Mining & Steel Company ArcelorMittal Plans $9 Billion Renewable Energy Investment In India
One of the world’s largest mining and steel manufacturing companies — ArcelorMittal — has announced grand plans to develop renewable energy assets in India.
According to media reports, ArcelorMittal has expressed interest in developing renewable energy projects in the Indian states of Rajasthan and Gujarat.
The company is believed to have proposed a 4.5-gigawatt solar park in Rajasthan with an estimated investment value of $2.6 billion. The news reports, however, did not mention the timeline for development of this project. In the recent past, Rajasthan has attracted investment in solar power park development from many private companies in India. These include Adani and IL&FS. These ventures have been highly successful with associated project auctions yielding some of the lowest tariff bids in India.
Rajasthan is a preferred choice for developers to set up projects due to the high solar irradiation available and availability of large non-agricultural areas. With large solar and wind power capacity already operational in the state, transmission infrastructure is also ready for use. The Indian government is also working to further strengthen the transmission network for future renewable energy projects under the Green Energy Corridor programme — a network of transmission projects dedicated for evacuation of renewable power across India.
An incentive offered by the Indian government to renewable energy projects makes Rajasthan an attractive destination for project development. Renewable energy projects selling power to distribution utilities are free to set up projects anywhere in the country without paying any transmission charges. The government recently extended this incentive to all solar and wind power projects commissioned by June 2025.
ArcelorMittal has also announced plans to invest in development of solar and wind energy and green hydrogen projects In the neighbouring state of Gujarat. News reports do not provide any capacity-related details, but the company may invest Rs 500 billion ($6.8 billion) in the state.
Gujarat has been a popular investment destination for the renewable energy sector. A number of solar modules manufacturers have set up shop in the state, including India’s largest cell and module manufacturer — Mundra Solar. More recently, Reliance Industries announced plans to invest $10 billion in the state to set up four gigawatt-scale manufacturing facilities for production of solar modules, batteries, electrolyzers, and fuel cells.
The Indian government, too, is planning to set up large-scale solar power parks in these two states. The Ministry of New and Renewable Energy is studying possibilities to set up 55 gigawatts of solar and wind power parks along the international border with Pakistan. Recently, the ministry approved a proposal by NTPC Limited, India’s largest power generation company, to set up a 4.7 gigawatt solar power park in Gujarat.
Rajasthan and Gujarat are among the only five states in India to have more than 10 gigawatts of operational renewable energy capacity — Karnataka, Tamil Nadu, and Maharashtra being the others. As of last month, Gujarat had 14.7 gigawatts of renewable energy capacity, while Rajasthan had 12.2 gigawatts. Gujarat had 5.7 gigawatts of solar power capacity, while Rajasthan had 7.7 gigawatts. These two states together account for 29% of India’s solar power capacity.
Rajasthan has set a target to have 30 gigawatts of solar power and 7.5 gigawatts of wind and hybrid power generation capacity by March 2025. Gujarat aims to have 30 gigawatts of renewable energy capacity operational by 2022.
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After its best EV sales quarter ever in the fourth quarter, Ford is extending its “Power Promise” program, which includes a free home charger. Ford looks to keep the momentum going this year after the F-150 Lightning and Mustang Mach-E set new sales records in 2024.
Ford set a new EV sales record in Q4 and 2024
Ford’s total US sales rose 8.8% in the fourth quarter, with 530,660 vehicles sold. The growth helped push Ford’s full-year 2024 sales to over 2.07 million, up 4.2% from 2023, double the estimated industry average (2%).
The growth was primarily thanks to higher electrified vehicle sales, including EVs, HEVs, and PHEVs. Ford sold nearly 285,600 electrified vehicles in 2024 (+38% YOY), which the company claims is more than cross-town rivals GM and Stellantis.
Ford’s fully electric vehicles, the Mustang Mach-E, F-150 Lightning, and E-Transit, all set new sales records last year. The company sold a record 30,176 EVs in the fourth quarter (+16% YOY) for a total of 97,865 (+34.8% YOY) in 2024.
With 16,119 units sold in Q4 2024, Ford’s Mach-E had its best sales quarter so far. The Mach-E was the second-best-selling electric SUV in the US in 2024, behind Tesla’s Model Y, with 51,745 units sold (+27% YOY).
Although F-150 Lightning sales slipped 10% in Q4 with just 10,703 models sold, Ford sold over 33,500 electric pickups in 2024, up 38% from the prior year.
Meanwhile, Ford’s EV E-Transit van continued seeing higher demand, with sales surging 64% in 2024. Ford sold over 12,600 E-Transit vans last year.
After seeing EV sales pick up in Q4 2024, Ford is extending its “Power Promise” promotion. Launched in October, the program provides all new EV buyers with a free Level 2 home charger, and Ford covers the cost of standard installation.
| Q4 2024 Sales | YOY change (vs Q4 2023) |
Full-Year 2024 sales | YOY change (vs 2023) |
|
| F-150 Lightning | 10,703 | -10.1% | 33,510 | +38.7% |
| Mustang Mach-E | 16,119 | +35.6% | 51,745 | +26.9% |
| E-Transit | 3,354 | +56.5% | 12,610 | +64.4% |
| Total EV sales | 30,176 | +16.3% | 97,865 | +34.8% |
Ford wants buyers to realize the true benefits of driving an EV, like waking up with a full charge every morning. Other benefits of the program include an 8-year, 100,000-battery warranty, 24/7 live support, and roadside assistance.
Electrek’s Take
Like most, Ford is offering significant incentives on electric models. The discounts and promotions fueled a record sales quarter in Q4, but with a new wave of EVs hitting the market in 2025, will Ford be able to continue the momentum?
Ford delayed its three-row electric SUV, opening the door for rivals like Kia, Hyundai, Volvo, Rivian, and others to take advantage.
Hyundai and Kia set new US sales records in 2024 and expect even more demand this year with new EVs and US production ramping. Hyundai opened its massive new EV plant in Georgia late last year and is building new models like the upgraded 2025 IONIQ 5 and three-row IONIQ 9. New EVs built at the facility now qualify for the $7,500 federal tax credit for the first time.
Kia credited the successful launch of its three-row EV9 SUV as a big reason behind its success. After delivering the first models in late 2023, Kia sold over 22,000 EV9s last year. Kia is building the EV9 at its West Point, GA plant, enabling it to also qualify for the $7,500 credit.
With other EVs gaining momentum, like the Chevy Equinox EV and Honda Prologue, can Ford keep pace in 2025? Let us know your thoughts below.
Ready to take advantage of the savings? We’ve got you covered. You can use our links below to find deals on new Ford F-150 Lightning and Mustang Mach-E models in your area.
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While Tesla’s vehicle delivery results were disappointing, there was still good news in the report: Tesla’s energy storage business continues to boom.
Originally, at the beginning of a new quarter, Tesla would only release production and deliver results for its automotive business, but things changed in 2024.
In Q1 2024, Tesla’s vehicle deliveries were significantly down for the first time in a long time so Tesla decided to also release its energy storage deployment, which looked a lot better.
The company continued to do so throughout the year, and with the release of its Q4 results yesterday, Tesla confirmed that it deployed 11 GWh of energy storage:
In the fourth quarter, we produced approximately 459,000 vehicles, delivered over 495,000 vehicles and deployed 11.0 GWh of energy storage products – a record for both deliveries and deployments.
That’s a new record up 1.6 GWh from Tesla’s last quarter in Q2 2024 when the company deployed 9.4 GWh of energy storage.
A difference of 1.6 GWh is what Tesla used to deploy in an entire quarter back in 2022.
The significant ramp-up in deployment is due to Tesla now having fully ramped up its Megafactory in Lathrop, California, where the company produces the Megapack, its energy storage battery pack for large utility-scale project.
Tesla has also ramped up production of its Powerwall, but we have reported some inconsistencies in Tesla’s claimed Powerwall production capacity.
After the success of Megafactory in California, Tesla now aims to replicate it with a new Megafactory in Shanghai, which is expected to start production this year.
While volumes are increasing, Tesla is having the reduce prices for the demand to keep up as competition for energy storage is also ramping up.
Earlier this year, CATL, which supplies Tesla with battery cells for many of its products, released its own Megapack competitor, which is expected to put pressure on Tesla.
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Environment
Hyundai and Kia had a record year in the US, but this is just the start with new EVs en route
South Korea’s auto giants, Hyundai and Kia, are making their presence known in the US after another record sales year in the US in 2024. With new EVs launching in key segments, Hyundai and Kia expect even more growth this year. Here’s what to expect in 2025.
Hyundai and Kia set new US sales record in 2024
Hyundai and Kia are taking the US auto market by storm after another record sales year in 2024. However, this may be just the start.
With new electric vehicles arriving and new US plants coming online, Korea’s auto giants are poised to see even more demand in 2025.
For Kia, this was the seventh consecutive year with higher consumer sales. It was also the second straight year the company broke its annual sales record.
In 2024, the company’s total volume reached nearly 797,000 in the US. Sean Yoon, CEO of Kia North America, said the accomplishment validates “that our strategy is working to further elevate the Kia brand.” A big reason behind the growth is Kia’s growing EV lineup.
“Kia has solidified its leadership position within the EV market,” Yoon explained, largely thanks to “the successful launch of our flagship EV9.”
New EVs are in high demand
The EV9 is Kia’s first three-row electric SUV. After deliveries began in late 2023, Kia sold over 22,000 EV9 models in the US last year. That’s even more than its first dedicated EV, the EV6, with 21,715 units sold last year.
Hyundai, Kia’s sister company, also set a new US sales record with over 836,800 vehicles sold in 2024, up 4% year over year. The company credited growing demand for its EVs as a major growth driver.
The IONIQ 5 remained one of the best-selling EVs in the US, with 44,400 models sold in 2024, an increase of 31% from 2023.
Randy Parker, CEO of Hyundai Motor North America, said he’s “confident this momentum will continue.” Parker said the confidence comes from “exciting new models like the IONIQ 9 and increased US production ramping up” at its new EV plant in Georgia.
Hyundai began building EVs at the facility in October, starting with the upgraded 2025 IONIQ 5. Hyundai’s improved electric SUV features more range, better style, and a NACS port to charge up at Tesla Superchargers.
With US production ramping up, five Hyundai, Kia, and Genesis EVs now qualify for the $7,500 federal tax credit for the first time, which should help fuel even more demand in 2025.
| 2025 Hyundai IONIQ 5 Trim | EV Powertrain | Driving Range (miles) | Starting Price* |
| IONIQ 5 SE RWD Standard Range | 168-horsepower rear motor | 245 | $42,500 |
| IONIQ 5 SE RWD | 225-horsepower rear motor | 318 | $46,550 |
| IONIQ 5 SEL RWD | 225-horsepower rear motor | 318 | $49,500 |
| IONIQ 5 Limited RWD | 225-horsepower rear motor | 318 | $54,200 |
| IONIQ 5 SE Dual Motor AWD | 320-horsepower dual motor | 290 | $50,050 |
| IONIQ 5 SEL Dual Motor AWD | 320-horsepower dual motor | 290 | $53,000 |
| IONIQ 5 XRT Dual Motor AWD | 320 horsepower dual motor | 259 | $55,400 |
| IONIQ 5 Limited Dual Motor AWD | 320-horsepower dual motor | 269 | $58,100 |
The 2025 Hyundai IONIQ 5 starts at $42,500 with up to 245 miles range. Starting at $46,550, the long-range model gets up to 318 miles range, up from 303 miles in the outgoing IONIQ 5. Hyundai is building the IONIQ 9 alongside the new IONIQ 5 in GA. Prices will be revealed closer to launch. Check back soon for more info.
Are you ready to see why Hyundai and Kia EV models are taking the US by storm? We can help you get started. You can use the links below to find deals on Hyundai, Kia, and Genesis EV models at a dealer near you today.
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