EV Company News For The Month Of July 2024

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Global electric car sales June 2024 up 15% YoY to 22% share. China sales up 23% to 49.9% share. Europe down 5% to 22% share. USA down 3.8% to 9.10%.EV market news - EU puts tariffs on China EVs. China...

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China sales up 23% to 49.9% share. Europe down 5% to 22% share. USA down 3.8% to 9.10%.EV market news - EU puts tariffs on China EVs. China doubles cash subsidies to replace ICE cars. U.S. EV sales reach new record in Q2 2024, up 11.3% YoY.EV company news - Tesla delays robotaxi event to October. JPMorgan hikes BYD’s PT by more than 80% on outlook (to HKD 475). Volvo June electric car sales up 41%.SAIC - NEV H1 deliveries reached 522,000 units, up 29.5% YoY. Li-Auto Q2 deliveries were 108,581, up 25.5% YoY. NIO delivered 57,373 vehicles in the three months ended June 2024, up 143.9% YoY.   3alexd/E+ via Getty Images Welcome to the July 2024 edition of Electric Vehicle [EV] company news. The past month saw a near record global plugin electric car sales result reported for June. This was mostly due to China sales market share reaching ~50%. This means 1 in 2 new cars sold in the world's largest new car market (aka China) are plugin electric cars.  Plugin electric car sales as of end June 2024   Global plugin electric car sales were 1.5 million in June 2024 (2nd best month ever), up 15% on June 2023 sales. Global plugin electric car market share in June was 22%, and 18% YTD. China plugin electric car sales were 876,000 in June 2024, up 23% on June 2023 sales. Plugin electric car market share in China for June was 49.9%, and 43% YTD. Europe plugin electric car sales were 294,000 in June 2024, down 5% YoY, reaching 22% market share and 21% YTD. Norway reached 85.3% share, Sweden 56.5%, Netherlands 45%, Germany 19.8%, France 24.1%, and UK 28.2% in June 2024. Note: Australia battery electric vehicles (\"BEV\") market share is at 8.3% in June 2024. Drive.com.au stated: \"Yes, EV sales are down for the month, but for the first six months of the year they have outperformed the market by ... double.\"  USA plugin electric car sales were 120,314 (as reported by Argonne National Laboratory) in June 2024, down 3.8% on June 2023 sales. Plugin electric car market share in USA for June was 9.10%. Note: Globally, 100% battery electric cars represented ~64% YTD (as of end June 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 YTD to end June 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 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      Sales (million) Market share    2024 17 ~20%   2025 21.3 25%   2030 46 54%   2035 71 83%   Click to enlarge Trend Investing comment We are still only at the extremely early stage of the EV boom - We have still only electrified < 5% of the global fleet of 1.475 billion, with a staggering ~95% 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 July 5 Seeking Alpha reported: Chinese EV makers slapped with 'countervailing' EU tariffs...“Based on the investigation, the Commission has concluded that the BEV value chain in China benefits from unfair subsidisation (sic), which is causing a threat of economic injury to EU BEV producers,” the commission said. To adjust for the unfair advantage, the EU imposed “countervailing duties” as much as of 37.6% on vehicles exported into Europe from China. “Sampled” Chinese producers – those who cooperated in the EU probe – include SAIC (37.6%), BYD (BYDDF, BYDDY) (17.4%), and Geely (19.9%), on top of the 10% already in place...The duties will apply until a final vote is taken in November. On July 8 The WSJ reported: China allows robotaxis without operators in Shanghai. The testing area covers about 127 miles of roads in Shanghai’s Pudong district.  On July 9 Bloomberg reported: China’s batteries are now cheap enough to power huge shifts...LFP pack prices are now at $75/kWh. At that price, EVs can be priced at or below combustion cars in most vehicle segments, marking a huge shift. We no longer need to model for when cell prices drop far enough to decarbonize road transport. That day is here...China is the world’s largest auto market, and battery-electric vehicles are currently the cheapest drivetrain by average transaction price in the country, even after stripping out mini city cars from the dataset...Almost two-thirds of EVs available in China are already cheaper than their internal combustion engine equivalents, and many cheaper electric models are planned for launch outside China in 2025 and 2026.  Electric Vehicles Are Cheaper Than Combustion Models In China (source) Bloomberg On July 10 Car News China reported: \"BYD and Li Auto are the only Chinese NEV producers that make a profit claims Beijing speech.\" On July 10 Bloomberg reported: Baidu surges with bullish options as Robotaxi orders climb. Autonomous driving will turn into a key trade, Guotai says. Apollo Go is expected to break even in Wuhan this year. On July 12 CNEVPOST reported: \"Chinese automakers to capture 1/3 of global auto market by 2030, says AlixPartners.\" On July 13 AutoEvolution reported: \"Despite high hopes, it's time people acknowledge that hydrogen is a dead-end.\"  On July 14 GM Authority reported: U.S. EV sales reach new record in Q2 2024. Thanks in large part to improved availability, higher discounts, and elevated levels of leasing, EV sales exploded more than 11 percent in Q2 2024 to reach a new sales record. According to a report from Cox Automotive, sales of all-electric vehicles jumped 11.3 percent on a year-over-year basis to 330,463 units during the second quarter of the 2024 calendar year. On July 15 EV-a2z reported: US market on pace for 50% EV adoption, report says. US electric vehicle market on track for 50% adoption by 2030, with falling battery costs and effective government incentives driving growth.  On July 15 CleanTechnica reported: Improved EV credits makes the switch even easier for US drivers... One of the major changes for the Clean Vehicle Tax Credit this year was the new ability to transfer the credit at the time of sale to a dealer, reducing the upfront cost of the EV.  On July 16 Seeking Alpha reported: Volkswagen and BMW cooperate with EU regulators to qualify for lower imported EV tariffs...The European Commission is willing to classify the German carmakers as “cooperating companies” for their willingness to submit to inspections of their Chinese facilities by EU regulators. This would make Volkswagen (VWAGY, VWAPY) and BMW (OTCPK:BMWYY) eligible for a reduced 20.8% tariff on imported EVs versus a current rate of 37.6%.  On July 16 InsideEVs reported: China's CATL hints at EV batteries that last 16 years. According to CATL, its \"Long-Service-Life Battery\" packs can last up to 16 years or 1.24 million miles (2 million kilometers)...Assuming an EV with some 300 miles of range, we are talking about more than 4,000 full charge and discharge cycles. Across the world, many automakers use batteries from CATL, including Tesla, BYD, Hyundai, Toyota, Volkswagen and others. On July 17 CleanTechnica reported: \"Mexico EV sales report: 90% growth YoY in June brings EV market share to 2.5%!\"  On July 18 CNEVPOST reported: Shenzhen NEV penetration reaches record 77.4% in June. About 77 out of every 100 newly registered cars in Shenzhen are NEVs. On July 18 Bloomberg reported: Mercedes, Stellantis in talks to back Serbia’s lithium plans. Carmakers may invest in processing, EV battery production. Rio Tinto is set to develop $2.4 billion mine after setback. On July 18 Bloomberg reported: European car sales gain as Italy’s EV subsidies draw buyers...EV sales in the region were flat after a slump in Germany and France offset the gain in Italy, where deliveries more than doubled.  On July 19 The Driven reported: \"Every third car sold in the US could be electric by 2027, despite current stall.\"  On July 19 InsideEVs reported: You're being lied to. The EV market hasn't 'stalled'...EV sales aren’t stalling here. In a “down year,” where growth has been slower than expected, EV sales are handily outpacing conventional car sales growth, both at home and abroad. The revolution is in full swing. It might just take a bit longer than anticipated. But “slower than expected growth” and “stalled progress” aren’t synonymous. Stalling out rarely involves setting new records year after year. Yet somehow this narrative took root...Yet a slowing rate of sales growth and slowing sales aren’t the same thing, and sales of pure internal combustion engine vehicles have been in global decline since 2018. They continue their downward spiral this year, while EVs grow in many markets. Many of the headlines you’ve seen this year are flat-out false.  On July 19 Seeking Alpha reported: \"Trump pledges end to EV 'mandate' on day one driving EV shares lower.\" On July 19 CNEVPOST reported: Beijing offers extra 20,000 EV quotas in 1st relaxation of car purchase policy since 2011. China's capital city of Beijing has increased its vehicle purchase quotas in a bid to increase car consumption in the city for the first time in more than a decade.  On July 21 AutoBlog reported: U.S. public EV chargers set to surpass gas stations in 8 years. 700 fast-charging stations added in second quarter; nationwide total nearly 9,000. On July 23 Seeking Alpha reported: Windrose looks to disrupt the U.S. electric semi truck market. Chinese electric truck startup Windrose plans to set up a U.S. assembly plant for its semi-trucks for local delivery after 2025. On July 24 CleanTechnica reported: Electric Vehicle market share at 21.4% in California...China has reached 26% of new car sales being full electrics (BEVs), and Europe is at 14% BEV share. California, meanwhile, has seen one out of five new car sales being full electrics in the first half of this year (21.4% market share).  On July 25 the SCMP reported: China doubles cash subsidies to propel EV sales as economic growth falls short. Consumers who replace their conventional cars with an EV stand to receive a subsidy of 20,000 yuan (US$2,770), up from 10,000 yuan announced in April. On July 26 Bloomberg reported: Alphabet raises the Robotaxi table stakes before Musk shows his hand. The company is committing another $5 billion to Waymo, whose robotaxis have a meaningful head start on whatever Tesla has in the works.  On July 28 Seeking Alpha reported: \"Chinese self-driving startup WeRide files for U.S. initial public offering.\" On July 28 Daily Sabah reported: Number of electric cars on roads worldwide jumps by half to 42M...at the end of 2023 – some 50% more than a year earlier...This figure includes purely electric vehicles, plug-in hybrids and electric vehicles with a range extender. According to the ZSW, 23.4 million of these cars were in China, more than half of the global stock. On July 29 Reuters reported: \"SoftBank-backed Ola Electric aims to raise $734 million in India’s biggest IPO this year.\" EV company news BYD Co. [SHE: 002594][HK:1211](OTCPK:BYDDY) (OTCPK:OTCPK:BYDDF)  BYD is currently ranked the number 1 globally with 22.4% market share YTD (as of end June 2024). BYD is ranked number 1 in China with 32.9% market share in June 2024. On July 4 BYD announced: \"BYD Thailand factory inauguration and roll-off of its 8 millionth New Energy Vehicle.\"  On July 5 Bloomberg reported: \"China’s BYD is poised to build $1 billion EV plant in Turkey.\" On July 10 Bloomberg reported: JPMorgan hikes BYD’s price target by more than 80% on outlook. Broker expects global deliveries to hit 6 million by 2026. Boosts target on international growth, plug-in EV opportunity...The bank, which now has the highest target prices for BYD’s Hong Kong and Shenzhen shares based on data compiled by Bloomberg, increased them to HK$475 and 440 yuan, respectively, while maintaining an overweight weighting. It estimates BYD will deliver about 1.5 million units in overseas markets and three times that domestically by 2026. The company sold around 3 million vehicles in 2023.  Note: Bold emphasis by the author. On July 18 Seeking Alpha reported: BYD outlines aggressive expansion plans in Vietnam - report...Thirteen BYD dealerships will open their doors to the Vietnamese public on Saturday, and the automaker hopes to boost that number to about 100 by 2026, the report said, adding, all BYD models for Vietnam will be imported for now.  On July 18 CNEVPOST reported: \"BYD launches 1st 3 BEV models in Vietnam.\" On July 22 CNEVPOST reported: \"BYD launches M6 electric MPV in Indonesia.\" On July 23 Seeking Alpha reported: \"Warren Buffett's Berkshire trims BYD stake to under 5%.\" On July 29 CNEVPOST reported: \"BYD Yangwang to start delivering U9 electric supercar in late Aug.\" On July 31 CNEVPOST reported: BYD exploring entry into Canadian auto market...despite the North American country considering tariffs on electric vehicles (EVs) from China. On July 31 NASDAQ reported: Uber and BYD ink multi-year partnership to bring 100K BYD EVs to Uber platform worldwide. Beginning first in Europe and Latin America, the partnership is expected to offer drivers access to best-in-class pricing and financing for BYD vehicles on the Uber platform, and will expand to include markets across the Middle East, Canada, Australia, and New Zealand.  Tesla Inc. (NASDAQ:TSLA) Tesla is currently ranked the number 2 globally with 11.6% global market YTD. Tesla is number 3 in China with 6.8% market share in June 2024. Tesla is ranked number 2 in Europe with 11.4% market share YTD (as of end June). Tesla is the number 1 electric car seller in the U.S. On July 2 Teslarati reported: \"Tesla Energy posts record 9.4 GWh of battery storage deployed in Q2 2024.\" Tesla energy stationary storage deployments each quarter with a huge jump last quarter (source) X - Tsla Chan On July 11 TechCrunch reported: Tesla reportedly delays 'robotaxi' event to October. Elon Musk confirms Tesla ‘robotaxi’ event delayed due to design change...to the front.  On July 15 Seeking Alpha reported: \"Tesla's Cybertruck outsold the Ford F-150 Lightning in Q2.\" On July 17 Teslarati reported: Tesla planning to ship dry electrode 4680 battery cells by end of 2024: report. A recent report from China has suggested that Tesla is planning to start the mass production of the complete version of its long-awaited and highly-anticipated 4680 battery...The complete version of the 4680 cells will reportedly be produced using Tesla’s dry electrode process.  On July 18 Electrek reported: Tesla secures absurdly large multi-billion Megapack contract. Tesla has secured an absurdly large contract to provide over 15 GWh of Megapack to California’s Intersect Power...Intersect Power announced that it secured a contract for Tesla to provide them 15.3 GWh of Megapacks through the next 5 years.  On July 23 Seeking Alpha reported (Q2 results): \"Tesla Non-GAAP EPS of $0.52 misses by $0.10, revenue of $25.5B beats by $760M. Tesla press release.\"  On July 29 Seeking Alpha reported: Tesla gains after Morgan Stanley called it the top pick in the auto sector... Analyst Adam Jonas and his team pointed to 40% upside to the firm's price target of $310 target on Overweight-rated Tesla...Jonas highlighted that Tesla may be cornering the market on ZEV credits and has seen increased contribution from recurring services revenue. The strong position of Tesla in the fast-growing energy storage business is also part of the bullish thesis. Geely Automobile Holdings Ltd. (OTCPK:GELYY, HK:0175), Volvo Cars, Kandi Technologies Group (NASDAQ: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 7.9% global market share YTD. Geely-Volvo is the number 2 ranked in China with 7.9% market share in June 2024. Geely-Volvo is 5th ranked in Europe with 10.6% market share YTD (as of end June). On June 28 Geely Automobile Holdings Ltd. announced: Geely Auto Group unveils its new Short Blade EV Battery Technology. Geely Auto Group have released their latest generation of self-developed lithium iron phosphate short blade battery that offers best in class battery life, charging speed – and ultimate safety. On July 4 Volvo Cars announced: Volvo Cars' global sales...in June. The company's sales of electrified models, fully electric and plug-in hybrid models, grew 41 per cent compared to the same period last year and accounted for 48 per cent of all cars sold during June. The share of fully electric cars constituted 26 per cent of all cars sold for the month. On July 5 Bloomberg announced: \"Geely plans to introduce Zeekr EV brand in Korea by early 2026...\" On July 18 Volvo Cars announced: Volvo Cars reports record core operating profit of SEK 8.2 billion in Q2 2024...Q2 fully electric car sales share at 26 per cent, vs 16 per cent in Q2 2023. On July 22 GlobeNewswire reported: \"Kandi Technologies announces first Taiwan-Made UTV shipment to the U.S...\" On July 30 Paul Tan's Automotive News reported: \"Proton eMas EV to be unveiled this Friday – rebadged Geely Galaxy E5 SUV confirmed as first model...\" On July 30 CNEVPOST reported: \"Zeekr says updated Zeekr 009 gets over 6,000 orders 10 days after launch...\" On July 31 Carsales reported: \"2027 Lotus Elise EV faces delays due to heavy battery tech...\" 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 YTD (as of end June). On July 9 Drive reported: 2026 Audi Q2 e-tron electric car confirmed: Most affordable premium EV coming. Audi has confirmed plans for more electric SUVs, with the Q2 e-tron expected to arrive in showrooms before 2027 to complete the line-up. On July 10 Volkswagen Group announced: Volkswagen Group deliveries in the first half of the year at previous year's level...+124 percent BEV orders received in Western Europe in H1 2024 vs. H1 2023. 136,000 vehicles worldwide PHEV deliveries in H1 2024 are around 17% above H1 2023... On July 11 Volkswagen Group announced: \"PowerCo and QuantumScape announce landmark agreement to industrialize solid-state batteries...\" On July 23 Reuters reported: \"Porsche waters down EV ambitions, says transition will take 'years'.\" 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 5.2% market share YTD. SAIC/GM/Wulin JV [SGMW] plus SAIC is 4th in China with 6.7% share in June 2024. On July 9 CNEVPOST reported: \"SAIC-GM-Wuling launches Binguo EV in Thailand, prices start at $11,510...\" On July 11 SAIC Motor Corporation Limited announced: ....The New Triad of Growth Drivers — comprising self-owned brands, new energy vehicles (NEVs), and overseas markets — continues to drive the company's strong performance. From January to June...NEV terminal deliveries reached 522,000 units, a year-on-year increase of 29.5 percent. On July 15 CNEVPOST reported: \"SAIC's MG brand eyeing Spain for its 1st EV plant in Europe, report says.\"  BMW (OTCPK:BMWYY), Mini, Rolls-Royce BMW Group is currently ranked the number 6 global electric car manufacturer with 4.0% global market share YTD. BMW Group is ranked 4th in Europe with 10.7% market share YTD (as of end June). On July 10, BMW Group announced: \"BMW Group posts strong growth in fully-electric vehicles and upper premium segment in first half of 2024.\" Highlights include: \"Deliveries of fully-electric BMW vehicles grow by +34.1% in the first half of the year....\" Chongqing Changan Automobile [SHE:000625] (\"Changan\") Changan is currently ranked the number 7 in the global electric car manufacturer's sales with 3.8% global market share YTD. Changan is 5th in China with 6.4% share in June 2024. No news for the month. Stellantis N.V. (NYSE: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 8 in the global electric car manufacturer's sales with 3.7% global market share YTD. Stellantis is ranked 3rd in Europe with 11.2% market share YTD (as of end June). On July 2, Stellantis N.V. announced: \"Stellantis invests additional $55 million in Archer following recent flight test milestone...\" On July 3, Stellantis N.V. announced: \"Stellantis joins with France’s CEA to pursue next-generation battery cell technology...\" On July 17, Stellantis N.V. announced: \"Stellantis announces successful amendment and maturity extension of €12 billion syndicated revolving credit facility.\" On July 25, Stellantis N.V. announced: First half 2024 results. With important product-led transition year underway, Stellantis delivers €5.6 billion net profit, €8.5 billion AOI(1) and 10% AOI margin(2) in the first half of 2024... On July 30, Stellantis N.V. announced: \"Leapmotor International ships the first batch of Leapmotor Electric Vehicles from China to Europe this month.\"  Hyundai-Kia Group - Hyundai (OTC:HYMTF), Kia  Hyundai-Kia Group is currently ranked number 9 in the global electric car manufacturer's sales ranking with 3.5% market share YTD. On July 2 Hyundai announced: \"Hyundai Motor America reports June and Q2 2024 sales.\" Highlights include:  \"Total sales up 2.2% in Q2; First half total sales increase 1.2%. Best June for IONIQ 5, Tucson HEV, Santa Fe HEV, Palisade, Elantra HEV and Elantra N. Hybrid total sales jump 39% in June. YTD EV total sales climb 33%.\"  On July 5 Kia announced: \"Kia EV models support The Ocean Cleanup in delivery of sustainability goals.\" On June 11 Electrek reported: Kia overtakes Hyundai in US electric vehicle sales in Q2 as its new EV9 sparks growth...Kia’s first three-row electric SUV is already fueling a sales spike. After launching late last year in the US, Kia sold 9,671 EV9s through the first six months of 2024. On July 26 Kia announced: Kia announces 2024 second quarter business results...Global retail sales of electrified vehicles increased by 8.3% to 162,000 units... On July 31 Carsales reported: 2024 Kia EV3 priced in the UK. Korean brand’s pint-size new electric SUV won’t come cheap in Britain, but there are plenty of other factors to consider...The entry-level Air version of the all-new small electric SUV will cost £32,995 drive-away and the flagship GT-Line S will cost £43,895. 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 July 1 Li-Auto announced: Li Auto Inc. June 2024 delivery update...it delivered 47,774 vehicles in June 2024, up 46.7% year over year. This brought the Company’s second-quarter deliveries to 108,581, increasing 25.5% year over year. As of June 30, 2024, its cumulative deliveries reached 822,345 vehicles, ranking first among China’s emerging new energy auto brands. 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 9.1% market share YTD (as of June 2024). On July 17 Mercedes-Benz announced: Mercedes-Benz high-power charging and Starbucks team up to launch an elevated EV charging experience across America.... GAC Group (Guangzhou Automobile Group Co. Ltd.) On July 5 Reuters reported: \"China's GAC and Turkish carmaker TOGG in EV talks, says AK Party official.\" On July 17 CNEVPOST reported: \"GAC Aion opens its 1st overseas plant in Thailand.\"  On July 24 CNEVPOST reported: \"GAC Aion launches updated Aion V SUV to target global markets...\" NIO Inc. (NIO) On June 1 NIO Inc. announced: \"NIO Inc. provides June and second quarter 2024 delivery update. Company achieved new record-high monthly and quarterly deliveries.\" Highlights include:  \"NIO delivered 21,209 vehicles in June 2024, increasing by 98.1% year-over-year. NIO delivered 57,373 vehicles in the three months ended June 2024, increasing by 143.9% year-over-year. Cumulative deliveries of NIO vehicles reached 537,020 as of June 30, 2024.\"  XPeng Inc. (Xiaopeng Motors) (XPEV) [HK:9868] On July 1 XPeng Inc. announced: XPENG announces vehicle delivery results for June and first half 2024. 10,668 vehicles delivered in June 2024, a 24% increase year-over-year. On July 3 CNEVPOST reported: \"Xpeng Mona M03 sedan makes debut, official launch set for Aug.\"  On July 4 CNEVPOST reported: \"Xpeng Aeroht to build plant in Guangzhou for mass production of flying cars.\" On July 10 CNEVPOST reported: \"Xpeng names 'F57' sedan P7+, releases 1st official images.\" On July 22 XPeng Inc. announced: \"Master agreement on E/E Architecture technical collaboration with Volkswagen Group.\" On July 31 CNEVPOST reported: \"Xpeng to launch S5 supercharger in Q3 that can add over 1 km range on 1-second charge.\" Xiaomi [HK:1810] (OTCPK:XIACF) On June 20 Xiaomi announced: \"Xiaomi Q1 2024 adjusted net profit doubles YoY to RMB6.5 billion.\"  On July 21 Teslarati reported: \"Xiaomi unveils SU7 Ultra high-performance prototype.\" Xiaomi SU7 (source) Xiaomi  On July 26 CNEVPOST reported: \"Xiaomi EV completes capacity ramp-up, expects to reach 100,000 delivery target by early Nov.\" On July 29 Bloomberg reported: \"Xiaomi buys $116 million site in Beijing to expand EV production.\" Highlights include:  \"The 53-hectare plot is near Xiaomi’s existing EV plant. Xiaomi to achieve EV sales target faster on strong demand.\"  On August 1 CNEVPOST reported: Xiaomi starts construction of Beijing EV plant phase 2. Construction of the second phase of Xiaomi's EV factory began on July 26 within 24 hours of a land deal.  Great Wall Motors [SHE:601633] [HK:2333] (OTCPK:GWLLF) (OTCPK:GWLLY) [ORA] On July 15 Great Wall Motors announced: GWM expects significant net profit growth in the first half of 2024... Among them, sales of new energy vehicles were 132,374 units, a year-on-year increase of 41.99%. Ford (NYSE:F)  On July 10 Ford announced: \"The new all-electric Ford Capri.\"  Ford Capri (source)   Ford On July 10 CleanTechnica reported: Ford launches sporty new Capri EV…across the pond...Ford Model e COO Marin Gjaja described how the new Capri EV fits into the company’s plans for Europe... “A cutting-edge EV, designed and built in Europe\".  On July 17 Ford announced: \"Ford Pro rolls out complimentary EV chargers to California Businesses.\" On July 18 Bloomberg reported: \"Ford commits $3 billion to boost truck output after EV delay.\" Highlights include:  \"Automaker to produce Super Duty F-Series in Ontario, Canada. Company previously delayed three-row EV slated for the plant.\"  On July 29 Yahoo reported: \"Ford’s EV unit has already lost $2.5 billion this year.\" General Motors (GM), Chevrolet On July 23 CNBC reported: \"GM slows its EV plans again even as sales grow.\" Highlights include:  \"GM is again slowing its plans for all-electric vehicles by further delaying a second U.S. electric truck plant and the Buick brand’s first EV. The delay also means the company will not achieve a prior target of having North American production capacity of 1 million EVs by 2025. GM did not update the timing on Buick’s first EV, which was expected in 2024.\"  Renault [FR:RNO] (OTC:RNSDF)/ Nissan (OTCPK:NSANY)/ Mitsubishi (OTCPK:MMTOF) On July 2 Bloomberg reported: \"Renault vows to lower EV battery costs 20% with new process.\" Highlights include:  \"Switch to lithium iron phosphate to take hold in early 2026. Automaker’s Ampere unit to work with CATL, LG Energy in Europe.\"  On July 3 Nissan Motor Corporation announced: Nissan Group reports 2024 second quarter U.S. Sales...Sales of the Nissan Ariya electric crossover were up 122.8% year-over-year for the quarter. On July 3 Nissan Motor Corporation announced: Nissan join hands with 3 partners to launch Vehicle to Grid Project. At the Engineering Faculty, Chulalongkorn University to study V2G for sustainable energy management. On July 23 Drive reported: 2024 Renault Megane E-Tech electric car’s $10,000 price cut now permanent...The Renault Megane E-Tech will now be priced from $54,990 plus on-road costs indefinitely, as a previously limited-time $10,000 offer is made permanent. On July 24 Reuters reported: Renault, Slovenia sign MoU on production of new electric city car. French carmaker Renault and the government of Slovenia on Wednesday signed a memorandum of understanding (MoU) for the production of a revised version of its Twingo electric vehicle, the STA news agency reported. Production at the Revoz plant in Novo Mesto will start in 2026 with an annual output of 150,000 vehicles initially, officials said. They declined to disclose the amount of investment involved. On July 25 Reuters reported: Renault sticks to 2024 outlook as first-half profit beats estimates...due to the strong performance of hybrid models in Europe, its key region. On July 31 Drive reported: Mitsubishi joins Nissan-Honda electric car partnership. The tie-up will form the second-largest car-making alliance in Japan as they look to turn-around slow-selling electric car fortunes. Hozon New Energy Automobile Co. (private) (owns Neta) On July 10 South China Morning Post reported: \"Hozon plans to use Hong Kong IPO as launching pad to fund export of its Neta electric cars.\" Rivian Automotive (RIVN) On July 2 Rivian announced: Rivian releases Q2 production figures and sets date for second quarter 2024 results...The company produced 9,612 vehicles at its manufacturing facility in Normal, Illinois and delivered 13,790 vehicles during the same period. Production and delivery results during the second quarter of 2024 were in line with Rivian’s expectations. For the full year 2024, management is reaffirming guidance for annual production of 57,000 total vehicles. Lucid Group (LCID)  On July 8 Lucid Group announced: Lucid announces Q2 production & deliveries, sets date for second quarter 2024 results...Lucid produced 2,110 vehicles and delivered 2,394 vehicles during this period. Beijing Automotive Group Co. (BAIC)(includes Arcfox) [HK:1958) (OTC:BCCMY) On July 5 BAIC Group announced: \"BAIC Group and CATL signed the Agreement upon deepening the Strategic Cooperation.\" VinFast Auto Ltd (VFS) On July 12 VinFast announced: Delivery results for the second quarter of 2024 and business updates. 12,058 vehicles delivered in Q2 2024, an increase of 24% quarter-over-quarter, and a 26% increase year-over-year.  On July 15 Bloomberg reported: VinFast US factory delay just the latest setback for EV maker. Analysts say downgraded 2024 outlook remains ‘ambitious’. VinFast delays US factory by three years, cuts sales target.  On July 15 Vingroup announced: \"VinFast breaks ground on new EV assembly plant in Indonesia.\"  Toyota (NYSE:TM)/ Lexus On July 26 Reuters reported: \"Toyota to build EV battery plant for Lexus cars, Nikkei reports...\" On July 30 Electrek reported: Toyota sales slide as aggressive price cuts by BYD, Chinese EV makers take effect. Toyota’s global sales fell over 5% last month, partly driven by the impact of BYD’s price cuts in key markets like China, Southeast Asia, and even Japan. Toyota, including Lexus, sold 853,082 vehicles last month, down 5.1% from June 2023. Although demand remained strong in North America and Europe, pressure in Japan and China led to fewer sales. On July 30 Electric & Hybrid Vehicle Technology International reported: \"JET Charge and Toyota roll out Australia’s largest EV dealer charging network.\" Honda [TYO:7267] (HMC) (OTCPK:HNDAF) AFEELA (Sony Honda Mobility JV) On July 4 Reuters reported: \"Nissan, Honda consider partnering on software, charging infrastructure, Nikkei says...\" On July 25 EV.com reported: Honda slashes gas vehicle production in China to shift focus to EVs. Honda plans 19% cut in gasoline vehicle output starting October 2024. Mazda (OTCPK:MZDAY) No significant news for the month. Tata Motors (TTM) group (Jaguar, Land Rover) On July 2 Electrive reported: Tata Motors eyes developed countries with its low-cost EVs. JLR owner Tata Motors could launch its low-cost EVs in developed countries. In the process, the Indian automaker may bank on the West’s reluctance towards Chinese EVs. GreenPower Motor Company Inc. [TSXV:GPV] (GP) On July 11 GreenPower Motor Company Inc. announced: \"GreenPower to showcase its EV school bus safety at STN Reno...\" Workhorse Group Inc. (WKHS) On July 3 Workhorse Group Inc. announced: \"Workhorse Group regains compliance with Nasdaq’s continued listing requirements.\" On July 16 Workhorse Group Inc. announced: \"Workhorse awarded Sourcewell contract for zero-emission commercial vehicles.\" On July 18 Workhorse Group Inc. announced: \"McAbee trucking acquires Workhorse’s W4 CC to Transport U.S. Mail...\" Lion Electric (LEV) On July 2 Lion Electric announced: \"Lion Electric announces amendments to certain senior credit instruments and the entering into of new financing.\" On July 31 Lion Electric announced: \"Lion electric announces second quarter 2024 results.\" Highlights include: Q4 Financial Highlights  \"Revenue of $30.3 million, down $27.7 million, as compared to $58.0 million in Q2 2023. Delivery of 101 vehicles, a decrease of 98 vehicles, as compared to the 199 delivered in Q2 2023... Gross loss of $15.2 million. Net loss of $19.3 million.\"  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, Dongfeng Motor Group Company Limited [HK:0489] (OTCPK:DNFGF), Envirotech Vehicles (EVTV), Ferrari NV (RACE), Guangzhou Automobile Group Co., Hyliion Holdings (HYLN), Ideanomics Inc. (OTC:IDEX), Mahindra & Mahindra (OTC:MAHMF), Niu Technologies (NIU), Qiantu Motor, Sono Group N.V (SEV), Subaru (OTCPK:FUJHY), Suzuki Motor Corp. [TYO: 7269] (OTCPK:SZKMY) (OTCPK:SZKMF), VinFast (NASDAQ:VFS), WM Motor, and Zhejiang Leapmotor Technology Co. [HKG:9863]. 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 June 2024 global plugin electric car sales were 1.5 million up 15% YoY and reached 22% global market share; 49.9% share in China, 22% in Europe, and 9.10% in USA. Highlights for the month were:  Chinese EV makers slapped with 'countervailing' EU tariffs. China’s batteries are now cheap enough to power huge shifts...LFP pack prices are now at $75/kWh. Electric Vehicles Are Cheaper Than Combustion Models In China.  BYD and Li Auto are the only Chinese NEV producers that make a profit claims Beijing speech.  Baidu surges with bullish options as Robotaxi orders climb. AutoEvolution: \"Despite high hopes, it's time people acknowledge that hydrogen is a dead-end.\" U.S. EV sales reach new record in Q2 2024, up 11.3% YoY. US market on pace for 50% EV adoption, report says. Volkswagen and BMW cooperate with EU regulators to qualify for lower imported EV tariffs. Shenzhen NEV penetration reaches record 77.4% in June. Italy’s EV sales more than double as subsidies draw buyers. Every third car sold in the US could be electric by 2027. You're being lied to. The EV market hasn't 'stalled'...EV sales aren’t stalling here. Trump pledges end to EV 'mandate' on day one driving EV shares lower. Beijing offers extra 20,000 EV quotas in 1st relaxation of car purchase policy since 2011. U.S. public EV chargers set to surpass gas stations in 8 years. Windrose looks to disrupt the U.S. electric semi truck market. California has one out of five new car sales being full electric in H1, 2024.  China doubles cash subsidies to consumers who replace their conventional cars with an EV, to 20,000 yuan (US$2,770). Alphabet is committing another $5 billion to Waymo for robotaxis. SoftBank-backed Ola Electric to raise $734m in India’s biggest IPO this year. Number of electric cars on roads worldwide jumps by half to 42M at the end of 2023 – some 50% more than a year earlier. BYD Thailand factory inauguration and roll-off of its 8 millionth NEV. BYD is poised to build $1 billion EV plant in Turkey. JPMorgan hikes BYD’s price target by more than 80% to HKD 475. BYD launches 1st 3 BEV models in Vietnam. Uber and BYD ink multi-year partnership to bring 100K BYD EVs to Uber platform worldwide. Tesla delays robotaxi event to October due to a design change to the front. Tesla secures absurdly large multi-billion Megapack contract for 15.3GWh of Megapacks over 5 years from Intersect Power. Volvo's electric car sales grew 41% in June YoY and accounted for 48% of all cars sold during June.  Volkswagen Group reports 136,000 worldwide PHEV deliveries in H1 2024 are around 17% above H1 2023. Porsche waters down EV ambitions, says transition will take 'years'. SAIC - NEV H1 2024 deliveries reached 522,000 units, up 29.5% YoY. BMW - Deliveries of fully-electric vehicles grew by +34.1% in H1 2024. Stellantis - Leapmotor International ships the first batch of EVs from China to Europe. Kia America YTD EV total sales climb 33%. Li-Auto Q2 deliveries were 108,581, increasing 25.5% YoY. Mercedes-Benz high-power charging and Starbucks team up to launch an elevated EV charging experience across America. GAC Aion opens its 1st overseas plant in Thailand. NIO delivered 57,373 vehicles in the three months ended June 2024, increasing by 143.9% YoY. Xpeng to launch S5 supercharger in Q3 that can add over 1 km range on 1-second charge. Xiaomi Q1 2024 adjusted net profit doubles YoY to RMB6.5 billion. Unveils SU7 Ultra high-performance prototype. Starts construction of Beijing EV plant phase 2.  GWM reports H1 2024 sales of NEVs were 132,374 units, up 41.99% YoY. Ford launches sporty new Capri EV in Europe. GM slows its EV plans again even as sales grow. Renault vows to lower EV battery costs 20% with new process, switch to LFP by early 2026. Mitsubishi joins Nissan-Honda electric car partnership. VinFast breaks ground on new EV assembly plant in Indonesia. Toyota to build EV battery plant for Lexus cars, Nikkei reports. Honda slashes gas vehicle production in China to shift focus to EVs. Tata Motors eyes developed countries with its low-cost EVs.  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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