Hyundai Aims to Take on Tesla With Launch of Ioniq 6 First Electric Sedan
By Reuters | Updated: 14 July 2022
Hyundai Motor Co on Thursday launched its first electric sedan, Ioniq 6, which the South Korean automaker is betting will help it grab a bigger share of the electric vehicle (EV) market dominated by Tesla Inc.
The Ioniq 6 is one of more than 31 electric models that Hyundai Motor Group – including Hyundai Motor, its sister company Kia Corp and premium brand Genesis – plans to introduce through 2030 to secure a projected 12 percent of the global EV market.
Hyundai’s sedan will expand its EV range beyond its current crossovers and SUVs to compete head-to-head against Tesla’s best-selling Model 3 sedan.
Hyundai and Kia were already the second-biggest EV shippers globally excluding China in January to May this year, with a combined 13.5 percent market share that was second only to Tesla at 22 percent, according to industry tracker SNE Research.
The Ioniq 6 will be priced in the range of KRW 55 million (roughly Rs. 33,53,800) to KRW 65 million (roughly Rs. 3,964,200) for the South Korean market.
“The Ioniq 6 will be able to compete with Tesla in the volume EV sedan sector, considering its competitive pricing and long driving range,” said Lee Jae-il, an analyst at Eugene Investment & Securities.
The Ioniq 6 could leverage its pricing in the EV sedan market because Tesla has increased prices several times, he added.
The Hyundai electric sedan will have a driving range of about 610km (380 miles), around 30 percent more than the Ioniq 5 crossover, Hyundai said.
“We are using the same (battery) cell chemistry but … we maximised the amount of batteries per each pack, enhancing energy density significantly,” said Kim Yong Wha, an executive vice president at Hyundai.
It will come in two battery pack options – 53-kilowatt per hour (kWh) and 77.4 kWh – and will begin production at its Asan plant in South Korea later this year, Hyundai said.
The Ioniq 6 will be available in South Korea this year and the U.S. market launch is expected in the first quarter of next year, it added.
Hyundai said the Ioniq 6 launched this year would source batteries from SK Innovation’s SK On and LG Energy Solution’s batteries will be used from next year.
The launch comes after Hyundai announced its plans to build dedicated EV plants both at home and the United States, where the Ioniq 5 and Kia’s EV 6 SUV together became the second-best selling EVs after Tesla cars and ahead of Ford Motor Co’s Mustang Mach-E.
© Thomson Reuters 2022
Delhi to Implement Rs. 14,000-Crore AI-Based Traffic System by End of 2024 to Reduce Congestion: Official
By Press Trust of India | Updated: 1 June 2023
The national capital will have an artificial intelligence-based traffic system by the end of next year to reduce congestion and facilitate faster and smarter vehicular movement, a senior official said on Wednesday.
Speaking at ASSOCHAM seventh road safety conference here, Special Commissioner of Police (Traffic) Surender Singh Yadav mentioned that the Intelligent Traffic Management System (ITMS) would take another one or one-and-half-years to be fully implemented and is being done at the cost of around Rs. 1,400 crore.
Yadav, who is part of a special committee on road safety constituted by the Supreme Court, informed that they are working on technology initiatives to make the traffic much more smooth in the national capital.
“We are working on ways to see how technology can improve the commute at emergency corridors and emergency services. We are also looking at how we can improve upon our traffic control rooms and their communication with the ambulance networks,” he said.
ITMS is a technology that employs AI to assess traffic in real time. When implemented, it is likely to change the traffic scenario in the city. Real time traffic information will be passed to commuters. The human interface in road management will be reduced and traffic signals will operate automatically during the day depending on traffic volume and average speed on the road, the statement said quoting Yadav.
He added that the government is putting a lot of emphasis on road safety due to the rising number of fatalities.
“Around 2,300 crashes were reported in Delhi which accounted for 40 per cent pedestrian mishappenings. With 3.5 lakh violations per month for red light and over speeding, responsible behaviour is crucial for all vehicle owners,” he said.
“A study is being carried out to ascertain the traffic volume, average speed on the road, number of pedestrians using the road, stoppage time and average travel time taken to cross the junction. The survey will also include the geographic information systems to predict likely traffic movement in real time depending on the area and topography in the national capital,” Yadav said.
“Delhi has about 1.4 crore traffic challans pending, each month only red light jumping has 3.5 lakh challans in the capital. We are in touch with insurance companies to include pending traffic violation challans in the vehicle insurance policy at the time of renewal each year,” he said.
Vinod Pandey, chairperson ASSOCHAM Global Value Chain Council, emphasised the safety of the vehicle which is a major influencer offering safer tools to avoid any fatality.
“With increasing digital transformation, there is a wide scope of umpteen opportunities like vehicle-to-vehicle communication, e-call, safety alerts, and anti-lock braking systems (ABS). Regular vehicle inspections and maintenance checks can help ensure that vehicles are roadworthy,” he added.
Delhi Metro Launches WhatsApp-Based Ticketing Service for Airport Line Commuters
By Press Trust of India | Updated: 31 May 2023
Delhi Metro commuters will now be able to travel on the Airport Line using a WhatsApp-based ticketing service launched on Tuesday.
The system allows commuters to receive a QR code-based ticket directly on WhatsApp, officials said.
“Further enhancing the travel experience for its commuters in an easy-to-navigate digital mode, Delhi Metro today introduced a WhatsApp-based ticketing service for travel on its Airport Express Line,” the Delhi Metro Rail Corporation (DMRC) said.
The service was launched by DMRC Managing Director Vikas Kumar at the Metro Bhawan here in the presence of other senior officials.
With the introduction of this facility, commuters on the Airport Line will now be able to use WhatsApp chatbot-generated QR code-based tickets from their smartphones.
This facility will make commuting more efficient and seamless for commuters, especially national and international travellers heading to or coming from the airport, using the Airport Line, as they can now purchase and use tickets generated in their phone itself through a dedicated WhatsApp chatbot (available in English and Hindi language) as per their convenience, the DMRC said.
To initiate the service, commuters will have to add the DMRC’s official WhatsApp number 9650855800 in their phone’s contact list, it said.
For single and group journeys, a maximum six QR code-based tickets can be generated for each passenger, the officials said.
The tickets will be valid till the end of the business day. But once entry is done, passengers should exit within 65 mins from the destination station. For exit at the source (origin) station, passengers should leave within 30 minutes from the time of entry, they said.
The tickets cannot be booked after business hours. The service does not allow cancellation of tickets.
The DMRC will charge a nominal convenience fee for transactions done through credit or debit cards. No convenience fee will be charged for UPI-based transactions.
Earlier this month, the DMRC introduced QR code-based paper tickets for travel on all lines, describing the development as a move towards a more transparent and human intervention-free mechanism.
Delhi EV Policy Has Achieved 86 Percent of Its Targets, Says Transport Department
By Press Trust of India | Updated: 25 May 2023
Delhi’s Electric Vehicle policy which will complete three years in August has so far achieved around 86 percent of its measures and targets, according to the transport department.
Delhi transport department and Delhi Electric Vehicle (EV) cell on Wednesday kicked off the process of drafting a revised ‘Delhi EV Policy 2.0’ with a stakeholder consultation.
More than 220 original equipment manufacturers (OEMs), businesses, industry players, think tanks and government departments participated in the meeting and shared their insights and recommendations on strengthening policy measures for greater e-mobility penetration in the city.
“Delhi’s EV Policy completes 3 years in August 2023, and has so far achieved around 86 percent of its measures and targets according to the state transport department. By 2024, it aims to ensure that 25 percent of all new registered vehicles in the city are electric,” the organisers of the consultation said in a statement.
Presenting the status of e-mobility in the city, N. Mohan, CEO, Delhi EV cell, said Delhi averaged 10 percent EVs among total vehicle sales last year with December 2022 witnessing the highest penetration so far at 17 percent, which is also the highest in India.
“The city now has more than 4,300 charging points and 256 battery swapping stations across 2,500+ locations. A key measure of the successful implementation of the policy is the disbursement of subsidies amounting to Rs. 167 crores,” Mohan said.
The stakeholder consultation was organised in partnership with climate trends and RMI India Foundation in the presence of the Minister of Transport, Kailash Gahlot, principal secretary-cum-commissioner Ashish Kundra, advisor to CM and Member, DDC, Gopal Mohan.
Shilpa Shinde, Special Commissioner for the Transport department, Govt of NCT of Delhi also attended the meeting.
After compressed natural gas (CNG), the transition to EV at this scale is the next vehicular transition in the national capital.
“I can say with confidence that Delhi’s EV Policy is the most progressive among all states in India. Its success is shared by all stakeholders, including Delhi’s citizens who adopted this new technology,” Transport Minister Gahlot said at the plenary session.
Zomato, Zypp Electric Partner to Deploy 1 Lakh Electric Scooters for Last-Mile Deliveries by 2024
By Press Trust of India | Updated: 25 April 2023
Electric mobility startup Zypp Electric on Tuesday said it plans to deploy 1 lakh electric scooters in collaboration with Zomato for last-mile delivery by 2024.
As part of the tie-up, Zypp will also provide delivery partners to Zomato for the last-mile deliveries in various cities across the country, Zypp said in a statement.
The company said it currently has over 13,000 of its electric vehicles running on the roads as part of the sustainable transportation plan and added it is aiming to significantly reduce carbon emissions by up to 35 million kilograms.
The target is to achieve more than 1 crore green deliveries through EVs by 2024, it stated.
This association is part of a larger plan of Zomato to go completely electric by 2030, as part of its commitment to “The Climate Group’s EV100” initiative, Zypp said.
“Food delivery is all on two wheelers and is mostly running on petrol and at the same time wanting to shift to EVs to save costs.
“By leveraging our EV fleet management technology and innovative partner solutions, we aim to create a more efficient, sustainable, and customer-centric delivery experience,” said Tushar Mehta, Co-founder and COO, Zypp Electric.
Zypp is looking to drive growth and expansion into multiple markets, he said and added, “our approach will empower gig workers and provide them with exciting earning opportunities.” The e-mobility platform currently caters to around 50 clients including aggregators and e-commerce platforms.
“This association will enable us to significantly reduce carbon emissions and bring more sustainable last-mile delivery options to our customers. We look forward to working together to create more efficient and environment friendly deliveries,” said Mohit Sardana, COO for food delivery at Zomato.
Jaguar Land Rover Announces GBP 15 Billion Investment in EVs to Catch Up With Rivals: Details
By Reuters | Updated: 20 April 2023
Jaguar Land Rover (JLR) will invest GBP 15 billion (roughly Rs. 1,23,200 crore) over the next five years in electric vehicles (EVs) and promised on Wednesday to deliver a new electric Jaguar in 2025 as the British luxury carmaker plays catch-up with rivals.
JLR, which is owned by India’s Tata Motors, said in early 2021 that Jaguar would be entirely electric from 2025, but on Wednesday could not confirm when production of its fossil-fuel models would end.
The carmaker previously said it would invest GBP 2.5 billion (roughly Rs. 20,500 crore) a year on electrification.
The pressure on carmakers to electrify quickly is picking up, especially in China where the competition is moving faster and the pressure to cut prices is getting more intense.
Premium German rivals Mercedes and BMW have already rolled out a number of electric models – BMW alone has promised 11 new EV models in China by the end of the year.
JLR launched its well received electric I-Pace in 2018, but has since not launched any other zero-emission models.
The British carmaker said its Halewood plant in northwest England would become an all-electric manufacturing facility.
JLR also plans a new all-electric Range Rover SUV in 2025 and order books for that vehicle would open later this year.
The new Jaguar will be built at the carmaker’s Solihull plant in central England and will be the first of three new electric models.
JLR reported a quarterly profit in January, but has been hit harder than other major carmakers by the pandemic and the semiconductor chip shortage – as larger rivals have greater leverage on suppliers.
In its fiscal 2022 year ending March 31 last year, JLR sold 376,381 units, 39 percent below its fiscal 2018 year – the last year for which it reported a full-year profit.
JLR also said it was targeting a double-digit margin for earnings before interest and taxes (EBIT) by 2026. Its last quarterly EBIT margin – a key measure of profitability – was 3.7 percent.
JLR’s owner Tata is also considering building an EV battery plant in Spain or Britain a source has told Reuters, which would supply JLR.
© Thomson Reuters 2023
Tesla Announces Record Quarterly Deliveries After Slashing Prices, Up 4 Percent From Q4 2022
By Reuters | Updated: 3 April 2023
Tesla on Sunday posted record quarterly vehicle deliveries, but quarter-on-quarter sales growth was modest despite price cuts as rising competition and a bleak economic outlook weighed.
Tesla delivered 422,875 vehicles for the first three months of this year, up 4 percent from the previous quarter. This was 36 percent higher than a year ago. In January, Chief Executive Elon Musk said Tesla could achieve 2 million vehicle deliveries this year, up 52 percent from last year.
Investors have been watching Musk’s gamble that cutting prices would stimulate sales, although they worry about eroding margins.
In January, Tesla slashed prices globally by as much as 20 percent, unleashing a price war after missing Wall Street delivery estimates for 2022. The basic Model Y that used to sell for $65,990 (roughly Rs. 54,35,100) now costs $54,990 (roughly Rs. 45,29,100).
“If they wouldn’t have done the price cut, it would have been ugly. I think what it tells you is the economy is getting tough,” Gene Munster, managing partner at Deepwater Asset Management, said on Sunday.
“They showed an acceleration, but they didn’t accelerate to the level that Elon had suggested it would.”
Musk, who has missed his own ambitious sales targets for Tesla in recent years, said in January that 2023 deliveries could hit 2 million vehicles, absent external disruption, from 1.3 million in 2022.
The first-quarter deliveries compare with analyst expectations of 430,008 vehicles, according to Refinitiv data based on seven analysts.
According to a mean of estimates compiled by FactSet as of Friday, Wall Street was expecting Tesla to report deliveries of around 432,000 vehicles for the quarter, the Wall Street Journal and CNBC reported.
Tesla missed the figure analysts surveyed by Refinitiv and FactSet were expecting. Other estimates show Tesla beat Wall Street expectations with its 422,875 vehicles delivered.
Analysts surveyed by Bloomberg expected 421,164 vehicles would be shipped.
Tesla said consensus of more than 20 analysts called for 421,500 vehicles delivered, Tesla investor Gary Black said in a tweet. Reuters could not independently confirm that figure.
The consensus is “all over the place,” Munster said.
Tesla delivered 6 percent more of its mainstay Model 3/Model Y vehicles in the first three months of this year than in the previous quarter. But the number of deliveries for its higher-priced Model X/Model S vehicles slumped by 38 percent.
The carmaker produced more cars than it delivered, manufacturing 440,808 vehicles for the first three months of this year.
The automaker ramped up production at new factories in Texas and Berlin, and as China production recovered from a COVID-19 lockdown hit. Tesla tweeted on Sunday that its Texas factory built 4,000 Model Y this week, while the automaker said in late February that its German plant was producing 4,000 cars per week.
More price cuts?
Barclays analyst Dan Levy expected Tesla may be pressured to lower prices further as many automakers have matched the cuts and concerns about a weakening economy persist.
Tesla did not immediately respond to Reuters’ questions about whether further cuts are in store.
Further clouding the demand outlook are US electric vehicle subsidies, which may fall on some models starting on April 18.
Tesla’s cuts in China ignited a price war, with Chinese rivals including BYD and Xpeng dropping prices to defend market share amid weakening demand.
Market leader BYD accounted for 41 percent of so-called new energy car sales in the world’s biggest auto market for the first two months of the year. Tesla, by contrast, had a share of 8 percent.
Musk warned that the prospect of recession and higher interest rates meant the EV maker could lower prices to sustain growth at the expense of profit. In January, Musk said the price cuts had stoked demand.
Tesla shares have soared more than 68 percent this year on hopes the company would win the price war it started, although the stock remains more than 50 percent below its November 2021 peak.
Shares have fallen since Tesla’s investor day on March 1 when Musk said little about how soon the EV maker might launch a more affordable, mass-market vehicle.
© Thomson Reuters 2023
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