Followers | 129 |
Posts | 4574 |
Boards Moderated | 0 |
Alias Born | 07/09/2011 |
Saturday, March 15, 2014 8:41:08 AM
Chinese Automakers Build Bridges to U.S. EV Market
John Gartner John Gartner, Contributor
Comment Now
Follow Comments
Chinese automotive companies have long aspired to build vehicles for the U.S. electric vehicle (EV) market, without much progress. However, recent developments indicate that Made in China could be stamped on cars stateside before long.
Chinese automakers Geely, BYD, and Wanxiang have all made investments in establishing or partnering with U.S. entities with the goal of opening China’s formidable manufacturing resources to America. Geely, which has been the slowest among the three to approach the U.S. market, purchased Emerald Technologies in February. The company, a startup developing electric vans and taxis, has offices in the United Kingdom and Missouri. It will receive up to $200 million during the next 5 years from Geely to grow its business.
Geely is no stranger to EVs, having launched a successful EV carsharing joint venture in China with Kandi Technologies Group. The Emerald acquisition gives the company access to new technology outside of the consumer passenger vehicle market, which is a common strategy for Chinese companies that do not want to take on Detroit, Japan, and South Korea head on in the United States – yet. If Chinese-built taxis, vans, and trucks can pass all of the required safety tests and prove their reliability in the coming years, then American consumers might become more comfortable in considering them. Geely purchased Volvo in 2010 and has been expanding globally during the past few years, including setting up shop in several countries in Eastern Europe and Latin America.
California Dreaming
BYD was the first Chinese automaker to target the U.S. market and had announced its intention to sell EVs when it established a presence in California back in 2010, but the company has yet to deliver passenger vehicles. The latest target date for EVs in the United States from Warren Buffett-backed BYD is late 2015. Until then, the company is focused on selling electric buses using its battery packs in China, California, Canada, and Spain.
Wanxiang has been the biggest spender from China on U.S. EV assets: the company picked up the bankrupt pieces of battery maker A123 Systems and of Fisker Automotive for pennies on the dollar. Wanxiang recently said it would resume production of the aborted Fisker Karma (perhaps both as a gas car and plug-in electric vehicle) by the end of 2015, as well as complete the development of the Atlantic, the second EV promised by defunct Fisker. It would not be surprising to see more acquisitions of EV-related technology firms from Wanxiang in the United States in the future.
The U.S. EV market has taken 3 years to grow to just under 100,000 vehicles, but according to Navigant Research’s Electric Vehicle Market Forecast report, over the next 3 years it will more than double – reaching volumes that merit Chinese firms establishing North American assembly and manufacturing plants. Chinese companies will continue to learn more about optimizing EV production at home once a domestic market begins to mature in China, and this will lead to greater efforts to tighten the bond between the two countries’ EV industries.
Recent KNDI News
- Kandi Technologies Group, Inc. Completes Redomicile Merger • GlobeNewswire Inc. • 04/16/2024 01:00:00 PM
- Kandi Technologies Reports 2023 Financial Results • GlobeNewswire Inc. • 03/14/2024 08:05:19 PM
- Kandi Technologies to Report FY 2023 Financial Results on March 14, 2024 and Hold a Conference Call on March 15, 2024 • GlobeNewswire Inc. • 03/11/2024 12:00:00 PM
- Kandi to Showcase Innovations and Network at 2024 PGA Show • Business Wire • 01/18/2024 02:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/29/2023 09:05:23 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/27/2023 01:03:11 PM
- Kandi Technologies Announces Share Buyback of Up to $30 Million • GlobeNewswire Inc. • 11/27/2023 01:00:00 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 11/17/2023 09:05:06 PM
- Kandi’s First 500 Fully Electric Mini Golf Carts to Launch in US Market • GlobeNewswire Inc. • 11/15/2023 01:30:00 PM
- Kandi America Partners with Peavey Mart to Expand Kandi Products into Canada • GlobeNewswire Inc. • 11/13/2023 01:00:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/08/2023 12:30:58 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/08/2023 12:15:08 PM
- Kandi Technologies Reports Third Quarter 2023 Financial Results • GlobeNewswire Inc. • 11/08/2023 12:00:11 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 11/07/2023 09:10:16 PM
- Kandi America Partners with Rural King to Expand U.S. Footprint • Business Wire • 11/06/2023 02:15:00 PM
- Kandi Technologies to Report Third Quarter 2023 Financial Results and Hold a Conference Call on November 8, 2023 • GlobeNewswire Inc. • 11/02/2023 12:00:00 PM
- Kandi America Acquires New Distribution Center to Accommodate Planned Growth • Business Wire • 09/27/2023 01:15:00 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 09/11/2023 09:04:15 PM
- Kandi America Comments Appearance at Mid-States Rendezvous • Business Wire • 09/06/2023 01:00:00 PM
- Kandi Technologies’ Next-Gen All-Electric Crossover Vehicles Enter Mass Production • GlobeNewswire Inc. • 08/22/2023 12:25:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/08/2023 11:30:32 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/08/2023 11:15:26 AM
- Kandi Technologies Reports Second Quarter 2023 Financial Results • GlobeNewswire Inc. • 08/08/2023 11:00:46 AM
- Kandi Technologies to Report Second Quarter 2023 Financial Results and Hold a Conference Call on August 8, 2023 • GlobeNewswire Inc. • 08/03/2023 12:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/14/2023 01:19:19 AM
Coinllectibles' Subsidiary, Grand Town Development Limited, Acquires Rare Song Dynasty Ceramics Worth Over USD28million • COSG • Apr 18, 2024 8:03 AM
ILUS Provides Form 10-K Filing Update • ILUS • Apr 17, 2024 9:54 AM
Glucotrack Announces Expansion of Its Continuous Glucose Monitoring Technology to Epidural Glucose Monitoring • GCTK • Apr 17, 2024 8:00 AM
Maybacks Global Entertainment To Fire Up 24 New Stations in Louisiana • AHRO • Apr 16, 2024 1:30 PM
Cannabix Technologies Begins Certification of Contactless Alcohol Breathalyzer, Re-Brands product series to Breath Logix • BLOZF • Apr 16, 2024 8:52 AM
Kona Gold Beverages, Inc. Acquires Surge Distribution LLC from Loud Beverage Group, Inc. (LBEV) • KGKG • Apr 16, 2024 8:30 AM