According to a recent report from Technavio, the Electric Vehicle (EV) Market in the US is expected to grow at a CAGR of 24.02% over the period by 2019. The EV market can be segmented primarily into two- All-electric/Battery Electric Vehicle (BEV), and Plug-in Hybrid Electric Vehicle (PHEV). Data form this year shows that these estimates are not far-fetched. Data from the first half of 2016 shows that about 64,296 new electric cars have hit the road, which represents a 19% increase over the same period in 2015. Looking at this market globally, U.S is in second place in production and selling of electric vehicles, following China. Forbes has reported that sales were up a 162% to 170,000 units in the first half of the year in China, which represents a total of about 170,000 cars.
Tantech Holdings Ltd (NASDAQ: TANH) together with its subsidiaries develops and manufactures electric double-layer capacitor ("EDLC") carbon products for industrial energy applications and bamboo-based charcoal products, including a variety of branded consumer products. The company is currently in the process of acquiring 100% interest in Suzhou E Motors Co., Ltd., a specialty electric vehicles and power batteries manufacturer based in China.
On November 10th Tantech Holdings Ltd announced that, "the Ministry of Industry and Information Technology of the People's Republic of China (MIIT) has included its three electric vehicle models in the "Announcement of Road Motor Vehicle Manufacturing Enterprises and Products" (No.284 and No. 285 New Product Catalog Announcement). The three vehicles are produced by the company's subsidiary Suzhou E Motors Buses Co., Ltd.
So far, together with previous approvals from the MIIT (No.264, No. 269, No. 274, No. 275 New Product Catalog Announcement), the company has got approval for a total of 13 electric vehicle models. The MIIT's green light is key for alternative-energy vehicle manufacturers to drive sales and gain market recognition. The company has obtained over 1000 orders for its medium-sized electric buses.
The new electric bus ZQK6810EV, one of the three latest models approved by the MIIT, is driven by a lithium iron phosphate battery. With a range of more than 250km (155 miles), the 8.1-meter-long bus can travel as fast as 100 km/h (62mph) and carry as many as 34 passengers. The bus is particularly suited for use as shuttle buses at tourist attractions and airports, or commuter buses run by companies.
"To seize the opportunity brought by China's strategic policy of promoting new energy vehicles, we are utilizing our advantages, consolidating all the high-quality resources and increasing investment in research and development," said Zhengyu Wang, chief executive of TANH. "We aim to launch ten new energy vehicles this year and will continue to improve in the NEV segment. Most customers are satisfied with our products and we are in talks to obtain more orders.""
Tesla Motors Inc. (NASDAQ: TSLA) in its most recent quarterly earnings report, showed profit and this is after 12 quarterly losses amid a push to generate cash for building its $35,000 Model 3. Tesla has previously promised to increase annual production to 500,000 cars by 2018, from just about 50,000 in 2015. The company has delivered in line with its estimates in the third quarter, delivering 24,500 electric cars during, including 15,800 Model S sedans and 8,700 Model X utility vehicles. As for the company's grand project, the Gigafactory in Nevada, Tesla was rewarded a $1.3 billion in incentives from the state of Nevada, yet it has only received a fraction of it so far. Slowly the company unlocks portions of the fund as it reaches job and investment requirements under the agreement.
Kandi Technologies Group Inc. (NASDAQ: KNDI) is a Chinese based company focused on the development of pure electric vehicles and manufacturing components for such vehicles. The company designs, develops, manufactures and commercializes their products, which are distributed in China and global markets. Kendi's subsidiary, Jinhua Kandi New Energy Vehicles Co., Ltd., holds battery packing production rights. On November 29th the company has announced that it has received a second subsidy payment of RMB 100 million (approximately USD 14.5 million) from the Hainan Provincial Government.
General Motors Company (NYSE: GM) has recently announced the new version of Chevrolet Bolt EV, the company's signature electric car. The starting price is $37,495 and has an EPA-estimated range of 238 miles on a single charge. It is the first mass-market all-electric vehicle, as Tesla's Model 3 is expected to hit the roads in the end of next year.
Ford Motor Company (NYSE: F) has announced this December that it has expanded its electrified vehicles research and development program in Europe and Asia this year, creating a "hub and spoke" system that allows the global team to further accelerate battery technology and take advantage of market-specific opportunities. The global expansion also allows Ford's Electrified Powertrain Engineering teams to share common technologies and test batteries virtually, in real time, to develop new technology faster while reducing the need for costly prototypes.
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