General Motors (GM) will recall 73,000 Bolt EVs as a faulty battery back has caused 10 of them to catch on fire since 2019. The battery packs are developed by LG, and are said to have a torn anode tab and a folded separator. The recall is expected to cost GM $1 billion and may dent the Bolt’s reputation amongst customers, just as the firm gears up to spend up to $35 billion in switching over to a fully electric lineup by 2035.
On the other hand, a new report by Tesla claimed its cars are 11 times less likely to catch fire than petrol or diesel cars. The report cited data that showed a Tesla car only caught fire once every 205 million miles versus an ICE car catching fire once every 19 million miles. The figures come soon after Tesla’s brand new offering, the Model S Plaid, caught on fire in Pennsylvania last month while the driver was still in the car.
BlackRock to invest $100 million in Australia to set up 5,000 chargers
BlackRock, one of the world’s largest investment and asset management firms, will invest $100 million into Jolt — an Australian start-up that plans to install 5,000 EV charging points across the country. The target, if achieved, would put Jolt on a par with Chargefox, which also plans to install the same number of points by 2025. The investment is being seen as a major move forward for BlackRock, which so far has invested in solar and wind power, and could boost the Australian EV market as access to charging points remains a primary concern for potential customers. The concern is reflected in the share of EVs in the market only standing at 1.57% in 2021, versus the global average of 4.2%.
Hydrogen fuel cell vehicles could account for 33% of Chinese heavy vehicles market by 2050
A new study by JPMorgan said heavy vehicles in China that are powered by hydrogen fuel cells could account for 33% of the market by 2050, up from a mere 5% now. The uptick may be possible on the back of falling solar and wind power prices — solar has dropped 80% and wind by 40% in the last decade — which would make the production of “green” hydrogen particularly economical. China is already the world’s largest producer of the fuel and the prospect of greater sales has attracted several large automakers, such as Honda, BMW and Toyota.
Tata Power wins contract to build, operate 50MWh storage plant in Ladakh
Tata Power Solar, the solar energy subsidiary of Tata Power, was notified of its selection to build and operate a 50MWh battery storage plant in the village of Phyang, Ladakh, and the storage capacity will complement a 50MWp solar plant for the location. This will be India’s first, large-scale co-located battery energy storage system and it is set to go operational in 2023. The village itself lies at an elevation of 3,600m above sea level and the project brings Tata Power Solar’s project portfolio up to 4GWp.