Follow PSR’s team of analysts as they track the rapidly expanding global battery electric power market, including, battery technology, transportation, eMobility, mergers and acquisitions and more.
Volvo Construction Equipment (Volvo CE) has started testing its prototype “HX04” Hydrogen Fuel-Cell Articulated truck. Carolina Diez Ferrer, Head of Advanced Engineering Programs at Volvo CE expects that this prototype will “give valuable insights into the opportunities of hydrogen in the energy transformation alongside battery-electric solutions.”
The on-going development of the hauler began in 2018 and experienced partnerships with different Swedish institutions and companies. Fun fact: The machine is nicknamed “Electric Charlie,” a homage to “Gravel Charlie,” the world’s first Articulated hauler produced by Volvo in 1966.
Shell has been involved in the project, supplying the Hydrogen refuelling station for Volvo’s test track. The Volvo HX04 is charged with 12 kg hydrogen in about 7.5 minutes, enabling it to operate for approximately four hours. Fuel cells work by combining hydrogen with oxygen and the resulting chemical reaction produces electricity which powers the machine.
The global e-motorcycle market is changing almost daily as market share leaders develop new products and new companies continue to enter the market with competitive products. Here’s an update on several leading e-motorcycle OEMs.
Tork Motors has launched the Kratos electric motorcycle in the Indian market. The new Tork Kratos will be sold in two variants – Standard and R and will be available across India in a phased manner. In the first phase, this e-motorcycle will be available in Pune, Hyderabad, Bangalore, Chennai, Ahmedabad, and Delhi. The electric motor on the base model makes a peak power output of 7.5kW or 10.05bhp and a maximum torque of 28Nm. Tork has a manufacturing capacity to make about 500 units a month at its pilot plant and about 4,000 units a month at its new plant at Chakan near Pune.
The global e-motorcycle market has experienced high growth in the last couple of years, fueled in part by the declining price of Lithium-ion batteries. The battery is one of the most expensive components of an e-motorcycle, and changes in the price of Li-ion batteries affect the entire cost of an e-motorcycle. The cost of Li-ion batteries has been steadily declining, and this trend is likely to continue.
Power Systems Research has forecasted the global CAGR for electric motorcycles, at 11% for the years 2022 – 2027.
Drivers-of-Demand for this forecasted growth are:
Increased environmental concerns.
Higher fuel efficiency of e-motorcycles compared to conventional motorcycles.
Increased demand for sustainable transportation.
New incentive programs for e-motorcycles driven by government units.
Advancements in technology such as high-speed handling, smaller/compact size, quicker acceleration, and reduced motor weight.
Introduction of fast-charging stations.
COVID-19 virus played a vital role in increasing the demands for the e-motorcycle. Pandemic halted the manufacturing of vehicle components and OEM parts for conventional motorcycles and available e-motorcycles in the market became the first choice among the consumers.
Expanding dealer and distributor network promoting the e-vehicle and its advantages.
Consistent research and technological advancements in the automobile industry to provide advanced technologies to e-motorcycles
Two factors hampering the growth of the market are the comparatively higher initial cost for e-motorcycles and the lack of a developed charging infrastructure. PSR
Michael Aistrup is Senior Analystspecializing in Recreational Products at Power Systems Research
Electric bus maker PMI Electro announced the setting up of its largest EV manufacturing plant with annual production capacity of 2,500 vehicles at Chakan in Maharashtra.
PSR Analysis: PMI operates a manufacturing facility in Delhi, India’s capital region, which has an annual production capacity of about 1,500 electric buses. With the planned facility in Pune, the total annual manufacturing capacity of PMI will grow to 4,000 electric CVs, the company said. The new plant will be capable of manufacturing electric CVs in multiple variants as well as electric trucks.
The company said it has received an order size of 1,000 electric CVs (Commercial Vehicles) under FAME-II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme of the central government. PSR
Aditya Kondejkar is Research Analyst – South Asia Operations, for Power Systems Research
Tata Motors recently unveiled the electric avatar of its most popular small commercial vehicle Ace. The company said it has booked orders for 39,000 units from top e-commerce players. India’s largest commercial vehicle manufacturer plans to transform commercial vehicles to achieve a net-zero target by 2070 for the country. PSR
Aditya Kondejkar is Research Analyst – South Asia Operations, for Power Systems Research
Vietnamese electric bike manufacturer Dat Bike says it has raised $5.3 million. This brings the total raised by Dat Bike, founded in 2019, to $10 million. The funds will be used to invest in technology, increase production, expand operations to major cities in northern, central, and southern Vietnam, and hire skilled workers.
Dat Bike is a tech startup that plans to promote environmentally friendly transportation, first in Vietnam and then soon in Southeast Asia. The company’s strength lies in the performance of its electric bikes compared to gasoline-powered bikes. The company achieves this through vertical integration, in which key components such as speed controllers and batteries are designed and manufactured in-house.
The company currently sells two products: the Weaver, launched in 2019, has an output of 5 kW, about three times that of most electric bikes in the same price range. It has a range of 100 kilometers, about twice as long as competing models.
Hyundai Motor Indonesia (HMID) said it has signed contracts for more than 800 units of the Ioniq 5 EV announced at the Indonesia International Motor Show (IIMS) Hybrid 2022 in Jakarta.
The company announced that it has started mass production of the Ioniq 5 and that it will begin shipping to dealers in April. The Creta SUV was the second most sold model after the Ioniq 5, with approximately 600 units sold, bringing the total number of vehicles sold to over 1,500, including EVs and gasoline-powered vehicles.
The Thai government plans to introduce an incentive program to promote EVs starting in 2022. The program will focus on providing subsidies to lower sales prices and reducing excise and import taxes. Automakers taking advantage of the program will be required to produce EVs locally from 2024 onward.
According to local media, the subsidy is 70,000 to 150,000 baht per vehicle, depending on the model and battery capacity. The excise tax on purchases will be reduced from the current 8% to 2%. Import duties will be reduced by 20-40% depending on battery capacity and sales price. The current maximum tariff rate is 80%, but the trade agreement will impose no tariff on Chinese-made products and 20% on Japanese-made products. Japanese-made products are also expected to be tariff-free if they meet the conditions. The current sales prices of imported cars vary from about 1 million baht for EVs from China’s SAIC Motor Group and Great Wall Motor to about 1.5 million baht for Nissan Motor’s LEAF at campaign prices.
Yanmar Holdings Co. Ltd. announced it has acquired a majority share in ELEO Technologies B.V., a battery technology company based in Helmond, the Netherlands. By integrating ELEO’s advanced, scalable, and modular battery technology, Yanmar said it will further its electrified powertrain capabilities with customized solutions for off-road applications.
After joining the Yanmar Group as part of Yanmar Power Technology Co., Ltd., ELEO will continue to operate as a stand-alone entity under its own brand at its current location in Helmond, the Netherlands.
Founded in 2017, ELEO Technologies develops and produces advanced modular battery packs which are differentiated by their proprietary battery management system (BMS) and thermal management technologies. The company is near completion with a new advanced production facility that will increase its annual battery production capacity to 500 MWh, equivalent to approximately 10,000 battery packs.
Yanmar Holdings Co. Ltd, the multi-billion dollar multinational company headquartered in Osaka, Japan, has acquired a majority of shares of a young and fast-growing ELEO Technologies B.V. from theNetherlands, this month. The acquisition has been completed through European’s subsidy, Yanmar B.V. An earlier investor, Lumipol Group, has entirely exited the company.
As a part of Yanmar Power Technology Co, Ltd, Eleo will continue operating as an independent entity under its existing brand and with production located in their current site in Helmond, the Netherlands.
ELEO Technologies B.V. was founded in 2017 to design and produce innovative modular electric batteries systems for use in marine, industrial machine, e-mobility, commercial vehicles or specialized recreational product applications.
