Electric Car News Roundup – 53

electric car news

Tesla Announces Plans To Release New Affordable Electric Car Priced At Under £20,000

TESLA founder Elon Musk has revealed the firm may soon be able to release an affordable electric vehicle priced at just under £20,000 in a game-changer for the industry.

Tesla is working on a series of manufacturing improvements that could see it develop more adorable and sustainable batteries for their cars. The new technology could see Tesla put a new model on the market for just $25,000 dollars in a major industry steal.

tesla model 3
The All-Electric Tesla Model 3 And e-zoomed Founder Ashvin Suri

e-zoomed view

There is no doubt that affordability is key to encouraging the mass-adoption of electric vehicles, not only in the UK, but also in other markets. The EV sector has to migrate from a ‘government subsidy’ framework as soon as possible. The UK plug-in car grant (PiCG) will continue to come under pressure, as the government seeks to reduce its spend on supporting zero tailpipe emission electric driving.

Elon Musk has certainly been moving in the right direction for sometime in regards to lower purchase costs. The Tesla Model 3 is a good example of his vision and determination to translate it into reality. However, the Model 3 starts at £40,490 (to include the government grant), which is out of reach for many households in the UK. If indeed Elon can deliver an all electric Tesla at £20,000 or below, then it will certainly be a paradigm shift, enabling a rapid mass-scale adoption of battery-electric vehicles (BEVs). His recent announcement at the Tesla Battery Day 2020 event in regards to his aspirations to reduce EV battery costs substantially, will be key in achieving lower unit costs. EV batteries today account for more than 60% of the cost of production of an electric vehicle. Also important will be achieving economies of scale from sourcing other parts.

You can lease the Tesla Model 3 via e-zoomed from £359 + VAT. Simply follow this link.

Electric Bike And Scooter Sales Boom Spurs Halfords Back To Growth

Sales more than triple on e-bikes and scooters as commuters avoid public transport. Sales of electric bikes and scooters have more than tripled over the summer months, according to Halfords as the health crisis has prompted people to steer clear of public transport.

While many retailers are struggling due to the economic upheaval caused by the coronavirus pandemic, the car and bicycle parts company is enjoying a purple patch as shoppers invest in new wheels as well as sprucing up old bikes left languishing in sheds and garages.

electric bike
IWEECH Electric Bike (credit: IWEECH)

e-zoomed view

Covid-19 has changed our lives in many ways and in most cases in a manner not welcomed by us. However, if there is one positive trend from the ongoing pandemic, it is, the change in choices in regards to commuting. We have been forced to consider and adapt to active travel, to include cycling, electric bikes and even electric scooters. It has not been surprising to see the increase in sales for e-bikes and e-scooters in 2020. However, what has been beyond our expectations is the significant increase in demand for active travel electric vehicles. Many retailer have benefited significantly from this trend and will continue to do so for sometime to come.

In our view, the trend is not a short-term reaction to Covid, but in fact, a much longer-term change in consumer tastes and behaviour, as lifestyle choices of better health and cleaner air continue to emerge as key narratives in our society. We should expect the market share for e-bikes to increase significantly from current levels of less than 5%. At e-zoomed we have an incredible range of pedal assisted electric bikes and electric kick scooters to include high quality European brands like IWEECH, Askoll, Egret, The-Urban and Zero.

Electric Vehicle Charging Network ChargePoint To Go Public At $2.4 Billion Valuation

ChargePoint Inc, one of the world’s oldest and largest electric vehicle charging networks, said on Thursday it will go public by merging with Switchback Energy Acquisition Corp in a deal that values the company at $2.4 billion.

The deal is expected to close near the end of the year and the company will be named ChargePoint Holdings Inc. A trading symbol on the New York Stock Exchange has not been identified.

electric car charging points
EV Charging Infrastructure (credit: Reuters)

e-zoomed view

This is positive news not only for ChargePoint Inc, but also for the broader electric vehicle charging infrastructure sector. The key to mass-scale adoption of electric cars is dependent on the large-scale deployment of electric car public charging points.

However, as is the case for scaling infrastructure, access to significant capital is a key ingredient in achieving success. The funding requirement for EV charging infrastructure is US$ 190 billion according to Switchback Chief Executive Scott McNeill. Therefore access to capital from public markets is key. We believe this transaction will help pave the way for other EV charging infrastructure companies to raise money from both the public and private financial markets.

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Ashvin Suri

Ashvin has been involved with the renewables, energy efficiency and infrastructure sectors since 2006. He is passionate about the transition to a low-carbon economy and electric transportation. Ashvin commenced his career in 1994, working with US investment banks in New York. Post his MBA from the London Business School (1996-1998), he continued to work in investment banking at Flemings (London) and JPMorgan (London). His roles included corporate finance advisory, M&A and capital raising. He has been involved across diverse industry sectors, to include engineering, aerospace, oil & gas, airports and automotive across Asia and Europe. In 2010, he co-founded a solar development platform, for large scale ground and roof solar projects to include the UK, Italy, Germany and France. He has also advised on various renewable energy (wind and solar) utility scale projects working with global institutional investors and independent power producers (IPP’s) in the renewable energy sector. He has also advised in key international markets like India, to include advising the TVS Group, a multi-billion dollar industrial and automotive group in India. Ashvin has also advised Indian Energy, an IPP backed by Guggenheim (a US$ 165 billion fund). He has also advised AMIH, a US$ 2 billion, Singapore based group. Ashvin has also worked in the real estate and infrastructure sector, to including working with the Matrix Group (a US$ 4 billion property group in the UK) to launch one of the first few institutional real estate funds for the Indian real estate market. The fund was successfully launched with significant institutional support from the UK/ European markets. He has also advised on water infrastructure, to include advising a Swedish clean technology company in the water sector. He is also a member of the Forbury Investment Network advisory committee. He has also been involved with a number of early stage ventures.

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