Hydrogen fuel cell vehicles are set to become a major player in China’s commercial truck market, predicts JPMorgan’s Elaine Wu.
“Currently, the fuel cell vehicles account for less than 5% of the commercial truck market in China and that could grow to about one-third of total market share in 2050,” Wu, head of Asia ex-Japan ESG and utilities research at the firm, told CNBC’s “Squawk Box Asia” on Monday.
Fuel cell electric vehicles run on electricity powered by hydrogen, which can can be used to store and deliver energy derived from other sources. Hydrogen is a clean fuel and when consumed in a fuel cell, produces only water.
One reason why fuel cell vehicles are a “very good option” for the commercial truck market is due to their refueling time of only around 10 to 15 minutes, Wu said. They also have a travel range of around 800 kilometers, about 50% to 100% above lithium battery electric vehicles.
China is already pushing for the promotion of fuel cell vehicles, according to the JPMorgan analyst.
“The [Chinese] government is promoting something, what we call ‘city clusters’ so that there could be demonstrative cities telling successful stories of how fuel cell vehicles are implemented in various parts of the country,” Wu said.
“This is also a policy that we saw implemented about a decade ago, when the central government was trying to produce lithium battery electric vehicles. And we saw how successful that was.”
“For this heavy industrial sector, high heat content is required and renewable power therefore is not a good option to fuel heavy industrial sector — but hydrogen is,” she said.
The analyst said China leads the world in hydrogen production, and accounts for a third of global output.
“In the future, there could be promotion of green hydrogen production whereby renewable power is going to be used to produce hydrogen,” Wu added.
Hydrogen is currently produced from coal, and shifting to green production will only be possible if renewable power costs continue to decline, she added.
“What we’ve seen in the past 10 years is that the cost to produce solar power has dropped by 80% in China. The cost of wind power production has dropped by 40%,” she said. “If this trend continues — and we believe that it will due to technology advancement — so that means that green hydrogen will be possible in the future when these things come into play.”
— CNBC’s Anmar Frangoul and Evelyn Cheng contributed to this report.
ALSO, the electric bike spin-off from EV-maker Rivian, just dropped some welcome news: a more affordable version of the bike is coming. Officially called the TM-B, the new model will launch at $3,500, coming in a full $1,000 under the previously announced $4,500 TM-B Performance we saw last month.
While the Performance model leaned heavily into premium components and higher output, the new TM-B appears designed to bring the platform’s eye-catching design to a wider audience.
The TM-B includes much of the same design and basic feature set as the TM-B Performance, though the $1,000 lower price tag does come from the company filet-ing a few corners. The bike drops from the 10x assist of the Performance edition to just 5x assist (presumably meaning half the power, but it’s hard to say since e-bike companies generally don’t list power as a multiple of rider input). It also has a smaller battery, more basic coil spring shock instead of the nicer and lighter air shock, fewer ride modes, and doesn’t come with the same premium styling options.
The bike does retain ALSO’s interesting drive-by-wire solution though, which means that there isn’t a physical connection between the pedals and the bike. Instead, riders turn pedal cranks connected to a generator that converts pedaling energy into electrical energy to feed the rear wheel through a Gates carbon belt drive.
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Hydraulic disc brakes along with ABS-braking come standard on both models, and the cockpit includes a compact color display with app connectivity, offering basic ride metrics and configurable assist modes.
ALSO hasn’t committed to an exact delivery date, but reservations are now open.
Electrek’s Take
A $3,500 entry point is undeniably better news for fans of ALSO’s design language who weren’t ready to shell out $4,500. However, I still seem to be one of the few in the industry who are hesitant to believe there is a path to profitability here. Americans don’t buy $4,500 e-bikes, at least not in high volume, and they don’t really buy $3,500 e-bikes, either.
It’s not that the bike isn’t worth it – ALSO’s engineers should be commended for stuffing a crazy amount of tech and innovation into this bike. But it simply won’t matter when the bike doesn’t sell very many units and ALSO has to keep making payroll on its huge workforce comprised of many expensive engineers and other tech roles. It’s very close to the same playbook that we watched sink other tech-forward e-bike companies like VanMoof, which went bankrupt after it couldn’t keep up with servicing its expensive and proprietary e-bike tech while trying to float a massive workforce.
Frankly, I’m a bit confused. Most basic e-bike media seems to be going nuts over the thing, and I’m the only one pointing out that the king appears to be walking around naked.
Also, the timing here is… odd.
Good news usually gets announced on a Tuesday morning, not sent to us at 4:56 PM on a Friday, right as everyone logs off and heads into the weekend. The classic “Friday news dump” is where companies hide things they don’t want attention on – not where they brag about slicing $1,000 off the entry price of a new model. A head scratcher all around.
Either way, a lower-priced TM-B is objectively good news. The problem is, it might just be shouting into the wind.
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Founded in 1689, Husqvarna was a musket maker for the king of Sweden – but now, the company best known for quirky motorcycles and commercial riding mowers is becoming an innovator in the field of robotics, and its latest fleet of electric autonomous mowers are eager to get grazing.
Husqvarna’s autonomous lawnmowers made history earlier this year at the AIG Women’s Open, when they became the first autonomous groundskeeping solution to see duty during a UK Major golf week.
“At the AIG Women’s Open, the Husqvarna portfolio is helping us deliver this goal through improved resource management, regular lightweight mowing and reduced carbon usage,” explains Royal Porthcawl’s Course Manager, Ian Kinley, who has championed the use of robotic technology at the course. “With the AIG Women’s Open set to be the largest-ever women’s sporting event in Wales, we know there’s tremendous pressure to produce playing surfaces that are worthy of such a high-profile event.”
Events like the AIG Women’s Open are proving that the little robot Huskies can get the job done quietly, sustainably, and with significantly less operator input. As such, you’d think everyone at Husqvarna would be excited about them.
You’d be wrong. The company’s franchise dealers have been hesitant to push them forward, effectively putting the parent company in the position of going B2C, or going home.
“Dealers live and breathe the previous technology,” said Yvette Henshall-Bell, Husqvarna’s President of its Forest and Garden division for Europe, in that same Forbes piece. “They want to protect that servicing, that aftermarket revenue. Whereas if they really thought about what the customer’s problems are and the job to be done, they would be looking at a completely different solution.”
A solution, frankly, that looks a lot like a little robot mower.
The bigger CEORA can handle up to 18 acres of ground twice each week, while the Automower, with its 80V battery and pinpoint precision EPOS (Exact Positioning Operating System) software, can handle another 2.5 acres. Both are fully electric, and can guide themselves back to their pens to recharge as needed.
Prices aren’t public, but the Husqvarna CEORA and Automowers are available as part of a custom lease package through Husqvarna Finance that will include access to the company’s customizable back end and ongoing support. Check with your local dealer for more.
Electrek’s Take
As a typically pro-union, pro-labor type of guy, I am hesitant to heap praise upon a robot taking away anyone’s job. That said, it does seem to be difficult for landscapers and construction crews to keep and find good labor at rates they can afford (and, let’s face it – the current Trump Administration isn’t going to be making that any easier). As such, if companies like Husqvarna and John Deere and Einride and others can build a demonstrably better mousetrap at a compelling price point … good for them. (?)
Let us know what you think in the comments.
SOURCES: Forbes, Golf Monthly; images by Husqvarna.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Apple CarPlay possibly coming to Tesla cars, VW getting access to Superchargers, a Toyota electric pickup, and more.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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