Honda Motor's Electric Vehicle Strategy Adjustment Leads To Losses Exceeding 100 Billion Yuan

PTL announced that on March 11, 2026, the 15th meeting of the fourth board of directors of Shanghai Putailai New Energy Technology Group Co., Ltd. unanimously reviewed and approved the Proposal on Investing in the Construction of an Anode Material Production Site in Malaysia. Through its wholly owned overseas sub-subsidiary, Zichen Malaysia Sdn. Bhd., the company is expected to invest in the construction of a 50,000 mt/year lithium-ion battery anode material project in Malaysia, with a planned total investment of $297 million (or the equivalent in other currencies, approximately 2.051 billion yuan, subject to the actual investment amount and not exceeding $297 million).

Recently, Rio Tinto Group and CATL signed the Memorandum of Understanding on Establishing a Partnership. The two parties will carry out in-depth cooperation in three key areas: strategic development and innovation in electrification, supply chains and the circular economy, and commercial and cooperation mechanisms, to jointly seize new industrial opportunities arising from the low-carbon transition. According to the Memorandum of Understanding, the two parties will prioritize advancing electrification applications in mining operations, exploring commercial pathways for battery materials recycling and the circular development of critical mineral resources, and studying circular economy practices and diversified cooperation models.

Volkswagen, Europe’s largest automaker, is expanding the ambitions of its battery business from EVs into utility ESS and energy trading, as global EV demand has fallen short of previous expectations. On Monday, Volkswagen launched its first utility ESS facility in Salzgitter, Germany. The project belongs to Volkswagen’s energy subsidiary Elli and can supply power to up to 20,000 households for about two hours. The facility is directly connected to the power grid and will also be used for energy trading on the European power exchange EPEX SPOT. The batteries used come from Volkswagen’s in-house PowerCo division. As battery suppliers cut prices and EV growth slows down, Volkswagen is seeking new sources of battery revenue.