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Facing intense competition in China’s new energy vehicle market, Volkswagen has decided to increase investment in its Hefei base. On April 11, Volkswagen announced an additional investment of €2.5 billion in its production and innovation center in Hefei to further strengthen its local R&D capabilities.
It has been reported that this investment will also be used to accelerate the development and production of two Volkswagen brand smart electric vehicle models co-developed with Xiaopeng Motors. Volkswagen revealed that the first model, a mid-size SUV, is planned to enter production in 2026.
The electrification of the construction machinery industry in China continues to accelerate. For example, CATAL and Longgong have signed a strategic cooperation agreement in Ningde, Fujian, a move that follows the January cooperation agreement between CATAL and Lingong Heavy Machinery. According to the agreement, both parties will expand cooperation in the development and production of construction machinery, the development of power batteries for construction machinery, and jointly research and develop adaptive products and market promotion to jointly explore the new energy construction machinery market.
More and more construction machinery companies are turning their attention to the electrification market. Domestic and foreign engineering machinery companies such as XCMG, Sany, Zoomlion, and Carter have developed and launched electric products such as loaders, excavators, and mixer trucks.
On Jan. 20, 2024, Lingong Heavy Machinery Co., Ltd. and CATAL New Energy Technology Co., Ltd. signed a strategic cooperation agreement to jointly develop electric construction machinery.
Lingong Heavy Machinery is a leader in the global wide body mining truck and high-altitude operation platform industry and is also an active advocate and strong promoter of green, intelligent, international, and low-carbon environmental protection development in the engineering machinery industry.
CATAL is a leading global new energy innovation technology company, committed to providing first-class solutions and services for global new energy applications, and has a wide range of vehicle factory partners around the world.
In 2022, the penetration rate of new energy units in the commercial vehicle market exceeded 10%, and the penetration rate of heavy-duty trucks was close to 5%. The new energy subsidy policy was scheduled to be withdrawn at the end of 2023, but data for the January to October period is basically the same as the previous year. The share of new energy units for the commercial vehicle segment is far lower than the market share of 30.4% for new energy passenger vehicles.
With the accelerated adjustment of China’s transportation structure, it is expected that by 2025, the national railway and water freight volume will increase by 10% and 12%, respectively, compared to 2020, while the road freight volume will relatively decrease. In this context, bulk and ultra long-distance road transportation will gradually exit the market, and the advantages of short and point-to-point road trunk transportation with radii of around 500 kilometers and 300 kilometers will be further highlighted.
A newly discovered ore containing vast quantities of an element widely used in semiconductors has been found in China. The discovery could propel new advances in battery technology.
Geologists have found the rare earth metal niobium inside the new ore named niobobaotite from north China’s Inner Mongolia. The rare earth metal is widely used in alloys for jet engines and rockets and has also been shown to have exceptional current conducting properties in low temperatures.
Researchers have said batteries made from niobium have several advantages over traditional lithium-ion batteries. The Brazilian Metallurgy and Mining Company (CBMM) has been working on new projects towards the use of niobium to make advanced lithium-ion batteries.
The joint venture between Weichai Power and BYD has started construction on its factory, which has attracted widespread attention and has quickly become a hot topic in the industry. On Nov. 3, 2023, in Shandong Province, the Weichai (Yantai) New Energy Power Industrial Park project, a joint venture between Weichai Power and BYD, officially began construction.
Project plans call for the creation of a research and development and manufacturing base for batteries, motors, electronic controls, and electric drive assemblies that run through new energy commercial vehicles.
After the project is put into operation, the direct beneficiaries will include Weichai New Energy Commercial Vehicles under the Weichai Group and located in Yantai.
May 12, 2023, Weichai Power and BYD signed a strategic cooperation agreement in Shenzhen to jointly produce power batteries in Shandong.
FAW Jiefang and CATL have set up a joint venture company, Jiefang (Jilin) New Energy Technology Co., Ltd., to do business in the new energy segment. The company is wholly-owned by Jiefang shidai New Energy Technology Co., Ltd., which is a joint venture between FAW and CATL with each party holding 50% of the JV’s shares.
The JV was established to sell new energy vehicles, batteries, battery parts, and electric vehicle charging equipment charging stations; Information system integration services; and Intelligent control system integration. It also will manufacture power transmission and distribution and control equipment.
In August 2022, CATL reached a strategic cooperation agreement with FAW Jiefang, proposing to invest 500 million yuan to establish a subsidiary for cooperation. CATL’s battery business mainly focuses on the passenger car market, and the cooperation between the two sides marks the beginning of CATL’s in-depth launch into the new energy commercial vehicle market.
The Sany Group has taken a major step in the electrification of the heavy truck market segment with the launch on Aug. 30, 2023, of Sany Magic Tower Energy Co., Ltd. The business plan includes battery sales, battery parts sales, new energy vehicle waste power battery recycling and cascade utilization, artificial intelligence basic software development, data processing and storage support services.
The blue ocean market of new energy heavy-duty trucks is about to experience explosive growth. “Blue ocean” refers to a business approach that focuses on creating a new, uncontested market space rather than competing in an existing market, which is often saturated and competitive. In a blue ocean, the competition is irrelevant because the brand or company is establishing a market where none existed before or is radically differentiating itself in an existing market.
XCMG Group and Toyota have signed a strategic cooperation agreement in the field of hydrogen energy. The companies will build a complete hydrogen energy machine and core component industry base centered around Xuzhou, which will drive development of the hydrogen energy industry in Xuzhou.
XCMG Group expects this contract to aid both parties to collaborate and innovate in cutting-edge technology research and development applications such as hydrogen vehicles, fuel cells, and core components.
Using hydrogen energy to change the future is the goal of Toyota and XCMG. The foundation for the development of Xuzhou’s green and low-carbon energy industry is solid.
PSRAnalysis: XCMG Group and Toyota have strong complementary prospects, and huge potential for cooperation and development. Working together, they will accelerate the progress of off-road machinery from traditional fuels to electrification and finally to fuel cells.
Toyota has always been a major supporter of hydrogen fuel cell vehicles as an alternative to electric vehicles. Toyota will focus on selling hydrogen powered trucks and cars in Europe and China. In 2022, Toyota sold over 3,900 fuel cell vehicles, while its global sales are about 9.5 million units.
Toyota hopes to sell 200,000 hydrogen powered vehicles by 2030. The products of XCMG Group include five pillar industries: Construction Machinery, Lifting Machinery, Piling Machinery, Concrete Machinery, and Road Machinery, as well as strategic new industries such as Mining Machinery, Aerial Work Platforms, Environmental Industry, Agricultural Machinery, Port Machinery, and Rescue Support Equipment. It has over 60 enterprises under its jurisdiction, including mainframe, trade services, and new business models. This cooperation could have a major impact on both parties. PSR
Jack Hao is Senior Research Manager – China for Power Systems Research
Chinese automotive conglomerate BYD is establishing a joint venture with Huaihai Holding Group to establish themselves as the world’s largest supplier of sodium-ion batteries for small EVs. Previously, we’ve seen CATL (BYD’s main competitor), announce plans to produce sodium-ion cells.
Sodium-ion batteries deliver a lower energy density than traditional lithium-ion cells but cost notably less to produce. Their main component (sodium) is also safer and more abundant than lithium. The chemistry is ideal for smaller EVs that generally deliver less range and have less demand on a daily mobility basis.
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