Ferrari’s venture into the realm of electric vehicles signifies a notable shift for the iconic automaker, with its first electric vehicle scheduled for a late 2025 debut. While specific details remain under wraps at the company’s headquarters in Maranello, CEO Benedetto Vigna has shed light on Ferrari’s approach to electrification.
Vigna underscores Ferrari’s commitment to preserving its hallmark styling and performance, assuring enthusiasts that the brand’s electric vehicles will retain the distinctive “feel” that defines Ferrari’s identity. Notably, Ferrari is actively developing unique “sound signatures” for its electric models, challenging the notion that electric cars are inherently silent. This focus on sound engineering is exemplified by Ferrari’s patenting of an EV exhaust note in 2023, underscoring the brand’s dedication to maintaining its characteristic auditory experience.
The revelation of potential talks between Nissan Motor and Honda Motor regarding a strategic partnership signifies a significant development in the automotive industry. Faced with mounting competition from new market players, both companies acknowledge the imperative to capitalise on their individual strengths and delve into collaborative ventures, particularly within the realms of electric vehicles (EVs) and automotive software.
During a joint press conference, Honda’s President and CEO, Toshihiro Mibe, underscored the necessity of collaboration in tackling the evolving challenges within the industry. He outlined broad areas of potential cooperation, spanning automotive software, EV batteries, and synergistic product development. While specifics were not disclosed owing to the nascent stage of discussions, the establishment of multiple working groups was announced to thoroughly explore collaboration opportunities.
Honda is set to introduce a fresh logo for its electric vehicles (EVs), updating the current “H” that has been a constant presence on all Honda cars since 1981.
The new logo, described as representing “two outstretched hands,” features a thinner and more minimalist design compared to the current H, omitting the trapezoid border. This logo transformation bears a resemblance to Honda’s original logo from 1963, with a similar thin and top-heavy structure.
The updated logo is scheduled to debut on the upcoming 0 Series electric cars, a new lineup of next-generation EVs set to be introduced in the United States starting in 2026.
Saloon
The first two 0 Series vehicles, the Saloon and Space-Hub concepts, will showcase the redesigned emblem, with the Saloon serving as inspiration for a future production model in the American market.
The ongoing shift towards electric vehicles (EVs) is encountering an unexpected obstacle – a reluctance among buyers to invest in used electric cars. This trend is not only impacting the thriving secondhand market, with prices dropping faster than their combustion-engine counterparts, but it is also sending shockwaves through the new EV market, affecting industry giants like Tesla, Volkswagen, and Stellantis.
Market Dynamics and Pricing Wars
According to a report in Japan Times by Monica Raymunt, in the $1.2 trillion secondhand market, the value of battery-powered cars is plummeting due to factors such as a lack of subsidies, consumer anticipation for improved technology, and ongoing challenges in charging infrastructure. A fierce pricing battle initiated by Tesla and competition from Chinese models is further contributing to the depreciation of both new and used EVs.
This underscores the delicate balance automakers face in pricing their EVs competitively while ensuring sustainable profits. The current scenario may necessitate a reevaluation of pricing strategies to ensure long-term market viability.
This is going to be a hard pill to swallow, especially for plug-in hybrid electric vehicle (PHEV) owners, but statistics do not lie. According to CR (Consumer Reports), hybrids have far superior reliability compared to PHEVs. Every year, CR compiles info and data from its members about problems that they have encountered with their vehicles in the past 12 months.
This year, CR accumulated data from over 330,000 vehicles dated from 2000 to 2023 model years with a few additions of early 2024 models. However, because this CR is a US-based report, certain models may not be relevant to the Malaysian market.
The main comparison here is towards traditional ICE (Internal Combustion Engine). Electrified models, particularly hybrids, have emerged as frontrunners, showcasing superior performance compared to traditional ICE vehicles. However, the report also sheds light on the mixed performance of PHEVs, with notable variations in reliability among different models.
The evaluation delves into 20 trouble areas across various vehicle types, providing a nuanced perspective on mainstream models. This thorough evaluation encompasses everything from minor nuisances like squeaky brakes to major concerns such as out-of-warranty engine, transmission, EV battery, and EV charging issues.
Consumer Reports employs a meticulous approach, weighing the severity of each problem to generate a predicted reliability score for each vehicle, ranging from 1 to 100. This score is instrumental in determining the overall reliability rating for every major mainstream model. The reliability rating is then merged with data from track testing, owner satisfaction survey results, and safety data to calculate each vehicle’s Overall Score.
The global electric vehicle (EV) market is experiencing a noticeable deceleration in demand, with several intertwined factors contributing to this shift. While vehicle sales maintain an upward trajectory, the fervent appetite for EVs isn’t aligning with initial projections set by the automotive industry. Here’s a comprehensive look at the key elements affecting the international EV market:
Vehicle Loan Benefits Altering Preferences
One pivotal reason behind this slump in EV demand is the growing attractiveness of vehicle loan benefits in advanced economies. These financial incentives aim to counteract inflation rates in a post-pandemic economic landscape. Despite vehicles still being purchased, these incentives are now tempting potential buyers towards conventional internal combustion engine (ICE) vehicles.
Market Growth Falling Short of Expectations
Industry leaders had high hopes for exponential growth within the EV market. However, demand for electric vehicles has not met initial expectations, prompting concerns among automakers worldwide.
Collaboration Cancellations Fuel Uncertainty
Recent termination of the $5 billion collaboration between GM and Honda further exacerbates the uncertainty surrounding the industry’s future. The collaboration aimed to streamline the production of cost-effective EVs, but its sudden termination has raised questions regarding the trajectory of EV development and potential partnerships.
Warning from Battery Manufacturers
A notable development comes from LG Energy Solution, a major Korean battery manufacturer, which has issued a warning. According to their report, global economic uncertainties may result in EV demand falling below initial projections in the coming year.
Investor Sentiment Echoes Market Uncertainty
Investors in the EV sector reflect a similar sentiment. The stock values of companies associated with EVs are witnessing a decline, illustrating a sense of hesitation and insecurity in the market.
Elon Musk’s Deferral
In a surprising turn of events, Tesla’s CEO, Elon Musk, recently announced a delay in the construction of the Gigafactory in Mexico. This decision is attributed to increased vehicle loan interest rates and the complex global economic environment.
Nevertheless, it’s important to acknowledge that the EV market has displayed growth in various regions:
United States: In the U.S., EV sales during the third quarter of this year hit a historic 300,000 units, marking a significant achievement in the American EV market.
European Union: The European Union has witnessed an impressive 14.3 per cent surge in EV sales, underscoring its unwavering commitment to sustainable transportation.
China: As a global frontrunner in EV adoption, China reported a remarkable 22 per cent rise in EV sales, reinforcing its stature in the electric vehicle sector.
Within the Association of Southeast Asian Nations (ASEAN) countries, including Malaysia, government incentives have stimulated EV sales growth. However, a potential policy shift, such as the withdrawal of EV tax incentives (including import tax exemptions), could affect EV prices, shedding light on the genuine demand for electric vehicles in these regions.
As the EV market navigates these challenges, it’s imperative for automakers and policymakers to closely monitor consumer sentiment, adapt to evolving economic dynamics, and persist in advancing sustainable mobility solutions. While the current market conditions might test the waters, the long-term commitment to electric vehicles remains resolute.
While BYD is already a dominant force in the electric vehicle market in China, its expansion into Western markets, particularly Europe, positions it in direct competition with established giants like Mercedes, BMW, and Volkswagen.
The BYD Han, in particular, stands as a significant model in this expansion, directly competing with renowned vehicles like the Mercedes-Benz EQE sedan and the BMW i5. The Han boasts an impressive set of features on paper, offering all-wheel drive, an extensive electric range of 521km on the WLTP cycle, and a competitive pricing strategy that positions it favorably against its rivals. This move by BYD signifies a strategic push to establish a strong presence and gain a significant market share in Europe’s rapidly evolving automotive landscape.
Malaysia’s aspirations to establish itself as a prominent player in the electric vehicle (EV) sector face a challenging landscape, with neighbouring countries like Thailand and the Philippines leading the charge in EV adoption.
To bolster its EV industry, stakeholders stress the importance of collaboration with ASEAN neighbours, focusing on comprehensive, long-term policies, and incentives. This approach aims to boost EV sales and contribute to renewable energy (RE) goals, aligning with the government’s aim to have RE account for 17% of total energy by 2040.
Mahindra recently released a brief video showcasing a trio of fully electric SUVs undergoing high-speed testing on the oval track at its proving grounds in Chennai, India. These electric SUVs reached a top speed of 200km/h during the testing.
It’s worth noting that while these prototypes achieved a top speed of 200km/h during testing, production models of electric vehicles (EVs) typically have electronically limited top speeds to prioritise efficiency and extend range. Manufacturers often strike a balance between performance and range when setting these limits.
The electric SUV models from Mahindra, known as the XUV.e8, XUV.e9, and BE.05, were initially previewed in concept form a year ago, introducing Mahindra’s new styling language referred to as “heartcore.” In recent sightings of camouflaged prototypes, these models bear a resemblance to the original concept renderings, although there have been some adjustments for production.
Gentari’s Deputy CEO and Chief Green Mobility Officer, Shah Yang Razalli, has highlighted that Malaysia’s fuel subsidy policy goes against its efforts to encourage the use of electric vehicles (EVs). This conflict is hindering the overall push towards greater EV usage in the country.
As reported by TheEdge Malaysia, Razalli stressed that a key aspect in driving EV adoption is achieving a balance in the total cost of ownership (TCO). In simpler words, the question is: Is it more cost-effective to buy and run an EV over its entire lifetime compared to a traditional internal combustion engine (ICE) vehicle? This topic was discussed during a session at the Energy Transition Conference held on August 28.
The obstacle to achieving cost parity between EVs and ICE vehicles is the presence of financial incentives. These incentives include direct subsidies for purchasing EVs and additional benefits such as free public charging, parking, or tolls. At the same time, any discouragement of fossil fuel usage is influenced by measures like fuel taxes or carbon taxes.
