Product updates

• Volvo launches its first electric minivan: Volvo Cars has launched its first electric minivan known as Volvo EM90. The multi-purpose vehicle will be launched in China with a starting price of USD 114,000. This is the company's latest effort to expand its customer base and reach more of the global automotive market, following the launch of its electric EX30 small SUV earlier this year. (November 12, 2023; Press release )

• BMW plans to expand smart EV charging service in the US: BMW North America reported that it would expand its EV charging service, ChargeForward, to 48 states in the US. The company’s service enables BMW drivers to earn cash incentives when they use ChargeForward to charge at a time when there is less strain on the grid. (November 14, 2023; Press release )

Partnerships

• LG Energy–Ford battery JV scrapped: A battery joint venture (JV) formed in February 2023 between LG Energy, Ford, and Koc Holding has been revoked. The JV was intended to produce battery cells for commercial EVs. As such, the companies signed a non-binding agreement to develop an EV battery facility near Ankara, Turkey. According to LG, the agreement was scrapped due to the slower pace of consumer electrification adoption. (November 11, 2023; Reuters )

M&A

• ABB E-mobility acquires Vourity: AAB E-mobility has acquired Vourity, a Swedish company that has developed cloud-based technology for EV charging payments. The company’s solution can be used through a pay station or be directly integrated into the EV charging station and simplifies self-service. ABB intends to use the startup’s technology to provide seamless payment systems in its customer offering. (November 15, 2023; Press release )

Management news

• GM reorganizes EV business: General Motors (GM) has reported that it is fully integrating its BrightDrop commercial EV business into the parent company in order to improve efficiency and reduce costs. It was also reported that the unit CEO Travis Katz would be leaving the company. (November 17, 2023; Reuters )