Weekly Roundup: 3rd-9th May

  • Tesla to return production to pre-lockdown level
  • EV market share doubles in Europe
  • Porsche leads investment round

Earnings

Tesla targets pre-lockdown output by mid-May in Shanghai

Tesla hopes to return production to pre-lockdown levels of 2,600 cars a day at its Shanghai plant by May 16. Tesla ran three shifts at the Shanghai plant before the lockdown, and is now operating only one shift. Adding more shifts will potentially increase the weekly production to 16,900 vehicles at the facility. Check out the full story here. 

BMW profit boosted by Chinese JV 

BMW has announced a rise in the first-quarter profit despite volatile prices for commodities and energy. CEO BMW, Oliver Zipse said the profit was boosted because of its stake in a Chinese joint venture with Brilliance Auto Group and strong pricing. The company’s shares rose by 1.9% in the trading because of the Q1 report. The joint venture includes production, procurement, and sales of BMW automobiles in China. Here’s the full story. 

An Electrified Future

Volkswagen increases EV investment to 10B in Spain

German carmaker Volkswagen will invest $10.6 billion to make electric vehicles and batteries in Spain, about $3 billion more than its previous commitment. The new plant will start production by 2026. Read the complete story here. 

Battery electric vehicle market doubles across Europe

Battery Electric vehicles (BEVs) almost doubled their market share during the first quarter of 2022 in Europe. A total of 224,145 Battery electric vehicles were sold in Q1  that accounted for 10% of the total sales in Europe, with plug-in hybrid electric vehicles taking a chunk of 8.9%. You can check out the complete story here. 

Porsche leads $400M investment in EV startup

Porsche has led an investment round with a $400 million bet on electric vehicle battery startup Group14. The company has raised the amount from a group of investors led by Germany’s Porsche, and stands at a valuation of a billion dollars now. The company will use the money to build a second battery materials factory. Read the full news story here.

About Us

This week in Transport is a weekly round-up of  everything happening in the transportation world; from sustainable transport initiatives to expansion plans, and implementation of an intelligent transport system. Watch this space for more sector news!