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Tag: EV

  • Subaru Is Building A Dedicated EV Plant In Japan

    Subaru Is Building A Dedicated EV Plant In Japan

    Subaru is another Japanese automotive player which is suddenly turning turtle and announcing massive investments in electric powertrains. It has announced plans to build a dedicated EV assembly plant in 2027 as a part of a multi-billion dollar investment toward electrification in the next 5 years. Its CEO Tomomi Nakamura has outlined a plan which was announced on May 12 when it announced its earnings.

    Its 2023 Solterra EV will be made at Toyota’s Motomachi assembly plant in Japan which is the same plant where Toyota is making its first EV the bZ4X. But in the future, the plan for Subaru is to make its EVs in-house.

    Nakamura has said that initially, Subaru will make its EVs in a mixed production scenario with internal combustion engine vehicles in its Yajima plant in Japan in the mid-2020s. But from 2027, the EVs will be made at a dedicated factory on the site of the Oizumi plant which is currently making engines and transmissions.

    “Two or three years ago, U.S. retailers were not asking about EVs at all. But in this last year, it’s suddenly increased,” said Nakamura indicating that this transformation is being driven by the US market.

    Subaru has announced an investment of $2.05 billion. It expects 40 per cent of its global sales to come from EVs and hybrids by 2030. The Solterra EV will be the first model which starts at $44,995 in the US and will also be eligible for the $7,500 tax credit and other state incentives.

  • Ford Shelves Plans To Manufacture EVs In India

    Ford Shelves Plans To Manufacture EVs In India

    Ford India has shelved its plans to manufacture EVs in India. The carmaker had as part of its ongoing business restructuring applied for the Indian Government’s Product Linked Incentive (PLI) scheme. Under the PLI scheme, Ford had considered utilizing one of its two manufacturing facilities to manufacture EVs for exports and domestic markets though it has now announced that it is no longer pursuing that avenue.

    In a statement, the company said, “After careful review, we have decided to no longer pursue EV manufacturing for exports from any of the Indian plants. We remain grateful to the Government for approving our proposal under the Production-Linked Incentives and for being supportive while we continued our exploration.”

    Ford India had announced a halt to its domestic car manufacturing operations in September last year, with manufacturing for export markets ending by the end of the calendar year. The company though had carried on manufacturing engines for export markets which too are set to close this quarter (Q2 2022).

    Coming to how this would affect its manufacturing facilities in India Ford commented, “Ford India’s previously announced business restructuring continues as planned, including exploring other alternatives for our manufacturing facilities. We continue to work closely with unions and other stakeholders to deliver an equitable and balanced plan to mitigate the impacts of restructuring.”

    Ford’s current restructuring plans involve moving to a CBU only line-up for the Indian market with models such as the Mustang and the all-electric Mach-e expected to be on the card for India with other models from its global range also likely to be considered. The company is also looking to sell its existing manufacturing facilities in the country with Tata Motors and Hyundai reportedly interested in acquiring the plants.

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  • Dott To Roll Out E-Scooter Expansion With Extra $70 Million Funding

    Dott To Roll Out E-Scooter Expansion With Extra $70 Million Funding

    Electric scooter rental firm Dott said on Tuesday it had raised an extra $70 million which it will use to roll out new e-bikes, expand into new cities and countries and offer more services. Amsterdam-based Dott had announced $85 million in the Series B funding last year and the extra amount brings the total the start-up has raised so far to around $210 million. “We’re all on this crusade against personal cars. We want to make it super simple for anyone who wants to ditch their own car to have other transportation modes,” Dott Chief Executive Henri Moissinac said.

    The two largest global e-scooter rental operators are Bird Global Inc, which was listed in November, and Lime, which aims to go public this year. The business is expected to see further consolidation as larger players scale up to navigate tougher regulations from cities trying to adapt to e-scooters. Ride numbers rebounded in 2021 after the COVID-19 pandemic virtually shut down operators for lengthy periods in 2020.

    And the scooter rental business is expected to undergo further consolidation as larger operators seek greater scale to handle tougher regulations from cities

    Dott, which has a fleet of 40,000 e-scooters and 10,000 e-bikes, is operating in 36 cities across nine European countries

    Dott said its extra funding was led by new investors abrdn and existing investor Sofina. Its existing investors including Prosus Ventures, the venture capital arm of Prosus NV also participated in the latest round. I declined to comment on the company’s current valuation.

    Dott, which has a fleet of 40,000 e-scooters and 10,000 e-bikes operating in 36 cities across nine European countries, recently partnered with FREE NOW, a European platform that offers ride-hailing and taxi services.

    Moissinac said Dott is seeking more partners “to offer as many options as possible for shared mobility to consumers”, adding that it will expand in France and Scandinavia, the Netherlands with e-bikes only and possibly Israel.

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  • Thailand Approves Incentives To Promote EV Shift

    Thailand Approves Incentives To Promote EV Shift

    Thailand’s cabinet on Tuesday approved a package of incentives including tax cuts and subsidies to promote a shift to electric vehicles (EVs) in Southeast Asia’s major auto production base, a government spokesperson said. The package for 2022-2025 is in line with a zero emission vehicle policy plus a goal to ensure 30% of Thailand’s total auto production are EVs by 2030, Thanakorn Wangboonkongchana told a news conference.

    In the first two years, the measures will focus on encouraging widespread domestic use of EVs by providing tax breaks and subsidies for imported models and those made locally, he said. In the last years of the package, the support will mainly be on promoting domestically produced EVs, while cancelling some benefits for imported models, Thanakorn said.

    “This is to encourage operators to accelerate the production of electric vehicles in the country to meet increasing demand,” he said. Thailand last year produced 1.7 million regular vehicles, for firms that include Toyota, Honda and Mitsubishi.

    Thanakorn did not give further details on the incentives, which he said would need to be worked out with the energy ministry. According to earlier media reports, the package will help reduce the price of each EV by between 70,000 baht ($2,165) and 150,000 baht ($4,638).

  • GM and Honda To Produce ‘Attainable EVs’ In Bid To Surpass Tesla Sales

    GM and Honda To Produce ‘Attainable EVs’ In Bid To Surpass Tesla Sales

    General Motors and Honda Motor Co said on Tuesday they will develop a series of lower-priced electric vehicles based on a new joint platform, producing potentially millions of cars from 2027 in a bid to beat Tesla in sales.

    The announcement expands on plans for GM to begin building two electric SUVs for Honda starting in 2024 – the Honda Prologue and an Acura model.

    The automakers said the new deal is for “affordable” EVs, including compact crossover vehicles, built using GM’s Ultium battery technology. The compact crossover is the biggest selling auto sector in the world with annual volumes of more than 13 million vehicles, the companies said.

    The companies declined to say how much they are investing as part of the new collaboration.

    GM Chief Executive Mary Barra said Tuesday at an Axios event the pricing will come in below the $30,000 price tag planned for the electric Chevrolet Equinox SUV. She said the new lower-priced vehicles would be “attainable EVs.”

    She said the new vehicle is part of GM’s plan to surpass Tesla in EV sales.

    “We have a very important goal… that by mid-decade, by 2025, we’ll sell more EVs in the U.S. than anyone else and to do that, you need to have a portfolio of vehicles,” Barra said, noting GM plans a wide range of small to large EVs. “We definitely can scale and can do it quickly.”

    The companies said they will also discuss future battery technology collaboration for electric vehicles in a push to drive down costs.

    The deal is part of GM’s push to achieve carbon neutrality in its global products and operations by 2040 and eliminate tailpipe emissions from light-duty vehicles in the United States by 2035.

    Honda has said it aims to reach carbon neutrality on a global basis by 2050.

    The Japanese carmaker owns a stake in GM’s Cruise self-driving car subsidiary and the carmakers are co-developing the Cruise Origin autonomous EV. The companies also have a joint venture to develop and produce hydrogen fuel-cell systems at a plant in Brownstown, Michigan.

    “Honda and GM will build on our successful technology collaboration to help achieve a dramatic expansion in the sales of electric vehicles,” Honda CEO Toshihiro Mibe said.

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  • Thais Turn To EVs At Motor Show As Petrol Prices Soar

    Thais Turn To EVs At Motor Show As Petrol Prices Soar

    Thousands attended the Bangkok International Motor Show this week where electric vehicles (EVs) were in the spotlight due to rising petrol prices and a government subsidy taking 15% off the price of some EV cars.

    Thailand, along with most other countries in Southeast Asia, has been slow off the blocks to embrace EVs, but demand is starting to gain momentum with Chinese carmakers, in particular, producing cheaper models and increasingly targeting the region.

    “I can’t handle paying for the price of gas anymore, so I’m here looking to buy an electric car,” said Natnicha Srimuang, who purchased an EV at the motor show. Thai gasoline prices are around 40 baht ($1.20) per litre, up 50% from last year.

    Some see a switch to EVs as a way to save money longer-term.

    “I (want) to invest my money in a good electric car that fits my lifestyle,” said Patricia Duangcham, who said she expects to save thousands of baht a month from the purchase.

    The combination of energy price concerns and more affordable models will help spur EV adoption, said Michael Chong, general manager of Great Wall Motor Thailand.

    This year’s motor show was also the first since government subsidies for EV buyers were introduced.

    While many global car makers displayed EVs, there were long queues to take a peek inside Great Wall Motor’s competitively priced ‘ORA Good Cat’ model.

    Domestic demand for EVs is a crucial part of a Thai government strategy to preserve its status as a major regional automaker. The government is targeting production of 725,000 EV units a year, or 30% of total vehicle output, by 2030.

    Thailand is Asia’s fourth-largest auto assembly and export hub for companies like Toyota Motor Corp and Honda Motor Co Ltd.

    State-owned energy firm PTT Pcl has teamed up with Taiwan’s Foxconn to produce EVs in Thailand by 2024.

    China’s Great Wall Motor also plans to produce EVs in Thailand in two years’ time.

    The demand for EVs has been picking up in Thailand, though from a low base. Last year, the number of registered fully electric cars doubled to about 4,000, though that still pales in comparison with total domestic car sales of 759,119 last year.

    Despite the hype around EVs, some attending the motor show intend to stick to combustion engines due to concerns about the new technology.

    “(The) EV car is only starting, and no one knows what kind of problems are going to happen,” said Ponchai Lertlai, 59.

  • China EV Maker Nio Says It Has No Plans To Raise Prices In Short Term

    China EV Maker Nio Says It Has No Plans To Raise Prices In Short Term

    Chinese electric vehicle (EV) manufacturer Nio said on Monday that it had no intentions to raise prices in the short term, but that it would be flexible on its decision making given evolving circumstances.

    Nio said in a statement that raw material prices and chip supply and demand were causing large changes to supply chain costs.

  • Chinese Automakers See Thailand EV Boost From Government Incentives

    Chinese Automakers See Thailand EV Boost From Government Incentives

    Chinese automaker Great Wall Motor has signed an agreement with Thailand’s government to slash retail prices of its electric vehicles, an executive said on Tuesday, a move aimed at boosting domestic EV sales and production.

    The agreement, which involves a government subsidy and reduction in value-added tax, could save customers up to 160,000 baht ($4,779) per unit, Michael Chong, General Manager of Great Wall Motor Thailand told Reuters.

    That would apply to vehicles typically priced 1 million baht, representing a saving of about 13-15%.

    “This is very beneficial for our customer because this price is more affordable,” he said at the annual Bangkok International Motor Show.

    A similar agreement has also been signed with the rival automaker, SAIC-CP Motor, the Thai unit of SAIC Motor Corp, the finance ministry said on Monday.

    Those come as Thailand tries to incentivize EV use and preserve its status as a major regional automaker. The government is targeting the production of 725,000 EV units a year, or 30% of the output by 2030.

    Chong said other factors like rising energy prices were also driving EV demand.

    “Oil prices keep increasing, so people who buy ICE (internal combustible engine) will feel it’s more expensive,” Chong said, adding that EVs would help make air cleaner, something Thailand’s capital has struggled with.

    Great Wall Motor in 2020 took over the General Motors plant in Thailand, Asia’s fourth-largest auto assembly and export hub.

    Auto manufacturing accounts for about 10% of Thai gross domestic product and manufacturing jobs.

    This year the firm plans to sell 20,000 units in Thailand between its two brands, the BEV Ora Good Cat and Haval SUVs, Chong added. It plans to locally produce EVs in 2024.

    But the transition will take time, however, with less than 4,000 fully-electric vehicles registered in Thailand last year, and manufacturing investments still being made in conventional engines.

    These include U.S. automaker Ford, which invested $900 million to upgrade its Thai factories to build its Ranger pickup truck and Everest SUV.

    “ICE is going to be around for a while,” said Andrea Cavallaro, Ford Operations Director, International Market Group, adding EV technology and infrastructure has yet to be adopted across Southeast Asia.

  • Tesla Raises Prices For Second Time In Days On Rising Costs

    Tesla Raises Prices For Second Time In Days On Rising Costs

    Tesla raised its prices in China and the United States for the second time in less than a week, after CEO Elon Musk said the U.S. electric carmaker was facing significant inflationary pressure in raw materials and logistics. The increases come as costs of raw materials are surging, exacerbated by supply chain disruptions following Russia’s invasion of Ukraine.

    Prices of metals used in cars have soared, including aluminum that is used in the bodywork, palladium used in catalytic converters, and nickel and lithium that power electric vehicle (EV) batteries. The costs have raised concerns about EV economics, as legacy automakers and startups prepare to launch new cars on the back of a long semiconductor supply crunch that is still knocking production at companies including Toyota and Volkswagen.

    Tesla, which has a diversified supply chain, has bought “millions of euros worth of aluminum” from Russian aluminium giant Rusal, CNBC reported on Monday, citing internal documents.

    Rusal’s billionaire founder Oleg Deripaska has been sanctioned by Britain.

    Tesla bought Rusal aluminum for casting parts at its new vehicle assembly plant outside of Berlin for the Tesla Model Y, among other things, CNBC said.

    Tesla received a conditional go-ahead for its 5 billion euro ($5.5 billion) German gigafactory earlier this month after months of delay.

    Tesla and Rusal did not immediately respond to emails seeking comment.

    “Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics,” Musk tweeted on Monday, referring to his rocket company. “And we are not alone,” he said.

    Tesla raised prices on Tuesday for all its models in the United States by 5%-10%, its website showed. In China, it raised prices of some China-made Model 3 and Model Y products by about 5%.

    Last week, the company increased prices of its U.S. Model Y SUVs and Model 3 Long Range sedans and some China-made Model 3 and Model Y vehicles.

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  • Panasonic Plans New Massive Battery Plant In U.S. To Supply Tesla – NHK

    Panasonic Plans New Massive Battery Plant In U.S. To Supply Tesla – NHK

    Japan’s Panasonic Corp is looking to purchase land in the United States for a mega-factory to make a new type of electric vehicle (EV) battery for Tesla Inc, public broadcaster NHK reported on Friday. Panasonic is looking at building the factory, to cost several billion dollars, in either Oklahoma or Kansas close to Texas, where Tesla is preparing a new EV plant, NHK reported. NHK gave no timeline for Panasonic’s U.S. project. NHK did not cite the source of its information. Panasonic said the reported plan was not something it announced.

    A long-time supplier for Tesla, Panasonic has said it plans to begin mass-producing the new type of lithium-ion battery for Tesla before the end of March 2024 with two new production lines at its western Japanese plant in Wakayama.

    The 4680 format (46 millimetres wide and 80 millimetres tall) battery is about five times bigger than those currently supplied to Tesla, meaning the U.S. car maker will be able to lower production costs and improve vehicle range.

    Panasonic’s relationship with Tesla stretches back more than a decade when Tesla signed an agreement that made the Japanese company its key battery supplier.

    Since then, Tesla has ramped up production and diversified its supply chain to other firms, including Chinese manufacturers of cheaper lithium iron phosphate (LFP) powerpacks such as Contemporary Amperex Technology Co (CATL).

    South Korea LG Energy Solution Ltd also plans to make 4680 batteries, sources told Reuters last year.

    Shares of Panasonic were down 3% in morning trade in Tokyo compared with a 2.5% decline for the broader Nikkei 225 index.

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  • Toyota Gears Up Its First EV With Safer, Longer-lasting Battery

    Toyota Gears Up Its First EV With Safer, Longer-lasting Battery

    Toyota Motor Corp, a late-comer to the battery electric vehicle (BEV) market, is weaving in all efforts to make sure its first mass-market model is safer and lasts longer than rivals’ products when it goes on sale later this year.

    BEVs have grown in popularity globally, but some consumers have been put off by EV battery-related fire risks and rapid degradation.

    General Motors and Hyundai Motor were forced last year to recall EVs, carrying batteries manufactured by LG Energy Solution, after reports of fires.

    “We focused on balancing three factors: cruising range, battery degradation, and charging speed,” Masaya Yamamoto, a project manager at Toyota, said at a test-drive event for the bZ4X sport utility vehicle (SUV) prototype last week.

    BEVs typically take hours to charge and using quick-charging methods often causes the battery’s cells to heat up, leading to degradation. That, in turn, reduces cruising range over time, hurting a vehicle’s resale value.

    Toyota said its batteries, developed with Panasonic Corp, contain a special coolant that does not conduct electricity easily. Battery packs are also structured to keep the cells and coolant separated in case of a leak.

    This and other innovations mean the new BEV series’ batteries would retain more than 90% of their capacity after a decade, Toyota said.

    For consumers in Japan, where EVs have been slow to take off, Toyota is considering offering the EVs only through “subscription” – a bid to address worries over battery life and resale value. The subscription fee would cover the cost of maintenance and battery replacement among other features.

    Toyota has said it would start selling the SUV model in Japan and other major markets in mid-2022.

    Toyota has set a goal of selling 3.5 million BEVs annually by 2030 through an 8 trillion yen ($70 billion) investment to electrify its vehicles.

  • Thailand Approves Incentives To Promote EV Shift

    Thailand Approves Incentives To Promote EV Shift

    Thailand’s cabinet on Tuesday approved a package of incentives including tax cuts and subsidies to promote a shift to electric vehicles (EVs) in Southeast Asia’s major auto production base, a government spokesperson said.

    The package for 2022-2025 is in line with a zero-emission vehicle policy plus a goal to ensure 30 per cent of Thailand’s total auto production are EVs by 2030, Thanakorn Wangboonkongchana told a news conference.

    In the first two years, the measures will focus on encouraging widespread domestic use of EVs by providing tax breaks and subsidies for imported models and those made locally, he said.

    In the last years of the package, the support will mainly be on promoting domestically produced EVs, while canceling some benefits for imported models, Thanakorn said.

    “This is to encourage operators to accelerate the production of electric vehicles in the country to meet increasing demand,” he said.

    Thailand last year produced 1.7 million regular vehicles, for firms that include Toyota, Honda, and Mitsubishi.

    Thanakorn did not give further details on the incentives, which he said would need to be worked out with the energy ministry.

    According to earlier media reports, the package will help reduce the price of each EV by between 70,000 baht ($2,165) and 150,000 baht ($4,638).

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  • EV Battery Giant LG Energy Solution Sees Demand Rising As Chip Shortage Eases

    EV Battery Giant LG Energy Solution Sees Demand Rising As Chip Shortage Eases

    Battery maker LG Energy Solution Ltd (LGES) said on Tuesday it aims to boost sales by about 8% in 2022, forecasting a pick-up in demand for electric vehicle (EV) batteries as a global chip shortage eases later this year. The newly listed South Korean firm, which accounts for a fifth of the global EV battery market, swung to profit in the October-December quarter, even as the chip shortage affecting automakers led to weaker than expected demand for batteries.

    LGES, which became South Korea’s second-largest listed firm last month in the country’s biggest ever IPO, posted an operating profit of 76 billion won ($63.5 million) for the fourth quarter, it said in its maiden earnings report. That compares with a 150 billion won profit estimate by two analysts polled by Refinitiv and a loss of 479 billion won in the same period a year earlier.

    Analysts noted that the global chip shortage has affected demand from automakers, with LGES rivals SK On and Samsung SDI Co Ltd reporting a similar impact on battery demand in the fourth quarter.

    Revenue at LGES, which supplies Tesla Inc and General Motors Co among others, rose 2% to 4.4 trillion won from a year earlier. The company said it has set this year’s capital expenditure budget at 6.3 trillion won, up 58% from a year earlier, to finance capacity expansion at its global manufacturing facilities to meet demand for batteries.

    “LGES will continue to move forward with bold investment plans needed in the long run. We are confident our business model of preparing for the future will definitely help us lead the industry,” LGES chief executive officer Youngsoo Kwon said in a statement.

    LGES made a stellar market debut in late January, surging to a market capitalisation of about $98 billion, second only to Samsung Electronics Co Ltd on the local bourse, reflecting upbeat prospects for EV battery industry. The company’s shares have since risen 8.5% and added a further 2.2% on Tuesday, ahead of a 0.8% rise in the broader market KOSPI. Asked during an analyst conference call about more battery joint ventures with automakers, LGES said it had held working-level discussions with Japan’s Honda Motor Co Ltd about a potential joint venture, but there was no concrete agreement on a deal.

    Revenue at LGES, which supplies Tesla Inc and General Motors Co among others, rose 2% to 4.4 trillion won from a year earlier

    In January, a South Korean local newspaper reported that LGES planned to build a battery joint venture with Honda in the United States. LGES said in late January that it plans to invest a total of $2.6 billion with GM to build their third joint battery plant in the United States, aiming to secure an annual capacity of about 50 gigawatt hours (GWh) of batteries by 2025, enough to power about 700,000 EVs. The two companies are already building two joint battery plants in Ohio and Tennessee.

    Global EV sales, estimated at 2.5 million vehicles in 2020, are forecast to grow more than 12-fold to 31.1 million by 2030 and account for nearly a third of new vehicle sales, according to consulting firm Deloitte.

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  • Vietnam car maker VinFast to build US battery factory as it goes all-electric

    Vietnam car maker VinFast to build US battery factory as it goes all-electric

    Vietnam’s VinFast plans to build electric vehicle battery cells and packs in a new U.S. manufacturing complex, its global chief executive told Reuters, as the company pledged to transform itself into an all-electric automaker by the end of this year.

    VinFast, part of Vingroup JSC, the largest conglomerate in the country, became the country’s first full-fledged domestic car maker when gasoline-powered models built under its own badge hit the streets in 2019.

    The company, which began selling electric vehicles (EVs) in Vietnam at the end of 2021, said in a statement on Thursday it planned to become what it said would be the first car company to cease making gasoline-powered cars and transition to all-electric vehicle production from late 2022.

    VinFast is betting big on the U.S. market, where it hopes its electric SUVs and a battery leasing model will be enough to tempt consumers away from the likes of Tesla and General Motors.

    “We will build our gigafactory in the U.S. as well,” Le Thi Thu Thuy, Vingroup vice chair and VinFast Global CEO said, referring to the new battery facility in an interview during her U.S. visit to attend the Consumer Electronics Show in Las Vegas.

    The company will continue to source batteries from its suppliers, she added. Thuy said VinFast will initially assemble battery packs with cells sourced from its supplier at its U.S. complex before starting its own production there.

    “We have narrowed down from I think, over 50 sites to about three sites,” she said.

    She will visit some sites during her trip before making a decision this year, adding that the “mega site” would also include an electric bus factory.

    In December, Vingroup said it had started building a battery cell plant in Vietnam. The company is looking to initially produce 100,000 battery packs per year, with $174 million in investment, and then upgrade capacity to one million.

    VinFast previously said it had plans to start producing electric cars in the U.S. in the late 2024. The company said that on Thursday it was seeking to establish an EV plant in Germany.

    “The era of shipping cars around the world is over, especially since Covid-19. You must have the factory close to the market in order to win over your customers,” VinFast said in a statement.

    VinFast said prices for its VF8 sport utility vehicle (SUV) started from $41,000 in the United States, and that it would apply blockchain technology to record orders and confirm ownership. By comparison, a Tesla SUV sells for around $50,000. Vingroup said it was targeting global electric vehicle sales of 42,000 in 2022. Shares of Vingroup rose as much as 5.8 percent on Thursday after it revealed VinFast’s EVs line-up and the plans to go all-el

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  • Volkswagen Brings Back The Microbus Together With A Battery

    Volkswagen Brings Back The Microbus Together With A Battery

    Volkswagen will show a production version of its long-awaited ID.Buzz, an electric reincarnation of its beloved Microbus or Kombi, on March 9 and plans to launch it in the United States in late 2023, the company said on Friday.

    The ID.Buzz is one of “the most anticipated and most hyped” models anticipated from the Volkswagen brand since the company launched its new Beetle in the late 1990s, Scott Keogh, head of Volkswagen’s North American operations said during a media call.

    Volkswagen Chief Executive Herbert Diess tweeted on Thursday “The legend returns on 03/09/22!” The tweet contained a sketch of the profile of the ID.Buzz van.

    Volkswagen has shown a series of prototypes for a new Microbus over the past decade. But those prior show vans – the Budd.E and the Bulli – never made it to production, to the frustration of fans of the vehicle.

    Keogh said that a three-row version of the ID.Buzz will launch in the United States, where the original microbus became an icon of the counterculture, in late 2023 or early 2024. Volkswagen will launch a two-row version in Europe.

    “You want to get to 100,000 units before you localize,” Keogh said.

    Volkswagen will ramp up production of its ID.4 electric SUV at Chattanooga this year.

    Earlier Friday, Volkswagen said U.S. sales of its VW brand vehicles rose 15% in 2021, driven largely by strong sales of gasoline-fueled SUVs such as the Atlas and Tiguan.

    Shortages of vehicles caused by chip supply chain problems will continue to limit vehicle production and sales in the United States through 2022, Keogh said.

    He said he believes as many as two million potential car buyers did not buy a vehicle in 2021 because of the lack of supply, creating pent up demand for this year and beyond.

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