EV Roundup: STLA-Archer Partnership, BYD 2022 NEV Sales & More
Heightening climate concerns, technological advances and stricter fuel-emission standards have turned the fortunes in favor of electric vehicles (EVs). Last week, auto giant Stellantis STLA expanded its partnership with Archer Aviation to manufacture the latter’s e-aircraft. EV charging company ChargePoint Holdings CHPT, German automaker Mercedes-Benz MBGAF and U.S. solar, stationary power and renewable energy provider MN8 Energy have joined forces for a fast charging network in North America. Meanwhile, China’s EV maker BYD Co. BYDDY reported December and 2022 sales data. EV behemoth Tesla TSLA also reported its 2022 production and deliveries.
Last Week’s Top Stories
ChargePoint teamed up with MN8 Energy and Mercedes-Benz to step up the availability of DC fast charging in North America. The companies look to develop more than 400 charging hubs in the United States and Canada. Beginning this year, the three companies will commence building over 400 charging hubs with more than 2,500 ChargePoint DC fast charging ports, enhancing the charging experience for EV drivers.
MN8 Energy and Mercedes-Benz will finance and operate the charging hubs, powered by CHPT’s hardware and software solutions.The charging hubs will be powered by ChargePoint Express Plus, one of the most technically advanced high-powered charging platforms.With this collaboration, ChargePoint is building upon its existing ties with Mercedes-Benz and MN8 Energy to offer a seamless charging experience for drivers.
BYD hit a new record by selling 235,197 plugin vehicles in December. This was the fourth straight month when the plugin vehicle sales volumes of the company crossed 200,000 units. BYD Song was the best-selling model of the month, with 70,079 units sold. Sales of BYD Han, all-electric BYD Yuan, all-electric BYD Dolphin, all-electric BYD Seal, BYD Qin, BYD Tang and BYD Destroyer totaled 30,043, 29,468, 26,074, 15,378, 26.206, 20,165 and 6,107 units, respectively. The new BYD Frigate 07 model registered deliveries of 1,805 units.
For full-year 2022, the company sold 1,863,494 units, up a whopping 209% year over year. Of the total sales, battery-powered EVs accounted for around 49%. BYD delivered 911,140 pure EVs last year, rocketing 184% year over year. BYD also announced its partnership with NVIDIA to bring NVIDIA’s on-demand cloud gaming service— GeForce Now— to its new energy vehicles.
Stellantis signs an agreement with Archer to manufacture the latter’s flagship electric vertical take-off and landing (eVTOL) aircraft, Midnight. Production of Midnight aircraft will commence in 2024 at the manufacturing facility in Covington, GA. Having a range of 100 miles per charge, Midnight is well suited for back-to-back short-distance trips of about 20 miles. The deal will give Archer access to $150 million additional capital over 2023 and 2024.
This unique partnership in the urban air mobility space will be powered by Stellantis’ manufacturing abilities and additional capital infusion and Archer’s world-class team of eVTOL, electric powertrain and certification experts. Stellantis, being the exclusive contract manufacturer for Midnight aircraft, intends to mass-produce Archer’s eVTOL aircraft and commence deliveries by 2025.
Tesla delivered 55,796 China-made vehicles last month, per the China Passenger Car Association (CPCA). This represents a 44% and 21% monthly and yearly decline, respectively. This also marked the lowest monthly sales since July when most of the production at the Shanghai plant was temporarily halted for upgrades. For full-year 2022, the EV king delivered 50% more China-made vehicles compared with 2021.
Globally, Tesla delivered a record 1.31 million electric vehicles in 2022, up 40% from 2021. Model 3/Y deliveries amounted to 1,247,146 units, while 66,705 Models S/X were delivered in 2022. As far as the production count for 2022 is concerned, TSLA produced 1,369,611 vehicles (up 47% year over year), with the breakdown coming to 1,298,434 units for Model 3/Y and 71,177 units for Model S/X. It ramped up production after opening new factories in Texas, Shanghai and Berlin.
Tesla currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Price Performance
The following table shows the price movement of some of the major EV players over the last week and six-month period.
Image Source: Zacks Investment Research
What’s Next in the Space?
Stay tuned for announcements of upcoming EV models and any important updates from the red-hot industry.
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Tesla, Inc. (TSLA) : Free Stock Analysis Report
Byd Co., Ltd. (BYDDY) : Free Stock Analysis Report
Stellantis N.V. (STLA) : Free Stock Analysis Report
ChargePoint Holdings, Inc. (CHPT) : Free Stock Analysis Report
MercedesBenz Group AG (MBGAF) : Free Stock Analysis Report
