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2024-01-22

Recharging Slows Electrification of HD Trucks

CHINA REPORT
Jack Hao
Jack Hao

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 The new energy subsidy policy was scheduled to be withdrawn at the end of 2023, but data for the January to October period is basically the same as the previous year.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.

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Hyundai Motor Sells Chongqing Plant in China

SOUTH KOREA REPORT

The company sold the plant to Chongqing Liangjiang New Area Yufu Industrial Park Construction and Investment Group, which is owned by the city of Chongqing, and its affiliate will use the plant as a production base for electric vehicles.

Hyundai Motor Company has sold its finished car plant in Chongqing, China, to a Chongqing government-owned company for 1.62 billion yuan (about 33 billion yen, $222 million) in December 2023. Hyundai Motor is rushing to restructure its Chinese business, which has suffered from sluggish sales, and concentrate its management resources in the U.S. and Southeast Asia.

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PowerTALK™, January 2024

BYD, the Chinese auto manufacturer, is making expansion moves in Brazil, Deutz plans to sell electric marine motor manufacturer Torqeedo to Yamaha and GM and Komatsu are developing hydrogen fuel cells for mining trucks. Read these articles and more in the January issue of PowerTALK News.

PSR-PowerTALK_Jan2024.FDownload
IN THIS ISSUE

ALTERNATIVE POWER REPORT

  • GM, Komatsu Plan Hydrogen Fuel Cells for EV Mining Truc
  • · Drivers of Heavy, Dirty Cars Pay Stiff Penalty Tax in Franc
  • · Survey: EV Range Anxiety Slips in Importance
  • · Cathode Material for Cheaper, More Sustainable EVs Developed

NORTH AMERICA: Consumers, Professionals Boost Lawn & Garden Spending
EUROPE:

  • · Electric Hydro Foiling Popular in Maritime Industry
  • · Deutz AG To Sell Torqeedo Shares To Yamaha

DATAPOINT: NA Dumpers/Tenders
BRAZIL/SOUTH AMERICA:

  • · BYD Seeks To Acquire Lithium Mining Operation in Brazil
  • · BYD Plans Supply Chain Verticalization in Brazil

JAPAN: 2023 Domestic MC Shipments Increase 4%
SOUTH KOREA: Hyundai Motor Sells Chongqing Plant in China
THAILAND: Lithium Deposit World’s Third Largest
CHINA: Recharging Slows Penetration of New Energy HD Trucks
INDIA: Ford’s Potential Return to India