MARKET NEWS

  • Electric Vehicle manufacturer Rivian has warned that it would halve its production capability for the year due to ongoing supply chain problems. Link
  • Sales of BEVs in February 2022 rose 196.3% year-on-year, with the Society of Motor Manufacturers and Traders issuing its recommendation for supporting charging rollout. Link
  • Sadiq Khan, Mayor of London, has announced plans to expand the low emission zone to the whole city. Link
  • Italy plans to subsidise up to 6,000 euros of the purchase price of new EVs as part of its plan to support the country’s automotive industry. Link
  • Tesla’s first European “Gigafactory” in Germany has received the conditional approval of local authorities to start production in a matter of weeks. Link
  • Ford is hoping that by 2030, 50% of its annual vehicle sales will be electric. Link
  • 62 new on-street EV charging sites have been added to Portsmouth’s pre-existing network of 36 in a £200,000 investment the council hopes will encourage local residents to adopt EVs. Link
  • Over 700 fast EV chargers are being installed in Newham, Brent and Redbridge following an agreement between Uber and the three London boroughs. Link
  • Sony and Honda have said they plan to set up a JV this year to develop and sell high-tech electric battery cars. Link

RELEVANT ARTICLES

Financial Times – Dealers cannot sell electric vehicles they do not have Link

It is crunch time of EV makers. Russia’s attack on Ukraine has highlighted concerns about oil dependency and petrol prices just as manufacturers finally start to make good on their promises to deliver a wide range of greener cars. Rising oil prices have started to drive up consumer interest for EVs, but dealers cannot sell cars they do not have. The global semiconductor shortage and shipping delays have left inventories at low levels. Demand for plug-ins was already growing faster than most car markets had anticipated and crucial components for batteries have long lead times.

The Wall Street Journal – Electric Vehicles Have a Fuel-Efficiency Problem Link

How fuel-efficient is the electric vehicle you’re thinking of buying?  The electricity stored in the big lithium-ion batteries that drive EVs is fuel too. Companies that know how to squeeze all the juice they can from the latest battery technology seem likely to stand at an advantage. In the EV age, fuel efficiency is cost efficiency too. Investors would be wise to pay attention to it, even if consumers don’t.

The Telegraph looks at why some carmakers fear the shift to EV’s could stall due to higher costs for vital materials threatening to make cars even more expensive. Link

STATISTIC OF THE WEEK