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The uncertain future for China's electric car makers

https://www.bbc.com/news/business-51711019

 

Over the last three years the number of Chinese electric vehicle manufacturers has tripled, with more than 400 registered nationwide. But that breakneck expansion alarmed the government. Last year it decided to put the brakes on by withdrawing approximately half of its financial incentives for buyers. A slump in sales quickly followed, in the last quarter of 2019 sales for electric vehicles plummeted.

 

Now the coronavirus has supplied a second punch.

 

Manufacturers have been forced to halt production lines and close dealerships in a bid to stop the spread of virus. Overall auto sales in plunged 79% in February compared with the same month in 2019, according to figures from the China Association of Automobile Manufacturers. Sales of new energy vehicles (NEVs) fell for the eighth month in a row.

 

"Chinese auto and battery technology is still not world-class. CATL and BYD are strong battery makers, but they are still somewhat behind technologically from their South Korean and Japanese counterparts. And Chinese automakers are still second-class producers even in their own country and they have barely any sales outside China,"

 

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  • 2 weeks later...

Ideanomics To Monetize EV Energy Sales

 

 

NEW YORK, April 7, 2020 -- Ideanomics, (NASDAQ: IDEX) ("Ideanomics" or the "Company"), is pleased to announce that MEG 's energy sales unit has deployed a pilot platform in Nanjing, China which will focus on streamlining the operational aspects of EV energy sales and consumption and will serve as a blueprint to a broader roll-out in both Nanjing, and across other major cities in China.

 

 

 

https://investors.ideanomics.com/

 

 

Ideanomics Inc (NASDAQ:IDEX) CEO Alf Poor tells Proactive Investor that its electric vehicle division, Mobile Energy Global has recently deployed a pilot platform in Nanjing to streamline energy sales, and it will serve âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“as a blueprintâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ for a broader rollout in the city as well as other big Chinese cities.

 

https://ca.proactiveinvestors.com/companies...ing-917078.html

 

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  • 1 month later...

China Announces a Three-Year-Blue-Sky-Action Plan to Accelerate the Adoption of Electric Vehicles

 

24 provinces and cities commit to aggressive roll out of electric vehicles

MEG is actively working with regional governments in 7 of the 24 regions

MEG to benefit from regions' fast-tracked plans for EVs and charging stations

 

NEW YORK, Ideanomics, (NASDAQ: IDEX) announced that the Chinese State Council issued a Three-Year Action Plan for the Battle of the Blue Sky accelerating the country's Blue Sky Plan originally unveiled in 2018. The 2018 Blue Sky Plan's centerpiece was the development of an ecofriendly transport system with higher fuel efficiency and lower emissions and included fines for pollution, carbon emissions and the contamination of water. The Three-Year-Action Plan includes agreements of 24 provinces and cities to accelerate the adoption of new energy vehicles. Ideanomics' Mobile Energy Global (MEG) group is already actively working with seven of the priority regions. Below are these regions' plans to promote conversion to electric vehicles (EVs).

 

 

Inner Mongolia: Plan to promote the application (adoption) of 100,000 new energy vehicles throughout the region.

 

Shandong Province: All buses will be replaced with new energy vehicles by the end of 2020. The broader target is for the number of clean energy vehicles to reach 500,000 in 2022.

 

Jiangsu Province: Plans to promote the adoption of 250,000 clean energy vehicles. By the end of 2020, charging infrastructure to support 200,000 electric vehicles will be in place. Ideanomics' MEG is actively involved in this effort through its charging station initiative with PetroChina in Nanjing âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ a major city in Jiangsu province.

 

Guangdong Province: By the end of 2020, new energy buses in Guangdong will account for more than 75% of all buses, and all Pearl River Delta cities will commence electrification adoption plans in 2020. Taxis in the Pearl River Delta are mandated to use new energy vehicles, of which pure electric vehicles will account for no less than 80% and increase by 5 percentage points year by year.

 

Hainan Province: Electrification of the entire island by 2030. Hainan has introduced legislation banning the sale of fossil fuel vehicles by 2030, to ensure adoption of new energy vehicles within the island.

 

Sichuan Province: Legislation has been passed to ban fossil fuel trucks in city centers. The city of Chengdu has assumed a leadership role in the promotion and application of new energy vehicles in the logistics and distribution industries. From 2017, Chengdu phased in the gradual reduction of fossil fuel cargo vehicles into the city over three years.

 

Guangxi: The promotion of all new passenger cars as new energy vehicles. All passenger vehicles in national scenic spots and national tourist attractions must use new energy vehicles, through either replacement or conversion. Municipalities, enterprises, public institutions, sanitation, logistics, postal, and airport commuting areas are mandated to all procure only electric vehicles as fleet renewals occur.

 

MEG has established relationships with the country's leading manufacturers enabling it to meet the rapidly increasing demand for commercial EVs. Additionally, it has established a consortium of financial partners to allow fleet operators to secure these large purchases. The Plan to fast-track conversion to EVs will highlight MEG's strengths and further solidify its positing as a critical facilitator in the EV ecosystem.

 

 

 

About Ideanomics

 

Ideanomics (Nasdaq:IDEX) is a global company focused on monetizing the adoption of commercial electric vehicles, associated energy consumption, and developing next generation financial services and Fintech products. Its electric vehicle division, Mobile Energy Global (MEG) provides financial services and incentives for commercial fleet operators, including group purchasing discounts and battery buy-back programs, in order to acquire large-scale customers with energy needs which are monetized through pre-paid electricity and EV charging offerings. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide our global customers and partners with better efficiencies and technologies and greater access to global markets.

 

The company is headquartered in New York, NY, and has offices in Beijing, China.

 

http://www.ideanomics.com

 

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Ideanomics Inc. - Investor Video Update

 

 

 

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NEWS RELEASE

 

Ideanomics Secures First Order for Qingdao EV Hub

 

130 units SAIC EV Brand Roewe - For Immediate Q2 Delivery

 

 

 

NEW YORK -- Ideanomics' (NASDAQ: IDEX), Mobile Energy Global (MEG) division announced its Qingdao subsidiary Qingdao Chengyang Ainengju New Energy Sales and Service Co., Ltd has secured its first EV order from a Hangzhou-based customer for 130 EV units from SAIC's Roewe brand.

 

The order value is approximately RMB 17.5 Million (approx. USD 2.5 Million), and is comprised of 80 units of Roewe's 2019 model ei6 Honor 80 Deluxe Edition, 20 units of its 2020 EX5 vehicle, and 30 units of its ei5 2020 Deluxe Edition. The order is for immediate delivery and anticipated to be completed within the second quarter. Qingdao Chengyang Ainengju New Energy Sales and Service Co., Ltd assisted with financing and purchase activities on behalf of its customer.

 

 

"We are very pleased to have secured this first meaningful order for our Qingdao center, particularly as the customer required financing assistance with its EV orders," said Alf Poor, CEO of Ideanomics. "Our MEG team was able to fulfill this quickly and efficiently, through our Qingdao subsidiary, getting the customer the terms they needed. This type of order is precisely why we developed our S2F2C model, and we're delighted our Qingdao activities are underway."

 

About Ideanomics

 

 

Ideanomics is a global company focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and Fintech products. Its electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity as well as financing and charging solutions. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide our global customers and partners with better efficiencies and technologies and greater access to global markets.

 

 

The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China.

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  • 4 weeks later...
A small Australian company called H2X has unveiled ambitious plans to begin making hydrogen fuel cell powered cars under the 'Snowy' brand by 2022 from a site in Port Kembla in New South Wales.

 

Brendan Norman, the chief executive of the company, had previously been working with Chinese group Grove Automotive on hydrogen vehicles, and has joined forces with a group of investors and automotive experts to try to bring a new range of homegrown SUVs to the Australian market.

A prototype of the 'Snowy' would likely be ready by mid-2021 and commercial production is being eyed for 2022. But Mr Norman said the rollout of vehicles to the broader retail market would also depend on the availability of hydrogen filling stations around Australia for motorists wanting to use the new technology....

 

...Mr Norman said on Friday the 'Snowy' name had been used because it symbolised fresh, clean and green images associated with the Snowy River which had a deep connection with Australia's history and development.

 

Kevin McCann, a former managing director of Volvo Cars Australia, is on the corporate advisory board of H2X, and said on Friday the project had vast potential and was aiming for steady growth as hydrogen infrastructure was built up in Australia.

 

"The market potential is going to be in lockstep with hydrogen distribution,'' Mr McCann said.

 

Mr Norman said Port Kembla had been chosen as a manufacturing site because it was close to a deepwater port, with H2X aiming to eventually be an exporter of the vehicle. The H2X chairman is Samuel Blackadder, managing director of Elvin Group Renewables.

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And now the US Nikola co is taking orders for a hydrogen fuel cell vehicle.

From Unsealed 4x4

 

The Nikola Badger electric ute, with its innovative hydrogen fuel cell electric powertrain, is one step closer to becoming a production reality after company founder Trevor Milton announced orders will be taken from 29 June.Unlike the Tesla Cybertruck, the Nikola Badger is a smaller ute that will compete with the likes of the Ford F-150 and Toyota Tacoma in the US, and vehicles like the Ford Ranger and Toyota HiLux when it eventually lands in Australia. And as it’s a fuel cell electric vehicle (FCEV), it can be refilled with hydrogen as quick as any petrol- or diesel-engine vehicle… as soon as the infrastructure is in place, of course.

 

The Badger features traditional 4×4-ute styling and there’s no doubt it’s a good-looking vehicle, and it has all of the attributes that a 4×4 ute should have… plus some more. As well as it’s 4×4 driveline, the Badger looks set to be an on-road perfromance powerhouse, with a claimed 0-60mph (96km/h) time of 2.9 seconds thanks to electric motors that produce a claimed 675kW of power and 1328Nm of torque.

 

Nikola also claims a 600-mile (965km) range for the Badger using both its hydrogen fuel cell and battery, and those who don’t have access to a hydrogen refuelling station (pretty much everyone right now), the Badger will still be able to travel up to 300 miles (482km) on its fully-charged battery.The Badger will have a claimed maximum braked towing capacity in excess of 8000 pounds (3628kg) and, according to Nikola, it will be able to operate in conditions down to -28°C without significant performance or SOC (state of charge) losses.

 

The five-seat Badger ute will measure an estimated 5900mm long x 2160mm wide x 1850mm tall, and will have a 1560mm bed width. For comparative purposes a Ford Ranger measures 5382mm long x 2163 wide x 1815 tall with a 1560mm bed width.

 

And in keeping with the Tesla Tradition, although it has produced no cars as yet, and does not even habe a production facility, let amone a maintenance sales and spare parts facility,

 

Although Nikola Motor Company is yet to produce a vehicle, it has reportedly started work on its manufacturing facility in Coolidge, Arizona. As of the close of markets yesterday, the company’s market value was a staggering US$28.63 billion… more than either Ford or Fiat Chrysler Automobiles (FCA)!

 

The market is truly mad and when it all comes crashing down, there will be a more than a little collateral damage.

 

Mick

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