Tesla denies that Cybertruck will enter China in the short term, and the EU invests heavily in the electric vehicle battery industry | Overseas Daily
"Top 3 News"
Tesla Denies Short-Term Entry of Cybertruck into Chinese Market
Key Points:
Tesla recently announced that its highly anticipated electric pickup truck, the Cybertruck, will not enter the Chinese market in the short term. Previously, rumors were widespread on the internet that Tesla might introduce the Cybertruck into the Chinese market to address demand issues. However, Tesla's China team has officially denied this rumor and confirmed that there are currently no plans to launch the Cybertruck in China.
It is reported that there are signs of a slowdown in Tesla's Cybertruck production line in the United States, and the company has even offered incentives for purchasing the Cybertruck, which may indicate that Tesla is reducing the production of this electric pickup. Currently, the Cybertruck is only sold in the United States, Canada, and Mexico. This situation has led some to speculate that Tesla might try to launch the model in other markets to address demand issues.
Although the Cybertruck is not available for purchase in the Chinese market, Tesla is still using it as a marketing tool to showcase it in China, attracting people to get a close look at it in its retail spaces. Tesla CEO Elon Musk previously stated that since the Cybertruck is designed for North American roads, a lot of work is required to get approval in China. In addition, it is not easy to export vehicles made in the United States to China and make a profit from it, which may force Tesla to produce the Cybertruck locally in China in order to sell it in the world's largest electric vehicle market. But for now, this situation is unlikely to happen in the short term. The Cybertruck will continue to be a marketing tool in most markets in the foreseeable future.
Tesla Cybertruck (Source: Electrek)
Opinions:
The design concept and market positioning of the Tesla Cybertruck are very unique, and its futuristic appearance and powerful performance make it a highlight in Tesla's product line. However, the demand and acceptance of electric vehicles in the Chinese market are significantly different from those in the North American market, which may be one of the reasons why Tesla temporarily does not consider introducing the Cybertruck into China. Firstly, Chinese consumers have their own preferences for the appearance design of electric vehicles, and the radical design of the Cybertruck may not meet the aesthetic standards of most Chinese consumers. Secondly, the road conditions and usage habits in China are different from those in North America, and the design of the Cybertruck may need to be adjusted for the Chinese market. In addition, the subsidy policies and market access requirements for electric vehicles by the Chinese government will also affect Tesla's decision. From a business perspective, Tesla already has the production and sales of models such as the Model 3 and Model Y in China, and these models are more in line with the needs and expectations of the Chinese market. Therefore, Tesla may prioritize expanding the production and sales of these models rather than introducing the Cybertruck.
The EU Invests Heavily in Electric Vehicle Battery Industry, but Companies Relying on Chinese Materials May Be Excluded
Key Points:
The European Commission recently announced that it will provide up to 1 billion euros (approximately 10.5 billion US dollars) in financial support to its emerging electric vehicle battery industry to promote the development of this industry. However, companies that rely on Chinese materials may not be able to enjoy this benefit. This new proposal is one of the first measures of the European Commission in its new term, aiming to promote the development of net-zero technologies, electric vehicle battery manufacturing, and renewable hydrogen through a 4.6 billion euro package.
Teresa Ribera, the new Executive Vice-President of the European Commission responsible for the clean transition, stated that all three proposals include new resilience standards to enhance the autonomy of the European industry. Battery and hydrogen bank auctions will also include specific resilience standards to protect Europe from relying on a single supplier. Companies interested in applying for subsidies need to submit their applications before April 24, 2025, and the companies expected to receive funding will sign agreements in the first quarter of 2026. Currently, the European Commission has not disclosed the maximum amount of funding for each project.
As a representative of Europe's "green dream", Northvolt has recently encountered financial difficulties, and this measure seems to be a response to the industry's difficulties. The Commission stated that multiple tools are needed to overcome the economic obstacles currently faced by the European battery value chain, including its gigafactories. The Commission will continue to deploy existing tools and explore new approaches, including addressing the obstacles to large-scale industrialization in the short term. Behind this enthusiasm is the EU's hope to manufacture more environmentally friendly electric vehicle batteries using 100% recycled nickel, manganese, and cobalt to reduce its reliance on China. However, it is not yet certain whether these funds can save Northvolt in a timely manner.
After Northvolt filed for bankruptcy protection in the United States and the rescue plan failed to pass, the battery manufacturer had only one week's worth of cash left in its accounts. The company's co-founder and CEO, Peter Carlsson, also recently resigned after promoting an expensive expansion. The Swedish-owned battery manufacturer filed for Chapter 11 bankruptcy protection in southern Texas with a debt of 5.8 billion US dollars. According to Reuters, Northvolt is now seeking to sell its business by the end of the year, which is a huge loss for what was once one of the best-funded startups in Europe and the recipient of the EU's largest green loan. Of course, other battery manufacturers have also encountered difficulties, including Stellantis-backed Automotive Cells Company, which has stopped construction of its factories in Germany and Italy. Volkswagen has also recently scaled back its plans to build battery factories in Europe and North America.
Northvolt Factory (Source: Electrek)
Opinions:
The EU's huge investment in the electric vehicle battery industry shows its determination to reduce its reliance on China and promote the development of the local industry. This strategy not only helps protect the European industry from the risk of relying on a single supplier, but is also an important step towards the diversification of the global supply chain. However, the timing and effectiveness of this decision remain questionable. The difficulties of Northvolt highlight the challenges faced by the electric vehicle battery industry. Although the EU's funding plan may provide a glimmer of hope for some companies, the financial crisis of Northvolt shows that financial support cannot solve all problems. Battery manufacturers need not only funds, but also market access, technological innovation, and effective cost control. In addition, this move by the EU may have a profound impact on the global battery supply chain. If the EU successfully reduces its reliance on Chinese materials, it may prompt other countries to take similar measures, thereby changing the flow and price of global battery materials. This may pose a challenge to battery manufacturers that rely on Chinese materials, forcing them to find new suppliers or adjust their production strategies.
Renault 5 E-Tech Wins "Car of the Year" Title at London Electric Vehicle Show
Key Points:
The Renault 5 E-Tech electric version won the "Car of the Year" title at the first London Electric Vehicle Show, marking the outstanding performance of this pure electric supermini in the urban vehicle field. At the London Electric Vehicle Show last week, after the selection of expert judges, the Renault 5 E-Tech stood out for its price, style, and versatility, winning this prestigious award. The London Electric Vehicle Show has been held to its fourth edition, bringing together industry leaders, policymakers, and pioneering companies to jointly promote a seamless transition to electric transportation. The judging panel chose the Renault 5 E-Tech electric version as the best model, citing its retro-futuristic design, dual battery pack options, and a range of up to 250 miles, all of which provide strong arguments for the practicality of electric vehicles. In addition, the attractive price point of less than £23,000 is also an important factor for its success.
One of the judges, Marc Palmer, Head of Strategy and Insights at Auto Trader, said that there are many large and expensive electric vehicles on the market, and it is pleasing to see manufacturers launching smaller models. Adam Wood, Managing Director of Renault Group UK, said that it is a great honor for the Renault 5 E-Tech electric version to be named "Car of the Year" at a highly respected industry event in a forward-looking city like London, proving that the Renault 5 offers an efficient and fun choice that is both affordable and desirable.
The Renault 5 E-Tech electric version starts at £22,995 and combines the original style with modernity. It features agile handling, an attractive design, and innovative features such as a novel bonnet charging indicator and an assistive virtual character named Reno, making driving and riding a pleasure. The vehicle is built with Google services, including navigation optimized for electric vehicles and two-way functionality, and has the vehicle-to-load (V2L) capability. It offers two battery size options and comes standard with a heat pump, with a range of up to 248 miles and the ability to charge to 80% in just 30 minutes.
Renault 5 E-Tech (Source: ElectricCarsReport)
Opinions:
The Renault 5 E-Tech being named the "Car of the Year" at the London Electric Vehicle Show not only showcases Renault's innovation and leadership in the electric vehicle field, but also reflects the market's demand and recognition for urban electric vehicles. With the acceleration of urbanization and the enhancement of environmental awareness, more and more consumers are beginning to seek an economic, convenient, and environmentally friendly travel mode, and the Renault 5 E-Tech precisely meets this demand.
This electric vehicle, with its combination of retro and modern styles, reasonable price, and excellent performance, provides consumers with an extremely attractive choice. It not only represents the progress of electric vehicle technology, but also reflects the emphasis on aesthetics and practicality in automotive design. The success of the Renault 5 E-Tech may inspire more automakers to develop similar urban electric models, further promoting the diversification and competition in the electric vehicle market. In addition, the award of the Renault 5 E-Tech also highlights the rapid development of electric vehicles in terms of range, charging speed, and intelligent technology. With the progress of these technologies, the practicality and attractiveness of electric vehicles will be further enhanced, helping to accelerate the transformation from traditional fuel vehicles to electric vehicles. The award of the Renault 5 E-Tech is not only a recognition of Renault, but also a positive signal for the future development of the entire electric vehicle industry.
"Big Events"
Genesis Electrified GV70 Gets a New Look for 2025, Upgrading Luxury Feel
The Genesis brand recently released the newly designed Electrified GV70, an electric SUV that prides itself on its enhanced luxury and meticulous attention to detail. This is the first redesign since the Electrified GV70 was first sold in the Korean market in March 2022. As the third electric model under the Genesis brand, the Electrified GV70 follows the Electrified G80 and GV60. The new Electrified GV70 is more refined in design than its predecessor, pushing the brand's "Athletic Elegance" design philosophy to a new height. In the front fascia, the Electrified GV70 showcases a new Crest Grille design with a gradient G-Matrix pattern and presents a broad and refined appeal through the bumper design. The optimized air intake grille pattern reflects the unique elegance of an electric SUV. The Genesis signature Two-Line headlights integrate Micro Lens Array (MLA) technology, enhancing the lighting performance and adding a refined design element.
In the side profile, the new vehicle is equipped with a new 20-inch matte dark gray wheel, while the color of the existing 19-inch wheel has also been adjusted to create a feeling of both robustness and refinement. At the rear, the turn signals have been moved from the bumper to the rear combination lamps, improving the visibility of the vehicle from the rear. The turn signals now follow the design concept of the front Two Lines, and the lower part of the bumper also features a Two-Line chrome decoration, enhancing the aesthetic. The shape of the high-mounted stop lamp (HMSL) has been optimized, and a module integrating a digital center rearview mirror (DCM) and a built-in camera is applied in the lower part of the HMSL, creating a cleaner visual effect. New exterior color options include the gloss or matte "Ceres Blue".
Genesis GV70 (Source: ElectricCarsReport)
In the interior design, the redesigned Electrified GV70 fully embraces Genesis' unique "Beauty of White Space" design principle, seamlessly integrating the most advanced technology to enhance the luxury experience. The 27-inch OLED display provides a user-friendly single-level layout that integrates the instrument cluster and infotainment system, while the touch-based heating and air conditioning system emphasizes advanced functionality. The ambient light that extends from the upper part of the door trim to the central console contributes to the overall luxurious atmosphere, and the carefully designed stitching on the new single-tone steering wheel complements it. The newly applied EV-exclusive door trims and ambient lights, collectively known as the "Galaxy Pattern Ambient Lighting", maximize the elegant atmosphere. Equipped with genuine aluminum speaker grilles, the high-end Bang & Olufsen audio system elevates the auxiliary experience to a new level. The model offers three interior color options, including the newly introduced EV-exclusive Icy Blue/Glacier White two-tone. The redesigned Electrified GV70 will begin sales in the Korean market in the first quarter of 2025.
Hyundai Sets New Sales Record in US Market, IONIQ 5 Sales Double
Korean automotive giant Hyundai has achieved its best-ever sales month in the US market. The demand for Hyundai's electric vehicle lineup has surged, especially for its best-selling IONIQ 5 SUV, which set a new sales record in the US in November, with sales more than doubling compared to the same period last year. In November, Hyundai sold 76,008 vehicles in the US, breaking its sales record in the country. Randy Parker, CEO of Hyundai Motor America, attributes this growth to the increased demand for electric and hybrid vehicles. Hyundai's electric vehicle sales increased by 77% year-on-year, while hybrid vehicle sales soared by 104%. Overall, the electrified retail sales (including electric vehicles, plug-in hybrid vehicles, and hybrid models) increased by 92% last month.
Several models, including the Santa Fe HEV, Tucson PHEV, Tucson HEV, and IONIQ 5, have achieved their highest monthly sales ever. The IONIQ 5 continues to be one of the best-selling electric vehicles in the US. Hyundai sold 4,989 IONIQ 5 models last month, an increase of 110% compared to 2,372 in November 2023 and an 11% increase compared to the previous record in October. In the first 11 months of 2024, Hyundai sold 39,805 IONIQ 5s in the US, a 30% increase year-on-year. The sales record of Hyundai comes after the launch of the fully upgraded 2025 IONIQ 5, which has significant upgrades compared to the previous generation.
