India's electric vehicle market is projected to grow 12x to 30.4 million units by 2032, driven by policy support and consumer appeal. Electric two- and three-wheelers will lead sales, while battery demand surges from 19 GWh to 362 GWh. The domestic component market is expected to reach Rs 3,02,000 crore.
LG Energy Solution's operating profit dropped 77% in Q2 to 113.3 billion won due to sluggish EV sales in North America and suspended US joint venture operations. Excluding a US tax credit, the company posted an operating loss.
Tesla's strong sales figures were met with a stock decline, signaling its valuation may be fully priced in. Meanwhile, smaller competitor Rivian has launched the R2 SUV, directly challenging Tesla's dominant Model Y in the mid-market segment. Despite Rivian's smaller scale and unprofitability, its new offering and a consumer trend indicator suggest a shift in the EV landscape.
China's electric and plug-in hybrid car deliveries fell 7% year-on-year in the last month to 1.04 million units, according to the China Passenger Car Association. Weak consumer sentiment and expectations of further price cuts are impacting sales.
Rivian has increased its 2024 vehicle delivery forecast to 65,000-70,000 units, up from 62,000-67,000, despite a slowdown in U.S. EV sales. The company attributes this to strong second-quarter performance and the introduction of its mass-market R2 SUV.
A tornado directly hit Rivian's EV factory in Normal, Illinois, causing significant structural damage and flooding, just days before production of the critical R2 model was set to begin. This incident exacerbates Rivian's existing financial struggles and the broader challenges facing the electric vehicle market, making the R2's success a make-or-break moment for the company.
India's electric car market experienced a significant shift in May, with Tata Motors and Mahindra & Mahindra gaining market share, while JSW MG Motor and Hyundai Motor lost ground. Sales surged 79% to 26,319 units, driven by rising fuel prices and improved infrastructure.
Tesla and BYD reported significant sales increases in May, with Tesla's registrations in France jumping 655% and BYD's overseas sales rising 80%. This rebound supports a broader recovery in the European electric vehicle market, driven by policy support and consumer demand.
German automakers are reducing discounts on new electric vehicles, a trend attributed to the recent government subsidy program. The average discount has fallen from 19.5% to 18.6%, making EVs more expensive than comparable combustion engine cars. Meanwhile, the used EV market is rapidly expanding.
Global electric vehicle sales surged to 20 million units last year, with China leading growth. The US market remains stagnant due to policy issues and Chinese automaker restrictions, challenging startups like Rivian and Lucid. Chinese brands are driving global expansion, particularly in developing economies.
Volvo launches the EX60 compact SUV in the US, aiming to overcome past EV challenges with 400 miles of range and advanced software. Priced at $59,795, it faces a tough EV market but seeks to attract consumers with superior features.
Honda adapts to US EV market downturn by reallocating resources to hybrid models, planning 15 new hybrid launches by 2030, while adjusting regional strategies for Japan, China, and India.
Stellantis partners with Leapmotor to produce an electric SUV in Spain for the European market by 2028, sidestepping EU manufacturing targets and tariffs, amidst a trend of European automakers collaborating with Chinese brands to optimize factories and enter the market.
India's EV market crossed 2.5-2.7 million unit sales in FY2026, with Uttar Pradesh leading at ~6 lakh EVs (mostly three-wheelers), Maharashtra at ~4 lakh, and Karnataka emerging as a key urban market. State policies including road tax waivers, lower registration charges, and purchase incentives are making EVs economically attractive, shifting buyer decisions from hybrids to electric vehicles based on total cost of ownership.
SEOUL, April 30 (Yonhap) -- LG Energy Solution Ltd. said Thursday it swung to a ...
