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Kia’s compact EV5 electric SUV is making a statement in the world’s largest EV market. With sales surging nearly 50% last year, the EV5 helped Kia sell over 200,000 vehicles in China for the first time in four years. The impressive growth ranked first among joint venture brands in the country.

How is Kia keeping up with the EV sales surge in China?

China has emerged as a global force in the auto industry as electric sales continue to surge. With another 1.38 million NEVs (EVs and PHEVs) sold in December, China crossed the 1 million mark for the fifth straight month.

According to the CPCA (via CnEVPost), China sold nearly 11 million new energy vehicles in 2024, an increase of 42% from 2023. That’s almost half the 22.88 million total retail passenger vehicles sold in the country last year.

Domestic EV makers like BYD are squeezing legacy automakers out of the market with ultra-low-cost EVs, like its Seagull, which starts at under $10,000 in China.

With rivals like Volkswagen and Toyota struggling to survive, Kia is taking on the competition head-on. After launching its new compact electric SUV in China in late 2023, starting at around $20,000, the EV5 pushed Kia to its best sales year since 2020.

Kia-China-EV
Kia EV5 battery options and range (Source: Kia)

According to Korea’s Newsis, Kia is seeing a full-on recovery in China thanks to its newest EV. Kia’s Chinese joint venture, Weda Kia, announced sales in China reached 248,259 in 2024, up 49.2% from the prior year.

Exports will ramp up in 2025

This marks the first time Kia’s sales in China crossed the 200,000 mark since 2020. The company said, “Last year’s sales growth rate ranked first among joint venture brands.”

After selling 26,550 vehicles in China last June, Kia sold over 20,000 units every month through the end of 2024. An industry insider said, “Kia’s business in China seems to have entered a normal phase.”

Kia-EV-China
Kia EV5 (Source: Kia)

Kia’s joint venture turned its first profit in seven years in the third quarter of 2024. With new models rolling out, profits are expected to gradually increase.

A big part of the joint venture brand’s growth was the new EV5. In November, Kia expanded the EV5 lineup with a sporty new GT Line trim. The base EV5 starts at just 149,800 yuan, or around $21,000, with up to 329 miles (530 km) CLTC range. Powered by a larger (88.1 kWh) battery, the Long Range model is rated with up to 447 miles (720 km) range in China.

Kia plans for even more growth as exports ramp up. The company has been accelerating exports from China since last year, and so far, it seems to be working.

Weda Kia exports to 76 countries, including Australia, New Zealand, Brazil, Saudi Arabia, and Southeast Asia. The goal is to reach 80 countries with 180,000 annual exports.

Source: Newsis

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Vietnam setting bans on gasoline motorcycles next year, followed by cars

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Vietnam setting bans on gasoline motorcycles next year, followed by cars

Vietnam is taking bold steps to clean up its streets – and quiet them down. Starting next summer, the major downtown areas of Hanoi will ban all gasoline-powered motorcycles as part of a program to cut down on emissions.

The plan will go into effect on July 1, 2026, and then will expand the following year to cover more districts outside of downtown, and eventually include gasoline-powered cars as well. Other major cities like Ho Chi Minh City and Da Nang are now studying similar measures.

The plan is part of Vietnam’s national goal to phase out gas-powered two-wheelers entirely by 2045. And in a country where motorcycles are the lifeblood of daily transportation, with an estimated 72 million of them on the road, this marks a seismic shift.

The first phase of the ban will cover the Hoan Kiem and Ba Dinh districts of Hanoi within the Ring Road 1. These central areas are known for dense traffic, high pollution levels, and a thriving tourism industry. Officials hope that banning gasoline-powered motorbikes will reduce noise, smog, and carbon emissions while nudging residents toward cleaner electric alternatives.

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For now, the ban only affects motorcycles, but city officials have confirmed that it will extend to gasoline-powered cars in later phases. And while many Vietnamese cities have flirted with the idea of regulating vehicle emissions before, this marks the first concrete plan with a clear timeline. Ho Chi Minh City, the country’s largest urban area, is closely watching Hanoi’s progress and is said to be considering following suit.

Electric motorcycles and scooters are already a fast-growing market in Vietnam, led by homegrown companies like VinFast and Selex Motors. VinFast claims to have sold over 160,000 electric scooters as of early 2024, and Selex is rapidly expanding its battery-swap station network. But so far, electric two-wheelers only account for around 5% of the total market.

That number could soon change.

As gas-powered vehicles begin to disappear from urban centers, electric models may finally gain the upper hand. The government is also exploring support policies like financial incentives and improved charging infrastructure, both of which are key to getting more people to switch.

Still, there are hurdles. Many Vietnamese riders are hesitant to adopt electric bikes due to range anxiety, high upfront costs, and a lack of charging stations. But with regulatory pressure increasing and electric models becoming more affordable, the shift looks more like a matter of “when” than “if.”

Electrek’s Take

Vietnam banning gas-powered motorcycles is a big deal, and not just for local air quality. It’s also a major signal to the broader Southeast Asian market, where motorcycles vastly outnumber cars. If Vietnam can pull this off, it could become a model for electrifying personal transport in developing countries. Keep an eye on this one.

Each time I’ve visited Shanghai, for example, I’m amazed at how a pack of 30-40 motorcycles and scooters can whizz by with nothing but wind noise. China has set the example on how cities can clean up, quiet down, and improve their quality of life by mandating an end to gasoline-powered motorcycles. If other countries can replicate it in big cities, the improvement to local and global air quality would be massive, and that comes on top of all the hyper-local benefits like reductions in noise and urban grime.

That being said, one year is an incredibly fast timeline to shift literally millions of motorcycles to electric. It also doesn’t appear to address the financial burden this will put on residents who will have to replace their vehicle, even if locally produced electric scooters can be made affordable. I’ll be watching this one intently to see how officials can address these issues and if they can maintain this tight deadline. If they can pull it off, though, the face of major Vietnamese cities could change completely.

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Manitou and Hangcha commit to heavy equipment battery production JV

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Manitou and Hangcha commit to heavy equipment battery production JV

French equipment manufacturer Manitou has committed to a joint venture with Chinese forklift manufacturer Hangcha that will see the two companies develop and manufacture advanced lithium-ion batteries to support the electrification of the heavy material handler space.

Manitou is well-known in the West, so they need no introduction. Hangcha, though, is arguably just as capable of a company, having opened its first forklift plant in 1956, manufacturing others’ designs under license. They developed their own, in-house material handler in 1974, and have racked up hits ever since. Hangcha is currently the world’s eighth-largest manufacturer of industrial vehicles globally (sounds wrong, but here’s the source).

The plan for the JV is to upgrade the two companies’ deployed fleets of existing lead-acid battery-powered vehicle with longer lasting lithium-ion (li-ion) batteries to expand their operational lifespan. From there, the focus could switch to diesel retrofits and, eventually, the joint development of entirely new products.

“Deepening strategic cooperation with Manitou Group and jointly establishing a lithium battery joint marks a new phase in the partnership between the two sides, which is a milestone in Hangcha global industrial layout,” explains Zhao Limin, Chairman and General Manager of Hangcha Group. “Leveraging Hangcha’s core technological and manufacturing strengths in lithium battery solutions, we will collaboratively enhance solution capability of new energy industrial vehicle power systems. This partnership perfectly aligns with our shared objectives to accelerate electrification transformation and drive sustainable development, while providing robust support to the broader industrial vehicle market.”

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Manitou MHT 12330


MHT 12330 with 72,750 lb. lift capacity; via Manitou.

Once production begins, the joint venture factory will play a key role in supporting Manitou Group’s “LIFT” strategic roadmap. LIFT aims to expand Manitou’s electric vehicle lineup of telehandlers and forklifts, and have EVs account for 28% of total unit forklift sales by 2030. Hangcha Group, meanwhile, has publicly stated its intention to become 100% electric by the end of 2025.

This joint venture plans to recruit employees including engineers, operators, sales representatives and after-sales service technicians. Le Mans Metropole will support the recruitment and local integration and training of future employees.

SOURCE | IMAGES: Manitou; images by Manitou, via Belkorp AG.


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With another tariff deadline looming, these 10 things are going the right way for stocks

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With another tariff deadline looming, these 10 things are going the right way for stocks

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