VinFast to invest $500 Million in India, Uber testing Flex , BYD posts record sales, France discouraging purchase of Chinese EVs and Swap Energi secures $22 Million Funding

Mobility January 2024 , Newsletter Issue # 2

[1] VinFast, the Vietnamese automotive manufacturer intends to invest USD 500 Million in southern Indian state of Tamil Nadu. TN project is expected to evolve into a production hub with an annual capacity of up to 150,000 vehicles . VinFast also intends to setup an extensive dealership network in India .

[2] Uber is silently testing its flexible pricing services model Flex in its bid to expand to Tier 2 and Tier 3 cities in India. Uber Flex allows the customers to haggle between different pricing options . Uber’s competitor InDrive allows customers to input prices manually and charges lower commissions.

[3] BYD, the Chinese EV automaker has posted record sales in 2023. BYD posted sold more than 3.02 million EVs in 2023, a 62% growth from a year ago . The Chinese carmaker is in the pole position to retain its title of the biggest-selling EV brand in the country. Exports for the year 2023 surged 334% to 242,765 units compared with the previous year. BYD now has its footprint in more than 70 countries.

[4] European carmakers are facing stiff challenges from its Chinese competitors. European made EV cars sell for average retail price of more than 65,000 euros , compared with just over 31,000 euros in China.The French government offers buyers a cash incentive of between 5,000 and 7,000 euros to get more electric cars on the road. However now the cash incentive for will not be available for buying Chinese cars .

[5] Indonesia’s EV Startup Swap Energi has secured $22 Million funding in Series A. Established in 2019, Swap Energi tackles the pain points of switching to electric motorbikes, especially for busy riders, by offering a battery swap service. According to regulatory data released, three key investors in this funding round included; Qiming Venture Partners, Ondine Capital and GGV Capital.