VinFast gets US$1b funding led by Emirates Driving Source : https://evlife.sg/blog/vinfast-gets-us%241b-funding-led-by-emirates-driving Vietnamese electric-vehicle maker VinFast Auto Ltd is set to receive at least US$1 billion (RM4.4 billion) of investments from a group of investors led by Emirates Driving Co, a person with direct knowledge of the deal said. The infusion is part of an agreement with the UAE company announced Tuesday, the person said, asking not to be identified because the investment amount isn’t public. Emirates Driving will also provide VinFast with its expertise in driver training and road safety, and the development of an EV ecosystem, the companies said. A representative for VinFast declined to comment on the investment figure, while Emirates Driving didn’t respond to an email seeking comment. VinFast shares have dropped about 53% year-to-date. The Vietnamese automaker posted a net loss of 18.76 trillion dong in the second quarter of this year, compared with a loss of about 13.4 trillion dong a year earlier. VinFast’s billionaire founder and chief executive officer Pham Nhat Vuong said in an interview with Bloomberg TV in June that he was willing to bet all his money on the company’s growth. The EV maker expects to open an India factory in the first half of next year and broke ground on an assembly plant in Indonesia in July. VinFast has delayed the opening of a factory in North Carolina by three years to 2028.

Honda's Bold Move: Establishing an EV Hub in Ohio Source : https://www.evlife.my/blog/honda%27s-bold-move:-establishing-an-ev-hub-in-ohio Marysville, Ohio – Honda is making significant strides towards an electrified future with the establishment of a new Electric Vehicle (EV) Hub in Ohio. This ambitious project is part of Honda's broader strategy to achieve 100% zero-emission vehicle sales by 2040. Investment and Infrastructure Honda has committed to investing at least $700 million to transform its Marysville Auto Plant (MAP), East Liberty Auto Plant (ELP), and Anna Engine Plant (AEP) into a state-of-the-art EV production hub. This investment will not only retool these facilities for EV production but also create 300 new jobs and upskill 300 existing associates for the assembly of the Intelligent Power Unit (IPU), which houses the EV battery. Strategic Role and Flexibility The EV Hub will play a crucial role in developing Honda's expertise in EV technology, which will be shared across its North American production network¹. The Marysville Auto Plant, Honda's first auto production facility in America, will have the flexibility to produce both internal combustion engine (ICE) vehicles and EVs on the same line¹. This adaptability allows Honda to respond swiftly to market demands while showcasing the ingenuity of its associates. Commitment to Carbon Neutrality Honda's EV Hub is a testament to its commitment to carbon neutrality and sustainable innovation. The company aims to start EV production in late 2025, with retooling efforts already well underway. The establishment of this hub is not just an investment in infrastructure but also in the people who will lead Honda into an electrified future. Leadership and Vision Bob Nelson, executive vice president of American Honda Motor Co., Inc., emphasized the strategic importance of the EV Hub: "Our EV Hub in Ohio is playing an essential and strategic role for the evolution of EV production at Honda, in North America and globally. We are investing in the Honda associates who will be taking on new responsibilities to lead us into the electrified future". As Honda continues to embrace teamwork, respect, and open communication, the values that have driven its success over the past 45 years will undoubtedly power it into a sustainable and electrified future.

Panasonic Energy Gears Up for Mass Production of 4680 EV Batteries Source : https://www.evlife.my/blog/panasonic-energy-gears-up-for-mass-production-of-4680-ev-batteries Panasonic Holdings' energy unit has finalized preparations for the mass production of its 4680 electric vehicle (EV) batteries. The company announced that its renovated plant in Wakayama will serve as the primary factory for producing these advanced cells, which boast five times the capacity of the smaller 2170 cylindrical batteries¹. The 4680 cells are expected to significantly enhance the driving range of electric vehicles while reducing the number of cells needed to achieve the same battery pack capacity. This innovation marks a crucial step forward in the EV industry, as automakers strive to improve efficiency and performance. Panasonic Energy has already sent samples of the 4680 batteries to some of its automotive partners and plans to commence production once it receives approval from these clients. The company aims to start production within the first half of the current business year, which began in April. The Wakayama plant is projected to employ around 400 staff members by March 2025, focusing on the development and production of the new batteries. This facility will also serve as a testing ground for processes that could be implemented at other battery factories worldwide. Panasonic Energy currently manufactures 2170 and 1860 cylindrical EV batteries at its Suminoe and Kaizuka plants in Japan. The addition of the 4680 cells to its production lineup underscores the company's commitment to advancing battery technology and supporting the growing demand for electric vehicles.

Thai EV sales set to miss target as banks tighten auto loans Source : https://www.evlife.sg/blog/thai-ev-sales-set-to-miss-target-as-banks-tighten-auto-loans Thailand’s electric vehicle sales are set to miss targets this year as lenders turn more cautious in sanctioning new auto loans with the nation’s household debt hovering near a record, according to an industry group. New battery-powered passenger EV registrations are seen at 80,000 units this year, said Suroj Sangsnit, president of the Electric Vehicle Association of Thailand. That’s below the 150,000 units forecast by the group earlier this year. The tally is still about 5% more than over 76,000 units sold in 2023. The cut in sales forecast is bad news for Chinese makers like BYD Co. and Great Wall Motor Co., which have just started producing locally-made cars this year after investing in factories to capitalize on Thai government incentives to drive adoption of new-energy vehicles. Globally too, EV sales growth has slowed as demand cooled and countries scaled back subsidies. Earlier this week, Volvo Car AB abandoned a target to sell only fully electric vehicles by the end of this decade, joining several peers in dialing back their expectations. Thailand’s auto industry group has cut its full-year production forecast of all vehicles to 1.7 million units this year from 1.9 million units predicted earlier, citing a "worrisome” 50% refusal rate for auto loans. Domestic automobile sales have fallen 24% in the first seven months of the year, according to data from the Federation of Thai Industries. Sales of EVs have so far buckled the trend to post a 13% growth during the same period. Thailand has slashed import and excise taxes and given cash subsidies to buyers in exchange for automakers’ commitment to start local production - all part of a renewed push to uphold its long-time standing as a regional auto hub. That saw sales soar sevenfold in 2023. The slowdown this year has less to do with demand but more with Thailand’s chronic economic issues such as a tepid growth rate and high levels of household debt. That’s led to an uptick in non-performing loans among vehicle buyers, prompting commercial banks and other private finance companies to tighten lending rules. "It’s not that demand is declining, but when you can’t get loans approved, then it’s game over,” said Krisda Utamote, honorary adviser at the EV association. "Our economic situation isn’t looking good. EV sales are at least still up this year, while it’s all decline for the other types of vehicles.” The outlook remains bleak with the Bank of Thailand predicting further increase in non-performing loans as small businesses and individual borrowers struggle to repay debt. "Who will the EV makers who have set up factories here sell their cars to if sales continue to be like this?” association president Suroj told reporters. "We want to prioritize a discussion with the government on tackling household debt, which is the main reason why auto sales are falling.”

Volvo Revises 2030 EV-Only Goal Amid Market Shifts Source : https://www.evlife.sg/blog/volvo-revises-2030-ev-only-goal-amid-market-shifts In a significant strategic shift, Volvo Cars has announced it will no longer pursue its ambitious target of selling only fully electric vehicles (EVs) by 2030. The Swedish automaker cited changing market conditions and evolving consumer demands as key reasons for the adjustment. Volvo now aims for between 90% and 100% of its sales to be fully electric or plug-in hybrid models by 2030, with up to 10% comprising mild hybrid vehicles if necessary. This decision marks a departure from the company's previous commitment, made just three years ago, to phase out internal combustion engines entirely. Market Realities and Consumer Preferences The decision comes as the automotive industry grapples with fluctuating demand for EVs, driven in part by the slow rollout of charging infrastructure and the end of some government incentives³. Additionally, the imposition of tariffs on EVs manufactured in China has added to the uncertainty, affecting companies like Volvo that rely on Chinese production facilities. "We remain resolute in our belief that our future is electric," said Jim Rowan, CEO of Volvo Cars. "However, it is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds". Strategic Adjustments Volvo's revised strategy includes a continued focus on plug-in hybrids, which combine electric power with traditional combustion engines. The company plans to revamp its hybrid XC90 SUV, with the first customers expected to receive the updated model by the end of the year. By 2025, Volvo now expects electrified vehicles—both full EVs and hybrids—to account for between 50% and 60% of its sales volumes. This is a shift from the previous target of at least 50% fully electric cars by the same year. Industry Implications Volvo's move mirrors a broader trend in the automotive industry, where several major manufacturers are recalibrating their EV ambitions. Companies like General Motors and Ford have also scaled back their targets, reflecting the complex and evolving landscape of the global car market. As Volvo navigates these changes, it continues to call for stronger and more stable government policies to support the transition to electric mobility. The company remains committed to its long-term vision of a fully electric future, albeit with a more flexible and pragmatic approach.

Indonesia, a resource-rich nation, is setting its sights on Africa as a significant market for locally produced electric vehicle (EV) batteries. Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, recently announced this strategic move, recognizing the continent's growth potential and abundant cobalt resources. Source : https://evlife.my/blog/indonesia-aims-to-tap-africa%27s-ev-battery-market Why Africa? 1. Population Growth: By 2045, Africa's population is estimated to double, making it a substantial market for EVs. Indonesia aims to capitalize on this demographic shift. 2. Cobalt Supply: Africa boasts a better cobalt supply than Indonesia. Collaborating with African countries allows Indonesia to access this critical resource for EV batteries. Key Developments - First EV Battery Plant: On July 3, Indonesia launched its first EV battery plant—a joint venture between South Korean manufacturers Hyundai Motor Group and LG Energy Solution. This facility can produce up to 10 gigawatt hours (GWh) of battery cells annually. - Ongoing Partnerships: Indonesia already collaborates with African countries in various sectors. State-owned oil and gas firm Pertamina has worked with Kenya, while state-owned utility company PT PLN has partnered with South Africa. Challenges and Ambitions - Production Share: Despite efforts to boost local battery production, Indonesia is expected to contribute less than 0.4% of the world's total EV battery energy in 2024. However, President Joko Widodo's vision positions Indonesia as a global player in the EV supply chain. - CATL's Delayed Plan: China's Contemporary Amperex Technology Co (CATL) planned to construct an EV battery plant in Indonesia but faced delays. State-owned miner PT Antam is set to partner with CATL for this project. Conclusion Indonesia's strategic move to target Africa's EV battery market aligns with its ambition to become a key player in the global EV industry. By leveraging Africa's cobalt resources and fostering collaborations, Indonesia aims to drive sustainable growth in the electric mobility sector.