As we enter the summer period, there’s less activity across OEMs and markets in Europe.
Following the European Commission’s decision to impose heavy tariffs on Chinese EV manufacturers, Germany’s VDA automotive governing body raised their objections. There have been no formal further discussions yet, but we expect to see further news on this throughout the remainder of 2024.
After new incentives were offered earlier this year, Italy’s uptake of hybrids and BEVs has not improved. In fact, in H1, 14% more ICE vehicles were sold compared to the previous half year and electrified sales have remained stagnant.
The Austrian government is planning to lower the taxation threshold based on CO2 emissions from 2025, with every year seeing a drop of 3 g/100 km (currently at 97 g). However, with elections proposed in late October, this may change if new policyholders are introduced.
Swiss sales of mild hybrids and hybrids have increased in the first half of 2024. However, plug-in hybrid sales have dipped due to the new taxation policy introduced earlier in the year.
Chinese manufacturer Geely has unveiled a new lithium-iron-phosphate battery for EVs, which it says will be good for driving one million km and last as long as 50 years. It will also charge more quickly and will operate better in colder conditions.
Tesla has been given approval to test its advanced driver assistance systems on Shanghai’s district Nanhui New City. They city green-lighted the use of ten Tesla vehicles for a full self-driving (FSD) trial and has officially confirmed to local media.
Turkey is set to impose a 40% tariff on Chinese vehicle imports to protect its domestic EV industry and address trade imbalances. The move is in line with stiffer charges across Europe.
Italian luxury vehicle brand Maserati has launched a sales unit, Maserati Korea, in South Korea and also announced a plan to release new models in the country each month until the end of the year. Previously, Maserati had sold its vehicles through importer and distributor Forza Motors Korea since 2007. The company said the decision to establish a local unit was reached to solidify the brand's position in Korea. They also unveiled its latest GranTurismo and GranCabrio models in the market.
Hyundai announced that it has established the 'Hyundai EV Charging Alliance' with six Indonesian private charging businesses at the Gailindo Indonesia International Auto Show 2024. Through this, Hyundai electric vehicle customers can use the charging facilities of other companies belonging to the alliance without registering as a separate member or payment method using the 'My Hyundai' app. In addition, Hyundai will introduce an 'EV Charging Service Program' that provides new EV customers with 50 kWh of charging capacity every month that can be used for one year at charging station belonging to Hyundai EV Charging Alliance companies from August.
Sime Darby and Porsche have jointly announced the expansion of the carmaker’s assembly facility at Inokom, Malaysia, Sime Darby’s vehicle production and assembly facility in Kulim, Kedah. The larger facility is also rolling out a second model – the Porsche Cayenne S E-Hybrid Coupe, which is the first Malaysian-assembled Porsche to be exported to Thailand. Porsche’s facility in Kulim – now expanded to 11,000 square metres – was the first of its kind outside of Europe when it opened in 2022. To date, the plant has rolled out two generations and over 2,000 units of the Cayenne and is now ready for the next phase – PHEV and exports to Thailand.
Japanese automaker Toyota has just announced that it will be joining a group of other manufacturers to help build a North American high-speed electric vehicle (EV) charging network. Seven other manufacturers including Mercedes-Benz, General Motors, Stellantis, Honda, BMW, Hyundai and Kia formed ‘IONNA’ as a joint venture last year to compete with Tesla’s Supercharger network. As a result, Toyota has taken the decision to join this group, which the company announced last week. However, the group’s announcement contained no commercial value or investment details.
Jaguar is looking to launch a series of ‘boutique’ stores across several cities as the brand repositions itself, according to CCO Gerry McGovern. The first store will be launched in Paris, with outlets in Miami, London, Tokyo and Shanghai expected to follow soon. The stores will offer a more ‘luxury’ experience to higher-end customers as the brand looks to move away from the mass premium sector.