BYD has announced it will be acquiring a 20% stake in Rever Automotive, its Thai distributor. Both companies will look to expand their areas of cooperation from passenger cars to other market segments such as commercial vehicles. This follows on from the news that BYD opened its first manufacturing plant in Thailand’s Rayong province. This facility has an annual production capacity of up to 150,000 vehicles and will also produce key components such as batteries and transmissions. This plant will focus on producing right-hand drive vehicles which will be sold domestically and in other Southeast Asian markets.
The UK election win by Labour has been welcomed by the hydrogen sector, as it has pledged to dedicate £500m to support the development of the UK’s green hydrogen sector. Incoming Secretary for Energy Security and Net Zero, Edward Miliband, stated that his department will prioritize setting up (state-owned) Great British Energy (GBE), which will be used to steer investments into wind, solar, hydrogen, and CCS technologies. However, the Labour government is inheriting a (relatively) solid UK hydrogen sector. According to Hydrogen UK, the 2019 national hydrogen strategy laid down solid foundations, particularly concerning standards and business models, for Labour to build upon.
First Bus has placed an order with Pelican Bus & Coach for 169 electric Yutong buses. This order will be delivered over the next 16 months across 4 depots: Taunton, Weston-Super-Mare, Basildon, and Hengrove. The order is made up of a mixture of single and double-decker buses from models ranging from the E10 to the U11DD. This is part of First Bus’s overarching goal to become a fully zero-emission fleet by 2035. The bus operator is investing c£89m into new electric buses (and infrastructure), with another £16m of support coming from the ZEBRA scheme.
NIO has announced good results as it delivered 57,373 vehicles, in Q2 24, which is a 143.9% YoY increase, and 87,426 vehicles for H1 24 (60.2% increase YoY). The company has also been expanding its global infrastructure footprint by opening 2 new NIO Houses (showrooms) and adding 41 new power swap & charging stations. The company globally has 155 NIO Houses, 2,482 Power Swap Stations, and 3,910 Power Charger Stations. This has set the company up well and we hope it can build on this strong performance for H2 24.
BYD will shortly announce it will be opening a new $1bn plant in the Manisa province, western Turkey. The location of the plant will grant the company easier access to the EU, as Turkey has a customs union agreement. BYD has been aggressively increasing its presence in Europe, over the past 18 months, as the region presents a huge growth opportunity for the OEM. BYD is currently in the process of building a plant in Hungary (scheduled to open in 2026) which it intends to use to make affordable EVs for the region.
Arriva has announced it has launched a new direct coach service, the X1, between Milton Keynes and Luton. This is a significant event as it is the bus operator’s 1st new commercial venture since the pandemic. To recap, the infrastructure investment manager I Squared, completed its acquisition of Arriva last month. I Squared has a history of backing its portfolio companies and this clearly illustrates Arriva will receive similar backing and support.
Stellantis has announced it is partnering with CEA, a French public research body, to develop advanced battery cells. This 5-year project collaboration will look to develop batteries that enhance EV performance, lifespan, and a lower environmental footprint. This collaboration aligns with Stellantis’ Dare Forward 2030 strategic plan and one of the top mandates of the CEA is to support industry through innovation and technological breakthroughs. This partnership is another example of Europe proactively trying to develop and flesh out its (EV battery) supply chains, so it is less reliant on Asian supply chains.
Lucid announced good Q2 24 results as it delivered 2,394 vehicles, up from 1,967 vehicles in Q1 24 (22% increase QoQ). This stems from the car maker being able to cut the price of its Air models from c$100,000 to $69,900. The company is positive it can maintain this momentum going into H2 24, as it has a new SUV model called Gravity coming out later this year.
Deals
Archer Aviation, an American-based eVTOL aircraft startup, has received $55m in investment from Stellantis. To recap, this startup focuses its technology on electric air taxis and urban mobility and recently completed a successful flight test milestone. To date, Stellantis has invested $110m into the startup through a mix of open-market stock purchases and strategic funding agreements. Archer is looking to displace 60-90-minute car journeys with 10-20-minute electric air taxi flights.
Cartken, a German developer of AI-powered autonomous navigation software, has raised $10m in its latest financing round. This round was led by 68 Capital, with Magna International, Shell Ventures, Mitsubishi Electric, and Volex also participating. In total, the startup has raised $22.5m and will use this capital to increase its global footprint, focus on penetrating (further) the last-mile delivery sector, and explore new verticals.