Here are the top highlights for Q3 in the EV market.
- Inflation Reduction Act Shakes Up EV Policy in the U.S.: The U.S. passed its Inflation Reduction Act, which included revamped federal EV tax credits with stricter sourcing requirements for critical minerals and battery components. See my earlier article on this last month.
- Tesla Delivers First Semi Trucks: Tesla finally announced it would begin deliveries by year-end. PepsiCo is expected to receive the first batch.
- BYD Overtakes Tesla in Global EV Sales: China’s BYD had a massive Q3, selling over 538,000 plug-in vehicles. While Tesla still leads in all-electric (BEV) sales, BYD’s blend of BEVs and PHEVs gave it the overall score.
- California Bans New Gas Cars by 2035: The California Air Resources Board formalized its plan to end sales of new gasoline-powered cars by 2035.
- VW Opens First U.S. Battery Lab: Volkswagen inaugurated its first EV battery engineering lab in the U.S., located in Chattanooga, Tennessee.
- CATL Unveils 1,000-Km “Qilin” Battery: China’s battery giant CATL introduced the “Qilin” battery, claiming a single-charge range of up to 1,000 kilometers.
- Ford Splits EV and Legacy Units: In a bold restructuring, Ford announced it would operate its EV business (Model e) separately from its internal combustion division.
- India Pushes Forward with EV Incentives: India’s federal and state governments kept up the momentum with FAME II incentives and new battery-swapping policies.
- Battery Metals Had Some Big Pricing Periods: Nickel, lithium, and cobalt prices stayed volatile through Q3, driven by tight supply and strong demand.
Anthony Milewski
Chairman, Nickel 28 Capital