AD #4270 – Scout EVs Delayed Again; Tesla Reclaims EV Lead from BYD; Race Brewing Between Fast Charging & Battery Swapping

This is Autoline Daily, the show dedicated to enthusiasts of the global automotive industry.

BRAZIL ADDS BYD TO FORCED LABOR WATCHLIST
BYD is still dealing with a scandal in Brazil from two years ago, in which Chinese workers that were hired to build a plant, were said to be victims of human trafficking and abusive contracts. The Brazilian government just placed the automaker on a registry of companies that have subjected workers to conditions similar to slavery. The list bars BYD from obtaining certain types of loans from Brazilian banks but it won’t affect the operation of its plant that the workers were hired to build. The contractor that BYD used to hire the workers denied ​the previous claims. And BYD said it had no knowledge of any violations until the media reports came out. But the Brazilian government says that BYD is ultimately responsible for its worker’s conditions, so that’s why it went on the list. The scandal delayed construction of the plant but it opened last October and has since produced 25,000 vehicles.

TESLA RECLAIMS GLOBAL EV SALES LEAD FROM BYD
Speaking of BYD, last year it overtook Tesla in global sales of pure electric vehicles. But Tesla regained the sales crown in the first quarter. The EV maker sold just over 358,000 vehicles in the first three months of the year, up 6.5% compared to a year ago. Meanwhile, BYD’s BEV sales tumbled 25% to more than 310,000 units. If you include hybrids, BYD sold more than 695,000 vehicles in Q1, which was down 30%. While BYD is growing overseas, its sales slump in China is dragging down its overall performance.

          

TESLA SALES SURGE IN EUROPE & SOUTH KOREA
And circling back to Tesla, it looks like backlash against Elon Musk’s involvement in politics is starting to subside. Its registrations in Germany skyrocketed 315% in March to more than 9,200 vehicles and its first quarter registrations were up 160% to just under 13,000 units. Tesla’s sales were also up big in several European countries last month, including France, Norway, Italy and the Netherlands. And over in South Korea, its sales soared 330% in March to more than 11,000 vehicles.

SCOUT MOTORS SUV & PICKUP PRODUCTION DELAYED
Back in February reports came out saying that Scout Motors would delay production for a year. Scout denied that and then told media at an APA meeting in March that it would start making models in late 2027. But Autoforecast Solutions reports that the Traveler SUV will not go into production at its new assembly plant in South Carolina until September of 2028. And production of the Terra pickup truck will be delayed even longer, until March of 2030. However, it also looks like Scout is giving itself plenty of time to recoup the cost of the Terra. It will stay in production until 2039. By the way, for those of you who like or need to track this sort of thing, Autoforecast Solutions reports that the platform code for these vehicles is SSP B/C.

MITSUBISHI STOCK JUMPS ON PHILIPPINES HYBRID PLANT
Mitsubishi Motors topped the Autoline Stock of the Day. It jumped 11.4%, closing at the equivalent of $1.94 a share. Here’s why investors pounced on the stock. Mitsubishi announced it’s going to build a production line in the Philippines dedicated to making hybrids. It’s the first automaker taking advantage of the Philippines Electric Vehicle Incentives Strategy, which offers OEMs incentives and tax breaks for making hybrids and BEVs there. Mitsubishi plans to use that facility as a low-cost export hub to South East Asia where it generally enjoys higher margins. Obviously, investors liked the news and Mitsubishi Motors gained the most of any automotive-related stock yesterday.

LG ENERGY SOLUTION POSTS Q1 LOSS AMID WEAK EV DEMAND
LG Energy Solution posted a loss in the first quarter due to weaker than expected EV demand. The battery maker posted an operating loss of $138 million in Q1. LG’s stock had climbed nearly 14% since the war in Iran started but it fell 1% after its earnings report. To help offset losses with its EV battery business, LG is pivoting to energy storage systems.

CHINA EV RACE: ULTRA-FAST CHARGING VS. BATTERY SWAPPING
We see a race brewing in China’s EV sector between fast charging and battery swapping. Following on the footsteps of BYD flash chargers, Geely showed a model from its Lynk & Co brand, which featured its 900-volt Golden Brick Battery, charging from 10-80% in just over 5:30 minutes. The EV was plugged into a new megawatt charger from Zeekr, another Geely brand, and saw a peak charging rate of 1100 kW. While the Lynk & Co model charged faster than BYD, Geely has no timeline for rolling out these chargers at scale and BYD already has 5,000 of its new flash chargers in operation. Meanwhile, battery swapping technology is speeding up. Aion, which is a GAC brand, will start offering its RT model with CATL’s Choco battery and it claims that battery can be swapped in just over a minute and a half. We think it will be interesting to see if a clear winner emerges between fast charging and battery swapping.

VOLKSWAGEN GROUP ANNOUNCES 4 PREMIERES FOR BEIJING AUTO SHOW
The Volkswagen Group will have 4 world premieres at the Beijing auto show, which kicks off on April 24th. The company’s JETTA brand, which so far has sold rebadged versions of VW ICE models in the entry-level segment, will debut its first small electric car. We guess it will be similar to one of VW’s new EVs that ride on its updated MEB+ platform. The Volkswagen brand itself will show off its second ID.UNYX model that it developed with Chinese automaker XPeng. FAW-Volkswagen will reveal the first model in their new ID.AURA series that rides on VW’s new China Electronic Architecture, which offers benefits like faster computing, advanced AI functions, hands-free driving and full vehicle over-the-air updates. Both the Audi with four rings and the AUDI with four letters brands will have models on display, including the AUDI with four letters debuting its second model, an electric SUV, called the E7X.

PORSCHE TO REVEAL NEW 911 & CAYENNE MODELS
And speaking of VW Group reveals, but separate from the Beijing show, Porsche will come out with a new version of the Cayenne and it says it will pull the wraps off the new 911 in a week. So, stay tuned for that.

BRIDGESTONE DEVELOPING METAL TIRES FOR LUNAR ROVERS
With NASA’s Artemis II orbiting the moon, there’s a lot of attention on space exploration. And Bridgestone, which is an Autoline sponsor, is developing tires for future lunar rovers. Actually, they’re not really tires, they’re what Bridgestone calls elastic wheels and they’re designed to get through everything from compressible fine sand to rocky terrain. The wheels are actually woven bands of metal and look like giant dualies. They’ll go on the Lunar Cruiser project that Toyota is developing, which features a pressurized cabin so astronauts can take off their space suits and travel in more comfort. NASA plans to land the rover on the moon in 2032 as part of the Artemis VII mission. General Motors is also working with Lockheed Martin on an unpressurized, autonomous rover that’s scheduled to go to the moon in 2030 as part of Artemis V.

But that’s a wrap for today’s show. Thanks for making Autoline a part of your day.