Leading Chinese companies in the EV battery market such as Contemporary Amperex Technology Co. Limited (CATL) and BYD are shifting towards the emerging stationary energy storage industry. CATL, leading the market since 2021, has over 40% of the market share for energy storage batteries, as stated in its annual report. Its key clients are the leading state owned power plants such as Huaneng and the leading energy storage system makers like Sungrow Power Supply.

For 2023, CATL recorded a significant 46 percent increase. Record deliveries of 69 GWh, an 8% increase in energy storage, outpaced its EV battery growth rate of 32.6%. Energy storage batteries were 17 percent of the company’s total battery capacity. Beginning in the third quarter, CATL realised 6% of its total battery sales volume, which was up from 12.5% in 2021. Moreover, CATL is expected to ship battery cells and packs to Tesla’s export-oriented Megapack energy storage plant in Shanghai that is planned to start production in the first quarter of 2025. This facility needs to manufacture 10,000 Megapacks per year, with the total energy storage capacity of 40GWh.

Also Read:&nbsp;<a href="https://www.wionews.com/autonews/eu-imposes-steep-tariffs-on-chinese-evs-escalating-trade-tensions-738152">EU imposes steep tariffs on Chinese EVs, escalating trade tensions</a>

Another competitor of CATL in the energy storage business is BYD that supplied 22 GWh energy storage batteries in 2023 that increased by 57% year-on-year. This growth was even higher than the 15% growth reported by BYD as one of the leading electric car manufacturers in the EV battery deliveries with a total of 135 GWh in 2023, according to SNE Research.

Smaller players of the industry like EVE, REPT, and HITHIUM also recorded a considerable market share in the sales of energy storage batteries in the year 2023, capturing 11%, 8%, and 7% share respectively. The following are some of the firms that are playing a crucial role in determining the expansion and diversification of the energy storage sector which is a trend that is being witnessed in the energy industry and this is with the aim of achieving an increased uptake of renewable energy solutions and grid stability.

Expansion of CATL and BYD in the energy storage industry signifies China’s proactive approach towards gaining market control for batteries in both electric vehicles and stationary storage sectors across the world.

Leading Chinese companies in the EV battery market such as Contemporary Amperex Technology Co. Limited (CATL) and BYD are shifting towards the emerging stationary energy storage industry.

Leading Chinese companies in the EV battery market such as Contemporary Amperex Technology Co. Limited (CATL) and BYD are shifting towards the emerging stationary energy storage industry. CATL, leading the market since 2021, has over 40% of the market share for energy storage batteries, as stated in its annual report. Its key clients are the leading state owned power plants such as Huaneng and the leading energy storage system makers like Sungrow Power Supply. For 2023, CATL recorded a significant 46 percent increase. Record deliveries of 69 GWh, an 8% increase in energy storage, outpaced its EV battery growth rate of 32.6%. Energy storage batteries were 17 percent of the company’s total battery capacity. Beginning in the third quarter, CATL realised 6% of its total battery sales volume, which was up from 12.5% in 2021. Moreover, CATL is expected to ship battery cells and packs to Tesla’s export-oriented Megapack energy storage plant in Shanghai that is planned to start production in the first quarter of 2025. This facility needs to manufacture 10,000 Megapacks per year, with the total energy storage capacity of 40GWh. Also Read: EU imposes steep tariffs on Chinese EVs, escalating trade tensions Another competitor of CATL in the energy storage business is BYD that supplied 22 GWh energy storage batteries in 2023 that increased by 57% year-on-year. This growth was even higher than the 15% growth reported by BYD as one of the leading electric car manufacturers in the EV battery deliveries with a total of 135 GWh in 2023, according to SNE Research. Smaller players of the industry like EVE, REPT, and HITHIUM also recorded a considerable market share in the sales of energy storage batteries in the year 2023, capturing 11%, 8%, and 7% share respectively. The following are some of the firms that are playing a crucial role in determining the expansion and diversification of the energy storage sector which is a trend that is being witnessed in the energy industry and this is with the aim of achieving an increased uptake of renewable energy solutions and grid stability. Expansion of CATL and BYD in the energy storage industry signifies China’s proactive approach towards gaining market control for batteries in both electric vehicles and stationary storage sectors across the world.

China's EV battery makers turn to stationary energy storage industry

In a game-changer development for the electric vehicle (EV) domain, an electric car battery engendered by United Kingdom start-up Nyobolt has successfully charged from 10% to 80% in four minutes and 37 seconds in its first live demonstration.&nbsp;

As part of the ongoing industry-wide efforts to get EVs charging more quickly and expand their outreach, Nyobolt carried out the test in a specially-built concept sports car on a track in UK’s Bedford before the industry professionals.&nbsp;

This comes amid a global race to develop faster-charging batteries that are more powerful, lightweight and durable- all rolled into one.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/technology/ai-generated-exam-answers-go-undetected-after-getting-more-marks-than-real-students-735641">AI-generated exam answers go undetected after getting more marks than real students</a>&nbsp;

<h2>The Nyobolt supercharged EV battery&nbsp;</h2>

Nyobolt’s new EV battery has beats the existing Tesla supercharger which can charge a car battery to 80 percent in 15-20 minutes.&nbsp;

Albeit the Nyobolt battery achieved a range of 120 miles after a four-minute-charge, a Tesla charged to 80 percent would typically have a greater range of up to 200 miles.&nbsp;

Dr Sai Shivareddy, co-founder of Nyobolt, told the BBC he was pleased with the results but admitted that the tests had been “nerve-wracking”.&nbsp;

The sports car the Nyobolt battery was fitted to for over two days this week- had a few hitches along the way.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/technology/ai-savvy-gen-z-workers-likely-to-outpace-older-generations-at-workplace-study-734124">AI-savvy Gen-Z workers likely to outpace older generations at workplace: Study</a>&nbsp;

The challenges being attributed to the jerks included the UK heatwave, a failure in the concept car’s cooling system, and a standard on-site charger that was not made by Nyobolt, preventing the firm from recreating laboratory results.&nbsp;

The company claims the battery can charge from 0 to 100 percent in six minutes at its full potential.&nbsp;

Nonetheless, Dr Shivareddy described the event as “a big milestone for electrification.”&nbsp;

The firm plans to partner with existing car brands, with the battery potentially inside EVs “at small scale” within a year, and does not intend to manufacture its own vehicles.&nbsp;

The powerful 350kW DC superfast chargers that the battery requires are publicly available in the UK but are not yet widespread.&nbsp;

Watch:&nbsp;Saudi Arabia: Is the crown prince's 'Vision 2030' fading under fund crunch?

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/saudi-arabia-is-the-crown-princes-vision-2030-fading-under-fund-crunch-736085/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The firm also claims it has minimised degradation and the battery still charges to 80% after 4,000 cycles.&nbsp;

As per experts, it is important to eliminate "range anxiety” among people in order to increase the uptake of EVs.&nbsp;

Dr Edward Brightman, lecturer in chemical engineering at Strathclyde University, said, “Electric cars really aren’t limited by the batteries anymore,” emphasising that the real barrier to electric vehicle take-up still lay in the supporting infrastructure.&nbsp;

(With inputs from agencies)&nbsp;

In a game-changer development for the electric vehicle (EV) domain, an electric car battery engendered by United Kingdom start-up Nyobolt has successfully charged from 10% to 80% in four minutes and 37 seconds in its first live demonstration.

In a game-changer development for the electric vehicle (EV) domain, an electric car battery engendered by United Kingdom start-up Nyobolt has successfully charged from 10% to 80% in four minutes and 37 seconds in its first live demonstration. As part of the ongoing industry-wide efforts to get EVs charging more quickly and expand their outreach, Nyobolt carried out the test in a specially-built concept sports car on a track in UK’s Bedford before the industry professionals. This comes amid a global race to develop faster-charging batteries that are more powerful, lightweight and durable- all rolled into one. Also read: AI-generated exam answers go undetected after getting more marks than real students The Nyobolt supercharged EV battery Nyobolt’s new EV battery has beats the existing Tesla supercharger which can charge a car battery to 80 percent in 15-20 minutes. Albeit the Nyobolt battery achieved a range of 120 miles after a four-minute-charge, a Tesla charged to 80 percent would typically have a greater range of up to 200 miles. Dr Sai Shivareddy, co-founder of Nyobolt, told the BBC he was pleased with the results but admitted that the tests had been “nerve-wracking”. The sports car the Nyobolt battery was fitted to for over two days this week- had a few hitches along the way. Also read: AI-savvy Gen-Z workers likely to outpace older generations at workplace: Study The challenges being attributed to the jerks included the UK heatwave, a failure in the concept car’s cooling system, and a standard on-site charger that was not made by Nyobolt, preventing the firm from recreating laboratory results. The company claims the battery can charge from 0 to 100 percent in six minutes at its full potential. Nonetheless, Dr Shivareddy described the event as “a big milestone for electrification.” The firm plans to partner with existing car brands, with the battery potentially inside EVs “at small scale” within a year, and does not intend to manufacture its own vehicles. The powerful 350kW DC superfast chargers that the battery requires are publicly available in the UK but are not yet widespread. Watch: Saudi Arabia: Is the crown prince's 'Vision 2030' fading under fund crunch? × The firm also claims it has minimised degradation and the battery still charges to 80% after 4,000 cycles. As per experts, it is important to eliminate "range anxiety” among people in order to increase the uptake of EVs. Dr Edward Brightman, lecturer in chemical engineering at Strathclyde University, said, “Electric cars really aren’t limited by the batteries anymore,” emphasising that the real barrier to electric vehicle take-up still lay in the supporting infrastructure. (With inputs from agencies)

New supercharged electric car battery tech to revolutionise EVs, charges up to 80% in just 5 minutes

Bombardier Recreational Products (BRP), a Canadian company known for its Can-Am UTVs and ATVs, Ski-Doo and Lynx snowmobiles, and Sea-Doo jet skis, continues to innovate across its extensive product line. Recently, it has been actively pursuing new patents, hinting at potential expansions in transportation offerings.

The following is an example of a recent and relevant patent BRP has been filed at the WIPO and the title of the invention is ‘Two-Door Vehicle’ and WO/2024/121813 is the application number of the same. This filing is similar to the one that was done to the US Patent and Trademark Office in 2022, and it demonstrates the operative plan of BRP in this area.

While constructing two-door UTVs has been a usual thing, this particular patent application has revealed rather interesting details. The only picture in the application looks rather like UTV; the car has an electric vehicle that uses the concept of skateboard chassis; and it might have the essence of many types of cars.

Also Read:&nbsp;<a href="https://www.wionews.com/autonews/watt-electric-vehicle-company-launches-new-lightweight-ev-platform-733476">Watt Electric Vehicle Company launches new lightweight EV platform</a>

Of particular importance is the door design that appeared to have the following characteristics based on the patent details. Introducing a new configuration where it come up with an articulated panel in addition to the forward part of the door. This door has a kind of ‘trap door’ which opens with hinged at the A – pillar and the mid of the main sliding door; the scenario whereby the entire door swings open to the outside was very much convenient when front seat occupants are to allow rear passengers to come in or get out of the car. One of this design innovation feature is that an internal door is fitted with handle permitting it to be operated from the front seat, and pulling the main door gently to the position as desired is feasible.

This patent focuses on the use of the skateboard pack configuration incorporating at least one electric motor in electric motor vehicles. It indicates possibilities in many subsegments that include subcompact, compact, small urban, coupes, hatchback, sedans, SUVs, and MPVs.

Although the patent application does not guarantee that its products would resemble a showroom, BRP’s advance thinking is consistent with its practice of innovation. BRP, in 2021, announced a USD 300 million plan to fully electrify its utility and all-terrain vehicles by 2026 to demonstrate its commitment to electric vehicle innovation. Despite the fact that BRP has not yet presented its first electric vehicle, there are many competitors, including producers from other countries, for example, the firm based in Minnesota, Polaris, which has already released their creations, for example, Ranger Kinetic XP. Interestingly, BRP was somewhat unexpected in the previous year when it launched two electric motorcycles under the Can-Am brand as the company was entering the two-wheel motorcycle industry again.

With these developments, BRP's foray into electric vehicles appears poised for expansion beyond its current product ranges, potentially heralding significant new entries into the market.

Bombardier Recreational Products (BRP), a Canadian company known for its Can-Am UTVs and ATVs, Ski-Doo and Lynx snowmobiles, and Sea-Doo jet skis, continues to innovate across its extensive product line.

Bombardier Recreational Products (BRP), a Canadian company known for its Can-Am UTVs and ATVs, Ski-Doo and Lynx snowmobiles, and Sea-Doo jet skis, continues to innovate across its extensive product line. Recently, it has been actively pursuing new patents, hinting at potential expansions in transportation offerings. The following is an example of a recent and relevant patent BRP has been filed at the WIPO and the title of the invention is ‘Two-Door Vehicle’ and WO/2024/121813 is the application number of the same. This filing is similar to the one that was done to the US Patent and Trademark Office in 2022, and it demonstrates the operative plan of BRP in this area. While constructing two-door UTVs has been a usual thing, this particular patent application has revealed rather interesting details. The only picture in the application looks rather like UTV; the car has an electric vehicle that uses the concept of skateboard chassis; and it might have the essence of many types of cars. Also Read: Watt Electric Vehicle Company launches new lightweight EV platform Of particular importance is the door design that appeared to have the following characteristics based on the patent details. Introducing a new configuration where it come up with an articulated panel in addition to the forward part of the door. This door has a kind of ‘trap door’ which opens with hinged at the A – pillar and the mid of the main sliding door; the scenario whereby the entire door swings open to the outside was very much convenient when front seat occupants are to allow rear passengers to come in or get out of the car. One of this design innovation feature is that an internal door is fitted with handle permitting it to be operated from the front seat, and pulling the main door gently to the position as desired is feasible. This patent focuses on the use of the skateboard pack configuration incorporating at least one electric motor in electric motor vehicles. It indicates possibilities in many subsegments that include subcompact, compact, small urban, coupes, hatchback, sedans, SUVs, and MPVs. Although the patent application does not guarantee that its products would resemble a showroom, BRP’s advance thinking is consistent with its practice of innovation. BRP, in 2021, announced a USD 300 million plan to fully electrify its utility and all-terrain vehicles by 2026 to demonstrate its commitment to electric vehicle innovation. Despite the fact that BRP has not yet presented its first electric vehicle, there are many competitors, including producers from other countries, for example, the firm based in Minnesota, Polaris, which has already released their creations, for example, Ranger Kinetic XP. Interestingly, BRP was somewhat unexpected in the previous year when it launched two electric motorcycles under the Can-Am brand as the company was entering the two-wheel motorcycle industry again. With these developments, BRP's foray into electric vehicles appears poised for expansion beyond its current product ranges, potentially heralding significant new entries into the market.

BRP refiles patent for two-door EV with a novel door hinge

Watt Electric Vehicle Company (WEVC) has introduced a novel lightweight modular EV framework for producing various low- to medium-volume vehicle models, including sports coupes, off-road buggies, and rideshare vehicles. WEVC, an aspiring UK-built EV manufacturer, has been manufacturing electrical vehicles from recycled materials and recyclable components, with the eCV1 van being their initial thesis. This strategy is to be finalised to deliver immense cost and CO2 emission reduction in comparison to commercial EV’s life cycle of 20+ years which is four times longer than standard cars of five to seven years.

By embracing this sustainable design culture, the company has a vision of setting up a closed- loop production system. In addition to the eCV1 vans that are set to be launched soon, WEVC has also introduced a new modular set that will not only contain WEVC-branded models but also can also serve as a cost-efficient approach to electrification for other manufacturers. Details provided by WEVC reveal that their latest all-electric architecture is disposed to work as the cost-effective and easily deployable platform which any third-party wants to construct their own vehicle models.

Also Read:&nbsp;<a href="https://www.wionews.com/autonews/hyundai-defies-ev-slowdown-with-new-models-and-strategic-expansions-in-europe-733385">Hyundai defies EV slowdown with new models and strategic expansions in Europe</a>

At the center of this modular design is WEVC’s propriety Passenger and Commercial EV skateboard known as PACES, which is a bonded aluminum structure that can be adapted to fit numerous low production volume passenger electric vehicle types. PACES is compatible with full, rear, or all-wheel drive configurations and uses the FlexTech assembly process where flat pieces crafted with lasers are stacked and connected tightly without requiring costly corner castings seen in scalable aluminum skateboard underpinnings. WEVC also notes that this approach yields a modular and lightweight, scalable, and efficient construct for the EV that is also cost-effective at the present, categorically conforming to the required level of safety standards to cover ISO regulations and the European Small Series Type Approval.

Watt Electric Vehicle Company (WEVC) has introduced a novel lightweight modular EV framework for producing various low- to medium-volume vehicle models, including sports coupes, off-road buggies, and rideshare vehicles.

Watt Electric Vehicle Company (WEVC) has introduced a novel lightweight modular EV framework for producing various low- to medium-volume vehicle models, including sports coupes, off-road buggies, and rideshare vehicles. WEVC, an aspiring UK-built EV manufacturer, has been manufacturing electrical vehicles from recycled materials and recyclable components, with the eCV1 van being their initial thesis. This strategy is to be finalised to deliver immense cost and CO2 emission reduction in comparison to commercial EV’s life cycle of 20+ years which is four times longer than standard cars of five to seven years. By embracing this sustainable design culture, the company has a vision of setting up a closed- loop production system. In addition to the eCV1 vans that are set to be launched soon, WEVC has also introduced a new modular set that will not only contain WEVC-branded models but also can also serve as a cost-efficient approach to electrification for other manufacturers. Details provided by WEVC reveal that their latest all-electric architecture is disposed to work as the cost-effective and easily deployable platform which any third-party wants to construct their own vehicle models. Also Read: Hyundai defies EV slowdown with new models and strategic expansions in Europe At the center of this modular design is WEVC’s propriety Passenger and Commercial EV skateboard known as PACES, which is a bonded aluminum structure that can be adapted to fit numerous low production volume passenger electric vehicle types. PACES is compatible with full, rear, or all-wheel drive configurations and uses the FlexTech assembly process where flat pieces crafted with lasers are stacked and connected tightly without requiring costly corner castings seen in scalable aluminum skateboard underpinnings. WEVC also notes that this approach yields a modular and lightweight, scalable, and efficient construct for the EV that is also cost-effective at the present, categorically conforming to the required level of safety standards to cover ISO regulations and the European Small Series Type Approval.

Watt Electric Vehicle Company launches new lightweight EV platform

China is looking to negotiate with the European union regarding trade tariffs on EVs. This comes amid a booming Chinese EV industry, eager to capture a share of the lucrative European market. Analysts estimate a 10% tariff increase could cost Chinese exporters an additional $1 billion annually.

Chinese executives hope for deal as EU tariff hike looms

Researchers have reportedly developed an iron-based cathode material which can pave the way for making cheaper, safer, and more sustainable batteries. The new material will end the need to use expensive and scarce metals such as cobalt and nickel, leading to the manufacturing of electric vehicles (EVs) at cheaper rates.

Researchers have reportedly developed an iron-based cathode material which can pave the way for making cheaper, safer, and more sustainable batteries. The new material will end the need to use expensive and scarce metals such as cobalt and nickel, leading to the manufacturing of electric vehicles (EVs) at cheaper rates. Oregon State University chemistry researcher Xiulei “David” Ji explained how they transformed the reactivity of iron metal to achieve exciting results. “Our electrode can offer a higher energy density than the state-of-the-art cathode materials in electric vehicles. And since we use iron, whose cost can be less than a dollar per kilogramme – a small fraction of nickel and cobalt, which are indispensable in current high-energy lithium-ion batteries – the cost of our batteries is potentially much lower,” he was quoted as saying by a science website 'Interesting Engineering'. The researcher added that the use of scarce metals contributes up to 50 per cent to the production cost of lithium-ion battery cells. He also warned that the overexploitation of these metals may even cause a shortage and the ensuing collapse of nickel and cobalt-based battery manufacturing. On the other hand, iron is the most common element on Earth as measured by mass, the researcher adds. “We will not run out of iron till the sun turns into a red giant,” he says. Also read: Nio joins forces with FAW to supercharge battery swapping network Scientists mixed special chemicals with iron powder, lithium fluoride, and lithium phosphate to create iron salts that can change back and forth. This way, they could use iron in the battery without needing to change other parts of how batteries are made. “We’ve demonstrated that the materials designed with anions can break the ceiling of energy density for batteries that are more sustainable and cost less,” Ji explained. “We’re not using some more expensive salt in conjunction with iron – just those the battery industry has been using and then iron powder," he added. Also read : Scientists develop sodium battery that can be charged in seconds “To put this new cathode in applications, one needs to change nothing else – no new anodes, no new production lines, no new design of the battery. We are just replacing one thing, the cathode,” added Ji. (With inputs from agencies)

Scientists use iron to develop cheaper, safer, sustainable lithium-ion batteries

Swedish electric vehicle (EV) manufacturer Polestar has announced a delay in reporting its first-quarter results, originally scheduled for May 23. This postponement is due to the need to finalise the company’s annual report for 2023, addressing prior accounting misstatements. The delay has sparked concerns, particularly in light of a recent warning from Nasdaq regarding a potential delisting.&nbsp;

Polestar’s decision to delay its first-quarter results stems from the necessity to rectify accounting errors from 2021 and 2022. These errors must be corrected in the 2023 annual report, which the company aims to file "as soon as practicable," according to a company spokesperson. The complexities of ensuring accurate financial statements have contributed to this delay.

Impact of accounting misstatements

The accounting misstatements from 2021 and 2022 are significant issues that Polestar must address to maintain investor confidence and regulatory compliance. Financial misstatements can severely impact a company's credibility, leading to potential legal and financial repercussions. Polestar’s efforts to rectify these issues indicate its commitment to transparency and accuracy in financial reporting.

Nasdaq's warning

Adding to the pressure, Nasdaq, the U.S. exchange where Polestar’s shares are listed, recently issued a warning regarding a potential delisting. This warning underscores the seriousness of timely and accurate financial reporting. A delisting from Nasdaq could have severe implications for Polestar, affecting its stock liquidity and market perception.

The importance of accurate financial reporting

Accurate financial reporting is crucial for publicly traded companies like Polestar. It ensures that investors have a clear and truthful understanding of the company's financial health. Any discrepancies can lead to mistrust and potential withdrawal of investor support. By addressing these accounting issues, Polestar aims to rebuild trust and uphold its reputation in the competitive EV market.

Polestar's response and future steps

Polestar is actively working to finalise its annual report and rectify past errors. The company has emphasised its commitment to resolving these issues promptly. A spokesperson stated, "We are focused on completing our 2023 annual report and addressing any prior accounting misstatements to ensure full compliance and transparency."

Market reactions and investor concerns

The delay in Polestar’s financial reporting has understandably caused concern among investors. Timely and accurate financial statements are critical for making informed investment decisions. The potential for delisting adds another layer of uncertainty, which could impact Polestar's stock performance in the short term.

Polestar's position in the EV market

Polestar, a prominent player in the electric vehicle market, faces intense competition from established automakers and new entrants alike. Maintaining investor confidence through transparent and accurate financial reporting is vital for its growth and market position. Despite the current challenges, Polestar continues to innovate and expand its product line, aiming to strengthen its foothold in the EV sector.

The road ahead

As Polestar works to finalise its 2023 annual report and rectify past accounting errors, the company faces significant scrutiny from investors and regulators. The outcome of these efforts will be crucial in determining Polestar's future trajectory. A successful resolution will likely restore investor confidence and solidify its standing in the market.

Polestar's delay in reporting its first-quarter results highlights the critical importance of accurate financial reporting for publicly traded companies. Addressing the accounting misstatements from previous years is essential for maintaining investor trust and regulatory compliance. While the delay and potential Nasdaq delisting pose challenges, Polestar's proactive steps to rectify these issues demonstrate its commitment to transparency and long-term success in the competitive EV market. The coming months will be pivotal as the company navigates these challenges and strives to reinforce its market position.

(Inputs from Reuters)

Swedish electric vehicle (EV) manufacturer Polestar has announced a delay in reporting its first-quarter results, originally scheduled for May 23. This postponement is due to the need to finalise the company’s annual report for 2023, addressing prior accounting misstatements.

Swedish electric vehicle (EV) manufacturer Polestar has announced a delay in reporting its first-quarter results, originally scheduled for May 23. This postponement is due to the need to finalise the company’s annual report for 2023, addressing prior accounting misstatements. The delay has sparked concerns, particularly in light of a recent warning from Nasdaq regarding a potential delisting. Polestar’s decision to delay its first-quarter results stems from the necessity to rectify accounting errors from 2021 and 2022. These errors must be corrected in the 2023 annual report, which the company aims to file "as soon as practicable," according to a company spokesperson. The complexities of ensuring accurate financial statements have contributed to this delay. Impact of accounting misstatements The accounting misstatements from 2021 and 2022 are significant issues that Polestar must address to maintain investor confidence and regulatory compliance. Financial misstatements can severely impact a company's credibility, leading to potential legal and financial repercussions. Polestar’s efforts to rectify these issues indicate its commitment to transparency and accuracy in financial reporting. Nasdaq's warning Adding to the pressure, Nasdaq, the U.S. exchange where Polestar’s shares are listed, recently issued a warning regarding a potential delisting. This warning underscores the seriousness of timely and accurate financial reporting. A delisting from Nasdaq could have severe implications for Polestar, affecting its stock liquidity and market perception. The importance of accurate financial reporting Accurate financial reporting is crucial for publicly traded companies like Polestar. It ensures that investors have a clear and truthful understanding of the company's financial health. Any discrepancies can lead to mistrust and potential withdrawal of investor support. By addressing these accounting issues, Polestar aims to rebuild trust and uphold its reputation in the competitive EV market. Polestar's response and future steps Polestar is actively working to finalise its annual report and rectify past errors. The company has emphasised its commitment to resolving these issues promptly. A spokesperson stated, "We are focused on completing our 2023 annual report and addressing any prior accounting misstatements to ensure full compliance and transparency." Market reactions and investor concerns The delay in Polestar’s financial reporting has understandably caused concern among investors. Timely and accurate financial statements are critical for making informed investment decisions. The potential for delisting adds another layer of uncertainty, which could impact Polestar's stock performance in the short term. Polestar's position in the EV market Polestar, a prominent player in the electric vehicle market, faces intense competition from established automakers and new entrants alike. Maintaining investor confidence through transparent and accurate financial reporting is vital for its growth and market position. Despite the current challenges, Polestar continues to innovate and expand its product line, aiming to strengthen its foothold in the EV sector. The road ahead As Polestar works to finalise its 2023 annual report and rectify past accounting errors, the company faces significant scrutiny from investors and regulators. The outcome of these efforts will be crucial in determining Polestar's future trajectory. A successful resolution will likely restore investor confidence and solidify its standing in the market. Polestar's delay in reporting its first-quarter results highlights the critical importance of accurate financial reporting for publicly traded companies. Addressing the accounting misstatements from previous years is essential for maintaining investor trust and regulatory compliance. While the delay and potential Nasdaq delisting pose challenges, Polestar's proactive steps to rectify these issues demonstrate its commitment to transparency and long-term success in the competitive EV market. The coming months will be pivotal as the company navigates these challenges and strives to reinforce its market position. (Inputs from Reuters)

Polestar delays Q1 results amid accounting issues

The Union Ministry of Heavy Industries (MHI) , in its latest report, has stated that some companies have defaulted the FAME-II guidelines despite them being clear. The ministry formed a high-level panel headed by the Additional Secretary to investigate the FAME-II scam and the role of those responsible for the subsidy irregularity, according to media reports. The panel submitted its findings earlier in May.

The panel had been investigating the issue for a while now and after examining all its notifications and guidelines, effectively concluded that the FAME-II scheme guidelines were quite clear and that the companies defaulted on subsidies knowingly. The MHI had received seventeen complaints regarding misappropriation of subsidies under FAME-II by some electric vehicles manufacturers about the violation of Phased Manufacturing Programme (PMP) guidelines.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/india-leads-in-asia-in-auto-investments-in-q1-2024-bmi-723554">India leads in Asia in auto investments in Q1 2024: BMI</a>

Manufacturers who defaulted on these subsidies include six leading brands - Hero Electric, Okinawa Autotech, Ampere EV, Benling India, Revolt Intellicorp and Amo Mobility. These companies were found to be seeking subsidies for imported products which violated the phased manufacturing guidelines &nbsp;of FAME-II. Following this, these OEMs were asked to pay back an amount of INR 469 crore.

The panel said that the timeline for localisation and the requirements were framed in due consultation with all stakeholders, including industry players and testing agencies. It was also noted that the concerned testing agencies followed a uniform and consistent procedure during the enquiry process. “This report has been accepted by the competent authorities,” the officials said.&nbsp;

This investigation was launched in April 2023 to challenge a previous report stating that the FAME-II guidelines were not clear. It probed procedural lapses and the role of government officials in misappropriation of the subsidies to these manufacturers.&nbsp;

The FAME-II scheme commenced on April 1, 2019 &nbsp;for a period of five years with a total budgetary support of INR 10,000 crore. The second phase mainly focuses on supporting electrification of public and shared transportation, and aims to support through demand incentive 7,090 e-buses, 5 lakh e-three-wheelers, 55,000 e-four-wheeler passenger cars and 10 lakh e-two-wheelers. In addition, creation of charging infrastructure is also supported under the scheme.

The Union Ministry of Heavy Industries (MHI) , in its latest report, has stated that some companies have defaulted the FAME-II guidelines despite them being clear.

The Union Ministry of Heavy Industries (MHI) , in its latest report, has stated that some companies have defaulted the FAME-II guidelines despite them being clear. The ministry formed a high-level panel headed by the Additional Secretary to investigate the FAME-II scam and the role of those responsible for the subsidy irregularity, according to media reports. The panel submitted its findings earlier in May. The panel had been investigating the issue for a while now and after examining all its notifications and guidelines, effectively concluded that the FAME-II scheme guidelines were quite clear and that the companies defaulted on subsidies knowingly. The MHI had received seventeen complaints regarding misappropriation of subsidies under FAME-II by some electric vehicles manufacturers about the violation of Phased Manufacturing Programme (PMP) guidelines. Also Read: India leads in Asia in auto investments in Q1 2024: BMI Manufacturers who defaulted on these subsidies include six leading brands - Hero Electric, Okinawa Autotech, Ampere EV, Benling India, Revolt Intellicorp and Amo Mobility. These companies were found to be seeking subsidies for imported products which violated the phased manufacturing guidelines of FAME-II. Following this, these OEMs were asked to pay back an amount of INR 469 crore. The panel said that the timeline for localisation and the requirements were framed in due consultation with all stakeholders, including industry players and testing agencies. It was also noted that the concerned testing agencies followed a uniform and consistent procedure during the enquiry process. “This report has been accepted by the competent authorities,” the officials said. This investigation was launched in April 2023 to challenge a previous report stating that the FAME-II guidelines were not clear. It probed procedural lapses and the role of government officials in misappropriation of the subsidies to these manufacturers. The FAME-II scheme commenced on April 1, 2019 for a period of five years with a total budgetary support of INR 10,000 crore. The second phase mainly focuses on supporting electrification of public and shared transportation, and aims to support through demand incentive 7,090 e-buses, 5 lakh e-three-wheelers, 55,000 e-four-wheeler passenger cars and 10 lakh e-two-wheelers. In addition, creation of charging infrastructure is also supported under the scheme.

FAME-II guidelines were clear and companies defaulted knowingly: Govt

Ford Motor Co has issued a call to action to its electric-vehicle (EV) suppliers, urging them to cut costs significantly to bolster profitability in the face of intensified competition. The latest announcement was made as a result of rising competition from their rivals, such as Tesla, and to keep prices low so that they can appeal to more people.

Challenges in the EV market

Enhanced competition and the subsequent drastic pricing strategies from other rivals like Tesla in the same business lead to the need for the company, Ford, to lower its costs through its suppliers. This move aims to address the challenge posed by discounted prices in the market, driven by the need to sustain consumer demand amidst high interest rates.

Liz Door, Ford's chief supply-chain officer, emphasised the importance of cost efficiency, stating, "Everything is on the table. Consider this a call to action." She underscored the necessity of delivering affordable EV products to customers, highlighting the paramount importance of achieving material cost efficiency.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/chinas-nio-launches-onvo-l60-suv-to-challenge-tesla-model-y-722052">China's Nio launches Onvo L60 SUV to challenge Tesla Model Y</a>

Ford's strategy

In response to the need for a profitable EV business, Ford is collaborating closely with its suppliers, soliciting their input for cost reductions. The company is focused on streamlining manufacturing operations, reducing capital spending, and exploring innovative ideas to enhance profitability.

Focus on affordability

To address the affordability challenge, Ford aims to introduce cost-efficient solutions across its EV portfolio, including popular models like the Ford F-150 Lightning electric pickup truck, Transit electric van, and Mustang Mach-E SUV. The company seeks to present cost-reduction proposals in upcoming face-to-face meetings, prioritising initiatives that support profitability.

Financial outlook

Ford's EV and software division recorded a USD 1.3 billion operating loss in the first quarter, with executives anticipating a pretax loss of between USD 5 billion and USD 5.5 billion for the year. Despite these challenges, the company remains committed to developing affordable EVs, alongside a focus on hybrid vehicles in the near term.

Future outlook

While Ford continues to invest in the development of affordable and smaller EVs through its California-based "skunk works" team, the company is strategically prioritising the promotion of hybrid vehicles to cater to consumer preferences. This approach underscores Ford's commitment to navigating the evolving landscape of the automotive industry while addressing the growing demand for sustainable mobility solutions.

Ford's call for cost reductions from its EV suppliers reflects the company's proactive stance in addressing challenges posed by heightened competition in the electric vehicle market. By prioritising affordability and profitability, Ford aims to strengthen its position and deliver innovative mobility solutions to meet the evolving needs of consumers.

(Inputs from Reuters)

Ford Motor Co has issued a call to action to its electric-vehicle (EV) suppliers, urging them to cut costs significantly to bolster profitability in the face of intensified competition.

Ford Motor Co has issued a call to action to its electric-vehicle (EV) suppliers, urging them to cut costs significantly to bolster profitability in the face of intensified competition. The latest announcement was made as a result of rising competition from their rivals, such as Tesla, and to keep prices low so that they can appeal to more people. Challenges in the EV market Enhanced competition and the subsequent drastic pricing strategies from other rivals like Tesla in the same business lead to the need for the company, Ford, to lower its costs through its suppliers. This move aims to address the challenge posed by discounted prices in the market, driven by the need to sustain consumer demand amidst high interest rates. Liz Door, Ford's chief supply-chain officer, emphasised the importance of cost efficiency, stating, "Everything is on the table. Consider this a call to action." She underscored the necessity of delivering affordable EV products to customers, highlighting the paramount importance of achieving material cost efficiency. Also Read: China's Nio launches Onvo L60 SUV to challenge Tesla Model Y Ford's strategy In response to the need for a profitable EV business, Ford is collaborating closely with its suppliers, soliciting their input for cost reductions. The company is focused on streamlining manufacturing operations, reducing capital spending, and exploring innovative ideas to enhance profitability. Focus on affordability To address the affordability challenge, Ford aims to introduce cost-efficient solutions across its EV portfolio, including popular models like the Ford F-150 Lightning electric pickup truck, Transit electric van, and Mustang Mach-E SUV. The company seeks to present cost-reduction proposals in upcoming face-to-face meetings, prioritising initiatives that support profitability. Financial outlook Ford's EV and software division recorded a USD 1.3 billion operating loss in the first quarter, with executives anticipating a pretax loss of between USD 5 billion and USD 5.5 billion for the year. Despite these challenges, the company remains committed to developing affordable EVs, alongside a focus on hybrid vehicles in the near term. Future outlook While Ford continues to invest in the development of affordable and smaller EVs through its California-based "skunk works" team, the company is strategically prioritising the promotion of hybrid vehicles to cater to consumer preferences. This approach underscores Ford's commitment to navigating the evolving landscape of the automotive industry while addressing the growing demand for sustainable mobility solutions. Ford's call for cost reductions from its EV suppliers reflects the company's proactive stance in addressing challenges posed by heightened competition in the electric vehicle market. By prioritising affordability and profitability, Ford aims to strengthen its position and deliver innovative mobility solutions to meet the evolving needs of consumers. (Inputs from Reuters)

Ford urges EV suppliers to slash costs amid growing competition

Chinese smartphone maker Xiaomi has become the country's eighth-largest electric vehicle start-up after selling more than 7,000 units of its first model- the SU7 sedan, in April, according to industry data.

Xiaomi's entry into China's packed EV market is poised to further turn over the world's largest auto market, where companies are already locked in a fierce price war amid weakening demand.

The company is an established household name in China for its popular smartphones and home appliances.

It has now joined newcomers such as Nio and Xpeng as new automakers focused on EV production. The category excludes legacy brands like Volkswagen and established EV makers such as Tesla, BYD and Geely.

In its first month of sales since its late March launch, Xiaomi sold 7,058 SU7s. The company targets deliveries of over 100,000 units this year, attempting to achieve an average of 11,618 units per month for the rest of the year.

Read More: <a href="https://www.wionews.com/business-economy/hero-motocorps-market-valuation-surpasses-inr-1-lakh-crore-as-shares-surge-721571">Hero MotoCorp's market valuation surpasses INR 1 lakh crore as shares surge</a>

Xiaomi's estimated monthly sales of more than 11,000 units for the remainder of the year, placed&nbsp;itself in a tight-knit competition with Volkswagen, which has fared better than most other foreign legacy auto brands in competing with Chinese EV players.

China’s local champion BYD topped the country’s EV sales rankings with 120,234 units last month. Sales were largely driven by affordable models much cheaper than the SU7.

U.S. giant Tesla netted 31,421 units in Model 3 and Y sales in April. Xiaomi's base model SU7 is about $4,000 cheaper than the base model of Tesla's Model 3 in China. As EV makers grapple with growing competition in the China market, many companies are now targeting overseas markets.

China's EV market is becoming crowded by an increasing number of start-ups that include pure EV manufacturers such as Nio and Xpeng; as well as EV sub-brands, from traditional automakers including GAC's Aion and Geely's Zeekr.

Huawei-backed Harmony Intelligent Mobility Alliance (HIMA) is also among the new upstarts. Some Huawei vehicles such as the Aito M5 and M9 come in both extended-range and pure EV variants and both versions are counted as EVs.

Chinese smartphone maker Xiaomi has become the country's eighth-largest electric vehicle start-up after selling more than 7,000 units of its first model- the SU7 sedan, in April, according to industry data.

Chinese smartphone maker Xiaomi has become the country's eighth-largest electric vehicle start-up after selling more than 7,000 units of its first model- the SU7 sedan, in April, according to industry data. Xiaomi's entry into China's packed EV market is poised to further turn over the world's largest auto market, where companies are already locked in a fierce price war amid weakening demand. The company is an established household name in China for its popular smartphones and home appliances. It has now joined newcomers such as Nio and Xpeng as new automakers focused on EV production. The category excludes legacy brands like Volkswagen and established EV makers such as Tesla, BYD and Geely. In its first month of sales since its late March launch, Xiaomi sold 7,058 SU7s. The company targets deliveries of over 100,000 units this year, attempting to achieve an average of 11,618 units per month for the rest of the year. Read More: Hero MotoCorp's market valuation surpasses INR 1 lakh crore as shares surge Xiaomi's estimated monthly sales of more than 11,000 units for the remainder of the year, placed itself in a tight-knit competition with Volkswagen, which has fared better than most other foreign legacy auto brands in competing with Chinese EV players. China’s local champion BYD topped the country’s EV sales rankings with 120,234 units last month. Sales were largely driven by affordable models much cheaper than the SU7. U.S. giant Tesla netted 31,421 units in Model 3 and Y sales in April. Xiaomi's base model SU7 is about $4,000 cheaper than the base model of Tesla's Model 3 in China. As EV makers grapple with growing competition in the China market, many companies are now targeting overseas markets. China's EV market is becoming crowded by an increasing number of start-ups that include pure EV manufacturers such as Nio and Xpeng; as well as EV sub-brands, from traditional automakers including GAC's Aion and Geely's Zeekr. Huawei-backed Harmony Intelligent Mobility Alliance (HIMA) is also among the new upstarts. Some Huawei vehicles such as the Aito M5 and M9 come in both extended-range and pure EV variants and both versions are counted as EVs.

Xiaomi secures 8th largest EV startup in China after SU7 launch

Chinese scientists have developed a water-based battery that contains nearly double the energy density of traditional lithium batteries. This innovation holds promise for potential use&nbsp;in&nbsp;electric vehicles.

The research, published in a paper in Nature Energy on April 23 by the Chinese Academy of Sciences (CAS), outlines the iodine and bromine-based aqueous battery's impressive energy density of 1200 watt-hours per litre (Wh/L), surpassing the 700Wh/L of non-aqueous lithium batteries.

Additionally, the researchers also spoke about&nbsp;the safety advantages of their aqueous battery over non-aqueous lithium batteries, which are known for their high flammability.

The stable battery “shows promising potential for the development of next-generation high-energy-density and safe rechargeable aqueous batteries”, the researchers wrote, as quoted by the South China Morning Post (SCMP).

Their findings “may expand aqueous battery applications in the power battery field”, said corresponding author Li Xianfeng, a professor at the CAS Dalian Institute of Chemical Physics, who was quoted in a statement from the academy.

<a href="https://www.wionews.com/science/chinese-scientists-find-fountain-of-youth-in-young-can-boost-upto-130-years-718066">Also read |&nbsp;Chinese scientists find 'fountain of youth' in blood of young that can extend life up to 130 years</a>

<h2>How are lithium batteries different from aqueous batteries?</h2>

Lithium batteries are popular all around the world because they can hold a large amount of energy. In the past, these batteries used a liquid that could easily catch fire to function.

Also watch |&nbsp;Chinese President Jinping in Paris on a two-day visit; Ukraine, trade &amp; investment top agenda

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/chinese-president-jinping-in-paris-on-a-two-day-visit-ukraine-trade-investment-top-agenda-718438/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Aqueous batteries use a water-based electrolyte, which means they don't have the same safety concerns. Despite this advantage, these batteries usually have lower energy density, meaning they store less energy per unit of weight or volume, compared to non-aqueous batteries, as noted by the team.

(With inputs from agencies)

Chinese scientists have developed a water-based battery that contains nearly double the energy density of traditional lithium batteries. This innovation holds promise for potential use in electric vehicles.

Chinese scientists have developed a water-based battery that contains nearly double the energy density of traditional lithium batteries. This innovation holds promise for potential use in electric vehicles. The research, published in a paper in Nature Energy on April 23 by the Chinese Academy of Sciences (CAS), outlines the iodine and bromine-based aqueous battery's impressive energy density of 1200 watt-hours per litre (Wh/L), surpassing the 700Wh/L of non-aqueous lithium batteries. Additionally, the researchers also spoke about the safety advantages of their aqueous battery over non-aqueous lithium batteries, which are known for their high flammability. The stable battery “shows promising potential for the development of next-generation high-energy-density and safe rechargeable aqueous batteries”, the researchers wrote, as quoted by the South China Morning Post (SCMP). Their findings “may expand aqueous battery applications in the power battery field”, said corresponding author Li Xianfeng, a professor at the CAS Dalian Institute of Chemical Physics, who was quoted in a statement from the academy. Also read | Chinese scientists find 'fountain of youth' in blood of young that can extend life up to 130 years How are lithium batteries different from aqueous batteries? Lithium batteries are popular all around the world because they can hold a large amount of energy. In the past, these batteries used a liquid that could easily catch fire to function. Also watch | Chinese President Jinping in Paris on a two-day visit; Ukraine, trade & investment top agenda Aqueous batteries use a water-based electrolyte, which means they don't have the same safety concerns. Despite this advantage, these batteries usually have lower energy density, meaning they store less energy per unit of weight or volume, compared to non-aqueous batteries, as noted by the team. (With inputs from agencies)

Chinese scientists invent ‘water battery’ with higher energy storage than lithium cells

Swedish carmaker Polestar and fast-charging battery pioneer StoreDot have successfully demonstrated the implementation of the world's first Extreme Fast Charging EV technology. The technology can add 200 miles (320 kilometres) of range to a mid-sized electric car in just 10 minutes and it could be applied to future Polestar vehicles. Will this tech eliminate consumer charging anxiety, which is a major obstacle to widespread EV adoption? Only time will tell. For now, let's see how a Polestar 5 prototype was charged up from 10 to 80 per cent in just 10 minutes.

10-minute EV charging: A mainstream reality soon?

Polestar Automotive, the Swedish electric vehicle maker, has confirmed that it has pushed back the release of its fourth-quarter and full-year end annual financial report to the second quarter of 2023. The reason given for the delay of the 2023 financial report was that an extra amount of time was required to eliminate accounting errors in 2021 and 2022. Nevertheless, Polestar reaffirmed its intention to unveil first-quarter financial results on May 23.

Accounting misstatements and financial impact

The accounting misstatements, which occurred especially in 2021 and 2022, and the need to deal with them contributed to the significant delay in publishing financial results. These revisions are anticipated to cause a small decrease in net loss for 2021 and a small increase in 2022, by less than 5% each. Polestar is currently dealing with the emergence of these discrepancies and it is aiming at correcting them accordingly, in order to maintain fair financial reporting.

<a href="https://www.wionews.com/business-economy/european-car-giants-struggle-with-lower-sales-amid-transition-year-716667">Also Read:&nbsp;European car giants struggle with lower sales amid transition year</a>

Compliance with financial reporting standards

In order to resolve the accounting issues, Polestar is also focusing on strengthening the internal controls related to financial reporting in order to comply with the requirements of the Sarbanes-Oxley Act of 2002. This bill, however, is only meant as a reaction to the accounting scandals and, therefore, mandates strict accounting standards for US companies that are publicly traded. With internal controls being strengthened, Polestar seeks to preserve transparency and integrity during its financial transactions.

Previous postponements 

Polestar first intended to have its financial results for the fourth quarter of the year available from February 29. However, this postponed until late April when a further postponement was announced. The successive delays instead indicate the accounting complexities, and as such, compliance with regulatory standards.

Impact of economic conditions

Polestar's decision came at the moment when the company was going through many difficulties associated with turbulent business environment where there are no safe predictions regarding economic factors. Company’s latest release showed that their first quarter deliveries were 40% lower than their immediate previous quarter, which reflects slump in consumer demand caused by the economic downturn. Demand slowdown has also led consumers to be cautious, especially when it comes to large items such as electric cars.

Prioritising accuracy and compliance

The decision by Polestar to postpone the release of its financial data accentuates its focus on upholding accuracy as well as financial reporting standards. Acknowledging the existence of accounting misstatements and tightening the internal controls are two of Polestar's strategies to foster transparency and accountability within the financial operation processes. In spite of the difficulties the company is still committed to bring first-quarter results as planned, which points to the transparency and responsible business methods the company adheres to.

Polestar Automotive, the Swedish electric vehicle maker, has confirmed that it has pushed back the release of its fourth-quarter and full-year end annual financial report to the second quarter of 2023.

Polestar Automotive, the Swedish electric vehicle maker, has confirmed that it has pushed back the release of its fourth-quarter and full-year end annual financial report to the second quarter of 2023. The reason given for the delay of the 2023 financial report was that an extra amount of time was required to eliminate accounting errors in 2021 and 2022. Nevertheless, Polestar reaffirmed its intention to unveil first-quarter financial results on May 23. Accounting misstatements and financial impact The accounting misstatements, which occurred especially in 2021 and 2022, and the need to deal with them contributed to the significant delay in publishing financial results. These revisions are anticipated to cause a small decrease in net loss for 2021 and a small increase in 2022, by less than 5% each. Polestar is currently dealing with the emergence of these discrepancies and it is aiming at correcting them accordingly, in order to maintain fair financial reporting. Also Read: European car giants struggle with lower sales amid transition year Compliance with financial reporting standards In order to resolve the accounting issues, Polestar is also focusing on strengthening the internal controls related to financial reporting in order to comply with the requirements of the Sarbanes-Oxley Act of 2002. This bill, however, is only meant as a reaction to the accounting scandals and, therefore, mandates strict accounting standards for US companies that are publicly traded. With internal controls being strengthened, Polestar seeks to preserve transparency and integrity during its financial transactions. Previous postponements Polestar first intended to have its financial results for the fourth quarter of the year available from February 29. However, this postponed until late April when a further postponement was announced. The successive delays instead indicate the accounting complexities, and as such, compliance with regulatory standards. Impact of economic conditions Polestar's decision came at the moment when the company was going through many difficulties associated with turbulent business environment where there are no safe predictions regarding economic factors. Company’s latest release showed that their first quarter deliveries were 40% lower than their immediate previous quarter, which reflects slump in consumer demand caused by the economic downturn. Demand slowdown has also led consumers to be cautious, especially when it comes to large items such as electric cars. Prioritising accuracy and compliance The decision by Polestar to postpone the release of its financial data accentuates its focus on upholding accuracy as well as financial reporting standards. Acknowledging the existence of accounting misstatements and tightening the internal controls are two of Polestar's strategies to foster transparency and accountability within the financial operation processes. In spite of the difficulties the company is still committed to bring first-quarter results as planned, which points to the transparency and responsible business methods the company adheres to.

Polestar delays financial results publication amid accounting misstatements

Chinese electric vehicle maker BYD has issued a recall for 16,666 Seagull electric vehicles produced between April and May 2023. Some of the vehicles have issues with camera driver software which could lead the reversing screen display to fail. This can consequently affect the driver's field of vision and increase the probability of accidents, as per China's market regulator.&nbsp;

The auto giant will start fixing the software from May 20 onwards to reduce the chances of accidents due to this issue. The rectification will be done free of cost and by the means of over-the-air (OTA) technology.&nbsp;

BYD Seagull first went on sale in China in April 2023, when it had a starting price of RMB 73,800 (USD 10,200). It is one of the least expensive models sold by the company and also one of the highest-selling. It is sold as the Dolphin Mini in some overseas markets.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/tesla-shakes-up-staff-amid-revenue-decline-717024">Tesla shakes up staff amid revenue decline</a>

The compact pure electric car borrows an ocean-inspired aesthetic and is full of dynamic color schemes and lines. It boasts a streamlined body with smooth curves and elegant stance. On the inside, it comes with an intelligent cockpit system and a 10.1-inch adaptive rotating screen, which offers smart voice control, karaoke, Apple CarPlay and Android Auto, among other features.&nbsp;

Based on the in-house e-Platform 3.0, the Seagull benefits from an ultra- safe body structure alongside its exceptional intelligent driving experience. The vehicle comes equipped with the company's blade battery technology, offering a range of up to 380 kilometres under NEDC conditions. The vehicle can be charged from 30% to 80% in just 30 minutes with DC fast charging.

In a separate development, BYD unveiled its latest premium offering, the Denza Z9GT sedan, at the Beijing auto show. The model is based on the company's e3 technology and its powertrain houses three electric motors with peak power of 230 kW, 240 kW, and 240 kW respectively. The model churns out a combined power output of up to 1,000 hp. After the unveil at the auto show, BYD will hold another technology launch event for the car in May, and later launch it officially at the end of the year.

 
&nbsp;

Chinese electric vehicle maker BYD has issued a recall for 16,666 Seagull electric vehicles produced between April and May 2023. Some of the vehicles have issues with camera driver software which could lead the reversing screen display to fail.

Chinese electric vehicle maker BYD has issued a recall for 16,666 Seagull electric vehicles produced between April and May 2023. Some of the vehicles have issues with camera driver software which could lead the reversing screen display to fail. This can consequently affect the driver's field of vision and increase the probability of accidents, as per China's market regulator. The auto giant will start fixing the software from May 20 onwards to reduce the chances of accidents due to this issue. The rectification will be done free of cost and by the means of over-the-air (OTA) technology. BYD Seagull first went on sale in China in April 2023, when it had a starting price of RMB 73,800 (USD 10,200). It is one of the least expensive models sold by the company and also one of the highest-selling. It is sold as the Dolphin Mini in some overseas markets. Also Read: Tesla shakes up staff amid revenue decline The compact pure electric car borrows an ocean-inspired aesthetic and is full of dynamic color schemes and lines. It boasts a streamlined body with smooth curves and elegant stance. On the inside, it comes with an intelligent cockpit system and a 10.1-inch adaptive rotating screen, which offers smart voice control, karaoke, Apple CarPlay and Android Auto, among other features. Based on the in-house e-Platform 3.0, the Seagull benefits from an ultra- safe body structure alongside its exceptional intelligent driving experience. The vehicle comes equipped with the company's blade battery technology, offering a range of up to 380 kilometres under NEDC conditions. The vehicle can be charged from 30% to 80% in just 30 minutes with DC fast charging. In a separate development, BYD unveiled its latest premium offering, the Denza Z9GT sedan, at the Beijing auto show. The model is based on the company's e3 technology and its powertrain houses three electric motors with peak power of 230 kW, 240 kW, and 240 kW respectively. The model churns out a combined power output of up to 1,000 hp. After the unveil at the auto show, BYD will hold another technology launch event for the car in May, and later launch it officially at the end of the year.

BYD to recall over 16,000 Seagull EVs in China over faulty software

Tesla and SpaceX CEO Elon Musk has confirmed plans for his inaugural visit to India, where he will meet&nbsp;Prime Minister Narendra Modi later this month. During this visit, he is expected to announce major&nbsp;investments in the electric vehicle (EV) sector.

Industry analysts anticipate that India could come up&nbsp;as a big&nbsp;market for Musk's ventures in the foreseeable future,&nbsp;generating a minimum of $3.6 billion in revenue by 2030.

Musk's upcoming visit has generated&nbsp;excitement among Tesla enthusiasts in India, particularly after Prime Minister Modi's persistent efforts to persuade the tech mogul to consider India as his next destination for establishing a Tesla manufacturing facility and a global supply chain network.

Experts note that Musk's interest in entering the Indian market has been a subject of historical discussion and speculation.

"The list of possible announcements includes India providing duty cuts on imported Tesla cars, the company establishing an official sales and service presence in the country, followed by possible manufacturing facilities further out," senior analyst Soumen Mandal from Counterpoint Research told news agency IANS.

Also watch |&nbsp;Elon Musk takes to 'X' to confirm his meeting with Indian PM Narendra Modi

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/elon-musk-takes-to-x-to-confirm-his-meeting-with-indian-pm-narendra-modi-710019/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

As of now, electric vehicle (EV) adoption in India stands at 2.3 per cent. Industry data indicates that electric vehicles priced at approximately $25,000 (Rs 20 lakh and above) are anticipated to capture at least 15 per cent&nbsp;of the market share by 2030.

"India could grow into a considerable market for Tesla in the long term. As cars effectively become supercomputers on wheels, we anticipate Tesla could achieve $3.6 billion in revenue from car sales in India alone by 2030," Mandal noted.

<h2>India's EV potential</h2>

India could soon become a hub for making cars priced under $25,000, ready to export to other countries.

Experts think Tesla could help build more places to charge electric cars in India, similar to how US carmakers use common charging standards.

According to Liz Lee from Counterpoint Research, India's electric car market is about to take off, owing to government support like incentives and lower taxes, as reported by IANS.

<a href="https://www.wionews.com/world/are-elon-musks-starlink-terminals-helping-russia-in-war-against-ukraine-709914">Also read |&nbsp;Are Elon Musk’s Starlink terminals helping Russia in war against Ukraine?</a>

Car sales in India are expected to grow steadily, while electric car sales could skyrocket by 2024, driven by more interest from buyers and better government policies.

Experts also believe Tesla coming to India could boost local manufacturing and make India a bigger player in the global electric car market.

(With inputs from agencies)

Tesla and SpaceX CEO Elon Musk has confirmed plans for his inaugural visit to India, where he will meet Prime Minister Narendra Modi later this month. During this visit, he is expected to announce major investments in the electric vehicle (EV) sector.

Tesla and SpaceX CEO Elon Musk has confirmed plans for his inaugural visit to India, where he will meet Prime Minister Narendra Modi later this month. During this visit, he is expected to announce major investments in the electric vehicle (EV) sector. Industry analysts anticipate that India could come up as a big market for Musk's ventures in the foreseeable future, generating a minimum of $3.6 billion in revenue by 2030. Musk's upcoming visit has generated excitement among Tesla enthusiasts in India, particularly after Prime Minister Modi's persistent efforts to persuade the tech mogul to consider India as his next destination for establishing a Tesla manufacturing facility and a global supply chain network. Experts note that Musk's interest in entering the Indian market has been a subject of historical discussion and speculation. "The list of possible announcements includes India providing duty cuts on imported Tesla cars, the company establishing an official sales and service presence in the country, followed by possible manufacturing facilities further out," senior analyst Soumen Mandal from Counterpoint Research told news agency IANS. Also watch | Elon Musk takes to 'X' to confirm his meeting with Indian PM Narendra Modi As of now, electric vehicle (EV) adoption in India stands at 2.3 per cent. Industry data indicates that electric vehicles priced at approximately $25,000 (Rs 20 lakh and above) are anticipated to capture at least 15 per cent of the market share by 2030. "India could grow into a considerable market for Tesla in the long term. As cars effectively become supercomputers on wheels, we anticipate Tesla could achieve $3.6 billion in revenue from car sales in India alone by 2030," Mandal noted. India's EV potential India could soon become a hub for making cars priced under $25,000, ready to export to other countries. Experts think Tesla could help build more places to charge electric cars in India, similar to how US carmakers use common charging standards. According to Liz Lee from Counterpoint Research, India's electric car market is about to take off, owing to government support like incentives and lower taxes, as reported by IANS. Also read | Are Elon Musk’s Starlink terminals helping Russia in war against Ukraine? Car sales in India are expected to grow steadily, while electric car sales could skyrocket by 2024, driven by more interest from buyers and better government policies. Experts also believe Tesla coming to India could boost local manufacturing and make India a bigger player in the global electric car market. (With inputs from agencies)

Tesla can make $3.6 billion in revenue from EV sales in India by 2030. Here's how

Is BMW's bet on electric vehicles finally paying off? Well, sales data from the January to March quarter suggests it is. BMW's sales of fully electric vehicles surged in the first quarter, outperforming rivals like Tesla and Volkswagen.

BMW's EV sales rise by 28% in January-March quarter

Tesla is making a move towards the Indian market. The company plans to send a team to India by late April to scout potential locations for a new electric vehicle (EV) manufacturing plant. Meanwhile, tesla's stock price has taken a hit recently, dropping over 33% year-to-date. This decline comes after the company reported disappointing first-quarter sales figures, missing even the lowest wall street estimates. Watch in for more details!

Tesla to scout locations for EV plant in India

Japanese arch-rivals Nissan and Honda said Friday they were exploring a strategic partnership in electric vehicles to face up to a "once-in-a-century" upheaval in the car industry.

Analysts said the move was aimed at catching up with Chinese competitors who have stolen a march in EVs while Japanese firms have lost ground by focusing more on hybrid vehicles.

"We are not competing only with the traditional car makers, but also with new players... with innovative products and new business models" as well as "overwhelming price competitiveness and amazing speed," said Nissan CEO Makoto Uchida.

"We cannot win the competition as long as we stick to conventional wisdom and traditional approach," he told a joint news conference announcing a feasibility study of the partnership.The scope includes automotive software platforms, core components related to EVs, and complementary products, the companies said.

Also Read |&nbsp;<a href="https://www.wionews.com/world/us-panic-breaks-out-in-new-york-subway-after-man-shoots-another-passenger-in-head-700435">US: Panic breaks out in New York subway after man shoots another passenger in head</a>

Media reports said the partnership could include joint development of a common EV powertrain -- a so-called e-axle -- and joint procurement of batteries.

Honda CEO Toshihiro Mibe said that there was a "once-in-a-century transformation in the automotive industry".

"Our study criteria will be whether the synergy of the technologies and knowledge that our companies have cultivated will enable us to become industry leaders by creating new value for the automotive industry," he said.

<h2>Rising EV sales</h2>

Hybrids that combine battery power and internal combustion engines have proved enduringly popular in Japan, accounting for 40 percent of sales in 2022.

But Japanese firms' focus on hybrids has left them in the slow lane in meeting the growing appetite for purely electric vehicles.

Also Read |&nbsp;<a href="https://www.wionews.com/world/sixty-migrants-feared-drowned-crossing-mediterranean-from-libya-700420">Sixty migrants feared drowned crossing Mediterranean from Libya</a>

Just 1.7 percent of cars sold in Japan in 2022 were electric -- compared to 15 percent in western Europe and 5.3 percent in the United States.

EVs accounted for as much as 20 percent of new cars sold in China in 2022, and the strength of Chinese auto firms helped the country overtake Japan as the world's biggest auto exporter last year.

Honda and Nissan are even considering cutting production capacity in China as sales decline, according to media reports.

"Both of the companies are not at a high-enough scale to create enough profit margins... so they are actually under pressure to find a partnership," said Chris Redl, an auto analyst in Japan.

Watch |&nbsp;<a href="https://www.wionews.com/videos/us-imposes-sanctions-on-israeli-settlers-australia-to-resume-unrwa-funding-700442">US imposes sanctions on Israeli settlers | Australia to resume UNRWA funding</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-imposes-sanctions-on-israeli-settlers-australia-to-resume-unrwa-funding-700442/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"Even though they were very fierce rivals historically, it makes more sense for Nissan to get together with a Japanese company like Honda, rather than having these cultural wars with an alliance partner like Renault" of France, he said.

Nissan and Renault were in a major alliance but after years of tensions -- including Japan's arrest of Nissan boss Carlos Ghosn in 2018 -- the two companies are now "rebalancing" their ties.

Honda in October scrapped a tie-up aimed at making "affordable" EVs with US giant General Motors although the two firms are aiming to deploy self-driving taxis in Tokyo from 2026. 
&nbsp;

Japanese arch-rivals Nissan and Honda said Friday they were exploring a strategic partnership in electric vehicles to face up to a "once-in-a-century" upheaval in the car industry.

Japanese arch-rivals Nissan and Honda said Friday they were exploring a strategic partnership in electric vehicles to face up to a "once-in-a-century" upheaval in the car industry. Analysts said the move was aimed at catching up with Chinese competitors who have stolen a march in EVs while Japanese firms have lost ground by focusing more on hybrid vehicles. "We are not competing only with the traditional car makers, but also with new players... with innovative products and new business models" as well as "overwhelming price competitiveness and amazing speed," said Nissan CEO Makoto Uchida. "We cannot win the competition as long as we stick to conventional wisdom and traditional approach," he told a joint news conference announcing a feasibility study of the partnership.The scope includes automotive software platforms, core components related to EVs, and complementary products, the companies said. Also Read | US: Panic breaks out in New York subway after man shoots another passenger in head Media reports said the partnership could include joint development of a common EV powertrain -- a so-called e-axle -- and joint procurement of batteries. Honda CEO Toshihiro Mibe said that there was a "once-in-a-century transformation in the automotive industry". "Our study criteria will be whether the synergy of the technologies and knowledge that our companies have cultivated will enable us to become industry leaders by creating new value for the automotive industry," he said. Rising EV sales Hybrids that combine battery power and internal combustion engines have proved enduringly popular in Japan, accounting for 40 percent of sales in 2022. But Japanese firms' focus on hybrids has left them in the slow lane in meeting the growing appetite for purely electric vehicles. Also Read | Sixty migrants feared drowned crossing Mediterranean from Libya Just 1.7 percent of cars sold in Japan in 2022 were electric -- compared to 15 percent in western Europe and 5.3 percent in the United States. EVs accounted for as much as 20 percent of new cars sold in China in 2022, and the strength of Chinese auto firms helped the country overtake Japan as the world's biggest auto exporter last year. Honda and Nissan are even considering cutting production capacity in China as sales decline, according to media reports. "Both of the companies are not at a high-enough scale to create enough profit margins... so they are actually under pressure to find a partnership," said Chris Redl, an auto analyst in Japan. Watch | US imposes sanctions on Israeli settlers | Australia to resume UNRWA funding × "Even though they were very fierce rivals historically, it makes more sense for Nissan to get together with a Japanese company like Honda, rather than having these cultural wars with an alliance partner like Renault" of France, he said. Nissan and Renault were in a major alliance but after years of tensions -- including Japan's arrest of Nissan boss Carlos Ghosn in 2018 -- the two companies are now "rebalancing" their ties. Honda in October scrapped a tie-up aimed at making "affordable" EVs with US giant General Motors although the two firms are aiming to deploy self-driving taxis in Tokyo from 2026.

Auto rivals Nissan, Honda explore partnership in electric vehicles

Apple has cancelled work on its electric car, a source familiar with the matter told Reuters on Tuesday, a decade after the iPhone maker kicked off the project. Watch in for more details!

Apple cancels its autonomous electric car project

India is gearing up to become one of the most successful electric vehicles market in the world, not only is Tesla expected to turbocharge the country's electric landscape but two of India's leading EV makers are also cutting their prices this month igniting the promise of record-breaking growth Tata motors and Ola electric announced they are cutting the prices of their vehicles this month. Watch to know more!

Tesla's entry into India to be a gamechanger?

Vietnamese electric vehicle manufacturer VinFast has made a request to the Indian government to consider reducing import duties on its cars for a period of approximately two years.

This request is aimed at allowing customers to become familiar with VinFast's products while the company prepares to commence operations at its local manufacturing plant in India.

VinFast's India CEO, Pham Sanh Chau, revealed this during an interview with Reuters, espressing that the company has initiated the construction of a factory in the southern state of Tamil Nadu, with production expected to begin by the middle of the following year.

VinFast's investment plans in India have been gaining momentum, with the company and the state of Tamil Nadu recently announcing their collaboration towards an investment of up to $2 billion. As part of this agreement, VinFast intends to commit $500 million for the initial five years of the project.

Similar to Tesla, VinFast is advocating for a reduction in India's 100 per cent import duty on fully-built electric vehicles.

However, this proposal has faced opposition from domestic automakers. While the Indian government has been reviewing such requests, no decision has been made yet, according to a government official.

Pham Sanh Chau stressed the importance of reducing import duty taxes temporarily to facilitate the introduction of VinFast's products to Indian customers. He proposed a reduction to around 70 per cent to 80 per cent for a limited number of cars over a two-year period. Chau highlighted the need for customers to become accustomed to VinFast's offerings during this transitional phase.

Electric vehicles constituted a mere 2 per cent of India's total car sales last year. However, the federal government has set an ambitious target of achieving a 30 per cent market share for electric vehicles by 2030.

To support this goal, the government is actively working on initiatives to attract electric vehicle manufacturers to invest in India.

VinFast's Tamil Nadu project aims to have an annual production capacity of up to 150,000 vehicles, slightly lower than its main plant in Vietnam, which has a capacity of 250,000 vehicles per year.

Regardless of this, VinFast is optimistic about the potential of its Indian operations and is already collaborating with approximately 55 Indian dealers to establish a robust sales network. Additionally, the company is considering introducing its two-wheeler models in the Indian market at a later stage.

Pham Sanh Chau expressed VinFast's agility as a startup company, emphasising their swift progress in establishing a presence in India.

(With inputs from Reuters)

Vietnamese electric vehicle manufacturer VinFast has made a request to the Indian government to consider reducing import duties on its cars for a period of approximately two years.

Vietnamese electric vehicle manufacturer VinFast has made a request to the Indian government to consider reducing import duties on its cars for a period of approximately two years. This request is aimed at allowing customers to become familiar with VinFast's products while the company prepares to commence operations at its local manufacturing plant in India. VinFast's India CEO, Pham Sanh Chau, revealed this during an interview with Reuters, espressing that the company has initiated the construction of a factory in the southern state of Tamil Nadu, with production expected to begin by the middle of the following year. VinFast's investment plans in India have been gaining momentum, with the company and the state of Tamil Nadu recently announcing their collaboration towards an investment of up to $2 billion. As part of this agreement, VinFast intends to commit $500 million for the initial five years of the project. Similar to Tesla, VinFast is advocating for a reduction in India's 100 per cent import duty on fully-built electric vehicles. However, this proposal has faced opposition from domestic automakers. While the Indian government has been reviewing such requests, no decision has been made yet, according to a government official. Pham Sanh Chau stressed the importance of reducing import duty taxes temporarily to facilitate the introduction of VinFast's products to Indian customers. He proposed a reduction to around 70 per cent to 80 per cent for a limited number of cars over a two-year period. Chau highlighted the need for customers to become accustomed to VinFast's offerings during this transitional phase. Electric vehicles constituted a mere 2 per cent of India's total car sales last year. However, the federal government has set an ambitious target of achieving a 30 per cent market share for electric vehicles by 2030. To support this goal, the government is actively working on initiatives to attract electric vehicle manufacturers to invest in India. VinFast's Tamil Nadu project aims to have an annual production capacity of up to 150,000 vehicles, slightly lower than its main plant in Vietnam, which has a capacity of 250,000 vehicles per year. Regardless of this, VinFast is optimistic about the potential of its Indian operations and is already collaborating with approximately 55 Indian dealers to establish a robust sales network. Additionally, the company is considering introducing its two-wheeler models in the Indian market at a later stage. Pham Sanh Chau expressed VinFast's agility as a startup company, emphasising their swift progress in establishing a presence in India. (With inputs from Reuters)

Vinfast seeks import duty reduction in India to boost EV adoption

Electric vehicle (EV) startups Rivian and Lucid have adjusted their production forecasts for 2024, citing challenges in the market landscape and persistent borrowing costs hindering consumer adoption of battery-powered cars.

Rivian, backed by Amazon, announced a 10 per cent reduction in its workforce and revealed plans for a production shutdown to upgrade efficiency and cut costs.

As a result, Rivian anticipates producing 57,000 vehicles in 2024, falling significantly below analysts' estimates of 81,700 units. The company's CEO, RJ Scaringe, highlighted macro-level challenges such as high interest rates and geopolitical risks affecting consumer behavior.

Despite recent efforts to introduce lower-range options at reduced prices, Rivian faces dwindling order books and expects deliveries for the current quarter to be lower than the previous quarter.

Rivian's strategy also involves mitigating cash burn by renegotiating supply contracts and internal component production.

The company anticipates margin improvement by the end of the year, emphasising the importance of its upcoming R2 SUV unveiling to sustain momentum. Investor Vitaly Golomb noted the significance of Rivian's smaller and cheaper SUV in expanding its market appeal.

Production for the R2 SUV is slated to commence in 2026. Meanwhile, Lucid, another EV player, aims to broaden its customer base with the introduction of a mid-size car targeting a $50,000 price point by late 2026.

CEO Peter Rawlinson indicated a strategic shift towards competing with Tesla's Model Y and Model 3, foreseeing a substantial increase in Lucid's total addressable market.

Lucid, known for its Air luxury electric sedans, has also adjusted its production forecast for 2024, signaling a divergence from Wall Street's expectations.

The company plans to produce 9,000 units this year, up from 8,428 vehicles in 2023, a figure significantly lower than analysts' estimates. Lucid has been slashing prices of its Air sedans as it readies for the launch of its Gravity SUV later this year.

The company's future focus lies in expanding its product lineup to cater to a wider range of consumers and enhance competitiveness in the EV market.

(With inputs from Reuters)

Electric vehicle (EV) startups Rivian and Lucid have adjusted their production forecasts for 2024, citing challenges in the market landscape and persistent borrowing costs hindering consumer adoption of battery-powered cars.

Electric vehicle (EV) startups Rivian and Lucid have adjusted their production forecasts for 2024, citing challenges in the market landscape and persistent borrowing costs hindering consumer adoption of battery-powered cars. Rivian, backed by Amazon, announced a 10 per cent reduction in its workforce and revealed plans for a production shutdown to upgrade efficiency and cut costs. As a result, Rivian anticipates producing 57,000 vehicles in 2024, falling significantly below analysts' estimates of 81,700 units. The company's CEO, RJ Scaringe, highlighted macro-level challenges such as high interest rates and geopolitical risks affecting consumer behavior. Despite recent efforts to introduce lower-range options at reduced prices, Rivian faces dwindling order books and expects deliveries for the current quarter to be lower than the previous quarter. Rivian's strategy also involves mitigating cash burn by renegotiating supply contracts and internal component production. The company anticipates margin improvement by the end of the year, emphasising the importance of its upcoming R2 SUV unveiling to sustain momentum. Investor Vitaly Golomb noted the significance of Rivian's smaller and cheaper SUV in expanding its market appeal. Production for the R2 SUV is slated to commence in 2026. Meanwhile, Lucid, another EV player, aims to broaden its customer base with the introduction of a mid-size car targeting a $50,000 price point by late 2026. CEO Peter Rawlinson indicated a strategic shift towards competing with Tesla's Model Y and Model 3, foreseeing a substantial increase in Lucid's total addressable market. Lucid, known for its Air luxury electric sedans, has also adjusted its production forecast for 2024, signaling a divergence from Wall Street's expectations. The company plans to produce 9,000 units this year, up from 8,428 vehicles in 2023, a figure significantly lower than analysts' estimates. Lucid has been slashing prices of its Air sedans as it readies for the launch of its Gravity SUV later this year. The company's future focus lies in expanding its product lineup to cater to a wider range of consumers and enhance competitiveness in the EV market. (With inputs from Reuters)

EV startups Rivian and Lucid adjust 2024 production forecasts amid market challenges

The transport sector's transition to all-electric power could considerably improve children's health, in particular by reducing the risk of asthma attacks, according to a recent study conducted.

Choose EVs to boost children's health, says study

Electric vehicle giant BYD is predicting a record-breaking year in 2023, with net profit expected to surge by up to 86%. This projection comes amid fierce competition, including its notable rival, Tesla, which reported a 19.4% growth in net profit.

BYD eyes record 2023 profits

In this episode of Tech It Out, we tell you how cold weather affects electric vehicles. We show you a unique supersonic jet and watch our review of the Samsung Galaxy S24 Ultra. Don't miss out – watch the full show for all the details.

Supersonic jet, Samsung's new flagship phone and more| Tech It Out: ​Ep 144 | Full Show

A Tesla Cybertruck owner has spotted a major flaw in the vehicle after driving it for some miles, which it demonstrated in a video shared on social media.

Tesla Cybertruck owners spot major flaw in EV after driving

India has quickly become the preferred hub for EV manufacturing. Days after reports said that Tesla could set up a plant in the Indian state of Gujarat, Vietnamese electric-vehicle maker VinFast is all set to invest 2 billion dollars to set up a manufacturing plant in the state of Tamil Nadu.

VinFast to set up $2 bn manufacturing plant in Tamil Nadu

The race to ace the the electric market market has heated up. BYD has edged past Tesla in the fourth quarter - but only narrowly. Tesla delivered a recorded number of electric vehicles in the October December quarter. It delivered nearly 495,000 vehicles, but fell short of BYD's total of 526,409 cars. The car sales indicate that buyers are choosing cheaper models amid high interest rates.

BYD pips Tesla in quarterly sales

In a boost to Thailand's electric vehicle (EV) ambitions, major Japanese automakers are set to invest 150 billion baht ($4.34 billion) over the next five years, according to a Thai government spokesperson. <o:p></o:p>

The investment is poised to accelerate Thailand's transition to electric vehicles, with industry giants Toyota Motor and Honda Motor committing approximately 50 billion baht each. Additionally, Isuzu Motors and Mitsubishi Motors will contribute 30 billion baht and 20 billion baht, respectively, signalling a collective commitment to the production of electric pickup trucks.<o:p></o:p>

Thai government spokesperson Chai Wacharoke revealed that the investment aligns with the country's policy to shift from traditional combustion engine vehicles to a more sustainable EV landscape. This move comes on the heels of Thailand's Prime Minister Srettha Thavisin's recent trip to Japan, solidifying the strategic partnership between the two nations in the automotive sector. <o:p></o:p>

While Japanese automakers Toyota, Honda, Isuzu, and Mitsubishi did not comment on the matter, the investment is expected to bolster Thailand's status as the largest car producer and exporter in Southeast Asia. <o:p></o:p>

The Southeast Asian nation, eager to embrace the green revolution, aims to convert approximately one-third of its annual vehicle production, totalling 2.5 million vehicles, into electric vehicles by 2030. <o:p></o:p>

To encourage further investment and facilitate the shift to EV manufacturing, Thailand is rolling out tax cuts and subsidies. This move not only supports the government's environmental goals but also positions Thailand as an attractive destination for automotive investment. The investment by Japanese automakers comes at a crucial juncture when Chinese EV manufacturers are increasingly making substantial inroads into the Thai auto sector.<o:p></o:p>

The influx of Japanese investment complements Thailand's broader strategy of attracting global players in the electric vehicle space. Beyond Japanese automakers, Chinese companies such as BYD and Great Wall Motor have committed to investing $1.44 billion in new production facilities in Thailand. <o:p></o:p>

The government's proactive stance, coupled with the allure of incentives, has turned Thailand into a key battleground for international automakers vying for a stake in the growing EV market. <o:p></o:p>

This month, Thailand's Prime Minister Srettha showcased industrial estates to executives from U.S. EV maker Tesla, indicating the nation's openness to further international collaborations and investments in the electric vehicle sector.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a boost to Thailand's electric vehicle (EV) ambitions, major Japanese automakers are set to invest 150 billion baht ($4.34 billion) over the next five years, according to a Thai government spokesperson.

In a boost to Thailand's electric vehicle (EV) ambitions, major Japanese automakers are set to invest 150 billion baht ($4.34 billion) over the next five years, according to a Thai government spokesperson. The investment is poised to accelerate Thailand's transition to electric vehicles, with industry giants Toyota Motor and Honda Motor committing approximately 50 billion baht each. Additionally, Isuzu Motors and Mitsubishi Motors will contribute 30 billion baht and 20 billion baht, respectively, signalling a collective commitment to the production of electric pickup trucks. Thai government spokesperson Chai Wacharoke revealed that the investment aligns with the country's policy to shift from traditional combustion engine vehicles to a more sustainable EV landscape. This move comes on the heels of Thailand's Prime Minister Srettha Thavisin's recent trip to Japan, solidifying the strategic partnership between the two nations in the automotive sector. While Japanese automakers Toyota, Honda, Isuzu, and Mitsubishi did not comment on the matter, the investment is expected to bolster Thailand's status as the largest car producer and exporter in Southeast Asia. The Southeast Asian nation, eager to embrace the green revolution, aims to convert approximately one-third of its annual vehicle production, totalling 2.5 million vehicles, into electric vehicles by 2030. To encourage further investment and facilitate the shift to EV manufacturing, Thailand is rolling out tax cuts and subsidies. This move not only supports the government's environmental goals but also positions Thailand as an attractive destination for automotive investment. The investment by Japanese automakers comes at a crucial juncture when Chinese EV manufacturers are increasingly making substantial inroads into the Thai auto sector. The influx of Japanese investment complements Thailand's broader strategy of attracting global players in the electric vehicle space. Beyond Japanese automakers, Chinese companies such as BYD and Great Wall Motor have committed to investing $1.44 billion in new production facilities in Thailand. The government's proactive stance, coupled with the allure of incentives, has turned Thailand into a key battleground for international automakers vying for a stake in the growing EV market. This month, Thailand's Prime Minister Srettha showcased industrial estates to executives from U.S. EV maker Tesla, indicating the nation's openness to further international collaborations and investments in the electric vehicle sector. (With inputs from Reuters) WATCH WION LIVE HERE

Japanese automakers inject $4.3 billion into Thailand's EV transition

MUMBAI – The state of Uttar Pradesh in India has the highest number of electric vehicles in the country, as per latest data of government in the Lok Sabha.

Infact, the government says there is no slowdown in the sales of electric vehicles (EVs) in India and the sales is only growing compared to last year.

Based on the shared data in the parliament on the status of electric and hybrid vehicle in use in 2023, it can be found that, the states those with highest hybrid and electric vehicle (EV) in use are Uttar Pradesh with around 7.75 lakh vehicles followed by Maharashtra with around 5.17 lakh and Karnataka with around 4 lakh vehicles.

Whereas the states with the highest ELECTRIC Battery-Operated Vehicles (BOV) are Uttar Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Bihar and Gujarat.

According to the government data, India currently has around 30 lakh registered EVs on Indian roads. Annual electric vehicle sales in India are expected to reach close to 20 million units by 2030 with bulk of the volumes contributed by electric two and three-wheelers.

<a href="https://www.wionews.com/business-economy/electric-vehicle-industry-faces-challenges-as-demand-growth-slows-report-651504">Also read |&nbsp;Electric vehicle industry faces challenges as demand growth slows: Report</a>

Mass mobility, personal mobility, and shared mobility will drive electrification in India in the coming years.

The government of India says that they have been focussing on increasing the share of electric vehicles sold in the country across segments. It has undertaken various initiatives to help drive the demand for EVs in the country including:

- Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India): The government notified Phase-II of FAME India Scheme initially for a period of 5 years w.e.f. April 1, 2019 with a total budgetary support of Rs 10,000 crore.

- Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry: The scheme provides incentives up to 18 per cent for electric vehicles.

- GST on electric vehicles and chargers/ charging stations for electric vehicles has been reduced to 5 per cent.

Also watch |&nbsp;World’s quickest electric vehicle does 0-100 km/h in 0.96 seconds

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/worlds-quickest-electric-vehicle-does-0-100-kmh-in-096-seconds-635830/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

- Battery-operated vehicles will be given green license plates and be exempted from permit requirements.

- States have been advised to waive road tax on EVs, which in turn will help reduce the initial cost of EVs.

MUMBAI – The state of Uttar Pradesh in India has the highest number of electric vehicles in the country, as per latest data of government in the Lok Sabha. Infact, the government says there is no slowdown in the sales of electric vehicles (EVs) in India and the sales is only growing compared to last year.

MUMBAI – The state of Uttar Pradesh in India has the highest number of electric vehicles in the country, as per latest data of government in the Lok Sabha. Infact, the government says there is no slowdown in the sales of electric vehicles (EVs) in India and the sales is only growing compared to last year. Based on the shared data in the parliament on the status of electric and hybrid vehicle in use in 2023, it can be found that, the states those with highest hybrid and electric vehicle (EV) in use are Uttar Pradesh with around 7.75 lakh vehicles followed by Maharashtra with around 5.17 lakh and Karnataka with around 4 lakh vehicles. Whereas the states with the highest ELECTRIC Battery-Operated Vehicles (BOV) are Uttar Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Bihar and Gujarat. According to the government data, India currently has around 30 lakh registered EVs on Indian roads. Annual electric vehicle sales in India are expected to reach close to 20 million units by 2030 with bulk of the volumes contributed by electric two and three-wheelers. Also read | Electric vehicle industry faces challenges as demand growth slows: Report Mass mobility, personal mobility, and shared mobility will drive electrification in India in the coming years. The government of India says that they have been focussing on increasing the share of electric vehicles sold in the country across segments. It has undertaken various initiatives to help drive the demand for EVs in the country including: - Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India): The government notified Phase-II of FAME India Scheme initially for a period of 5 years w.e.f. April 1, 2019 with a total budgetary support of Rs 10,000 crore. - Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry: The scheme provides incentives up to 18 per cent for electric vehicles. - GST on electric vehicles and chargers/ charging stations for electric vehicles has been reduced to 5 per cent. Also watch | World’s quickest electric vehicle does 0-100 km/h in 0.96 seconds - Battery-operated vehicles will be given green license plates and be exempted from permit requirements. - States have been advised to waive road tax on EVs, which in turn will help reduce the initial cost of EVs.

India's Uttar Pradesh has the highest number of electric vehicles in the country

The german government is tightening its purse strings and the first casualty seems to be the electric vehicles industry. The federal government has decided to end its subsidy programme for the sector.

Germany ends e-vehicle subsidy | World Business Watch