A selection of highlights for Q4 of last year in the EV market.
- Tesla Slashed Prices in China: Tesla kicked off a pricing war in China by cutting the cost of its Model 3 and Model Y in October, which caused a ripple effect.
- BYD Surged Past Everyone: BYD closed the year with over 235,000 EVs in December alone.
- GM and LG’s Ultium Battery Plant Went Live: General Motors and LG Energy Solution officially opened their Ultium Cells plant in Ohio.
- Europe’s EV Sales Defied the Odds: Despite economic worries and energy price chaos, European EV sales kept climbing. Norway saw over 80% of all new car sales in Q4 being electric and Germany surpassed 1 million EVs on the road.
- Ford Production: Ford said it would double production of the F-150 Lightning in 2023 and ramp up Mustang Mach-E output.
- The U.S. Treasury Clarified EV Tax Credits: The U.S. government tried to clear up the confusion around EV tax credits under the Inflation Reduction Act but decided to push final guidance into 2023.
- Battery Swapping Got a Boost in China: NIO improved battery swapping capacity with its 1,200th swap station.
- Solid-State Batteries: We’ve been hearing about solid-state for a while now. The battery development cycle is long. And when I say long I mean it. I can’t see this tech turning up in EVs anytime remotely soon.
Anthony Milewski
Chairman, Nickel 28 Capital