See the latest developments in the EV industry. InstaVolt’s expansion, Sainsbury’s great new EV charger scheme, BYD’s first cargo ship and Tesla’s surging US demand, shaping the future of electric vehicles.
InstaVolt’s Significant Investment to Expand EV Charging Network
InstaVolt has announced a substantial capital boost from its existing investor, EQT Infrastructure. to help InstaVolt’s ambitious market share expansion plans for its rapid charge point rollout in its charging infrastructure across the UK and Europe.
InstaVolt, currently operating the UK’s largest rapid charging network, received this financial injection following EQT Infrastructure’s acquisition from Zouk Capital last year.
Plans include installing over 11,000 chargers in the UK and Ireland, expanding with 5,000 across Spain and Portugal, and over 300 in Iceland. The company focuses on ultra-rapid chargers, each with over 100kW capacity, and currently has more than 2,000 chargers in operation or under construction in the UK.
Under EQT’s ownership, InstaVolt has already begun exploring new opportunities, such as incorporating Octopus and AllStar cards to simplify the EV transition for customers.
Sainsbury’s Unveils Smart Charge.
Sainsbury’s has announced the launch of its own electric car charging brand, Smart Charge, marking its entry as the first UK supermarket to own and manage a charging network of EV charging stations. This initiative places Sainsbury’s among the top five providers of charging stations with ultra-rapid chargers in the UK.
Sainsbury’s plan includes installing 750 rapid chargers at over 100 stores by the end of this year. To date, 200 chargers have been set up at 20 supermarkets. These chargers, which support contactless payment, are uniquely powered by renewable energy sourced from solar and wind farms.
Offering a flat rate of 75p per kWh, Sainsbury’s aims to provide a cost-effective charging solution. The majority of the Smart Charge units are capable of charging speeds up to 150kW, allowing most electric vehicles to charge from 10-80% in approximately 30 minutes. Additionally, select locations will feature even faster 300kW chargers.
BYD Makes Waves with its Own Ship
BYD, the Chinese electric vehicle (EV) giant, has launched its first cargo ship; the BYD Explorer No. 1 in news from Reuters.
This vessel, the first Chinese-made ship designed to help the supply chain by specifically transporting EVs overseas, is sailing to Europe. The ship, measuring 653 feet (199 metres) long, has a capacity to carry 7,000 vehicles. It embarked from Yantai Port on January 9.
The ship shows the company’s commitment to sustainability as it utilises liquified natural gas (LNG) to reduce CO2 emissions.
Tesla Experiences Surge in Demand After Price Cuts in the US
Tesla (TSLA) is currently seeing a surge in demand across the United States, following price reductions on their pure electric Model 3 and Model Y vehicles. The strategic move to lower prices led to new sales records.
Tesla announced the price cuts, which slashed up to $13,000 off vehicle prices and boosted demand. The resurgence in EVs is furthered by the reintroduction of the $7,500 federal tax credit for electric vehicles in the US. This incentive makes many Tesla models even more affordable and in some cases reduces costs by up to 30% compared to last year. Something the UK Government should look into reintroducing.
