Weekly Roundup: 15th-21st October
- Pakistan’s annual vehicle production to reach 8 Million in half a decade
- Rolls Royce & Boeing fly engine on 100% sustainable fuel
- Tesla reports record-high quarterly profit, Volkswagen and Hyundai speed up as well
Expanding Market:
Pakistan’s Annual Vehicle Production to Reach 8 Million by 2026
Attending the Pakistan Automobile Industry Roundtable Seminar at the Pakistani Embassy in Beijing, Pakistan’s ambassador to China Moin-ul-Haque said the vehicle industry in Pakistan is growing remarkably because of the latest policies by the government. He stated that the government plans to increase the production of vehicles to 8 million units over the next five years. Read the complete story here.
VavaCars raises $50 Million in Pakistan & Turkey’s biggest Series B rounds
A Turkey-based online trading platform for buying and selling used cars, VavaCars, has raised $50Million to expand operations in Pakistan and Turkey. The Company has traded more than 10,000 cars since its launch in January 2020 in Pakistan. Read more about it here.
Tesla reports a record-high quarterly profit of $1.6 billion
Tesla continues its profitability streak. The company on Wednesday reported a net income of $1.62 billion in the third quarter, a nearly fivefold increase from the $331 million it earned in the same period last year. Tesla reported that operating income was $2 billion, which increased year over year from $809 million. Check it here.
Hyundai Plug-In Car Sales Exceeded 16,000 In September 2021
Hyundai sales of plug-in cars amounted to 16400 in September – making it a record share of 5.9% of the total sale volume. The all-electric BEV car sales barely met the levels but hybrid plug-in cars lifted the company from low levels. The details of sales can be found here.
Kia EV Sales Exceed 10,000, Including 2,654 EV6 In September
Kia EV sales surged in Q3 2021 as the company reported EV car sales of 2654 in Korea which is 7.4% of the total volume. The manufacturer also reported 975 Soul EV and 7,451 Niro EV sold outside South Korea making it more than 11000 which is an all-time record for Kia. Read more here.
Volkswagen Group More Than Doubled Electric Car Sales In Q3 2021
Following the release of its Q3 delivery numbers, Volkswagen Group continues to grow its presence in the BEV market, up 109% compared to Q3 last year. Nine months into 2021, Volkswagen has more than doubled its worldwide deliveries, nipping at the heels of Tesla – the current undisputed EV market leader. Read more here.
XPeng backed startup raises over $500 million and aims to roll out in 2024
HT Aero, the flying car company backed by Chinese electric carmaker Xpeng Inc. and its founder has raised more than $500 million from outside investors. The company plans to put the money towards research and development and roll out a new model that has the ability to operate in the air as well as on roads. Check out the original story here.
An Electrified Future:
Foxconn reveals three electric vehicles, aims to build EV Factories in Europe
Foxconn Technology Group has unveiled its first electric vehicles. The SUV and sedan models are the concept cars that the manufacturer plans to build for the customers rather than selling under its own brand. The company also aims to build electric vehicle factories in Europe, India & America by 2024. Read more here.
Toyota to invest $3.4 Billion in US for car batteries
Electric vehicles account for 25% of the total Toyota sales in US, and the number is expected to rise to 70% by 2030. Looking at the opportunity, Toyota has announced an investment of $3.4 billion by the end of this decade to speed up the development and production of advanced batteries for electric cars. The investment includes a $1.3 billion factory as well. Read more about it here.
Honda Announces Electrification Strategy and unveils new EV models
Marking the start of Honda’s broad shift away from its familiar gasoline and gasoline-hybrid vehicles, Honda announced its electrification target in all major markets, which is to increase the ratio of EVs and FCVs to 40% by 2030, to 80% by 2035, and then to 100% by 2040. Honda will no longer introduce any new gasoline-powered models and will electrify all new models coming to market after 2030. Read more here.
Xiaomi to launch its first electric car in 2024
Xiaomi’s CEO Lei Jun has confirmed that its electric vehicle production is on track and the mass production of the said car will start in the first half of 2024. The Chinese smartphone maker said it would commit to investing $10 billion in a new electric car division over the next ten years. The company completed the business registration of its EV unit in late August. Read more about it here.
Move to Automation:
Tesla’s Car Insurance Monitors ‘Real-Time Driving Behavior
Tesla has now officially launched its insurance product using “real-time driving behavior.” The decision was taken at Tesla’s shareholders’ meeting last week where CEO Elon Musk announced the expansion. The insurance is based on real-time driving data gathered from the car’s onboard systems and can adjust a driver’s monthly premium based on driving behavior. Read more here.
On Clean Fuels:
Rolls-Royce and Boeing fly a trent engine on 100% sustainable fuel
The aviation industry is responsible for 2% of global carbon dioxide emissions. Rolls-Royce has joined hands with Boeing to work on the problem and developed sustainable aviation fuel. The companies demonstrated their research with a successful test flight on Wednesday. A Boeing 747 aircraft was used for the experiment, running one of its four jet engines on 100% sustainable aviation fuel. Check it out here.
About Us:
This week in transport is a weekly round up of everything happening in the transport world; from sustainable transport initiatives to expansion plans, and implementation of intelligent transport system. Watch this space for more sector news!