Electric Car News Roundup – 23

electric car news

The All-New VW ID.3 Electric Car, Continued Incredible Rise of EV Sales And The Collaboration Between SMMT And Kama!

The Future Is Here : VW’s £30,000 Electric ID.3 Will Go On Sale Next Year With A 260-Mile Range In A Bid To Blow Tesla’s ‘Affordable’ Model 3 Out Of The Water

As part of the ambitious EUR 9 billion investment program, the German automotive manufacturer, Volkswagen, released details of the Golf-sized all-electric ID.3 car.   The ID.3, a pure electric car, is part of the ID electric vehicle range that will comprise up to 20 EVs. 

The launch version of the  ID.3, the 1stedition, is priced below £30,000 with a zero-emission range of 261 miles.  The ID.3 claimed WLTP range is higher than the Tesla Model 3, with the Model 3 priced £10,000 higher.  

The 1stedition will be available form mid-2020, with two other variants of the ID.3 joining the debut edition. 

volkswagen ID.3 all electric car
Volkswagen ID.3 All-Electric Car (credit: VW)

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In a recent e-zoomed blog post, we have asserted, that the German automotive manufacturer, Volkswagen has come a long way since the 2015dieselgate’ scandal.  We believe the company’s commitment to electrification is both strong and comprehensive.  VW is positioning itself rapidly to lead the race to ‘mass zero-emission road transportation‘.  The ID.3 is an excellent example of the ‘key ingredients’ required for success i.e. placing ‘affordability’ and ‘performance’ as the cornerstones of electric vehicle development and production.  The race to leadership in the fast evolving electric vehicle industry certainly  pivots around these key themes.  

However, despite the range and performance of the ID.3, we do not believe it will successfully derail the Tesla Model 3 leadership.  Tesla has created an ‘iconic’ and ‘loyal’ following, and matching that will take much more than just increased range and lower costs.  

Demand For Electric Vehicles Surges In The UK

Despite the drop in UK wide automotive sales by 1.6%, electric cars, in particular, battery electric vehicles (BEVs), increased by a whopping 377.5% in August.  According to the automotive industry body, SMMT Chief Executive Mike Hawes “August is typically the new car market’s quietist month, so huge increase in electric vehicle registrations is very visible but specially welcome”.  

Like in the United Stated, the hugely popular Tesla Model 3 contributed to the significant increase in UK registrations.   A total of 2,082 Tesla Model 3 were registered in August 2019. 

Tesla Model 3
Tesla Model 3 Electric Vehicle

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Yes, critics of EV adoption, will be quick to point out, that despite the significant percentage increase in the sales of pure electric cars, in absolute numbers, BEVs are still a small percentage of the market.  This assertion is not incorrect, but nor does it narrate the entire EV industry canvas. 

We have written numerous times on this theme is the e-zoomed blog.  There is now a clear and robust theme emerging in the UK and global automotive market.  Diesel internal combustion engine (ICE) vehicles are witnessing successive and significant drop in market share.  Diesel, once a favourite,  is being comprehensively orphaned by consumers, in particular, in western markets.  

It is only a matter of time, that diesel sales will be negligible and certainly much sooner than the ban by the UK government. This is where the narrative becomes interesting. The displacement of diesel will benefit the rapid shift to electrification, the most.  In fact, within the medium term, EVs will become the ‘favourite’ of the UK automotive sector.  Those determined to undermine the potential success of electric vehicles in the UK, are simply doing this to promote their respective agendas.  

Mark our words: The rise of pure electric vehicle mass adoption has commenced and in the medium term will be comprehensive. 

Closer Ties For British And Korean Automotive Sectors As SMMT And KAMA Sign New Agreement

The Society of Motor Manufacturers and Traders (SMMT) announced on 10thSeptember 2019, an MoU with its counterpart in South Korea.  KAMA, the Korean Automobile Manufacturers Association signed the memorandum of association at the Frankfurt Motor Show 2019 this week.  The agreement is set to benefit the automotive sector in their respective home markets by ‘fostering greater collaboration’.  

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Though the reward of such an agreement, will take significant time and effort to materialise, we believe this is an excellent initiative by both the SMMT and KAMA.  In particular, given the challenges in the UK market, compounded by the continued debacle over BREXIT.   Developing relationships with international counterparts, far beyond the UK/ European borders will be key for the long term sustained development and growth of the UK automobile sector.  Well done SMMT!

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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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