EV news roundup: Here’s this week’s top EV news you may have missed.
Tesla: After a near flatline in production last month, Tesla’s Q2 report shows an upward trajectory.
- Tesla’s Giga Shangai factory is now working toward producing 3,000 EVs per day.
- The company is also looking to expand its Fremont, California, plant, and is ramping up production at its Austin and Berlin gigafactories.
Ford: Surpassing rival GM, Ford’s Q2 performance far exceeded expectations, boosting shares by 6% on Wednesday.
- CEO Jim Farley said the company is aiming to produce 14,000 EVs globally in July, 600,000 over the next year, and 2 million by 2026.
GM: With supply chain challenges hindering production, GM’s Q2 earnings fell short of expectations, knocking shares down.
- However, things could be looking up for the automaker that vows to beat Tesla: It stated it has “contractually secured” enough battery raw materials to produce 1 million EVs by 2025.
- Additionally, the automaker secured a $2.5 billion federal loan for construction of three battery-cell factories.
Toyota: The automaker plans to invest $1.8 billion over the next five years to produce EVs in Indonesia.
- The effort will capitalize on the Indonesian government’s plan to get 2.2 million EVs and 13 million electric motorcycles on its roadways by 2030.
- With large deposits of nickel laterite within its borders, the country plans to become a global leader in EV production and export.
VinFast: Vietnam’s first automaker has bold ambitions for US expansion.
- VinFast, created in 2017 by the country’s first billionaire, Pham Nhat Vuong, announced plans to build a $4 billion factory in North Carolina. It already has six showrooms in California.
- The company takes a novel approach with consumers by selling EVs but leasing the batteries, promising to swap them out when battery life degrades.
The big takeaway: The US Senate’s proposed climate bill, which grants $7,500 in tax credits for new EVs and $4,000 for used ones, could boost EV demand. However, its restrictions on battery material sourcing won’t help the industry’s supply challenges.
- An abundance of nickel reserves in Vietnam could position VinFast to become an EV-production leader, but it might have a tough road ahead to win over US consumers.
- Support from the US federal government will help boost production but won’t be enough to guard against supply chain disruptions for the many minerals needed in EV batteries.
- In addition to more battery R&D and domestic mining, we could also see the US ramp up partnerships with Southeast Asian countries to offset China’s mineral dominance.