Electrification & Mobility

Toyota Motor North America sold 633,223 vehicles in the third quarter, up 0.6% from a year earlier on both a volume and daily selling rate basis. Electrified vehicle sales climbed 28.5% year over year to 363,367 units, accounting for 57.4% of total quarterly sales. In September, the unit sold 201,306 vehicles, an 8.4% volume increase and 4% gain on a DSR basis, with electrified sales of 117,215 units up 37.8% by volume and 32.2% by DSR, or 58.2% of the month's total. The Toyota division posted September sales of 171,469 vehicles, up 7.9% by volume and 3.6% by DSR, and third-quarter sales of 540,167 vehicles, up 0.5% on both measures. The Lexus division sold 29,837 vehicles in September, up 11.4% by volume and 6.9% by DSR, and 93,056 vehicles in the quarter, up 1.6% on both measures. Toyota and Lexus together offer 32 electrified models at U.S. dealerships.

Switzerland's electric vehicle market is forecast to grow 6.9% annually to reach US$458.7 million in 2026 and approximately US$592.1 million by 2030, a 6.6% CAGR from 2026 to 2030, according to a new Databook Q2 2026 Update report added to ResearchAndMarkets.com. The market is projected to rise from US$429.0 million in 2025, following a 6.5% CAGR during 2021-2025. Federal Roads Office data cited by Swisscharge indicates fully electric passenger cars continued to gain market share in 2025, while plug-in vehicles overtook petrol cars during Q3 2025, with Volkswagen, Skoda, BMW, Tesla, Hyundai, Kia, Renault, Mercedes-Benz and Volvo expanding their electric portfolios. Charging infrastructure is becoming a competitive priority, illustrated by the Porsche Charging Lounge in Signy-Avenex near the A1 between Lausanne and Geneva, developed with GOFAST, while ASTRA launched a 2026 tender for fast-charging infrastructure serving electric heavy goods vehicles along national roads. Competition is shifting toward total cost of ownership, with Volkswagen Group's planned lower-priced EVs and BMW's Neue Klasse rollout expected to intensify competition over the next 2-4 years, and growing used EV supply reducing upfront cost barriers.

Honda and Taisei announced on the 5th that they have developed the foundational technology for a magnetic-field-coupling wireless power supply road system that delivers power contactlessly to electric vehicles while they are driving. Three companies took part in the development: Honda R&D, Honda's research and development subsidiary, and Taisei together with its subsidiary Taisei Rotec, which handles road and paving work. The system supplies power from transmission equipment buried in the road to receiving devices on the vehicle side, and is designed to handle up to the typical maximum speed of expressways. With an eye toward large commercial vehicles, the companies aim first for practical application in the logistics and transport sectors, where adoption benefits are expected, and plan to conduct demonstration tests on expressways from fiscal 2027 onward. Honda began work on the technology in 2021, and the three-company joint research started in 2025. East Nippon Expressway plans to begin demonstrations of in-motion power supply over roughly 300 meters on the main line near the Kimitsu parking area of the Tateyama Expressway from fiscal 2027 onward, with teams from Honda R&D and Taisei as well as teams from Toyota, Denso, and Obayashi taking part.

Niu Technologies delivered 537,457 units in the third quarter of 2026, a 15.4% increase from 465,873 units in the prior-year period. The quarter lifted year-to-date sales volume to 1.23M units, up from 1.02M units in the first nine months of 2025 across its lineup of e-motorcycles, e-mopeds, e-bicycles, e-bikes, and kick-scooters. Domestic sales in China expanded 9% year-over-year to 490.41K units in the third quarter compared to 451.46K units in 3Q 2025, bringing year-to-date domestic volume to 1.14M units, with the N, M, and F series remaining top sellers across the region. International markets were the standout growth driver, with unit sales surging over 226% year-over-year to 47.05K units from 14.42K units in 3Q 2025, bringing year-to-date international volume to 93.22K units. The company also said its NIU AIOS platform received the Red Dot Award for its AI features and user experience, and it plans to continue embedding these connected technologies across future product lines.

Renault Group will invest more than €10 billion, or $11 billion, in France over the next five years, CEO François Provost said on Saturday, with the automaker focusing on electric vehicles and more affordable cars. Speaking in an interview on France Inter radio, Provost said Renault had invested €13 billion in France over the last five years to transform its industrial footprint around electric vehicles, and that the coming five years would bring more than €10 billion of re-investment if the social and political context allows it. He said Renault's French plants now produce more vehicles than before, with 500,000 cars built in France in 2025, and that output will rise at least 25% in 2026 thanks to the rise of electric vehicles. Electric cars reached a record 42% of new car registrations in France in September, with demand boosted by the spike in fuel prices since the start of the Iran war.

The UK new car market recorded its best September since 2017, with registrations up 12% year-on-year to 350,518 units, according to figures released on the 2nd by the Society of Motor Manufacturers and Traders. Supported by strong demand for electric vehicles, battery electric vehicle registrations in September rose 36% year-on-year to 99,199 units, taking a market share of 28.3%. In contrast, petrol car registrations fell 6.7% and hybrid vehicle registrations fell 4.2%. Diesel car registrations rose 11.5% in September, but were down 7% over the January-September period compared with a year earlier, with their market share shrinking to about 4.5% this year. By brand, the Jaecoo 7 SUV from China's Chery was the best-selling model, while among battery electric vehicles the Sealion 7 SUV from China's BYD ranked third, behind US EV giant Tesla's Model 3 sedan and Model Y SUV. On a year-to-date basis, battery electric vehicles account for only 26.2% of total sales, well below the 33% mandated for 2026 and also short of last year's 28% target.

Argentina's first Chinese auto show opened on the 2nd in the capital, Buenos Aires. Under President Milei, the country's auto market is shifting from strong protectionism toward a more open and competitive environment. Helped by a measure allowing up to 50,000 electric and hybrid vehicles to be imported duty-free in 2026, Chinese brands have been entering the market one after another, and in August the Chinese brands' share of passenger car and light commercial vehicle sales reached 10%, up from about 2% in late 2025. Chinese electric vehicle giant BYD has become the ninth-largest auto brand by sales since entering Argentina in late 2025. More than 20 Chinese brands exhibited at the auto show, including Geely, Chery, Great Wall Motor and Dongfeng Motor, and Sebastian Beato, president of the Argentine auto dealers association, said the remarkable growth of Chinese brands is prompting the domestic auto industry to produce new models.

Global Securities, or GBS, says King Gen Public Company Limited, or KGEN, is entering a turnaround phase, raising its stake in Omoda & Jaecoo Manufacturing (Thailand) Company Limited, which operates the electric vehicle plants for the OMODA JAECOO and CHERY brands, from the current 43.7% to 51% in early July, and then to 60% in late July to early August. This will shift revenue recognition from the share of profit of an associate to full consolidation of both revenue and profit. Management expects that after the stake increase, revenue will grow significantly year on year to 25 billion baht, with a net profit margin of 2.5-3.0%, or roughly 600-700 million baht. Previously, KGEN reported second-quarter 2026 profit of 37 million baht, up 171% quarter on quarter and 152% year on year, after losses in the first quarter of 2026 and the second quarter of 2025. The main driver was the share of profit from its investment in that associate, whose production line began operating on 20 April 2026, while revenue from sales and services grew to 227 million baht, up 8% quarter on quarter and 36% year on year. Bookings for JAECOO and OMODA electric vehicles at the Big Motor Sale 2026, held from 21-30 August 2026, totaled 5,028 units, with deliveries scheduled for September to October 2026, an additional factor supporting revenue and profit growth. The current share price still cannot be assigned a P/E ratio because the company has posted continuous losses from 2022 through the first six months of 2026, though earnings are expected to turn around from 2026 onward. The stock trades at a P/BV ratio of 2.58 times, above its one-year, two-year and three-year averages of 2.56, 2.30 and 2.10 times respectively.

Amprius Technologies announced in late September 2026 that it entered into a US$75 million fixed-price Other Transaction Agreement with the U.S. Government for Project acCELLerate, alongside a separate U.S. Department of War IBAS grant, to build secure domestic high-energy density battery production for small unmanned aerial systems. The awards position Amprius to retrofit an existing South Korea-linked EV battery line into a U.S.-compliant facility capable of producing 12 million silicon-anode cells annually for NDAA-compliant defense customers. The company had already lifted its August 2026 guidance to at least US$140 million in full-year revenue with a narrower net loss. Amprius' narrative projects US$415.0 million in revenue and US$53.6 million in earnings by 2029, yielding a US$22.12 fair value, while the most cautious analysts assume about US$362 million of revenue and roughly US$40 million of earnings by 2029. The growing dependence on government-backed drone programs also concentrates risk should procurement cycles shift.

Rivian sold more electric vehicles than ever in the third quarter, delivering 19,248 vehicles and building 19,751, roughly 45% more than it delivered in the same period last year, with the launch of its new, more affordable R2 SUV driving much of the gain. The quarter was the first full sales period for the R2 after it launched in June, though Rivian did not break out how many of the deliveries were R2 SUVs. Rivian is betting it will sell between 20,000 and 25,000 R2 vehicles by the end of the year, which would make it one of the fastest-selling EVs in U.S. history, second only to Tesla's Model Y, and it plans cheaper models costing as low as around $45,000. If it hits those numbers, the company believes it can sell between 65,000 and 70,000 vehicles this year, including its R1 lineup and its commercial electric van, which would be its best sales year ever after being stuck at around the 50,000-vehicles-sold mark. Rivian builds the R2 at its factory in Normal, Illinois, and is also building a new factory outside Atlanta, Georgia, where it expects to build as many as 300,000 vehicles per year in the near future, with the option to expand that capacity; the company will release its full third-quarter financial results on October 29.

Daimler Truck laid out what it says Europe needs to move battery-electric and hydrogen trucks from early adopters into mainstream fleets, including public megawatt chargers, truck-ready hydrogen stations and road tolls that reward zero-emission vehicles, with CEO Karin Rådström making the case at the company's Media Night in Hanover, Germany, ahead of IAA Transportation 2026. Mercedes-Benz Trucks held about 38% of Europe's market for locally CO2-free medium- and heavy-duty trucks in the first half of 2026, and customers have driven the eActros 600 more than 160 million kilometers since series production began at the end of 2024. Heavy-duty battery-electric trucks took 2% of Europe's market in 2025, and Daimler Truck estimates about 35% of new trucks would need to run on batteries or hydrogen by 2030 to meet EU CO2 targets. Europe has fewer than 2,000 public truck charge points today, most of them standard CCS chargers, and Rådström said it needs 35,000 megawatt charging points by 2030, along with 1,000 hydrogen stations, up from around 187 today, most of which supply only 350 bar. On cost, she pointed to CO2-based road tolls, saying the toll difference between a diesel truck and an electric truck in Germany comes out to about 33 to 35 cents per kilometer, but only 13 of the EU's 27 member states have adopted CO2-based tolls. Dachser chief development officer Stefan Hohm said the German logistics provider has 25 emission-free delivery areas in Europe and more than 200 battery-electric trucks on the road, including more than 160 Mercedes-Benz Actros models, out of a fleet of more than 15,000, and called grid access and capacity the main pain point. The eActros Lowliner opened for orders Sept. 15, with series production at the Mercedes-Benz plant in Wörth, Germany, set for the second quarter of 2027, and a small series of 100 Mercedes-Benz NextGenH2 fuel-cell trucks enters customer operations from the end of 2026 with Dachser as the first customer. Daimler Truck is asking the EU for an early review of its heavy-duty CO2 regulation, whose 2030 target calls for a 43% cut in CO2 emissions from new heavy-duty vehicles compared with 2019, and puts the cost of falling short at about €120 million in penalties for each percentage point Mercedes-Benz Trucks misses.

The global electric vehicle charging station market is expected to grow from US$ 63.92 billion in 2025 to US$ 33.28 trillion by 2050, according to a Research and Markets report published on GlobeNewswire. The expansion is driven by rapid EV adoption and infrastructure investment, with public authorities, automakers and private investors prioritizing accessible charging networks. Consolidation is underway as energy companies acquire Charge Point Operators to extend geographic reach and infrastructure control, while AI-driven network management and ultra-fast public charging investment aim to improve efficiency. Asia-Pacific, and particularly China, leads with policy support and extensive network development. Separately, Tesla secured credit facilities totaling $30 billion for general corporate purposes on September 29, 2026, and closed at $354.11, down 0.2%.

Infineon Technologies Manufacturing (Thailand) opened a new plant in Samut Prakan province on October 1, 2026, with Prime Minister Anutin Charnvirakul presiding over the ceremony, joined by Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas. The plant received investment promotion from the BOI with an investment value of over 48 billion baht, covering the production of power control chip systems, integrated circuit and wafer testing, as well as research and development of semiconductor products. The plant is Infineon's third power control chip system production base, following Germany and China, starting with phase 1 and with plans to expand up to 5 phases. If all 5 phases are completed, it will be Infineon's largest assembly and testing production base in the world, with a total cleanroom area of 150,000 square meters, roughly twice the size of the company's current largest plant. Infineon plans to employ more than 5,000 Thai personnel in total, or approximately 1,000 people per phase, while the BOI has set conditions requiring the development of more than 600 Thai personnel in science and technology and the sending of more than 130 Thai personnel for specialized technology training abroad.

BMI Country Risk and Industry Research, part of Fitch Group, forecast that Singapore's electric vehicle sales in 2026 will rise 34.3% to 34,940 units, accounting for 54.6% of total car sales in the country, driven by government tax incentives, a wave of affordable EV models made in mainland China, and the expansion of EV charging infrastructure. Xinhua reported that as of June 2026, new car registrations that were EVs reached 70%, and BMI expects this trend to continue through 2035, by which time EVs are expected to make up 44% of all cars on Singapore's roads. BMI said subsidies and incentive measures, including grants for shared EV chargers that support the installation of chargers at private residential condominiums, will continue to support demand, and it forecast that EV sales will account for as much as 85% of total car sales by 2035. In the first quarter of 2026, new car registrations that were EVs accounted for 57.6%, or 7,679 units, marking the first time EV sales overtook sales of internal combustion engine and hybrid vehicles.

Goldman Sachs has identified Contemporary Amperex Technology Co and Jiangsu Zenergy Battery Technologies Group as its top picks in China's battery sector. CATL, the world's largest battery manufacturer, ranks first on leading scale, battery technology and cost competitiveness, with Goldman Sachs setting a 12-month price target of HK$947 for its H-shares and RMB565 for its A-shares under a sum-of-the-parts valuation. The bank points to CATL's shift from cells to integrated energy solutions as a key value driver, supporting share consolidation, higher project value capture, recurring service revenue and stronger margins. Zenergy takes second place as an underappreciated high-growth EV battery platform founded in 2019, benefiting from auto-component expertise inherited from Fuyao Glass and described by Goldman Sachs as the fastest EBITDA growth in its coverage universe. The bank maintains a Buy rating on Zenergy with a price target of HK$9, noting it trades at a significant discount to peers. Risks cited for both names include slower-than-expected EV and energy storage demand, rising raw material costs and intensifying competition.

China's electric vehicle giant BYD sold 463,561 vehicles worldwide in September, up 17% from a year earlier and marking a fifth consecutive month of growth, supported by strong exports. Overseas shipments of passenger cars and pickup trucks surged 153.9% to 179,877 units, growing in prominence as a pillar offsetting sluggish domestic demand. The growth rate slowed from 17.8% in August. Sales for January through September totaled 3,131,576 units, of which overseas shipments of passenger cars and pickup trucks accounted for 1,337,831 units. Competition is intensifying in China's domestic market, with rival Geely unveiling a faster charging system, and according to securities firms, BYD expects its overseas shipments to exceed 2.5 million units in 2027.

Tesla, the US electric vehicle maker, showed a notable recovery trend in its European new vehicle registrations in September. Portugal's registrations were 2.283 times the level of the same month a year earlier, France rose 61.9 percent year on year, Sweden gained 38.4 percent, and Spain climbed 24.8 percent, while Norway edged up 2.2 percent and Denmark 2.9 percent, according to figures released by automotive industry associations in each country. According to the European Automobile Manufacturers' Association, Tesla's registrations in the European Union, the United Kingdom, and the European Free Trade Association rose 43.3 percent in the January-August period from a year earlier, outpacing the 38.8 percent growth for EVs overall. Rico Luman, a senior economist at ING Research, noted that because the automotive markets in Norway and Denmark are saturated, EV sales growth is beginning to slow. Meanwhile, Matthias Schmidt, a European automotive market analyst at Schmidt Automotive, said Tesla is likely to see its growth pace slow by 2027 to a level close to that of the overall market as competition with peers intensifies.

Toyota opened the Toyota Battery Center of North America in Saline, Michigan, a 30,000-square-foot facility that gives its Michigan-based battery teams expanded capabilities across the full battery-development cycle, from sourcing raw materials to customer applications to recycling. The center serves as a central hub for development and evaluation in partnership with Toyota's North American manufacturing network, supporting evaluation of batteries for Toyota Battery Manufacturing, North Carolina, as well as Toyota's vehicle manufacturing plants across North America. Keita Moritsu, Senior Vice President and Chief Technology Officer of Toyota Motor North America R&D, said the center is where Toyota's battery leadership expands to North America. On site, engineers and technicians assess battery performance and develop technologies for hybrid, plug-in hybrid, hydrogen, and fully electric vehicles, supporting Toyota's multi-pathway strategy. Toyota will open the facility and research access with the University of Michigan Electric Vehicle Center, and the company noted the opening marks the latest milestone in its more than 50-year history with Michigan. Michigan Governor Gretchen Whitmer called the investment a big win for the state's leadership in advanced automotive manufacturing.

Vishay Intertechnology introduced four new power modules featuring 650 V superjunction MOSFETs in the industry-standard SOT-227 package. The Vishay Semiconductors VS-FC50SA65, VS-FC100SA65, VS-FC150SA65, and VS-FC50LA65 are designed to deliver an optimized balance between conduction and switching losses for high efficiency power conversion in industrial applications. Three of the devices are in a single-switch configuration with nominal current ratings of 50 A, 100 A, and 150 A, while the fourth is a 50 A device in a low side chopper configuration that integrates a 650 V SiC diode. All four leverage the latest 650 V superjunction MOSFET technology to achieve a competitive tradeoff between on-resistance and gate charge, and they operate over a temperature range of -55 °C to +150 °C. The SOT-227 package provides a drop-in replacement for competing solutions, lowering costs by eliminating the need for PCB redesigns, and sample and production quantities are available now with lead times of 12 weeks.

Mercedes-Benz Group AG has entered into a definitive production agreement with British autonomous driving startup Wayve to integrate its AI Driver technology into future Mercedes vehicles, with integration expected to begin within the next two years. The deal marks the first production deployment of Wayve's end-to-end driving AI in a premium vehicle and builds on the existing partnership between the companies, including Mercedes-Benz's investment in Wayve's $1.5 billion Series D funding round earlier this year. Under the agreement, Wayve has integrated its AI Driver with Mercedes' production system architecture, including the automaker's hardware, MB.OS operating system and mapping interfaces. Mercedes-Benz is expanding its MB.OS software platform across the vehicle lineup, including both BEVs and ICE vehicles, and expects to expand its AI-based point-to-point assisted-driving technology into Europe as regulations allow. The company also lowered its 2026 sales outlook and now expects full-year sales to be slightly below 2025 levels, largely because of weaker-than-expected conditions in China, where the auto market declined roughly 20% in the second quarter.