20 Mar 2020 | Can EV Makers Survive A Shutdown?

Show #723

 

Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily for Friday 20th March 2020. It’s Martyn Lee here and I go through every EV story to save you time.

 

A quick update, I’ve been off my feet with a chest infection which really took all my energy. I thought it was over on Sunday, then Tuesday, and now it’s Friday. No it is NOT Covid-19, in fact it’s the opposite!

 

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AUTOMOTIVE INDUSTRY COPES WITH COVID-19

"Toyota, Honda, and the Big Three have shut down manufacturing plants. Mercedes is keeping its Alabama factory open, but it will probably run out of parts. Tesla may or may not be contradicting a legal order not to produce cars, and Ford doesn’t want to sit on a mountain of repossessed vehicles" reports Jalopnik: "Honda’s plant in Wuhan, China, right near where the outbreak began, is back up and running!" "

 

According to Bloomberg: "Daimler AG’s U.S. sport utility vehicle factory is at risk of shutting down because of a shortage of parts coming from Europe, according to a notice sent to workers. "

 

And from Gene at Teslarati: "Tesla will temporarily suspend production at its factory in Fremont, California and Buffalo, New York beginning on March 24 in response to local “shelter in place” mandates to prevent the spread of coronavirus, said the company on Thursday. The company notes that operations at its Nevada factory, along with its other facilities including its service and Supercharger network will remain operational."

 

https://jalopnik.com/the-automotive-industry-is-grinding-to-an-undignified-h-1842410744

 

https://www.teslarati.com/tesla-factory-coronavirus-shutdown-march-24/

 

CAN EV MAKERS SURVIVE A SHUTDOWN?

"Morgan Stanley says that Tesla (TSLA) is strong enough financially to afford “several months of near shutdown of operations” at its Fremont factory" writes Electrek

 

Pierre Ferrago at New Street said: "Tesla can survive 5 quarters with cash on hand if its Fremont Factory is shut-down. Tesla has $2.9bn of available cash. At a $600m cash burn per quarter it can hence self-finance operations for 5 quarters. Conclusion: even in an extreme scenario Tesla can self-finance operations multiple quarters. In such a scenario, Tesla would obviously take remedial actions (ramping Shanghai production, moving production to Nevada). Our take on a more likely scenario (20-40% slowdown in units) here."

 

What about NIO? "The Chinese electric vehicle maker Nio raised substantial doubt in its ability to continue its business due to on-going financial difficulties that have been exacerbated by the coronavirus. The reduced EV subsidies in China also played a part." reports Nora at Electrive: "Nio said in a statement: “The Company’s cash balance is not adequate to provide the required working capital and liquidity for continuous operation in the next 12 months. The Company’s continuous operation depends on the Company’s capability to obtain sufficient external equity or debt financing.” Such external financing could have come from Hefei’s city government. However, the agreement to raise more than 10 billion yuan and set up new manufacturing facilities isn’t final yet."

 

https://www.electrive.com/2020/03/19/electric-carmaker-nio-is-lacking-liquidity/

 

NISSAN GOES ALL ELECTRIC FOR NEW CARS IN JAPAN

" Nissan Motor will sell electric-drive versions of all new and redesigned models to hit the Japanese market starting in fiscal 2020 as it shifts further away from gasoline power under tighter emissions rules, Nikkei has learned." says nikkei.com: "The automaker will roll out an electric sport utility vehicle as early as the second half of 2020 and an electric version of its mainstay Dayz minicar in 2021. Hybrids will use the company's proprietary e-Power system. Nissan aims to generate 50% of sales in Europe and 30% in China from electric-drive vehicles in fiscal 2022."

 

https://asia.nikkei.com/Business/Automobiles/Nissan-goes-all-electric-for-new-cars-in-Japan

 

ABB COMPLETES ACQUISITION OF CHINESE EV CHARGING PROVIDER CHARGEDOT

ABB has completed its acquisition of a majority stake in Chargedot Shanghai New Energy Technology Co., Ltd. (“Chargedot”). The transaction was announced on October 28, 2019.

Since its establishment in 2009, Shanghai-based Chargedot has made a significant contribution to the uptake of electric vehicles in China. The company supplies AC and DC charging stations, as well as the necessary software platform to a range of customers that includes EV manufacturers, EV charging network operators and real estate developers.

The acquisition is expected to further strengthen ABB’s relationship with leading Chinese electric vehicle manufacturers and broaden the company’s e-mobility portfolio with hardware and software developed specifically for local requirements as well as service offerings.

 

THE NEXT BMW 7 SERIES LINEUP WILL INCLUDE AN ALL-ELECTRIC CAR

"BMW's next-generation Series 7 luxury sedan models will include an all-electric version, according to Autocar. The automaker has announced at a press conference that the next 7 Series vehicles will come in four versions: one with a gasoline-burning engine, a diesel version, a plug-in hybrid and a fully electric car. " says Engadget: ", Oliver Zipse, BMW's Chairman of the Board of Management, told attendees that the all-electric version will be the most powerful among the four. the zero-emission 7 Series model will be powered by BMW's fifth-generation electric technology -- the same one that'll power the i4. The next 7 Series cars don't have a solid launch date yet, but since the current generation won't go out of production until 2022, we'll still have to wait a few more years."

 

https://www.engadget.com/2020/03/18/bmw-7-series-electric-car/

 

ALL-ELECTRIC PORSCHE MACAN WILL START PRODUCTION BY END OF 2022

"There’s no question that Porsche isn’t shy about moving to the electric world. Barring small operations such as Rimac, Porsche seems more aggressive than all others in the supercar realm then it comes to embracing EV power. We’ve known for a while that the Macan will go fully electric, but a new report from Automobilwoche gives us insight into a timeframe." says Motor1: "Perhaps more interesting is that rumors also suggest the Macan will go entirely electric starting in 2024. That’s a gutsy move from Porsche, as the Macan has become the company’s best-selling vehicle in a relatively short amount of time."

 

https://www.motor1.com/news/405150/electric-porsche-macan-production-2022/

 

2020 KIA NIRO EV: PRICE HIKE BRINGS BIGGER INFOTAINMENT SCREENS BUT NO EXTRA RANGE

""The 2020 Kia Niro (2019 model pictured) has changed slightly. It costs $590 more versus 2019, adding up to a starting price of $40,210 after factoring in the $1,120 destination fee. " says Green Car Reports: "The price hike applies both to the base EX version of the Niro EV as well as the better-equipped EX Premium. But features have been stepped up along with that.  Both of the 2020 versions include upgraded infotainment screens. Echoing changes given to the 2020 Kia Niro Hybrid, the Niro EV gets new 8.0 and 10.25-inch touchscreens replace the 7.0-inch and 8.0-inch units currently offered in the EX and Premium, respectively. The Niro EV carries forward with its 239-mile EPA range rating. We’ve observed some impressive real-world range from the Niro EV—range that might, in cooler temps especially, top the greater 258-mile range offered in the Hyundai Kona Electric."

 

https://www.greencarreports.com/news/1127504_2020-kia-niro-ev-price-hike-brings-bigger-infotainment-screens-but-no-extra-range

 

HYUNDAI KONA ELECTRIC MADE IN EUROPE

"Hyundai finally started the delivery of the Kona Electric made at its European manufacturing plant, in Czech Republic. Current European production is at 150 Kona Electrics per day and Hyundai plans to produce over 35.000 units in 12 months." writes PushEVs: "The batteries will by produced in Europe, reducing the distance the component needs to travel. Hyundai will also give customers the opportunity to track the estimated time of arrival (ETA) of their Kona Electric. Once ordered, the ETA tool makes it possible to track the car from production to final shipment. In 2020, Hyundai expects to deliver more than 80,000 units of zero-emission vehicles to European customers, including the Kona Electric, IONIQ Electric "

 

https://pushevs.com/2020/03/16/hyundai-starts-delivery-of-kona-electric-made-in-europe/

 

IN FEBRUARY 2020, RENAULT SOLD ALMOST 7,500 ELECTRIC CARS

"In Europe, close to 9% of total Renault passenger car sales were electric." reports InsideEVs: "February was the second-best month for all-electric car sales by Renault, which globally (mostly in Europe) sold 7,485 units (88% more than a year ago).As the French manufacturer sells EVs mostly in Europe, which currently fights with the coronavirus outbreak, it will be difficult to match January's record of 10,819 in the next couple of months."

 

https://insideevs.com/news/404795/february-2020-renault-electric-car-sales/

 

QUESTION OF THE WEEK

 

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