The EV supply chain in Southeast Asia has grown mature with Thailand and Indonesia becoming the major players in the ecosystem. With Thailand s subsidy policies helping boost local EV sales, many Chinese automakers including Great Wall Motor (GWM), SAIC Motor, and BYD are also planning to establish production lines in Thailand for making BEVs and should turn the country into a key EV market before 2030, according to DIGITIMES Research s study on Southeast Asia s EV industry.
Ford Motor posted US$1.76 of net income in the first quarter of 2023 as total shipments increased by 9% year-over-year. On Tuesday, it lowered prices of the electric Mustang Mach-E again while CEO Jim Farley said the carmaker will not cut prices just to gain market share.
Tesla, with its new factory for energy storage products in Shanghai, is eyeing closer ties with local industry supply chains in China, according to sources at Chinese power component suppliers.
China-based EV company Nio will adopt NXP Semiconductors 4D imaging radar technology, according to an announcement on May 2. Only last month, the carmaker invested in a domestic startup developing the same solution.
US electric pickup truck startup Lordstown Motors (LMC) previously announced that because Foxconn is suspending further investments, it could be facing bankruptcy. LMC claimed that this move will affect its operations, while Foxconn emphasized that it is doing so because Lordstown has been unable to maintain its share prices above US$1 for a long time. This violated the content of the investment agreement between the two, hence why it issued a formal letter requesting LMC to address this violation issue.