👋 Watts up? The UK has sold a record number of electric vehicles in 2024, with almost 20% of new vehicles sold being electric. The most popular choice was Tesla’s Model Y (no surprise there), selling over 30,000 units. Germany has also achieved an impressive sustainable energy milestone, reaching 100GW of solar capacity, with plans to reach 215GW by 2030. Learn more on these stories, and others, in todays issue.

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QotD: Roughly how many EVs did Tesla sell in 2024?

MARKETS

Data provided by Stock Analysis*

ELECTRIC VEHICLES

The UK Sells Record Number of EVs in 2024

🚗 Electric car sales in the UK reached record levels in 2024, with 19.6% of new vehicles sold being electric, up from 16.5% in 2023. This marks significant progress in the shift to cleaner transport, though challenges persist regarding infrastructure and policy alignment.

• UK car sales rose by 2.6% overall, with SUVs becoming the top-selling vehicle class.

• Government regulations have driven the EV market, yet consumer concerns about costs and charging access persist.

• Debate surrounds 2025 ZEV targets, with the government considering easing mandates due to industry pressure.

• The Tesla Model Y was the top-selling electric vehicle overall.

The UK's EV transition is accelerating, supported by more affordable models and growing demand, though sustained investment in infrastructure and incentives remains crucial.

INFRASTRUCTURE

Volkswagen and Xpeng to Build Fast Charging Network

🔋 Volkswagen and Xpeng shares surged following the announcement of their expanded partnership to enhance electric vehicle charging infrastructure in China. The agreement will grant users of both companies access to over 20,000 super-fast charging points across 420 cities.

• The partnership includes mutual access to charging networks and plans for co-branded charging stations.

• Volkswagen executive, Olaf Korzinovski, highlighted the aim to create one of China’s largest super-fast charging networks, catering to both urban and remote areas.

• Xpeng’s shares rose 3.4%, and Volkswagen’s gained 2%, reflecting investor confidence in the initiative.

• The collaboration follows Volkswagen’s $700 million investment in Xpeng in 2023, securing a 4.99% stake.

• Both firms are developing two EV models together, scheduled for 2026, and Volkswagen plans to introduce 30 fully electric models in China by 2030.

The expanded partnership reflects both companies’ ambitions to lead in the growing EV market and improve charging accessibility across China.

CLEAN ENERGY

Germany Reaches 100GW of Solar Capacity

☀️ Germany has achieved a major milestone in renewable energy, with its installed solar capacity surpassing 100GW. This capacity supplied 14% of the country’s electricity in 2024, up from 12% in 2023, signalling strong growth in solar adoption.

• Ground-mounted solar parks led the expansion, adding 6.3GW in 2024, contributing to a total annual increase of 17GW, a 10% rise from 2023.

• Germany aims to more than double its solar capacity to 215GW by 2030, though this goal hinges on removing market barriers and enhancing regulatory support.

• Carsten Kornig, managing director of BSW-Solar, stressed the importance of solar systems and storage for affordable and sustainable electricity, urging government action to maintain momentum.

• Public support is robust, with nearly two-thirds of Germans backing an accelerated solar rollout, according to a YouGov survey.

This milestone highlights Germany’s progress in renewable energy but highlights the need for continued investment and policy reforms to meet future targets.

TECHNOLOGIES

Cerence AI Enters Partnership with JLR

📱 Cerence AI has entered a multi-year partnership with JLR to integrate advanced AI technologies into the luxury automaker’s vehicles, aiming to redefine the in-car experience with cutting-edge features and enhanced functionality.

• The collaboration will focus on continuous innovation to ensure JLR vehicles remain technologically advanced.

• Cerence’s AI solutions will enhance safety, enjoyment, and productivity within JLR’s infotainment systems.

• Christian Mentz, Chief Revenue Officer at Cerence AI, highlighted JLR’s legacy of innovation, while JLR’s Chief Data and AI Officer, Christine Kemp, emphasised the role of AI and voice technologies in creating a richer user experience.

• The partnership reflects a shared commitment to blending luxury and technology to meet evolving customer expectations.

This collaboration positions JLR as a leader in luxury automotive innovation, while showcasing Cerence’s AI expertise, promising a future of more intuitive and sophisticated in-car experiences for JLR’s customers.

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Answer: 1.7 million

*As of 11:00am EST, on the same business day. Includes top movers.