Elm Analytics - Automotive Supply Chain Risk Digest #303 - November 25 - December 1, 2022
CHANGE IN MANAGEMENT
EV startup Faraday Future has ousted CEO Carsten Breitfeld and replaced him with its China division head Xuefeng Chen. Breitfeld previously spent 20 years at BMW.
Solid Power's co-founder Doug Campbell stepped down from his position as CEO. He said the company needs someone with manufacturing expertise.
China Evergrande New Energy Vehicle Group will lay off 10% of its workforce. Evergrande, a once powerful real estate developer, was attempting to diversify after China's property crisis.
Robert Bosch is operating four of its Chinese plants in closed-loop mode, where employees are isolated.
Bosch is investing $260M at its plant in South Carolina to build flexible production lines that will use artificial intelligence to make motors that differ from customer to customer.
BMW Says its new Gen 6 batteries will provide 30% more range and cost 50% less. The new batteries will debut in the automaker's Neu Klasse model in 2025.
Dutch startup Lightyear has started production of the world's first solar-powered EV, the Lightyear 0, at a Valmet Automotive plant in Finland.
MERGERS, VENTURES, ACQUISITIONS
Volkswagen and its battery subsidiary PowerCo SE have started the search for a site for their first EV battery gigafactory in North America.
VW is also reportedly in talks with Foxconn and Magna Steyr to outsource its reboot of the Scout brand as an electric SUV.
Trelleborg Industrial Solutions has acquired India-based automotive boot manufacturer Injectoplast for an undisclosed amount. The deal is expected to complete in the first quarter of 2023.
BMW plans to invest $2B into a new EV battery plant on the same campus as its existing assembly plant in Debrecen, Hungary. The plant will build the automaker's next-generation batteries that can be integrated into the underbody of an EV.
Hyundai Mobis will invest $926M into a new EV Power Electric System plant in Richmond Hills, Georgia. Construction will start in early 2023, and production will begin in 2024.
Jaguar Land Rover is cutting production at two plants in England through next spring due to the ongoing chip shortage. The temporary move will affect the output of the F-Pace and Land Rover Discovery Sport at the automaker's plants in Solihull and Halewood.
Tesla is reportedly ramping up production of its Model Y in Q1 2023. It is looking to increase output from 2k to 5k cars per week with a Q1 target of 75k total out of its Texas Gigafactory.
Toyota's global production in October was up 23%, beating its target despite chip shortages and lockdowns.
Ford is looking to increase production of its EV power units by 70% at its Halewood engine plant in England. After a $180M investment, the company expects to produce 420k a year, supplying assembly plants in Romania and Turkey.
Bloomberg: Tesla's Lithium Lead at Risk as Rivals Make Supply Deals
Tesla will issue yet another over-the-air software update to fix over 435k recalled vehicles in China. The cars have an issue with their side marker lights that could lead to a collision in extreme circumstances.
This week, the US House and Senate passed a bill to enforce a tentative labor agreement for rail workers and avert a planned strike. Workers planned to strike as soon as December 9 due to the agreement's lack of additional sick days. The provision for additional sick days was voted on separately and did not pass.
Hyundai has signed an MOU with EV battery maker SK On to secure battery supplies for its North American operations after 2025. Further details for the cooperation are set to be revealed later on.