MARKET NEWS

  • Toyota to spend $35bn on electric push in effort to take on Tesla. Link
  • InstaVolt has been named the UK’s most popular EV charging network. Link
  • Galp, the Portuguese oil and gas company, is joining forces with Swedish battery start-up Northvolt to develop Europe’s largest lithium processing plant. Link
  • Volvo Cars and Northvolt hope to take their $3bn battery partnership to the US and Asia to get a head-start on rivals. Link
  • BP Pulse among ‘worst’ electric vehicle charge point providers in the UK. Link
  • Volkswagen will invest an additional €17bn in the development of EVs and build more battery models. Link
  • The Biden Administration is set to release a federal strategy to implement a plan to build 500,000 charging stations for EVs across the country. Link
  • Grants for new electric cars have been slashed by 40% to “enable taxpayers’ money to go further” the Department for Transport has announced. Link
  • EVs to account for 30% of China market next year, Lotus CEO says. Link
  • The number of new cars sold in the UK rose in November for the first time in four months, fuelled by a doubling of sales of EVs. Link

RELEVANT ARTICLES

  • The Telegraph – Electric car revolution will stay stuck in the slow lane without more charging competition. Link

Many people refrain from buying an electric car due to “range anxiety”, the fear of running out of battery whilst on a journey. This is a completely rational fear as the UK are not installing enough charging points. Part of the problem is that Electric Highway has exclusive rights to operate rapid charging points at nearly two-thirds of the UK’s service stations. In May, Ofgem announced £130m of new public funding to deliver grid upgrades that will increase capacity to charging points at service stations. Although, even with this it will be a long time until the public benefits from that investment as there won’t be the chargers in place to connect to the grid.

STATISTIC OF THE WEEK