EV Update For January 8

GM Execs Talk EVs

General Motors GM executives said in a press conference on Wednesday that the company will reveal details of its upcoming electric vehicles at the virtual CES trade show next week. General Motors already announced last year it aims to sell 1 million electric vehicles in 2025. With an investment of $27 billion, GM showed its commitment to fight to become number one in North America.

A decade ago, GM was the company to beat in the U.S. in electric vehicles, but Tesla Inc TSLA, which joined the blue-chip S&P 500 last month, has since smashed that record with its Model 3. Although this is just a sliver of the overall U.S. vehicle market, it was enough to turn the 112-year-old GM into an underdog as Tesla has emerged a the dominant player in the U.S. EV market.

At a value of $600 billion, Tesla's market capitalization is now 10 times that of GM. Unlike traditional automakers, it is a pure-play electric vehicle company. GM could face future costs if the pollution emitted by internal combustion engines starts being seen as a long-term liability, which would trigger more regulation, legislation and litigation. This is why some investors think the automaker might still spin off its EV business, despite GM's statements to the contrary.

Ideanomics Acquires WAVE

On January 5^th, Ideanomics (NASDAQ: IDEX) revealed it signed a definitive agreement to acquire WAVE, a leading provider of wireless charging systems for commercial EVs. The fully automated WAVE system eliminates battery range limitations and enables EVs to achieve driving ranges that match that of internal combustion engines. Moreover, WAVE enables electric vehicles to achieve the same driving ranges like that of internal combustion engines. Fast, safe and in-route charging is key to enable the wider adoption of EVs for them to actually have a shot at replacing ICE vehicles.

Apple And Hyundai

The news of a potential partnership between Hyundai Motor Company HYMTF and Apple Inc AAPL reported by the Korea Economic Daily and confirmed by Hyundai to Bloomberg have sent Hyundai's shares up more than 20% on the Korea Exchange on Friday. Last month, Reuters reported that Apple's car initiative, Project Titan, is on track with plans to develop an autonomous electric passenger vehicle and launch it by 2024.

There's no doubt that EVs are the future. The question remains how long it will take for the automotive reality to become all-electric. A Democrat-controlled Senate could pave the way for new EV incentives, boosting EV development in which both traditional automakers and new entrants are investing heavily. As for traditional automakers, they still have a long way to go if they want to pass Tesla in the North American electric vehicle market. 

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