EV Company News For The Month Of June 2024

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EV Company News For The Month Of June 2024

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Global electric car sales in May 2024 are up 23% YoY to 20% share. China sales up 33% to 47% share. Europe is down 10% to 21% share. The USA is up 3.2% to 8.74%.EV market news - EVs pass a key measure...

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The USA is up 3.2% to 8.74%.EV market news - EVs pass a key measure...</p>\n\n<a href=\"https://seekingalpha.com/article/4702543-ev-company-news-for-the-month-of-june-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 June 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 June 2024\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-05 19:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4702543-ev-company-news-for-the-month-of-june-2024><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Global electric car sales in May 2024 are up 23% YoY to 20% share. China sales up 33% to 47% share. Europe is down 10% to 21% share. The USA is up 3.2% to 8.74%.EV market news - EVs pass a key measure...</p>\n\n<a href=\"https://seekingalpha.com/article/4702543-ev-company-news-for-the-month-of-june-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":"MBGYY","symbol_name":"Mercedes Benz Group AG","start_time":0,"source_url":"https://seekingalpha.com/article/4702543-ev-company-news-for-the-month-of-june-2024","article_id":"2449263133","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/2098373915/image_2098373915.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2449263133","pubTimestamp":1720177931,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Global electric car sales in May 2024 are up 23% YoY to 20% share. China sales up 33% to 47% share. 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China sales up 33% to 47% share. Europe is down 10% to 21% share. The USA is up 3.2% to 8.74%.EV market news - EVs pass a key measure of 'Price Parity' in the US. EU to slap tariffs of up to 48% on EV imports from China.EV company news - BYD is in final talks for a Mexico factory. Musk lays out his Tesla targets for Robotaxis & Optimus humanoid robots (~$30T combined).Rivian soars after new JV partner Volkswagen invests $5B. GM trims 2024 EV sales forecast to 200-250,000 EVs. NIO delivered 20,544 vehicles in May, up 233%YoY. Fisker files for bankruptcy.3alexd/E+ via Getty Images Welcome to the June 2024 edition of Electric Vehicle [EV] company news. The past month saw May results being the equal best month for EV sales in 2024. We also had some big news on EV tariffs.  Plugin electric car sales as of end May 2024  Global plugin electric car sales were 1.3 million in May 2024, up 23% on May 2023 sales. Global plugin electric car market share in May was 20%, and 17% YTD. China plugin electric car sales were 816,000 in May 2024, up 33% on May 2023 sales. Plugin electric car market share in China for May was 47%, and 41% YTD. Europe plugin electric car sales were 226,000 in May 2024, down 10% YoY, reaching 21% market share and 21% YTD. Norway reached 82.3% share, Sweden 53.6%, Netherlands 47%, Germany 18.5%, France 24.1%, and UK 25.7% in May 2024. Note: Australia battery electric vehicles (\"BEV\") market share is at 8% in May 2024. USA plugin electric car sales were 124,921 (as reported by Argonne National Laboratory) in May 2024, up 3.2% on May 2023 sales. Plugin electric car market share in the USA for May was 8.74%. Note: Globally, 100% battery electric cars represented ~64% YTD (as of end May 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 May 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 May 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 4% of the global fleet of 1.475 billion, with a staggering ~96% 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 June 7, Bloomberg reported: Long-range EVs now cost less than the average new car in the US...At least three manufacturers - Tesla, Hyundai-Kia and General Motors - now offer EVs with more than 300 miles (480 kilometers) of range for less than the cost of the average new vehicle sold in the US, according to an analysis by Bloomberg Green... EVs pass a key measure of 'Price Parity' in US (source) Bloomberg On June 12, Bloomberg reported: EU to slap tariffs of up to 48% on EV imports from China...SAIC's tariffs are set to increase by 38.1% on top of the existing duty of 10%. BYD will have to pay an additional 17.4% levy, and Geely - which owns Volvo Car AB - faces an extra 20% charge. On June 18, InsideEVs reported: EV sales plateau in Europe and North America, but China expands. The U.S. and Europe are applying tariffs to defend their markets, which might affect short-term growth. But China is full speed ahead. On June 21, Seeking Alpha reported: \"Canada said to be eyeing tariffs on Chinese EVs, following lead of U.S. and EU.\" On June 24, Seeking Alpha reported: China, EU agree to hold talks on EV tariffs to avoid trade war...Beijing wants the EU to scrap its tariff decision before July 4. \"The EU's increasingly protectionist moves will definitely trigger countermeasures from the Chinese side, and an escalation in trade frictions will lead only to lose-lose results,\" they added. On June 25, CNEVPOST reported: CATL expects its batteries to power electric aircraft with up to 3,000 km range. CATL has successfully test flown a 4-ton civil electric aircraft and expects to release an 8-ton electric aircraft in 2027-2028...Contemporary Amperex Technology Co Ltd (CATL, SHE: 300750) has made progress in its electric manned aircraft partnership project, which is expected to support a range of about 2,000 to 3,000 kilometers by 2027-2028, the battery maker's chairman Robin Zeng said. On June 26, The Verge reported: Waymo ditches the waitlist and opens up its robotaxis to everyone in San Francisco...Opening up the service to more people who want to pay money to ride in its driverless vehicles is a crucial step toward the normalization of autonomous vehicles. And it's important for Waymo - and its parent company Alphabet (GOOG) - to turn a historically money-losing operation into one that can break even or perhaps even be profitable. On June 28, Teslarati reported: Ford CEO Jim Farley calls on the United States to rally behind EVs...\"We are in a global race to compete in a future where electric propulsion will undoubtedly be a giant force in transportation. America cannot cede innovation leadership to China, Europe, or any other region,\" Farley wrote. EV company news BYD Co. [SHE: 002594][HK:1211](OTCPK:BYDDY) (OTCPK:BYDDF) BYD is currently ranked the number 1 globally with 22.1% market share YTD (as of end May 2024). BYD is ranked number 1 in China with 31.9% market share in May 2024. On May 23, BYD announced: \"BYD Brazil keeps on expanding and celebrates the opening of its 100th dealership.\" On May 29, BYD announced: \"BYD and YANGWANG announce exciting debut at Goodwood Festival of Speed 2024...taking place from 11 to 14 July 2024.\" (In England) YANGWANG's two models, U8 and U9 (source) BYD Co On May 30, BYD announced: \"BYD opens its first store in the Caribbean Region...located in the Republic of Trinidad and Tobago.\" On June 1, BYD announced: BYD's EXPLORER NO.1 docks in Brazil, elevating sustainable logistics...its dedicated roll-on/roll-off (ro-ro) carrier, the EXPLORER NO.1, docked for the first time in the Americas at Brazil's Port of Suape. On June 18, Autodrive reported: China's BYD to supply battery for Tesla. BYD's FinDreams battery unit has landed a significant contract to supply over 20% of the battery energy storage systems (BESS) for Tesla's manufacturing capacity in China. Tesla's BESS production in China will utilize lithium iron phosphate (LFP) lithium-ion battery cells from both CATL and BYD, with the remaining 80% expected to come from CATL. On June 21, Bloomberg reported: BYD Mexico plant will create 10,000 jobs, executive says. Chinese EV giant is in final talks for Mexico factory. In May it held the global launch of the Shark truck in Mexico...BYD had received proposals from some 23 Mexican states for its plant, Vallejo said, and has narrowed it down to three. On June 24, CnEVPost reported: Europe's EV tariffs seen as minor speed bump for BYD. BYD received the lightest penalty in Europe's new set of auto tariffs, to the relief of investors, but the sector is already looking to Southeast Asia as a growth driver. On June 25, Reuters reported: China's BYD launches third EV model in Japan. The Shenzhen-based automaker said it had started taking orders for its flagship Seal EV in Japan from Tuesday, setting the suggested retail pricing for the rear-wheel-drive version of the vehicle in the country at 5.28 million yen ($33,111.75)... On June 28, CNEVPOST reported: BYD Uzbekistan plant sees 1st mass-produced cars roll off line. The first phase of BYD's Uzbekistan plant will produce the plug-in hybrid models Song Plus DM-i and Chazor DM-i, with an estimated annual capacity of 50,000 units. On July 2, Moomoo reported: BYD Q2 electric car sales hit a record high...Specific data shows that BYD sold 982,747 vehicles from April to June, including 426,000 pure electric vehicles. On July 2, Seeking Alpha reported: \"China's BYD partners with French leasing firm to bolster European sales.\" Tesla, Inc. (NASDAQ:TSLA) Tesla is currently ranked the number 2 globally with 11% global market YTD. Tesla is number 4 in China with 6.6% market share in May 2024. Tesla is ranked number 5 in Europe with ~10.8% market share (not updated this month) in May 2024. Tesla is the number 1 electric car seller in the U.S. On June 13, Tesla had their '2024 Annual Stockholder Meeting'. You can view the official video here with Elon Musk talking from the 45-minute mark. Key highlights were that Musk said that the robotaxi business potential market cap for Tesla is US$5-7T and the Optimus humanoid robot business potential is US$25T. Also that Tesla Semi 'volume production' has been approved. Forbes: Elon Musk Says Tesla's Optimus Robot Could Drive Company To $25 Trillion Valuation - Here's What Experts Think  On June 14, Seeking Alpha reported: \"Cathie Wood puts a $2,600 call on Tesla for 2029.\" On June 14, Seeking Alpha reported: 77% of Tesla shareholders vote in favor of $56B pay package...As for the other proposals, most were approved including Proposal 3 to re-domesticate Tesla to Texas from Delaware... On June 16, Seeking Alpha reported: Tesla full-self driving test may have started in China - report...The latest news comes after reports late last month that Tesla was close to registering its Full Self-Driving software with authorities in China. FSD sales in China would open a crucial source of revenue for Tesla... On June 17, Teslarati reported: \"Elon Musk says he's working on Tesla Master Plan part four.\" Note: Read also \"Elon Musk says Tesla Master Plan 4 will be epic.\" On June 25, Seeking Alpha reported: Tesla recalls thousands of Cybertrucks over safety issues...Tesla (Tesla) is recalling 11,688 Cybertruck electric pickup trucks due to a windshield wiper failure...the front windshield wiper motor controller may stop functioning due to electrical overstress to the gate driver component, reducing visibility in certain operating conditions. On June 26, Seeking Alpha reported: Tesla attracts a new bull as Stifel points to multi-year growth potential. Stifel launched coverage on Tesla (NASDAQ:TSLA) for the first time, with a Buy rating and price target of $265...Gengaro also thinks Tesla's (TSLA) full-self driving initiative can bring value through sales, licensing, and the potential RoboTaxi opportunities. On July 2, Seeking Alpha reported: Tesla rallies after its Q2 deliveries tally tops the beaten-down expectations. Tesla (NASDAQ:TSLA) reported 443,956 deliveries for Q2 to beat the consensus estimate for a tally of 439,302 vehicles. 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 8.3% market share in May 2024. Geely-Volvo is 4th ranked in Europe with 10.7% market share in May 2024. On June 4, Kandi Technologies Group announced: \"Kandi debuts enhanced 10K High-Clearance Electric UTV...\" On June 5, Volvo Cars announced: Volvo Cars' global sales up 13 per cent in May...The sales increase was primarily driven by a strong performance in Europe as well as the company's fully electric small SUV, the EX30. The company's sales of electrified models, fully electric and plug-in hybrid models, grew 37 per cent compared to the same period last year and accounted for 48 per cent of all cars sold during May. The share of fully electric cars constituted 25 per cent of all cars sold for the month. On June 9, Bloomberg reported: \"Volvo is shifting EV production to Belgium from China.\" Highlights include:  \"The move comes as EU prepares to impose tariffs on Chinese EVs. Production of some cars bound for the UK may also be moved.\"  On June 12, Bloomberg reported: Geely's Proton unveils Malaysia's first local electric car...Proton announced its EV brand, e.MAS, on Wednesday in Kuala Lumpur, with the first cars expected to roll off the production line by the end of 2025. The vehicles will be made at Proton's existing factory in Perak, north of the capital, which itself is transforming into an EV hub with a $10 billion investment from Geely. On June 12, Kandi Technologies Group announced: Kandi Technologies Group unveils new lineup of electric Go-Karts in the US. Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (\"Kandi\" or the \"Company\"), a leading producer of all-electric personal transportation and utility vehicles, today announced the launch of three new electric go-karts through its wholly-owned subsidiary, Kandi America. On June 20, Kandi Technologies Group announced: \"Kandi launches Ultra-High Capacity AA Battery in the U.S...\" On June 20, CnEVPost reported: \"Zeekr set to deliver 200,000th Zeekr 001 on Jun 21.\" On June 27, Reuters reported: \"Focus: Zeekr's sales jump as Chinese dominate Russian EV market.\" Highlights include:  \"Chinese brands now make up over half of car sales in Russia. Zeekr dominates EV sector despite lacking official presence. Lack of charging stations, plentiful oil hinder EV market growth. Electric cars still account for less than 2% of Russian market.\"  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 20.1% market share in May 2024. On June 7, Bloomberg reported: \"Porsche's EV targets face investor pushback over slowdown.\" Highlights include:  \"Carmaker's rivals are walking back EV rollouts as sales wane. CEO Blume sees new electric Macan SUV bolstering sales.\"  On June 28, Yahoo News reported: \"VW taps Rivian in $5B EV deal and the fight over Fisker's assets.\" 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 5.4% market share YTD. SAIC/GM/Wulin JV [SGMW] plus SAIC is 3rd in China with 7.7% share in May 2024. On June 20, SAIC Motor Corporation announced: SAIC Motor maintains its industry-leading position with breaking sales... 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. In May...terminal deliveries of new energy vehicles amounted to 97,000 units, a year-on-year increase of 27.4 percent; and terminal deliveries to the overseas market were 99,000 units, a year-on-year increase of 20.1 percent, maintaining industry leadership. On June 27, Reuters reported: Carmakers SAIC and Volkswagen sign energy technology cooperation agreements...The companies expect that a number of jointly developed plug-in hybrid and pure electric models will be launched from 2026, SAIC Volkswagen said in a statement. BMW (OTCPK:BMWYY), Mini, Rolls-Royce BMW Group is currently ranked the number 6 global electric car manufacturer with 3.9% global market share YTD. BMW Group is ranked 3rd in Europe with 10.9% market share in May 2024. On June 21, CarExpert reported: BMW calls off $3.2 billion EV battery deal - report. BMW has reportedly cancelled a 2 billion euro (A$3.2 billion) order for battery cells for its electric vehicles (EVs) with Swedish battery supplier Northvolt, following delays in the latter fulfilling the carmaker's orders. Chongqing Changan Automobile [SHE:000625] (\"Changan\") Changan is currently ranked the number 7 in the global electric car manufacturer's sales with 3.9% global market share YTD. Changan is 5th in China with 6.5% share in May 2024. On June 7 ChinaEVs reported: \"Changan and GAC sign Strategic Cooperation Framework Agreement.\" 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 3.9% global market share YTD. Stellantis is ranked 2nd in Europe with 11.7% market share in May 2024. On June 4, Bloomberg reported: \"Mercedes and Stellantis press pause on EV battery factories.\" Highlights include:  \"Carmakers reassess plans for Automotive Cells Company venture. Plants in Germany and Italy may pivot to lower-cost batteries.\"  On June 5, Bloomberg reported: \"Stellantis may drop some suppliers to cut EV costs, CEO says.\" On June 13 Stellantis N.V. announced: \"Stellantis reiterates 2024 financial guidance and H1/H2 color. Updated capital framework supports strong returns.\" On June 25, Bloomberg reported: \"Stellantis threatens to pull out of UK over EV sales mandate.\" Highlights include:  \"Carmaker says current targets would force discounted sales. Best-selling van maker has turned UK site into EV-only plant.\"  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 June 1, Hyundai announced: \"Hyundai Motor America reports May 2024 sales.\" Highlights include:  \"Total sales up 12% in May; YTD total sales increase 2%. Best May for IONIQ 5, IONIQ 6, Tucson HEV, Santa Fe HEV, Palisade and Santa Cruz... May EV sales up 42% YOY.\"  On June 11, Hyundai announced: \"Hyundai ranks highest in J.D. Power 2024 U.S. OEM EV Mobile App Report.\" On June 18, Hyundai announced: \"Hyundai Motor Group Metaplant America announces first production vehicle to be 2025 Hyundai IONIQ 5.\" Highlights include:  \"Award-winning electric SUV production starts in Q4.\" $7.59B Metaplant to create 8,500 direct jobs in Georgia.\"  On June 24, Hyundai announced: \"Hyundai Motor's IONIQ 5 N sets benchmark for crossover EVs at Pikes Peak International Hill Climb.\" On June 25, Kia announced: \"Kia EV9 wins Midwest Automotive Media Association's [MAMA] favorite plug-in vehicle award.\" On June 26, Electrek reported: \"Kia to launch affordable EV4 electric sedan next year with an ambitious production goal.\" On June 27, Hyundai announced: \"Hyundai INSTER: New A-segment sub-compact EV delivers unique design with segment-leading range and versatility.\" Highlights include:  \"Hyundai Motor unveils all-electric INSTER, the new A-segment sub-compact urban EV with up to 355 km of targeted driving range according to WLTP... INSTER will launch this summer with additional model to join the family.\"  Hyundai INSTER (source) Hyundai 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 June 5, Car News China reported: Li Auto lowers annual sales target for the second time as Li Mega sales continue to disappoint. Li Auto lowers its annual sales goal for 2024 for the second time in a row, Chinese outlet LatePost reports. Initially, this automaker aimed to sell 800,000 units in 12 months this year. After the unsuccessful launch of the Li Mega, the sales target was lowered to 560,000 - 640,000 units. The planned sales goal was now sliced to 480,000 cars in response to Li's market performance and strategy switch. Li Mega is the company's first all-electric car, as Li Auto has previously focused on EREVs only. 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 9.5% market share in May 2024. On June 4, Bloomberg reported: \"Mercedes and Stellantis press pause on EV battery factories.\" Highlights include:  \"Carmakers reassess plans for Automotive Cells Company venture. Plants in Germany and Italy may pivot to lower-cost batteries.\"  On June 30, Bloomberg reported: \"Mercedes to roll out new model offensive after electric missteps.\" Highlights include:  \"Carmaker to boost spending on gas guzzlers as EV shift slows.\" CEO flags potential to sell €10.5 billion Daimler Truck stake.\"  GAC Group (Guangzhou Automobile Group Co. Ltd.) On June 24, GAC Motors announced: Chinese Automotive Company GAC arrives in Brazil...\"In the next 5 years, GAC, along with its supply chain, plans to invest $1 billion in Brazil, including plans to establish factories, research and development center and warehouses for spare parts.\" said Feng. NIO Inc. (NIO) On June 1 NIO Inc. announced: \"NIO Inc. provides May 2024 delivery update. Company achieved new record-high monthly deliveries.\" Highlights include:  \"NIO delivered 20,544 vehicles in May 2024, increasing by 233.8% year-over-year. NIO delivered 66,217 vehicles year-to-date in 2024, increasing by 51.0% year-over-year. Cumulative deliveries of NIO vehicles reached 515,811 as of May 31, 2024.\"  On June 6 NIO Inc. announced: \"NIO Inc. reports unaudited first quarter 2024 financial results... Financial Highlights for the First Quarter of 2024  \"Vehicle sales were RMB8,381.3 million (US$1,160.8 million)i in the first quarter of 2024, representing a decrease of 9.1% from the first quarter of 2023 and a decrease of 45.7% from the fourth quarter of 2023. Vehicle margin was 9.2% in the first quarter of 2024, compared with 5.1% in the first quarter of 2023 and 11.9% in the fourth quarter of 2023. Total revenues were RMB9,908.6 million (US$1,372.3 million) in the first quarter of 2024, representing a decrease of 7.2% from the first quarter of 2023 and a decrease of 42.1% from the fourth quarter of 2023. Gross profit was RMB487.7 million (US$67.6 million) in the first quarter of 2024, representing an increase of 200.5% from the first quarter of 2023 and a decrease of 61.9% from the fourth quarter of 2023. Gross margin was 4.9% in the first quarter of 2024, compared with 1.5% in the first quarter of 2023 and 7.5% in the fourth quarter of 2023. Loss from operations was RMB5,394.1 million (US$747.1 million) in the first quarter of 2024, representing an increase of 5.5% from the first quarter of 2023 and a decrease of 18.6% from the fourth quarter of 2023... Net loss was RMB5,184.6 million (US$718.1 million) in the first quarter of 2024... Cash and cash equivalents, restricted cash, short-term investment and long-term time deposits were RMB45.3 billion (US$6.3 billion) as of March 31, 2024.\"  XPeng Inc. (Xiaopeng Motors) (XPEV) [HK:9868] On June 1 XPeng Inc. announced: XPENG announces vehicle delivery results for May 2024. 10,146 vehicles delivered in May 2024, a 35% increase year-over-year. On June 27 XPeng Inc. announced: XPeng announced dealer partnership in Thailand to build stronger network for comprehensive brand service.... Xiaomi [HK:1810] (OTCPK:XIACF) On July 1 CNEVPost reported: \"Xiaomi EV says SU7 deliveries exceeded 10,000 units in June...\" Great Wall Motor [SHE:601633] [HK:2333] (OTCPK:GWLLF) (OTCPK:GWLLY) [ORA] No electric vehicle news for the month. Ford (NYSE:F) On June 4 Ford announced: \"Mass production of new all-electric explorer starts at Ford's EV Assembly Plant in Cologne.\" Highlights include:  \"The all-electric Ford Explorer, the first vehicle off the production line in the new Ford Cologne Electric Vehicle Center, is on its way to customers across the region. A second EV, a new sports crossover, will be revealed shortly with production in Cologne starting later this year. Ford's historic plant in Cologne was transformed as part of a $2 billion investment into a state-of-the-art Electric Vehicle Center to ensure high-quality EV production. Ford's new EV Center is a key element of Ford's Road to Better plan targeting carbon neutrality across its European production footprint of facilities, logistics and direct suppliers by 2035.\"  On June 17 Ford announced: \"Ford F-150 Lightning SuperTruck is latest EV to take on Pikes Peak.\" On July 3 Ford announced: Best-selling F-Series, vans lead in Q2; Hybrids grow 56%, EVs up 61%... Electric vehicle sales increased 61 percent in the second quarter with 23,957 sold and are up 72 percent for the year. With 44,180 total EVs sold for the first half of the year, Ford brand electric vehicles trail only Tesla...Sales of America's No. 1 selling electric truck, the F-150 Lightning, totaled 15,645 through June of this year. F-150 Lightning sales for Q2 totaled 7,902, up 77 percent from a year ago. General Motors (GM), Chevrolet On June 11 Bloomberg reported: GM approves $6 billion buyback on growth in EV business... We're growing and improving the profitability of our EV business and deploying our capital efficiently... On June 11 CNBC reported: GM trims 2024 EV forecast amid slower-than-expected demand...the company now expects production of 200,000 to 250,000 EVs this year, down from a previously announced range of 200,000 to 300,000. The Detroit automaker is in the middle of launching its newest EVs, including its new entry-level Chevrolet Equinox EV. On June 12 Reuters reported: \"GM cuts EV production forecast, approves $6 billion share buyback...\" On June 13 CarExpert reported: GM cuts EV targets, throws more money at embattled robotaxi business. Cooling EV demand has led General Motors to readjust its production plans as it struggles to catch up to Tesla, and it's also investing more in robotaxis. On June 25 General Motors announced: \"GM defense provides battery electric technology for future military platforms.\" On June 27 GM Authority reported: \"Chevy Bolt EV, Bolt EUV recalled again for incorrectly installed battery fire detection software...\" On June 30 GM Authority reported: \"2024 Chevy Blazer EV recalled for risk of right front lower control link fracture.\" Renault [FR:RNO] (OTC:RNSDF)/ Nissan (OTCPK:NSANY)/ Mitsubishi (OTCPK:MMTOF) On June 11 Nissan Motor Corporation announced: 2025 Nissan LEAF on-sale now starting at $28,140...Nissan LEAF offers two battery options so customers can select the driving range and configuration that best suits their needs. LEAF S comes with a 40-kWh lithium-ion battery with an EPA-estimated range of up to 149 miles, while SV PLUS has a 60-kWh battery and up to 212 miles of range... On June 13 Mitsubishi Corporation announced: \"Honda and MC to establish new company, ALTNA Co., Ltd...  Optimization of the EV usage cost. Enhancement of the lifetime value of batteries, which contain various limited resources, and improvement of resource circulation within Japan. Accommodation of the increasing demand for adjustment capacities through grid storage batteries toward an increase in the proportion of renewable energy in the energy mix in Japan.\"  On June 25 Reuters reported: Nissan to start producing EVs for Dongfeng Motor by year-end, Nikkei reports...Nissan Motor will produce electric vehicles for its Chinese joint-venture partner Dongfeng Motor at its Wuhan factory by year-end, the Nikkei newspaper reported on Tuesday, a sign of pressure on the automaker's China business. By producing EVs for Dongfeng, Nissan aims to reduce fixed costs and increase the operating rate of the factory, which has been declining because of slumping sales, Nikkei said. On June 28 Reuters reported: Renault-backed BeyonCa plans to build Hong Kong's first EVs. Premium EV maker BeyonCa, backed by Renault and Dongfeng Motor, said on Friday it plans to set up a final assembly plant and its international headquarters in Hong Kong, developing the territory's first car brand...Soh said the company aimed to sell 100,000 EVs annually with three to five models available by \"a few years after 2025\"... Hozon New Energy Automobile Co. (private) (owns Neta) On June 27 Caixin Global reported: EV-Maker Hozon plans Hong Kong IPO. Chinese electric-vehicle [EV] maker Hozon New Energy Automobile Co. Ltd. has filed for an IPO in Hong Kong as it seeks new financing to support its global expansion. The Shanghai-based carmaker plans to use part of the proceeds to expand into overseas markets to enhance the global presence of its EV brand Neta Auto, according to a filing with the Hong Kong Stock Exchange on Wednesday. Rivian Automotive (RIVN) On June 25, Rivian Automotive announced: Rivian and Volkswagen Group announce plans for joint venture to create industry-leading vehicle software technology and for strategic investment by Volkswagen. On June 25 Seeking Alpha reported: \"Rivian soars after new joint venture partner Volkswagen invests $5B.\" On June 28 Reuters reported: \"Rivian says lower-cost second generation EVs to help in push for profitability.\" Lucid Group (LCID) On June 29 Yahoo Finance reported: Lucid Group, Inc and Gravity, Inc. reach agreement regarding trademark dispute. The agreement allows for Lucid's use of the \"Lucid Gravity\" brand without impinging on Gravity's pre-existing trademark, avoiding a dispute between the two companies. Beijing Automotive Group Co. (BAIC)(includes Arcfox) [HK:1958) (OTC:BCCMY) On June 19 CnEVPost reported: \"CATL, BAIC form partnership on skateboard chassis and battery swap.\" Fisker Inc. (FSR) On June 18 Bloomberg reported: \"EV maker Fisker files for bankruptcy after its glitchy SUV flops.\" Toyota (NYSE:TM)/ Lexus On June 28 CnEVPost reported: \"Toyota seeks to build EV plant in Shanghai, hoping for Tesla-like treatment...to produce Lexus' EVs, according to Bloomberg.\" On June 28, Reuters reported: \"Toyota to launch first EV with advanced self-driving system for China in 2025...\" Honda [TYO:7267] (HMC) (OTCPK:HNDAF) AFEELA (Sony Honda Mobility JV) On June 6 Honda announced: \"Honda advances hydrogen strategy with production launch of fuel cell electric vehicle in Ohio...\" On June 13 Honda announced: Honda and MC to establish new company, ALTNA Co., Ltd. Honda Motor Co., Ltd. (Honda) and Mitsubishi Corporation [MC] today announced plans to establish a new 50/50 joint venture (JV) company, ALTNA Co., Ltd. (ALTNA), in July 2024. The new JV is based on the memorandum of understanding (MoU) the two companies signed in October 2023 to begin discussions toward the creation of new businesses in light of anticipated growth in the electric vehicle [EV] market toward a decarbonized future society. On June 13 Honda announced: Honda to begin sales of new N-VAN e: Commercial-use Mini-EV in Japan. Starting full-fledged EV sales in Japan with popular commercial-use light van model. N-VAN e: (source) Honda On June 29 Yahoo News reported: Honda bets its electric future on 'thin, light' 0 Series EVs at CES 2024...At CES 2024, the automaker teased two concept vehicles, the Saloon and Space-Hub, and said the first commercial model in its 0 Series EV lineup will launch in North America in 2026. Mazda (OTCPK:MZDAY) No electric vehicle news for the month. Tata Motors (TTM) group (Jaguar, Land Rover) On June 11 Tata Motors announced: Magenta Mobility deepens collaboration with Tata Motors. Deploys over 100 units of Tata Ace EV - India's most advanced, zero-emission small commercial vehicle. On June 13, Tata Motors announced: \"Punch.ev is India's first and safest EV, receives 5-star safety ratings with the highest ever scores from Bharat-NCAP.\" GreenPower Motor Company Inc. [TSXV:GPV] (GP) On June 5 GreenPower Motor Company Inc. announced: GreenPower unveils the EV Star REEFERX a new modern, all-electric refrigerated medium-duty truck. The all-new EV Star REEFERX features a customizable design with versatile box configurations including multi-temperature zones and a lighter body that allows for an increased payload capacity of up to 5,500 lbs. for various industries and applications. On June 27 GreenPower Motor Company Inc. announced: GreenPower delivers first BEAST produced in West Virginia Manufacturing Facility and provides update on order for 37 BEASTs to be delivered in 2024 to School Districts in West Virginia. On June 28 GreenPower Motor Company Inc. announced: \"GreenPower reports revenue of $39.3 million for fiscal 2024.\" Workhorse Group Inc. (WKHS) On June 12 Workhorse Group Inc. announced: Kingsburg truck sales bolsters Workhorse partnership as Workhorse sharpens commercial EV focus...An integral part of the collaboration is Kingsburg's commitment to purchase 141 units of the Workhorse W4 CC Class 4 battery-electric cab chassis trucks which are expected to be delivered in 2024... On June 26 Workhorse Group Inc. announced: \"Workhorse expands certified dealer network with Eco Auto of North Boston...\" On June 27 Workhorse Group Inc. announced: \"Workhorse expands product offering with Upfit Solutions from Surefitters.\" Lion Electric (LEV) On June 13 Lion Electric announced: \"Lion Electric announces successful final certification of its Lionbattery HD battery pack...\" 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 (AYRO), Blue Bird Corporation (BLBD), Blink Charging (BLNK), Byton (private), Canoo (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. (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 May 2024 global plugin electric car sales were 1.3 million up 23% YoY and reached 20% global market share; 47% share in China, 21% in Europe, and 8.74% in USA. Highlights for the month were:  Bloomberg: EVs pass a key measure of 'Price Parity' in US - Long-range EVs now cost less than the average new car in the US. EU to slap tariffs of up to 48% on EV imports from China. EV sales plateau in Europe and North America, but China expands. Canada said to be eyeing tariffs on Chinese EVs, following lead of U.S./EU. China, EU agree to hold talks on EV tariffs to avoid trade war. CATL expects its batteries to power electric aircraft with up to 2-3,000 km range. Waymo ditches the waitlist and opens up its robotaxis to everyone in San Francisco. Ford CEO Jim Farley calls on the United States to rally behind EVs. BYD Brazil celebrates the opening of its 100th dealership. BYD opens its first store in the Caribbean Region. BYD to supply battery for Tesla battery energy storage systems. BYD is in final talks for Mexico factory. BYD Q2 electric car sales hit a record high. 77% of Tesla shareholders vote in favor of $56B pay package. Cathie Wood puts a $2,600 call on Tesla for 2029. Tesla '2024 Annual Stockholder Meeting' - Musk lays out his Tesla targets saying the Tesla Robotaxi business market cap potential is US$5-7T and the Optimus humanoid robot business market cap potential is US$25T. Geely - Zeekr's sales jump as Chinese dominate Russian EV market. Chinese brands now make up over half of car sales in Russia. Geely's Proton unveils Malaysia's first local electric car. Volvo is shifting EV production to Belgium from China. SAIC and Volkswagen sign energy technology cooperation agreements. Mercedes and Stellantis press pause on EV battery factories. Stellantis threatens to pull out of UK over EV sales mandate. BMW calls off $3.2 billion EV battery deal - report. New Hyundai Inster is a tiny electric crossover for the masses. Kia to launch affordable EV4 electric sedan next year. Li Auto lowers annual sales target for the second time as Li Mega sales continue to disappoint. Chinese Automotive Company GAC arrives in Brazil. NIO delivered 20,544 vehicles in May 2024, increasing by 233.8% year-over-year. Xiaomi EV says SU7 deliveries exceeded 10,000 units in June. Ford - Mass production of new all-electric explorer starts at Ford's EV Assembly Plant in Cologne. Ford EV sales up 61% in Q2. GM approves $6 billion buyback. Trims 2024 EV sales forecast to 200-250,000 EVs this year. 2025 Nissan LEAF on-sale now starting at $28,140. EV-Maker Hozon plans Hong Kong IPO. Rivian soars after new joint venture partner Volkswagen invests $5B. CATL, BAIC form partnership on skateboard chassis and battery swap. Fisker files for bankruptcy. Toyota seeks to build EV plant in Shanghai to produce Lexus EVs. GreenPower unveils the EV Star REEFERX a new modern, all-electric refrigerated medium-duty 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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