BYD Me Up, Scotty!
BYD UK has partnered with Arval UK (a vehicle leasing and mobility solutions provider), to launch BYD Lease. This strategic collaboration aims to accelerate the adoption of EVs by integrating BYD's EVs into Arval's leasing offerings for both corporate fleets and private customers. A MoU underpins the partnership and focuses on key European markets, such as Italy, Spain, and Germany. BYD, known for its comprehensive development of core technologies such as powertrain systems and automotive semiconductors, has made significant strides in the (European) EV market. The MoU highlights the shared vision of both companies to promote sustainable mobility and support the transition to EVs. Arval will offer dedicated consulting services and comprehensive packages, including Arval Charging Services, to facilitate the adoption of EVs. This partnership is expected to enhance the availability of EVs and thus support the global shift towards cleaner, more efficient transportation options.
The UK Government has extended its EV workplace charging grant scheme for another year, allowing employers to access funding for installing workplace chargers. The scheme, which was set to end in March, will now continue, providing up to 75% of the total costs for installing EV charge points, capped at ￡350 per socket. Since its launch in 2016, the scheme has funded nearly 60,000 charge points across the UK. New data from the Department for Transport reveals that in the past year alone, 3,901 vouchers were redeemed, resulting in the installation of 6,565 sockets, amounting to ￡2.3m in funding. The total funding provided through the scheme has reached ￡21.8m. The South East has seen the highest uptake, while Wales and Northern Ireland have the lowest. Additionally, the Government has extended grants for EV chargers at flats and rental properties for another 12 months. This initiative aims to support the transition to EVs by making charging infrastructure more accessible to businesses, charities, and public sector organisations.
The EU's Clean Industrial Deal aims to address the challenges of scaling hydrogen production by introducing several key measures. The European Commission plans to adopt the Delegated Act on low-carbon hydrogen in Q1 2025 to clarify rules on hydrogen production from fossil fuels with carbon capture and non-renewable electrolysers. Additionally, a third European Hydrogen Bank auction with a €1bn budget will be launched to support green hydrogen production, along with a new hydrogen mechanism to connect suppliers with off-takers. The Commission will also assess the effectiveness of its renewable fuels of non-biological origin criteria, which have been criticised for being too restrictive. A voluntary label on the carbon intensity of industrial products will be introduced under the Industrial Decarbonisation Act, allowing producers to benefit from targeted incentives. To support domestic manufacturing, the Commission has announced €100bn in funding to improve the business case for Made-in-EU clean manufacturing. Ms Ursula von der Leyen (President of the European Commission), emphasised the importance of reducing energy costs and regulatory burdens to help European companies succeed.
Liverpool City Region has announced it has ordered 58 Alexander Dennis Enviro400EV double-decker buses, which are battery-electric and part-funded by a ￡9.4m allocation from the ZEBRA (Zero Emission Bus Regional Areas) scheme. These buses are expected to enter service later this year and will be owned by the combined authority but operated by a commercial operator until franchising begins in 2026. This order adds to a previous one for 50 electric buses announced in September 2024. The Mayor, of the Liverpool City Region, emphasised that buses are crucial to the public transport network, accounting for 80% of all public transport journeys in the region. He highlighted the importance of these new electric buses in building a reliable, affordable, and sustainable transport system.
FirstGroup has completed its acquisition of RATP Dev Transit London, rebranding it as First Bus London. This move marks FirstGroup's return to the London bus market after an absence dating back to 2013. The acquisition includes c.1,000 buses from 10 depots and c.3,700 employees, giving First Bus London a c.12% share of the Transport for London bus market across 83 routes. Notably, a third of the fleet is battery-electric. Mr Colin Brown (First Bus CFO), and Mr Bill Cahill (MD) will lead the business going forward. FirstGroup anticipates annual revenues of between ￡300-350m with operating margins of c.6.7% as the contract portfolio evolves over the next 5 years. This acquisition is part of FirstGroup's broader strategy to expand its operations and strengthen its role in sustainable travel across the UK and Ireland.
Xpeng has announced it has delivered over 30,000 cars for the 4th consecutive month in February 2025. The company reported delivering 30,453 cars, including more than 15,000 units of its lower-priced Mona vehicle. The Mona M03, featuring a basic driver-assist system, has consistently achieved over 15,000 deliveries per month since December. Additionally, strong demand for the P7+ electric sedan (launched in November) has propelled its deliveries to over 30,000 units in less than 3 months. Despite a typically slow sales period due to the Lunar New Year, Xpeng's performance stands out in a competitive market where traditional automakers and new entrants are aggressively cutting prices and introducing new tech features. Analysts from Nomura suggest that Xpeng's planned new vehicles could help maintain its solid delivery momentum.
The EU and India have announced they have established a joint research cooperation project on waste-to-hydrogen technology as part of their collaborative efforts to advance clean technologies. This initiative is supported by a budget of c.€60m, funded by the Horizon Europe programme and matching contributions from India. The cooperation will focus on developing more efficient technologies to produce hydrogen from biogenic wastes. In addition to waste-to-hydrogen, the collaboration will also target electric battery recycling and marine plastic litter. The goal is to enhance the efficiency and sustainability of these technologies, contributing to the broader objective of reducing environmental impact and promoting clean energy solutions. This partnership underscores the commitment of both the EU and India to foster innovation and address global environmental challenges through joint research and development efforts.
VinFast has announced it is partnering with Motech to enhance its EV service network in the Philippines. This collaboration formalised through a MoU, aims to certify Motech's 63 service centres to provide professional after-sales services for VinFast EVs. VinFast will offer training and technical support to ensure high-quality service and genuine parts for its customers. The partnership is part of VinFast's broader strategy to establish over 100 service centres in the Philippines, addressing the growing demand for EVs and alleviating concerns about after-sales services. Additionally, VinFast is expanding its EV ecosystem in the Philippines, including the introduction of its VF7 model and the deployment of 100,000 charging stations through a collaboration with eTreego. This initiative underscores VinFast's commitment to promoting green transportation and supporting the transition from gasoline to electric vehicles in the region.
Deals
Endera, an American commercial EV manufacturing startup, has secured $49m in funding to expand its production of electric buses. The funding, led by Magnetar and supported by Pulse Fund and Pritchard Auto Company, includes $36m in equity and a $13m loan. This investment will enhance production capacity at Endera's Ohio facility, develop new vehicle technologies, and broaden its reach in both public and private transportation sectors. Endera's vertically integrated model allows it to control every stage of production, thus being able to offer a more holistic solution for operators. The company primarily targets the transit market but also plans to produce electric school buses and shuttles. Endera's goal is to lower costs and improve service reliability by streamlining procurement and ensuring a reliable supply chain.