Revving Up the EV Revolution
Dear readers,
Ethiopia is advancing its green mobility transition by introducing locally assembled electric minibuses, backed by components from China's Golden Dragon Company, as part of a broader government effort to reduce reliance on gasoline and diesel vehicles.
In Europe, the electric vehicle (EV) leasing market is experiencing challenges due to low residual values, causing leasing firms to raise prices and consider exiting the market if forced to transition to EVs too rapidly.
In India, legacy companies like Bajaj Auto and Hero MotoCorp are gaining market share in the electric two-wheeler sector, while startups such as Ola Electric and Ather Energy are seeing a slowdown.
India's ambitious goal to achieve net-zero emissions by 2070 necessitates significant investment in electric vehicles (EVs) and battery manufacturing, with a report indicating a need for $323 billion for EVs and $196 billion for batteries.
In South Korea, hybrid vehicles have the lowest fire occurrence rate compared to other fuel types, despite a significant increase in registrations over recent years.
Global electric vehicle (EV) manufacturers, including Genesis and Volvo, are delaying the launch of new models due to declining consumer confidence and rising safety concerns, particularly related to battery fires. A
In Taiwan, the demand for high-resolution vehicle image sensors is expected to grow significantly, driven by advancements in autonomous driving and driver assistance systems.
Jürgen Germeys
China
Peoples Daily | English | News
Ethiopia is advancing its transition to green mobility by introducing electric minibuses into public transport as part of a government initiative to ban gasoline and diesel vehicle imports amidst rising global fuel prices. The electric minibuses, which are described as larger, quieter, and more cost-effective than traditional minibuses, are assembled locally by Belayneh Kindie Metal Engineering Complex using components imported from China's Golden Dragon Company. In 2023, Ethiopia spent $6 billion on fuel imports, with many vehicles over 20 years old contributing to high pollution levels. Since mid-2023, the local company has assembled 216 minibuses, selling 50% to transport providers and government offices. The Ethiopian government plans to import nearly 500,000 electric vehicles by 2030, offering duty-free importation of EV parts to promote adoption and local assembly. This transition also includes local employment opportunities, with at least 75 workers hired for assembly, and training provided by Chinese engineers. The Minister of Transport and Logistics is actively seeking partnerships with Chinese manufacturers to foster local EV production.
China Daily | English | News
Low residual values for electric vehicles (EVs) have led European leasing firms to increase prices and some are considering exiting the market if forced to transition to electric too quickly. In Europe, leasing plays a crucial role, accounting for up to 60% of new car sales and as high as 80% for EVs. Leasing prices are based on expected depreciation, but secondhand EV prices have dropped since October 2022 due to various factors, including price cuts from Tesla and concerns about charging infrastructure. Resale values for EVs in Germany are currently 24% below pre-pandemic levels. While losses from low EV resale values are limited for some leasing firms, they are significant enough to warrant price increases. For instance, the cost of leasing an EV has more than doubled in Germany, contrasting with a slight decrease in fossil-fuel vehicle leasing rates. There has been a decline in German EV sales following the removal of consumer subsidies. To mitigate resale risks, leasing firms are extending lease terms for EVs and leasing them multiple times at lower rates. Concerns persist regarding potential European Commission mandates for corporate fleets to adopt EVs, which could exacerbate resale risks for leasing companies. Stakeholders warn that forced rapid electrification might lead firms to withdraw from the market altogether, as the shift to EVs remains a significant financial risk.
India
The Economic Times | English | News
In the first quarter, the market share of leading electric two-wheeler startups, including Ola Electric, Ather Energy, and Greaves Electric, fell to 48.8% from 59% year-over-year. In contrast, legacy manufacturers such as Bajaj Auto, Hero MotoCorp, and TVS Motor increased their share to about 30%, up from 25.5% in the same period of FY24. Overall electric two-wheeler sales rose 1.4% to 221,548 units. Ola Electric maintained its lead with 107,911 units sold, a 57% increase, while Bajaj and Hero grew sales by 50% and 376% respectively. Hero's electric scooter, Vida V1, saw a 186% increase in dispatches to 10,000 units. Despite some startups slowing down, Bajaj aims to scale sales of its Chetak electric scooters significantly. Both companies emphasize growth over immediate profitability, with plans to expand their EV product lines and market presence, including entry into European markets. TVS also has ambitions to launch multiple new products, including various EVs.
Deccan Herald | English | News
Foxconn is in the process of establishing a Battery Energy Storage System (BESS) unit in Tamil Nadu, as announced by chairman Young Liu during a recent visit to India. The company aims to expand its battery manufacturing, focusing particularly on the electric vehicle market, and has already set up its first plant in Taiwan. Liu highlighted Foxconn's "3+3 strategy," which emphasizes growth in electric vehicles, digital health, and robotics. The proposed BESS will facilitate energy storage from renewable sources. In addition to the battery project, Foxconn plans to introduce an electric vehicle unit in India, with production expected to start soon. Liu stated that Foxconn's business in India has surpassed $10 billion and expressed optimism about collaborating with Indian industries for mutual growth.
Hindu Business Line | English | News
India aims for net-zero emissions by 2070, requiring a shift to low-carbon technologies, particularly in transport, which accounts for 13% of greenhouse gas emissions. A report by the Climate and Sustainability Initiative outlines that original equipment manufacturers (OEMs) will need to invest $323 billion in electric vehicles (EVs) and an additional $196 billion to meet domestic battery demand of 1,716 GWh by 2070, ultimately establishing 172 giga-factories. To support this transition, the report emphasizes the need for financial solutions, including first-loss guarantees and green credit lines, alongside infrastructure development. It highlights the potential for $14.1 trillion in revenue for OEMs and $4.1 trillion in Goods and Services Tax (GST) collection from the automotive sector from 2020 to 2070, contingent on initial investments and policy changes.
South Korea
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Maekyung | Local Language | News
Hybrid vehicles have the lowest fire occurrence rate among various fuel types, with a total of 131 fires reported over the past five years. Diesel vehicles led with 6,777 fires, followed by gasoline vehicles at 3,885 and electric vehicles at 157. The registration of hybrid vehicles has increased significantly, from 506,000 in 2019 to 1,542,000 in 2023, yet the number of hybrid vehicle fires rose only slightly, from 23 in 2019 to 31 in 2023. In contrast, electric vehicle fires grew from 7 in 2019 to 72 in 2023, in line with increasing registrations from 90,000 to 544,000 units during the same period. The fire rate based on total registrations was lowest for hybrid vehicles at 0.002%, followed by gasoline (0.006%), electric (0.013%), and diesel (0.015%). Most vehicle fires occurred on public roads, with diesel vehicles experiencing the highest number of incidents on highways.
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Joongang Ilbo | Local Language | News
Hyundai Mobis has developed technology that delays thermal runaway in electric vehicle batteries by up to 20 minutes during a fire, significantly improving the safety of electric vehicles. This advancement, set for application in vehicles launching next year, enhances the packing technique of battery cells, increasing fire resistance and allowing more time for passengers to escape. By reducing surface pressure between cells and using fire-resistant materials such as heat-resistant silicon, this technology aims to prevent the spread of fire from one cell to another. Regulations worldwide are trending towards requiring similar safety measures for electric vehicles, with existing laws in China and Europe mandating at least a 5-minute delay, and discussions in Korea and the U.S. about implementing similar regulations.
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ET News | Local Language | News
MDS Intelligence and TJT Plus have signed a business agreement to collaborate on electric vehicle fire response solutions. They will focus on developing liquid fire extinguishing agents for Class A and C fires and an integrated fire control system utilizing digital twins. MDS Intelligence has secured an exclusive contract with TJT Plus in areas such as IoT and digital twins, aiming to enhance integrated control systems to address electric vehicle and battery fires, relevant for public, defense, and construction sectors. TJT Plus's 'Enclear' is noted for its low electrical conductivity, making it effective against battery and electric vehicle fires. It can be stored in various conditions without performance issues and is certified as an environmentally friendly, Class C liquid extinguishing agent by the Korea Fire Institute. MDS Intelligence aims to minimize damage from lithium-ion battery fires and data center fires through this partnership, in line with government initiatives for developing fire management systems. Woo Kyung-il from MDS Intelligence indicated plans to implement solutions in data centers, electric vehicle charging stations, and semiconductor facilities using AI, IoT, and digital twin technologies alongside TJT Plus’s extinguishing agents. MDS Intelligence also provides various IoT-based software and services.
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ZD Net Korea | Local Language | News
New analysis indicates that the price of new electric vehicles (EVs) in the UK has dropped by nearly 50% within a year, significantly faster than the previously expected three-year depreciation timeline. Notable declines include the Ford Mustang Mach-E and Polestar 2, both losing 52% of their value, while the Tesla Model 3 fell by 45%, the Porsche Taycan by 49%, and the Hyundai Ioniq 5 by 50%. The Mercedes-Benz EQE experienced the largest drop, losing 50% of its value within just 12 weeks of purchase, equating to a loss of $615 per day. The depreciation is attributed to the rapid advancement of EV technology, with newer models offering improved performance and longer driving ranges compared to first-generation vehicles.
Korea Times | English | News
Global electric vehicle (EV) manufacturers, including Genesis and Volvo, are delaying the launch of new models due to decreased consumer interest and rising safety concerns related to battery fires. Recently, consumer confidence in EVs has declined sharply, particularly after a Mercedes-Benz EQE sedan exploded in an underground parking lot, echoing similar incidents involving vehicles from Tesla and Kia. As a result, many customers are shifting their preference to hybrid and gasoline-powered cars. The Genesis Electrified G80 facelift, initially scheduled for release, has been postponed indefinitely. Volvo plans to delay the launch of its EX30 electric SUV until late 2024. Overall, EV sales in Korea fell 16.5 percent in the first half of the year, and further declines are anticipated. Industry experts suggest carmakers may need to adjust their launch schedules in light of growing concerns over battery safety and consumer apprehension toward EVs, adopting a cautious wait-and-see approach for now.
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ET News | Local Language | News
DN&T has initiated the development of notching equipment for all-solid-state batteries under a new business division led by the CEO. All-solid-state batteries, which utilize solid electrolytes for improved safety, necessitate distinctive notching technology due to their differing material composition and increased thickness compared to traditional lithium-ion batteries. The company aims to create laser notching equipment to cut roll-shaped electrodes and solid electrolyte materials effectively. Bae Sung-min, CEO of DN&T, emphasized the importance of laser notching in the all-solid-state battery era, citing the increased difficulty due to thicker electrodes and the switch to stronger materials from traditional aluminum foil. DN&T is noted for having commercialized laser notching equipment for secondary battery anodes and has secured a significant order for such equipment from LH Battery Company. The company is also preparing laser notching equipment for the maintenance part of the battery, having completed development and current verification processes. They expect to conduct demonstrations for potential customers soon. Furthermore, DN&T aims to diversify its customer base beyond LG Energy Solution, particularly as demand for notching equipment rises with recent trends in square battery production. The shift from a winding to a stacking process in square batteries has increased the need for notching equipment, leading to growing interest from various battery manufacturers.
Taiwan
研調：因應自動駕駛需求 車用影像感測器將顯著成長
Central News Agency | Local Language | News
Research organization DIGITIMES Research Center indicates that automotive image sensor manufacturers are developing high-resolution products, with an emphasis on 8 million pixel sensors and advancing towards 12 million pixels or more. Key technologies like LED light source flicker suppression enhance image recognition stability, while high dynamic range (HDR) technology captures detailed images in high-contrast scenarios. As autonomous driving technology and advanced driver assistance systems (ADAS) evolve rapidly, CMOS Image Sensors (CIS) have become mainstream in the automotive market due to their low power consumption and high processing speed. The market for automotive image sensors is expected to grow significantly in the coming years, bolstered by improvements in image quality and long-distance recognition capabilities. Image sensors play a crucial role in converting optical signals into digital images, enabling vehicles to sense their surroundings effectively.
印媒：鴻海擬在印度設立電池儲能部門
Central News Agency | Local Language | News
Hon Hai Chairman Liu Yangwei announced plans to establish a battery energy storage system subsidiary in India during an interview. He is currently in India to discuss collaboration on projects in the southern state of Tamil Nadu.
Vietnam
Vietnam Net - E | English | News
The Prime Minister has directed stronger efforts to expedite site clearance and resettlement for key transport projects that are lagging behind schedule, affecting their completion. Projects impacted include the eastern North-South Expressway, Tuyen Quang-Ha Giang, Bien Hoa-Vung Tau, and others due for completion by 2025. Local leaders are urged to mobilize resources, engage with residents, and collaborate with investors to prioritize site clearance. Specific tasks have been designated for localities, focusing on the timely relocation of high-voltage power lines and the construction of resettlement areas. The Ministry of Industry and Trade and Vietnam Electricity (EVN) have been instructed to streamline procedures, and the Ministry of Transport is tasked with ensuring coordination among stakeholders. Deputy Prime Minister Tran Hong Ha will oversee the implementation and report to the PM on issues beyond their authority.