longer need a plug. Electric car drivers would simply pull into a specialized parking space when it's time to power up, wait for a light on their dashboard to switch on, and then hop out of the car and go about their day.
Taiwan-based AcBel Polytech, a power supply manufacturer under the Kinpo Group, announced on February 20 that it reached a critical collaboration agreement with California-based ChargePoint. The pair aims to develop highly efficient EV charging solutions together.
Ionna, a charging service provider formed by seven leading carmakers, started operation in early February. The company plans to open its first US charging stations this year and expand to Canada later. It aims to deploy at least 30,000 chargers in the future and leverages renewable power to offer EV charging services.
South Korea-based LG Energy Solution has revealed a schedule for the volume production of its 46800 battery, which will likely first support Tesla. Media reported that EV makers Rivian and Mercedes-Benz have also expressed their interest in cylindrical batteries with a 46mm diameter and may partner with LGES.
LG Energy Solution (LGES) will start the mass production of its 46800 batteries in August 2024 at the soonest. Besides Tesla, the battery maker has been in touch with other customers. While the industry is expected to see a slower battery market this year, LGES proceeds with joint projects with Hyundai Motor and General Motors.
Samsung Electronics chairman Lee Jae-yong recently visited Malaysia to check the group's local battery production. He emphasized that it is critical to keep investing in the battery business, implying that Samsung SDI plans to increase investments while the EV market has slowed.
China-based EV maker BYD will likely establish a production base in Mexico, which could help establish its presence in North America and facilitate its entry into the US later. As the company consolidates its position as the world's largest EV maker, BYD is expected to grow further in overseas markets in 2024.
BYD released a forecast about its 2023 financial performance at the end of January. The EV maker's net profits will not meet the market-expected CNY31.5 billion (US$4.41 billion). While many China-based automakers reduced vehicle prices significantly in response to the fierce price competition, only one-third reached their sales target last year.
Mobility remained one of the highlights at CES 2024. This year, more companies focusing on autonomous driving, generative AI, EV charging, flying cars, drones, sensors, and micro-mobility joined the trade show.
Relentless efforts by China's new energy companies to control their sectors by undercutting the competition at home and abroad prevent innovation as non-Chinese firms cut R&D budgets under intense competition pressures, and newcomers struggle to enter the market.
The EV business brought significant profits for Panasonic Holdings. According to Panasonic, NHK, and Nikkei, the group saw its consolidated revenue grow by 1.2% from April to December 2023. Its consolidated operating profits increase by 37%. Moreover, the group's after-tax net profit reached JPY399.1 billion (US$2.73 billion), surging by 145% year-on-year.
As China-based BYD announced a US$1.3 billion investment in Indonesia, Hyundai Motor, which sees the country as a critical market, will likely take a countermeasure. The South Korean automaker will reportedly grow the production capacity of a battery plant built with LG Energy Solution (LGES) in the area.