Yadea to invest $1 bn in Philippine factory
China's Yadea Group Holdings, one of the world's biggest electric two-wheeled vehicle makers, plans to invest about $1 billion in a battery factory in the Philippines, the country's investment promotions agency chief said on Thursday. Yadea is one of several electric vehicle manufacturers looking at the Southeast Asian nation for expansion of their manufacturing sites, Tereso Panga, director-general of the Philippine Economic Zone Authority, told reporters. Yadea, which has six production hubs in China and one in Vietnam with an annual production capacity of more than 12 million vehicles, did not immediately respond to a request for comment. The Philippines, a regional laggard in attracting foreign direct investment, is trying to entice EV manufacturers and export-oriented industries through tax perks and faster processing of permits.
Volkswagen cuts to shore up business
Volkswagen's passenger car brand will implement savings and cost-cutting measures amounting to 10 billion euros ($10.83 billion) by 2026 to hit a return on a sales target of 6.5 percent, said Chief Financial Officer Arno Antlitz on Wednesday. He said the company would improve production efficiency across the passenger car brand as well as at Cupra, Skoda and Seat, and streamline its product range to achieve the target. Not all the 10 billion euros saved will flow directly into higher earnings, Antlitz said, adding it was not yet decided how the money would be allocated. Antlitz's statement came after Volkswagen brand chief Thomas Schaefer told workers in an internal memo in May it was planning an overhaul at its core brand to put it on a more solid footing.
BYD plans to launch five new models in France
China's largest NEV maker BYD said on Wednesday that it plans to launch five pure EV models in France as it revs up efforts to expand its presence in overseas markets. The Shenzhen, Guangdong province-based automaker said it would deliver the first batch of cars to French dealerships as early as this month, and sales will begin shortly thereafter. BYD, working with partners, is expected to build 15 to 20 sales points in France by the end of this year. The Warren Buffett-backed company plans to raise its EV sales in Europe to 800,000 units by 2030, taking a 10 percent market share and becoming one of the top three EV brands in Europe.
Power battery capacity charges up in nation
The installed capacity of power batteries in China saw rapid expansion in May amid the sound development of the country's NEV market, industry data showed. Last month, the installed capacity of power batteries totaled 28.2 gigawatt-hours, increasing by 52.1 percent year-on-year, data from the China Association of Automobile Manufacturers revealed. About 19.2 GWh of lithium iron phosphate batteries were installed in NEVs, surging 87.2 percent from a year earlier, and making up 67.8 percent of the monthly total. In the first five months of 2023, the installed capacity of power batteries rose 43.5 percent year-on-year to 119.2 GWh, according to the association.
Toyota sets sights on better EV technology
Toyota will introduce high-performance, solid-state batteries and other technologies to improve the driving range and cut costs of future EVs, the automaker said on Tuesday. The Japanese car giant's technology roadmap, covering aspects as varied as next-generation battery development and a radical redesign of factories, amounted to the automaker's fullest disclosure of its plan to compete in the fast-growing market for EVs where it has lagged behind rivals led by Tesla. Toyota said it aims to launch next-generation lithiumion batteries from 2026, offering longer ranges and quicker charging.
