Volkswagen to cut 35,000 jobs, Hertz sells off a large number of Teslas due to a significant price reduction of electric vehicles | Overseas Daily
"Top 3 News"
Hyundai's All-Solid-State EV Battery About to Achieve a Major Breakthrough
Key Points:
Hyundai is about to make a significant step in the field of all-solid-state EV battery technology. This new battery technology promises a longer driving range, a faster charging speed, and a significantly higher energy density. In June last year, Hyundai Motor CEO Jang Jae-hyun announced a huge investment plan to invest $7.3 billion (9.5 trillion won) in the next ten years to promote the development of EV battery technology.
Hyundai plans to develop a variety of EV batteries, including lithium iron phosphate (LFP), nickel cobalt manganese (NCM), and all-solid-state batteries, to cover a wide range of market segments. According to informed sources, Hyundai's all-solid-state EV battery is about to reach an important milestone. On December 23, industry sources said that Hyundai has almost completed the construction of the production demonstration line of all-solid-state batteries.
Officials close to the project said that the equipment for each process is almost complete, with only the logistics automation part remaining. Hyundai plans to start testing EVs equipped with all-solid-state batteries in 2025 and plans to start mass production at the end of this decade. The production line is located at Hyundai's Ulsan Research and Development Center in South Korea. Hyundai has a total of 22 joint research projects in four departments, including lithium metal batteries, solid-state batteries, battery management systems, and battery process technologies. Among them, 14 projects will be related to lithium metal and solid-state batteries.
Hyundai said that these measures will "pave the way for South Korea to become a world-leading battery technology country." In September this year, Hyundai and Kia launched a joint project to develop the precursor of the cathode material of lithium iron phosphate batteries for the upcoming low-cost electric vehicle models. Hyundai plans to launch an EV equipped with its self-developed lithium iron phosphate battery in 2025. This news was released just after Honda announced its all-solid-state battery demonstration production line last month. Honda also plans to launch an EV driven by a new battery technology in 2030. Factorial, in collaboration with Mercedes-Benz, announced that its "Solstice" all-solid-state battery cell has expanded to a 40Ah capacity, which is a new milestone. With a "breakthrough" energy density of up to 450Wh/kg, Factorial claims that its battery technology can increase the driving range of EVs by up to 80%, or about 600 miles.
Kia Syros EV (Source: Electrek)
Opinions:
The launch of the Kia Syros EV marks a further deepening of Kia's global EV market layout. As an electric vehicle model positioned in the low-cost market, the Syros EV not only enriches Kia's EV product line but also shows Kia's in-depth understanding and strategic layout of different market segments. With the rapid growth of the global EV market, especially in emerging markets like India, the demand for low-cost EVs is increasing. The launch of the Kia Syros EV is undoubtedly a positive response to market trends. From a technical perspective, the Syros EV shares a platform with the Hyundai Inster EV, which means it will inherit the technical advantages of the Hyundai Group in the EV field, including a longer driving range and reliable battery technology. This is an attractive selling point for consumers as it not only provides the environmental advantages of EVs but also ensures certain performance and practicality. In addition, Kia's pricing strategy for the Syros EV also shows its attention to price-sensitive consumers. In the EV market, price is often one of the important factors influencing consumers' purchasing decisions. By providing a competitive price, Kia is expected to attract more first-time EV buyers and thereby expand its market share.
Tesla Rumored to Sign Battery Supply Agreement with Eve Energy
Key Points:
Tesla has recently been rumored to have signed a battery supply agreement with the Chinese battery manufacturer Eve Energy (EVE Energy). For many years, Tesla has been increasing the proportion of EVs using lithium iron phosphate (LFP) batteries. Compared to nickel-rich batteries, LFP batteries have a lower cost but a lower energy density, resulting in a shorter driving range. However, in recent years, the energy density of LFP batteries has been improved enough to make them feasible in lower-cost EVs. Tesla has previously purchased LFP batteries from CATL and BYD in China. In 2021, there were rumors that Tesla was discussing the purchase of LFP batteries with Eve Energy. Now, three years later, it seems that the two sides have reached an agreement.
According to Chinese media reports, Eve Energy has reached a supply agreement with Tesla. Starting from 2026, its factory in Malaysia will supply energy storage batteries to Tesla in the United States. Eve Energy confirmed that it recently signed an agreement with an "American customer" but did not disclose the customer's identity. When "LatePost Finance" reported that Tesla is the customer, Eve Energy neither confirmed nor denied. For a long time, Tesla only had Panasonic as its battery supplier. Tesla was the first automaker to use cylindrical lithium-ion batteries in EVs. Before Tesla, these batteries were mainly used in personal electronic products, such as laptops. At that time, Panasonic was the only manufacturer willing to provide batteries for Tesla vehicles. In the past few years, Tesla has significantly increased its battery suppliers, signing contracts with CATL, LG, BYD, Samsung, etc., and now it seems to have added Eve Energy.
Opinions: The rumor of Tesla signing a battery supply agreement with Eve Energy shows Tesla's further action in the global battery supply chain diversification strategy. This move not only reflects Tesla's emphasis on the stability of battery supply but also reflects its continuous pursuit of cost control and supply chain optimization. With the rapid growth of the global EV market, battery supply has become one of the key factors restricting the development of EV manufacturers. By adding new battery suppliers, Tesla can not only diversify supply chain risks but also promote the reduction of battery costs through the competition mechanism, which is crucial for maintaining its competitiveness in the EV market.
Tesla Model 3 (Source: Electrek)
In addition, Tesla's choice to cooperate with Eve Energy also means recognition of LFP battery technology. Although LFP batteries have a relatively low energy density, their cost advantages and safety make them competitive in certain markets and application scenarios. Tesla's choice may promote the wider application of LFP battery technology in the EV field. For Eve Energy, becoming a supplier to Tesla is undoubtedly a recognition of its product quality and technical level, and it also opens the door for it to enter the global high-end EV market. This can not only enhance Eve Energy's brand influence but also may drive its growth in the global battery market.
Overall, the cooperation between Tesla and Eve Energy is a positive signal for both parties and the entire EV industry. It not only helps to promote the innovation of battery technology and the reduction of costs but also may accelerate the popularization of EVs globally. With more battery manufacturers joining Tesla's supply chain, we are expected to see a more diversified and competitive development pattern in the EV industry.
Opinions:
Hyundai's progress in all-solid-state battery technology indicates that the EV industry is about to usher in a technological revolution. Due to its potential advantages in energy density, safety, and charging speed, all-solid-state batteries are regarded as a strong candidate for the next-generation EV battery technology. Hyundai's move not only demonstrates its ambition in the EV field but also reflects the competitive situation among global automakers in the battery technology race.
The development of all-solid-state battery technology is crucial for improving the practicality and attractiveness of EVs. Longer driving range and faster charging speed can significantly enhance the user experience, while higher energy density means the battery pack can be more lightweight, thereby further improving the vehicle's performance and efficiency. These improvements will help EVs further penetrate the market, especially in the context where consumers have higher requirements for the driving range and charging convenience of EVs.
However, the commercialization path of all-solid-state battery technology still faces many challenges, including manufacturing costs, large-scale production, and safety issues. Hyundai and other global battery leaders and automakers are actively promoting this new technology, but to achieve large-scale commercialization, these technical and cost barriers need to be overcome.
Hyundai plans to start testing all-solid-state battery EVs in 2025 and achieve mass production at the end of this decade. This timetable shows Hyundai's optimistic attitude and confidence in this technology. If Hyundai can successfully achieve this goal, it will not only consolidate its position in the global EV market but also may change the existing battery technology competition pattern and bring a new development direction to the EV industry.
Leapmotor to Debut C10 Range-Extended EV at the 2025 Brussels Motor Show
Key Points:
The Chinese electric vehicle manufacturer Leapmotor, supported by the Stellantis Group, plans to debut its Range-Extended Electric Vehicle (REEV) technology - the Leapmotor C10 - at the 101st Brussels Motor Show, which will be held from January 10 to 19, 2025. The REEV technology combines the advantages of electric vehicles and traditional fuel vehicles, providing a hybrid solution to meet the diverse needs of consumers.
The Leapmotor C10 REEV is equipped with a 158-kilowatt (215-horsepower) electric motor and a 1.5-liter internal combustion engine. The 28.4-kilowatt-hour battery provides a pure electric driving range of 145 kilometers (WLTP standard), and the total driving range exceeds 950 kilometers. In the hybrid mode, the C10 REEV has a fuel consumption of only 0.4 liters per 100 kilometers and a carbon dioxide emission of 10 grams per kilometer, significantly reducing emissions and fuel consumption compared to traditional fuel vehicles, making it an environmentally friendly choice.
The range extender mainly operates as an electric vehicle, with the electric motor driving the wheels. When the battery power is low, the internal combustion engine starts to generate electricity to charge the battery and extend the driving range. This system enables the C10 REEV to provide a smooth, quiet, and responsive driving experience of an electric vehicle, while also providing the flexibility of a traditional fuel engine to adapt to long-distance travel. Drivers can quickly command and select their preferred "energy mode" through the main screen to optimize vehicle performance as needed. Optional modes include prioritizing electric driving or enhancing power output on demand.
The C10 REEV supports AC and DC fast charging, which can significantly increase the driving range in a short period of time, making it convenient for long-distance travel. Using DC fast charging, the C10 REEV can recover half of the pure electric driving range in just 18 minutes. The electric motor provides 215 horsepower, offering a smooth and responsive driving experience. The Leapmotor C10 REEV is a key product for Leapmotor to expand its influence in the European market. The innovative technology and competitive pricing of this model make it an attractive choice for consumers seeking a flexible and efficient hybrid solution. This model is particularly suitable for those who seek the advantages of electric driving but also need greater flexibility in driving range. In addition, the C10 REEV provides a quiet and comfortable riding experience, making it an ideal choice for urban driving and long-distance travel.
Leapmotor C10 Range-Extended Electric Vehicle in Brussels (Source: ElectricCarsReport)
Opinions:
The launch of the Leapmotor C10 REEV marks an important step for Leapmotor in technological innovation and market expansion. This range-extended electric vehicle not only showcases Leapmotor's in-depth exploration in the EV technology field but also reflects its keen insight into market demand. In the European market, consumers' demand for environmental protection and energy conservation is increasing. The C10 REEV, with its low emissions and high efficiency, is expected to attract consumers who value environmental protection and do not want to give up the convenience of long-distance driving.
From a technical perspective, the range-extending technology of the C10 REEV effectively solves the problem of range anxiety for EVs while retaining the driving pleasure of EVs. This technical path provides new possibilities for the popularization of EVs, especially in areas where the charging infrastructure is not yet perfect. Range-extended electric vehicles can serve as a transitional product between pure electric vehicles and traditional fuel vehicles. In addition, the fast charging capability of the C10 REEV is also a highlight, which not only improves the practicality of EVs but also reduces the waiting time for users and enhances the user experience. In the European market, with the continuous expansion of the EV market and the gradual improvement of the charging network, the C10 REEV is expected to become a breakthrough for Leapmotor in the European market. Overall, the launch of the Leapmotor C10 REEV not only enriches Leapmotor's product line but also provides more choices for consumers. With the growing global demand for low-carbon travel solutions, the C10 REEV is expected to become a strong competitor for Leapmotor in the global EV market.
"Big Events"
Volkswagen to Cut 35,000 Jobs, but Factories Remain Open
Volkswagen has announced a plan dubbed the "Christmas Miracle," which involves a major overhaul of its German operations without immediately closing factories, laying off workers, or reducing wages. Nevertheless, about 35,000 jobs are at risk of being cut in the future, but the factories will remain open. After 70 hours of intense negotiations, Volkswagen reached an agreement with union leaders to avoid a large-scale strike. Volkswagen has committed to keeping its 10 German factories operating and extending the job security agreement until 2030. However, workers have agreed to give up some bonuses, reduce long-term employment for trainees, and cut the production capacity of about 700,000 vehicles at five factories. Volkswagen also plans to cut more than 35,000 jobs in Germany by 2030, but it will be done in a "socially responsible manner," and these cuts are expected to save about $4.2 billion annually.
Volkswagen Audi Factory (Source: Electrek)
Volkswagen's managers will also face significant salary cuts in the coming years. About 4,000 managers will give up bonuses equivalent to 10% of their annual income, while executives, including CEO Oliver Blume, do not seem to be included in the salary cuts. However, there are reports that the union is also pushing for a 10% salary cut for top leaders. At the same time, Volkswagen is completely restructuring its business to reduce costs while seeking to simplify production and development processes, shorten the development cycle of specific projects, tighten the belt, and rethink its electric vehicle retail model to remain competitive. Volkswagen's sales in China, its core market, have dropped sharply, while it also faces challenges from BYD and other Chinese automakers entering the European market.
Kia Syros SUV to Launch Electric Version, Becoming the Sister Model of the Low-Cost Hyundai Inster EV
Kia Motors has recently launched its new Syros SUV. Although the initial version is equipped with a gasoline engine, Kia plans to launch a fully electric version soon. This new Kia Syros EV will share a platform with its sister model, the Hyundai Inster EV, becoming Kia's latest low-cost electric vehicle model. The Indian EV market is expected to grow rapidly in the coming years. In 2024, the value of the Indian EV market is expected to reach approximately $24 billion, and it is expected to approach $11.