BYD's January Sales

Updates from ES Foundry, Waabi, and more.

👋 Watts up? BYD has just announced its sales figures for January, showcasing a 50% increase compared to last year. What stands out the most, however, is its international sales, which are up by 83%. Also, Waabi and Volvo Autonomous Solutions announced a strategic partnership just this morning, hoping to integrate Waabi’s virtual driver system into Volvo’s VNL Autonomous truck. Learn more on these stories, and others, in todays issue.

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Company

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Infineon (IFX)

34.31

+9.77%

Geely Automotive (0175)

15.94

+7.85%

Solaredge (SEDG)

14.37

+7.55%

Enphase Energy (ENPH)

66.86

+4.62%

Rivian (RIVN)

12.94

+4.40%

Lucid (LCID)

2.92

+4.29%

Data provided by Google Finance*

BYD’s overseas sales increase by 83% in January

Image Credits: BYD

🚗 BYD, the world’s largest electric vehicle manufacturer, is rapidly expanding its global presence, with overseas sales surging by 83% in January.

Last month, BYD sold more than 300,000 new energy vehicles* (NEVs) worldwide, a 50% increase compared to last year. Here's a breakdown of the sales:

  • Commercial vehicle sales - 4,092 units

  • Electric vehicle sales - 125,377 units

  • Plug-in hybrid vehicle sales - 171,069 units

Other brands under BYD also contributed to this figure, with Fang Cheng Bao selling 6,219 units, Denza selling 11,720, and Yangwang selling 286.

The most significant highlight for the company was its record international sales, exporting 66,336 NEVs in January. This marks an 83% year-on-year increase and a 16% rise from December’s 57,154 units. As part of its expansion strategy, BYD is rapidly increasing its global production capacity. After opening its first overseas EV plant in Thailand last year, the company is setting up new factories in Indonesia, Mexico, Brazil, Hungary, Turkey, and Pakistan.

*Like many Chinese automakers, BYD categorises NEVs as both battery electric vehicles and plug-in hybrids.

Also, according the the Norwegian Road Federation, almost 96% of new cars registered in Norway in January were electric. Out of the 9,343 new cars that were sold, 8,954 were EVs.

European Commission approves French aid for AESC’s proposed EV battery facility

Image Credits: Gresham Smith

🔋 The European Commission has approved a €48 million French aid measure to support Envision AESC France in establishing a new lithium-ion battery factory in Douai. The initiative aligns with the EU’s strategic goals in advancing the clean energy transition.

France informed the Commission of its plans to support the first phase of the factories development. The plant will produce lithium-ion batteries for electric vehicles, with a planned production capacity of 9 GWh per year. The project is also expected to generate around 1,000 direct jobs, along with additional indirect employment opportunities.

Designed to be carbon neutral, the factory will be located in Douai, Hauts-de-France, a region eligible for regional aid under Article 107(3)(c) of the Treaty on the Functioning of the EU.

Also, we recently covered news from Li-Cycle surrounding its recycling partnership with a major automotive OEM. Since then, they have announced an additional partnership, further showcasing the company’s valuable recycling technology.

ES Foundry launches the US’s largest solar cell factory

Image Credits: ES Foundry

☀️ ES Foundry is set to become the largest producer of crystalline silicon solar cells in the U.S. with the opening of its new factory in South Carolina. The plant is expected to reach a shipment capacity of 3 GW by Q3 of 2025. It spans over 400,000 square feet and is on track to employ around 500 local workers by June.

ES Foundry’s CEO, Alex Zhu, noted: “The facility’s strategic location in Greenwood highlights ES Foundry’s dedication to supporting local communities, generating high-quality jobs, and driving regional economic development.“

Last month, ES Foundry announced it had secured its first multi-gigawatt, multi-year contract with a leading solar module manufacturer. The company’s US-made solar cells provide its partners with access to additional Investment Tax Credit benefits for domestic content, at least under current policies.

The solar industry’s economic impact in South Carolina is projected to grow significantly in the coming years. According to the Carolinas Clean Energy Business Association, annual economic activity is expected to rise from $306.6 million in 2024 to nearly $1.4 billion by 2035.

Also, Iberdrola and Amazon have expanded their renewable energy partnership, adding an additional 476 MW of power purchase agreements.

Waabi partners with Volvo Autonomous Solutions to develop autonomous transportation

Image Credits: Volvo Autonomous Solutions

📱 Waabi has announced a strategic partnership with Volvo Autonomous Solutions to develop and deploy autonomous trucks. The collaboration combines Waabi’s AI expertise with Volvo’s automation and safety innovations to enhance freight transportation, improving safety, efficiency, and sustainability.

The partnership focuses on integrating Waabi’s virtual driver system, the Waabi Driver, into Volvo’s VNL Autonomous, a truck designed with redundant systems to ensure safe autonomous operation. Production will take place at Volvo’s New River Valley assembly plant.

Waabi’s AV2.0 approach features an interpretable and verifiable AI model, supported by a highly realistic neural simulator. This technology enables autonomous trucks to adapt efficiently to different road scenarios.

Shahrukh Kazmi, CPO of Volvo Autonomous Solutions, expressed enthusiasm about the partnership, stating: “We are excited to integrate Waabi's cutting-edge technology into our autonomous truck platform and work together to jointly develop a safe, efficient, and scalable autonomous transport solution.“

This collaboration builds on Volvo’s existing relationship with Waabi, which began in January 2023 when Volvo Group Venture Capital became a strategic investor.

Also, WirelessCar has joined the SOAFEE initiative, aiming to advance cloud-based solutions for software-defined vehicles.

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*As of 11:00am EST, on the same business day. Includes top movers from a curated list of companies we cover.

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