Sales of electric vehicles (EVs) by Tesla (TSLA) Inc. are expected to catch up to those of its Powerwall home batteries in Australia after starting from a low foundation.
Around 1% of the 2.5 million Tesla EVs on the road worldwide as of the first quarter of 2022 are found in Australia. Just 2% of new automobile sales in Australia are electric vehicles.
In Australia, the nation with the highest per capita rooftop solar adoption internationally, home batteries is popular to complement rooftop solar.
The absence of fast charging stations is the main barrier preventing EV adoption at a faster rate. Transformers must be connected to the grid to hasten the installation of fast charging stations, but Australia lagged behind the rest of the region in this process.
Chair Robyn emphasised the need for Australia to increase its capacity for refining battery materials. Three-quarters of the lithium that Tesla requires for its batteries comes from Australia, but little of the higher-value material that goes into batteries is refined in that nation.
She asked the new Labor administration to implement car fuel emission requirements in order to promote the use of EVs and support infrastructure upgrades that are essential for the installation of charging stations and utility-scale energy storage. She asserted that the entire sector must expand at a breakneck speed.
Alstom (ALSO), a French train manufacturer, announced an 8% increase in first-quarter revenue on Tuesday, driven by sales in Europe, where it also won contracts during the quarter.
Sales of 4 billion euros were reported by Alstom, a manufacturer of trains and signalling systems for regional and urban rail networks.
Tuesday saw drops in Asian shares following overnight losses on Wall Street and on fresh worries over COVID-19 outbreaks in China, with the dollar remaining close to last week’s peak.
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