AutoTrends Weekly

China considers to increase tariffs on vehicle imports  

• China is considering measures to raise tariffs on imports of large-displacement fuel vehicles, said the Ministry of Commerce on Oct. 8.

• The country also announced that it will impose provisional anti-dumping measures on certain brandy imports from the EU in the form of cash deposits, effective on Oct. 11.

• Regarding the ongoing anti-dumping and countervailing investigations into EU pork, pork by-products, and dairy products, a spokesperson from the Ministry of Commerce said in an online statement that China is conducting these investigations in accordance with the law. (China Daily, Oct. 8)

Samsung teams up with Hyundai, KIA for connected cars

• Samsung is partnering with Hyundai and KIA to fully integrate the SmartThings IoT platform with the latter's software-defined vehicles.

• Through the SmartThings Find service, users can locate vehicles using nearby Galaxy smartphones that allow drivers to more easily track down their cars in the event of them being lost or stolen - even without a 4G or 5G cellular network connection.

• Vehicles can be added to the connected SmartThings ecosystem, controlling air conditioners, air purifiers, or other connected devices while driving home.

• Essentially, the scope of the collaboration between Samsung and Hyundai and KIA has been broadened to include even more comprehensive SDV integration. (RFID Journal, Oct. 9)

Autonomous vehicle market to $221.32 billion in 2028 at a CAGR of 31.7% 

• The autonomous vehicle market is expected to grow to $221.32 billion in 2028 at a CAGR of 31.7% from 2024 to 2028, according to a recent report from The Business Research Company.

• The growth in the forecast period can be attributed to growing demand for safer and more efficient transportation solutions, increasing investments in autonomous vehicle research and development, and rising urbanization.

• The growing demand for energy-efficient vehicles and autonomous vehicles is expected to propel the growth of the autonomous vehicle market going forward. (The Business Research Company, Oct. 9)

Elon Musk unveils Tesla Cybercab self-driving robotaxi

• Tesla CEO Elon Musk has unveiled the company's robotaxi, Cybercab, promising it will cost less than $30,000, and announced plans to bring autonomous driving to its Model 3 and Model Y cars in California and Texas by next year.

• The Cybercab will have no steering wheel or pedals and will have inductive charging rather than a plug.

• Before then, Tesla's Model 3 and Model Y vehicles will move from supervised self-driving to unsupervised self-driving, starting with California and Texas next year, and elsewhere in the US and the rest of the world depending on regulatory approval. (The Guardian, Oct. 11)

China to continue to hold NEV campaigns in rural areas at the end of this year

• The Ministry of Industry and Information Technology (MIIT) will collaborate with relevant government authorities to introduce a new set of specific measures to boost consumption and expand domestic demand, said Wang Jiangping, Vice Minister of MIIT, on Oct. 14.

• Notably, they will continue to hold NEV campaigns in rural areas at the end of 2024 while promoting the development of charging infrastructure there. Additionally, a new batch of pilot cities will join the testing of full vehicle electrification for the public sector. (Securities Times, Oct. 14)

Electric vehicle battery prices are expected to fall almost 50% by 2026 

• Average battery prices could fall towards $80/kWh by 2026, amounting to a drop of almost 50% from 2023, a level at which battery EVs would achieve ownership cost parity with gasoline-fueled cars in the US on an unsubsidized basis, according to a recent data from Goldman Sachs.

• Technology advances that have allowed EV battery makers to increase energy density, combined with a drop in green metal prices, will push battery prices lower than previously expected, according to Goldman Sachs.

• Lithium ferro-phosphate batteries to increase their market share from 41% of the market to 45% in 2025, with nickel batteries continuing to dominate the higher energy competition, said Nikhil Bhandari, co-head of Goldman Sachs Research’s Asia-Pacific Natural Resources and Clean Energy Research. (Goldman Sachs, Oct. 7)