EV Updates 3/9/2021 – A Future In The Making
Just over a decade ago, Nissan Motor Co (OTC: NSANY) became the first automaker to offer a mass-produced car that ran on batteries alone. Nissan LEAF was a milestone for electric mobility and it was a hit, at least by electric car standards, with more than 500,000 sold by the end of last year. But as the trail that Nissan blazed got crowded. Still, the race toward an all-electric future, long led by Tesla Inc (NASDAQ: TSLA) has accelerated and expanded, with more exciting developments to come this year.
In January, General Motors Company (NYSE: GM) became the first major automaker to declare that it would eliminate all tailpipe emissions from its cars by 2035 and Ford Motor Company (NYSE: F) quickly joined, doubling its initial investment.
Last week, Volvo (OTC: VOLF) moved to outdo its larger competitors by pledging to go electric-only by 2030. In addition to traditional automakers, start-ups like the Chinese company Nio Inc (NYSE: NIO) and titans of other industries like the tech titan Apple Inc (NASDAQ: AAPL) are going after a piece of this expanding market.
South Korea's Kia – A Glimpse Of "Movement That Inspires"
South Korean Kia has just provided a teaser with dimly-lit silhouette images of the EV6, its first electric car, the embodiment of both its brand and purpose. We first had a glimpse of the new electric crossover in January, when the company outlined its seven-year EV plan to release seven dedicated models by 2027.
Kia says the EV6, which shares the same platform on which Hyundai will build the all-electric Ioniq series, signals not only the start of a new era for Kia, which recently gave itself a makeover with a new logo and slogan, but also a naming system the carmaker will use for its electric series. Kia aims to design the physical experience of the brand and to create bold, original, and inventive electric vehicles.
Chinese EV Companies
Chinese electric car maker Xpeng Inc (NYSE: XPEV) revealed it expects to deliver far fewer cars than Nio in the first three months of the year, with total deliveries amounting to 12,500 vehicles which implies 4,250 deliveries for March, based on January's 6,015 figure and drop to 2,223 in February. Meanwhile, Tesla sold more than 14,500 China-made Model 3s in January alone and BYD Company Limited (OTC: BYDDF) more than 7,200 of its Han model, according to figures released by the China Passenger Car Association on Tuesday. But Nio plans to deliver a sedan early next year, whereas Xpeng already launched its P7 sedan last year with plans to launch another one later this year. Li Auto Inc (NASDAQ: LI) gave an even lower forecast as it expects 10,500 to 11,500 deliveries for the first quarter.
Japan Seems To Be Behind
Japan's mighty auto industry seems to be in danger of being left behind. Japan plans to go carbon neutral by 2050, Automakers in the United States, China, Europe, and South Korea are already sprinting past their Japanese competitors. But, they are catching up as Toyota Motor Comp (NYSE: TM) released its first all-electric vehicle on the consumer market last year in China and it debuts its first mass-market EVs in the US this year. Honda Motor Co (NYSE: HMC) is relying on GM's strength to produce electric vehicles for the U.S. market.
For now, Japan dominates the global market for the current generation of climate-friendly vehicles through gasoline-electric hybrids. It hopes to leverage its huge investment in the technology for as long as possible. That short-term focus, however, leaves the country's most important industry at risk of missing a transformative moment, but if Toyota's history has taught us anything, it is that they know what they are doing.
EVs have a long way to go before ICE cars become history but automakers across the globe are charging ahead with many new models and the world's first electric pickup truck due to come out this year.
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