26 Sep 2019 | NIO Struggles, Tritium Opens In USA and Model 3 Wins Norway
NIO Plans Deep Job Cuts As Losses Pile Up | In August NIO Sold Almost 1,800 ES6 But ES8 Hit Rock Bottom | Jaguar Calls A Hot-Rodded I-Pace A When, Not An If | Tritium Opens New Plant In Los Angeles | VW Chairman And CEO Accused Of Manipulation | Tesla CEO Elon Musk Gives VW CEO Kind Words | Tesla Model 3 Is The Best-Selling Car In Norway In 2019 By Far| Mazda Confirms It Will Present EV In Tokyo | MG Extends Customer Offer After Securing 2,000 Orders For ZS EV | EDF Sags Under The Weight Of Hinkley Point
Show #592
Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily for Thursday 26th September 2019. It’s Martyn Lee here and I go through every EV story to save you time.
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NIO PLANS DEEP JOB CUTS AS LOSSES PILE UP
"Nio, China’s home-grown answer to electric-car maker Tesla, posted a worse-than-expected quarterly loss, triggering thousands of job cuts and exacerbated concerns that a bubble in the world’s largest EV market may be bursting." says Automotive News Europe: "The dire situation has prompted the automaker, which is backed by technology giant Tencent Holdings, to raise $200 million from founder William Li and a Tencent affiliate, and to plan the spin off some businesses. Its U.S.-listed shares dropped as much as 28 percent to less than $2 on Tuesday and are off more than 80 percent from their peak following last year’s IPO. Nio has accumulated about $6 billion in losses since it was founded by Li, who is also CEO, in 2014. Fire risks led to a mass callback of nearly 5,000 vehicles in June, a significant portion of the 17,550 units Nio had sold as of the end of May."
https://europe.autonews.com/automakers/nio-plans-deep-job-cuts-losses-pile
IN AUGUST, NIO SOLD ALMOST 1,800 ES6, BUT ES8 HIT ROCK BOTTOM
"NIO is in the process of ramping up the production of sales of its second all-electric model, the ES6, while at the same time it tries to maintain sales of the ES8 seven-seater." says InsideEVs: "Last month, sales of the two amounted to 1,943, which is the highest result this year and third-best in the short history of the Chinese company. Year-over-year growth was 73%. However, looking at the model results, we see a worrying decrease for the ES8: ES6: 1,797 (3rd month on the market). ES8: 146 (down 87%)"
https://insideevs.com/news/372544/august-nio-sold-1800-es6/
JAGUAR CALLS A HOT-RODDED I-PACE A WHEN, NOT AN IF
"Michael van der Sande, the head of SVO, told British magazine Autocar that a high-performance I-Pace is more of a when than an if." reports Auto Blog: "The production model would receive more comprehensive changes, including a more powerful electric powertrain, but its body kit would certainly resemble the one worn by the eTrophy cars. Whether the hotter I-Pace would arrive as a limited-edition model, like the XE Project 8, or as a standard addition to the range is up in the air. Jaguar is aware that venturing into the high-performance electric car segment would force it to lock horns with Tesla, which offers jaw-droppingly quick versions of the Model S and the Model X."
https://www.autoblog.com/2019/09/24/jaguar-calls-a-hot-rodded-i-pace-a-when-not-an-if/
TRITIUM OPENS NEW PLANT IN LOS ANGELES
"The Australian fast charging station manufacturer Tritium has opened a new plant in Los Angeles. Tritium now has expanded manufacturing and logistics capacities for the American market as well as a research and development department." according to electrive: "In addition, Tritium will introduce the High Power Charger RT175 with a charging capacity of up to 175 kW, specially developed for the American market and scheduled to be available from the fourth quarter of this year. The RT175 charging station is based on the Veefil PK concept, which is used throughout Europe by Ionity, for example. Recently, Tritium refitted its chargers at Ionity charging sites with liquid-cooled cables that will enable charging capacities of up to 350 kW. The Australian company also presented its latest high power charging system at Cenex-LCV in the UK this September. The system for commercial use is scalable and capable of charging an electric vehicle with 475kW."
https://www.electrive.com/2019/09/24/tritium-opens-new-plant-in-los-angeles/
VW CHAIRMAN AND CEO ACCUSED OF STOCK MARKET MANIPULATION
"Volkswagen Group is under new scrutiny as German prosecutors charge two top bosses with stock market manipulation. Prosecutors allege VW Group CEO Herbert Diess and Chairman Hans Dieter Poetsch failed to promptly inform investors about the Dieselgate scandal according to Automotive News." says Motor1.com: "The new charges are just the latest development in the years-long scandal that has rocked the iconic automaker and has led to billions in fines for the company and its subsidiaries. Prosecutors also charged former CEO Martin Winterkorn in the case. Lawyers for both Diess, who will remain as VW’s CEO, and Poetsch say neither could have predicted the scandal’s financial impact on the company. Diess joined the company in July 2015, months ahead of the scandal breaking in September when the automaker admitted it’d installed software on 11 million vehicles to cheat emissions testing, racking up $33 billion (€30 billion) in fines and expenses so far, according to the publication."
https://www.motor1.com/news/372588/volkswagen-accused-stock-manipulation/
TESLA CEO ELON MUSK GIVES VW CEO KIND WORDS
"Despite allegations made by the EPA regarding the German automaker, Musk gave Diess his support as a response to an article written by Bloomberg‘s Chris Bryant, who said that the VW executive should win an award for “Worst Sense of Timing.” This comes just a few weeks after the Tesla CEO trolled Volkswagen for cheating on emissions testing." picked up by TEslaratI: "“Herbert Diess is doing more than any big carmaker to go electric. The good of the world should come first. For what it’s worth, he has my support,” Musk said on Twitter.
https://www.teslarati.com/tesla-elon-musk-kind-words-vw-ceo-sustainability/
TESLA MODEL 3 IS THE BEST-SELLING CAR IN NORWAY IN 2019 BY FAR
"Tesla’s (TSLA) Model 3 has become the hot-selling car in Netherlands, with year-to-date sales crossing 10,000 units. Undeniably, this figure is massive. This seems to be an impressive feat for a model that started delivery since February 2019. Not many vehicles manage to sell this much even in a year. Reportedly, Model 3 was the third best-selling vehicle in the country in the January-August period, just behind Volkswagen’s VWAGY Polo and Ford’s F Focus." reports Yahoo! Finance "In the Norwegian market, Tesla Model 3 is the hottest-selling car, that too by a large margin. With around 12,000 units sold in Norway so far this year, Tesla’s Model 3 sales have been more than double than Volkswagen Golf, which is in the second spot. Notably, Netherlands and Norway have always been a big market for Tesla, even before Model 3 hit the roads. But with the launch of Model 3, Norway and Netherlands are much ahead in the EV game in Europe."
https://finance.yahoo.com/news/teslas-tsla-model-3-takes-152003025.html
MAZDA CONFIRMS IT WILL PRESENT FIRST PRODUCTION EV IN TOKYO
"Mazda confirmed this Wednesday (September 25) that it will present its first EV at the 2019 Tokyo Motor Show. Not only that: It will be the company’s first production EV." according to InsideEVs: "The e-TPV has a small battery pack of only 35.5 kWh. For you to have an idea, it has the exact same size as the one that the Honda E uses. The new Mazda PHEV will have a rotary engine as its internal combustion unit. At least this is what the carmaker told the journalists that drove the e-TPV."
https://insideevs.com/news/372762/mazda-ev-debut-2019-tokyo-motor-show/
MG EXTENDS CUSTOMER OFFER AFTER SECURING 2,000 ORDERS FOR ZS EV
MG Motor UK has secured 2,000 orders for its affordable electric SUV, the ZS EV, in just two months since launch.
In light of this success, the brand has introduced a new offer for the next 1,000 retail customer orders, continuing to match the government’s plug-in car grant for the ZS EV Exclusive version.
With the MG grant of £3,500 for the range-topping ZS EV Exclusive on top of the government’s own £3,500 plug-in car grant, customers benefit from an outstanding overall price from just £23,495. ZS EV Excite benefits from a new £3,000 MG Grant which, when paired with the government grant, results in an overall price from just £21,995.
EDF SAGS UNDER THE WEIGHT OF HINKLEY POINT FIASCO
"You may remember Thomas Piquemal. He resigned as chief financial officer of Electricite de France (PA:EDF) three years ago after warning that the French government’s determination to have EDF build the Hinkley Point C reactor in south-west England could bankrupt the company." writes Yahoo! Finance: "EDF warned of yet more overruns to the project. It now expects up to $3.6 billion in additional costs and warned that it’s more likely than ever that the project will be delayed. EDF was worth 107 billion euros back in 2010 when the British government announced the sites where it wanted to build a new generation of nuclear plants. It’s now worth 30 billion ($33 billion).The U.K. guaranteed EDF a price of 92.50 pounds per megawatt-hour for Hinkley Point C in 2012. Last week, it auctioned offshore wind power projects at a strike price of as low as £39.65/MWh."
https://finance.yahoo.com/news/stockbeat-edf-sags-under-weight-061700361.html?.tsrc=rss
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