Core Insights - Incentive programs for battery-electric vehicles (BEVs) are increasingly favoring local automakers while excluding vehicles built in China and other non-European locations to promote zero-emission mobility [1][2] Group 1: Incentive Programs - The U.K. has introduced a new Electric Car Grant that aligns with France's Ecobonus scheme, both focusing on environmental metrics related to the manufacturing location of the car and battery [1] - France is considering increasing bonuses for vehicles with batteries made in Europe, reflecting a trend among EU member states to adopt similar exclusionary practices [2] Group 2: Qualification Criteria - In France, 70% of the environmental score for BEVs is based on the carbon footprint throughout the vehicle's life cycle, which includes manufacturing and transport, leading to the exclusion of BEVs made in China, Japan, or South Korea [3] - The U.K. program also evaluates the carbon intensity of the electricity grid in the source country for both the battery and vehicle, penalizing countries reliant on fossil fuels [4] Group 3: Current Grant Recipients - Currently, only two vehicles qualify for the maximum £3,750 ($5,050) grant in the U.K.: the Ford Puma Gen E and Ford E-Tourneo Courier, both manufactured in Romania but with electric drivetrains sourced from the U.K. [5] - The Toyota bZ4X and Nissan Ariya are among the few Japan-built models eligible for the lower tier £1,500 grant in the U.K., with both manufacturers having plants in the U.K. [6] - Other automakers like Renault, Vauxhall, Citroen, and Skoda also have models that qualify for the lower tier £1,500 grant [7]

Core Insights - The company reported a significant decline in revenue for Q2 2025, with a total of NOK 193 million, representing a 63% decrease year-over-year due to reduced activity in hydrogen infrastructure and heavy-duty mobility applications [1][2] - The EBITDA for the quarter was NOK -161 million, worsening from NOK -97 million in the same period last year, indicating ongoing financial challenges [1][3] - Despite the revenue drop, the company signed a new supply agreement with Hino Trucks for battery electric trucks and has a strong order backlog of approximately NOK 1.1 billion, suggesting potential recovery in the second half of 2025 [1][2] Financial Performance - Total operating expenses for Q2 2025 were NOK 355 million, leading to an operating loss before depreciation [3] - The company's total assets decreased to NOK 4,266 million, with inventory rising to NOK 714 million, primarily consisting of raw materials and work-in-progress [4] - Trade receivables fell to NOK 244 million, while total equity decreased to NOK 1,418 million, resulting in an equity ratio of 33% [4] Cash Flow and Investments - Net cash flow from operating activities was NOK -197 million, with working capital increasing by NOK 41 million due to higher inventory levels [5] - Net cash flow from investing activities was NOK -62 million, mainly related to production equipment investments, while cash and cash equivalents stood at NOK 527 million at the end of Q2 2025 [6] Segment Performance - The Hydrogen Mobility and Infrastructure (HMI) segment generated NOK 164 million in revenue, down 69% year-over-year, primarily due to lower activity in hydrogen infrastructure [7][8] - The Battery Systems and Vehicle Integration (BVI) segment reported revenue of NOK 25 million, showing growth driven by vehicle deliveries to Hino Trucks and battery systems to Toyota Motors North America [10] Future Outlook - The company anticipates a notable increase in activity in the second half of 2025, supported by a strong order backlog, which is expected to improve revenue and profitability [12] - Cost reduction measures are being implemented, with an expected annualized reduction of up to NOK 350 million, exceeding previous targets [13][14]

Core Insights - Hexagon Purus has signed a long-term agreement with Hino Trucks for the production and supply of Class 6 & 7 battery electric straight trucks for the U.S. market, with prototypes expected to be delivered in Q4 2025 [1][2][3] Company Overview - Hexagon Purus is a leading manufacturer of zero-emission mobility solutions, specializing in hydrogen Type 4 high-pressure cylinders, battery systems, and vehicle integration solutions for both fuel cell electric and battery electric vehicles [8] - Hino Trucks manufactures and services Class 4-8 commercial trucks in the U.S., known for their reliability and low total cost of ownership, supported by a network of over 240 dealers [6] Product Details - The new Class 6 & 7 straight trucks will utilize Hino's chassis and Hexagon Purus' proprietary zero-emission technology, including battery systems and power modules, leveraging existing investments in product development [2][3] - The trucks are designed for urban operations with high stop-and-go activity, making them suitable for fleet operators [3] Strategic Initiatives - Hexagon Purus is reviewing its overall business portfolio to secure cash runway to EBITDA and cash break-even, and is exploring alternatives for its Battery Systems and Vehicle Integration division following the agreement with Hino [4] - The company has engaged ABG Sundal Collier ASA as a financial advisor and Advokatfirmaet Schjødt AS as a legal advisor to assist in this process [5]

Core Viewpoint - Tesla's sales in the European Union have significantly declined, with a 49% drop in new registrations in January and February compared to the same period last year, attributed to competition and the brand's image issues related to Elon Musk's political affiliations [3][4][8]. Sales Performance - New Tesla registrations in the EU fell to 19,046 units in the first two months of 2025, marking a 49% decrease year-over-year [3]. - In Germany, Tesla sales plummeted by 76% in February, following a nearly 60% drop in January [8][10]. - Despite the overall electric vehicle market in the EU growing by 28.4% to 255,489 units, Tesla's market share has dwindled to just 1.1% in early 2025 [4][9]. Market Competition - Tesla faces increasing competition from newer electric models from Chinese and European manufacturers, which may be contributing to its declining sales [4][8]. - The brand's aging models, particularly the Model 3 and Model Y, are perceived as less competitive, with concerns about reliability and a significant recall of Cybertrucks impacting consumer perception [9]. Brand Image and Political Influence - Elon Musk's support for far-right political movements in Germany has negatively affected Tesla's brand image, leading to consumer backlash and vandalism incidents involving Tesla vehicles [5][7]. - Analysts suggest that the impact of Musk's political views on Tesla's brand may be temporary, but it is currently difficult to assess the long-term effects [6]. Market Trends - The overall new car registrations in the EU decreased by 3% to 1.7 million units in January and February, with hybrid-electric vehicles leading the market segment at a 35.2% share [12]. - The electric vehicle market is expanding in Germany, Belgium, and the Netherlands, but demand for battery electric vehicles remains below necessary levels for a transition to zero-emission mobility [11].