Asia-Pacific Region: Discussions on EVs in APAC region up 28% in 2022, Auto News, ET Auto

9 days ago ET Auto

Indians willing to pay a premium for owning pricier EVs India has traditionally been known as a price-sensitive small car market. But the latest trend shows that Indian consumers are upgrading year-on-year not only in fossil fuel driven vehicles but also for EVs, Rajeev Singh, automotive sector leader at Deloitte India told ET. See More DetailsNew Delhi: Discussions around electric vehicles (EV) grew 28% in the Asia-Pacific region (APAC) in 2022 compared to the previous year, a new analysis showed.According to the researchers at GlobalData, a top provider of data and analytics, the trend was supported by rising fuel prices, a shortage of energy, and the prominence of electric mobility as a key strategy to reduce carbon emissions and slow global warming.According to the GlobalData company filings database, Indian firms conducted the most conversations on the subject (320), followed by Chinese (154), Australian (128), Hong Kong (124), Taiwan (99), and Japanese (68).According to the experts with the data firm, the corporations also concentrated their planning on EV-related infrastructure , such as battery manufacturing, charging stations, and battery swapping, among other things.The analysis revealed that some of the region's top automakers had distinct strategies for their sector in electric mobility.For instance, the Indian automaker Mahindra & Mahindra intends to introduce five electric sports utility vehicles (SUV), one of the more well-liked consumer vehicle segments, by 2026–2027, according to GlobalData.The analytics business revealed that the company is employing 900 engineers to boost EV expertise and build new electric product capabilities at its R&D centre Mahindra Research Valley (MRV) in Chennai.Zhongsheng Group Holdings, a Beijing-based retailer and provider of automotive services, said that in the first half of 2022, the group's sales of EVs climbed by 54%.“XPeng Inc, a China-based smart EV company , discussed the delivery of 98,553 EVs during the first three quarters of 2022 — a growth of 75% from the same period last year,” the analysis mentioned.According to Viva Energy Australia Group, the market for hydrogen fuel cell electric heavy vehicles is expanding and has significant long-term growth potential.GlobalData said that CLP Holdings, located in Hong Kong, had talks about establishing a joint venture with Qingdao TGOOD Electric Company, a maker of smart technology, to create charging networks for electric vehicles.The market share of Gogoro, a Taiwan-based company, and its vehicle partners went up last year, the company reported. “In the first nine months of 2022, they accounted for 92.4% of all sales of electric vehicles,” according to the statement shared by the data analysis company.Japanese automobile giant Suzuki Motor Corp is investing USD 100 million in EVs and battery manufacturing, the analysis showed. “By 2025, the company also intends to launch EVs in India,” it added.According to the 2015 Paris Declaration on Electro-Mobility and Climate Change & Call to Action, transportation accounts for 25% of all energy-related greenhouse gas emissions worldwide.The statement noted that if global warming is to be kept below 2 degrees Celsius over pre-industrial levels, at least 20% of all road transportation must be electric.
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Lithium Producer: France's Imerys wants to become leading lithium producer in Europe, Auto News, ET Auto

Forvia raises FY sales outlook on currency, higher car output The group forecast full-year sales of between 24.5 billion and 25.5 billion euros ($23.9 and $24.9 billion), citing a positive currency boost of 272 million euros. It also raised its estimate for global production of light vehicles by 3 million to 77 million. See More DetailsFrench minerals company Imerys said on Monday it wanted to become the leading supplier of lithium in Europe through a mining project in France.The announcement comes as European miners rush to launch domestic production of the raw material, a key component in electric vehicle batteries which is currently sourced almost entirely from outside the bloc.Imerys said results of surveys carried out at its Beauvoir mine in the Allier department in central France suggest it will be able to produce 34,000 tonnes of lithium hydroxide for at least 25 years from 2028, enough to supply around 700,000 electric car batteries.The company's shares rose by 5% in early Paris trade.Electric cars are a key plank of European Union plans to cut emissions, and the bloc is trying to reduce reliance on battery supplies from Asia through projects with European-based carmakers and battery specialists.Almost all the critical minerals currently come from outside the continent, with China dominating the global supply chain. The world's main lithium suppliers also include Australia and Argentina.European Commission President Ursula von der Leyen said last month that "lithium and rare earths will soon be more important than oil and gas", adding that the bloc's demand for rare earths alone will increase fivefold by 2030.Various miners are exploring domestic European lithium projects including in Austria, Germany and the Czech Republic.Imerys' French rival Eramet is exploring a project in the Alsace region.Imerys said its Beauvoir project is estimated to involve capital expenditure in its construction of around 1 billion euros, equating to an estimated cash cost per kilo of between 7 and 9 euros per kilo.The site has been producing kaolin for ceramics since the late 19th century.

3 months ago ET Auto
Oil Price Today: Oil prices fall as dollar climbs, but set for weekly gain on supply concerns, Auto News, ET Auto

Oil prices fell in early trade on Friday on a stronger dollar, but were on track for a weekly gain on concerns about supply tightening with Europe's pending cut-off of imports from Russia.Brent crude futures came off 42 cents, or 0.4%, to $96.54 a barrel at 0043 GMT, after rising 1.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures were down 56 cents, or 0.6%, at $88.52 a barrel, paring about half the gains from the previous session.Still, both benchmark oil contracts were on course for a weekly rise, with Brent heading for a gain of more than 3% and WTI more than 4%.Friday's declines came as the dollar index inched up to 110.57, making oil more expensive for buyers holding other currencies.Analysts said the strong rebound in U.S. gross domestic product in the third quarter reported on Thursday highlighted the resilience of the world's largest economy and oil consumer. "From an oil market perspective - despite the high interest rates - that's a direct driver into your demand outlook," said Baden Moore, head of commodities research at National Australia Bank He said volatility in the market is likely to be on the upside, given that global inventories are low, European sanctions on Russian crude are set to take effect in December, and Chinese demand is picking up.The widening premium for Brent over WTI is being stoked by signs of a rise in refinery runs in China, Europe's hunger for crude ahead of the embargo on Russian oil, and pending supply cuts by the Organization of Petroleum Exporting Countries ( OPEC ) and allies, together called OPEC+. "The market remains wary of the impending deadlines for European purchases of Russian crude before the sanctions kick in on 5 December," ANZ Research analysts said in a note.

3 months ago ET Auto
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