Rivian’s EV charging standard for Tesla & Sterantis and Foxconn semiconductor joint venture & Hyundai EV investment

Here are some trending news topics in the automotive and mobility markets around the world.

We will carefully select three interesting news items from the automotive industry and present the information in a concise and easy-to-understand format to help you speedily understand the latest developments in this field. We will also feature news from overseas media and other sources.

Following Ford and GM, Rivian adopts Tesla’s EV charging standard

June 20, 2023

Rivian, an Irvine, California-based manufacturer of EV trucks and SUVs, recently announced plans to adopt the charging standards of competitor Tesla. Rivian will have access to Tesla’s approximately 12,000 charging stations in the U.S. and Canada beginning next spring.

Under the agreement with Tesla, Rivian’s R1T and R1S owners will be able to use adapters compatible with Tesla charging stations, and the charging ports on Rivian’s future R1 and R2 vehicles will be compatible with Tesla chargers starting in 2025.

This is expected to dramatically expand Rivian’s charging network. Following the announcement, the company’s stock price jumped more than 4% that morning to a two-month high of $15.52.

Currently, Rivian is trying to install 3,500 fast chargers in 600 locations in North America. This is called the Rivian Adventure Network. Rivian also plans to install more than 10,000 high-power Level 2 chargers throughout the United States and Canada.

The agreement between Rivian and Tesla comes less than a week after Toyota, which led the hybrid boom with the Prius but was slow to introduce EVs, announced its next-generation EV plans and the company’s stock hit an 11-month high. In recent weeks, the stock price of Tesla, which has also opened its charging network to Ford and GM, has continued to rise, and at the end of last year it sharply

Source:. Rivian Adopts Tesla’s EV Charging Standards Amid Growing Electric Competition With Ford And GM

Sterantis and Foxconn Establish Joint Venture for Semiconductors for the Automotive Industry

June 20, 2023

Sterantis and Foxconn Technology Group (Hon Hai Technology Group) announced the establishment of a joint venture, Silicon Auto, to design and market semiconductors for the automotive industry starting in 2026.

Headquartered in Taiwan, Foxconn Technology Group is contracted to produce the iPhone and is also known as the parent company of Sharp.

The semiconductors to be produced will be supplied to Foxconn and other companies, in addition to those for STLA Brain, a new technology platform for automated driving that Sterantis is developing.

With the new joint venture, Silicon Auto, the two companies will ” provide customers with an automotive industry-centric source of semiconductors for computer control functions and modules, especially those required for electric vehicles (EVs).He stated.

The deal follows a preliminary agreement between Sterantis and Foxconn in December 2021 for a semiconductor alliance for the automotive industry, financial details of which were not disclosed. Sterantis owns various automotive brands, including Fiat and Peugeot.

The new joint venture will be based in the Netherlands, where Sterantis is also headquartered, and the management team will include executives from both companies.

Apart from this, the two companies have already established a joint venture company, Mobile Drive, which develops in-vehicle systems for connected cars.

Source:. Stellantis, Foxconn form 50-50 JV on semiconductors for auto industry

Hyundai to Increase EV Investment to $28 Billion, Scale Back China Operations

As part of its strategy to boost electric vehicle (EV) sales, Hyundai Motor Company has announced that it will significantly increase its average annual investment in electrification by nearly two-thirds, spending $28 billion over the next 10 years and further restructuring its struggling Chinese operations.

The South Korean automaker, which along with its affiliate Kia Motors is the world’s third-largest auto group by sales volume, announced at its recent annual investor briefing that it will raise its EV sales target from 1.87 million to 2 million units by 2030.

To achieve this goal, the company plans to take advantage of preferential tax treatment and other incentives to strengthen local production of EVs in three major markets: the United States, Europe, and South Korea. In the United States, the largest market, the company plans to increase the local production ratio of EVs, which currently stands at only 0.7%, to 75% by 2030.

Hyundai Motor CEO Jae-Hoon Chang said the company will consider increasing compatibility with the charging standard that Tesla is promoting in North America.

While raising EV sales targets in key markets, the company said it will further restructure its struggling China business to focus on profitability.

Chang told investors that China, the world’s largest auto market, was very profitable until 2016, but is now losing market share to domestic players and is the biggest risk; one Chinese plant will be sold in 2021 and two more plants, including one that closed last year and one that will close this year, are The remaining two factories will also be rationalized. The remaining two plants will be streamlined to produce vehicles for export to emerging markets.

The company also announced plans to invest 9.5 trillion won (about $7.4 billion) over the next 10 years to strengthen battery competitiveness and develop next-generation batteries.The company aims to achieve an operating margin of 10% or more in the EV business by 2030.

Source: Hyundai Hyundai raises EV investment to $2.8 billion, to reduce China operations