Interesting EV developments

Issue #222, October 24, 2023

This week saw some interesting developments in the electric vehicle (EV) industry. Toyota announced that is close to large-scale manufacture of solid-state batteries with much better range and charging rates. The car maker also accepted Tesla's North American Charging Standard (NACS) for vehicle charging in the US. Tests to measure the quality of a battery and the value of a used car are catching up. Honda announced its partnership and a specific vehicle model with battery swapping to reduce delivery time for vans used for logistics. Suppliers have started playing a key role for EV weight reduction by integrating lightweight components. On the flip side, Elon Musk issues a warning for slow down in EV sales due to high borrowing cost and economic risks. Below are some interesting updates in the EV industry.

Toyota's solid state batteries

Toyota says it is close to being able to manufacture next-generation solid-state batteries at the same rate as existing batteries for electric vehicles, marking a milestone in the global race to commercialise the technology. Its headway in manufacturing technology follows a “breakthrough” in battery materials recently claimed by the world’s largest carmaker by vehicles sold. It would allow Toyota to mass-produce solid-state batteries by 2027 or 2028. - Financial Times

Battery tests for EV worth

A race is on to certify battery health and performance in used EVs, with startups scrambling to help buyers figure out how much a secondhand EV is really worth. With combustion-engine cars, mileage and years can tell how much a buyer should fork out. That formula does not work with EVs - whose value depends largely on their battery's driving range and ability to hold a charge. Until recently, there was no way to measure battery health, hampering used EV sales. But that is changing as companies rush to scale up EV battery tests. - Reuters

Battery swapping for reduced downtime

Honda and Yamato Transport are exploring options to electrify vehicles used for package deliveries.They are joining hands to put battery-swap EVs on Japanese roads, in an effort to build greener commercial fleets without the downtime associated with conventional EVs. Honda will present a battery-swap version of its N-Van microvan at the Japan Mobility Show 2023 in Tokyo. - Nikkei Asia

Suppliers and weight reduction

Suppliers play a key role for collaboration and timely supply of components. As the industry's shift to EVs gains momentum, automakers are racing to address the critical challenge of enhancing vehicle efficiency and extending battery range. Suppliers are offering diverse solutions. One avenue being explored by tier 1 suppliers is the integration of lightweight components for weight reduction. Electric cars are about 20 percent heavier than their gasoline-powered counterparts, according to the Center for Automotive Research.

Toyota and Tesla's EV chargers

Tesla's duperchargers command a 60% market share among EV chargers in the US. Toyota Motor's adoption of Tesla's charging standard for EVs cements the technology's lead in the North American market. But Asia will prove a different battleground. Toyota will incorporate the North American Charging Standard (NACS) for EVs sold in North America starting in 2025, marking a switch from the Combined Charging System (CCS) standard. - Nikkei Asia

Tesla's EV growth slow down

Tesla recently joined GM and Ford in being cautious about expanding EV production capacity, citing economic uncertainties and underscoring fears of a slowdown in demand. Tesla CEO Elon Musk said he was worried that higher borrowing costs would prevent potential customers from affording its vehicles despite substantial price cuts, and that he would wait for clarity on the economy before ramping up its planned factory in Mexico. - Reuters