EV Company News For The Month Of May 2024

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Global electric car sales in April 2024 up 25% YoY to 18% share. China sales up 27% to 44% share. Europe is up 11% to 20% share. USA is up 2.6% to 9.14%.EV market news - President Biden announces ...

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USA is up 2.6% to 9.14%.EV market news - President Biden announces ...</p>\n\n<a href=\"https://seekingalpha.com/article/4698390-ev-company-news-for-the-month-of-may-2024\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV Company News For The Month Of May 2024</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV Company News For The Month Of May 2024\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-10 22:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4698390-ev-company-news-for-the-month-of-may-2024><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Global electric car sales in April 2024 up 25% YoY to 18% share. China sales up 27% to 44% share. Europe is up 11% to 20% share. USA is up 2.6% to 9.14%.EV market news - President Biden announces ...</p>\n\n<a href=\"https://seekingalpha.com/article/4698390-ev-company-news-for-the-month-of-may-2024\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://seekingalpha.com/article/4698390-ev-company-news-for-the-month-of-may-2024","article_id":"2442840940","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1385105500/image_1385105500.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2442840940","pubTimestamp":1718029586,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Global electric car sales in April 2024 up 25% YoY to 18% share. China sales up 27% to 44% share. Europe is up 11% to 20% share. 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USA is up 2.6% to 9.14%.EV market news - President Biden announces tariffs on Chinese EVs will increase from 25% to 100% in 2024. Australia introduces the New Vehicle Efficiency Standard Bill 2024.EV company news - BYD Co launches Shark hybrid pickup truck in Mexico. Tesla received a nod for Robotaxi testing in China during Musk’s visit. Volkswagen walks back the EV-or-bust strategy.Stellantis CEO says the $25,000 Jeep EV is coming to the U.S. \"very soon.\" Hyundai and Kia sales surge in the USA. Mercedes retreats to gas guzzlers as EVs fail to boost profit. NIO delivered 15,620 vehicles in April 2024, increasing by 134.6% YoY.Honda plots a $65 billion investment to build seven new EVs.   3alexd/iStock via Getty Images Welcome to the May 2024 edition of Electric Vehicle [EV] company news. The past month, we heard news of very strong China EV sales again, but a slowdown in Europe and U.S. EV sales growth rates. The biggest news for the month was the U.S. government announcing new 100% tariffs on Chinese EVs.  Plugin electric car sales as of end April 2024   Global plugin electric car sales were 1.2 million in April 2024, up 25% on April 2023 sales. Global plugin electric car market share in April was 18%, and 17% YTD. China plugin electric car sales were 703,000 in April 2024, up 27% on April 2023 sales. Plugin electric car market share in China for April was 44%, and 40% YTD. Europe plugin electric car sales were 219,000 in April 2024, up 11% YoY, reaching 20% market share and 21% YTD. Norway reached 91% share, Sweden 56.9%, Germany 18.4%, France 24.3%, and UK 24.7% in April 2024. Note: Brazil reached 4.7% market share in April 2024 growing at an incredible 1,100% BEV YoY rate. USA plugin electric car sales were 120,074 (as reported by Argonne National Laboratory) in April 2024, up 2.6% on April 2023 sales. Plugin electric car market share in the USA for April was 9.14%. Note: Globally, 100% battery electric cars represented 64% YTD (as of end April 2024) market share YTD of all plugin electric cars sold. The above sales include light commercial vehicles. Note: An acknowledgement to Jose Pontes and the team at CleanTechnica Sales for their work compiling all the electric car sales quoted above and the charts below. Also, the team at EV-Volumes for their great work. Top-selling global plugin sales by auto group in April 2024 (source)   CleanTechnica Global EV sales forecasts in the years ahead Global electric car sales reached 13.7m in 2023 and 16% market share (source)  EV-Volumes Bloomberg forecasts 16.7m plugin electric car sales in 2024 (~20% market share) with a 22% YoY growth rate (as of April 2024) (source) BloombergNEF IEA Global EV Outlook 2024 (as of April 2024) - Forecasts sales will reach 17m and 20% share in 2024 (source) IEA Global EV Outlook 2024 - page 28 Note: On page 106 the IEA state: \"Global electric light-duty vehicle sales are set to reach 40% in 2030 and almost 55% in 2035 based on current policy settings.\" Seeking Alpha's Trend Investing global electric plugin car sales forecast (as of April 2024)     Sales (million) Market share    2024 17.1 ~20%   2025 21.3 25%   2030 47 55%   2035 72 84%   Click to enlarge Trend Investing comment We are still only at the extremely early stage of the EV boom - We have still only electrified about 3% of the global fleet of 1.475 billion, with a staggering ~97% still to go. Trend Investing's global plugin electric car sales forecast to 2040 (green bars)  Seeking Alpha Trend Investing Electric vehicles’ share of global car sales forecast (as of Sept. 2023) (source) CleanTechnica EV market news On April 29, Tech Times reported: China launches world's largest electric container ship, slashing 8,600 pounds of emissions per 100 nautical miles. China's state-owned Cosco launches the Greenwater 01, the world's largest fully electric container ship. On May 10, Bloomberg reported: BP keen to buy Tesla supercharging sites for US expansion...It plans to spend $1 billion by 2030, half of it within the next two to three years to install over 3,000 charging points across the US. A key part of the strategy is building large-scale hubs with 12 or more chargers that it calls Gigahubs...The company last year signed a deal to procure about $100 million of Tesla supercharger hardware, with the deployment expected to start later this year and early 2025, the CEO said. On May 10, Bloomberg reported: Biden set to impose tariffs on China EVs, strategic sectors...as soon as next week...The new tariffs will focus on industries including electric vehicles, batteries and solar cells, with existing levies largely being maintained. An announcement is scheduled for Tuesday, two of the people said...The tariffs would likely have little immediate impact on Chinese firms, as its world-beating EV giants are mostly locked out of the American market by auto tariffs. Its solar companies mostly export to the US from third countries to avoid curbs... On May 10, Bloomberg reported: Biden’s plan to hit China with more tariffs is mostly symbolic...But while China’s electric vehicle, solar power and battery sectors are central to Beijing’s blueprint to manufacture its way out of a housing slump, they’re not reliant on US consumers. Existing tariffs locked Chinese autos out of the US market years ago, while solar firms mostly export to the US from overseas, avoiding similar curbs. On May 11, Engadget reported: Waymo says its robotaxis are now making 50,000 paid trips every week. The company operates Waymo One in Phoenix, San Francisco and Los Angeles. On May 13, CBT News reported: Global plug-in electric car registrations surge in Q1 2024. The surge in plug-in car registrations reflects a growing trend towards electrification in the automotive industry...In Q1 2024, the global registrations of new passenger plug-in electric cars increased significantly by 25% compared to the previous year, with over 3.2 million units registered. The plug-in car market is dominated by the top five automotive groups or OEMs, which account for more than half of all sales...the top five groups in the plug-in market for Q1 2024 are BYD Group, Tesla, Geely-Volvo, SAIC, and Volkswagen Group... On May 14, The White House announced:  FACT SHEET: President Biden Takes Action to Protect American Workers and Businesses from China’s Unfair Trade Practices... Electric Vehicles (EVs) The tariff rate on electric vehicles under Section 301 will increase from 25% to 100% in 2024.With extensive subsidies and non-market practices leading to substantial risks of overcapacity, China’s exports of EVs grew by 70% from 2022 to 2023—jeopardizing productive investments elsewhere. A 100% tariff rate on EVs will protect American manufacturers from China’s unfair trade practices. This action advances President Biden’s vision of ensuring the future of the auto industry will be made in America by American workers...  On May 14, Morningstar reported: Here's what we know about Biden's tariffs on Chinese EVs, solar products and more...Biden's increased tariff on Chinese EVs...The higher rate will have \"minimal near-term economic impact\" because of the \"extremely low penetration of Chinese EVs in the U.S. market today...\" On May 15, The Parliament of Australia announced: New Vehicle Efficiency Standard Bill 2024 [and] New Vehicle Efficiency Standard (Consequential Amendments) Bill 2024...The New Vehicle Efficiency Standard Bill 2024 establishes a new vehicle efficiency standard (NVES) to regulate the carbon dioxide emissions of new passenger and light commercial vehicles. The standard is intended to commence on 1 January 2025, with compliance requirements to commence on 1 July 2025. The NVES is not a tax. It is a policy mechanism designed to incentivise the provision of passenger and light commercial vehicles with lower carbon emissions. On May 17, Bloomberg reported: \"Chinese EV giants hammered by Biden Tariff are welcome in Brazil.\" Highlights include:  \"BYD, Great Wall factories help Lula’s push to re-industrialize. China EVs already lead Brazil market, seek region-wide growth.\"  On May 20, CleanTechnica reported: \"The electric car revolution is still on track, says Cox Automotive.\" On May 21, Seeking Alpha reported: PepsiCo beverages triples EV fleet in California...The company will add 50 Class 8 Tesla (TSLA) Semi trucks to operate out of Pepsi’s (PEP) Fresno distribution facility and 75 Ford (F) E-Transit vans to serve the entire state. To power the Tesla Semis at the Fresno facility, the company has installed eight 750-kilowatt Tesla chargers and two Tesla megapack battery energy storage systems. On May 28, Seeking Alpha reported: BHP, Rio Tinto to test battery-electric haul trucks in Pilbara...The two companies will work with manufacturers Caterpillar (CAT) and Komatsu (OTCPK:KMTUY) to conduct independent trials of their battery-electric haul trucks, including testing of battery, charging systems, to assess performance and productivity in the Pilbara mine, they said in a statement. Iron ore miners in the Pilbara are under pressure to slash emissions. On May 28, Bloomberg reported: The slowdown in US Electric Vehicle sales looks more like a blip. EV sales are still booming for most automakers — even if Tesla is in a rut... On May 30, CleanTechnica reported: The alleged electric car sales slowdown is a fiction — The EV revolution is alive & well... Hogwash, Bloomberg says in market analysis published on May 28, 2024. For every suggestion of an EV slowdown, another point of view sees an adolescent industry on the verge of its next growth spurt. In fact, for most automakers, the first quarter was a blockbuster for electric car sales. Six of the 10 biggest EV makers in the US saw sales grow at a scorching pace compared to a year ago. Electric car sales were up 56% at Hyundai and Kia and 86% at Ford. EV company news BYD Co. [SHE: 002594][HK:1211](OTCPK:BYDDY, OTCPK:BYDDF)  BYD is currently ranked the number 1 globally with 20.8%market share YTD (as of end April 2024). BYD is ranked number 1 in China with 31.9% market share in April 2024. On May 10, CNEVPOST reported: BYD launches e-Platform 3.0 Evo and new model Sea Lion 07 EV. The e-Platform 3.0 Evo brings higher integration and enhanced performance. The Sea Lion 07 EV starts at RMB 189,800 ($26,270) and will begin deliveries this month...will compete with Tesla's Model Y... BYD Sea Lion 07 (source) Wikipedia On May 14, Seeking Alpha reported: BYD Company introduces new hybrid pickup truck in Mexico. The Shark pickup was advertised to be able to travel up to 100 km in EV mode using a 30-kWh battery pack before needing to be recharged. The range extends to 840 km using both electric and combustion methods. The pickup truck consumes 7.5 liters of fuel per 100 km traveled. The BYD Shark zooms from 0 to 100 kph (62 mph) in 5.7 seconds, with the top speed limited to 160 kph (100 mph). BYD Shark e-Pickup truck (source) BYD Mexico On May 22, Bloomberg reported: China’s $10,000 EV is coming for Europe’s carmakers. BYD’s Seagull hatchback is set to start Europe sales next year, beating the competition on price. On May 29, Electrek reported: BYD’s workforce nearly doubles Toyota’s amid China’s booming EV market...As EV sales surge in China, BYD’s workforce has expanded rapidly, adding nearly 500,000 employees since 2019. BYD’s workforce is now roughly double that of Toyota’s as China’s EV leader expands overseas...Despite talks of a slowdown in the EV market, BYD hit a new YTD EV sales record earlier this month. Through April, BYD has sold over 434,500 EVs globally... Tesla Inc. (TSLA) Tesla is currently ranked the number 2 globally with10.8%global market YTD. Tesla is number 4 in China with 6.5% market share in April 2024. Tesla is ranked number 3 in Europe with 10.8% market share in April 2024. Tesla is the number 1 electric car seller in the US. On May 8, Car News China reported: Tesla received a nod for Robotaxi testing in China during Musk’s visit, report says...CarNewsChina reported on April 29 that according to sources familiar with the matter, Tesla and Baidu Apollo are holding exploratory talks regarding the robotaxi service launch in China. On May 11, Electrek reported: Tesla launches 0.99% financing on Model Y for limited time...Last month, Tesla brought 0% loans to China in an attempt to boost sales in the critical auto market. Now, Tesla is doing something similar in the US with the announcement of a new 0.99% APR financing product for Model Y until May 31. On May 15, Sawyer Merritt on X reported: Tesla has begun construction of its Shanghai Megapack factory, its second Megafactory in the world. This one factory is expected to produce upwards of $15B-$20B per year in revenue (10,000 Megapacks/yr). On May 21, Seeking Alpha reported: Tesla rallies after highlighting its electric Semi potential during a rare conference appearance...Tesla (TSLA) exec Dan Priestley said that Tesla is building a Semi factory in Nevada that is being ramped up to be ready for customer deliveries in 2026 and eventually have a target capacity of 50,000 units a year. Geely Automobile Holdings Ltd. (OTCPK:GELYY, HK:0175), Volvo Cars, Kandi Technologies Group (KNDI), Proton, Lotus, Zeekr, Lynk. (Note: Volvo Group is a separate company that makes e-trucks & e-buses) Geely-Volvo is currently ranked number 3 in the global electric car manufacturer's sales ranking with 7.8% global market share YTD. Geely-Volvo is the number 2 ranked in China with 8.4% market share in April 2024. Geely-Volvo is 5th ranked in Europe with 10.4% market share in April 2024. On May 1, CnEVPost reported: Zeekr delivers record 16,089 cars in Apr. Zeekr delivered 49,148 vehicles in the January-April period, a 110.62 percent year-on-year increase. It has a sales target of 230,000 units this year, double the 2023 figure... On May 6 Volvo Cars announced: Volvo Cars’ global sales up 27 per cent in April...The company’s electrified models, with a fully electric or plug-in hybrid powertrain, grew 53 per cent compared to the same period last year and accounted for 48 per cent of all cars sold during April. The share of fully electric cars constituted 26 per cent for the month... On May 10, Bloomberg reported: \"Geely’s EV Maker Zeekr said to raise $441 million in US IPO.\" On May 13, Volvo Cars announced: \"Volvo Cars has completed the distribution of 62.7 percent of its Polestar shareholding to its shareholders and commences the conversion period of SDRs into Polestar Class A ADSs. On May 21, Yahoo Finance reported: Kandi 10k all-electric UTV model achieves EU EEC certification...Dr. Xueqin Dong, CEO of Kandi stated, “We are pleased that the Kandi 10K all-electric UTV model has received the EU EEC certification, a significant milestone that sets the stage for its launch in the EU. We anticipate a positive reception and strong performance across the Union.” Volkswagen Group [Xetra:VOW](OTCPK:VWAGY, OTCPK:VLKAF)/ Audi / Lamborghini/ Porsche (OTCPK:POAHF)/ Skoda/ Bentley  'Volkswagen Group' is currently ranked the number 4 top-selling global electric car manufacturer with 6.3% market share YTD, and 1st in Europe with 20.2% market share in April 2024. On May 6, Kyodo News reported: \"Audi builds first charging hub outside of Europe in Tokyo in EV push...\" On May 16, Bloomberg reported: Volkswagen walks back EV-or-bust strategy that rankled rivals. CEO Oliver Blume is turning to hybrids and striking partnerships as EV sales slow...This marks just the latest adjustment VW has made to its electrification strategy after the company botched several model releases and fell behind in China, where local brands now dominate. The manufacturer has also shelved efforts to seek outside investors for its battery unit and scrapped plans for a €2 billion ($2.2 billion) EV factory in Germany. On May 18, Reuters reported: \"Exclusive: VW and Renault end talks to develop affordable EV, sources say...\" On May 20, Bloomberg reported: \"VW’s Audi, SAIC deepen ties for electric car lineup in China...\" On May 28, Seeking Alpha reported: Volkswagen is still charging ahead with plans for a low-cost electric vehicle launch in Europe in 2027...The new Volkswagen (OTCPK:VLKAF) EVs are expected to be priced at around $21,800 (€20,000). The renewed focus on introducing a mass-market EV followed the collapse of the German automaker's potential partnership with Renault SA (OTCPK:RNSDF). SAIC Motor Corporation Limited [SAIC] [CH:600104] (SAIC includes Roewe, MG, Baojun, Maxus), Wuling Automobile JV (SAIC 51%, GM 44%, Guangxi 5.9%) SGMW (SAIC-GM-Wuling Automobile) is number 5 globally with 5.6% market share YTD. SAIC/GM/Wulin JV [SGMW] plus SAIC is 3rd in China with 8.0% share in April 2024. On May 10, SAIC Motor announced: SAIC Motor sees robust sales in April of 360,000 vehicles...new energy vehicles (NEVs) and overseas markets fueling much of the growth...NEVs sales reached 75,000, up 9.3 percent year-on-year. Overseas sales maintained their industry-leading position, increasing year-on-year by 2.7 percent to 92,000 units. Stellantis N.V. (STLA) (merger Fiat Chrysler Group and the Peugeot Group) Ferrari (Jeep, Chrysler, Dodge, and RAM are all owned by FCA)  Stellantis Group is currently ranked the number 6 in the global electric car manufacturer's sales with 4.0% global market share YTD. Stellantis is ranked 2nd in Europe with 13.2% market share in April 2024. On May 14, Stellantis N.V. announced: \"Leapmotor International begins operations to expand global electric vehicle sales starting September 2024 in nine European countries, followed by other key growth regions.\" On May 23, Stellantis N.V. announced: Stellantis announces launch of second tranche of its 2024 Share Buyback Program...covering up to €3 billion (total purchase price excluding ancillary costs) to be executed in the open market... On May 29, CNBC reported: Stellantis CEO says $25,000 Jeep EV coming to the U.S. 'very soon'... to better attract mainstream consumers amid slower-than-expected EV adoption, CEO Carlos Tavares said. BMW (OTCPK:BMWYY), Mini, Rolls-Royce BMW Group is currently ranked the number 7 global electric car manufacturer with 3.9% global market share YTD. BMW Group is ranked 4th in Europe with 10.8% market share in April 2024. On May 8 BMW Group reported: \"Robust results within full-year guidance: BMW Group has a successful start to 2024.\" Highlights include:  \"Consistent strategic implementation: Dynamic BEV ramp-up aligned with profitability, as planned. BEV ramp-up continued as planned: 28% growth to around 83,000 BEVs in Q1...\"  Chongqing Changan Automobile [SHE:000625] (\"Changan\") Changan is currently ranked the number 8 in the global electric car manufacturer's sales with 3.8% global market share YTD. Changan is 5th in China with 6.5% share in April 2024. On May 8, MarkLines reported (need to sign up for free to view link): On April 25, at the Auto China 2024 in Beijing, Changan Auto unveiled eight new release models such as the CHANGAN NEVO E07, AVATR11 2024, DEEPAL G318, DEEPAL SL03/S7 Commemorative Edition 2nd Anniversary, second-generation UNI-V Smart Electric iDD, CHANGAN KAICENE Digital Intelligent Large VAN, and the MAZDA EZ-6...  Hyundai-Kia Group - Hyundai (OTCPK:HYMTF), Kia  Hyundai-Kia Group is currently ranked number 9 in the global electric car manufacturer's sales ranking with 3.6% market share YTD. On May 1, Hyundai announced: \"Hyundai Motor America reports April 2024 sales.\" Highlights include:  \"Electric vehicle sales increase 31%. Best retail month ever for IONIQ 5; up 59%. Record April total and retail sales for IONIQ 6, Tucson HEV, Santa Fe HEV and Palisade.\"  On May 1, Kia announced: All-time best EV sales for Kia America in April. Highest EV9 sales to date leads to a 144-percent year-over-year increase in sales of Kia’s fully electric vehicles...Continuing its push toward sustainable mobility leadership, the all-new EV9 delivered its best sales performance to date in April and Kia America shattered its all-time monthly EV sales record, increasing 61-percent over the previous record set in April 2022 total... On May 23, Kia announced: \"Kia EV3 delivers an elevated electric SUV experience for all with innovative technology and advanced design beyond its class.\" Kia EV3 (source)   Kia On May, 30 Kia announced: \"Kia Georgia begins assembly of the 2025 Kia EV9 All-Electric SUV.\" On May 30, Yahoo Finance reported: Hyundai continues to expand its EV lineup...After setting a strong foundation with its current EV success in the U.S. with IONIQ 5, IONIQ 6 and Kona Electric, Hyundai will be introducing a three-row electric SUV, the IONIQ 9... Li-Auto (LI) [HK:2015]  Li-Auto is currently ranked number ~10 (not updated this month) in the global electric car manufacturer's sales ranking, with ~2.7% market share YTD. On May 20, Li-Auto announced: Li Auto Inc. announces unaudited first quarter 2024 financial results. Quarterly total revenues reached RMB25.6 billion (US$3.6 billion). Quarterly deliveries reached 80,400 vehicles. Mercedes-Benz Group [GER:MBG] (OTCPK:MBGAF, OTCPK:MBGYY) (Smart - 50% JV between Mercedes-Benz Group & Geely) (NB: Daimler was renamed to Mercedes-Benz Group) Mercedes-Benz Group is ranked 6th in Europe with 9.9% market share in April 2024. On May 8, Bloomberg reported: \"Mercedes retreats to gas guzzlers as EVs fail to boost profit.\" On May 13, CNEVPOST reported: Mercedes-Benz to use BYD batteries in new hybrid model, regulatory filing reveals. Mercedes-Benz will use batteries from BYD's battery arm FinDreams in a hybrid version of its GLC SUV, according to a regulatory filing. On May 31, Carsales reported: All-electric Mercedes-Benz GLC expected next year. First battery-electric version of popular mid-size luxury SUV is on the way...new intel obtained by carsales indicates it will make its global debut earlier than expected in 2025. On May 31, Market Screener reported: \"Mercedes eyes reduced trade barriers from new India government...\" GAC Group (Guangzhou Automobile Group Co. Ltd.) On May 7, Carsales reported: GAC confirmed for Australia in 2025. Chinese newcomer to target Toyota Kluger and Kia Sorento with large hybrid SUVs. Chinese auto giant Guangzhou Automobile Group (GAC) has confirmed plans to launch in Australia in 2025. On May 8, Electrek reported: \"NIO signs a new agreement with GAC Group to co-develop battery standards, charging, and swaps...\" On May 31, Kallanish reported: \"GAC Aion mulls EV battery plant in Indonesia...\" On May 31, South China Morning Post reported: \"Electric vehicles: China’s GAC Aion shifts up a gear in Hong Kong with ambitious sales target, new models in pipeline.\"  On May 31, Yahoo Finance reported: \"China’s GAC enters Nepalese market...\" Great Wall Motors [SHE:601633] [HK:2333] (OTCPK:GWLLF, OTCPK:GWLLY) [ORA] On May 31, Technode reported: \"China’s Great Wall Motor to shut down European office as EV tariffs loom...\" Ford (F)  On May 21, Ford announced: \"All-new, all-electric E-Transit custom van ready to electrify small business productivity.\" Highlights include:  \"...Next-gen electric powertrain offers up to 337 km driving range, two-year unlimited distance service intervals, payload up to 1,011 kg and class-leading 2,300 kg towing. Latest model to electrify small businesses that make up 99 percent of all firms in the EU; Ford Pro-commissioned research finds vans are worth around €1 trillion to the EU and UK.\"  E-Transit Custom (source)   Ford On May 31, Teslarati reported: \"Ford slashes EV prices in Australia by up to AUD$15k...\" On May 31, Electrek reported: Ford sees hybrids as longer-term play, but rival GM says they are ‘not the end game’...After pushing back over $12 billion in EV investments, Ford CEO Jim Farley announced the automaker would lean into hybrids last year. NIO Inc. (NIO) On May 1 NIO Inc. announced: \"NIO Inc. provides April 2024 delivery update.\" Highlights include:  \"NIO delivered 15,620 vehicles in April 2024, increasing by 134.6% year-over-year. NIO delivered 45,673 vehicles year-to-date in 2024, increasing by 21.2% year-over-year. Cumulative deliveries of NIO vehicles reached 495,267 as of April 30, 2024.\"  On May 15, CNEVPOST reported: Nio formally launches Onvo sub-brand, 1st model L60 to challenge Tesla Model Y. Onvo has begun pre-sales of the L60 at RMB 219,900 ($30,440), RMB 30,000 less than the Tesla Model Y. The L60 will hit the market and begin deliveries in September. ONVO L60 (source) NIO XPeng Inc. (Xiaopeng Motors) (XPEV) [HK:9868] On May 1, XPeng Inc. announced: \"XPENG announces vehicle delivery results for April 2024.\" Highlights include:  \"9,393 vehicles delivered in April 2024, a 33% increase year-on-year. X9 MPV cumulative deliveries nearing 10,000 units since its launch in January.\"  On May 21, XPeng Inc. announced: \"XPENG reports first quarter 2024 unaudited financial results.\" Highlights include:  \"Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB41.40 billion (US$5.73 billion) as of March 31, 2024. Quarterly total revenues were RMB6.55 billion, a 49.8% decrease quarter-over-quarter. Quarterly gross margin was 12.9%, an increase of 6.7 percentage points quarter-over-quarter.\"  Xiaomi [HK:1810] (OTCPK:XIACF) On May 13, CNEVPOST reported: \"Xiaomi aims to start selling SUV similar to Tesla Model Y as early as 2025, report says.\" On May 23, CNEVPOST reported: \"Xiaomi raises SU7 delivery target from 100,000 to 120,000 units in 2024.\" On May 30, CNEVPost reported: \"Xiaomi denies as rumors swirl that it plans to acquire stake in Evergrande NEV...\" General Motors (GM), Chevrolet On May 13, Automotive News reported: GM's Cruise resumes autonomous testing with a human backup behind wheel. General Motors self-driving subsidiary inches forward in Phoenix. On May 22, CNBC reported: \"GM all-electric Chevy Equinox goes on sale as the latest test for EV production and demand.\" On May 29, InsideEVs reported: 2026 Chevy Bolt will be 'Most Affordable' EV on the market, GM says. With NACS and an LFP battery, the next-gen Bolt could be an absolute grand slam for GM...\"We're really excited to get the Bolt with the Ultium architecture underpinnings to have the most affordable vehicle on the market by 2025\"...it seems plausible that GM could price the Bolt under $30,000—though that's purely speculative. On May 31, Reuters reported: \"Ford and GM outline dueling hybrid vehicle strategies...\" Renault [FR:RNO] (OTCPK:RNSDF)/ Nissan (OTCPK:NSANY)/ Mitsubishi (OTCPK:MMTOF) On May 18, Reuters reported: \"Exclusive: VW and Renault end talks to develop affordable EV, sources say...\" On May 27, InsideEVs reported: Next generation Nissan Leaf reportedly to go on sale in March 2025. Nissan's Sunderland UK plant has undergone $2.5 billion in upgrades to support the Leaf and other future EV production. On May 27, Renault announced: Game, 5 and match, Renault electrifies Roland-Garros...showcasing new pop icon and superbly nimble Renault 5 E-Tech with a dedicated 150m² stand and an impressive fleet, keeping players fully charged and patrons in awe during this years tournament. Renault 5 E-Tech (source)   Renault On May 30, Reuters reported: \"Renault to develop Twingos priced under 20,000 euros with Chinese partner...\" On May 31, Fortune reported: A week after blasting Volkswagen for not working ‘as a team’ against cheap imports, Renault links up with Chinese partner to build $22,000 EV... Hozon New Energy Automobile Co. (private) (owns Neta) On May 29, South China Morning Post reported: \"Hong Kong to power global ambitions of Chinese mainland’s electric vehicle brand Neta...\" On May 30, Yahoo Finance reported: \"NETA Auto announces arrival in the Brazilian market in 2024.\" Rivian Automotive (RIVN) On May 2, Rivian Automotive announced: Rivian to receive $827M in Illinois State Funding to expand normal, IL facility...The funds from the incentive package will go towards expansion of the plant, improvements in public infrastructure and job training programs for Rivian’s workforce, leading up to the company’s production of its midsized SUV, R2... On May 7, Rivian Automotive announced: \"Rivian releases first quarter 2024 financial results.\" Highlights include:  \"Significant steps being taken to drive greater capital efficiency. Company reiterates path to Q4 2024 modest gross profit. During Q1 2024, R1S was the best-selling EV in the US above $70,000.\"  On May 31, Automotive News reported: Rivian CEO Scaringe expects U.S. EV growth to pick up with more model choices. Rivian leader RJ Scaringe predicts EV sales will begin to rise again as new models reach the market, including the R2 crossover. Lucid Group (LCID)  On May 6, Lucid Group announced: \"Lucid announces first quarter 2024 financial results.\" Highlights include:  \"Produced 1,728 vehicles in Q1; on track for annual production of approximately 9,000 vehicles. Delivered 1,967 vehicles in Q1, up 39.9% compared to Q1 2023. Q1 revenue of $172.7 million. Successfully raised $1.0 billion via private placement to an affiliate of the Public Investment Fund (PIF). Ended the quarter with approximately $5.03 billion of total liquidity.\"  On May 24, Reuters reported: \"Lucid to trim US workforce by 6% amid softening EV demand...\" On May 31, PR Newswire reported: \"Lucid expands its presence in the Middle East, bringing the award-winning Lucid Air to the United Arab Emirates.\" Beijing Automotive Group Co. (BAIC) (includes Arcfox) [HK:1958) (OTCPK:BCCMY) No electric vehicle news for the month. Fisker Inc. (FSR) On May 13, Fisker Inc. announced: Fisker adds three new U.S. dealer partners, in California and New Jersey; Waives $2,438 D&H fee in U.S. on MY2023 extremes and ultras...  On May 13, Fisker Inc. announced: Fisker raises additional capital from existing investor; Funding Is $3.456 million; Potential to increase to $7.5 million... Toyota (TM)/ Lexus On May 8, Car Scoops reported: Lexus ES hints at EV future with ES350e and ES500e. Lexus has trademarked names like ES350h, ES350e, and ES500e, indicating a shift towards hybrid and electric powertrains for the next ES sedan... On May 12, Automotive News reported: \"Toyota spent $13.9 billion on new battery complex.\" Honda [TYO:7267] (HMC) (HNDAF) AFEELA (Sony Honda Mobility JV) On May 9, Honda announced: \"Honda opens new R&D facility in Bengaluru to accelerate electrification in India.\" On May 16, Electrek reported: Honda plots $65 billion investment to build seven new EVs as it looks for a comeback...The plans include slashing costs and launching seven new electric models. Mazda (OTCPK:MZDAY) On May 28, Mazda announced: Subaru, Toyota, and Mazda commit to new engine development for the electrification era, toward carbon neutrality... Tata Motors (TTM) group (Jaguar, Land Rover) On May 9, Tata Motors announced: Tata Motors enhances its electric last-mile mobility offering; launches the all-new Tata Ace EV 1000... Tata Ace EV 1000 (source)   Tata Motors On June 1, Tata Motors announced: \"Tata Motors registered total sales of 76,766 units in May 2024...\" Tata Motors GreenPower Motor Company Inc. [GPV] (GP) On May 6, GreenPower Motor Company Inc. announced: GreenPower announces pricing of US$2.3 million underwritten Public Offering. On May 31, GreenPower Motor Company Inc. announced: GreenPower to unveil new state-of-the-art refrigerated all-electric commercial truck for mid and last-mile delivery at home delivery world. Workhorse Group Inc. (WKHS) On May 20, Workhorse Group Inc. announced: Workhorse Group reports first quarter 2024 results...As of March 31, 2024, the Company had $6.7 million in cash and cash equivalents, accounts receivable of $1.8 million, net inventory of $49.9 million, and accounts payable of $14.2 million. Lion Electric (LEV) On May 8, Lion Electric announced: \"Lion Electric announces first quarter 2024 results.\" Highlights include:  \"Revenue of $55.5 million, up $0.8 million, as compared to $54.7 million in Q1 2023. Delivery of 196 vehicles, a decrease of 24 vehicles, as compared to the 220 delivered in Q1 2023. Gross loss, reflecting higher manufacturing costs due to the introduction of new products, of $11.1 million as compared to a gross loss of $2.3 million in Q1 2023. Net loss of $21.7 million, as compared to net loss of $15.6 million in Q1 2023...\"  On May 21, Lion Electric announced: \"Lion Electric unveils the groundbreaking Lion8 Tractor, an all-electric class 8 commercial truck.\" Lion 8 Tractor_Lion Electric (source)   Lion Electric dropbox EV & battery ETF  The Amplify Lithium & Battery Technology ETF (BATT) is a broad-based EV related fund worth considering. On their website they state: \"BATT is a portfolio of companies generating significant revenue from the development, production and use of lithium battery technology, including: 1) battery storage solutions, 2) battery metals & materials, and 3) electric vehicles. Other EV or EV related companies Other EV companies we are following include Atlis Motors, Ayro Inc. (AYRO), Blue Bird Corporation (BLBD), Blink Charging (BLNK), Byton (private), Canoo Holdings (GOEV), Chery Automobile Co. Ltd. (private), Chongqing Changan Automobile [SHE:000625], Didi Chuxing, Electric Last Mile Solutions Inc. (\"ELMS\") (ELMS), Dongfeng Motor Group Company Limited [HK:0489] (OTCPK:DNFGF), Envirotech Vehicles (EVTV), Ferrari NV (RACE), Guangzhou Automobile Group Co., Hyliion Holdings (HYLN), Ideanomics Inc. (IDEX), Mahindra & Mahindra (OTC:MAHMF), Nikola Corporation (NKLA), Niu Technologies (NIU), Qiantu Motor, Sono Group N.V (SEV), Subaru (OTCPK:FUJHY), Suzuki Motor Corp. [TYO: 7269] (OTCPK:SZKMY) (OTCPK:SZKMF), VinFast (VFS), WM Motor, and Zhi Dou (private). The list of countries and cities banning (or planning to ban) petrol and diesel vehicles include at least:  Norway (2025); Netherlands, Denmark, Sweden, Iceland, Greece, Ireland, Israel (2030); Scotland (2032); Hong Kong (2030-40); UK, EU, Germany, Japan, Canada (2035); France, Spain, Egypt, Taiwan, Singapore, India, New Zealand and Poland (2040). Rome (2024); Athens, Paris, London, Stuttgart, Mexico City, Madrid (2025); Amsterdam, Brussels, Hainan (2030); California, New York, Quebec Province (2035); Sao Paolo, Seoul (2040).  Note: Wikipedia has an excellent list showing the phase out of fossil fuels in various cities and countries. ICE vehicle phase out target dates BloombergNEF Note: Great Britain is now 100% EVs by Government sets out path to zero emission vehicles by 2035, noting they also have an 80% EVs target by 2030. Conclusion April 2024 global plugin electric car sales were 1.2 million up 25% YoY and reached 18% global market share; 44% share in China, 20% in Europe, and 9.14% in the USA. Highlights for the month were:  China launches world's largest electric container ship. BP keen to buy Tesla supercharging sites for US expansion. Biden announces tariffs on Chinese EVs under Section 301 will increase from 25% to 100% in 2024. Biden’s plan to hit China with more tariffs is mostly symbolic. Waymo says its robotaxis are now making 50,000 paid trips every week. Global plug-in electric car registrations surge in Q1 2024, up 25% YoY. Australia introduces the New Vehicle Efficiency Standard Bill 2024. The electric car revolution is still on track, says Cox Automotive. Chinese EV giants hammered by Biden Tariff are welcome in Brazil. PepsiCo beverages triples EV fleet in California. BHP, Rio Tinto to test battery-electric haul trucks in Pilbara. The alleged electric car sales slowdown is a fiction — The EV revolution is alive & well. BYD launches e-Platform 3.0 Evo and new model Sea Lion 07 EV. Launches Shark hybrid pickup truck in Mexico. Seagull hatchback is set to start Europe sales next year. Tesla received a nod for Robotaxi testing in China during Musk’s visit. Tesla has begun construction of its Shanghai Megapack factory. Tesla launches 0.99% financing on Model Y until May 31. Tesla is building a Semi factory in Nevada with plans to ramp to 50,000 units pa. Geely Zeekr delivers record 16,089 cars in April. Zeekr said to raise $441 million in US IPO. Volkswagen walks back EV-or-bust strategy that rankled rivals. It's still charging ahead with plans for a low-cost electric vehicle launch in Europe in 2027. Stellantis CEO says $25,000 Jeep EV coming to the U.S. 'very soon'.  Changan Auto unveiled eight new release models at Auto China 24. Hyundai America EV sales increase 31%. Hyundai will be introducing a three-row electric SUV, the IONIQ 9. All-time best EV sales for Kia America in April. Mercedes retreats to gas guzzlers as EVs fail to boost profit. Guangzhou Automobile Group (GAC) has confirmed plans to launch in Australia in 2025. Ford's all-new, all-electric E-Transit custom van, ready to electrify small business productivity. NIO delivered 15,620 vehicles in April 2024, increasing by 134.6% year-over-year. Officially launch Onvo brand on May 15, Onvo L60 debut model to take on Tesla Model Y. Xiaomi raises SU7 delivery target from 100,000 to 120,000 units in 2024. Aims to start selling SUV similar to Tesla Model Y as early as 2025. 2026 Chevy Bolt will be 'Most Affordable' EV on the market, GM says. Nissan next generation Nissan Leaf reportedly to go on sale in March 2025. Renault links up with a Chinese partner to build $22,000 EV. Rivian to receive $827M in Illinois State Funding to expand normal, IL facility. Honda plots $65 billion investment to build seven new EVs. Lion Electric unveils Lion8 Tractor all-electric class 8 commercial truck.  As usual, all comments are welcome.  Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. 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