Welcome to the August 2020 edition of Electric Vehicle [EV] company news. What a month!

August saw some record July EV sales announced and a monster month of EV news, especially with so many new players. The biggest news would have to be the European EV sales boom smashing all past records in July and reaching 8.7% market share, and 8.4% YTD. Also of note was that Renault Zoe outsold Tesla Model 3 in Europe in July, and YTD. The other huge news of course was the continued stock price surge of Tesla.

Elon Musk’s Tesla is now the 10th largest company in the USA by market cap and has the best 1 year return of the top ten of 926%. Can they catch Apple (AAPL)?


Elon Musk is now the 4th richest person in the world


Global electric car sales as of end July 2020

Global electric car sales finished July 2020 with 248,000 sales for the month (4th best result ever), up 76% on July 2019, with market share 3.7% for July 2020, and 3.0% YTD.

Of note 67% of all global electric car sales in July 2020 were 100% battery electric vehicles [BEVs], the balance being hybrids.

China electric car sales were 95,000 in July 2020, up 9% on July 2019. Electric car market share in China for July was 5.7%, and 4.8% YTD. A December 2019 report from Reuters stated: “China wants new energy vehicle sales in 2025 to be 25% of all car sales.

Europe electric car sales were an all time record 113,000 in July 2020, 213% higher than in July 2019, being the highest growth rate in 5 years. Europe electric car market share was 8.7% in July, and 8.4% YTD. Interestingly German electric car sales were up 485% in July and hit 11% market share, with subsidies giving a huge boost.

US electric car sales were not reported by EV Sales in July 2020 as it appears many ICE brands don’t want to publish their EV sales numbers.

Note: The above sales include light commercial vehicles.

Note: An acknowledgement to Jose Pontes of EV Sales and EV Volumes for his excellent work compiling all the electric car sales quoted above and below.

Global electric car sales by manufacturer for July 2020

Source: EV-Sales Blogspot

2018 – H1, 2020 EV sales compared. A very strong July 2020 looks good for H2, 2020

Source: EV-Volumes

EV sales forecast to really take off from 2022 as affordability kicks in

The chart below aligns with my research that electric car sales will really take-off after 2022, when my model forecasts electric and ICE car price parity.


BloombergNEF 2020 forecast for annual electric vehicle sales have just been released during May. They are:

  • 10% share by 2025 (~9m pa)
  • 28% share by 2030 (~24m pa)
  • 58% share by 2040 (~54m pa)

BNEF updated 2020 EV forecasts

The BNEF 2020 forecast with the raw numbers and country share

Source: Bloomberg New Energy Finance [BNEF] 2020 EV report

EV market news

On August 6 Investing News reported:

“Robert Friedland: Copper price needs to double to incentivize new supply……“Everything is going to be electric, and the world is going to realize you can’t get there without certain critical metals,” he said. “The new oil is copper, nickel, cobalt.”

On August 13 Electrek reported:

Tesla battery researchers mention enabling electric aircraft with new batteries. Tesla battery researchers are pointing to enabling electric aircraft with new next-generation battery cells. Yesterday, we reported on Tesla’s battery research team led by Jeff Dahn publishing a new research paper about progress made on their anode-free lithium-metal battery cell. The new battery cell offers breakthrough improvement in energy density…..Tesla CEO Elon Musk previously revealed that he had a design for a commercial electric VTOL aircraft and estimated that Li-Ion batteries would need to achieve a 400 Wh/kg energy density in order for batteries to beat kerosene and his electric aircraft to be viable. Last year, Musk said that he believes this is about five years away.

Note: The battery still has longevity problems, and can only achieve 90 cycles. An August 25 Electrek report said the technology is thought to be 3-4 years away.

On August 14 Forbes reported:

EVs storm to 500,000 sales in Europe…..Electrified car sales in Europe overtook China in July for the first time in a decade, and it did it all without significant impact from EV halo brand Tesla……European pure EV volumes climbed 34.3 percent year-on-year in the first half….. Germany now delivers a €9480 (US$11,205) subsidy for EVs…..France, home to Europe’s biggest EV maker, Renault, has an even bigger subsidy, at €12,000 (US$13,000) including its a €5000 scrappage scheme for older cars.

On August 18 Reuters reported:

Defying Trump, California locks in vehicle emission deals with major automakers. The agreements with carmakers, including Ford Motor Co, Volkswagen AG, Honda Motor Co and BMW AG, were first announced in July 2019 as voluntary measures, prompting anger from U.S. President Donald Trump. Volvo Cars, owned by China’s Geely Holdings, also finalized its agreement on Monday…..The 13 states that follow California’s standards, which represent about 40% of the U.S. auto market, have said they support the agreements. Other major automakers like General Motors Co, Fiat Chrysler Automobiles NV and Toyota Motor Corp did not join the California agreement.

On August 26 The Korea Herald reported:

EV fires with Chinese batteries expose technology gap……GAC’s Aion S sedans are powered by CATL’s NCM (nickel cobalt manganese) 811 batteries, which contain 80 percent nickel, 10 percent cobalt and 10 percent manganese inside cathodes — one of the four key components of lithium-ion batteries including anodes, electrodes and separators…..The higher the ratio of nickel inside cathodes, the greater energy density lithium-ion batteries achieve, but less stable they become……“The yield rate of CATL’s battery factory is reported at 45-55 percent, meaning that almost half of CATL’s batteries are defective,” an industry source said. “There could have been an issue when CATL tried to increase the ratio of nickel.”

EV company news

Tesla Inc. (NASDAQ:TSLA)

Tesla is currently ranked the number 1 globally with 18% global market share. Tesla is equal 3rd in Europe with 8% market share, and number 2 in China with 13% market share. Tesla is still assumed to be the number 1 electric car seller in the US.

On August 10 The Street reported:

When will Tesla be added to the S&P 500?….Tesla published their second quarter 10-Q filing on July 28th. Using Twitter and ServiceNow as benchmarks could suggest an inclusion announcement for Tesla around August 25th. Using the average from all companies would suggest sometime around September 4th.

On August 11 Tesla announced: “Tesla announces a five-for-one stock split…..Trading will begin on a stock split-adjusted basis on August 31, 2020.”

On August 13 Benzinga reported:

Morgan Stanley goes all in on Tesla Battery Day, upgrades stock. Morgan Stanley analyst Adam Jonas upgraded Tesla Inc’s stock from Underweight to Equal-Weight and raised his price target from $1,050 to $1,360. “The Tesla Battery Day…could be a game changer, and based on what we know so far, there is growing risk of Tesla becoming a new battery competitor armed with superior technology,” Jonas wrote in the note. “Based on the body of evidence collected and research conducted by our tech colleagues, we now give Tesla credit for a 3rd party battery/ EV powertrain supply business in our base case (previously in our bull case scenario) that is worth $310/share,” Jonas wrote.

On August 17 Seeking Alpha reported:

Tesla gains after catching price target boost from Wedbush. Wedbush hikes its price target on Tesla to $1,900 from $1,800 and assigns a bull case scenario PT of $2,500.

On August 19 Nikkei Asian Review reported:

Panasonic to invest $100m in EV battery plant in US for Tesla. Japanese electronics giant to raise production capacity by 10% (at the Nevada gigafactory 1).

On August 25 Reuters reported:

Tesla’s Musk hints of battery capacity jump ahead of industry event. Tesla Inc CEO Elon Musk has suggested the U.S. electric carmaker may be able to mass produce batteries with 50% more energy density in three to four years, which could even enable electric airplanes. “400 Wh/kg *with* high cycle life, produced in volume (not just a lab) is not far. Probably 3 to 4 years,” Musk tweeted on Monday in response to a Twitter thread by Sam Korus, an analyst at ARK Investment Management LLC, about why Musk keeps hinting at a Tesla electric plane. Researchers have said the energy density of Panasonic’s “2170” batteries used in Tesla’s Model 3 is around 260 Wh/kg, meaning a 50% jump from the current energy density which is key to achieving a longer driving range.

Tesla’s stock price one year chart showing today’s new 5:1 split price of USD 442.68 (and pre-split price of USD 2,213.40)

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Investors can read my June 2019 Blog post: “Tesla – A Look At The Positives And The Negatives”, where I rated the stock a buy. It was trading at USD 196.80 (post 5:1 stock split is equivalent to USD 39.36).

Volkswagen Group [Xetra:VOW](OTCPK:VWAGY) (OTCPK:VLKAF)/ Audi (OTCPK:AUDVF)/ Lamborghini/ Porsche (OTCPK:POAHF)/ Skoda

Volkswagen is currently ranked the number 2 top-selling global electric car manufacturer with 6% market share, and equal number 1 in Europe with 9% market share.

On August 13, Green Car Reports reported:

VW plans to do some EV engineering at Chattanooga—not just assembly…..An existing Engineering and Planning Center in Chattanooga will soon get a “high-voltage laboratory” for testing battery cells and packs for upcoming models assembled onsite, VW said in a press release.

On August 25, Green Car Reports reported:

Report: Boxy VW electric SUV coming in 2025. The Volkswagen ID.4 crossover will lead the automaker’s electric-car push in the United States, but VW may have a second, more rugged-looking electric utility vehicle about the same size also in the works. In 2025, VW is aiming to launch a very boxy EV called the ID Ruggedzz, according to CAR. The magazine described it as an electric Land Rover Defender rival “for the not-so-wealthy,” indicating significant off-road capability at a non-premium price.

VW ID Ruggedzz


Note: Volkswagen ID.3 deliveries are set to begin in early September 2020.


BMW is currently ranked the number 3 global electric car manufacturer with 6% global market share. BMW is equal number 3 in Europe with 8% market share.

On August 6 Seeking Alpha reported:

BMW talks electric vehicles, and TSLA investors are listening…..The BMW Group is already a leading maker of electrified vehicles. By the end of 2021, it will be offering five all-electric, series-produced automobiles in the form of the BMW i3, the MINI Cooper SE, the BMW iX3, the BMW iNEXT and the BMW i4…… By 2023, the BMW Group intends to have 25 electrified models on the road – half of them all-electric versions.

On August 7, Car and Driver announced:

BMW reportedly working on 1000-HP Electric M5. The next-generation M5 could also have a 750-hp hybrid variant powered by a twin-turbo V-8 paired with electric motors.

2021 BMW M5


On August 10 BMW reported:

BMW iX3 production on track. The first-ever BMW iX3 is ready to start series production and will commence later this year in the Plant Dadong in Shenyang, China.


BMW iX3 front profile while driving


On August 14 Forbes reported:

BMW 50% electrification target for 2030 is ambitious, but is it achievable? BMW said electrification will account for a quarter of its sales next year, a third by 2025 and 50% by 2030.


BYD is currently ranked the number 4 globally with 6% global market share, and is ranked number 1 in China with 15% market share.

On August 16, BYD reported: “Kansas City International Airport adds three BYD buses.”

On August 18, BYD reported:

BYD secures Spain’s largest e-Bus order. As part of Spain’s largest-ever electric bus order, BYD, the world’s leading electric bus manufacturer, will supply 30 40-foot pure electric buses for public transportation operations in Madrid, the Municipal Transport Company of Madrid, (EMT Madrid) announced. “Our first 15 BYD vehicles are performing well,” said Joaquín Bellido, BYD’s Director for Iberia. “We hope to continue to support EMT Madrid as it switches more of its fleet to electric mobility, bringing safe, comfortable, emissions-free transport for the people of Madrid.”

New fleet of BYD 12-metre eBuses delivered to EMT Madrid in May 2020


On August 26, BYD reported: “BYD delivers first electric bus fleet to the Caribbean.”

Beijing Automotive Group Co. (BAIC) [HK:1958) (OTC:BCCMY), SAIC Motor Corporation Limited [SAIC] [CH:600104] (SAIC includes Roewe, MG, Baojun, Maxus)

SAIC is global number 5 with 5% market share, and number 3 in China with 12% market share.

BAIC is currently ranked the global number 18 with 2% market share.

On August 10, SAIC Motor reported:

SAIC Motor ranks 52nd among Fortune Global 500. With a consolidated sales revenue of $122.0714 billion, SAIC Motor took the 52nd place on the 2020 Fortune Global 500 list released on Aug 10…..As the domestic “new energy triathlon champion”, SAIC has world-class R&D capabilities for the three technical routes of “pure electricity, plug-in electricity, and fuel cell”. From January to July, SAIC’s new energy vehicle sales reached 79,000, outperforming the broader market and ranking among the top five in the global new energy vehicle market. The sales of SAIC’s new energy vehicles in July exceeded 20,000, a year-on-year increase of 52.8 percent.


Renault is ranked global number 6 globally with 4% market share, and is currently equal number 1 in Europe with 9% market share. Nissan is currently ranked number 12 for global electric car sales with 3% market share.

On August 18, Fleet Auto News reported:

Renault secures record-breaking electric vehicle fleet deal. Renault has secured one of the largest electric vehicle (NYSE:EV) fleet deals in the UK, with car subscription service Onto ordering 1,100 pure electric Renault Zoe cars.

Geely Automobile Holdings Ltd (OTCPK:GELYY, HK:0175) (includes Polestar), Volvo Cars, Kandi Technologies Group (NASDAQ:KNDI), Proton, Lotus

Volvo is currently ranked number 7 in the global electric car manufacturer’s sales ranking with 4% global market share.

On August 18 Seeking Alpha reported:

Kandi enters U.S. market with economy EV models. Kandi America is taking online reservations for the company’s Model K23 and Model K27 EVs as part of its launch event today. Kandi says the EVs are being offered as low as $19,999 for early buyers after a federal tax credit is applied and potentially even lower in some states with additional incentives. The automaker is aiming at the economy segment of the EV market for drivers with short-distance needs. Driving range is estimated at 188 miles for both models. Kandi expects to start delivering EVs in the U.S. during Q4.

On August 21, Reuters reported:

China’s budget EV maker Kandi eyes setting up North American manufacturing plant……The U.S.-listed company said it is in the early stages of discussions with various partners, including local government agencies from the U.S.-Mexico border, but warned negotiations would not guarantee that a plant will be built.

Hyundai (OTC:HYMTF), Kia (OTC:KIMTF)

Hyundai is currently ranked number 9 in the global electric car manufacturer’s sales ranking with 4% global market share.

Kia is currently ranked number 10 in the global electric car manufacturer’s sales ranking with 3% global market share.

On August 9, Green Car Reports reported:

Hyundai reboots Ioniq as an EV brand, starting with Ioniq 5 crossover in fall 2021. Starting now, the Ioniq name will refer to much more than Hyundai’s long-awaited answer to the Toyota Prius. Hyundai announced Monday morning in South Korea that a new Ioniq brand will spawn an entire family of fully electric vehicles that will include production models based on the well-received Prophecy sport-sedan concept and retro-styled 45 EV concept.

Hyundai announces Ioniq brand dedicated to EVs


On August 16 Stuff.com.nz reported:

Hyundai sets EV record for distance driven on one charge…..Each drove travelled 1,018.7, 1,024.1 and 1,026.0 kilometres.

On August 25, Automotive News reported: “Hyundai Mobis will extend supply of EV parts to rival automakers.”

On August 26, SP Global reported:

Hyundai bucks auto stock sell-off with EV strategy, Genesis brand. South Korea’s Hyundai Motor Co. is the only traditional mass car manufacturer with a positive stock market return for the year-to-date.

Daimler-Mercedes (OTCPK:DDAIF, OTCPK:DDAIY) (Smart – 50% JV between Daimler & Geely)

On August 6, Green Car Reports reported:

CATL battery partnership targeting 435-mile range for Mercedes EQS electric car. Mercedes-Benz will source batteries from Chinese firm CATL for its upcoming EQS electric car.

On August 28 Reuters reported:

Amazon orders 1,800 Mercedes-Benz electric vans for European deliveries. A majority of the electric vehicles from Daimler AG’s (DAIGn.DE) car and vans division will go into service this year, the company said, adding that it had ordered 1,200 of Mercedes-Benz’s larger eSprinter models and 600 of the midsize eVitos. The order is the largest for Mercedes-Benz’s electric vehicles to date and includes 800 vans for Germany and 500 for the United Kingdom.

Toyota (NYSE:TM)/ Lexus

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On August 23, The Verge reported:

Toyota going all-out with electric vehicles for the 2020 Olympics. The automaker says it will provide “3,700 mobility products and/or vehicles” for the Olympics, 90 percent of which will be “electrified.” That can mean either battery-electric, hydrogen-powered, or even gas-electric hybrid. Of the 3,700 vehicles, 850 will be battery-electric and 500 will be fuel-cell electric.

Peugeot SA [FR:UG][PA:PEUP](OTCPK:PEUGF) (OTCPK:PEUGY)/Citroen, Fiat Chrysler (NYSE:FCAU)

On August 19, Autocar reported:

New Citroen C4 and e-C4 make UK debut ahead of autumn launch. The all-new Citroen C4 and electric ë-C4 have made their UK debut ahead of their arrival in dealerships this autumn. Citroën says the model line, which comprises petrol and diesel powertrain options alongside the fully electric version, will “put compact hatchbacks back on the map” through an SUV influenced design and a focus on comfort.

Citroen ë-C4

2020 Citroen C4 and e-C4


Honda [TYO:7267] (HMC) (OTCPK:HNDAF)

On August 27, Reuters reported:

Honda goes small with first mass-produced all-electric car. As many automakers bet on sedans and SUVs in the switch to electric vehicles [EV], Japan’s Honda Motor Co Ltd has decided smaller is better for its first-ever mass-produced all-battery car. The Honda e, released in Europe earlier this month, is a compact model meant solely for city driving.

Honda e Electric Car


Ford (NYSE:F)

On August 10, Green Car Reports reported: “Integrated drive modules help free up space in the Ford Mustang Mach-E.”

On August 24, Automotive News reported: “Ford gearing up for F-150 plant overhauls.”

General Motors/Chevrolet (NYSE:GM)

On August 4, Green Car Reports reported:

GM invests in potential future rival electric truck maker Lordstown Motors, as it seeks IPO. As it continues to develop its own electric pickup trucks, General Motors will invest in Lordstown Motors, which plans to build electric trucks at a former GM factory in Ohio. Lordstown announced a $75 million investment from GM Monday, along with plans for an initial public offering [IPO].

On August 6 CNBC reported:

GM unveils all-electric Cadillac Lyriq as its new ‘technology spearhead’. The Lyriq is the first to debut with the automaker’s next-generation batteries and EV architecture. The midsize crossover is expected to arrive in U.S. showrooms in late 2022……The range of the vehicle is estimated to be more than 300 miles on a single charge.

GM Cadillac Lyriq due out late 2022

Source: CNBC

On August 18, CNBC reported: “Wall Street pushes for GM to spin off its electric vehicle business.”

On August 19, Reuters reported: “GM bets on electric Cadillacs and micro-vans to reverse China slide.”

On August 20, Electrek reported: “GM-backed $4,000 mini electric car has already received 50,000 orders.”

Tata Motors (TTM) group (Jaguar, Land Rover)

On August 5, Green Car Reports reported:

Jaguar: I-Pace electric SUV has already been improved from racing and over-the-air updates, Formula E and other all-electric racing series have done more than showcase the potential of electric vehicles.

2020 Jaguar I-Pace


Nio Inc. (formerly NextEV) (NIO)

On August 6, Cleantechnica reported:

NIO deliveries grew 322% in July 2020 vs. July 2019. NIO continues to show solid growth despite the clear economic challenges of 2020. The Chinese EV startup announced its July deliveries this week and shared that the July 2020 figure was 322.1% higher than the July 2019 figure. Its two models, the ES6 and ES8, had 3,533 deliveries combined, bringing their 2020 total to 17,702 vehicles so far. While not as good as July, that’s still a 111.3% increase over the same period in 2019.



On August 20 Reuters reported:

Chinese EV maker Nio launches battery leasing service, eyes global market….

On August 21 CNBC reported:

China Tesla rival Nio is up 240% this year and the company is revamping plans to go global. The company would like to begin with Europe, and enter other major global markets in the next few years.

On August 28 Seeking Alpha reported: “Nio readies 75M-ADS offering; shares slip 5%.”

Nikola Corporation (NKLA)

On August 11 Bloomberg reported:

Nikola gets $3 billion market boost from order of 2,500 trucks. Nikola Corp.’s deal to supply battery-powered garbage trucks to sanitation heavyweight Republic Services Inc. sent shares of the electric-vehicle startup soaring more than 20% on the sign of demand from a company that has yet to produce its first vehicle. The two companies said Monday Nikola will build at least 2,500 battery-electric refuse trucks for Republic starting in 2023, in what they described as a binding contract. Terms of the agreement for as many as 5,000 trucks were not disclosed.

Li-Auto (LI)

On August 24, FMT News reported:

Chinese EV start-up Li Auto going full throttle ahead. On July 30, Chinese electric vehicle [EV] start-up Li Auto raised US$1.1 billion (RM4.6 billion) during its initial public offering [IPO] on Nasdaq.

Fisker (private)/ Spartan Energy Acquisition Corp. (SPAQ) merger

On August 3, Green Car Reports reported:

Fisker reports negotiations with VW for electric-car platform are on pause. A plan by Fisker Inc. to use Volkswagen’s MEB electric-car platform has reportedly stalled. Negotiations between the two companies that were supposed to end this month are now delayed until at least September, the company reported in a financial document filed Friday. In an investor presentation filed with the Securities and Exchange Commission [SEC]—and first noticed by The Verge—founder Henrik Fisker said Fisker Inc. was unable to sign a “cornerstone agreement” with VW, something Fisker anticipated doing by the end of July. Negotiations will resume in September after the traditional European summer holiday, Fisker said, adding that his company is also “in conversation with several other potential OEMs and suppliers.”

On August 8, Reuters reported:

UPDATE 2-Fisker has tentative deal for Magna to build its electric SUV in Austria. Electric carmaker Fisker Inc, which recently announced plans to go public through a merger with a so-called blank-check company, said on Friday it has a tentative deal for Canadian auto supplier Magna International Inc to build its Ocean electric SUV. Fisker said in a statement that it expects to reach a definitive agreement “in the next few months” to have Magna Steyr start production of the Fisker Ocean at its Graz, Austria, plant as early as the fourth quarter of 2022.

Lordstown Motors (RIDE)/ DiamondPeak Holdings Corp. (DPHC) merger

On August 3, Businesswire reported:

Lordstown Motors Corp. to list on NASDAQ through merger with DiamondPeak Holdings Corp…..Lordstown Endurance™ will be the first full-size electric pickup truck designed to serve the U.S. commercial fleet market with initial production expected in the second half of 2021….Pro forma implied equity value of the combined company is approximately $1.6 billion….Transaction is expected to close in the fourth quarter of 2020.

Hyliion Holdings (HYLN)/ Tortoise Acquisition Corp. (SHLL) merger

On August 19, Market Watch reported:

Hyliion and Dana join forces with idealease to demonstrate hybrid system for class 8 vehicles. Leading truck leasing company to conduct national tour of Hyliion’s hybrid powertrain technology for U.S. commercial fleets.

Canoo Holdings (CNOO)/ Hennessy Capital Acquisition (NASDAQ:HCAC) merger

On August 18, Canoo Holdings reported:

Electric Vehicle Company Canoo to list on Nasdaq through merger with Hennessy capital acquisition Corp IV…..Transaction to provide approximately $600 million of gross proceeds that will support the production and launch of electric vehicles [EV] featuring Canoo’s advanced skateboard technology. Canoo’s proprietary, all-electric skateboard platform has been purposefully designed and engineered to support a wide range of business-to-consumer [B2C] and business-to-business [B2B] vehicle configurations. First vehicle set to launch in 2022 is purpose-built for a subscription revenue model……B2B delivery vehicle program expected in 2023 addresses a projected $50B+ last-mile delivery market with an EV platform that maximizes cargo volume….Pro forma equity value of the merger is approximately $2.4 billion.

Xpeng Inc. (XPEV)

On August 8 Bloomberg reported:

Chinese electric-vehicle maker XPeng files for U.S. IPO. Guangzhou-based XPeng recently raised an additional $300 million from investors including Alibaba Group Holding Ltd. and the Qatar Investment Authority, expanding its pre-IPO round to $800 million. XPeng delivered 5,185 units of its first vehicle, the G3 SUV, in the first half of 2020. It started deliveries of its second model, the P7 sedan, in May, shipping 1,966 units by July 31.

Source: Bloomberg

On August 26 Reuters reported: “China’s EV maker Xpeng raises U.S. IPO pricing.”

On August 26, Automotive News reported:

XPeng jumps in debut after raising $1.5 billion in IPO. Chinese electric-car startup XPeng Inc. rose as much as 67 percent in its trading debut after raising $1.5 billion in a U.S. initial public offering. XPeng American depositary shares opened at $23.10, 54 percent above the $15 apiece they were sold for on Wednesday after the company expanded the size of its share sale and priced the shares above a marketed range.

Lucid Motors (formerly Atieva) (private)

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On August 11 Bloomberg reported: “How Lucid’s new electric car stacks up against Tesla and Porsche.”

Lucid Air has the best range beating Tesla Model S by ~100 miles


On August 19, Green Car Reports reported:

Lucid Air electric sedan boasts fastest-charging EV time: 300 miles in 20 minutes. Lucid already suggested a week ago that its upcoming Air electric luxury sedan might offer the longest EPA-cycle range of any EV—an anticipated 517 miles. Lucid announced Wednesday that the Air can recover up to 20 miles of range per minute of charging, corresponding to an actual peak charging power of more than 300 kw.

Lucid Air


On August 19, Green Car Reports reported: “Lucid electric SUV prototype spotted testing in California.”

Rivian Automotive (private)

On August 12, Green Car Reports reported:

Getting ready: Rivian CEO provides video walkthrough of electric-truck factory. Rivian is making steady progress toward the start of production of its electric pickup trucks and SUVs, a video released by the company Tuesday showed…..

Rivian R1T

Rivian R1T


Ideanomics Inc. (IDEX) (EV fleet purchasing & financing)

On August 10, Ideanomics Inc. reported: “Ideanomics, Inc. reports Q2 2020 financial results.” Highlights include:

  • “Revenues for the three months ended June 30, 2020, was $4.7 million.
  • Strengthened cash position, finished the quarter with $36 million.
  • Continued progress in MEG activities as the value of its S2F2C business model gains traction in the EV industry.”

Three wheel EV companies

Arcimoto Inc. (FUV)

On August 19, Businesswire reported:

Arcimoto reports second quarter 2020 financial results and provides corporate update. Strengthened balance sheet through a total of $16.5 million in registered direct offerings and the retiring of all convertible and senior secured notes during the first half of 2020. Planning for the growth of Arcimoto’s production capability to 50,000 units per year within 24 months.

Electrameccanica Vehicles Corp. (SOLO)

On August 24 Electromeccanica announced:

ElectraMeccanica announces production start date of August 26th for flagship SOLO EV…… ElectraMeccanica will be working in close partnership with its contract manufacturing partner and strategic investor, Zongshen Industrial Group (“Zongshen”), in Chongqing, China on the initial production vehicles. The Company has targeted late November/early December for initial deliveries to select members on its pre-order list before ramping production to meet growing demand.


Other EV or EV related companies

Other EV companies I am following include Atlis Motors, Ayro, Inc. (AYRO), Blink Charging (BLNK), Byton (private), Canoo Holdings (CNOO)/ Hennessy Capital Acquisition (HCAC), Chery Automobile Co. Ltd. (private), Didi Chuxing, Dyson (private), Electrameccanica Vehicles Corp. (SOLO), Faraday Future (private), Great Wall Motors, GreenPower Motor Company Inc. [TSXV:GPV] (OTCQX:GPVRF), Guangzhou Automobile Group Co., Ideanomics (IDEX), Hyliion Inc./ Tortoise Acquisition Corp. (SHLL) merger, Mahindra & Mahindra (OTC:MAHDY), Mazda (OTCPK:MZDAY), Niu Technologies (NIU), Qiantu Motor, Subaru (OTCPK:FUJHY), Suzuki Motor Corp. [TYO: 7269] (OTCPK:SZKMY) (OTCPK:SZKMF), WM Motor, Workhorse Group Inc. (WKHS), Xiaopeng Motors, and Zhi Dou (private).

The list of countries and cities banning (or planning to ban) petrol and diesel vehicles include at least – Norway (2025), Netherlands (2030), China (25% EVs by 2025), Germany (?2030), Hong Kong (2030-40), Ireland (2030), Israel (2030), India (30% by 2030), Scotland (2032), UK (2035), France (2040), Taiwan (2040), Singapore (2040), Japan (2050); Rome (2024), Athens (2025), Paris (2025), London, Stuttgart, Mexico City (2025), Madrid (2025), and Amsterdam, Brussels, Hainan (2030).

Autonomous Driving/Connectivity/Onboard entertainment/Ride sharing [TaaS]/ EV leasing/renting

On August 16 Vehicle Suggest reported:

Tesla Full Self-Driving to make ‘Quantum Leap’ improvements, rewrite coming in 6 to 10 weeks.

On August 18, Seeking Alpha reported:

“EV startup Canoo to go public in Q4….Electric vehicle startup Canoo [CNOO] will begin trading later this year after Hennessy Capital Acquisition [NASDAQ:HCAC] and Canoo Holdings enter into a business combination agreement. The pro forma equity value of the merger is ~$2.4B. The transaction will provide Canoo approximately $600M of gross proceeds that will support the production and launch of electric vehicles featuring Canoo’s advanced skateboard technology. Canoo anticipates launching its first vehicle in 2022 under a subscription model. The consumer go-to-market strategy is said to capitalize on changing consumer preferences to deliver a month-to-month, commitment-free model.

Cannoo to offer subscription based EV renting – The EV can then be used for ride sharing vehicles (taxis), logistics vehicles, personal vehicles (Q2, 2022 target launch in California)

Source: Company presentation

On August 26, Bloomberg reported:

VW to test fleet of self-driving cars in China’s newest EV hub. The Audi e-trons will be deployed in Hefei’s Haiheng district. Residents will be able to hail one of the Audis using a VW app. Along with the test fleet, VW announced five planks to underpin the project: self-driving system, battery-electrified vehicle, fleet operations, mobility platform and services, and content.

BNEF 2020 forecasts by fleet type

Source: Bloomberg New Energy Finance [BNEF] 2020 EV report


July 2020 global electric car sales were up 76% YoY with 3.7% global market share. Electric car market share for July reached 5.7% in China, 8.7% in Europe, and no updated figures for the USA.

Highlights for the month were:

  • Robert Friedland – “Everything is going to be electric, and the world is going to realize you can’t get there without certain critical metals.”
  • Tesla’s Elon Musk says that batteries enabling electric aircraft are coming in ‘3 to 4 years’.
  • EVs storm to 500,000 sales in Europe…..Electrified car sales in Europe overtook China in July for the first time in a decade.
  • Defying Trump, California locks in vehicle emission deals with major automakers.
  • EV fires with Chinese batteries expose technology gap….There could have been an issue when CATL tried to increase the ratio of nickel.
  • Tesla forecast to be added to S&P500 between August 25th and September 4th. Tesla announces a five-for-one stock split. Morgan Stanley goes all in on Tesla Battery Day, upgrades stock as do many other analysts. Tesla’s Musk hints of battery capacity jump ahead of industry event.
  • By the end of 2021, BMW will be offering 5 all-electric cars. By end 2023, 25 electrified models on the road – half of them all-electric versions. BMW said electrification will account for a quarter of its sales next year, a third by 2025 and 50% by 2030.
  • BYD secures Spain’s largest e-bus order for 30 e-buses.
  • Renault secures record-breaking 1,100 EV fleet order.
  • Amazon orders 1,800 Mercedes-Benz electric vans for European deliveries.
  • Kandi enters U.S. market with economy EV models from US$19,999.
  • Hyundai sets EV record for distance driven on one charge (over 1,000 km).
  • GM-backed $4,000 mini electric car has already received 50,000 orders.
  • Honda goes small with first mass-produced all-electric car the ‘Honda e’.
  • NIO deliveries grew 322% in July 2020 vs. July 2019.
  • Nikola receives an order of at least 2,500 battery-electric refuse trucks (up to 5,000) for Republic Services Inc. starting in 2023.
  • Lordstown Motors Corp. to list on NASDAQ through merger with DiamondPeak Holdings Corp.
  • XPeng jumps in debut after raising $1.5 billion in IPO.
  • EV startup Canoo/HCAC to go public in Q4, with its first vehicle in 2022 under a subscription model.
  • Tesla Full Self-Driving to make ‘Quantum Leap’ improvements, rewrite coming in 6 to 10 weeks.
  • VW to test fleet of self-driving cars in China’s newest EV hub.

As usual all comments are welcome.

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