The UK government’s Autumn Budget 2024, presented by Chancellor Rachel Reeves, has been warmly received by the EV sector as it introduced several significant incentives and funding measures for EVs. Key highlights include continuing Benefit-in-Kind tax incentives for fully electric company cars beyond 2028, while hybrids will face higher rates. The budget also maintains the freeze on fuel duty for another year. To encourage EV adoption, the budget increases purchase incentives for new EVs and commercial vehicles, aiming to make them more affordable. Additionally, substantial funding is allocated for expanding and maintaining the UK’s EV charging infrastructure, focusing on rapid chargers along major routes. This is intended to address the practical challenges of EV ownership and support the transition to sustainable transport. The budget also introduces a new road tax for EVs starting in 2025, aligning them with the same Vehicle Excise Duty bands as petrol and diesel cars. Support for home charging is enhanced, with new schemes to cover part of the installation costs for home chargers, particularly benefiting those in multi-unit housing. Overall, the budget aims to accelerate the shift towards EVs while addressing the practical realities of EV ownership.
BYD has achieved a significant milestone in October 2024 by selling 502,657 vehicles. This marks a 66.5% increase compared to October 2023 and a 19.8% rise from September 2024. The company’s hybrid models were particularly successful, with 310,912 units sold, thanks to upgraded powertrains offering over 2,000km of range. BYD’s strong performance is driven by robust domestic demand and its strategic expansion into international markets, including Europe and Latin America. The company has also reported impressive financial results, with Q3 revenue surpassing c.$28.2bn and a net profit of $1.6bn. Additionally, BYD has formed a partnership with Hyundai Glovis to enhance its global logistics capabilities. This collaboration aims to support BYD’s ambitious sales targets, which include reaching 4 million vehicles annually. The company’s success underscores the growing global demand for electric and hybrid vehicles and positions BYD as a major player in the automotive industry.
Chancellor Rachel Reeves's first Budget has confirmed £2bn in funding for 11 new green hydrogen projects across England, Scotland, and Wales. These projects, previously selected under the Conservative government, will receive revenue support to develop a total of 125MW of capacity. The funding aims to advance the UK’s green hydrogen production, making these projects among the first commercial-scale green hydrogen initiatives globally. The support will be provided through a weighted average strike price of £241/MWh, with £90m allocated for construction. This initiative is part of the Labour government’s broader strategy to boost green energy and reduce carbon emissions. The projects include significant ventures like Carlton Power’s Barrow Green Hydrogen Project and Scottish Power’s Cromarty Hydrogen. This funding is expected to enhance the UK’s position in the green hydrogen sector, providing a cleaner energy alternative and supporting the country’s climate goals. This investment also signals to the market its continued commitment to sustainable energy and economic growth.
National Express has announced it is expanding its network by adding over 16,000 extra seats per week on key intercity and airport routes starting from December 4th, 2024. This expansion includes popular routes between cities such as London, Birmingham, Bristol, Cardiff, Leeds, Leicester, Newcastle, and Manchester. The move comes in response to strong demand for affordable intercity travel and follows a significant reduction in services by competitor Megabus. The additional capacity aims to meet the growing need for travel, especially as people plan for the festive season. National Express has seen a 25% increase in customers over the past year, with 19 million passengers using its services in 2023. The company’s modern coach services feature amenities such as leather reclining seats, free Wi-Fi, USB charging points, and a generous luggage allowance. The tickets are well priced for the expanded services starting from £4.90 one way.
The Scottish government has announced a significant expansion of its EV charging network, with a £6.3m investment from the Electric Vehicle Infrastructure Fund. This funding will introduce c.3,550 new public EV charge points across Ayrshire and the Glasgow City Region. The announcement was made by First Minister John Swinney, who emphasised the government’s commitment to making sustainable travel accessible for everyone in Scotland. Scotland has already surpassed its target of installing 6,000 public EV charge points, achieving this milestone 2 years ahead of the 2026 goal. The expansion is part of a broader strategy to phase out new petrol and diesel cars by 2030 and to support the country’s net-zero ambitions. The initiative also includes partnerships with private sector companies like IONITY, which will help scale up the provision of public EV charging. Transport Secretary Fiona Hyslop highlighted the importance of public-private collaboration in accelerating the deployment of EV infrastructure. The investment aims to enhance the reliability and accessibility of EV charging, supporting Scotland’s transition to a greener, more sustainable transportation system.
Deals
Blacklane, a German-based premium chauffeur services provider, has raised €60m in a Series G funding round, led by Tasaru Mobility Investments. Investors, such as Mercedes-Benz Mobility and Gargash Enterprises, Al Fahim Group, Alstin Family and RI Digital Ventures also participated. The funds will support Blacklane’s global expansion into regions such as America, Europe, and the Middle East, with a particular focus on Saudi Arabia. This investment aligns with Blacklane’s strategy to diversify its business model and enhance its service offerings.
WarrCloud, an automated warranty processing platform for the automotive industry, has raised $20m in a Series B funding round led by Centana Growth Partners. The investment will enhance WarrCloud’s AI capabilities, automating the traditionally manual warranty claims process to improve efficiency and reduce labour costs. WarrCloud’s platform benefits dealers by speeding up claims processing and identifying new revenue opportunities, while manufacturers gain insights to improve vehicle quality and reduce costs. The company has over 500 dealership customers and has formed strategic partnerships with industry players such as FordDirect and the Missouri Automobile Dealers Association.
Infinite Machine, a New York-based startup, has secured $9m in a Seed round led by Andreessen Horowitz’s American Dynamism team. This investment will facilitate the production and initial deliveries of their P1 electric scooter, which is priced at $10,000. Infinite Machine plans to begin deliveries next year, focusing on direct sales and hand-delivering vehicles to customers. Their goal is to offer a sustainable, non-car urban transportation option that appeals to a market looking for innovative and eco-friendly alternatives.
Beyond Aero, a French mobility startup, has raised $20m in a Series A funding round co-led by Giant Ventures and Bpifrance. This brings their total capital raised to $44m, including debt and grants. The funds will support the development of the first hydrogen-powered electric business aircraft, aiming to disrupt business aviation with zero emissions. Beyond Aero focuses on making aviation more sustainable, starting with the most emissions-intensive segment per passenger. The company has achieved significant milestones, including France’s first manned fully hydrogen-electric flight and securing $914m in Letters of Intent for 108 aircraft. They are also building a state-of-the-art Hydrogen Electric Powertrain Lab to advance their technology. The aircraft, designed to carry 6 to 8 passengers for up to 800 nautical miles, is expected to enter the market by 2030. Beyond Aero has formed strategic partnerships with over 50 airports to facilitate hydrogen refuelling and is collaborating with the automotive industry to enhance their hydrogen powertrains.
Third Wave Automation, a provider of autonomous high-reach forklifts, has closed a $27m Series C funding round led by Woven Capital. Investors such as Innovation Endeavors, Norwest Venture Partners, and Qualcomm Ventures also participated. The funding will enable Third Wave to scale its Shared Autonomy Platform, expand the manufacturing capabilities of its TWA Reach forklifts, and support future technology R&D. Third Wave’s Shared Autonomy Platform allows forklifts to operate autonomously or with remote assistance, blending AI-powered autonomy with human expertise to enhance warehouse operations. They are designed for high-reach applications, capable of horizontal and vertical movement of payloads, and are used for various warehouse tasks. This funding round positions Third Wave Automation to advance the future of intelligent material handling.