Honda-Sony Joint Venture (SHM) introduces its first model
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Honda-Sony Joint Venture (SHM) introduces its first model
- Sony Honda Mobility (a 50/50 joint venture between Sony and Honda) presented a new car, the Afeela 1, at CES 2025 in Las Vegas, which will be marketed under the SHM (Sony Honda Mobility) brand in Japan and the United States from summer 2026.
- Developed in partnership with Honda, the car, which is fully electric, comes in the form of a large E-segment sedan (4.90 m long, 1.90 m wide, 1.46 m high, 3.00 m wheelbase). The Afeela 1 will be produced in a Honda plant in the United States (Sony does not have an automobile assembly plant) located in Marysville, Ohio. This plant is currently the assembly site dedicated to the Honda Accord, where 185,000 units have left the assembly lines.
- Details of the Afeela 1’s engine have not yet been revealed, but the company has specified that its range is 480 km according to the WLTP cycle and that the car weighs 2,345 kilos. The announced price for the United States of the Afeela 1 is $89,900 (71,794 euros) for the base Origin version and $102,900 (82,182 euros) for the luxury Signature version. This pricing puts it in competition with the most high-end battery-electric models, such as the Tesla Model S (between $73,490 and $88,490) and Lucid Air (from $69,900 to $249,000).
- It is difficult to see from the initial information presented what could be the added value or the real differentiator factor of this model compared to the Tesla Model S or Lucid Air. In addition, the price positioning of the Afeela 1 does not give it an advantage. Finally, the American and Japanese markets are not the most important (currently or in development) for battery electric models. This is why we do not see significant volumes for this model in the short to medium term, in the order of 5,000 units per year. But perhaps the objective of Sony and Honda is not initially to make volume but to test on a large scale future technologies that will subsequently be deployed on other Honda and Sony models.
Light vehicle production in Europe to increase only slightly in 2025
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Light vehicle production in Europe to increase only slightly in 2025
- The global production volume of light vehicles (PC+LUV) will probably decline by 1.7% in 2024, compared to 2023, given the results recorded over 11 months. This is far from the 9% increase achieved in 2023 compared to 2022, with a volume of 91.5 million PC+LUV produced. The volume produced globally in 2024 will therefore be close to 90 million units. Given the different scenarios concerning the major automobile producing countries, the volume produced globally in 2025 could increase by 1% and reach 91.0 million.
- The European production volume (producing countries in the EU + UK) will fall slightly by 1.4% in 2024, compared to 2023, to 14.16 million passenger vehicles + light utility vehicles against 14.36 million in 2023, 13 million in 2022, 13.1 million in 2021 and 13.4 million in 2020. In 2025, the European production volume could increase slightly thanks to the launch and ramp-up of battery electric B-segment vehicles (including Renault and Stellantis), less expensive than those in the higher segment marketed until now, but BEVs in the higher segment could face a relative decline at the same time. In addition, the BYD factory in Hungary will not start production until the end of 2025. Inovev is therefore counting on a slight growth of 1.6% in European production in 2025, representing a volume of 14.39 million light vehicles, a figure still far from those recorded before 2020: 18.4 million in 2017, 18 million in 2018 and 17.7 million in 2019.
- In 2024, European automobile production accounted for only 16% of global automobile production, compared to 19% in 2019, 22% in 2010 and 27% in 2005. It therefore counts less and less in global automobile production.
Vinfast launches a battery electric B-segment SUV on the European market
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Vinfast launches a battery electric B-segment SUV on the European market
- The young Vietnamese carmaker Vinfast (created in 2018), present on the European market since January 2024 with its VF8 model (battery electric D-segment SUV) and which recorded only 250 sales there last year, has decided to market its smallest model, the VF6, a battery electric B-segment SUV to develop its sales there. This model competes directly with the recent Chinese models NIO Firefly and Dongfeng Box, but also with the Hyundai e-Kona, Kia EV3, Peugeot e-2008 and Renault 4-Tech.
- The Vinfast VF6 is slightly larger than the NIO Firefly and Dongfeng Box, with a length of 4.24 m, a width of 1.83 m and a height of 1.59 m. It is closer in terms of dimensions to the Hyundai Kona (4.23 m x 1.82 m x 1.59 m) also available in a battery electric version.. With a modern design, the Vinfast VF6 diversified the category of battery electric compact cars on the European market, but it is offered at relatively high prices corresponding to a Premium positioning: 34,000 to 38,000 euros.
- Its electric motor is available in two power delivery (177 hp = 130 kW or 204 hp = 150 kW) and coupled to a 59.6 kWh NMC battery allowing a range of 380 km to 410 km according to the WLTP cycle.
- Vinfast announced that it will have delivered 80,000 vehicles worldwide in 2024, including 60,000 in the Vietnamese market, representing a market share of 20% since this market is estimated at 300,000 units in 2024. Among its 80,000 global sales in 2024, Vinfast would have sold 4,000 vehicles in the USA.
Tesla sales are almost flat in 2024
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Tesla sales are almost flat in 2024
- Despite having made up some of its delay in the fourth quarter of 2024, the American carmaker of battery electric vehicles (BEV), Tesla, sold 1.79 million units worldwide in 2024, which represents a decrease compared to the previous year. This decrease remains modest however (-1%) with a volume of 20,000 units less compared to 2023 while we were approaching 100,000 units less at the end of September 2024.
- This result should be compared with Tesla's production volume which reached 1,773,443 units in 2024 compared to 1,845,985 units in 2023, meaning a decrease of 4%.
- The sales decline of Tesla models is part of a context of declining sales of battery electric vehicles in Europe in 2024 (-1% over the 11 months) and an intense competition in China against local players including BYD, which is approaching Tesla in terms of BEV production (1.76 million BEV sales in 2024) and could overtake it in 2025.
- In addition, Tesla has a limited and old range compared to its Chinese competitors, mainly BYD. The project of a compact Tesla at 30,000 euros remains hypothetical. And part of the potential new customers in China is now turning to plug-in hybrids (PHEV), a technology that Tesla does not market in opposition of the abundant range of BYD PHEVs. So much so that BYD sold nearly 2.5 million PHEVs worldwide in 2024 in addition to 1.76 million BEVs, which allowed this Chinese carmaker to be the 6th worldwide carmaker in 2024 behind Toyota, Volkswagen, Hyundai-Kia, Stellantis and GM.
Global light vehicle production expected to grow very slowly in 2025
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Global light vehicle production expected to grow very slowly in 2025
- According to the OECD, global GDP growth is expected to be 3.3% in 2025 compared to 3.2% in 2024. In OECD countries, this growth is expected to be more modest, around 1.9% in 2025. In other countries, a slight decline in overall growth is expected, except in emerging Asia (India and Southeast Asian countries). In this context, global automobile production in 2025 is expected to show very low growth, even if it is not solely dependent on GDP growth.
- Global production should be supported by China, which saw its market grow by 5.2% (1.4 million passenger vehicles) and its automobile production by 5.5% (1.5 million passenger vehicles) last year, and which should see its market and production grow by 2.5% to 5% in 2025, (+1 million passenger vehicles in volume), thanks, in addition to its domestic market, to European markets (despite the introduction of additional taxes in the EU) and to ASEAN countries.
- The US market is cyclical and last year's results are close to the highest figures recorded by this market (16 million passenger vehicles + pick-ups). Inovev is therefore counting on a stable or slightly declining US market, even if the production volume should increase slightly. Despite the proactive policy of encouraging production in North America, this should not have massive effects in 2025.
- The European market should be stable compared to 2024. There are no signs of a vigorous recovery of this market, nor of a recovery in its production. The Chinese BYD will start production in Europe in the second half of 2025 and Volkswagen's more affordable small electric models will not arrive before 2026. The ramp-up of small battery electric models in France (R5, R4) will not alone support European production as a whole.
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