Summary of Where EV Trends are Headed, by Maker!

Here you will find trending news topics in the automotive and mobility markets around the world.

We carefully select interesting news in the automotive industry, both domestic and international, and translate and summarize the contents for your reference. We hope you will find it useful in catching up with the latest news in the industry.

China’s Xiaomi Drives Strong Results with “Rapid Growth of EV Business

Dec 3, 2024 by Toyo Keizai Online

Xiaomi achieved a strong performance in the third quarter of 2024 thanks to its fast-growing EV business.

Sales reached 92,507 million yuan, up 30.5% from the same period last year, and EV sales reached 39,800 units, nearly 1.5 times higher than the previous quarter.

Although growth in the smartphone business slowed and the gross margin declined due to higher component prices, overall performance improved due to growth in the EV segment.President Roh expressed hope for growth in overseas markets, aiming for annual smartphone shipments of 170 million units.

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Vietnam’s new EV Binh Fast to build its second domestic plant

Dec 9, 2024 By Reuters

Vietnamese EV manufacturer Binh Fasthas announced plans to build a second plant in the central province of Ha Tinh, following Haiphong in the north.

The new plant will have an annual production capacity of 300,000 units, mainly producing the VF3 and VF5 SUVs for domestic sales and export. Scheduled to start operation in July next year, Vice Chairman Nguyen Viet Quang described the new plant as an important step to meet the growing demand in the international market.

The deficit narrowed in the third quarter results, with 44,773 vehicles delivered from the beginning of the year through September, reaching just over 55% of the annual target of 80,000 vehicles.

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Honda’s “EV acceleration” is a harsh reality.

Dec 5, 2024 By Toyo Keizai Online

Honda’s EV business is facing deteriorating profitability due to high incentives and slowing demand for EVs in the North American market. At the same time, the company is focusing on cost reduction and technological innovation.

The new “Megacast” technology will greatly simplify the production process for body parts and reduce the number of parts from 60 to 5, thereby lowering manufacturing costs. The company is also focusing on the development of all solid-state batteries, with the goal of doubling the cruising range and reducing manufacturing costs by 25% compared to current liquid lithium-ion batteries.

Furthermore, the company plans to develop battery technology in the 2040s to increase the cruising range by 2.5 times and reduce manufacturing costs by 40%. The company aims to improve the profitability of its EV business through in-house production of key components, automation and digitization of production processes. The company plans to promote its EV business in a flexible and strategic manner, with a view to complying with strict environmental regulations.

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